What changed in this filing

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Item 1. Financial Statements

2026-05-11 compared with 2025-11-10 · 87 added, 139 removed, 283 unchanged (44% of the section changed)

3 unchanged sentences

(in thousands, except share and per share data)

September 30,

Current assets:

3 unchanged sentences

Total current assets

Long-term investments

Right of use assets – operating leases

Deferred offering costs

Liabilities and Stockholders’ Equity

11 unchanged sentences

Common stock $ 0.0001 par value, 200,000,000 shares authorized;

40,852,312 and 33,706,765 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

45,308,941 and 42,452,251 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

9 unchanged sentences

Three Months Ended

Nine Months Ended

September 30,

Operating expenses:

4 unchanged sentences

Interest and investment income

Unrealized gain on marketable securities

Total other comprehensive gain

Unrealized gain (loss) on marketable securities

Total other comprehensive gain (loss)

Total comprehensive loss

4 unchanged sentences

ARRIVENT BIOPHARMA, INC.

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share and per share data)

convertible preferred stock

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share data)

Comprehensive

2 unchanged sentences

Exercise of stock options

Stock-based compensation expense

Unrealized gain on marketable securities

Balance March 31, 2025

Issuance of common stock, net of issuance costs of $ 2,395

Exercise of stock options

Exercise of pre-funded warrants

Stock-based compensation expense

Unrealized loss on marketable securities

Balance, June 30, 2025

Issuance of common stock, net of issuance costs of $ 5,825

Exercise of stock options

Stock-based compensation expense

Unrealized gain on marketable securities

Balance, September 30, 2025

Balance March 31, 2026

The accompanying notes are an integral part of the unaudited interim financial statements.

ARRIVENT BIOPHARMA, INC.

CONDENSED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share and per share data)

convertible preferred stock

Other Comprehensive

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)

(in thousands, except share data)

Comprehensive

Balance January 1, 2025

Issuance of common stock in initial public offering, net of issuance costs of $ 18,032

Conversion of convertible preferred stock into common stock

( 150,000,000 )

( 147,619,034 )

Issuance of common stock, net of issuance costs of $ 858

Exercise of stock options

Stock-based compensation expense

Unrealized gain on marketable securities

Balance March 31, 2025

Exercise of stock options

Stock-based compensation expense

Balance, June 30, 2024

Exercise of stock options

Stock-based compensation expense

Balance, September 30, 2024

The accompanying notes are an integral part of the unaudited interim financial statements.

2 unchanged sentences

(in thousands)

Nine Months Ended

September 30,

Three Months Ended

Cash flows from operating activities:

1 unchanged sentence

Stock-based compensation expense

Amortization/Accretion of bond discounts/premiums

Changes in operating assets and liabilities:

6 unchanged sentences

Purchase of short-term and long-term investments

Maturity of short-term and long-term investments

Sales and maturities of short-term and long-term investments

Net cash used in investing activities

4 unchanged sentences

Net cash provided by financing activities

Net increase in cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year

Supplemental disclosures of non-cash financing and investing activities

Deferred offering costs transferred to additional paid-in-capital

The accompanying notes are an integral part of the unaudited interim financial statements.

5 unchanged sentences

The Company’s lead development candidate, firmonertinib, is a third-generation tyrosine kinase inhibitor currently being evaluated in multiple clinical trials across a range of epidermal growth factor receptor mutations in non-small cell lung cancer, many for which there are limited treatment options.

On January 30, 2024, the Company completed the closing of its initial public offering of 9,722,222 shares of common stock at a price of $ 18.00 per share.

Additionally, the underwriters exercised their option to purchase an additional 1,458,333 shares of common stock at a price of $ 18.00 per share.

The shares of common stock began trading on The Nasdaq Global Market on January 26, 2024, under the symbol “AVBP”.

The Company received net proceeds of $ 183.2 million, after deducting underwriting discounts and commissions and other offering expenses.

In addition, as a result of the closing of the Company’s initial public offering, the Company’s Series A and Series B convertible preferred stock converted into 19,567,306 shares of common stock in January 2024.

