NEWTOWN SQUARE, PA — ArriVent BioPharma, Inc. (NASDAQ: AVBP) announced its 2024 financial results, showcasing significant progress in clinical programs and pipeline expansion. The company highlighted substantial milestones achieved over the past year, including advancements in the development of firmonertinib for non-small cell lung cancer (NSCLC), pipeline growth with antibody drug conjugate (ADC) candidates, and a solid financial foundation to support ongoing operations.
Clinical Highlights
ArriVent made marked progress with firmonertinib, its lead EGFR inhibitor, which demonstrated robust performance across multiple studies:
- Pivotal Phase 3 Enrollment Achieved: The FURVENT study, evaluating firmonertinib in first-line NSCLC patients with EGFR exon 20 insertion mutations, met its enrollment target of 375 patients. The company expects top-line data from this global trial in 2025.
- Strong Early Data in EGFR PACC Mutations: Interim results from the FURTHER Phase 1b study revealed promising anti-tumor activity and manageable safety profiles in patients with uncommon EGFR PACC mutations.
- Key Collaborations: A Phase 1b combination trial between firmonertinib and SHP2 allosteric inhibitor ICP-189, in partnership with Beijing InnoCare, was initiated to explore novel treatment options for advanced NSCLC.
Pipeline Growth
ArriVent broadened its ADC portfolio through strategic partnerships and the development of next-generation candidates aimed at fighting solid tumors and gastrointestinal cancers. Recent pipeline updates included:
- ARR-217 Licensing: ArriVent in-licensed ARR-217, a novel ADC targeting GI cancers, from Lepu Biopharma. The company plans to file its first IND for this candidate in 2025.
- Next-Generation ADC Selection: The company selected ARR-002 for IND-enabling activities. ARR-002 employs multi-target, multivalent technology designed to tackle solid tumors effectively.
- Collaboration with Alphamab: Leveraging Alphamab’s proprietary linker-payload platform, ArriVent entered into a partnership to discover novel ADC therapies with global commercialization rights outside of greater China.
Financial Performance
ArriVent ended 2024 with liquidity of $266.5 million in cash, cash equivalents, and investments, providing sufficient runway for operations into 2026. The company reported net cash used in operations of $70.2 million, up from $55.8 million in 2023, reflecting increased investment in research and clinical development.
Research and development expenses rose to $79.0 million, driven by expansion in clinical activities for firmonertinib and pipeline growth. General and administrative expenses also grew to $15.3 million as the company scaled infrastructure to support its public operations. Overall, ArriVent posted a net loss of $80.5 million for 2024, compared to $69.3 million the previous year.
Looking Ahead
Building on a productive 2024, ArriVent aims to continue executing its strategic objectives in 2025. Key milestones include top-line data from the FURVENT trial, filing the first IND for ARR-217, and further development of firmonertinib in patients with EGFR PACC mutations.
“We are proud of the progress we made this year,” stated Dr. Bing Yao, CEO of ArriVent, emphasizing the company’s commitment to advancing innovative therapies for cancer patients with unmet needs. With a strengthened pipeline and ongoing clinical momentum, ArriVent is positioned for impactful contributions to cancer treatment in the years to come.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.