$ACRV
Acrivon Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024059084 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.412M $6.195M $4.635M
YoY Change 28.27% 33.66%
% of Gross Profit
Research & Development $15.03M $11.47M $9.758M
YoY Change 42.81% 17.58%
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K $100.0K
YoY Change 100.0% 100.0% 122.22%
% of Gross Profit
Operating Expenses $21.44M $17.67M $14.39M
YoY Change 38.13% 22.75% 99.57%
Operating Profit -$21.44M -$17.67M -$14.39M
YoY Change 38.13% 22.75% 99.57%
Interest Expense $2.694M $1.446M $1.807M
YoY Change 52.2% -19.98%
% of Operating Profit
Other Income/Expense, Net $2.639M $1.182M $1.637M
YoY Change 64.32% -27.79% -20562.5%
Pretax Income -$18.80M -$16.49M -$12.76M
YoY Change 35.1% 29.24%
Income Tax
% Of Pretax Income
Net Earnings -$18.80M -$16.49M -$12.76M
YoY Change 35.1% 29.24% 76.68%
Net Earnings / Revenue
Basic Earnings Per Share -$0.52 -$0.73 -$0.58
Diluted Earnings Per Share -$0.52 -$0.73 -$0.58
COMMON SHARES
Basic Shares Outstanding 30.88M 22.64M 21.92M
Diluted Shares Outstanding 36.13M 22.59M 21.92M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.5M $110.0M $120.2M
YoY Change 19.6% -8.52%
Cash & Equivalents $46.01M $24.61M $27.49M
Short-Term Investments $134.5M $85.37M $92.72M
Other Short-Term Assets $1.821M $2.168M $3.751M
YoY Change -21.78% -42.2%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $182.4M $112.1M $124.0M
YoY Change 18.97% -9.54%
LONG-TERM ASSETS
Property, Plant & Equipment $3.467M $3.408M $1.992M
YoY Change 75.54% 71.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $39.90M $39.28M
YoY Change
Other Assets $889.0K $765.0K $388.0K
YoY Change 117.89% 97.16%
Total Long-Term Assets $48.23M $8.378M $46.23M
YoY Change 612.68% -81.88%
TOTAL ASSETS
Total Short-Term Assets $182.4M $112.1M $124.0M
Total Long-Term Assets $48.23M $8.378M $46.23M
Total Assets $230.6M $120.5M $170.2M
YoY Change 44.07% -29.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.261M $2.056M $1.374M
YoY Change -0.47% 49.64%
Accrued Expenses $10.02M $6.985M $4.308M
YoY Change 74.31% 62.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.28M $9.041M $5.682M
YoY Change 60.81% 59.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.243M $3.501M $4.046M
YoY Change -15.72% -13.47%
Total Long-Term Liabilities $3.243M $3.501M $4.046M
YoY Change -15.72% -13.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.28M $9.041M $5.682M
Total Long-Term Liabilities $3.243M $3.501M $4.046M
Total Liabilities $14.53M $12.54M $9.728M
YoY Change 33.7% 28.93%
SHAREHOLDERS EQUITY
Retained Earnings -$151.7M -$132.9M -$68.80M
YoY Change 83.43% 93.17%
Common Stock $31.00K $23.00K $22.00K
YoY Change 40.91% 4.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $216.1M $108.0M $160.5M
YoY Change
Total Liabilities & Shareholders Equity $230.6M $120.5M $170.2M
YoY Change 44.07% -29.19%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$18.80M -$16.49M -$12.76M
YoY Change 35.1% 29.24% 76.68%
Depreciation, Depletion And Amortization $200.0K $200.0K $100.0K
YoY Change 100.0% 100.0% 122.22%
Cash From Operating Activities -$13.90M -$17.08M -$11.36M
YoY Change 52.58% 50.42% 34.91%
INVESTING ACTIVITIES
Capital Expenditures $137.0K $815.0K $25.00K
YoY Change 22.32% 3160.0% -93.98%
Acquisitions
YoY Change
Other Investing Activities -$87.91M $6.665M $9.352M
YoY Change -551.96% -28.73%
Cash From Investing Activities -$88.04M $5.850M $9.327M
YoY Change -555.29% -37.28% -2347.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 123.4M -172.0K 0.000
YoY Change 32446.17%
NET CHANGE
Cash From Operating Activities -13.90M -17.08M -11.36M
Cash From Investing Activities -88.04M 5.850M 9.327M
Cash From Financing Activities 123.4M -172.0K 0.000
Net Change In Cash 21.40M -11.41M -2.030M
YoY Change 101.82% 461.82% -77.02%
FREE CASH FLOW
Cash From Operating Activities -$13.90M -$17.08M -$11.36M
Capital Expenditures $137.0K $815.0K $25.00K
Free Cash Flow -$14.04M -$17.90M -$11.38M
YoY Change 52.21% 57.25% 28.86%