Development Stage Risks and Liquidity

The Company has incurred losses since inception and has an accumulated deficit of $ 369.1 million as of September 30, 2025.

The Company has incurred losses since inception and has an accumulated deficit of $ 448.0 million as of March 31, 2026.

The Company has concluded that the aggregate balance of cash and cash equivalents and marketable securities of $ 326.4 million as of March 31, 2026 are sufficient to sustain planned operations through at least twelve months from the issuance date of these financial statements.

The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales from its product candidates currently in development;

The Company expects that its research and development and general and administrative expenses will continue to increase and, as a result, that it will need additional capital to fund its future operating and capital requirements.

as a result, additional capital will be needed to fund its future operating and capital requirements.

There can be no assurance that the Company will be able to raise sufficient additional capital on acceptable terms, if at all.

If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, or if the Company does not have sufficient authorized shares, the Company may be required to delay, limit, or eliminate the development of business opportunities and its ability to achieve its business objectives, its competitiveness, and its business, financial condition, and results of operations will be materially adversely affected.

The Company could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable and it may be required to relinquish rights to some of its technologies or product candidates or otherwise agree to terms unfavorable to it, any of which may have a material adverse effect on the Company's business, operating results and prospects.

The Company believes that the aggregate balance of cash and cash equivalents and marketable securities of $ 305.4 million as of September 30, 2025 are sufficient to sustain planned operations through at least twelve months from the issuance date of these financial statements.

If such additional financing is not available on satisfactory terms, or is not available in sufficient amounts, the Company’s financial condition or results of operations may be materially adversely affected.

The Company is subject to those risks associated with any specialty biotechnology company that has substantial expenditures for research and development.

There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable.

In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

In addition, geopolitical tensions, volatility of capital markets, and other adverse macroeconomic events, including those due to inflationary pressures, rising interest rates, bank instability and the ability of the U.S.

government to manage federal debt limits, as well as the potential impact of other health crises on the global financial markets may reduce the Company's ability to access capital, which could negatively affect its liquidity and ability to continue as a going concern.

In addition, geopolitical tensions, volatility of capital markets, and other adverse macroeconomic events, including those due to inflationary pressures, changing interest rates, bank instability and the ability of the U.S.

government to manage federal debt limits, as well as the potential impact of other health crises on the global financial markets, may reduce the Company's ability to access capital, which could negatively affect its liquidity.

Summary of Significant Accounting Policies

1 unchanged sentence

Interim Financial Statements

The accompanying unaudited interim financial statements have been prepared in accordance with U.S.

The accompanying unaudited condensed interim financial statements have been prepared in accordance with U.S.

generally accepted accounting principles (“GAAP”).

Any references in these notes to applicable guidance are meant to refer to GAAP as found in Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).

In the opinion of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2025, and its results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024.

In the opinion of the Company, the accompanying unaudited condensed financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and its results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

months ended March 31, 2026 and 2025.

The condensed balance sheet at December 31, 2025, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

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Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

• Level 3 Inputs:

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The two-class method was not applicable during periods with a net loss, as the holders of the convertible preferred stock had no obligation to fund losses.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

The following table sets forth the computation of net loss per share, basic and diluted (in thousands, except share and per share data):

Three Months Ended

Nine Months Ended

September 30,

Weighted-average shares of common stock outstanding

Weighted-average pre-funded warrants outstanding (1)

Weighted-average shares of common stock outstanding, basic and diluted

Net loss per share attributable to common stockholders, basic and diluted

(1) Represents the weighted average number of common shares issuable upon the exercise of pre-funded warrants issued in 2025, which are considered to be outstanding for the purposes of the basic and diluted net loss per share calculation from the date of issuance due to their nominal exercise price ( $ 0.0001 ).

Stock options outstanding have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive.

Stock options outstanding at September 30, 2025 and 2024 were 4,376,335 and 2,527,417 , respectively.

Stock options outstanding at March 31, 2026 and 2025 were 7,220,584 and 4,059,300 , respectively.

Accounting Pronouncements Not Yet Adopted

3 unchanged sentences

This standard will be effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 and may be applied either prospectively or retrospectively.

