Artiva Biotherapeutics, Inc. (Nasdaq: ARTV) announced its third-quarter 2024 financial results and provided an update on its clinical programs, particularly focusing on AlloNK® (AB-101) for autoimmune diseases. The company is advancing AlloNK® in clinical trials and has strengthened its leadership team to support these efforts.
AlloNK® Clinical Development
Artiva initiated treatment of the first patient in an investigator-initiated basket trial (IIT) in August 2024. This trial is evaluating the safety, tolerability, and clinical activity of AlloNK® 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 in a community rheumatology clinic, Integral Rheumatology & Immunology Specialists, demonstrating the potential to broaden AlloNK® accessibility.
AlloNK® is also being evaluated in an Artiva-sponsored Phase 1/1b trial in combination with rituximab or obinutuzumab for the treatment of SLE, including patients with and without lupus nephritis. Initial data from these autoimmune indications are expected in the first half of 2025.
Corporate and Financial Highlights
In October 2024, Artiva expanded its Board of Directors with the appointment of Alison Moore, Ph.D., as an independent member. Dr. Moore brings over 25 years of experience in the biotechnology and pharmaceutical industry, with extensive expertise in cell therapy manufacturing. She previously served as CTO of Allogene Therapeutics and currently holds the position of CTO at Codexis Inc.
Artiva completed an upsized $179.0 million initial public offering in July 2024, selling 14,920,000 shares of its common stock at $12.00 per share, including the partial exercise of the overallotment option.
As of September 30, 2024, Artiva reported cash, cash equivalents, and investments of $199.6 million, which are expected to fund operations through at least the end of 2026 and key clinical data milestones.
Third Quarter 2024 Financial Results
Collaboration revenue for the third quarter of 2024 was $0, compared to $26.7 million for the same period in 2023. The prior year's revenues were related to the Merck Sharpe & Dohme Corp. collaboration, which was terminated in October 2023.
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 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.
Net loss totaled $17.5 million for the three months ending September 30, 2024, compared to net income of $11.3 million for the three months ending September 30, 2023. This includes non-cash stock-based compensation expense of $1.9 million and $1.4 million for the respective periods.
"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."
