Full Press Release Details
Acrivon Therapeutics Reports Third Quarter 2023 Financial Results and Business Highlights
WATERTOWN, Massachusetts, November 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 third quarter ended September 30, 2023 and provided business highlights.
Acrivon remains committed to being science and data-driven as we continue advancing our clinical and preclinical pipeline of precision oncology
medicines, enabled by our highly differentiated Acrivon Predictive Precision Proteomics (AP3) platform, said Peter Blume-Jensen, M.D., Ph.D., chief executive officer, president, and founder of Acrivon. Our recent presentations at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics further demonstrate the unique and broad capabilities of AP3 and our drug-specific
OncoSignature assays. As part of our third quarter highlights, we are also pleased to provide initial clinical readouts for ACR-368 and plan to present more mature data at a major medical conference during the
first half of 2024. We are also very excited about the advancement of our novel, internally-discovered development candidate ACR-2316, a dual WEE1/PKMYT1 inhibitor specifically designed by AP3 for superior,
single agent activity, as demonstrated in preclinical studies compared to benchmark clinical compounds. We plan to submit an IND for ACR-2316 in the fourth quarter of 2024.
Anticipated Upcoming Milestones
Third Quarter 2023 Financial Results
quarter ended September 30, 2023 was $14.5 million compared to a net loss of $9.2 million for the same period in 2022.
development expenses were $10.3 million for the quarter ended September 30, 2023 compared to $7.9 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 costs associated with our preclinical programs, including ACR-2316.
General and administrative expenses were $5.9 million for the quarter ended September 30, 2023
compared to $1.6 million for the same period in 2022. The difference was primarily due to the increased cost of operating as a public company, inclusive of increased personnel costs and non-cash stock
compensation expense.
As of September 30, 2023, the company had cash, cash equivalents and marketable securities of $142.1 million, which is
expected to fund operations into the second half of 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 is engineered to measure compound-specific
effects on the entire tumor cell protein signaling network and drug-induced resistance mechanisms in an unbiased manner. These distinctive capabilities enable AP3 s direct application for drug design optimization for monotherapy activity, the
identification of rational drug combinations, and 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. The company has received Fast
Track designation from the Food and Drug Administration, or FDA, for the investigation of ACR-368 as monotherapy based on OncoSignature-predicted sensitivity in patients with platinum-resistant ovarian or
endometrial cancer. 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, consisting of its development candidate, ACR-2316, a selective, dual WEE1/PKMYT1 inhibitor, and additional programs targeting these two critical nodes in the DNA Damage Response, or DDR, pathways.
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:
Adam D. Levy, Ph.D., M.B.A
Acrivon Therapeutics, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited, in thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 10,267 | $ | 7,942 | $ | 30,546 | $ | 18,087 | ||||||||
| General and administrative | 5,870 | 1,633 | 15,504 | 4,625 | ||||||||||||
| Total operating expenses | 16,137 | 9,575 | 46,050 | 22,712 | ||||||||||||
| Loss from operations | (16,137 | ) | (9,575 | ) | (46,050 | ) | (22,712 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Other income, net | 1,671 | 377 | 4,914 | 474 | ||||||||||||
| Total other income, net | 1,671 | 377 | 4,914 | 474 | ||||||||||||
| Net loss | $ | (14,466 | ) | $ | (9,198 | ) | $ | (41,136 | ) | $ | (22,238 | ) | ||||
| Net loss per share - basic and diluted | $ | (0.66 | ) | $ | (5.17 | ) | $ | (1.87 | ) | $ | (12.55 | ) | ||||
| Weighted-average common stock outstanding - basic and diluted | 22,081,162 | 1,778,255 | 21,991,509 | 1,772,491 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (14,466 | ) | $ | (9,198 | ) | $ | (41,136 | ) | $ | (22,238 | ) | ||||
| Other comprehensive loss: | ||||||||||||||||
| Unrealized gain (loss) on available-for-sale investments, net of tax | 125 | (133 | ) | (207 | ) | (133 | ) | |||||||||
| Comprehensive loss | $ | (14,341 | ) | $ | (9,331 | ) | $ | (41,343 | ) | $ | (22,371 | ) |
Acrivon Therapeutics, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
| September 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 29,859 | $ | 29,519 | ||||
| Short-term investments | 112,231 | 98,232 | ||||||
| Long-term investments | 41,881 | |||||||
| Other assets | 9,002 | 11,594 | ||||||
| Total assets | $ | 151,092 | $ | 181,226 | ||||
| Liabilities and Stockholders Equity | ||||||||
| Liabilities | 12,943 | 10,751 | ||||||
| Stockholders Equity | 138,149 | 170,475 | ||||||
| Total Liabilities and Stockholders Equity | $ | 151,092 | $ | 181,226 |