Executive Summary

AVBP delivered a clinically constructive quarter: completed enrollment in the pivotal Phase 3 FURVENT trial (firmonertinib, 1L EGFR exon20ins NSCLC) with topline data expected in 2025; PACC (1L) development plan update guided for Q2 2025 . Cash, cash equivalents and marketable securities were $205.5M, guiding runway into 2H26 .
GAAP loss per share of $(1.90) vs S&P Global consensus of $(0.66)*, a miss driven primarily by a $40M one‑time upfront payment to Lepu Biopharma for ARR‑217 (MRG007) that elevated R&D in the period .
Pipeline advanced: first IND for ARR‑217 (CDH17‑targeting ADC) submitted in China; recent AACR preclinical data showed anti‑tumor activity in multiple GI models with a favorable safety profile .
Balance sheet flexibility increased via a new undrawn $75M SVB credit facility (3 tranches; maturity Mar 2030; min rate 6% or Prime−0.75%) and modest ATM usage ($6.5M) in Q1; no debt drawn to date .
Near‑term stock catalysts: Phase 3 FURVENT topline in 2025 and PACC program update in Q2 2025; additional ADC milestones as ARR‑217 moves into first‑in‑human outside Greater China .

What Went Well and What Went Wrong

What Went Well
- Pivotal execution: “Completed enrollment in the global pivotal Phase 3 FURVENT study” for 1L EGFR exon20ins NSCLC; topline in 2025 with timing update in Q2 2025 .
- Pipeline breadth: Submitted first IND for ARR‑217 (MRG007) in China; AACR data showed “compelling antitumor activity… and a favorable safety profile” in multiple GI models .
- Strategic leadership: Appointed Merdad Parsey, M.D., Ph.D. (ex‑Gilead CMO) to the Board, reinforcing late‑stage/registration expertise .
- Management tone: “We continued our strong execution… firmonertinib… shows differentiated potential,” and “ARR‑217… expected to be the first ADC from our pipeline to enter the clinic” – Bing Yao, CEO .
What Went Wrong
- EPS miss vs Street: GAAP EPS $(1.90) vs $(0.66)* consensus, primarily due to a $40M one‑time ARR‑217 upfront flowing through R&D; total R&D rose to $61.3M (vs $17.0M YoY) .
- Elevated cash burn: Net cash used in operations increased to $68.0M (vs $18.6M YoY), again driven by the $40M payment and higher program spend .
- Interest income drifted lower on reduced invested balances ($2.4M vs $3.3M YoY) .

Financial Results

Metric	Q1 2024	Q4 2024	Q1 2025
Research & Development Expense ($MM)	$17.0	—	$61.3
General & Administrative Expense ($MM)	$3.7	—	$5.5
Total Operating Expenses ($MM)	$20.7	—	$66.8
Net Loss ($MM)	$(17.4)	—	$(64.4)
Diluted EPS ($)	$(0.70)	$(0.61)*	$(1.90)
Net Cash Used in Operations ($MM)	$(18.6)	—	$(68.0)
Cash, Cash Equivalents & Marketable Securities ($MM)	—	$266.5 (12/31/24)	$205.5 (3/31/25)

Notes: “—” denotes not disclosed in cited source for that quarter; Q4 2024 EPS actual from S&P Global estimates feed (marked with *). Values marked with * retrieved from S&P Global.

KPIs and capital structure

Shares (WASO) Q1 2025: 33.90M .
ATM usage in Q1 2025: $6.5M net proceeds; ~$242.8M remaining capacity .
Credit facility: Up to $75M (tranches: $35M + $15M + $25M), variable rate = max(6.00%, Prime−0.75%), matures Mar 2030; undrawn .
Segment: single operating/reportable segment (life sciences) .
Revenue: none to date; pre‑revenue clinical company .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Company runway	“Into 2026” (as of FY2024 PR, 3/3/25)	“Into the second half of 2026” (as of Q1 PR, 5/12/25)	Raised runway specificity (extends into 2H26)
FURVENT topline (firmonertinib, 1L EGFR exon20ins)	2025	Topline in 2025; timing update in Q2 2025	Reaffirmed: topline in 2025; timing update in Q2 2025	Maintained
PACC (1L) program update	Q2 2025	Update in 1H25	Update in Q2 2025	Narrowed window to Q2
ARR‑217 (MRG007) IND	1H 2025	First IND 1H25	First IND submitted in China; entry to clinic expected near‑term	Advanced status

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was filed; themes below reflect press releases and 10‑Q.

