ArriVent BioPharma (NASDAQ: AVBP) widens 2025 loss as R&D spend climbs
Rhea-AI Filing Summary
ArriVent BioPharma, Inc. reported full year 2025 results and updated its oncology pipeline. The company is advancing firmonertinib through two global Phase 3 trials in first-line non-small cell lung cancer with uncommon EGFR mutations, with topline data from the exon 20 insertion study expected in mid-2026 and a projected cash runway into 3Q 2027.
For the year ended December 31, 2025, ArriVent recorded total operating expenses of 177,534 (in thousands), driven mainly by research and development expenses of 153,351 (in thousands), reflecting investment in firmonertinib and its ADC portfolio. The company reported a net loss of 166,308 (in thousands), compared with 80,488 (in thousands) in 2024, and total assets of 333,169 (in thousands), including cash, cash equivalents and investments.
Management highlighted continued progress for ARR-217, a CDH17-targeted antibody-drug conjugate in an ongoing Phase 1 trial for gastrointestinal tumors, and indicated plans to advance additional ADC candidates toward the clinic, broadening ArriVent’s focus beyond lung cancer into multiple solid tumors.
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Insights
ArriVent is increasing R&D spend as it drives firmonertinib and ADCs through late-stage development.
ArriVent’s 2025 results show it operating as a typical clinical-stage biotech: no product revenue, rising expenses, and a larger net loss of 166,308 (in thousands) as it funds pivotal trials and early-stage ADC programs. Total operating expenses reached 177,534 (in thousands), with research and development the dominant line item.
Strategically, the company is centered on firmonertinib, now in two global Phase 3 trials targeting EGFR exon 20 insertion and PACC mutations, areas with limited treatment options. Management also emphasized ARR-217 and additional ADC candidates, signaling an intent to build a broader solid tumor franchise rather than a single-asset story.
From a financing and catalyst perspective, the stated cash runway into 3Q 2027 provides visibility through key milestones, including expected mid-2026 topline pivotal data in frontline EGFR exon 20 insertion NSCLC. Actual impact on valuation will depend on those trial outcomes, subsequent regulatory interactions, and the pace of ADC clinical progress.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On March 5, 2026, ArriVent BioPharma, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information contained in this Item 2.02 and in the press release furnished as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended, or incorporated by reference in any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No. |
| Description |
99.1 | Press Release dated March 5, 2026. | |
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104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ARRIVENT BIOPHARMA, INC. | |
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| By: | /s/ Winston Kung |
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| Winston Kung |
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| Chief Financial Officer and Treasurer |
Date: March 5, 2026
Exhibit 99.1
ArriVent BioPharma Reports Full Year 2025 Financial Results
| ● | Topline global pivotal Phase 3 data for firmonertinib in first-line EGFR exon 20 insertion mutant NSCLC expected mid-2026 |
| ● | Global pivotal Phase 3 first-line PACC mutant NSCLC study for firmonertinib enrollment underway |
| ● | ADC pipeline advancing with first ADC program, ARR-217, in Phase 1 clinical development |
| ● | Cash and investments of $312.8 million as of December 31, 2025 expected to fund operations into 3Q 2027 |
NEWTOWN SQUARE, PA, March 5, 2026 (GLOBE NEWSWIRE) -- ArriVent BioPharma, Inc. (Company or ArriVent) (Nasdaq: AVBP), a clinical-stage company dedicated to accelerating the global development of innovative biopharmaceutical therapeutics, today reported financial results for the year ended December 31, 2025, and highlighted recent Company progress.
“We are advancing firmonertinib toward potential registration, supported by two pivotal programs targeting uncommon EGFR mutations in non-small cell lung cancer (NSCLC), a high unmet need with limited treatment options,” said Bing Yao, CEO of ArriVent. “Our robust clinical data, including CNS activity, underscores the potential of firmonertinib to become a chemotherapy-free standard of care. We look forward to topline pivotal data for firmonertinib monotherapy in frontline EGFR exon 20 insertion mutant NSCLC expected in mid-2026. This is an event driven study, so we plan to continue sharpening our timeline as we look forward to sharing our data.”
