0001558370-25-007276 | 10-Q | XBRL Viewer

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License and Collaboration Agreements - Allist (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Agreement
Research and development		$ 61,289	$ 16,975
Global Technology Transfer And License Agreement \| Allist
Agreement
Cash payment	$ 40,000
Maximum amount payable upon achievement of certain clinical and regulatory milestone events		105,000
Maximum amount payable upon achievement of commercial milestones		655,000
Global Technology Transfer And License Agreement \| Allist \| Common stock
Agreement
Shares issued in execution of agreement (in shares)	1,276,250
Clinical Collaboration Agreement \| Allist
Agreement
Research and development		500	200
Cost reimbursement		$ 400	$ 100
Milestone payments paid				$ 0

Subsequent Event

3 Months Ended

Mar. 31, 2025

Subsequent Event

Subsequent Event

(12)	Subsequent Event

On May 8, 2025, the Company entered into a Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (the Loan Agreement). Under the Loan Agreement, the Company has the right to draw down $35.0 million at its discretion, and up to an additional $40.0 million upon the satisfaction of certain milestones. No amounts have been drawn on this facility at the date of issuance of these financial statements.

Stock-based Compensation

3 Months Ended

Mar. 31, 2025

Stock-based Compensation

Stock-based Compensation

(8)	Stock-based Compensation

In June 2021, the Company adopted the 2021 Employee, Director and Consultant Equity Incentive Plan, as amended (the “2021 Plan”), that authorized the Company to grant up to 803,564 shares of common stock via stock-based compensation awards. In 2022, the Company amended the 2021 Plan and increased the total number of shares authorized under the 2021 Plan to 2,748,818. In January 2024, the Company adopted the 2024 Employee, Director and Consultant Equity Incentive Plan (the “2024 Plan”) that authorized the Company to grant up to 3,900,000 shares of common stock plus any remaining ungranted or forfeited shares from the 2021 Plan. As of March 31, 2025, there were 3,829,956 shares available to be granted. The Company’s stock options vest based on the terms in the awards agreements and generally vest over four years. The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations and comprehensive loss (in thousands):


	Three Months Ended
	March 31,
	2025		2024
Research and development	$	985	$	235
General and administrative		1,286		390
	$	2,271	$	625

The following is a summary of stock options activity:


					Weighted
		Weighted			average
		average			remaining	Aggregate
		exercise			contractual	Intrinsic Value
	Options	price			term (years)	(in thousands)
Outstanding as of December 31, 2024	2,531,144	$	6.77
Granted	1,597,929		27.46
Exercised	(69,773)		4.20
Forfeited/Expired	—		—
Outstanding as of March 31, 2025	4,059,300		14.96	$	8.76	$	29,525
Exercisable as of March 31, 2025	1,024,577		4.42		7.56		14,447
Vested and expected to vest at March 31, 2025	4,059,300	$	14.96	$	8.76	$	29,525

The weighted-average grant-date fair value of options granted in the first three months of 2025 and 2024 were $22.04 and $6.03 per share, respectively. The fair value was estimated using the Black-Scholes option-pricing model based on the following assumptions:


	Three Months Ended
	March 31,
	2025		2024
Risk-free interest rate		4.02% - 4.37%		3.85% - 3.98%
Expected term		6.1 years		5.5 - 6.1 years
Expected volatility		98.3%		93.1% - 93.2%
Expected dividend yield		—		—
Estimated fair value of the Company's common stock per share (a)	$	22.03 - 27.56	$	5.85 - 6.04

(a) Subsequent to the Company’s initial public offering on January 24, 2024, the fair value of common stock is based on the closing market price of common stock at the date of grant.

Unrecognized compensation cost for awards not vested as of March 31, 2025 was $42.4 million and will be expensed over a weighted-average period of 3.08 years.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (64,387)	$ (17,417)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Summary of Significant Accounting Policies - Other (Details)	Jan. 23, 2024
Summary of Significant Accounting Policies
Stock split conversion ratio	0.06575

License and Collaboration Agreements - Alphamab (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Jun. 30, 2024
Agreement
Research and development	$ 61,289	$ 16,975
Collaborative Agreement \| Alphamab
Agreement
Maximum amount payable upon achievement of development and regulatory milestones			$ 201,500
Maximum amount payable upon achievement of commercial milestones			$ 414,000
Research and development expense, cost reimbursements	100
Research and development expense, approval of a target pair selection	$ 1,200

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2025

Accrued Expenses

Schedule of Accrued expenses, current

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Research and development	$	6,333	$	8,626
Professional fees		408		474
Compensation and related expenses		1,549		4,163
Other accrued expenses		161		67
	$	8,451	$	13,330

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Fair Value Measurements

(4)	Fair Value Measurements

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	16,016	$	—	$	—	$	16,016	$	16,016	$	—	$	—
Corporate securities		93,181		23		(42)		93,162		16,944		76,218		—
Government securities		75,448		20		(19)		75,449		—		75,449		—
Total assets measured at fair value	$	184,645	$	43	$	(61)	$	184,627	$	32,960	$	151,667	$	—


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	49,031	$	—	$	—	$	49,031	$	49,031	$	—	$	—
Corporate securities		114,577		10		(148)		114,439		—		114,439		—
Government securities		98,150		18		(91)		98,077		—		98,077		—
Total assets measured at fair value	$	261,758	$	28	$	(239)	$	261,547	$	49,031	$	212,516	$	—

Cash balances were $5.0 million at March 31, 2025 and December 31, 2024, respectively. Money market funds are highly liquid investments. The pricing information on the Company’s money market fund is based on quoted prices in active markets. This approach results in a classification of these securities as Level 1 of the fair value hierarchy.

