Sands Capital Reports 6.8% Stake in Acrivon Therapeutics (ACRV)

Rhea-AI Filing Summary

This Schedule 13G/A reports that Sands Capital Life Sciences Pulse Fund II, L.P., Sands Capital Alternatives, LLC and Frank M. Sands jointly beneficially own 2,122,605 shares of Acrivon Therapeutics common stock, representing 6.8% of the outstanding shares based on 31,355,361 shares reported by the issuer. The filing shows no sole voting or dispositive power and indicates shared voting and dispositive power over the reported shares, consistent with a passive investor position.

The filing names the reporting entities, identifies their places of organization (Cayman Islands, Delaware and United States), provides the issuer's principal office address, and includes a certification that the securities were not acquired to change or influence control of the issuer.

Positive

• Reports a material ownership position: 2,122,605 shares representing 6.8% of Acrivon's outstanding common stock.
• Declared passive intent: Item 10 certification states the securities were not acquired to change or influence control, consistent with a Schedule 13G passive disclosure.
• Transparent joint filing: Identifies reporting persons, organizational jurisdictions and principal business address, aiding investor clarity.

Negative

• None.

Insights

Financial Analyst

TL;DR: Sands Capital reports a meaningful passive stake of 6.8% (2.12M shares) in ACRV, with shared voting and dispositive power.

The filing discloses a >5% beneficial ownership position: 2,122,605 shares (6.8%) out of 31,355,361 shares outstanding as reported by the issuer. The reporting persons explicitly record no sole voting or dispositive power, indicating they do not individually control voting decisions. The Item 10 certification states the securities were not acquired to influence control, consistent with a Schedule 13G passive disclosure rather than an activist 13D filing. For investors, this documents a sizable minority economic interest without an expressed intent to seek control.

Corporate Governance Expert

TL;DR: A 6.8% passive stake by institutional reporting persons is material but filed as passive; governance influence appears limited per this filing.

The joint filing by Sands entities and Frank M. Sands shows shared voting/dispositive authority over 2,122,605 shares and an explicit certification that holdings are not intended to change control. The schedule identifies the reporting structure and organizational jurisdictions (Cayman, Delaware, U.S.), and disclaims sole ownership beyond pecuniary interest. From a governance perspective, the disclosure notifies the market of a significant shareholder while affirming a non-activist posture in this document.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Acrivon Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

004890109

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 004890109

1

Names of Reporting Persons

Sands Capital Life Sciences Pulse Fund II, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,122,605.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,122,605.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,122,605.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 31,355,361 Shares outstanding as of May 9, 2025 (according to the Issuer's Form 10-Q as filed with the Securities and Exchange Commission on May 14, 2025).

SCHEDULE 13G

CUSIP No. 004890109

1

Names of Reporting Persons

Sands Capital Alternatives, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,122,605.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,122,605.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,122,605.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 31,355,361 Shares outstanding as of May 9, 2025 (according to the Issuer's Form 10-Q as filed with the Securities and Exchange Commission on May 14, 2025).

SCHEDULE 13G

CUSIP No. 004890109

1

Names of Reporting Persons

SANDS FRANK M.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,122,605.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,122,605.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,122,605.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: The percentages reported in this Schedule 13G are based upon 31,355,361 Shares outstanding as of May 9, 2025 (according to the Issuer's Form 10-Q as filed with the Securities and Exchange Commission on May 14, 2025).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Acrivon Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 480 ARSENAL WAY, SUITE 100, 480 ARSENAL WAY, SUITE 100, WATERTOWN, MASSACHUSETTS, 02472.
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed jointly by: (i) Sands Capital Life Sciences Pulse Fund II, L.P. ("Sands Pulse Fund II"), with respect to the shares of Common Stock held by it; (ii) Sands Capital Alternatives, LLC ("Sands Capital Alternatives"), the investment manager of Sands Pulse Fund II, with respect to the shares of common Stock held by Sands Pulse Fund II; and (iii) Frank M. Sands ("Sands"), with respect to the shares of Common Stock held by Sands Pulse Fund II. Sands Pulse Fund II, Sands Capital Alternatives and Sands are together referred to herein as the "Reporting Persons". Sands Capital Life Sciences Pulse Fund II-GP, L.P. ("Sands Pulse GP LP") is the general partner of Sands Pulse Fund II. Sands Capital Life Sciences Pulse Fund-GP, LLC ("Sands Pulse GP LLC" and, together with Sands Pulse GP LP, the "Sands General Partners") is the general partner of Sands Pulse GP LP. Sands Capital Alternatives is the investment manager of Sands Pulse Fund II and thus may be deemed to beneficially own the shares of Common Stock held by Sands Pulse Fund II. Sands holds ultimate voting and investment power over securities held by Sands Pulse Fund II, and thus may be deemed to beneficially own the shares of Common Stock held by Sands Pulse Fund II. Each Reporting Person and the Sands General Partners disclaim beneficial ownership of any securities beyond its pecuniary interest therein.
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons and the Sands General Partners is 1000 Wilson Blvd., Suite 3000, Arlington, VA 22209.
(c)	Citizenship: Sands Pulse Fund II and Sands Pulse GP LP are organized under the laws of the Cayman Islands. Sands Capital Alternatives and Sands Pulse GP LLC are organized under the laws of Delaware. Sands is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 004890109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See rows 5 through 11 of cover pages.
(b)	Percent of class: See rows 5 through 11 of cover pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See rows 5 through 11 of cover pages.
	(ii) Shared power to vote or to direct the vote: See rows 5 through 11 of cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See rows 5 through 11 of cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See rows 5 through 11 of cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sands Capital Life Sciences Pulse Fund II, L.P.

Signature:	/s/ Jonathan Goodman
Name/Title:	Jonathan Goodman, General Counsel of the GP of the GP of Sands Capital Life Sciences Pulse Fund II, L.P.
Date:	08/13/2025

Sands Capital Alternatives, LLC

Signature:	/s/ Jonathan Goodman
Name/Title:	Jonathan Goodman, General Counsel
Date:	08/13/2025

SANDS FRANK M.

Signature:	/s/ Frank M. Sands
Name/Title:	Frank M. Sands
Date:	08/13/2025

Comments accompanying signature: Sands Capital Life Sciences Pulse Fund II, L.P. signed by Sands Capital Life Sciences Pulse Fund II-GP, L.P., its general partner, by Sands Capital Life Sciences Pulse Fund II-GP, LLC, its general partner, by Jonathan Goodman, General Counsel.

FAQ

How many ACRV shares does Sands Capital report owning?

The filing reports 2,122,605 shares of Acrivon Therapeutics common stock.

What percentage of Acrivon (ACRV) does that represent?

The reported shares represent 6.8% of the class based on 31,355,361 shares outstanding as stated in the filing.

Does any reporting person have sole voting or dispositive power over these shares?

No. The filing shows 0 sole voting power and 0 sole dispositive power; voting and dispositive power are shared.

Are the holdings presented as passive or intended to influence control?

The Item 10 certification states the securities were not acquired and are not held to change or influence control, indicating a passive position.

Which entities filed the Schedule 13G/A for ACRV?

The filing was made jointly by Sands Capital Life Sciences Pulse Fund II, L.P., Sands Capital Alternatives, LLC, and Frank M. Sands.