Dr. Yao continued, “Our antibody-drug conjugate (ADC) portfolio is also gaining momentum, led by ARR-217, a CDH17-targeted ADC currently in an ongoing Phase 1 trial, with best-in-class potential in gastrointestinal cancers. We expect additional ADC candidates to advance toward the clinic, broadening our pipeline beyond lung cancer into multiple additional solid tumor indications. Backed by a strong balance sheet and a projected cash runway into 3Q 2027, we are well positioned to deliver on our near-term catalysts.”
Recent and Full Year 2025 Highlights
Firmonertinib
| ● | Dosed first in patient pivotal ALPACCA study. In December 2025, ArriVent announced dosing of the first patient in the global pivotal Phase 3 ALPACCA study evaluating firmonertinib monotherapy for first-line treatment of epidermal growth factor receptor (EGFR) PACC mutant non-small cell lung cancer (NSCLC) (NCT07185997). |
| ● | Positive final data in EGFR PACC mutant NSCLC. In September 2025, ArriVent presented positive final proof-of-concept data from the randomized global Phase 1b FURTHER trial cohort of first-line firmonertinib monotherapy in patients with NSCLC harboring EGFR PACC mutations at the 2025 World Conference on Lung Cancer (WCLC) (NCT05364073). Firmonertinib demonstrated clinically meaningful progression free survival, central nervous system (CNS) complete responses, and a |
| manageable safety profile consistent with previous trials. We believe this to be the first clinical dataset testing an EGFR inhibitor in a prospectively defined population of EGFR PACC mutant NSCLC. |
| ● | Completed enrollment for pivotal FURVENT trial. During the first quarter of 2025, we completed enrollment in the global pivotal Phase 3 FURVENT study of firmonertinib monotherapy in first-line NSCLC EGFR exon 20 insertion mutations (NCT05607550). Firmonertinib, an oral, highly brain-penetrant, and broadly active mutation-selective EGFR inhibitor, received Food and Drug Administration (FDA) Breakthrough Therapy Designation in this patient population. |
| ● | Received National Medical Products Administration (NMPA) approval in China in second-line EGFR exon 20 insertion mutations. In February 2026, our partner Shanghai Allist Pharmaceutical Technology Co., Ltd., received NMPA approval for firmonertinib for adults with locally advanced or metastatic NSCLC who have progressed on or after prior platinum-based chemotherapy or who are intolerant to platinum-based chemotherapy and who have been tested for the presence of EGFR exon 20 insertion mutations. |
Pipeline
| ● | Clinical advancement of ADC lead ARR-217 (MRG007). Ongoing Phase 1 dose escalation for ARR-217, a CDH17 targeted ADC, in gastrointestinal malignancies in partnership with Lepu Biopharma Co., Ltd. ArriVent also received FDA IND clearance for ARR-217 and dosed its first patient in March 2026. |
Upcoming Milestones
| ● | Firmonertinib pivotal EGFR exon 20 insertions data. Top-line firmonertinib monotherapy data from the global pivotal FURVENT Phase 3 (NCT05607550) study for first-line EGFR exon 20 insertions mutant NSCLC is projected to be in mid-2026. |
| ● | IND filing for ARR-002. U.S. IND filing for first-in-class ADC program planned for first half 2026. Plan to present preclinical data at an upcoming conference. |
| ● | Complete Phase 1 dose escalation for ARR-217. Plan to complete Phase 1 dose escalation and enter into dose optimization for ARR-217, a CDH17 targeting ADC program, in the second half of 2026. |
2025 Financial Results
| ● | As of December 31, 2025, the Company had cash and investments of $312.8 million, which is expected to fund operations into 3Q 2027. |
| ● | Net cash used in operations was $160.6 million and $70.2 million for the years ended December 31, 2025 and 2024, respectively. |
| ● | Research and development expenses were $153.4 million and $79.0 million for the years ended December 31, 2025 and 2024, respectively. The research and development expenses in 2025 include a one-time upfront payment to Lepu Biopharma Co., Ltd. |
| ● | General and administrative expenses were $24.2 million and $15.3 million for the years ended December 31, 2025 and 2024, respectively. |
| ● | Net loss was $166.3 million and $80.5 million for the years ended December 31, 2025 and 2024, respectively. |
About ArriVent
ArriVent is a clinical-stage biopharmaceutical company dedicated to the identification, development, and commercialization of differentiated medicines to address the unmet medical needs of patients with cancers. ArriVent seeks to utilize its team’s deep drug development experience to maximize the potential of its lead development candidate, firmonertinib, and advance a pipeline of novel therapeutics, such as next-generation antibody drug conjugates, through approval and commercialization.
