Executive Summary

Clinical and operational execution continued; AVBP reiterated cash/investments of $305.4M with runway into mid‑2027, highlighted Phase 3 momentum for firmonertinib (ALPACCA PACC first‑patient expected in Q4’25; FURVENT exon20 topline in early 2026) .
GAAP EPS was $(0.83) vs S&P Global consensus of $(0.81), a slight miss driven by elevated R&D to advance late‑stage programs; no revenue recognized consistent with clinical‑stage status . Primary EPS consensus based on 7 estimates; Revenue consensus $0.0*.
Strategic progress: Final Phase 1b PACC data presented at WCLC supported progression to pivotal ALPACCA; FDA IND clearance and China Phase 1 progression for ARR‑217 ADC; added Chief Commercial Officer to prepare for potential commercialization .
Stock reaction catalysts over the next 3–12 months: ALPACCA first‑patient in Q4’25 and FURVENT Phase 3 topline in early 2026; continued ADC readouts; commercial build-out under new CCO .

What Went Well and What Went Wrong

What Went Well

Advanced firmonertinib in underserved EGFR mutations: final Phase 1b PACC data at WCLC showed clinically meaningful PFS, CNS responses, and manageable safety, supporting global pivotal ALPACCA initiation in 4Q25 .
Pipeline expansion and regulatory progress: FDA IND clearance for ARR‑217 (CDH17‑targeted ADC) with ongoing Phase 1 in China; first patient dosed earlier in 2025 via partner Lepu Biopharma .
Strengthened commercial readiness: appointment of Brent S. Rice as Chief Commercial Officer, bringing >25 years of global commercial experience, signaling preparation for potential launch scenarios .
Management tone: “Firmonertinib consistently shows the potential to address significant unmet needs…we are advancing to pivotal development” — Bing Yao, CEO .

What Went Wrong

Modest EPS miss vs consensus in Q3’25, reflecting elevated R&D to support pivotal programs and ADC portfolio; GAAP EPS $(0.83) vs $(0.81) consensus* .
Cash burn up materially YTD due to in‑licensing and clinical scale‑up: net cash used in operations $129.9M for 9M’25 vs $54.1M 9M’24; includes a $40M upfront to Lepu for ARR‑217 .
Timeline push: FURVENT topline moved from “2025” (Q1 guide) to “early 2026” (Q2/Q3), extending the catalyst window and increasing time to potential revenue .

Financial Results

P&L – quarterly (GAAP)

Metric	Q3 2024	Q2 2025	Q3 2025
Research & Development ($MM)	$20.09	$27.72	$32.17
General & Administrative ($MM)	$4.14	$5.90	$6.15
Total Operating Expenses ($MM)	$24.23	$33.62	$38.32
Interest & Investment Income ($MM)	$3.67	$2.22	$3.34
Net Loss ($MM)	$(20.56)	$(31.40)	$(34.98)
Diluted EPS (GAAP)	$(0.61)	$(0.90)	$(0.83)
Weighted Avg Shares (MM)	33.58	35.01	41.91

Notes: No revenue line item presented (clinical‑stage company), consistent with absence of product sales .

Balance Sheet & Liquidity

Metric	Q1 2025	Q2 2025	Q3 2025
Cash & Cash Equivalents ($MM)	$49.87	$112.77	$112.67
Short‑term Investments ($MM)	$126.21	$122.92	$187.59
Long‑term Investments ($MM)	$29.41	$18.79	$5.11
Cash & Investments Total ($MM)	$205.5	$254.5	$305.4
Total Assets ($MM)	$215.50	$269.51	$326.56
Total Equity ($MM)	$202.54	$249.87	$305.00

EPS vs S&P Global Consensus

Metric	Q3 2024	Q2 2025	Q3 2025
EPS Actual (GAAP)	$(0.61)	$(0.90)	$(0.83)
EPS Consensus (S&P Global)*	$(0.82)*	$(0.70)*	$(0.81)*
EPS Surprise	+$0.21 vs cons. (beat)	$(0.20) vs cons. (miss)	$(0.02) vs cons. (miss)
# of EPS Estimates	4*	7*	7*
Revenue Consensus ($MM)*	$0.0*	$0.0*	$0.0*

Values retrieved from S&P Global.*

Guidance Changes

Metric/Topic	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Through mid‑2027	Mid‑2027 (post‑July offering, stated Q2’25)	Mid‑2027 reiterated (Q3’25)	Maintained
ALPACCA (PACC) – First Patient	Initiation timing	“2H 2025” (Q2’25)	“Q4 2025” (Q3’25)	Clarified/Narrowed
FURVENT (exon20) – Topline Readout	Data timing	“2025” (Q1’25)	“Early 2026” (Q2/Q3’25)	Pushed Out
ARR‑217 (CDH17 ADC)	Early clinical status	First patient dosed (Q2’25)	FDA IND clearance; ongoing Phase 1 in China (Q3’25)	Advanced

No financial guidance provided on revenue, margins, OpEx, OI&E, or tax rate.