The Company’s investment portfolio includes many fixed income securities that do not always trade on a daily basis. As a result, the pricing services used by the Company applied other available information as applicable through processes such as benchmark yields, benchmarking of like securities, sector groupings and matrix pricing to prepare evaluations. In addition, model processes were used to assess interest rate impact and develop prepayment scenarios. These models take into consideration relevant credit information, perceived market movements, sector news and economic events. The inputs into these models may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads and other relevant data.

As of March 31, 2025, $165.7 million of our fixed income securities have maturity dates within the next twelve months, and $18.9 million have maturities within the next 12 to 24 months. All securities are considered available for sale.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

License and Collaboration Agreements - Aarvik (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		8 Months Ended
	Aug. 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Mar. 31, 2025	Jun. 30, 2023
Agreement
Research and development		$ 61,289	$ 16,975
Collaborative Agreement \| Aarvik
Agreement
Maximum payment on statements of work					$ 3,100
Initiation fee					$ 300
Amount of payment to exercise option to license and/or acquire certain intellectual property	$ 1,000
Maximum amount payable per product upon achievement of certain clinical and regulatory milestone events	18,000
Maximum amount payable per product upon achievement of commercial milestones	$ 80,000
Amount paid for initiation fee and research fees				$ 5,000
Research and development		$ 100	$ 100

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Fair Value Measurements
Gross Unrealized Gains	$ 43	$ 28
Gross Unrealized Losses	(61)	(239)
Cash balance	5,000	5,000
Available for sale securities, Maturity dates within the next twelve months	165,700
Available for sale securities, Maturity dates within the next 12 to 24 months	18,900
Corporate securities
Fair Value Measurements
Gross Unrealized Gains	23	10
Gross Unrealized Losses	(42)	(148)
Government securities
Fair Value Measurements
Gross Unrealized Gains	20	18
Gross Unrealized Losses	(19)	(91)
Amortized Cost
Fair Value Measurements
Money market funds	16,016	49,031
Total assets measured at fair value	184,645	261,758
Amortized Cost \| Corporate securities
Fair Value Measurements
Securities, Carrying Value	93,181	114,577
Amortized Cost \| Government securities
Fair Value Measurements
Securities, Carrying Value	75,448	98,150
Fair Value
Fair Value Measurements
Money market funds	16,016	49,031
Total assets measured at fair value	184,627	261,547
Fair Value \| Corporate securities
Fair Value Measurements
Securities, Fair Value	93,162	114,439
Fair Value \| Government securities
Fair Value Measurements
Securities, Fair Value	75,449	98,077
Fair Value \| Level 1
Fair Value Measurements
Money market funds	16,016	49,031
Total assets measured at fair value	32,960	49,031
Fair Value \| Level 1 \| Corporate securities
Fair Value Measurements
Securities, Fair Value	16,944
Fair Value \| Level 2
Fair Value Measurements
Total assets measured at fair value	151,667	212,516
Fair Value \| Level 2 \| Corporate securities
Fair Value Measurements
Securities, Fair Value	76,218	114,439
Fair Value \| Level 2 \| Government securities
Fair Value Measurements
Securities, Fair Value	$ 75,449	$ 98,077

Summary of Significant Accounting Policies - Net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net loss (basic)	$ (64,387)	$ (17,417)
Net loss (diluted)	$ (64,387)	$ (17,417)
Denominator:
Weighted-average shares of common stock outstanding, basic (in shares)	33,898,870	25,046,531
Weighted-average shares of common stock outstanding, diluted (in shares)	33,898,870	25,046,531
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (1.9)	$ (0.7)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (1.9)	$ (0.7)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	May 09, 2025
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Securities Act File Number	001-41929
Entity Registrant Name	ARRIVENT BIOPHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3336099
Entity Address, Address Line One	18 Campus Boulevard 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
Title of 12(b) Security	Common Stock, $0.0001 Par Value per Share
Trading Symbol	AVBP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,212,561
Entity Central Index Key	0001868279
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accrued Expenses
Research and development	$ 6,333	$ 8,626
Professional fees	408	474
Compensation and related expenses	1,549	4,163
Other accrued expenses	161	67
Total	$ 8,451	$ 13,330

Development-Stage Risks and Liquidity

3 Months Ended

Mar. 31, 2025

Development-Stage Risks and Liquidity

Development-Stage Risks and Liquidity

(2)	Development Stage Risks and Liquidity

The Company has incurred losses since inception and has an accumulated deficit of $302.7 million as of March 31, 2025. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales from its product candidates currently in development.

The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, that it will need additional capital to fund its future operating and capital requirements. There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms, if at all. If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected. The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects.

The Company believes that the aggregate balance of cash and cash equivalents and marketable securities of $205.5 million as of March 31, 2025 are sufficient to sustain planned operations through at least twelve months from the issuance date of these financial statements.

The Company is subject to those risks associated with any specialty biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants.

