Artiva Biotherapeutics Reports Third Quarter 2024 Financial Results and Recent Business Highlights
Artiva Biotherapeutics (ARTV) reported Q3 2024 financial results, highlighting a strong cash position of $199.6 million as of September 30, 2024, expected to fund operations through 2026. The company completed an upsized $179.0 million IPO in July 2024. Q3 showed a net loss of $17.5 million compared to net income of $11.3 million in Q3 2023. R&D expenses were $13.5 million, while G&A expenses increased to $4.8 million. The company expanded its Board with Dr. Alison Moore and expects initial data for AlloNK® in autoimmune indications in H1 2025.
Artiva Biotherapeutics (ARTV) ha pubblicato i risultati finanziari del terzo trimestre 2024, evidenziando una solida posizione di liquidità di 199,6 milioni di dollari al 30 settembre 2024, che dovrebbe finanziare le operazioni fino al 2026. L'azienda ha completato un'IPO aumentata di 179,0 milioni di dollari a luglio 2024. Nel terzo trimestre ha registrato una perdita netta di 17,5 milioni di dollari rispetto a un reddito netto di 11,3 milioni di dollari nel terzo trimestre 2023. Le spese per ricerca e sviluppo sono state di 13,5 milioni di dollari, mentre le spese generali e amministrative sono salite a 4,8 milioni di dollari. L'azienda ha ampliato il proprio Consiglio con la Dr.ssa Alison Moore e si aspetta dati preliminari su AlloNK® per indicazioni autoimmuni nella prima metà del 2025.
Artiva Biotherapeutics (ARTV) reportó los resultados financieros del tercer trimestre de 2024, destacando una sólida posición de efectivo de 199.6 millones de dólares al 30 de septiembre de 2024, que se espera financie las operaciones hasta 2026. La compañía completó una oferta pública inicial (IPO) aumentada de 179.0 millones de dólares en julio de 2024. El tercer trimestre mostró una pérdida neta de 17.5 millones de dólares en comparación con un ingreso neto de 11.3 millones de dólares en el tercer trimestre de 2023. Los gastos de I+D fueron de 13.5 millones de dólares, mientras que los gastos generales y administrativos aumentaron a 4.8 millones de dólares. La compañía amplió su Junta con la Dra. Alison Moore y espera los primeros datos de AlloNK® en indicaciones autoinmunes en la primera mitad de 2025.
Artiva Biotherapeutics (ARTV)는 2024년 3분기 재무 결과를 발표하며, 2024년 9월 30일 기준으로 1억 9,960만 달러의 강력한 현금 잔고를 강조했습니다. 이 자금은 2026년까지의 운영을 지원할 것으로 예상됩니다. 회사는 2024년 7월에 증액된 1억 7,900만 달러 규모의 IPO를 완료했습니다. 3분기에는 3분기 2023년의 1,130만 달러의 순이익에 비해 1,750만 달러의 순손실을 기록했습니다. 연구개발(R&D) 비용은 1,350만 달러였으며, 관리비용(G&A)은 480만 달러로 증가했습니다. 회사는 앨리슨 무어 박사를 이사회에 추가했고, 2025년 상반기에는 자가면역 질환에 대한 AlloNK®의 초기 데이터를 기대하고 있습니다.
Artiva Biotherapeutics (ARTV) a publié les résultats financiers du troisième trimestre 2024, mettant en avant une solide position de trésorerie de 199,6 millions de dollars au 30 septembre 2024, qui devrait financer les opérations jusqu'en 2026. L'entreprise a complété une IPO augmentée de 179,0 millions de dollars en juillet 2024. Le troisième trimestre a montré une perte nette de 17,5 millions de dollars comparativement à un bénéfice net de 11,3 millions de dollars au troisième trimestre 2023. Les dépenses de R&D se sont élevées à 13,5 millions de dollars, tandis que les dépenses générales et administratives ont augmenté à 4,8 millions de dollars. L'entreprise a élargi son conseil d'administration avec Dr. Alison Moore et s'attend à des données préliminaires pour AlloNK® dans les indications auto-immunes au premier semestre 2025.
