Financial Performance - The net loss for the year ended December 31, 2024, was $80.5 million, compared to a net loss of $69.3 million in 2023[16]. - Net loss for 2024 was $80,488,000, compared to a net loss of $69,333,000 in 2023, indicating a 16.1% increase in losses[24]. - Total comprehensive loss for 2024 was $80,699,000, compared to $69,333,000 in 2023, an increase of 16.5%[24]. Cash and Cash Equivalents - ArriVent reported cash and cash equivalents of $266.5 million as of December 31, 2024, expected to fund operations into 2026[16]. - Cash and cash equivalents decreased to $74,293,000 in 2024 from $150,389,000 in 2023, a decline of 50.6%[23]. Research and Development - Research and development expenses increased to $79.0 million for the year ended December 31, 2024, compared to $64.9 million in 2023, primarily due to increased headcount and clinical expenses related to firmonertinib[16]. - Research and development expenses increased to $79,004,000 in 2024, up 21.8% from $64,884,000 in 2023[24]. - Firmonertinib demonstrated robust systemic and CNS anti-tumor activity in first-line NSCLC patients with EGFR PACC mutations, as presented at the 2024 World Conference on Lung Cancer[9]. - The company plans to provide an update on firmonertinib's development for EGFR PACC mutant NSCLC in the first half of 2025[11]. Operating Expenses - General and administrative expenses rose to $15.3 million in 2024 from $9.7 million in 2023, attributed to costs associated with operating as a public company[16]. - Operating expenses rose to $94,308,000 in 2024, up 26.4% from $74,590,000 in 2023, driven by higher research and development costs[24]. Equity and Assets - Total assets increased to $274,942,000 in 2024 from $163,098,000 in 2023, representing a growth of 68.5%[23]. - Total stockholders' equity improved to $257,654,000 in 2024 from a deficit of $153,193,000 in 2023, marking a significant turnaround[23]. Shareholder Information - The number of common shares outstanding increased to 33,706,765 in 2024 from 2,745,480 in 2023, a growth of 1,130.5%[23]. - The weighted-average shares of common stock outstanding increased to 31,469,328 in 2024 from 2,140,951 in 2023, a rise of 1,372.5%[24]. Income and Proceeds - Interest and investment income rose to $13,820,000 in 2024, compared to $5,257,000 in 2023, reflecting a 162.5% increase[24]. - ArriVent completed an IPO in 2024, raising net proceeds of $183.2 million after deducting underwriting discounts and other expenses[16]. Clinical Trials - ArriVent achieved target enrollment of 375 patients in its global pivotal Phase 3 study of firmonertinib for first-line NSCLC patients with EGFR exon 20 insertion mutations[4]. - The company selected ARR-002 as its next-generation ADC candidate for IND-enabling studies[6]. - ArriVent entered into a collaboration agreement with Alphamab to discover and develop novel ADCs for cancer treatment[12].
ArriVent BioPharma(AVBP) - 2024 Q4 - Annual Results