The Company is currently evaluating the impact that this standard may have on its year-end financial statements.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

Accounting Pronouncements Becoming Effective in 2025

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations.

The requirements of ASU 2023-09 are effective for annual periods beginning after December 15, 2024, with early adoption permitted.

The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures.

Reverse Stock Split

On January 23, 2024, the Company filed an amendment to its Certificate of Incorporation and effected a 15.21 -for-1 reverse stock split of its issued and outstanding shares of common stock.

All common stock share and per-share amounts presented in the financial statements and related notes have been retroactively adjusted to reflect the reverse stock split.

(h) License and Collaboration Agreements

The Company is currently evaluating the impact that this standard may have on its financial statements.

(f) License and Collaboration Agreements

The Company analyzes its license and collaborative agreements to assess whether they are within the scope of ASC 808, Collaborative Arrangements (“ASC 808”) to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities.

5 unchanged sentences

Clinical, regulatory, and development milestones are recognized as research and development expense only when such milestones are deemed probable of being achieved.

(i) Comprehensive Loss

Comprehensive loss includes net loss and certain changes in stockholders’ deficit that are excluded from net loss, primarily unrealized gains or losses on the Company’s marketable securities.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

(g) Other Comprehensive Income (Loss)

Other comprehensive income (loss) (“OCI”) consists of expenses, gains, and losses that are excluded from net income under GAAP.

The Company’s OCI includes, when applicable, unrealized gains and losses on available-for-sale debt securities.

Unrealized gains and losses on available-for-sale debt securities are recorded net of tax in accumulated other comprehensive income (loss) (“AOCI”), a component of stockholders’ equity, until realized.

Upon realization, these amounts are reclassified from AOCI into earnings.

Fair Value Measurements

The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values (in thousands):

September 30, 2025

March 31, 2026

Amortized Cost

13 unchanged sentences

Total assets measured at fair value

Cash balances were $ 5.0 million at September 30, 2025 and December 31, 2024, respectively.

Cash balances were $ 21.9 million and $ 5.0 million at March 31, 2026 and December 31, 2025, respectively.

Money market funds are highly liquid investments.

6 unchanged sentences

The inputs into these models may include benchmark yields, reported trades, broker-dealer quotes, issuer spreads and other relevant data.

As of September 30, 2025, $ 274.6 million of our fixed income securities have maturity dates within the next twelve months, and $ 5.1 million have maturities within the next 12 to 24 months.

All securities are considered available for sale.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

As of March 31, 2026, $ 264.3 million of the Company’s fixed income securities have maturity dates within the next twelve months.

All securities are considered available for sale.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

September 30,

Research and development

Professional fees

Tax credit receivable

Accrued Expenses

Accrued expenses consisted of the following (in thousands):

September 30,

Research and development

6 unchanged sentences

In January 2024, the Company adopted the 2024 Employee, Director and Consultant Equity Incentive Plan (the “2024 Plan”) that authorized the Company to grant up to 3,900,000 shares of common stock plus any remaining ungranted or forfeited shares from the 2021 Plan.

As of September 30, 2025, there were 3,469,404 shares available to be granted under the 2024 Plan.

As of March 31, 2026, there were 2,704,257 shares available to be granted under the 2024 Plan.

The Company’s stock options vest based on the terms in the awards agreements and generally vest over four years .

1 unchanged sentence

Three Months Ended

Nine Months Ended

September 30,

Research and development

7 unchanged sentences

Forfeited/Expired

Outstanding as of September 30, 2025

Exercisable as of September 30, 2025

Vested and expected to vest at September 30, 2025

The weighted-average grant-date fair value of options granted in the first nine months of 2025 and 2024 were $ 20.98 and $ 8.53 per share, respectively.

Outstanding as of March 31, 2026

Exercisable as of March 31, 2026

Vested and expected to vest at March 31, 2026

The weighted-average grant-date fair value of options granted in the first three months of 2026 and 2025 were $ 16.98 and $ 22.04 per share, respectively.

