$AVBP
Arrivent Biopharma Inc

2024 Q4 Form 10-Q Financial Statement

#000155837024015624 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.436M
YoY Change 45.09%
% of Gross Profit
Research & Development $20.09M $14.28M
YoY Change 40.67% 41.54%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $24.23M $16.72M
YoY Change 44.96% 42.05%
Operating Profit -$24.23M -$16.72M
YoY Change 44.96%
Interest Expense $2.315M
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.40M
YoY Change 22.37%
Income Tax
% Of Pretax Income
Net Earnings -$20.56M -$14.40M
YoY Change 42.8% 22.37%
Net Earnings / Revenue
Basic Earnings Per Share -$0.61 -$5.52
Diluted Earnings Per Share -$0.61 -$0.45
COMMON SHARES
Basic Shares Outstanding 33.70M 33.59M 2.607M
Diluted Shares Outstanding 33.58M 2.607M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $166.4M
YoY Change
Cash & Equivalents $282.9M $141.4M
Short-Term Investments $25.00M
Other Short-Term Assets $12.53M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $292.4M $180.0M
YoY Change 62.46%
LONG-TERM ASSETS
Property, Plant & Equipment $44.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $126.0K $1.963M
YoY Change -93.58%
Total Long-Term Assets $313.0K $2.007M
YoY Change -84.4%
TOTAL ASSETS
Total Short-Term Assets $292.4M $180.0M
Total Long-Term Assets $313.0K $2.007M
Total Assets $292.7M $182.0M
YoY Change 60.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.646M $4.818M
YoY Change -3.57%
Accrued Expenses $10.36M $5.282M
YoY Change 96.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.16M $10.10M
YoY Change 50.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.16M $10.10M
Total Long-Term Liabilities $0.00
Total Liabilities $15.22M $10.10M
YoY Change 50.67%
SHAREHOLDERS EQUITY
Retained Earnings -$217.7M
YoY Change
Common Stock $3.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $277.5M $171.9M
YoY Change
Total Liabilities & Shareholders Equity $292.7M $182.0M
YoY Change 60.84%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$20.56M -$14.40M
YoY Change 42.8% 22.37%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$15.44M
YoY Change 55.57%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $39.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.033M
YoY Change
NET CHANGE
Cash From Operating Activities -15.44M
Cash From Investing Activities 0.000
Cash From Financing Activities -1.033M
Net Change In Cash -16.48M
YoY Change 65.98%
FREE CASH FLOW
Cash From Operating Activities -$15.44M
Capital Expenditures
Free Cash Flow
YoY Change

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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Background</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">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 (“EGFR”) mutations in non-small cell lung cancer, many for which there are limited treatment options.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p>
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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;"><span style="font-style:italic;">(b)</span></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;"><span style="font-style:italic;">Use of Estimates</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires management 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Significant areas that require management’s estimates include the fair value of the Company’s common stock prior to the completion of the Company’s initial public offering, stock-based compensation expense assumptions and accrued research and development expenses.</p>
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CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
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