Full Press Release Details
Acrivon Therapeutics Reports Fourth Quarter and Full Year 2022
Financial Results and Business Highlights
WATERTOWN, Massachusetts, March 28, 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 fourth quarter and full year ended December 31, 2022 and reviewed business highlights.
The mission of Acrivon is to pioneer a new era of precision oncology, and 2022 was an important year for us, said Peter Blume-Jensen, M.D., Ph.D.,
chief executive officer, president, and founder of Acrivon. Amongst our many achievements, we are particularly excited about our successful IPO on NASDAQ and the FDA clearance and subsequent initiation of our potentially registrational Phase 2
trial with ACR-368 in patients with platinum-resistant ovarian, endometrial, and bladder cancer. Our team is fully focused on both the clinical execution of this trial as well as the advancement of our
preclinical programs targeting WEE1 and PKMYT1, leveraging our differentiated proteomics-based precision medicine platform across all our pipeline programs. Our landmark Phase 2 study is the first to stratify patients based on predicted sensitivity
to ACR-368 using our proprietary OncoSignature test. Acrivon s predictive precision proteomics platform, AP3, has the potential to transform precision medicine and overcome the limitations of traditional
genetics-based biomarker approaches for patient responder identification to improve treatment outcomes for patients.
Anticipated Upcoming Milestones
Fourth Quarter and Full Year 2022 Financial Results
Net loss for the quarter and full year ended December 31, 2022 was $8.9 million and $31.2 million, respectively. This compares to a net loss of
$4.3 million and $16.2 million, respectively, for the same periods in 2021.
Research and development expenses were $5.9 million for the
quarter ended December 31, 2022, and $23.9 million for the full year 2022, compared to $3.1 million and $13.7 million, respectively, for the same periods in 2021. The difference was primarily due to the initiation of our clinical
trial and companion diagnostic agreement during 2022, as well as increased personnel costs to support these activities.
General and administrative
expenses were $4.1 million for the quarter ended December 31, 2022, and $8.7 million for the full year 2022, compared to $1.2 million and $2.5 million, respectively, for the same periods 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 December 31, 2022, the company had cash, cash equivalents and marketable securities of $169.6 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:
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 5,862 | $ | 3,053 | $ | 23,949 | $ | 13,718 | ||||||||
| General and administrative | 4,083 | 1,217 | 8,708 | 2,466 | ||||||||||||
| Total operating expenses | 9,945 | 4,270 | 32,657 | 16,184 | ||||||||||||
| Loss from operations | (9,945 | ) | (4,270 | ) | (32,657 | ) | (16,184 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other income (expense), net | 1,016 | (17 | ) | 1,490 | 21 | |||||||||||
| Change in fair value of preferred stock tranche rights | (50 | ) | ||||||||||||||
| Change in fair value of anti-dilution right | (56 | ) | (30 | ) | ||||||||||||
| Total other income (expense), net | 1,016 | (73 | ) | 1,490 | (59 | ) | ||||||||||
| Net loss | $ | (8,929 | ) | $ | (4,343 | ) | $ | (31,167 | ) | $ | (16,243 | ) | ||||
| Net loss per share basic and diluted | $ | (0.80 | ) | $ | (2.45 | ) | $ | (7.56 | ) | $ | (9.32 | ) | ||||
| Weighted-average common stock outstanding basic and diluted | 11,093,563 | 1,769,561 | 4,121,912 | 1,743,382 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (8,929 | ) | $ | (4,343 | ) | $ | (31,167 | ) | $ | (16,243 | ) | ||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized gain (loss) on available-for-sale investments, net of tax | 38 | (95 | ) | |||||||||||||
| Comprehensive loss | $ | (8,891 | ) | $ | (4,343 | ) | $ | (31,262 | ) | $ | (16,243 | ) |
Acrivon Therapeutics, Inc.
Condensed Consolidated Balance Sheets
| December 31, | ||||||||
| 2022 | 2021 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 29,519 | $ | 99,603 | ||||
| Short-term investments | 98,232 | |||||||
| Long-term investments | 41,881 | |||||||
| Other assets | 11,594 | 6,984 | ||||||
| Total assets | $ | 181,226 | $ | 106,587 | ||||
| Liabilities and Stockholders Equity (Deficit) | ||||||||
| Liabilities | 10,751 | 7,878 | ||||||
| Convertible preferred stock | 122,518 | |||||||
| Stockholders Equity (Deficit) | 170,475 | (23,809 | ) | |||||
| Total Liabilities and Stockholders Equity (Deficit) | $ | 181,226 | $ | 106,587 |