The fair value was estimated using the Black-Scholes option-pricing model based on the following assumptions:

Nine Months Ended

September 30,

Three Months Ended

Risk-free interest rate

2 unchanged sentences

Expected term

5.5 - 6.1 years

Expected volatility

96.1 % - 98.3 %

93.1 % - 98.6 %

Expected dividend yield

Estimated fair value of the Company's common stock per share (a)

Estimated fair value of the Company's common stock per share

20.80 - 24.31

(a) Subsequent to the Company’s initial public offering on January 24, 2024, the fair value of common stock is based on the closing market price of common stock at the date of grant.

Unrecognized compensation cost for awards not vested as of September 30, 2025 was $ 41.7 million and will be expensed over a weighted-average period of 2.80 years.

22.03 - 27.56

Unrecognized compensation cost for awards not vested as of March 31, 2026 was $ 82.0 million and will be expensed over a weighted-average period of 3.19 years.

Commitments, Contingencies, and Collaborations

4 unchanged sentences

The upfront payment and the fair value of the common stock issued was recorded to research and development expense in 2021.

Upon the achievement of certain clinical, regulatory and commercial milestones using the licensed technology, the Company is obligated to make future milestone payments to Allist of up to $ 105.0 million in clinical and

Furthermore, royalties, ranging from high single digit to low mid-teen percentages will be payable to Allist on net sales of licensed products in licensed territories.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

regulatory milestones and up to $ 655.0 million in commercial milestones.

Furthermore, royalties, ranging from high single digit to low mid-teen percentages will be payable to Allist on net sales of licensed products in licensed territories.

In connection with the Allist Agreement, in December 2021, the parties also entered into a Joint Clinical Collaboration Agreement (“Clinical Collaboration”) to define the framework under which the parties will cooperate and share costs related to global clinical studies to be conducted jointly by the Company and Allist.

During the nine months ended September 30, 2025 and 2024, the Company incurred $ 0.1 million and $ 0.5 million, respectively, in cost reimbursements to Allist under the Clinical Collaboration which have been recorded as research and development expense.

During the three months ended September 30, 2024, the Company incurred $ 0.3 million in cost reimbursements to Allist under the Clinical Collaboration which have been recorded as research and development expense.

No such payments were made during the three months ended September 30, 2025.

The Company also received cost reimbursements from Allist of $ 0.8 and $ 0.4 million for the three months ended September 30, 2025 and 2024, respectively, which have been recorded as a reduction of research and development expenses.

For the nine months ended September 30, 2025 and 2024, the Company received cost reimbursements from Allist of $ 1.4 and $ 0.8 million, respectively.

Through September 30, 2025, no additional milestones were met or achieved or were probable of achievement.

During the three months ended March 31, 2026 and 2025, the Company incurred $ 0.7 million and $ 0.5 million, respectively, in cost reimbursements to Allist under the Clinical Collaboration which have been recorded as research and development expense.

The Company also received cost reimbursements from Allist of $ 0.3 and $ 0.4 million for the three months ended March 31, 2026 and 2025, respectively, which have been recorded as a reduction of research and development expenses.

The Company incurred $ 5.0 million in clinical milestone payments to Allist during the year ended December 31, 2025.

Through March 31, 2026, no additional milestones were met or achieved or were probable of achievement.

In June 2024, the Company entered into a collaboration agreement with Jiangsu Alphamab Biopharmaceuticals Co., Ltd.

5 unchanged sentences

The upfront payment was recorded to research and development expense during the three-month period ended June 30, 2024.

During the nine months ended September 30, 2025, the Company paid $ 0.1 million in cost reimbursements to Alphamab under the Alphamab Agreement which have been recorded as research and development expense.

Also during the nine months ended September 30, 2025, the Company paid $ 1.2 million upon the approval of a target pair selection, which was likewise included in research and development expense.

No milestones have been met or achieved, or are probable of achievement, since the inception of the agreement.

During the three months ended March 31, 2025, the Company paid $ 0.1 million in cost reimbursements to Alphamab under the Alphamab Agreement which have been recorded as research and development expense.

Finally, during the year ended December 31, 2025, the Company paid $ 1.2 million upon the approval of a target pair selection which was also included in research and development expense.

