0001868279false00018682792024-05-082024-05-08

 

UNITED STATES 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT 

Pursuant to Section 13 or 15(d) 

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2024

ARRIVENT BIOPHARMA, INC.

(Exact name of registrant as specified in its charter)

Delaware

 

001-41929

 

86-3336099

(State or other jurisdiction
of incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

18 Campus Boulevard, Suite 100

Newtown Square, PA

 

19073

(Address of principal executive offices)

 

(zip code)

Registrant’s telephone number, including area code: (628) 277-4836

N/A 

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading
Symbol(s)

 

Name of each exchange
on which registered

Common Stock, $0.0001 par value per share

 

AVBP

 

The Nasdaq Stock Market LLC

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).

Emerging Growth Company x

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.¨

 

 

Item2.02

Results of Operations and Financial Condition.

On May 8, 2024, ArriVent BioPharma, Inc. (the “Company”) issued a press release announcing its results for the first quarter ended March 31, 2024. 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.

Item9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.

 

Description

99.1

Press Release dated May 8, 2024.

 

 

 

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.

 

 

 

 

By:

/s/ Winston Kung, MBA

 

 

Winston Kung, MBA

 

 

Chief Financial Officer and Treasurer

 

Date: May 8, 2024

Exhibit 99.1

Graphic

ArriVent BioPharma Reports First Quarter 2024 Financial Results

Presented preclinical firmonertinib (formerly furmonertinib) data at the 2024 American Association for Cancer Research (“AACR”) Annual Meeting
Dosed first patient in Phase 1b combination study of firmonertinib and ICP-189 for advanced or metastatic non-small cell lung cancer (“NSCLC”) with epidermal growth factor receptor (“EGFR”) classical mutations
Strong financial position with cash and cash equivalents of $317.4 million as of March 31, 2024

NEWTOWN SQUARE, PA, May 8, 2024 (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 first quarter ended March 31, 2024, and highlighted recent Company progress.

“In the first quarter of this year, we continued our strong progress as we fully enrolled our NSCLC EGFR PACC mutation Phase 1b cohort in our FURTHER study and initiated a Phase 1b combination study of firmonertinib and ICP-189, a SHP2 inhibitor, in NSCLC patients with EGFR classical mutations. This underscores our comprehensive development plan to maximize the potential of firmonertinib across EGFR mutant NSCLC,” said Bing Yao, Chairman and Chief Executive Officer of ArriVent. “We were also proud to present data at the AACR annual meeting, which further demonstrated that firmonertinib was observed to be broadly active preclinically across a wide range of EGFR uncommon mutations in NSCLC, including PACC and exon 20 insertion mutations. We look forward to continuing building upon these milestones as we work to give cancer patients important new treatment options.”

First Quarter 2024 and Recent Highlights

Firmonertinib

Presentation of preclinical data for firmonertinib at the 2024 AACR Annual Meeting. ArriVent presented preclinical data evaluating firmonertinib in NSCLC with EGFR exon 20 insertion mutations and P-loop and alpha-c helix compressing (“PACC”) mutations at the AACR Annual Meeting in April 2024. In the preclinical study firmonertinib, a highly brain penetrant mutant-selective EGFR inhibitor, was observed to be broadly active across a wide range of uncommon mutations including PACC and exon 20 insertion mutations.

Initiation of the Phase 1b combination study with firmonertinib and ICP-189, a novel Src Homology 2 domain containing protein tyrosine phosphatase (“SHP2”) allosteric inhibitor. ArriVent, in partnership with InnoCare Pharma, dosed its first patient in the Phase 1b clinical combination study targeting advanced or metastatic NSCLC patients with EGFR classical mutations, in March 2024.

Graphic

Upcoming Milestones

Proof-of-concept data expected in 2024. Firmonertinib is currently being studied in the Phase 1b clinical trial, the FURTHER trial (NCT05364073), in patients with NSCLC EGFR PACC mutations, which has been fully enrolled, with proof-of-concept data expected in 2024.

Selection of next-generation antibody drug conjugate (“ADC”) development candidate. ArriVent and its partner, Aarvik Therapeutics, Inc., continue to make progress on selecting a multitarget multivalent ADC development candidate, and expect to complete selection in late 2024 or early 2025.

Corporate Updates

Strengthened board leadership. In April 2024, ArriVent appointed Kristine Peterson to its Board of Directors. Ms. Peterson has served on the boards of multiple public biopharmaceutical companies, including Immunocore and ImmunoGen (recently acquired by Abbvie), and brings over 30 years of industry leadership experience having previously served as Chief Executive Officer of Valeritas and Company Group Chair of Johnson and Johnson for their worldwide biotech and oncology groups.

