Full Press Release Details
Artiva Biotherapeutics Reports Second Quarter 2024 Financial Results and Recent Business Highlights
August 29, 2024 Artiva Biotherapeutics, Inc. (Nasdaq: ARTV), a clinical-stage biotechnology company whose mission is to develop effective, safe, and accessible cell therapies for patients with devastating autoimmune diseases and cancers,
today announced financial results for the second quarter ended June 30, 2024, and highlighted recent progress.
Artiva is at an inflection
point as we advance AlloNK in clinical development across multiple autoimmune indications and transition to a publicly traded company, said Fred Aslan, M.D., Artiva s Chief
Executive Officer. With two trials in autoimmunity underway, we are focused on the potential of AlloNK in delivering effective, safe, and accessible cell therapies for patients with
devastating autoimmune disease.
Recent Business Highlights
Corporate and Financial Updates
Second Quarter 2024 Financial Results
About Artiva Biotherapeutics
Artiva is a clinical-stage
biotechnology company whose mission is to develop effective, safe and accessible cell therapies for patients with devastating autoimmune diseases and cancers. Artiva s lead program,
AlloNK , is an allogeneic, off-the-shelf, non-genetically modified,
cryopreserved NK cell therapy candidate designed to enhance the antibody-dependent cellular cytotoxicity effect of monoclonal antibodies to drive B-cell depletion. AlloNK is currently in clinical trials for treatment of systemic lupus erythematosus, for patients with or without lupus nephritis, and in an investigator-initiated basket trial in multiple autoimmune
indications. Artiva s pipeline also includes CAR-NK candidates targeting both solid and hematologic cancers. Artiva was founded in 2019 as a spin out of GC Cell, formerly GC Lab Cell Corporation, a
leading healthcare company in the Republic of Korea, pursuant to a strategic partnership granting Artiva exclusive worldwide rights (excluding Asia, Australia and New Zealand) to GC Cell s NK cell manufacturing technology and programs.
Artiva is headquartered in San Diego, California. For more information, please visit https://www.artivabio.com/.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Such forward-looking statements
include, without limitation, statements regarding: expectations of Artiva Biotherapeutics, Inc. (the Company ) regarding the potential benefits, accessibility, effectiveness and safety of AlloNK ; the Company s expectations regarding timing and availability of data from the Phase 1/1b trial or the IIT; and the Company s future
results of operations and financial position, including cash runway. Words such as believe, anticipate, plan, expect, intend,
will, may, goal, potential and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. These
forward-looking statements are based on the beliefs of the management of the Company as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future
events and are subject to known and unknown risks and uncertainties, including business, regulatory, economic and competitive risks and uncertainties about the Company, including, without limitation, risks inherent in developing product candidates,
future results from the Company s ongoing and planned clinical trials, risks related to conducting clinical trials, including delays in activation of clinical trial sites or in subject enrollment, the Company s ability to obtain adequate
financing to fund its planned clinical trials and other expenses, risks that future clinical trial results may not be consistent with interim, initial or preliminary results or results from prior preclinical studies or clinical trials, trends in the
industry, the Company s relationships with its existing and future collaboration partners, the legal and regulatory framework for the industry and future expenditures. In light of these risks and uncertainties, the events or circumstances
referred to in the forward-looking statements may not occur. The actual results may vary from the anticipated results and the variations may be material. Other factors that may cause the Company s actual results to differ from current
expectations are discussed in the Company s filings with the Securities and Exchange Commission (the SEC ), including the section titled Risk Factors in the Company s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2024. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release is given. Except as required by law, the Company undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new information, future events or otherwise.
Artiva Biotherapeutics, Inc.
Condensed Balance Sheets
| June 30, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Cash, cash equivalents and short-term investments | $ | 46,556 | $ | 76,971 | ||||
| Property and equipment, net | 7,315 | 8,096 | ||||||
| Operating and financing lease right-of-use assets | 15,420 | 16,547 | ||||||
| Other assets | 6,621 | 3,500 | ||||||
| Total assets | $ | 75,912 | $ | 105,114 | ||||
| Liabilities, convertible preferred stock, and stockholders deficit | ||||||||
| Accounts payable and accrued expenses | $ | 7,037 | $ | 8,631 | ||||
| Operating and financing lease liabilities | 15,765 | 16,912 | ||||||
| Simple agreements for future equity (SAFEs) | 27,720 | 25,100 | ||||||
| Other liabilities | 74 | 73 | ||||||
| Total liabilities | 50,596 | 50,716 | ||||||
| Convertible preferred stock | 216,413 | 216,413 | ||||||
| Stockholders deficit | (191,097 | ) | (162,015 | ) | ||||
| Total liabilities, convertible preferred stock, and stockholders deficit | $ | 75,912 | $ | 105,114 |
Artiva Biotherapeutics, Inc.
Condensed Statements of Operation and Comprehensive Loss
thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | ||||||||||||||||
| Collaboration revenue | $ | $ | 3,497 | $ | $ | 4,487 | ||||||||||
| License and development support revenue | 251 | |||||||||||||||
| Total revenue | 3,497 | 251 | 4,487 | |||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 12,333 | 11,262 | 23,488 | 26,033 | ||||||||||||
| General and administrative | 3,857 | 4,059 | 7,444 | 7,965 | ||||||||||||
| Total operating expenses | 16,190 | 15,321 | 30,932 | 33,998 | ||||||||||||
| Loss from operations | (16,190 | ) | (11,824 | ) | (30,681 | ) | (29,511 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 676 | 509 | 1,326 | 1,533 | ||||||||||||
| Change in fair value of SAFEs | (2,352 | ) | (2,620 | ) | ||||||||||||
| Other income (expense), net | 23 | 31 | 169 | (23 | ) | |||||||||||
| Total other income (expense) | (1,653 | ) | 540 | (1,125 | ) | 1,510 | ||||||||||
| Net loss | $ | (17,843 | ) | $ | (11,284 | ) | $ | (31,806 | ) | $ | (28,001 | ) | ||||
| Net loss per share, basic and diluted | $ | (22.00 | ) | $ | (14.09 | ) | $ | (39.24 | ) | $ | (35.12 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 811,210 | 800,889 | 810,484 | 797,403 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net Loss | $ | (17,843 | ) | $ | (11,284 | ) | $ | (31,806 | ) | $ | (28,001 | ) | ||||
| Other comprehensive income (loss) | (86 | ) | 127 | (187 | ) | 127 | ||||||||||
| Comprehensive loss | $ | (17,929 | ) | $ | (11,157 | ) | $ | (31,993 | ) | $ | (27,874 | ) |
Krishnamohan, Artiva Biotherapeutics, ir@artivabio.com
Media: Jessica Yingling, Ph.D., Little Dog Communications
Inc., jessica@litldog.com, +1.858.344.8091