Earnings Call Themes & Trends

No earnings call transcript was available; themes synthesized from quarterly press releases.

Topic	Previous Mentions (Q1’25, Q2’25)	Current Period (Q3’25)	Trend
Firmonertinib – EGFR exon20 (FURVENT)	Enrollment completed; topline “2025”	Topline “early 2026”	Timeline extended
Firmonertinib – EGFR PACC (ALPACCA)	Development plan update coming; interim PACC data positive	Final Phase 1b PACC data at WCLC; ALPACCA first‑patient Q4’25	Advancing to pivotal
ADC Platform – ARR‑217	IND in China submitted (Q1); first patient dosed (Q2)	FDA IND clearance; Phase 1 ongoing in China	Clinical execution progressing
Cash Runway	Into 2H’26	To mid‑2027 incl. July raise	To mid‑2027 reiterated
Commercial Readiness	—	CCO appointed to build U.S. commercial organization	Building capability

Management Commentary

“Firmonertinib consistently shows the potential to address significant unmet needs…we are advancing to pivotal development with enrollment of the first patient in our global pivotal Phase 3 trial for PACC…expected in the fourth quarter of this year.” — Bing Yao, CEO .
“We expect topline pivotal data from our global Phase 3 trial in exon 20 insertion mutant NSCLC in early 2026” — Bing Yao .
“Our antibody‑drug conjugate portfolio is also advancing…ARR‑217…in an ongoing Phase 1 trial. We expect additional ADC programs to progress toward the clinic” — Bing Yao .
“Firmonertinib continues to advance with strong momentum…We look forward to presenting final PACC Phase 1b data at WCLC…and anticipate enrolling the first patient in our global pivotal Phase 3 PACC study in the second half of 2025.” — Bing Yao (Q2’25) .

Q&A Highlights

No Q3’25 earnings call transcript or Q&A was available in our document set; no call‑based clarifications to guidance or financials could be assessed [ListDocuments: none found].

Estimates Context

Q3’25 EPS of $(0.83) was slightly below S&P Global consensus of $(0.81); Q2’25 EPS $(0.90) missed $(0.70); Q3’24 EPS $(0.61) beat $(0.82). Consensus coverage: 7 (Q3’25), 7 (Q2’25), 4 (Q3’24). Revenue consensus remained $0.0 across periods, consistent with clinical‑stage status . Values retrieved from S&P Global.
Estimate revisions may drift modestly lower near‑term given continued R&D intensity and extended FURVENT topline timing to early 2026, though balance sheet strength de‑risks financing over the next ~18–21 months .

Key Takeaways for Investors

Near‑term catalysts: ALPACCA PACC first‑patient in Q4’25; ARR‑217 Phase 1 progression; organizational build with new CCO — potential sentiment drivers ahead of major efficacy readouts .
Medium‑term inflection: FURVENT exon20 topline in early 2026 is the primary value‑defining event; positive PACC pivot (ALPACCA) provides a second path to differentiation .
Cash runway to mid‑2027 supports execution through pivotal readouts without near‑term financing risk, despite higher cash use YTD from in‑licensing and clinical expansion .
Earnings prints will remain GAAP loss‑driven with no revenue until potential approvals; focus on clinical milestones and regulatory interactions rather than quarterly P&L beats .
Watch for clarity on U.S./EU regulatory pathways post‑FURVENT topline and evolving ADC strategy breadth as additional programs approach the clinic .
Risk checks: timeline extensions (as seen moving exon20 topline to early 2026), clinical readout uncertainty, and competitive EGFR/ADC landscapes .

Sources: Q3’25 8‑K press release and financials ; Q2’25 8‑K press release and financials ; Q1’25 8‑K press release and financials . EPS/revenue consensus and estimate counts from S&P Global.*

ArriVent BioPharma, Inc. (AVBP)·Q3 2025 Earnings Summary