Acrivon Therapeutics Reports Second Quarter 2023 Financial Results and Business Highlights

Acrivon Therapeutics Reports Second Quarter 2023 Financial Results and Business Highlights

WATERTOWN, Massachusetts, August 11, 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 second quarter ended June 30, 2023 and provided business highlights.

The Acrivon team has made significant progress during the second quarter, both on the clinical and preclinical development fronts, as well as with the

expansion of our board and executive leadership team with strategic additions, said Peter Blume-Jensen, M.D., Ph.D., chief executive officer, president, and founder of Acrivon. We are delighted to welcome Chuck Baum to our board and Adam

Levy as our head of investor relations and corporate affairs. They both share the passion for our vision to revolutionize precision medicine with our proteomics-based AP3 patient selection platform, including our proprietary drug-specific

OncoSignature test, a first-of-its-kind companion diagnostic to identify patients likely to respond to treatment. We remain

focused on the successful execution of our ongoing registrational-intent Phase 2 study of ACR-368, our potentially first-in-class

CHK1/2 inhibitor, in patients with platinum-resistant ovarian cancer, endometrial adenocarcinoma, and urothelial cancers, based on predicted sensitivity using our OncoSignature test. We look forward to sharing initial clinical data on this clinical

study later in the second half of this year. Based on previously reported data that ACR-368 induced deep and durable responses in a proportion of patients with platinum-resistant ovarian cancer and squamous

cell cancers, as well as prospectively-designed, blinded preclinical studies using pretreatment tumor biopsies and patient-derived xenograft models to demonstrate the ability of OncoSignature to enrich for responders, we are energized by the

significant potential we have to transform the cancer treatment landscape for patients. As a further example of the broad and actionable utility of our AP3 platform, we are also using it together with

co-crystallography for optimal drug design to rapidly advance our preclinical pipeline against two critical cell cycle targets WEE1 and PKMYT1 and are on track for development candidate nomination and the

initiation of IND enabling studies in the second half of this year.

Anticipated Upcoming Milestones

Second Quarter 2023 Financial Results

Net loss for the quarter ended June 30, 2023 was $13.9 million compared to a net loss of $5.8 million for the same period in 2022.

Research and development expenses were $10.5 million for the quarter ended June 30, 2023 compared to $4.1 million for the same period in 2022.

The difference was primarily due to the continued development of ACR-368, inclusive of progression of the ongoing clinical trial, as well as increased personnel costs to support these development activities

and our earlier-stage research programs.

General and administrative expenses were $5.0 million for the quarter ended June 30, 2023 compared

to $1.8 million for the same period in 2022. The difference was primarily due to increased personnel costs inclusive of non-cash stock-compensation related expense, as well as the higher cost of operating

as a public company.

As of June 30, 2023, the company had cash, cash equivalents and marketable securities of $151.0 million, which is expected

to fund operations into 2025.

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)