ArriVent Lifts Cash Runway Into 2028 After Capital Raise
Cash and investments reached $373.1 million as of June 30, 2026, and the company now expects that cash to fund operations into 2028, versus a prior outlook into the fourth quarter of 2027.
ArriVent BioPharma (AVBP), a clinical-stage biopharmaceutical company, closed the second quarter with $373.1 million in cash and investments as of June 30, 2026, and said that cash is expected to fund operations into 2028, a later horizon than the prior expectation of into the fourth quarter of 2027.
The cash position was $326.4 million as of March 31, 2026. Cash and cash equivalents were $154.7 million at June 30, 2026, compared with $45.5 million at year-end 2025, while short-term investments were $218.4 million.
Chief Executive Officer Bing Yao said the company’s FURVENT and ALPACCA global pivotal trials have the potential to establish firmonertinib as a first-line treatment option for uncommon EGFR mutations in non-small cell lung cancer. Topline data from the global pivotal FURVENT Phase 3 study for first-line EGFR exon 20 insertion mutant NSCLC are now anticipated in the second half of 2026, versus a prior mid-2026 expectation.
FURVENT is a three-arm Phase 3 trial of firmonertinib at 160 mg or 240 mg once daily versus platinum-based chemotherapy with pemetrexed in first-line non-squamous locally advanced or metastatic NSCLC with exon 20 insertion mutations. The study enrolled 398 patients globally. ALPACCA is a two-arm Phase 3 trial of firmonertinib 240 mg once daily versus investigator’s choice of osimertinib or afatinib in first-line EGFR PACC mutant NSCLC.
The antibody-drug conjugate pipeline moved forward on two fronts. ArriVent initiated Phase 1b dose optimization for ARR-217, a CDH17-targeted ADC in gastrointestinal malignancies in partnership with Lepu Biopharma, after dosing a first patient in March 2026 in Phase 1 dose escalation. Initial Phase 1 dose escalation data for ARR-217 are planned for a future medical conference.
ARR-002, a dual-targeting MUC16/NaPi2b tetravalent ADC with an initial focus in ovarian and endometrial cancers, received FDA IND clearance in May 2026. The company now expects dosing of the first patient in the third quarter of 2026, versus a prior plan to dose in the second half of 2026. ArriVent also entered an exclusive licensing agreement with Shanghai Allist Pharmaceuticals to develop and commercialize ARR-002 in Greater China, retaining all other rights.
In the three months ended June 30, 2026, research and development expenses were $42.3 million, up from $27.7 million a year earlier. General and administrative expenses were $10.4 million. Net loss widened to $49.9 million, or $1.05 a share, from $31.4 million, or $0.90 a share, a year earlier. Weighted-average shares outstanding were 47.6 million.
For the six months ended June 30, 2026, net cash used in operations was $81.5 million, compared with $94.1 million a year earlier. Research and development expenses were $80.0 million, general and administrative expenses were $18.8 million, and net loss was $93.2 million.
Common shares outstanding were 48.3 million at June 30, 2026, versus 42.5 million at December 31, 2025. Additional paid-in capital was $865.0 million. Accumulated deficit was $497.9 million. Total assets were $394.7 million.
Firmonertinib remains the lead development candidate. It is an oral, mutation-selective EGFR inhibitor active against classical and uncommon EGFR mutations, including PACC and exon 20 insertion mutations. It was approved in China in March 2021 for first-line advanced NSCLC with EGFR exon 19 deletion or L858R mutations and for previously treated disease with EGFR T790M. It holds FDA Breakthrough Therapy Designation for previously untreated non-squamous NSCLC with EGFR exon 20 insertion mutations and Orphan Drug Designation for NSCLC with EGFR, HER2 or HER4 mutations.
EGFR exon 20 insertion mutations constitute approximately 9% of all EGFR mutations; PACC mutations represent approximately 12%. Patients with uncommon EGFR mutations have significantly lower life expectancy with available therapies.
ARR-217 is a cadherin-17-targeted, glycan-linked, exatecan-based ADC. CDH17 is frequently overexpressed in colorectal cancer and several other gastrointestinal cancers, with limited expression in normal intestinal tissue and pancreatic duct. ARR-002 is a first-in-class MUC16 and NaPi2b dual-target, tetravalent ADC with site-specific conjugation to vcMMAE at a drug-to-antibody ratio of 4.
The company looks forward to presenting pivotal topline data from FURVENT and initial Phase 1 data for ARR-217.