Clinical-stage oncology startup Acrivon Therapeutics has released its Q4 and full-year 2022 earnings, reporting a loss per share of USD 0.80. As a clinical-stage oncology startup, it is yet to generate any revenue from drug sales. The company highlighted a few milestones for FY2022 including 1) the FDA clearance of its Investigational New Drug (IND) application for lead drug candidate ACR-368 in a Phase II trial with registrational intent; 2) partnering with Akoya Biosciences to co-develop, validate, and commercialize Acrivon’s OncoSignature test; and 3) raising USD 99.4 million via an initial public offering (IPO) and private placement. The company began trading on the Nasdaq Global Market on the 15th of November 2022 under the ticker symbol “ACRV.” 

Net losses for the quarter and full-year 2022 significantly increased by 107% YoY and 92.6% YoY to USD 8.9 million and USD 31.2 million, respectively. Operating expenses for the full-year increased by 101.8% YoY to USD 32.7 million due to a rise in R&D expenses (up 74.5% YoY) as a result of the initiation of the company’s clinical trial and companion diagnostic agreement during 2022, as well as increased personnel costs to support these activities. General and administrative expenses also worsened (up more than 2x YoY), primarily driven by increased external costs related to preparing for and operating as a public company.

At the end of December 2022, the firm's cash and cash equivalents stood at USD 169.6 million, which is expected to fund operations until Q4 2024.