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ArriVent BioPharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, reporting a net loss of $20,564,000, compared to a net loss of $14,401,000 in the same quarter the previous year.
Research and development expenses increased to $20,088,000 from $14,280,000, primarily due to increased costs related to the FURVENT Phase 3 clinical trial and preclinical discovery work.
General and administrative expenses rose to $4,144,000 from $2,436,000, attributed to higher personnel-related costs and increased expenses for insurance, taxes, and outside services.
Interest income for the quarter was $3,668,000, up from $2,315,000 in the previous year, due to higher invested balances and increased average market yields.
The company reported cash and cash equivalents of $282,855,000 as of September 30, 2024, indicating sufficient funds to sustain operations into 2026.
ArriVent continues to focus on the development of its lead product candidate, firmonertinib, which is undergoing multiple clinical trials for non-small cell lung cancer with various EGFR mutations.
The company highlights its reliance on third-party manufacturers in China for the production of firmonertinib and notes potential risks associated with geopolitical factors and regulatory changes.
ArriVent's management acknowledges the material weaknesses in internal control over financial reporting and outlines steps being taken to address these issues.
The filing also details various collaborative agreements, including those with Shanghai Allist Pharmaceuticals and Jiangsu Alphamab Biopharmaceuticals, aimed at advancing its pipeline of novel therapeutics.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ArriVent BioPharma Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.