Artiva Biotherapeutics (ARTV) hat die Finanzzahlen für das dritte Quartal 2024 veröffentlicht, in denen eine starke Liquiditätsposition von 199,6 Millionen Dollar zum 30. September 2024 hervorgehoben wird, die voraussichtlich die Aktivitäten bis 2026 finanzieren wird. Das Unternehmen hat im Juli 2024 ein erhöhtes 179,0 Millionen Dollar IPO abgeschlossen. Im dritten Quartal verzeichnete es einen Nettoverlust von 17,5 Millionen Dollar im Vergleich zu einem Nettoertrag von 11,3 Millionen Dollar im dritten Quartal 2023. Die F&E-Ausgaben betrugen 13,5 Millionen Dollar, während die allgemeinen und administrativen Ausgaben auf 4,8 Millionen Dollar gestiegen sind. Das Unternehmen hat seinen Vorstand mit Dr. Alison Moore erweitert und erwartet in der ersten Hälfte von 2025 erste Daten zu AlloNK® bei Autoimmunindikationen.
- Strong cash position of $199.6 million expected to fund operations through 2026
- Successful completion of $179.0 million IPO
- Treatment initiated in investigator-initiated basket trial for AlloNK®
- Net loss of $17.5 million compared to net income of $11.3 million in Q3 2023
- Collaboration revenue dropped to $0 from $26.7 million in Q3 2023
- Increased G&A expenses to $4.8 million from $2.8 million in Q3 2023
Insights
The Q3 earnings reveal significant financial shifts for Artiva Biotherapeutics. The company reported a net loss of
The balance sheet remains robust with
Artiva's AlloNK® program is advancing strategically in autoimmune diseases through two parallel tracks: a company-sponsored Phase 1/1b trial in SLE and an investigator-initiated basket trial across multiple indications. The basket trial's execution in a community setting is particularly noteworthy, as it demonstrates potential broader accessibility of cell therapy beyond specialized centers.
The combination approach with rituximab targets both innate and adaptive immunity, potentially offering enhanced efficacy. With initial data expected in H1 2025, these trials could validate AlloNK® as a novel therapeutic option in autoimmune conditions, where current treatments often have efficacy or significant side effects.
Expanded Board of Directors with appointment of Dr. Alison Moore bringing cell therapy and manufacturing expertise to advance AlloNK® in autoimmune diseases
Initial data for AlloNK® in autoimmune indications expected H1 2025
Robust balance sheet with cash, cash equivalents and investments of
SAN DIEGO, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Artiva Biotherapeutics, Inc. (Nasdaq: ARTV) (Artiva), a clinical-stage biotechnology company whose mission is to develop effective, safe, and accessible cell therapies for patients with devastating autoimmune diseases and cancers, today announced financial results for the third quarter ended September 30, 2024, and highlighted recent progress.
“As AlloNK® advances in the clinic, we were pleased to expand our Board of Directors with the appointment of Dr. Alison Moore, an experienced executive in manufacturing and technical operations in allogenic cell therapies,” said Fred Aslan, M.D., CEO of Artiva. “We remain focused on generating clinical data and strengthening Artiva’s talent in autoimmune disease and cell therapy across the organization as we prepare for this next stage of growth.”
Recent Business Highlights
Corporate and Financial Updates
- Expanded Board of Directors: In October 2024, Artiva appointed Alison Moore, Ph.D., as an independent member of its Board of Directors. Dr. Moore brings over 25 years of executive experience in the biotechnology and pharmaceutical industry, including an extensive background in cell therapy manufacturing. She currently serves as Chief Technical Officer (CTO) of Codexis Inc., a leading enzyme engineering company, and was the former CTO of Allogene Therapeutics, a pioneering clinical-stage company advancing CAR T-cell therapies.
- Completed upsized
$179.0 Million initial public offering: In July 2024, Artiva sold 14,920,000 shares of its common stock, including partial exercise of the overallotment option, at a public offering price of$12.00 per share, for gross proceeds of$179.0 million .
