Acrivon Therapeutics Reports First Quarter 2023 Financial Results and Business Highlights

Acrivon Therapeutics Reports First Quarter 2023 Financial Results and Business Highlights

WATERTOWN, Massachusetts, May 9, 2023 Acrivon Therapeutics, Inc. ( Acrivon or Acrivon Therapeutics )

(Nasdaq: ACRV), a clinical stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proprietary proteomics-based patient

responder identification platform, today reported financial results for the first quarter ended March 31, 2023 and reviewed business highlights.

We are breaking the mold for precision oncology drug development and believe that Acrivon s predictive precision proteomics (AP3) platform has

paradigm-changing potential for improving patient treatment outcomes and the probability of clinical success, said Peter Blume-Jensen, M.D., Ph.D., chief executive officer, president, and founder of Acrivon. The AP3 method is

specifically designed to overcome the limitations of traditional genetics-based methods and aims to match our precision oncology drug candidates to the patients whose tumors are predicted sensitive to them, independent of underlying genetic

alterations. We have used AP3 to generate an ACR-368-tailored OncoSignature patient selection test that we are

using in our potentially registrational trial in three indications. Based on previously-generated data, we have just received Fast Track designation from the Food and Drug Administration for the investigation of

ACR-368 as a monotherapy for patients with OncoSignature-positive platinum resistant ovarian cancer and endometrial cancer. We also recently hosted an AP3 platform-focused investor event that highlighted the

robust data output and actionable items that result from analyzing benchmark clinical-stage compounds and how we leverage AP3 to rationally design our preclinical drug candidates in parallel with developing patient selection capabilities,

indication finding, rational drug combinations and drug resistance mechanisms. Importantly, the underlying principles of the AP3 platform are disease- and modality-agnostic, and we intend to deploy it broadly not only to our preclinical pipeline of

internally-developed, wholly-owned DDR drug candidates, but also for potential co-development opportunities where genetics-based approaches are insufficient for patient responder identification.

Anticipated Upcoming Milestones

First Quarter 2023 Financial Results

quarter ended March 31, 2023 was $12.8 million compared to a net loss of $7.2 million for the same period in 2022.

development expenses were $9.8 million for the quarter ended March 31, 2023 compared to $6.1 million for the same period in 2022. The difference was primarily due to the continued development of

ACR-368 and the related companion diagnostic, as well as increased personnel costs to support these development activities and our earlier-stage research programs.

General and administrative expenses were $4.6 million for the quarter ended March 31, 2023

compared to $1.1 million for the same period in 2022. The difference was primarily due to increased external costs related to preparing for and operating as a public company, as well as increased personnel costs to support these activities.

As of March 31, 2023, the company had cash, cash equivalents and marketable securities of $159.5 million, which is expected to fund operations

at least into the fourth quarter of 2024.

About Acrivon Therapeutics

Acrivon is a clinical stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be

sensitive to each specific medicine by utilizing Acrivon s proprietary proteomics-based patient responder identification platform, Acrivon Predictive Precision Proteomics, or AP3. The AP3 platform enables the creation of drug-specific

proprietary OncoSignature companion diagnostics that are used to identify the patients most likely to benefit from Acrivon s drug candidates. Acrivon is currently advancing its lead

candidate, ACR-368, a selective small molecule inhibitor targeting CHK1 and CHK2 in a potentially registrational Phase 2 trial across multiple tumor types. Acrivon s

ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been extensively evaluated in preclinical studies, including in two

separate, blinded, prospectively-designed studies on pretreatment tumor biopsies collected from past third party Phase 2 trials in patients with ovarian cancer treated with ACR-368. In addition to ACR-368, Acrivon is also leveraging its proprietary AP3 precision medicine platform for developing its internally-discovered preclinical stage pipeline programs targeting two critical nodes in the DNA Damage

Response, or DDR, including WEE1, a protein serine/threonine kinase, and the closely related PKMYT1.

Forward-Looking Statements

This press release includes certain disclosures that contain forward-looking statements within the meaning of the Private Securities Litigation

Reform Act of 1995 about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations

or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as

anticipate, believe, contemplate, continue, could, estimate, expect, intend, may, plan, potential,

predict, project, should, target, will, or would or the negative of these words or other similar terms or expressions. Forward-looking statements are based on Acrivon s

current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties that are described more

fully in the section titled Risk Factors in our reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this press release are made as of this date, and Acrivon undertakes no duty to update such

information except as required under applicable law.

Investor and Media Contacts:

Acrivon Therapeutics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited; in thousands, except share and per share data)

Note: The share count for 2022 excludes preferred shares. Upon the closing of the Company s IPO on November 17, 2022, all

outstanding shares of preferred stock converted into 11,140,262 shares of common stock.

Acrivon Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(unaudited; in thousands)