Acrivon Therapeutics, Inc.

What they do

Acrivon discovers and develops precision oncology medicines using its proprietary AP3 platform, which measures compound-specific drug-regulated pathway activity inside intact cells. It uses a protein-based biopsy test called OncoSignature to prospectively predict which patients will benefit from ACR-368, its CHK1/2 inhibitor in-licensed from Eli Lilly. The lead program, ACR-368-201, is a registrational-intent Phase 2b study in endometrial cancer, while ACR-2316 is in a Phase 1/2 study. The company is also advancing an internally discovered CDK11 inhibitor program in IND-enabling studies.

Revenue drivers

• Pre-commercial stage — no product revenue — Acrivon is clinical-stage and has not reported product revenue; its operations are funded by equity, not by marketed products.
• ACR-368 (prexasertib) — Lead Phase 2b precision oncology asset targeting CHK1/2, in-licensed from Eli Lilly, in registrational-intent endometrial cancer arms; it is a pipeline candidate, not a revenue source today.
• ACR-2316 — Phase 1/2 candidate now in randomized dose expansion at 120 mg and 160 mg, orally once daily, in AP3-identified lung, endometrial, cervical, and esophago-gastric junction cancers.
• CDK11 inhibitor program — Internally discovered development candidate from the AP3 cell-cycle program advancing in IND-enabling studies, with an IND filing targeted for the first half of 2027.

Recent performance

Net loss increased from $16.2 million in 2021 to $80.6 million in 2024, then improved to $77.9 million in 2025. Operating cash flow was negative $63.7 million in 2025, versus negative $65.7 million in 2024. At June 30, 2026, total assets were $99.1 million, total liabilities $12.4 million, and shareholder equity $86.7 million, including $41.4 million of cash and equivalents. The company reported cash, cash equivalents, and marketable securities of $90.0 million as of June 30, 2026, which it expects to fund operations into the fourth quarter of 2027.

Strategy

The company's stated strategy is to use AP3 both for patient selection and for rational drug design across its pipeline. For ACR-368, it is running registrational-intent Phase 2b all-comer serous endometrial cancer arms, Arm 4 single agent and Arm 3 with ultra-low dose gemcitabine sensitization. For ACR-2316, it has advanced into randomized dose expansion and is evaluating AP3-identified molecularly-defined tumor types. It also plans to submit an IND for its CDK11 inhibitor candidate in the first half of 2027 and to initiate additional AP3-driven discovery programs in 2026.

Risks

• Clinical and regulatory risk — ACR-368 and ACR-2316 remain investigational, so failure of the Phase 2b interim analysis or later trials could prevent approval or delay the planned Phase 3 start.
• No product revenue and cumulative losses — The company has no approved products and has reported annual net losses rising from $16.2 million in 2021 to $77.9 million in 2025.
• Cash runway dependence — Management expects $90.0 million of cash, cash equivalents, and marketable securities at June 30, 2026 to fund operations only into the fourth quarter of 2027, requiring future financing or partnerships.
• Platform and biomarker dependence — OncoSignature-based patient selection and AP3-driven target identification are central to the pipeline, so poor predictive performance or validation could undermine trial design and partnering.

Outlook

Management says a prespecified simultaneous interim analysis and data update from both all-comer serous EC arms of the ACR-368 Phase 2b study is expected in the second half of 2026. Based on that readout, it plans to complete enrollment of the all-comer serous EC Arm 3 or Arm 4 by the fourth quarter of 2026 and to initiate a Phase 3 confirmatory trial in the first half of 2027. It also targets an IND filing for the CDK11 inhibitor in the first half of 2027 and additional AP3-driven discovery programs in 2026.