Topic	Previous Mentions (Q3’24 and FY’24)	Current Period (Q1’25)	Trend
Firmonertinib pivotal execution	Target enrollment achieved; topline expected 2025	Enrollment completed; topline 2025; timing update Q2	Progressing on plan
PACC program	Positive interim PACC PoC; 1H25 plan update guided	Update narrowed to Q2 2025	Visibility improving
CNS activity	Highlighted CNS anti‑tumor activity in PACC (WCLC)	Reiterated differentiated potential	Reinforced
ADC pipeline	Selected ARR‑002; Alphamab ADC collaboration	ARR‑217 in‑licensed (Lepu); first IND submitted in China; AACR preclinical data	Pipeline expanding
Capital & liquidity	Cash $266.5M (12/31/24); runway into 2026	Cash/investments $205.5M (3/31/25); runway into 2H26; new $75M SVB facility; ATM used $6.5M	Runway extended; flexibility up
Macro/tariffs	—	10‑Q notes new U.S. tariffs may pressure costs and markets	Added risk disclosure

Management Commentary

“We continued our strong execution across our oncology‑focused pipeline… our late‑stage firmonertinib program continues to show differentiated potential to address unmet needs across EGFR‑mutant NSCLC.” – Bing Yao, Chairman & CEO .
“ARR‑217 (MRG007)… is expected to be the first ADC from our pipeline to enter the clinic.” – Bing Yao .
“We expect topline data in 2025 in our event‑driven global pivotal Phase 3… and expect to provide an update on timing… in Q2 2025.” – Company statement .

Q&A Highlights

No earnings call transcript was filed for Q1 2025 based on document searches; no Q&A to report [earnings‑call‑transcript not found via List/Search].

Estimates Context

Q1 2025 EPS: Actual $(1.90) vs S&P Global consensus $(0.664)*; miss largely reflects the $40M ARR‑217 upfront paid to Lepu flowing through R&D in the quarter .
Revenue: pre‑revenue; consensus $0.0* and actual $0.0.
Forward EPS consensus (Street): Q2’25 $(0.697), Q3’25 $(0.807), Q4’25 $(0.816)*.

Metric	Q1 2025	Q2 2025	Q3 2025	Q4 2025
EPS (Actual)	$(1.90)	—	$(0.83)	—
EPS (Consensus Mean)*	$(0.664)	$(0.697)	$(0.807)	$(0.816)
Revenue (Consensus Mean, $MM)*	$0.0	$0.0	$0.0	$0.0
EPS – # of Estimates*	5	7	7	7
Revenue – # of Estimates*	4	6	7	8

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

The EPS miss is explained by a non‑recurring $40M upfront (ARR‑217), not a deterioration in core program execution; cash runway extended into 2H26 despite the payment .
Two near‑term catalysts could drive stock: (i) PACC program update in Q2 2025, and (ii) FURVENT Phase 3 topline in 2025; timing clarity to be provided in Q2 .
Firmonertinib continues to show differentiated potential across uncommon EGFR mutations and CNS activity; pivotal enrollment is complete, de‑risking execution timing .
ADC optionality is rising: ARR‑217 (CDH17) advanced to first IND in China with favorable preclinical profile; pipeline includes ARR‑002 and Alphamab collaboration .
Balance sheet flexibility improved with an undrawn $75M SVB facility and an active ATM (modest usage in Q1), providing multiple levers to fund milestones .
Macro watch: new U.S. tariff regime flagged as a risk factor; monitor potential impacts on CMC and trial cost inflation .
No non‑GAAP adjustments were presented; results are GAAP. Company remains a single‑segment, pre‑revenue clinical entity focused on value‑creating data readouts .

Citations:

Q1 2025 PR/8‑K (Item 2.02, Exhibit 99.1) including financial tables, cash runway, milestones, and pipeline updates .
Q1 2025 10‑Q for financial statement detail, Lepu $40M upfront, ATM activity, and SVB facility .
FY 2024 PR/8‑K for prior guidance and milestones .
Q3 2024 PR/8‑K for prior‑quarter thematic context .

ArriVent BioPharma, Inc. (AVBP)·Q1 2025 Earnings Summary