What went well
- Continued advancing the registrational-intent Phase 2b trial of ACR-368 in recurrent high-grade endometrial cancer, with enrollment and dosing ongoing in the biopsy-independent Arm 3 (ACR-368 plus ultra-low-dose gemcitabine).
- Reported continued ACR-2316 Phase 1 clinical activity, including tumor shrinkage and a confirmed partial response across several AP3-prioritized solid tumor types.
- Reduced net loss to $18.2 million from $22.4 million a year earlier as R&D expense fell to $13.6 million on fewer milestones and prioritization of endometrial cancer.
- Held cash, cash equivalents and marketable securities of $134.4 million as of September 30, 2025, expected to fund operations into the second quarter of 2027.
What went wrong
- The company remained pre-revenue and continued to operate at a loss while both clinical programs are still in early- to mid-stage development.
- Cash, equivalents and marketable securities declined to $134.4 million from $147.6 million a quarter earlier as the company funded operations.
Guidance Changes
| Metric | Period | Current guidance |
|---|---|---|
| Cash runway | As of September 30, 2025 | $134.4M in cash, equivalents and marketable securities; funds operations into Q2 2027 |
| ACR-368 registrational-intent / confirmatory trial design | H2 2025 | Update expected in the second half of 2025 |
| ACR-2316 Phase 1 initial data | H2 2025 | Initial clinical data expected in the second half of 2025 |
Performance Breakdown
| Metric | YoY | Note |
|---|---|---|
| Research & development expense | $13.6M (vs $18.9M) | Fewer scheduled and incurred milestones and prioritization of endometrial cancer in the ACR-368 trial. |
| General & administrative expense | $6.0M (vs $6.3M) | Materially consistent year over year. |
| Net loss | $18.2M (vs $22.4M) | Lower R&D spend; loss from operations of $19.7M partly offset by $1.5M interest income. |
| Cash, equivalents & marketable securities | $134.4M | As of September 30, 2025; funds operations into Q2 2027. |
| Diluted net loss per share | $(0.47) | On 38.6M weighted-average shares outstanding. |
Earnings Call Themes & Trends
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| ACR-368 in endometrial cancer | Arm 3 initiated | Arm 3 (ULDG, biopsy-independent) actively enrolling and dosing | Up |
| ACR-2316 Phase 1 | Confirmed PR in endometrial cancer | Tumor shrinkage and confirmed PR across several solid tumor types; preparing initial data disclosure | Up |
| Cash runway | $147.6M into Q2 2027 | $134.4M into Q2 2027 | Steady |
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