No such expenses were incurred in the three months ended March 31, 2026.

Through March 31, 2026, no further milestones have been met or achieved, or are probable of achievement, since the inception of the agreement.

In December 2021, the Company entered into a Research Collaboration Agreement, as amended, effective June 30, 2023 (the “Aarvik Collaboration Agreement”), with Aarvik Pharmaceuticals, Inc.

(“Aarvik”), under which the Company is required to pay Aarvik up to $ 3.1 million on statements of work (“SOWs”) and an initiation fee of $ 0.3 million.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

responsibility to research, develop, manufacture and commercialize any applicable compound and product in the field and territory.

After the completion of the SOWs, the Company has an exclusive option to license the Aarvik intellectual property, and the option to acquire certain of Aarvik’s intellectual property, after which it is the Company’s sole responsibility to research, develop, manufacture and commercialize any applicable compound and product in the field and territory.

In August 2024, the Company paid $ 1.0 million to exercise that option, and as a result is now obligated to pay up to $ 18.0 million per product upon the achievement of certain clinical and regulatory milestone events and up to $ 80.0 million per product in commercial milestones.

Additionally, the Company is obligated to pay Aarvik royalties in the mid-single digits based on net sales of licensed products.

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

On August 9, 2024, the Company entered into an amendment and restatement of the Aarvik Collaboration Agreement, as amended on July 2, 2025 (the “Amended and Restated Aarvik Collaboration Agreement”).

Under the Amended and Restated Aarvik Collaboration Agreement, Aarvik granted the Company an exclusive option to obtain exclusive rights to certain of Aarvik’s intellectual property for the research, development, manufacture, use, commercialization, or other exploitation of the ADCs related to (i) the two agreed targets to which the compounds being developed under the collaboration bind, and (ii) the acquisition of exclusive rights to certain intellectual property generated during the collaboration.

ARR-002, a novel tetravalent MUC16/NaPi2b targeting ADC, was discovered through the collaboration with Aarvik.

ArriVent recently announced US IND clearance for ARR-002 and its expectation to initiate a Phase 1 trial and dose a first patient in the second half 2026.

From inception to date, under the Amended and Restated Aarvik Collaboration Agreement, the Company has paid Aarvik a collaboration initiation fee and research fees as provided in the SOWs in an aggregate amount of $ 5.4 million.

The Company incurred $ 0.5 million and $ 3.1 million in research and development expenses related to the Aarvik SOWs during the nine months ended September 30, 2025 and 2024, respectively.

The Company incurred $ 0.2 million and $ 1.9 million in research and development expenses related to the Aarvik SOWs during the three months ended September 30, 2025 and 2024, respectively.

With the exception of the option described above, no milestones have been met or achieved, or are probable of achievement, since the inception of the Aarvik Collaboration Agreement.

The Company incurred $ 0.1 million in research and development expenses related to the Aarvik SOWs during the three months ended March 31, 2025.

No such expenses were incurred during the three months ended March 31, 2026.

No milestones have been met or achieved, or are probable of achievement, since the inception of the Aarvik Collaboration Agreement.

On January 21, 2025, the Company entered into an Exclusive License Agreement (the “Lepu Biopharma Agreement”) with Lepu Biopharma Co., Ltd.

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Under the Lepu Biopharma Agreement, the Company paid Lepu a one-time upfront payment of $ 40 million and, during the three months ended June 30, 2025, the Company paid $ 1.0 million to Lepu for the achievement of the first developmental milestone under the Lepu Biopharma Agreement as it became probable of achievement during the second quarter.

Lepu is eligible to receive near-term milestone payments totaling another $ 6.0 million in cash.

The upfront payment was included in research and development expenses.

Finally, Lepu is eligible to receive payments of up to $ 0.3 billion in development and regulatory milestones, and up to $ 0.89 billion in commercial milestones, and tiered royalties in high single-digit to low-teen percentages on net sales in the ArriVent Territory.

Other than the milestone payment of $ 1.0 million recorded in the second quarter, and the one-time payment noted above, no milestones have been met or achieved, or are probable of achievement, since the inception of the Lepu Biopharma Agreement.