AlloNK® Clinical Updates
- In August 2024, Artiva announced the treatment of its first patient was initiated in an investigator-initiated basket trial (IIT) assessing the safety, tolerability, and clinical activity of AlloNK® (AB-101) in combination with rituximab in patients with rheumatoid arthritis, pemphigus vulgaris, granulomatosis with polyangiitis/microscopic polyangiitis, and systemic lupus erythematosus (SLE). The trial is being conducted by Integral Rheumatology & Immunology Specialists, a community rheumatology clinic, demonstrating the potential to bring AlloNK® to patients in a community setting in addition to academic and transplant centers.
- AlloNK® is also in clinical evaluation in combination with rituximab or obinutuzumab in an Artiva sponsored Phase 1/1b trial for treatment of SLE, for patients with or without lupus nephritis.
- Initial data for AlloNK® in autoimmune indications from the Phase 1/1b trial or the basket IIT expected in the first half of 2025.
Third Quarter 2024 Financial Results
- Cash, Cash Equivalents and Investments. As of September 30, 2024, Artiva had cash, cash equivalents, and investments of
$199.6 million . This includes$179.0 million in gross proceeds from Artiva’s completed initial public offering in July 2024 in which it sold 14,920,000 shares of its common stock, including partial exercise of the overallotment option. Existing cash, cash equivalents, and investments as of September 30, 2024, are expected to fund operations at least through the end of 2026 and through key clinical data milestones. - Collaboration Revenue. Collaboration revenue was
$0 for the three months ended September 30, 2024, compared to$26.7 million for the three months ended September 30, 2023. Revenues in 2023 were related to the Merck Sharpe & Dohme Corp. collaboration which was terminated in October 2023. - Research and Development Expenses. Research and development expenses were
$13.5 million for the three months ended September 30, 2024, compared to$13.1 million for the three months ended September 30, 2023. - General and Administrative Expenses. General and administrative expenses were
$4.8 million for the three months ended September 30, 2024, compared to$2.8 million for the three months ended September 30, 2023. - Other Income (Expense), net. Other income (expense), net, was
$0.9 million for the three months ended September 30, 2024, compared to other income (expense), net, of$0.5 million for the three months ended September 30, 2023. - Net Income (Loss). Net loss totaled
$17.5 million for the three months ending September 30, 2024, as compared to net income of$11.3 million for the three months ending September 30, 2023, with non-cash stock-based compensation expense of$1.9 million and$1.4 million for the three months ended September 30, 2024 and 2023, respectively.
About Artiva Biotherapeutics
Artiva is a clinical-stage biotechnology company whose mission is to develop effective, safe and accessible cell therapies for patients with devastating autoimmune diseases and cancers. Artiva’s lead program, AlloNK®, is an allogeneic, off-the-shelf, non-genetically modified, cryopreserved NK cell therapy candidate designed to enhance the antibody-dependent cellular cytotoxicity effect of monoclonal antibodies to drive B-cell depletion. AlloNK® is currently in clinical trials for treatment of systemic lupus erythematosus, for patients with or without lupus nephritis, and in an investigator-initiated basket trial in multiple autoimmune indications. Artiva’s pipeline also includes CAR-NK candidates targeting both solid and hematologic cancers. Artiva was founded in 2019 as a spin out of GC Cell, formerly GC Lab Cell Corporation, a leading healthcare company in the Republic of Korea, pursuant to a strategic partnership granting Artiva exclusive worldwide rights (excluding Asia, Australia and New Zealand) to GC Cell’s NK cell manufacturing technology and programs.
Artiva is headquartered in San Diego, California. For more information, please visit www.artivabio.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding: expectations of Artiva Biotherapeutics, Inc. (the “Company”) regarding the potential benefits, accessibility, effectiveness and safety of AlloNK®; the Company’s ability to advance AlloNK® in autoimmune disease; the Company’s expectations regarding timing and availability of data from the Phase 1/1b trial or the IIT; and the Company’s future results of operations and financial position, including cash runway. These forward-looking statements are based on the beliefs of the management of the Company as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events and are subject to known and unknown risks and uncertainties. In light of these risks and uncertainties, the events or circumstances referred to in the forward-looking statements may not occur. These and other factors that may cause the Company’s actual results to differ from current expectations are discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the section titled “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release is given. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
| Artiva Biotherapeutics, Inc. Condensed Balance Sheets (unaudited) (in thousands) | ||||||
| September 30, 2024 | December 31, 2023 | |||||
| Assets | ||||||
| Cash, cash equivalents and investments | $ | 199,597 | $ | 76,971 | ||
| Property and equipment, net | 6,857 | 8,096 | ||||
| Operating and financing lease right-of-use assets | 14,652 | 16,547 | ||||
| Other assets | 4,490 | 3,500 | ||||
| Total assets | $ | 225,596 | $ | 105,114 | ||
| Liabilities, convertible preferred stock, and stockholders' equity (deficit) | ||||||
| Accounts payable and accrued expenses | $ | 9,559 | $ | 8,631 | ||
| Operating and financing lease liabilities | 14,968 | 16,912 | ||||
| Simple agreements for future equity (SAFEs) | — | 25,100 | ||||
| Other liabilities | 73 | 73 | ||||
| Total liabilities | 24,600 | 50,716 | ||||
| Convertible preferred stock | — | 216,413 | ||||
| Stockholders' equity (deficit) | 200,996 | (162,015 | ) | |||
| Total liabilities, convertible preferred stock, and stockholders' equity (deficit) | $ | 225,596 | $ | 105,114 | ||
| Artiva Biotherapeutics, Inc. Condensed Statements of Operation and Comprehensive Income (Loss) (unaudited) (in thousands, except share and per share data) | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | ||||||||||||||
| Collaboration revenue | $ | — | $ | 26,656 | $ | — | $ | 31,142 | ||||||
| License and development support revenue | — | — | 251 | — | ||||||||||
| Total revenue | — | 26,656 | 251 | 31,142 | ||||||||||
| Operating expenses: | ||||||||||||||
| Research and development | 13,524 | 13,065 | 37,011 | 39,098 | ||||||||||
| General and administrative | 4,811 | 2,780 | 12,255 | 10,745 | ||||||||||
| Total operating expenses | 18,335 | 15,845 | 49,266 | 49,843 | ||||||||||
| Income (loss) from operations | (18,335 | ) | 10,811 | (49,015 | ) | (18,701 | ) | |||||||
| Other income (expense) | ||||||||||||||
| Interest income | 1,846 | 418 | 3,172 | 1,952 | ||||||||||
| Change in fair value of SAFEs | (977 | ) | — | (3,597 | ) | — | ||||||||
| Other income (expense), net | (6 | ) | 50 | 162 | 27 | |||||||||
| Total other income (expense) | 863 | 468 | (263 | ) | 1,979 | |||||||||
| Net income (loss) | $ | (17,472 | ) | $ | 11,279 | $ | (49,278 | ) | $ | (16,722 | ) | |||
| Net income (loss) per share, basic | $ | (0.92 | ) | $ | 13.98 | $ | (7.16 | ) | $ | (20.89 | ) | |||
| Net income (loss) per share, diluted | $ | (0.92 | ) | $ | 1.62 | $ | (7.16 | ) | $ | (20.89 | ) | |||
| Weighted-average common shares outstanding, basic | 18,896,829 | 806,714 | 6,883,271 | 800,541 | ||||||||||
| Weighted-average common shares outstanding, diluted | 18,896,829 | 6,967,099 | 6,883,271 | 800,541 | ||||||||||
| Comprehensive income (loss): | ||||||||||||||
| Net income (loss) | $ | (17,472 | ) | $ | 11,279 | $ | (49,278 | ) | $ | (16,722 | ) | |||
| Other comprehensive income | 217 | 144 | 30 | 271 | ||||||||||
| Comprehensive income (loss) | $ | (17,255 | ) | $ | 11,423 | $ | (49,248 | ) | $ | (16,451 | ) | |||
Contacts
Investors: Neha Krishnamohan, Artiva Biotherapeutics, ir@artivabio.com
Media: Jessica Yingling, Ph.D., Little Dog Communications Inc., jessica@litldog.com, +1.858.344.8091
Source: Artiva Biotherapeutics, Inc.
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