ArriVent BioPharma — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash and investments totaled $393.2 million as of September 30, 2026, expected to fund operations through mid-2028.
• Net cash used in operations was $122.2 million for the nine months ended September 30, 2026, compared to $129.9 million for the same period in 2025.
• Research and development expenses were $118.9 million for the nine months ended September 30, 2026, down from $121.2 million in 2025.
• General and administrative expenses were $28.3 million for the nine months ended September 30, 2026, up from $17.5 million in 2025.
• Net loss was $133.5 million for the nine months ended September 30, 2026, compared to $130.8 million in 2025.
• Collaboration revenue was $5.0 million for the three and nine months ended September 30, 2026, compared to $0 in 2025.
• Operating loss was $142.2 million for the nine months ended September 30, 2026, compared to $138.7 million in 2025.
• Total comprehensive loss was $134.0 million for the nine months ended September 30, 2026, compared to $130.3 million in 2025.
• Net loss per share (basic and diluted) was $2.82 for the nine months ended September 30, 2026, compared to $3.54 in 2025.
• Total assets were $417.1 million as of September 30, 2026, compared to $333.2 million as of December 31, 2025.
• Total stockholders' equity was $393.5 million as of September 30, 2026, compared to $307.2 million as of December 31, 2025.

Guidance and Future Outlook:

• An update on firmonertinib is planned for the first quarter of 2027 following the review of the FURVENT study.
• Phase 1b dose optimization data for ARR-217 in late-line colorectal cancer is expected in the first half of 2027.
• ARR-217 combination data with bevacizumab and chemotherapy is expected in the second half of 2027.

Business Segments and Product Lines:

• Firmonertinib: Enrollment continues in the global pivotal Phase 3 ALPACCA study in first-line EGFR PACC mutant NSCLC patients. The study evaluates firmonertinib 240 mg against investigator's choice of osimertinib or afatinib.
• FURVENT Results: The Phase 3 FURVENT study did not meet its primary endpoint of progression-free survival (PFS) by blinded independent central review (BICR). At 240 mg, firmonertinib showed a median PFS of 11.0 months versus 9.5 months with chemotherapy (HR 0.75; p=0.0654) and a confirmed objective response rate of 60% versus 33%.
• ARR-217: Preliminary Phase 1 data presented at ESMO 2026 showed an objective response rate of 44.8% and a disease control rate of 93.1% in evaluable colorectal cancer patients treated at 6 mg/kg. Phase 1b dose optimization and expansion are ongoing.
• ARR-002: The first patient was dosed in the U.S. Phase 1a/1b first-in-human study of this dual-target MUC16/NaPi2b tetravalent ADC, focusing on ovarian and endometrial cancers.

Market and Competitive Landscape:

• EGFR PACC mutations represent approximately 12% of all EGFR mutations, with patients having limited treatment options and no broadly utilized standard of care for first-line treatment.
• Firmonertinib is approved in China for first-line advanced NSCLC with EGFR exon 19 deletion or L858R mutations, previously treated NSCLC with EGFR T790M mutations, and NSCLC with EGFR exon 20 insertion mutations.
• Firmonertinib holds FDA Breakthrough Therapy Designation for untreated locally advanced or metastatic non-squamous NSCLC with EGFR exon 20 insertion mutations.

Risks and Challenges:

• The FURVENT study failed to meet its primary endpoint of PFS by BICR, and the Company is conducting a detailed review of the data to understand the totality of the results.
• Forward-looking statements involve substantial risks and uncertainties, including the timing of clinical milestones, enrollment in the ALPACCA study, and the advancement of ARR-217 and ARR-002 studies.
• Actual results may differ from expectations due to factors described in the Company's Form 10-K for the fiscal year ended December 31, 2025.

Management Commentary and Tone:

• CEO Bing Yao, Ph.D., stated that enrollment remains on track for the ALPACCA trial and that firmonertinib demonstrated clear antitumor activity with an efficacy and safety profile consistent with prior studies despite not meeting the primary endpoint in FURVENT.
• Management expressed encouragement regarding the momentum across the ADC portfolio, citing promising initial ARR-217 data and the initiation of the ARR-002 study.
• Dr. Yao thanked retiring co-founder Dr. Stuart Lutzker for his role as the driving force behind the R&D vision and the architect of the ADC pipeline.

Other Key Points:

• Dr. Priti Patel, M.D., M.S., was appointed Chief Medical Officer, bringing extensive late-stage oncology development experience from AstraZeneca, Acerta, and Onyx Pharmaceuticals.
• Co-founder Dr. Stuart Lutzker, M.D., Ph.D., announced his retirement after serving as President of Research and Development and Board member for the past five years.
• The Company has 51,212,170 shares of common stock issued and outstanding as of September 30, 2026.
• ARR-217 is being developed in partnership with Lepu Biopharma.
• The ALPACCA trial is being conducted jointly with partner Allist.