During three and nine months ended September 30, 2025, the Company paid $ 0.5 million and $ 0.7 million, respectively, in research and development expenses related to the Lepu Biopharma Agreement.

During the three months ended March 31, 2026, Lepu earned a $ 6.0 million developmental milestone payment.

No milestones have been met or achieved, or are probable of achievement, subsequent to the developmental milestone noted above.

During three months ended March 31, 2026, the Company incurred an additional $ 0.8 million in research and development expenses related to the Lepu Biopharma Agreement.

No such expenses were incurred during the three months ended March 31, 2025.

ARRIVENT BIOPHARMA, INC.

16 unchanged sentences

Monitoring budgeted versus actual results is used in assessing performance of the segment, establishing cash forecast models and to optimize the distribution of resources across functions, therapeutic areas and research and development programs.

The table below summarizes the significant expense categories regularly provided to the CODM for the nine months ended September 30, 2025 and 2024:

Nine Months Ended September 30,

The table below summarizes the significant expense categories regularly provided to the CODM for the three months ended March 31, 2026 and 2025:

Three Months Ended

(in thousands)

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Under the Sales Agreement, Jefferies may sell shares of the Company’s common stock by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, subject to the terms of the Sales Agreement.

During the nine months ended September 30, 2025, the Company sold 3,973,190 shares of common stock pursuant to the Sales Agreement for total proceeds of $ 87.3 million, net of commissions and other expenses.

As of September 30, 2025, the Company has approximately $ 159.2 million remaining for future issuances of common stock pursuant to the Sales Agreement.

During the three months ended March 31, 2026, the Company sold 2,425,495 shares of common stock pursuant to the Sales Agreement for total proceeds of $ 54.7 million, net of commissions.

As of March 31, 2026, the Company has approximately $ 66.9 million remaining for future issuances of common stock pursuant to the Sales Agreement.

July 2025 Public Offering

1 unchanged sentence

The pre-funded warrants were recorded as a component of shareholders’ equity within additional paid-in-capital and have no expiration date.

As of September 30, 2025, none of the pre-funded warrants have been exercised.

The proceeds to the Company, net of underwriting discounts, commissions, and other expenses were $ 80.6 million.

As of March 31, 2026, 400,000 of the pre-funded warrants have been exercised.

The proceeds to the Company of this July 2025 offering, net of underwriting discounts, commissions, and other expenses were $ 80.5 million.

The pre-funded warrants are exercisable at any time after their original issuance.

1 unchanged sentence

A holder of pre-funded warrants may increase or decrease this percentage to any other percentage not exceeding 19.99 %, in the case of an increase, upon 61 days ’ prior notice to the Company.

As of September 30, 2025, there have been no exercises of pre-funded warrants since their issuance.

On May 8, 2025, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) between the Company, as borrower (the “Borrower”) and Silicon Valley Bank, a Division of First-Citizens Bank & Trust Company (the “Bank”), pursuant to which, the Bank agreed to extend up to $ 75.0 million to the Company (the “Term Loan”), consisting of:

(i) a first tranche commitment of $ 35.0 million to be drawn at the Company’s option, subject to the satisfaction of certain conditions, (ii) a second tranche commitment of up to $ 15.0 million to be drawn at the Company’s option, subject to the satisfaction of certain conditions, and (iii) at the Company’s option, subject to the satisfaction of

ARRIVENT BIOPHARMA, INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

certain conditions, a third tranche commitment of $ 25.0 million.

No amounts have been drawn on this Term Loan as of September 30, 2025.

If not drawn, each tranche commitment is subject to an expiration date.

In March 2026, the Company entered into an amendment of the Loan Agreement in which one of the conditions of the second tranche commitment was eliminated.

No amounts have been drawn on this Term Loan as of March 31, 2026.

The Term Loan matures on March 1, 2030 (or, if the Borrower does not satisfy certain conditions, on March 1, 2029) unless otherwise accelerated following the occurrence and continuation of an event of default pursuant to the terms of the Loan Agreement.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements