NEWTOWN SQUARE, PA — ArriVent BioPharma, Inc. (Nasdaq: AVBP) has announced its financial results for the second quarter of 2024, alongside significant advancements in its oncology pipeline and recent corporate updates.
CEO Bing Yao expressed enthusiasm about the company’s strides. “We made strong progress this quarter further advancing and expanding our global oncology pipeline. At the annual WCLC we plan to present interim first-line firmonertinib monotherapy data from our FURTHER study in patients with NSCLC harboring EGFR PACC mutations, which to our knowledge, will be the first data from a prospectively designed clinical trial of an EGFR tyrosine kinase inhibitor in this patient population.”
Key developments include the presentation of preclinical data on firmonertinib at the 2024 AACR Annual Meeting. This data showcased firmonertinib’s effectiveness in treating NSCLC with uncommon EGFR mutations, including PACC and exon 20 insertions.
Further, ArriVent has expanded its Antibody-Drug Conjugate (ADC) portfolio through a collaboration with Alphamab Biopharmaceuticals. This partnership aims to co-develop new ADC therapies that could revolutionize cancer treatment, combining Alphamab’s discovery capabilities with ArriVent’s global development expertise.
In corporate updates, ArriVent strengthened its board by appointing Dr. John Hohneker and Kristine Peterson. Both bring extensive experience in biopharmaceutical leadership and drug development, adding significant value to ArriVent’s strategic direction.
Financially, the company reported cash and cash equivalents of $298.7 million as of June 30, 2024, expected to fund operations into 2026. Research and development expenses increased to $38.8 million, driven by higher clinical and headcount costs related to firmonertinib. General and administrative expenses also rose, reaching $7.6 million, as the company expanded its infrastructure to operate as a public entity. The net loss for the quarter was $39.3 million.
Looking ahead, ArriVent has several milestones on the horizon. In September 2024, interim Phase 1b data from the FURTHER study will be presented at the WCLC, with a virtual webinar to follow. Additionally, the company is working with Aarvik Therapeutics to select a next-generation ADC candidate, expected by late 2024 or early 2025. Top-line data from the pivotal Phase 3 FURVENT trial on firmonertinib is anticipated in 2025.
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