ArriVent BioPharma files for up to $250,000,000 in at-the-market stock sales

ArriVent BioPharma, Inc. (Nasdaq: AVBP) filed a prospectus supplement on May 11, 2026, covering an at-the-market stock program of up to $250,000,000. The shares may be sold from time to time through Jefferies LLC as sales agent. The supplement sits under the company's automatic shelf registration on Form S-3ASR, file number 333-284661, which became effective when it was filed on February 3, 2025.

In a Form 8-K filed the same day, ArriVent says the program runs under an Open Market Sale Agreement with Jefferies dated February 3, 2025. The 8-K says that agreement is incorporated by reference from an exhibit to the registration statement rather than filed again.

Terms of the program

Jefferies is not required to sell any specific amount. It will act as sales agent using commercially reasonable efforts, consistent with its normal trading and sales practices. Its commission is up to 3.0% of the gross sales price of common stock sold. The supplement says no funds will be received in an escrow, trust or similar arrangement.

Jefferies is the only sales agent named. The supplement also says Jefferies will be deemed an "underwriter" under the Securities Act, with its compensation treated as underwriting commissions or discounts, and ArriVent agreed to indemnification and contribution for certain liabilities. The 8-K does not report any sales under the program.

The common stock trades on The Nasdaq Global Market under the symbol AVBP. The share count after the offering is based on 45,308,941 shares issued and outstanding as of March 31, 2026. It excludes 7,220,584 shares issuable on exercise of stock options outstanding on that date. The supplement says the actual count after the offering will depend on how many shares are sold and at what prices.

Use of proceeds and the risks

ArriVent says it intends to use the net proceeds, together with existing cash resources, to support its activities for firmonertinib and its other pipeline programs, and for working capital and other general corporate purposes. The supplement's risk factors say management will have broad discretion over the proceeds.

The company and its finances

ArriVent describes itself as a clinical-stage biopharmaceutical company. Its lead product candidate is firmonertinib, which is in pivotal Phase 3 trials in first-line EGFR-mutated non-small cell lung cancer, including the exon 20 insertion and PACC mutation populations. The annual report filed on March 5, 2026 says the FDA granted firmonertinib Breakthrough Therapy Designation for first-line EGFR-mutated NSCLC with exon 20 insertion in October 2023. The company's pipeline also includes ARR-217, an antibody drug conjugate in a Phase 1 trial in solid tumors.

The annual report says the FDA has not approved firmonertinib for any use. It is approved only in China, where Allist sells it. The evidence so far is early: an interim Phase 1b readout run by Allist in China, in which 79% of 28 first-line patients at 240 mg had a tumor reduction of at least 30%, and a Phase 1b PACC analysis with a confirmed response rate of 68.2% in 22 first-line patients. The annual report itself says interim results may not be indicative of final results. It expects topline results from the Phase 3 FURVENT trial in mid-2026.

The annual report shows a net loss of $166.3 million for 2025, up from $80.5 million in 2024. Cash used in operations was $160.6 million in 2025, against $70.2 million in 2024. Research and development expense was $153.4 million in 2025 and $79.0 million in 2024. At the end of 2024, cash and cash equivalents were $74.3 million and short-term investments were $144.6 million.

The 8-K does not state a cash balance as of a date in 2026, and it reports no results from the company's trials.

Who is named

Jefferies LLC is the sales agent. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., of Boston, Massachusetts, is the company's counsel. It is named to pass upon the validity of the securities, and the 8-K files its opinion as Exhibit 5.1. The supplement's experts section cites financial statements as of December 31, 2024 and for the year then ended, audited by KPMG LLP. The 8-K names no placement agent or financial adviser, and it names no counsel for Jefferies.

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