Artiva Biotherapeutics (ARTV -6.82%), a clinical-stage biotechnology company pioneering allogeneic natural killer (NK) cell therapies for autoimmune diseases, released its financial results for the second quarter on August 6, 2025. The earnings showed a net loss per share of $(0.87), which was wider than the consensus estimate of $(0.81). As expected at its current development phase, the company reported no revenue. Research and development costs increased sharply to support expanded clinical activity, and cash reserves declined. The quarter highlighted ongoing operational momentum in the clinic but also the persistence of significant financial losses.
Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
---|---|---|---|---|
EPS | $(0.87) | $(0.81) | $(22.00) | $(21.13)" or "-96.0% |
Revenue | $0 | $0 | $0 | — |
Research and Development Expenses | $17.9 million | $12.3 million | 45.5% | |
General and Administrative Expenses | $4.9 million | $3.9 million | 25.6% | |
Net Loss | $21.3 million | $17.8 million | 19.7% increase | |
Cash, Cash Equivalents and Investments (End of Period) | $142.4 million | $185.4 million† | (23.2%) |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Key Success Factors
Artiva Biotherapeutics (ARTV -6.82%) develops “off-the-shelf” allogeneic NK cell therapies—immune treatments made from donor-derived cells that can be manufactured in advance and held in inventory. Its main product family is AlloNK, designed to deplete B-cells, which drive many autoimmune conditions, and to enhance antibody-dependent cell killing.
The company’s strategy focuses on clinical advancement of AlloNK across several autoimmune diseases, including rheumatoid arthritis, systemic lupus erythematosus, lupus nephritis, Sjögren’s disease, and systemic sclerosis. Artiva seeks a first-mover advantage through a scalable and cost-efficient manufacturing model, regulatory milestones, and partnerships with other biotech companies for expanded clinical reach and manufacturing strength.
Quarterly Performance and Notable Developments
The most notable development in the quarter was operational progress in clinical trials. Artiva enrolled and treated over a dozen patients at more than a dozen sites across multiple investigator-initiated and corporate-sponsored autoimmune studies using AlloNK, its NK cell therapy. The company’s Phase 2a “basket” trial initiated treatment for patients with difficult-to-treat autoimmune diseases, including the first rheumatoid arthritis patient dosed with AlloNK plus the monoclonal antibody rituximab. Artiva advanced its basket study, which is structured to include multiple autoimmune indications such as Sjögren’s disease and idiopathic inflammatory myopathies, offering flexibility to identify the best responder group as clinical data emerges.
The company reported that upcoming regulatory data is on track, with management stating initial safety and mechanism-of-action data will be shared by the end of 2025. Initial clinical response data—meaning the first clinical effectiveness results—are scheduled to become public in 1H 2026. This timeline establishes several critical upcoming inflection points.
Financially, operating expenses climbed, reflecting the company’s growing clinical ambitions. Research and development expenses increased to $17.9 million, up 45% compared to Q2 2024, as Artiva expanded site enrollment and patient dosing. General and administrative expenses—overhead costs such as salaries and professional fees—rose to $4.9 million, a 26% increase compared to Q2 2024. Net loss (GAAP) widened to $21.3 million from $17.8 million as spending grew faster than offsetting increases in interest income. Artiva ended the quarter with $142.4 million in cash, cash equivalents, and investments, down 23% from the December 31, 2024 balance.
Product Pipeline and Manufacturing
AlloNK, the company’s lead NK cell therapy, exemplifies Artiva’s focus on scalable, “off-the-shelf” immunotherapy. Unlike traditional autologous CAR-T treatments—which are custom made for each patient—AlloNK leverages donor-derived cells, enabling pre-manufacturing and immediate off-the-shelf use. This approach lowers production costs and simplifies logistics for clinics and patients, offering a competitive advantage in both pricing and accessibility.
Artiva’s operational reach is supported by its cGMP-compliant manufacturing facility in San Diego, which meets rigorous standards for pharmaceutical production and can supply enough product to treat several hundred to a thousand patients each year. Strategic partnerships with companies like GC Cell support manufacturing scalability, while the collaboration with Affimed enables combination therapy development in oncology. All these factors remain central to Artiva’s goal of broad patient access and rapid clinical advancement.
Outlook and What’s Ahead
Management did not issue formal forward guidance or provide specific financial forecasts for fiscal 2025. Cash resources are expected to fund operations into Q2 2027, providing at least eight quarters’ worth of operating runway under current spending trends, with $142.4 million in cash, cash equivalents, and investments as of June 30, 2025, expected to fund operations into Q2 2027. The timing of milestone clinical data—safety and translational results by the end of 2025, and first reported efficacy data in early 2026—will be crucial for defining prospective revenue opportunities and additional investment needs. (Note: Artiva Biotherapeutics reports on a calendar year basis, so "end of 2025" refers to the end of calendar year 2025 and "early 2026" refers to the first half of calendar year 2026.).
Looking forward, milestones such as announcement of a lead autoimmune indication and the sharing of initial clinical safety and response data will likely determine the pace and direction of Artiva’s business. Investors should watch for clinical enrollment progress, spending levels versus historical averages, and any updates about partnerships or manufacturing expansions. The company does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.