About Firmonertinib
Firmonertinib is an oral, highly brain-penetrant, and broadly active mutation-selective epidermal growth factor receptor (EGFR) inhibitor active against both classical and uncommon EGFR mutations, including PACC and exon 20 insertion mutations. In March 2021, firmonertinib was approved in China for first-line advanced non-small-cell lung cancer (NSCLC) with EGFR exon 19 deletion or L858R mutations and for patients with previously treated locally advanced or metastatic NSCLC with EGFR T790M mutation, otherwise known as EGFR classical mutations.
Firmonertinib was granted U.S. Food and Drug Administration (FDA) Breakthrough Therapy Designation for the treatment of patients with previously untreated locally advanced or metastatic non-squamous NSCLC with EGFR exon 20 insertion mutations. Firmonertinib was also granted U.S. FDA Orphan Drug Designation for the treatment of NSCLC with EGFR mutations or human epidermal growth factor receptor 2 (HER2) mutations or HER4 mutations.
Firmonertinib is currently being studied in a global Phase 3 trial for first-line NSCLC patients with EGFR exon 20 insertion mutations (FURVENT; NCT05607550) and in a global Phase 3 study in first line NSCLC patients with EGFR PACC mutations (ALPACCA; NCT07185997).
About EGFR mutant NSCLC
Globally, lung cancer is the leading cause of cancer-related deaths among men and women. NSCLC is the predominant subtype of lung cancer, accounting for approximately 85% of all cases. Mutational activation of the EGFR is a frequent and early event in the development of NSCLC. EGFR mutations are divided into classical and uncommon. EGFR exon 20 insertion mutations are a group of uncommon EGFR mutations and constitute approximately 9% of all EGFR mutations. PACC mutations are another group of uncommon EGFR mutations and represent approximately 12% of all EGFR mutations. Patients with NSCLC whose tumors harbor uncommon EGFR mutations have significantly lower life expectancy with available therapies and represent an area of unmet medical need.
About EGFR PACC mutations
P-loop and αC-helix compressing (PACC) EGFR mutations are a distinct set of approximately 70 mostly missense activating mutations within the kinase domain of EGFR. They are similar to exon 20 insertion mutations in narrowing the drug binding pocket to affect tyrosine kinase inhibitor activity. PACC mutations are diagnosed through commercially available NGS and most PCR tests. Patients with PACC mutations have
limited treatment options, and there is no broadly utilized standard of care treatment for first-line PACC mutant patients.
About FURVENT
FURVENT is a global, pivotal 3 arm Phase 3 clinical trial of firmonertinib in first-line non-squamous locally advanced or metastatic NSCLC patients with exon 20 insertion mutations being conducted jointly with our partner Allist (NCT05607550). The FURVENT clinical trial is designed to assess the safety and efficacy of firmonertinib administered at either 160 mg or 240 mg, once-daily with each dose being compared to platinum-based chemotherapy with pemetrexed, the current first-line standard of care. The primary endpoint of this study is PFS by BICR per Response Evaluation Criteria in Solid Tumors (RECIST) 1.1. Secondary endpoints in patients with brain metastases at baseline include brain-specific CNS overall response rate (CNS-ORR) and CNS-PFS by modified RECIST (mRECIST). The study enrolled 398 patients globally, including from sites in the United States, Europe and certain Asian countries including Japan and China.
About ALPACCA
ALPACCA is a global, pivotal 2 arm Phase 3 clinical trial of firmonertinib in first-line non-squamous locally advanced or metastatic NSCLC patients with PACC mutations being conducted jointly with our partner Allist (NCT07185997). The ALPACCA trial is evaluating firmonertinib 240 mg once daily versus investigator’s choice of osimertinib or afatinib in first-line patients with EGFR PACC mutant NSCLC. The 240 mg dose of firmonertinib was selected for pivotal development based on compelling data showing a 16-month median PFS and a confirmed 68% ORR by BICR in the FURTHER trial (NCT05364073). The primary endpoints of this study are ORR and PFS by BICR per RECIST.