First Quarter 2024 Financial Results

As of March 31, 2024, the Company had cash and cash equivalents of $317.4 million, which is expected to fund operations into 2026. Net cash used in operations was $18.6 million and $16.9 million for the quarters ended March 31, 2024 and 2023, respectively.

Research and development expenses were $17.0 million and $10.2 million for the quarters ended March 31, 2024 and 2023, respectively. The increase in expense was primarily due to increased headcount and clinical expense related to firmonertinib.

General and administrative expenses were $3.7 million and $1.9 million for the quarters ended March 31, 2024 and 2023, respectively. The increase in expense was primarily due to expenses related to expanding the infrastructure necessary for operating as a public company.

Net loss was $17.4 million and $12.2 million for the quarters ended March 31, 2024 and 2023, 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.


Graphic

About Firmonertinib

Firmonertinib (formerly furmonertinib) 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.

In October 2023, firmonertinib was granted U.S. Food and Drug Administration 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 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 1b study evaluating firmonertinib in patients EGFR PACC mutations (FURTHER; NCT05364043). In addition, firmonertinib is also being studied in a clinical combination study targeting advanced or metastatic NSCLC patients with EGFR classical mutations, in partnership with InnoCare Pharma.

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.

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, including proof of concept data for firmonertinib in patients with NSCLC EGFR PACC mutations and the selection of an ADC development candidate, 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


Graphic

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, 2023, filed with the Securities and Exchange Commission on March 28, 2024 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.


Graphic

ARRIVENT BIOPHARMA, INC.

BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

March 31, 

December 31, 

    

2024

    

2023

    

Assets

    

    

    

Current assets:

 

  

 

  

 

Cash and cash equivalents

$

317,393

$

150,389

Prepaid expenses and other current assets

 

10,087

 

9,579

Total current assets

 

327,480

 

159,968

Right of use assets – operating leases

 

250

 

291

Deferred offering costs

2,732

Other assets

 

108

 

107

Total assets

$

327,838

$

163,098

Liabilities, Convertible Preferred Stock and Stockholders’ Equity (Deficit)

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable

$

4,098

$

4,532

Accrued expenses

 

5,732

 

6,952

Operating lease liabilities

 

147

 

140

Total current liabilities

 

9,977

 

11,624

Operating lease liabilities

 

138

 

177

Total liabilities

 

10,115

 

11,801

Series A convertible preferred stock $0.0001 par value, 150,000,000 shares authorized; 150,000,000 shares issued and outstanding at December 31, 2023

 

 

149,865

Series B convertible preferred stock $0.0001 par value, 147,619,034 shares authorized; 147,619,034 shares issued and outstanding at December 31, 2023

154,625

Stockholders’ equity (deficit):

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; 33,493,750 and 2,745,480 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

3

Additional paid-in capital

 

492,982

 

4,652

Accumulated deficit

 

(175,262)

 

(157,845)

Total stockholders’ equity (deficit)

 

317,723

 

(153,193)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

$

327,838

$

163,098


Graphic

ARRIVENT BIOPHARMA, INC.

STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

Three Months Ended

March 31, 

    

2024

    

2023

Operating expenses:

 

  

 

  

Research and development

 

$

16,975

 

$

10,236

General and administrative

 

3,699

 

1,936

Total operating expenses

 

20,674

 

12,172

Operating loss

 

(20,674)

 

(12,172)

Interest income

 

3,257

 

Net loss

$

(17,417)

$

(12,172)

Share information:

 

  

 

  

Net loss per share of common stock, basic and diluted

$

(0.70)

$

(9.45)

Weighted-average shares of common stock outstanding, basic and diluted

 

25,046,531

 

1,287,574

Contact for Investors & Media

Argot Partners

212.600.1902

ArriVent@argotpartners.com


v3.24.1.u1
Document and Entity Information
May 08, 2024
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date May 08, 2024
Entity Registrant Name ARRIVENT BIOPHARMA, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-41929
Entity Tax Identification Number 86-3336099
Entity Address, Address Line One 18 Campus Boulevard
Entity Address, Adress Line Two Suite 100
Entity Address, City or Town Newtown Square
Entity Address State Or Province PA
Entity Address, Postal Zip Code 19073
City Area Code 628
Local Phone Number 277-4836
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.0001 par value per share
Trading Symbol AVBP
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Entity Ex Transition Period false
Entity Central Index Key 0001868279
Amendment Flag false

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