Facts In Submission

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of the Business</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Acrivon Therapeutics, Inc., (the “Company”) is a clinical stage biopharmaceutical company developing precision medicines that the Company matches to patients whose tumors are predicted to be sensitive to each specific medicine by utilizing its proteomics-based patient responder identification platform. Acrivon is currently advancing its lead candidate, ACR-368, (also known as prexasertib), a selective small molecule inhibitor targeting CHK1 and CHK2 in a potentially registrational Phase 2 trial across multiple tumor types. The Company has received Fast Track designation from the Food and Drug Administration (“FDA”) for the investigation of ACR-368 as monotherapy based on OncoSignature-predicted sensitivity in patients with platinum-resistant ovarian or endometrial cancer. Acrivon’s ACR-368 OncoSignature test, which has not yet obtained regulatory approval, has been extensively evaluated in preclinical studies, including in two separate, blinded, prospectively-designed studies on pretreatment tumor biopsies collected from past third-party Phase 2 trials in patients with ovarian cancer treated with ACR-368. The FDA has granted Breakthrough Device designation for the ACR-368 OncoSignature assay for the identification of ovarian cancer patients who may benefit from ACR-368 treatment. In addition to ACR-368, Acrivon is also leveraging its proprietary AP3 precision medicine platform for developing its co-crystallography-driven, internally-discovered preclinical stage pipeline programs. These include ACR-2316, a potent, selective WEE1/PKMYT1 inhibitor designed for superior single-agent activity as demonstrated in preclinical studies against benchmark inhibitors, and a cell cycle program with an undisclosed target.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company was incorporated in March 2018 under the laws of the state of Delaware, and its principal offices are in Watertown, Massachusetts. Also in March 2018, the Company formed Acrivon AB, a wholly-owned subsidiary of the Company, established in Lund, Sweden. In December 2021, the Company formed Acrivon Securities Corporation, a wholly-owned subsidiary, established in Massachusetts.</span></p><p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Liquidity</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As an emerging growth entity, the Company has devoted substantially all of its resources since inception to organizing and staffing the Company, business planning, raising capital, establishing its intellectual property portfolio, acquiring or discovering drug candidates, research and development activities for the Company's lead candidate ACR-368, for the Company's internally discovered development candidate ACR-2316, and other compounds, establishing arrangements with third parties for the manufacture of its drug candidates and component materials, and providing general and administrative support for these operations. As a result, the Company has incurred significant operating losses and negative cash flows from operations since its inception and anticipates such losses and negative cash flows will continue for the foreseeable future.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has incurred recurring losses since its inception, including net losses of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023 the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">132.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">116.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, respectively. To date the Company has not generated any revenues and expects to continue generating operating losses for the foreseeable future as it continues to expand its research and development efforts.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Since its inception, the Company has funded its operations primarily with proceeds from the sales of shares of its convertible preferred stock, the issuance of convertible notes, and an initial public offering (“IPO”) and concurrent private placement. Upon the closing of the Company’s IPO on November 17, 2022, only common stock remains issued and outstanding. On April 8, 2024, the Company entered into a Private Investment in Public Equity (“PIPE”) securities purchase agreement (the “PIPE Purchase Agreement”) for a private placement with certain institutional and accredited investors (the “April 2024 Private Placement”). The Company received $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">130.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in aggregate gross proceeds from the April 2024 Private Placement. The April 2024 Private Placement is further described in Note 13.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company expects that its existing cash, cash equivalents and investments of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">110.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of March 31, 2024, together with the gross proceeds of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">130.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million raised from the April 2024 Private Placement, will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the date these condensed consolidated financial statements were issued.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company will need additional funding to support its planned operating activities. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all, considering the current interest rate environment. If the Company is unable to obtain sufficient funding, it could be required to delay its development efforts, limit activities and reduce research and development costs, which could adversely affect its business prospects.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">ATM Program</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On December 1, 2023, the Company filed a registration statement on Form S-3 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective on December 15, 2023, which registered the offering, issuance, and sale of up to a maximum aggregate offering price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">300.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of common stock, preferred stock, debt securities, warrants and/or units of any combination thereof. The Company simultaneously entered into a sales agreement with Cowen and Company, LLC, as sales agent, to provide for the issuance and sale by the Company of up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of common stock from time to time in “at-the-market” offerings under the Registration Statement and related prospectus (“ATM Program”). As of March 31, 2024, no sales had been made pursuant to the ATM Program.</span></p>
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1464984
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.42
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y9M14D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4910000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3344000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2646000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-16486000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-12756000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22590804
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22590804
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21920570
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21920570
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.73
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.58
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.58

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