In addition, geopolitical tensions, volatility of capital markets, and other adverse macroeconomic events, including those due to inflationary pressures, rising interest rates, bank instability and the ability of the U.S. government to manage federal debt limits, as well as the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern.

License and Collaboration Agreements - Lepu (Details) - License Agreement - Lepu Biopharma $ in Millions	Jan. 21, 2025 USD ($)
Agreement
Cash payment	$ 40.0
Maximum amount payable upon near term milestones	7.0
Maximum amount payable upon achievement of development and regulatory milestones	0.3
Maximum amount payable upon achievement of commercial milestones	$ 890.0

Background (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Jan. 30, 2024	Jan. 31, 2024	Mar. 31, 2025	Mar. 31, 2024
Background
Proceeds from issuance of common stock in an initial public offering, net of underwriting discounts and commissions and other offering expenses	$ 183.2
Common stock
Background
Issuance of common stock in initial public offering (in shares)			264,458	11,180,555
Conversion of convertible preferred stock into common stock (in shares)		19,567,306		19,567,306
IPO \| Common stock
Background
Issuance of common stock in initial public offering (in shares)	9,722,222
Share price (in dollars per share)	$ 18
Underwriters allotment \| Common stock
Background
Issuance of common stock in initial public offering (in shares)	1,458,333
Share price (in dollars per share)	$ 18

- Definition

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+ Details

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Prepaid Expenses and Other Current Assets
Research and development	$ 7,978	$ 7,209
Professional fees	303	233
Insurance	922	174
Tax credit receivable	505	500
Total	$ 9,708	$ 8,116

Stock-based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock-based Compensation
Stock-based compensation expense	$ 2,271	$ 625
Research and development
Stock-based Compensation
Stock-based compensation expense	985	235
General and administrative
Stock-based Compensation
Stock-based compensation expense	$ 1,286	$ 390

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Development-Stage Risks and Liquidity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Development-Stage Risks and Liquidity
Accumulated deficit	$ 302,720	$ 238,333
Cash and cash equivalents, and short and long-term investments	$ 205,500
Substantial doubt about ability to continue as going concern within one year	false

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	34,040,996	33,706,765
Common stock, shares outstanding (in shares)	34,040,996	33,706,765

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 2025

Prepaid Expenses and Other Current Assets

Prepaid Expenses and Other Current Assets

(5)	Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Research and development	$	7,978	$	7,209
Professional fees		303		233
Insurance		922		174
Tax credit receivable		505		500
	$	9,708	$	8,116

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)
Operating expenses:
Number of reportable segments \| segment	1
Total Firmonertinib	$ 61,289	$ 16,975
Net loss	(64,387)	(17,417)
Life science
Operating expenses:
Research and development: Discovery-stage programs	40,981	413
Research and development: Personnel-related and other internal costs	6,005	3,772
General and administrative: Personnel-related costs	3,331	2,024
General and administrative: Other costs	2,151	1,675
Other segment items	(2,385)	(3,257)
Net loss	$ (64,387)	(17,417)
Description of other segment item	Other segment items consists of interest and investment income.
Life science \| Firmonertinib
Operating expenses:
Other Firmonertinib costs	$ 2,262	1,049
Total Firmonertinib	14,304	12,790
Life science \| Further
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):	2,595	3,425
Life science \| Furvent
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):	9,445	8,304
Life science \| Favour
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):	$ 2	$ 12

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Interim Financial Statements

(a)	Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Any references in these notes to applicable guidance are meant to refer to GAAP as found in Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).

In the opinion of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2025, and its results of operations for the three months ended March 31, 2025 and 2024, and cash flows for the three months ended March 31, 2025 and 2024. The condensed balance sheet at December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

Use of Estimates

(b)	Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from such estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary.

Significant areas that require the Company’s estimates include the fair value of the Company’s common stock prior to the completion of the Company’s initial public offering, and accrued research and development expenses.

Fair Value Measurements

(c)	Fair Value Measurements

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

•

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

The Company believes that the carrying amounts of the Company’s financial instruments, principally cash equivalents and accounts payable, approximate fair value due to the short-term nature of those instruments.

Net Loss per Share

(d)	Net Loss per Share

Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share since when a net loss exists, potentially dilutive securities are not included in the calculation as their impact is anti-dilutive. The Company’s convertible preferred stock entitled the holder to participate in dividends and earnings of the Company, and, if the Company had recognized net income, it would have used the two-class method to calculate earnings per share. The two-class method was not applicable during periods with a net loss, as the holders of the convertible preferred stock had no obligation to fund losses.

The following table sets forth the computation of net loss per share, basic and diluted (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net loss	$	(64,387)	$	(17,417)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		33,898,870		25,046,531

Net loss per share attributable to common stockholders, basic and diluted	$	(1.90)	$	(0.70)

Stock options outstanding have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive. Stock options outstanding at March 31, 2025 and 2024 were 4,059,300 and 2,547,253, respectively.

Accounting Pronouncements Not Yet Adopted and Accounting Pronouncements Becoming Effective in 2025

(e)	Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03 Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses. This standard requires the disclosure of more detailed information about the types of expenses in commonly presented expense captions, such as research and development, and general and administrative expenses. This standard will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively. The Company is currently evaluating the impact that this standard may have on its year-end financial statements.

(f)	Accounting Pronouncements Becoming Effective in 2025

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires enhanced income tax disclosures, including specific categories and

disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations. The requirements of ASU 2023-09 are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures.

Reverse Stock Split

(g)	Reverse Stock Split

On January 23, 2024, the Company filed an amendment to its Articles of Incorporation and effected a 15.21-for-1 reverse stock split of its issued and outstanding shares of common stock. All common stock share and per-share amounts presented in the financial statements and related notes have been retroactively adjusted to reflect the reverse stock split.

License and Collaboration Agreements

(h) License and Collaboration Agreements

The Company analyzes its license and collaborative agreements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. To the extent the arrangement is within the scope of ASC 808, the Company assesses whether aspects of the arrangement are within the scope of other accounting literature. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, it accounts for those aspects of the arrangement within the scope of ASC 606, Revenue from Contracts with Customers. None of the license and collaboration agreements discussed in Note 9 represent transactions with customers.

If the Company concludes that some or all aspects of the arrangement are within the scope of ASC 808 and do not represent a transaction with a customer, it recognizes costs incurred as a component of the related expense in the period incurred. The arrangements may also require the Company to make payments on achievement of certain milestones, including clinical, regulatory, and development milestones. Clinical, regulatory, and development milestones are recognized as research and development expense only when such milestones are deemed probable of being achieved.

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Series A convertible preferred stock	Series B convertible preferred stock	Common stock	Additional paid-in capital	Accumulated Other Comprehensive (Loss)	Accumulated deficit	Total
Beginning balance at Dec. 31, 2023	$ 149,865	$ 154,625
Beginning balance (in shares) at Dec. 31, 2023	150,000,000	147,619,034
Beginning balance at Dec. 31, 2023				$ 4,652		$ (157,845)	$ (153,193)
Beginning balance (in shares) at Dec. 31, 2023			2,745,480
Change in convertible preferred stock
Issuance of common stock, net of issuance costs			$ 1	183,216			183,217
Issuance of common stock, net of issuance costs (in shares)			11,180,555
Conversion of convertible preferred stock into common stock	$ (149,865)	$ (154,625)
Conversion of convertible preferred stock into common stock (in shares)	(150,000,000)	(147,619,034)
Conversion of convertible preferred stock into common stock			$ 2	304,488			304,490
Conversion of convertible preferred stock into common stock (in shares)			19,567,306
Exercise of stock options				1			1
Exercise of stock options (in shares)			409
Stock-based compensation expense				625			625
Net Income (Loss)						(17,417)	(17,417)
Ending balance at Mar. 31, 2024			$ 3	492,982		(175,262)	317,723
Ending balance (in shares) at Mar. 31, 2024			33,493,750
Beginning balance at Dec. 31, 2024			$ 3	496,195	$ (211)	(238,333)	257,654
Beginning balance (in shares) at Dec. 31, 2024			33,706,765
Change in convertible preferred stock
Issuance of common stock, net of issuance costs			$ 1	6,516			6,517
Issuance of common stock, net of issuance costs (in shares)			264,458
Exercise of stock options				293			$ 293
Exercise of stock options (in shares)			69,773				69,773
Stock-based compensation expense				2,271			$ 2,271
Unrealized gain on marketable securities					194		194
Net Income (Loss)						(64,387)	(64,387)
Ending balance at Mar. 31, 2025			$ 4	$ 505,275	$ (17)	$ (302,720)	$ 202,542
Ending balance (in shares) at Mar. 31, 2025			34,040,996

Stock-based Compensation - Fair value (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock-based Compensation
Weighted-average grant-date fair value of options (in dollars per share)	$ 22.04	$ 6.03
Unrecognized compensation cost
Unrecognized compensation cost for awards (in dollars)	$ 42.4
Expected period to be recognized	3 years 29 days
Employee Stock Option
Fair value assumptions
Risk-free interest rate, minimum (as a percent)	4.02%	3.85%
Risk-free interest rate, maximum (as a percent)	4.37%	3.98%
Expected term	6 years 1 month 6 days
Expected volatility (as a percent)	98.30%
Expected volatility, minimum (as a percent)		93.10%
Expected volatility, maximum (as a percent)		93.20%
Employee Stock Option \| Minimum
Fair value assumptions
Expected term		5 years 6 months
Estimated fair value of the Company's common stock per share (in dollars per share)	$ 22.03	$ 5.85
Employee Stock Option \| Maximum
Fair value assumptions
Expected term		6 years 1 month 6 days
Estimated fair value of the Company's common stock per share (in dollars per share)	$ 27.56	$ 6.04

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Schedule of company's financial assets measured at fair value on a recurring basis


	March 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	16,016	$	—	$	—	$	16,016	$	16,016	$	—	$	—
Corporate securities		93,181		23		(42)		93,162		16,944		76,218		—
Government securities		75,448		20		(19)		75,449		—		75,449		—
Total assets measured at fair value	$	184,645	$	43	$	(61)	$	184,627	$	32,960	$	151,667	$	—


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Level 1		Level 2		Level 3

Money market funds	$	49,031	$	—	$	—	$	49,031	$	49,031	$	—	$	—
Corporate securities		114,577		10		(148)		114,439		—		114,439		—
Government securities		98,150		18		(91)		98,077		—		98,077		—
Total assets measured at fair value	$	261,758	$	28	$	(239)	$	261,547	$	49,031	$	212,516	$	—

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(3)	Summary of Significant Accounting Policies

The summary of significant accounting policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 3, 2025 (the “Annual Report”) has not materially changed.

(a)	Interim Financial Statements

(b)	Use of Estimates

(c)	Fair Value Measurements

•

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

(d)	Net Loss per Share

The following table sets forth the computation of net loss per share, basic and diluted (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net loss	$	(64,387)	$	(17,417)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		33,898,870		25,046,531

Net loss per share attributable to common stockholders, basic and diluted	$	(1.90)	$	(0.70)

(e)	Accounting Pronouncements Not Yet Adopted

(f)	Accounting Pronouncements Becoming Effective in 2025

(g)	Reverse Stock Split

(h) License and Collaboration Agreements

Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Stock-based Compensation

Schedule of stock-based compensation expense

The Company recorded stock-based compensation expense in the following expense categories in its accompanying statements of operations and comprehensive loss (in thousands):


	Three Months Ended
	March 31,
	2025		2024
Research and development	$	985	$	235
General and administrative		1,286		390
	$	2,271	$	625

Schedule of of stock options activity under the Plan


					Weighted
		Weighted			average
		average			remaining	Aggregate
		exercise			contractual	Intrinsic Value
	Options	price			term (years)	(in thousands)
Outstanding as of December 31, 2024	2,531,144	$	6.77
Granted	1,597,929		27.46
Exercised	(69,773)		4.20
Forfeited/Expired	—		—
Outstanding as of March 31, 2025	4,059,300		14.96	$	8.76	$	29,525
Exercisable as of March 31, 2025	1,024,577		4.42		7.56		14,447
Vested and expected to vest at March 31, 2025	4,059,300	$	14.96	$	8.76	$	29,525

Schedule of assumptions used in estimating the fair value of options


	Three Months Ended
	March 31,
	2025		2024
Risk-free interest rate		4.02% - 4.37%		3.85% - 3.98%
Expected term		6.1 years		5.5 - 6.1 years
Expected volatility		98.3%		93.1% - 93.2%
Expected dividend yield		—		—
Estimated fair value of the Company's common stock per share (a)	$	22.03 - 27.56	$	5.85 - 6.04

(a) Subsequent to the Company’s initial public offering on January 24, 2024, the fair value of common stock is based on the closing market price of common stock at the date of grant.

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2025

Prepaid Expenses and Other Current Assets

Schedule of prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Research and development	$	7,978	$	7,209
Professional fees		303		233
Insurance		922		174
Tax credit receivable		505		500
	$	9,708	$	8,116

Accrued Expenses

3 Months Ended

Mar. 31, 2025

Accrued Expenses

Accrued Expenses

(6)	Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31,		December 31,
	2025		2024
Research and development	$	6,333	$	8,626
Professional fees		408		474
Compensation and related expenses		1,549		4,163
Other accrued expenses		161		67
	$	8,451	$	13,330

Stock-based Compensation - Summary of stock options activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Options
Outstanding as of beginning of period (in shares)	2,531,144
Granted (in shares)	1,597,929
Exercised (in shares)	(69,773)
Outstanding as of end of period (in shares)	4,059,300
Exercisable (in shares)	1,024,577
Vested and expected to vest (in shares)	4,059,300
Weighted average exercise price
Outstanding as of beginning of period (in dollars per shares)	$ 6.77
Granted (in dollars per shares)	27.46
Exercised (in dollars per shares)	4.2
Outstanding as of end of period (in dollars per shares)	14.96
Exercisable (in dollars per shares)	4.42
Vested and expected to vest (in dollars per shares)	$ 14.96
Weighted average remaining contractual term (years) and Aggregate Intrinsic Value
Weighted average remaining contractual term - Outstanding (years)	8 years 9 months 3 days
Weighted average remaining contractual term - Exercisable (years)	7 years 6 months 21 days
Weighted average remaining contractual term - Vested and expected to vest (years)	8 years 9 months 3 days
Aggregate Intrinsic Value - Outstanding (in dollars)	$ 29,525
Aggregate Intrinsic Value - Exercisable (in dollars)	14,447
Aggregate Intrinsic Value - Vested and expected to vest (in dollars)	$ 29,525
Weighted-average grant-date fair value of options (in dollars per share)	$ 22.04	$ 6.03

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Issuance costs	$ 858	$ 18,032

Common Stock

3 Months Ended

Mar. 31, 2025

Common Stock

Common Stock

(11)	Common Stock

“At-the-Market” Offering

On February 3, 2025, the Company filed an automatic shelf registration statement on Form S-3ASR with the SEC pursuant to which the Company registered for sale an indeterminate amount of any combination of its common stock, preferred stock, debt securities, warrants, rights and/or units from time to time and at prices and on terms that the Company may determine, which is referred to as the “2025 WKSI Shelf”. The 2025 WKSI Shelf includes a prospectus covering up to an aggregate of $250.0 million of shares of common stock that the Company is able to issue and sell from time to time, through Jefferies LLC (“Jefferies”), acting as its sales agent, pursuant to the Open Market Sale Agreement^SM, dated February 3, 2025 (the “Sales Agreement”), for its “at-the-market” equity program.

Under the Sales Agreement, Jefferies may sell shares of the Company’s common stock by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, subject to the terms of the Sales Agreement.

During the three months ended March 31, 2025, the Company sold 264,458 shares of common stock pursuant to the Sales Agreement for total proceeds of $6.5 million, net of fees. As of March 31, 2025, the Company has approximately $242.8 million remaining for future issuances of common stock pursuant to the Sales Agreement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Subparagraph (a)
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+ Details

CONDENSED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 49,865	$ 74,293
Short-term investments	126,212	144,570
Prepaid expenses and other current assets	9,708	8,116
Total current assets	185,785	226,979
Long-term investments	29,414	47,683
Right of use assets - operating leases	120	154
Other assets	176	126
Total assets	215,495	274,942
Current liabilities:
Accounts payable	4,364	3,782
Accrued expenses	8,451	13,330
Operating lease liabilities	138	162
Total current liabilities	12,953	17,274
Operating lease liabilities, net of current amount		14
Total liabilities	12,953	17,288
Commitments and contingencies (Note 7)
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; 34,040,996 and 33,706,765 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	4	3
Additional paid-in capital	505,275	496,195
Accumulated deficit	(302,720)	(238,333)
Accumulated other comprehensive loss	(17)	(211)
Total stockholders' equity	202,542	257,654
Total liabilities and stockholders' equity	$ 215,495	$ 274,942

Summary of Significant Accounting Policies - Potentially dilutive securities (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Employee Stock Option
Antidilutive securities
Potentially dilutive securities have been excluded from the computation of diluted weighted-average shares	4,059,300	2,547,253

Subsequent Event (Details) - Subsequent Event - Loan and security agreement, Silicon Valley Bank $ in Millions	May 08, 2025 USD ($)
Subsequent Events
Maximum borrowing capacity	$ 35.0
Additional borrowing capacity	40.0
Amounts drawn on facility	$ 0.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net loss	$ (64,387)	$ (17,417)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,271	625
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,591)	(508)
Other assets		(1)
Accounts payable	582	(374)
Accrued expenses	(4,879)	(963)
Operating lease liabilities	(4)	10
Net cash used in operating activities	(68,008)	(18,628)
Cash flows from investing activities:
Purchase of short-term and long-term investments	(9,817)
Maturity of short-term and long-term investments	46,638
Net cash provided by investing activities	36,821
Cash flows from financing activities:
Proceeds from issuance of common stock in an initial public offering and ATM facility, net of issuance costs	6,516	185,631
Proceeds from the exercise of stock options	293	1
Payment of deferred financing costs	(50)
Net cash provided by financing activities	6,759	185,632
Net (decrease) increase in cash and cash equivalents	(24,428)	167,004
Cash and cash equivalents at beginning of the period	74,293	150,389
Cash and cash equivalents at end of the period	$ 49,865	317,393
Supplemental disclosures of non-cash financing and investing activities
Deferred offering costs transferred to additional paid in capital		$ 2,414

Stock-based Compensation - Plans (Details) - shares	1 Months Ended	3 Months Ended
Stock-based Compensation - Plans (Details) - shares	Jan. 31, 2024	Mar. 31, 2025	Dec. 31, 2022	Jun. 30, 2021
Stock-based Compensation
Shares available for grant		3,829,956
2021 Plan
Stock-based Compensation
Shares authorized			2,748,818	803,564
2024 Plan
Stock-based Compensation
Additional shares authorized	3,900,000
Employee Stock Option
Stock-based Compensation
Vesting Period		4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Information

Schedule of significant expense categories

The table below summarizes the significant expense categories regularly provided to the CODM for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):
FURTHER	$	2,595	$	3,425
FURVENT		9,445		8,304
FAVOUR		2		12
Other Firmonertinib costs		2,262		1,049
Total Firmonertinib		14,304		12,790
Research and development: Discovery-stage programs		40,981		413
Research and development: Personnel-related and other internal costs		6,005		3,772
General and administrative: Personnel-related costs		3,331		2,024
General and administrative: Other costs		2,151		1,675
Other segment items (a)		(2,385)		(3,257)
Net loss	$	(64,387)	$	(17,417)

(a) Other segment items consists of interest and investment income.

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Information

Segment Information

(10)	Segment Information

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources in assessing performance. The Company has one reportable and operating segment: life science. The life science segment is engaged in identifying, licensing and globalizing top biopharma innovations from around the world to deliver important medicines to patients. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.

The accounting policies of the life science segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the life science segment based on net loss, which is reported on the condensed statement of operations and comprehensive loss. The measure of segment assets is reported on the balance sheet as total assets. All of the Company’s assets are located in the United States.

To date, the Company has not generated any product revenue. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances product candidates through all stages of development and clinical trials and, ultimately, seek regulatory approval.

As such, the CODM uses cash forecast models in deciding how to invest into the life science segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment, establishing cash forecast models and to optimize the distribution of resources across functions, therapeutic areas and research and development programs.

The table below summarizes the significant expense categories regularly provided to the CODM for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
(in thousands)	2025		2024
Operating expenses:
Research and development: Firmonertinib (excluding personnel-related and other internal costs):
FURTHER	$	2,595	$	3,425
FURVENT		9,445		8,304
FAVOUR		2		12
Other Firmonertinib costs		2,262		1,049
Total Firmonertinib		14,304		12,790
Research and development: Discovery-stage programs		40,981		413
Research and development: Personnel-related and other internal costs		6,005		3,772
General and administrative: Personnel-related costs		3,331		2,024
General and administrative: Other costs		2,151		1,675
Other segment items (a)		(2,385)		(3,257)
Net loss	$	(64,387)	$	(17,417)

(a) Other segment items consists of interest and investment income.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

License and Collaborative Agreements

3 Months Ended

Mar. 31, 2025

License and Collaboration Agreements

License and Collaborative Agreements

(9)	License and Collaboration Agreements

Allist

In June 2021, the Company entered into a Global Technology Transfer and License Agreement with Allist (“Allist Agreement”). Pursuant to the Allist Agreement, the Company was granted an exclusive license under certain intellectual property to develop, manufacture and commercialize certain licensed products in the field in the licensed territory. Upon execution of the Allist Agreement, the Company paid Allist a non-refundable cash payment of $40.0 million and issued 1,276,250 shares of its common stock. The upfront payment and the fair value of the common stock issued was recorded to research and development expense in 2021.

Upon the achievement of certain clinical, regulatory and commercial milestones using the licensed technology, the Company is obligated to make future milestone payments to Allist of up to $105.0 million in clinical and regulatory milestones and up to $655.0 million in commercial milestones. Furthermore, royalties, ranging from high single digit to low mid-teen percentages will be payable to Allist on net sales of licensed products in licensed territories.

In connection with the Allist Agreement, in December 2021, the parties also entered into a Joint Clinical Collaboration Agreement (“Clinical Collaboration”) to define the framework under which the parties will cooperate and share costs related to global clinical studies to be conducted jointly by the Company and Allist. During the three months ended March 31, 2025 and 2024, the Company incurred $0.5 million and $0.2 million, respectively, in cost reimbursements to Allist under the Clinical Collaboration which have been recorded as research and development expense. The Company also received cost reimbursements from Allist of $0.4 and $0.1 million for the three months ended March 31, 2025 and 2024, respectively, which have been recorded as a reduction of research and development expenses. During the year ended December 31, 2024, no additional milestones were met or achieved or were probable of achievement.

Alphamab

In June 2024, the Company entered into a collaboration agreement with Jiangsu Alphamab Biopharmaceuticals Co., Ltd. (“Alphamab”) to discover, develop and commercialize novel antibody drug conjugates (“ADCs”) for the treatment of cancers (“Alphamab Agreement”).

Under the Alphamab Agreement, both companies seek to leverage Alphamab’s proprietary linker-payload platform and glycan-conjugation technology to identify novel ADCs for oncology indications. The Alphamab Agreement gives the Company exclusive rights to develop and commercialize ADCs globally, except greater China, which includes mainland China, Hong Kong, Macau and Taiwan where Alphamab retains the right to develop and commercialize the ADCs.

The terms of the Alphamab Agreement include combined upfront and potential milestone payments to Alphamab of up to $201.5 million based on the achievement of certain regulatory and development milestones, and up to $414.0 million based on the achievement of certain commercial milestones. In addition, Alphamab is entitled to receive tiered sales royalties, ranging from low single digit to mid-single digit percentages, from the Company for net sales of each ADC product.

The upfront payment was recorded to research and development expense during the three-month period ended June 30, 2024. During the three months ended March 31, 2025, the Company paid $0.1 million in cost reimbursements to Alphamab under the Alphamab Agreement which have also been recorded as research and development expense. Also during the three months ended March 31, 2025, the Company paid $1.2 million upon the approval of a target pair selection, which was likewise included in research and development expense. No milestones have been met or achieved, or are probable of achievement, since the inception of the agreement.

Aarvik

In December 2021, the Company entered into a Research Collaboration Agreement, as amended, effective June 30, 2023 (the “Aarvik Collaboration Agreement”), with Aarvik Pharmaceuticals, Inc. (“Aarvik”), under which the Company is required to pay Aarvik up to $3.1 million on statements of work (“SOWs”) and an initiation fee of $0.3 million. After the completion of the SOWs, the Company has an exclusive option to license the Aarvik intellectual property, and the option to acquire certain of Aarvik’s intellectual property, after which it is the Company’s sole responsibility to research, develop, manufacture and commercialize any applicable compound and product in the field and territory. In August 2024, the Company paid $1.0 million to exercise that option, and as a result is now obligated to pay up to $18.0 million per product upon the achievement of certain clinical and regulatory milestone events and up to $80.0 million per product in commercial milestones. Additionally, the Company is obligated to pay Aarvik royalties in the mid-single digits based on net sales of licensed products.

On August 9, 2024, the Company entered into an amendment and restatement of the Aarvik Collaboration Agreement (the “Amended and Restated Aarvik Collaboration Agreement”). Under the Amended and Restated Aarvik Collaboration Agreement, Aarvik granted the Company an exclusive option to obtain exclusive rights to certain of Aarvik’s intellectual property for the research, development, manufacture, use, commercialization, or other exploitation of the ADCs related to (i) the two agreed targets to which the compounds being developed under the collaboration bind, which is referred to as the Target Pair, and (ii) the acquisition of exclusive rights to certain intellectual property generated during the collaboration. The Company has not yet selected the indication or indications that it would pursue in the collaboration and anticipates doing so in connection with the identification of a lead candidate for IND-enabling activities. From inception to date, under the Amended and Restated Aarvik

Collaboration Agreement, the Company has paid Aarvik a collaboration initiation fee and research fees as provided in the SOWs in an aggregate amount of $5.0 million.

The Company incurred $0.1 million and $0.1 million in research and development expenses related to the Aarvik SOWs during the three months ended March 31, 2025 and 2024, respectively. With the exception of the option described above, no milestones have been met or achieved, or are probable of achievement, since the inception of the Aarvik Collaboration Agreement.

Lepu

On January 21, 2025, the Company entered into an Exclusive License Agreement (the “Lepu Biopharma Agreement”) with Lepu Biopharma Co., Ltd. (“Lepu”), pursuant to which Lepu granted the Company a right to develop and commercialize ARR-217, an antibody drug conjugate for gastrointestinal cancers outside greater China, which is mainland China, Hong Kong, Macau and Taiwan (“Greater China”).

Under the Lepu Biopharma Agreement, Lepu granted to the Company: (i) an exclusive, royalty-bearing, sublicensable license under certain intellectual property owned or controlled by Lepu, to develop, manufacture and commercialize any product containing ARR-217 for all uses in all countries and territories other than Greater China (the “ArriVent Territory”); and (ii) a non-exclusive license under certain intellectual property controlled by Lepu to develop, manufacture and commercialize any product containing ARR-217 for use in oncology in the ArriVent Territory. Under the Lepu Biopharma Agreement, the Company paid Lepu a one-time upfront payment of $40 million, and Lepu is eligible to receive near-term milestone payments totaling another $7.0 million in cash. The upfront payment was included in research and development expenses. Finally, Lepu is eligible to receive payments of up to $0.3 billion in development and regulatory milestones, and up to $0.89 billion in commercial milestones, and tiered royalties in high single-digit to low-teen percentages on net sales in the ArriVent Territory.

Other than the one-time upfront payment noted above, no milestones have been met or achieved, or are probable of achievement, since the inception of the Lepu Biopharma Agreement.

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating expenses:
Research and development	$ 61,289	$ 16,975
General and administrative	5,483	3,699
Total operating expenses	66,772	20,674
Operating loss	(66,772)	(20,674)
Interest and investment income	2,385	3,257
Net loss	(64,387)	(17,417)
Unrealized gain on marketable securities	194
Total other comprehensive gain	194
Total comprehensive loss	$ (64,193)	$ (17,417)
Share information:
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (1.9)	$ (0.7)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (1.9)	$ (0.7)
Weighted-average shares of common stock outstanding, basic (in shares)	33,898,870	25,046,531
Weighted-average shares of common stock outstanding, diluted (in shares)	33,898,870	25,046,531

Common Stock (Details) - 2025 WKSI Shelf - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Feb. 03, 2025
Common Stock
Maximum amount authorized to be sold in offering		$ 250.0
Issuance of common stock, net of issuance costs (in shares)	264,458
Proceeds from issuance of common stock ATM facility, net of fees	$ 6.5
Amount of common stock remaining authorized for future issuance	$ 242.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Background

3 Months Ended

Mar. 31, 2025

Background

Background

(1)	Background

ArriVent BioPharma, Inc., a Delaware Corporation (the “Company”), founded on April 14, 2021, is a clinical-stage biopharmaceutical company focused on identifying, licensing and globalizing top biopharma innovations from around the world to deliver important medicines to patients. In June 2021, the Company entered into a license agreement with Shanghai Allist Pharmaceuticals Co. Ltd. (“Allist”) which granted the Company an exclusive license under certain intellectual property owned or controlled by Allist to develop, manufacture and commercialize any product containing firmonertinib or any of its derivatives as an active ingredient, for all uses, in all countries and territories other than greater China, which includes mainland China, Hong Kong, Macau and Taiwan (See Note 9). The Company’s lead development candidate, firmonertinib, is a third-generation tyrosine kinase inhibitor currently being evaluated in multiple clinical trials across a range of epidermal growth factor receptor mutations in non-small cell lung cancer, many for which there are limited treatment options.

On January 30, 2024, the Company completed the closing of its initial public offering of 9,722,222 shares of common stock at a price of $18.00 per share. Additionally, the underwriters exercised their option to purchase an additional 1,458,333 shares of common stock at a price of $18.00 per share. The shares of common stock began trading on The Nasdaq Global Market on January 26, 2024, under the symbol “AVBP”. The Company received net proceeds of $183.2 million, after deducting underwriting discounts and commissions and other offering expenses. In addition, as a result of the closing of the Company’s initial public offering, the Company’s Series A and Series B convertible preferred stock converted into 19,567,306 shares of common stock in January 2024.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies

Schedule of computation of net loss per share, basic and diluted

The following table sets forth the computation of net loss per share, basic and diluted (in thousands, except share and per share data):


	Three Months Ended
	March 31,
	2025		2024
Numerator:
Net loss	$	(64,387)	$	(17,417)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted		33,898,870		25,046,531

Net loss per share attributable to common stockholders, basic and diluted	$	(1.90)	$	(0.70)

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and contingencies

Commitments and Contingencies

(7) Commitments and Contingencies

The Company entered into various license and collaboration agreements under which it is obligated to make contingent payments as described in Note 9, License and Collaboration Agreements.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false