Artiva Biotherapeutics, Inc. (ARTV)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 results tracked plan for a pre-revenue biotech: EPS of -$0.87 missed S&P consensus of -$0.81 by ~$0.06; revenue was $0, in line with consensus $0.00* .
• R&D investment stepped up as programs advanced (R&D $17.9M vs $12.3M YoY) while other income benefited from higher interest, narrowing the YoY delta in net loss to -$21.3M (vs -$17.8M) .
• Clinical execution progressed: first patient treated in the Phase 2a autoimmune basket (AlloNK + rituximab) and “over a dozen” patients treated across trials; initial safety/translational data and lead indication selection are guided by YE 2025; initial response data in 1H 2026 .
• Liquidity remains solid: cash, cash equivalents and investments of $142.4M with runway into Q2 2027, reaffirmed from Q1 2025; focus sharpened after terminating the AFM13 collaboration (Affimed insolvency) .

What Went Well and What Went Wrong

• What Went Well

  • Clinical momentum: first patient dosed in the company-sponsored Phase 2a basket; “over a dozen” patients treated across autoimmune indications; “over a dozen” sites active and enrolling .
  • Clear near-term catalysts: “By the end of 2025, we look forward to sharing initial translational data… and safety data… [and] announcing our lead indication,” with initial clinical response data in 1H 2026 .
  • Liquidity visibility: $142.4M of cash and investments; runway “into Q2 2027,” maintained from Q1 guidance .

• What Went Wrong

  • EPS miss: -$0.87 vs S&P consensus -$0.81 (no revenue), reflecting higher R&D as trials scale* .
  • Operating expense growth: R&D rose to $17.9M from $12.3M (YoY) and G&A to $4.9M from $3.9M, increasing quarterly net loss YoY to -$21.3M from -$17.8M .
  • Collaboration overhang removed but underscores partner risk: Affimed filed for insolvency; Artiva terminated the AFM13 collaboration in July 2025 (no termination fees), further concentrating the story on AlloNK in autoimmune disease .

Financial Results

Notes: Revenue reflects “License and development support revenue,” which was zero in each period shown. Q2 2024 EPS reflects pre-IPO share base per company’s historical presentation .

Estimates comparison (S&P Global):

• EPS: Actual -$0.87 vs Consensus -$0.8067* → modest miss .
• Revenue: Actual $0.00 vs Consensus $0.00* → in line .
• Target Price Consensus Mean: $17.00 (5 estimates)*.
  Values marked with * retrieved from S&P Global.

Operating dynamics (management explanation)

• YoY R&D increase driven by AlloNK clinical development in autoimmune diseases; other income improved on higher investment balances; 2024 SAFEs fair value changes did not recur in 2025 .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We now have over a dozen sites enrolling across our trials in the US and have already treated over a dozen patients with AlloNK in combination with monoclonal antibodies…” — Fred Aslan, CEO .
• “By the end of 2025, we look forward to sharing initial translational data… and safety data… [and] announcing our lead indication… [and] initial clinical response data in the first half of next year.” .
• On CY/FLU and community setting: “The doses… are actually really low… [CY] once at the beginning… roughly half [Eurolupus]… [Fludarabine]… used monthly over 6 months… fairly well tolerated… We’re talking about using [it] once… [effects] 2–4 weeks,” with prophylactic anti‑infectives commonly used; safety should align with community practice if hospitalization rates don’t exceed biologics -.
• On positioning vs monoclonal alone: “We’re looking for a significant difference between what the monoclonal does on its own and what we’re doing,” aiming for higher response rates and durability with an outpatient‑compatible regimen .

Q&A Highlights

• Safety and CY/FLU: Management argued low-dose CY/FLU is transient and manageable with short prophylaxis; goal is hospitalization rates and acuity comparable to biologics in community practice -.
• Efficacy bar and design: Regimen intends to outperform monoclonal antibody alone on response rates and durability; initial B-cell depletion and translational readouts precede indication-level efficacy data in 1H 2026 .
• Dosing flexibility: Off‑the‑shelf weekly dosing enables potential repeat cycles (e.g., at 6 months) if needed; bar vs auto‑CAR‑T considers outpatient profile and retreatment flexibility .
• Development path: Starting doses/levels informed by oncology experience (1–4B cells per dose); expectation to move quickly toward registrational strategy in the selected lead indication .

Estimates Context

• Q2 2025 EPS: -$0.87 vs S&P consensus -$0.8067* (miss of ~$0.06); Revenue: $0.00 vs $0.00* (inline) .
• Target Price Consensus Mean: $17.00 (5 estimates)*.
  Values marked with * retrieved from S&P Global.

Implications for estimates: Elevated R&D to execute expanding autoimmune studies likely persists near term; trajectory of expense and interest income evident in Q2 should inform updated loss forecasts and cash runway modeling .

Key Takeaways for Investors

• Near-term catalysts are clear: initial mechanistic/safety data and lead indication by YE 2025; initial efficacy readout in 1H 2026—key stock drivers as the field benchmarks depth of B‑cell depletion and outpatient compatibility .
• Execution is accelerating (sites and patients), supporting credible timelines; watch for enrollment cadence updates and any hospitalization/safety metrics in YE disclosures .
• Balance sheet supports these milestones (runway into Q2 2027); interest income is a helpful offset while R&D scales .
• EPS miss was modest and expected for pre‑revenue biotech scaling trials; consensus likely adjusts expense timing more than thesis .
• Strategic focus sharpened: oncology program wound down; Affimed collaboration terminated without fees; concentrate diligence on AlloNK autoimmune read‑through and community setting profile .
• Watch differentiation vs monoclonal alone and vs CAR‑T entrants: management emphasizes efficacy plus outpatient feasibility; indication choice by YE 2025 is pivotal for competitive positioning .

Source Documents Read

• Q2 2025 8‑K (Item 2.02) with press release (financials, clinical updates, runway) -.
• Q2 2025 10‑Q (full financial statements, MD&A, liquidity, collaboration updates) - -.
• Q1 2025 8‑K press release (prior quarter) -.
• FY 2024 8‑K press release (prior year context) -.
• Cantor Global Healthcare Conference 2025 transcript (management commentary; no Q2 earnings call transcript available) -.

S&P Global disclaimer: Values marked with * retrieved from S&P Global.