Detailed financial statements for Acrivon Therapeutics, Inc. Common Stock (ACRV): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Acrivon Therapeutics, Inc. operates as a clinical-stage biopharmaceutical company primarily focused on creating oncology treatments. The firm employs a unique strategy to identify patients whose tumors are predicted to be sensitive to specific medications, utilizing its proprietary proteomics-based platform for patient identification. This advanced system, named Acrivon Predictive Precision Proteomics (AP3), serves as a precision medicine tool.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.70, ACRV has negative trailing earnings (P/E not meaningful) and an ROE of -70.14%. Market capitalisation stands at $73M.
Balance sheet quality for ACRV: current ratio of 7.7, net cash position of $115.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $13000 | 0 | 0 | $536000 | $1.0M | $1.4M |
| Gross Profit | -$13000 | 0 | 0 | -$536000 | -$1.0M | -$1.4M |
| Research & Development | $1.9M | $13.7M | $23.9M | $45.5M | $64.0M | $60.0M |
| Selling, General & Admin | $1.3M | $2.5M | $8.7M | $21.2M | $25.2M | $24.1M |
| Operating Expenses | $3.2M | $16.2M | $32.7M | $66.7M | $88.2M | $82.8M |
| Operating Income | -$3.2M | -$16.2M | -$32.7M | -$67.2M | -$89.2M | -$84.1M |
| EBITDA | -$5.3M | -$16.2M | -$30.8M | -$59.9M | -$79.5M | -$76.5M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$5.3M | -$16.2M | -$31.2M | -$60.4M | -$80.6M | -$77.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$5.3M | -$16.2M | -$31.2M | -$60.4M | -$80.6M | -$77.9M |
| EPS | $-0.41 | $-1.26 | $-1.42 | $-2.74 | $-2.10 | $-2.02 |
| EPS (Diluted) | $-0.41 | $-1.26 | $-1.42 | $-2.74 | $-2.10 | $-2.02 |
| Shares Outstanding (Diluted) | $12.9M | $12.9M | $21.9M | $22.1M | $38.3M | $38.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | $911000 | -$383000 | 0 |
| Operating Income | -$19.7M | -$20.1M | -$19.9M | -$18.7M |
| EBITDA | -$17.9M | -$24.8M | -$18.7M | -$17.6M |
| Net Income | -$18.2M | -$19.0M | -$19.0M | -$18.0M |
| EPS | $-0.47 | $-0.49 | $-0.49 | $-0.43 |
| EPS (Diluted) | $-0.47 | $-0.49 | $-0.49 | $-0.43 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.6M | $99.6M | $29.5M | $36.0M | $39.8M | $41.5M |
| Short-term Investments | 0 | 0 | $98.2M | $91.4M | $139.7M | $77.1M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.7M | $100.4M | $132.1M | $129.7M | $181.6M | $120.4M |
| Property, Plant & Equipment | $59000 | $5.8M | $6.9M | $7.9M | $8.0M | $7.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.2M | $106.6M | $181.2M | $138.3M | $196.6M | $129.7M |
| Accounts Payable | $136000 | $964000 | $904000 | $5.0M | $758000 | $2.3M |
| Short-term Debt | $58000 | 0 | 0 | 0 | $1.1M | 0 |
| Total Current Liabilities | $613000 | $2.9M | $6.5M | $13.3M | $17.2M | $15.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $10.6M | $130.4M | $10.8M | $17.1M | $19.8M | $17.2M |
| Retained Earnings | -$8.6M | -$24.9M | -$56.0M | -$116.4M | -$197.0M | -$274.9M |
| Total Equity | -$8.4M | -$23.8M | $170.5M | $121.2M | $176.8M | $112.5M |
| Total Debt | $58000 | $5.6M | $5.0M | $4.6M | $3.6M | $2.7M |
| Net Debt | -$1.5M | -$94.0M | -$122.8M | -$122.8M | -$175.8M | -$115.9M |
| Working Capital | $1.1M | $97.5M | $125.6M | $116.4M | $164.4M | $104.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $35.4M | $41.5M | $34.1M | $41.4M |
| Total Assets | $145.3M | $129.7M | $107.8M | $99.1M |
| Total Liabilities | $16.7M | $17.2M | $12.3M | $12.4M |
| Total Equity | $128.6M | $112.5M | $95.5M | $86.7M |
| Total Debt | $3.0M | $2.7M | $2.4M | $2.1M |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$5.3M | -$16.2M | -$31.2M | -$60.4M | -$80.6M | -$77.9M |
| Depreciation & Amortization | $13000 | $37000 | $364000 | $536000 | $1.0M | $919000 |
| Stock-based Compensation | $3000 | $497000 | $2.2M | $11.6M | $14.3M | $14.7M |
| Change in Working Capital | $317000 | $328000 | -$1.5M | $8.1M | $2.4M | -$2.4M |
| Operating Cash Flow | -$2.8M | -$14.0M | -$30.1M | -$42.6M | -$65.7M | -$63.7M |
| Capital Expenditure | -$15000 | -$238000 | -$2.2M | -$1.3M | -$2.8M | -$1.7M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.8M | -$14.2M | -$32.3M | -$43.9M | -$68.4M | -$65.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$12.3M | -$15.2M | -$20.5M | -$14.9M |
| Capital Expenditure | -$899000 | -$219000 | -$14000 | -$87000 |
| Free Cash Flow | -$13.2M | -$15.5M | -$20.6M | -$14.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $3.9M | $3.1M | $2.2M | $2.2M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -206.1% | -91.9% | -93.8% | -33.4% | +3.3% |
| EPS Growth (YoY) | | -207.3% | -12.7% | -93.0% | +23.4% | +3.8% |
| Shares Change (YoY) | | +0.0% | +69.8% | +0.7% | +73.5% | +0.6% |
| FCF Growth (YoY) | | -404.6% | -127.0% | -36.1% | -55.8% | +4.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.22 | $-1.10 | $-1.47 | $-1.99 | $-1.79 | $-1.70 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.9M | $12.9M | $21.9M | $22.1M | $38.3M | $38.5M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -70.14% |
| Return on Invested Capital | -88.28% |
| Return on Assets | -74.91% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 7.99 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -0.90 |
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -40.59 | -13.21 | -8.11 | -1.80 | -2.87 | -1.19 |
| P/B | -25.53 | -9.02 | 1.48 | 0.90 | 1.30 | 0.82 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |