Acrivon Therapeutics, Inc. Q3 2025 earnings summary — revenue, EPS & margin

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

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.

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