Acrivon Therapeutics (ACRV 4.80%), a clinical-stage biotech developing precision oncology medicines, released its second quarter 2025 results on August 13, 2025. The report showed a GAAP net loss per share of $(0.55), beating estimates by $0.02 (GAAP EPS: -$0.55 vs. estimate: -$0.57). The company once again delivered no revenue, consistent with its pre-commercial stage, and saw operating losses (GAAP) widen compared to the same period last year. Expenses climbed modestly year over year as Acrivon advanced key clinical programs, with research and development expenses (GAAP) rising to $16.2 million from $15.0 million in Q2 2024. Overall, the quarter tracked with expectations for a late-stage biotech prioritizing data generation and platform advancement ahead of future regulatory milestones.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.55) | $(0.57) | $(0.52) | -5.8 % |
| Revenue (GAAP) | $0.0 | $0.0 | $0.0 | – |
| Research and Development Expenses | $16.2 million | $15.0 million | 8.0 % | |
| General and Administrative Expenses | $6.5 million | $6.4 million | 1.6% | |
| Net Loss | $21.0 million | $18.8 million | 11.7% |
Source: Analyst estimates for the quarter provided by FactSet.
Business Overview and Recent Focus
Acrivon Therapeutics focuses on developing targeted cancer therapies using its proprietary AP3 platform, which is a proteomics-based technology. The AP3 platform analyzes proteins inside tumor cells to predict which patients are most likely to benefit from Acrivon's drugs. This precision-medicine approach differs from traditional drug development by moving beyond genetic testing and seeking to capture real-time biological pathways active within each patient’s tumor.
At the center of its strategy is advancing two main experimental drugs: ACR-368, which targets the CHK1/CHK2 pathway, and ACR-2316, which inhibits WEE1/PKMYT1 proteins. Both drugs are being developed for cancer types with high unmet need, with patient selection guided by AP3-generated OncoSignature diagnostics. The company views the successful application of the AP3 platform and its OncoSignature tests as key for boosting trial success rates, increasing speed to market, and maximizing regulatory approval odds.
Notable Developments in the Quarter
The most important advancements during the period centered on clinical progress for Acrivon's lead assets. Development of ACR-368 continued with a multicenter Phase 2b trial for patients with recurrent, high-grade endometrial cancer. The company launched a new arm in this trial that tests ACR-368 in combination with ultra low-dose gemcitabine, a chemotherapy drug. This arm is open to a broader population by removing the requirement for a pre-treatment biopsy, aiming to expand eligibility for the program.
Acrivon also advanced its second pipeline candidate, ACR-2316, a WEE1/PKMYT1 inhibitor, into Phase 1 studies during Q3 2024. The company reported that no dose-limiting toxicities had appeared through three dose levels, and early signs of drug effect were observed at the lowest studied dose. Importantly, an initial "confirmed partial response" was seen in an endometrial cancer patient, indicating early clinical activity in a difficult-to-treat population. The company plans to release initial clinical data from this study in the second half of 2025.
On the technology side, the AP3 platform's significance was highlighted at the American Association for Cancer Research (AACR) meeting, where Acrivon presented new evidence supporting the biological mechanism behind ACR-2316. Management emphasized that AP3 enables more accurate patient identification and hypothesis-driven clinical development, reinforcing the link between precision proteomics and drug response.
A companion diagnostic test, ACR-368 OncoSignature, retains Breakthrough Device designation from the U.S. Food and Drug Administration (FDA). However, no additional regulatory milestones or strategic partnerships were announced for the quarter. The focus remains on meeting key future trial readouts and, potentially, regulatory progress as more trial data emerges. The period did not see any revenue from product sales, and the company’s results continue to hinge on clinical and platform progress.
Cash Position, Financials, and Looking Forward
Acrivon ended Q2 2025 with $147.6 million in cash, cash equivalents, and investments. This represents a decrease from $196.6 million (GAAP) as of December 31, 2024. The company expects these funds will support planned operations into Q2 2027. Research and development expenses (GAAP) grew to $16.2 million from $15.0 million versus Q2 2024, driven by clinical and preclinical efforts. General and administrative expenses (GAAP) were largely flat, at $6.5 million compared with $6.4 million in Q2 2024. Operating loss (GAAP) increased by $1.2 million.
Management did not provide updated revenue or earnings forecasts for the full year or upcoming quarters. Instead, it reiterated a focus on future milestones, including trial updates for both main drug candidates in the second half of 2025. Investors and observers should monitor progress on the ongoing ACR-368 Phase 2b trial, dose and efficacy data from the ACR-2316 program, and any new regulatory disclosures or partnership announcements tied to the AP3 platform. ACRV does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
