Anticipated Upcoming Milestones
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Company plans to present more mature clinical data from the ongoing Phase 2
ACR-368 monotherapy single-arm trials and the Phase 1b/2 ACR-368 and LDG combination
single-arm trials at a major medical conference during the first half of 2024 |
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Completion of IND-enabling studies for
ACR-2316 to support IND submission for this novel drug candidate in the fourth quarter of 2024 |
Third Quarter 2023 Financial Results
Net loss for the
quarter ended September 30, 2023 was $14.5 million compared to a net loss of $9.2 million for the same period in 2022.
Research and
development expenses were $10.3 million for the quarter ended September 30, 2023 compared to $7.9 million for the same period in 2022. The difference was primarily due to the continued development of
ACR-368, inclusive of progression of the ongoing clinical trial, as well as increased personnel costs to support these development activities and costs associated with our preclinical programs, including ACR-2316.
General and administrative expenses were $5.9 million for the quarter ended September 30, 2023
compared to $1.6 million for the same period in 2022. The difference was primarily due to the increased cost of operating as a public company, inclusive of increased personnel costs and non-cash stock
compensation expense.
As of September 30, 2023, the company had cash, cash equivalents and marketable securities of $142.1 million, which is
expected to fund operations into the second half of 2025.
About Acrivon Therapeutics
Acrivon is a clinical stage biopharmaceutical company developing precision oncology medicines that it matches to patients whose tumors are predicted to be
sensitive to each specific medicine by utilizing Acrivons proprietary proteomics-based patient responder identification platform, Acrivon Predictive Precision Proteomics, or AP3. The AP3 platform is engineered to measure compound-specific
effects on the entire tumor cell protein signaling network and drug-induced resistance mechanisms in an unbiased manner. These distinctive capabilities enable AP3s direct application for drug design optimization for monotherapy activity, the
identification of rational drug combinations, and the creation of drug-specific proprietary OncoSignature companion diagnostics that are used to identify the patients most likely to benefit from Acrivons drug candidates. Acrivon is currently
advancing its lead candidate, ACR-368, 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, or FDA, for the investigation of ACR-368 as monotherapy based on OncoSignature-predicted sensitivity in patients with platinum-resistant ovarian or
endometrial cancer. Acrivons 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. In addition to
ACR-368, Acrivon is also leveraging its proprietary AP3 precision medicine platform for developing its internally-discovered preclinical stage pipeline programs, consisting of its development candidate, ACR-2316, a selective, dual WEE1/PKMYT1 inhibitor, and additional programs targeting these two critical nodes in the DNA Damage Response, or DDR, pathways.