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, cash runway, estimates of our addressable market, activity of firmonertinib compared to available therapies, anticipated clinical milestones, the timing of, and results of, top-line pivotal Phase 3 data for firmonertinib in previously untreated NSCLC patients whose tumors contain EGFR exon 20 insertion mutations, the timing of our planned enrollment of the global pivotal Phase 3 study of firmonertinib in previously untreated NSCLC patients whose tumors contain EGFR PACC mutations, the advancement of the Phase 1 study for ARR-217 in gastrointestinal tumors and the timing of presentation of data from that study, the timing of U.S. IND filing for ARR-002, 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 ArriVent’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 annual report on Form 10-K for the fiscal year ended December 31, 2025, to be filed with the Securities and Exchange Commission on March 5, 2026 and our other filings with the Securities and Exchange Commission. Forward-looking statements contained in this press release are made as of this date, and ArriVent undertakes no duty to update such information except as required under applicable law.
ARRIVENT BIOPHARMA, INC.
BALANCE SHEETS
(in thousands, except share and per share data)
(Unaudited)
| | December 31, | ||||
| | 2025 | | 2024 | ||
Assets | | | | | ||
Current assets: |
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Cash and cash equivalents | | $ | 45,540 | | $ | 74,293 |
Short-term investments | | | 267,281 | | | 144,570 |
Prepaid expenses and other current assets | |
| 20,076 | |
| 8,116 |
Total current assets | |
| 332,897 | |
| 226,979 |
Long-term investments | | | — | | | 47,683 |
Right of use assets – operating leases | |
| 13 | |
| 154 |
Deferred offering costs | | | 69 | | | — |
Other assets | |
| 190 | |
| 126 |
Total assets | | $ | 333,169 | | $ | 274,942 |
| | | | | | |
Liabilities and Stockholders’ Equity | |
| | |
| |
Current liabilities: | |
| | |
| |
Accounts payable | | $ | 5,934 | | $ | 3,782 |
Accrued expenses | |
| 19,997 | |
| 13,330 |
Operating lease liabilities | |
| 14 | |
| 162 |
Total current liabilities | |
| 25,945 | |
| 17,274 |
Operating lease liabilities, net of current amount | |
| — | |
| 14 |
Total liabilities | |
| 25,945 | |
| 17,288 |
| | | | | | |
Stockholders’ equity: | | | | | | |
Preferred stock $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding | |
| — | |
| — |
Common stock $0.0001 par value, 200,000,000 shares authorized; 42,452,251 and 33,706,765 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | | | 4 | | | 3 |
Additional paid-in capital | |
| 711,847 | |
| 496,195 |
Accumulated deficit | |
| (404,641) | |
| (238,333) |
Accumulated other comprehensive income (loss) | | | 14 | | | (211) |
Total stockholders’ equity | |
| 307,224 | |
| 257,654 |
Total liabilities and stockholders’ equity | | $ | 333,169 | | $ | 274,942 |
ARRIVENT BIOPHARMA, INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share data)
(Unaudited)
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| | Year Ended December 31, | ||||
| | 2025 | | 2024 | ||
Operating expenses: | | | |
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Research and development | | $ | 153,351 |
| $ | 79,004 |
General and administrative | | | 24,183 |
| | 15,304 |
Total operating expenses | | | 177,534 |
| | 94,308 |
Operating loss | | | (177,534) |
| | (94,308) |
Interest and investment income | | | 11,226 | | | 13,820 |
Net loss | | | (166,308) | | | (80,488) |
Unrealized gain (loss) on marketable securities | | | 225 | | | (211) |
Total other comprehensive gain (loss) | | | 225 | | | (211) |
Total comprehensive loss | | $ | (166,083) | | $ | (80,699) |
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Share information: | |
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Net loss per share attributable to common stockholders, basic and diluted | | $ | (4.32) | | $ | (2.56) |
Weighted-average shares of common stock outstanding, basic and diluted | |
| 38,462,600 | | | 31,469,328 |
Contact:
Joyce Allaire
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com
FAQ
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Filing Exhibits & Attachments
4 documentsPress Releases
