Acrivon Therapeutics, Inc. Q4 2025 earnings summary — revenue, EPS & margin

What went well

Maturing interim data from the registrational-intent Phase 2b ACR-368 study showed a confirmed overall response rate of 52% in serous endometrial cancer (N=23) versus 22% in non-serous EC (N=37), featured in a late-breaking oral presentation and KOL panel at the ESGO 2026 Congress.
Expanded the ACR-368 program with Arm 3 (ACR-368 + ultra-low-dose gemcitabine) enrolling all-comer serous EC patients in the US, EU sites activating, and a newly announced Arm 4 evaluating single-agent ACR-368 in the same biomarker-unselected serous population.
Reported initial ACR-2316 Phase 1 data with favorable tolerability and clinical activity, including partial responses and disease control in small cell lung cancer and squamous NSCLC.
Nominated ACR-6840, an oral CDK11 inhibitor, as an internally discovered development candidate and launched a wholly owned CLIA-certified laboratory for companion-diagnostic development.
Reduced full-year net loss to $77.9 million from $80.6 million and ended the year with $118.6 million in cash, equivalents and marketable securities, expected to fund operations into the second quarter of 2027.

What went wrong

The company remained pre-revenue with a full-year net loss of $77.9 million and continued cash burn, ending 2025 with $118.6 million versus $184.6 million a year earlier.
Fourth-quarter net loss was $19.0 million; while lower than the prior year, the company's programs remain in early- to mid-stage development ahead of pivotal readouts.

Guidance Changes

Metric	Period	Current guidance
Cash runway	As of December 31, 2025	$118.6M in cash, equivalents and marketable securities; funds operations into Q2 2027
ACR-368 EU CTA approval (Arm 3)	Q1 2026	Targeted by the first quarter of 2026
ACR-368 Arm 3 initial data / Arm 1 update	Mid-2026	Expected mid-2026
ACR-368 Arm 4 (monotherapy serous all-comer)	H1 2026	Enrollment to initiate in the first half of 2026; Phase 3 confirmatory readiness by mid-2026
ACR-368 Arm 3 enrollment complete (up to N=90)	Q4 2026	Targeted for the fourth quarter of 2026
ACR-6840 (CDK11) IND filing	Q4 2026	IND submission to the FDA targeted for the fourth quarter of 2026

Metric	YoY	Note
Research & development expense (Q4 / FY)	$14.7M / $60.0M (vs $18.6M / $64.0M)	Fewer milestones scheduled and incurred and prioritization of endometrial cancer in the ACR-368 trial.
General & administrative expense (Q4 / FY)	$5.4M / $24.1M (vs $6.3M / $25.2M)	Lower personnel costs, including non-cash stock-based compensation.
Net loss (Q4 / FY)	$19.0M / $77.9M (vs $22.8M / $80.6M)	Lower operating expenses, partly offset by lower interest income.
Cash, equivalents & marketable securities	$118.6M	As of December 31, 2025; funds operations into Q2 2027.
Diluted net loss per share (Q4 / FY)	$(0.49) / $(2.02)	On roughly 38.5M weighted-average shares outstanding.

Topic	Previous mention	Current period	Trend
ACR-368 in serous endometrial cancer	Arm 3 enrolling	52% cORR in serous EC; Arm 4 (monotherapy) announced; EU sites activating	Up
ACR-2316 Phase 1	Activity across solid tumors	Initial data showing PRs and disease control in SCLC and squamous NSCLC	Up
Pipeline expansion	Undisclosed cell-cycle program	ACR-6840 (CDK11) nominated; CLIA lab launched	Up
Cash runway	$134.4M into Q2 2027	$118.6M into Q2 2027	Steady