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what it is
It builds cancer drugs and a test that tries to match each patient to the right drug.
how it gets paid
FY2025 $0 collaboration / product revenue (R&D-stage). Cash, cash equivalents, and marketable securities ~$118.6M at Dec 31, 2025; company funds operations into Q2 2027 on stated assumptions.
what just happened
Q4’25 GAAP EPS ~$(0.49); FY2025 net loss ~$77.9M (per Mar 2026 earnings materials). Internal CLIA lab certified Feb 18, 2026.
At a glance
C++ balance sheet — some cracks in the foundation
~$(0.49) Q4’25 GAAP EPS
1.3 beta
~$51M market cap
small cap
xvary composite: 32/100 — weak
What they do
It builds cancer drugs and a test that tries to match each patient to the right drug.
AP3 is a tumor filter. It tries to hand ACR-368 only to tumors predicted to respond, so you are not spraying one drug across every cancer and hoping for mercy. That matters because the company has 75 employees, 1 lead candidate in Phase 2, and a test that decides who gets the shot. If AP3 misses or the trial misses, the moat goes with it.
How they make money
$0
FY2025 revenue · clinical-stage oncology; no marketed product yet
reported revenue (FY2025)
$0
GAAP
Q4/FY2025: company earnings materials (Mar 19–20, 2026); CLIA lab: Acrivon IR Feb 18, 2026.
The products that matter
predictive oncology platform
AP3 Platform
$51M valuation rides on it
This is the entire thesis. The market is giving the company a $51M valuation while asking one question: does AP3 actually improve patient selection enough to matter in the clinic.
core thesis
internal diagnostic testing
Internal CLIA Lab
CLIA certified · feb 18, 2026
Massachusetts CLIA certification announced Feb 18, 2026—full operational ramp is a 2026 story, not instant P&L help. In-house AP3 workflow reduces vendor dependency but burns cash pre-revenue.
execution layer
clinical pipeline execution
Oncology Programs
no commercial sales
There is no marketed drug carrying the income statement today. Until that changes, every program is really a test of whether the platform can turn biology into something investors will fund.
binary
Key numbers
$(0.49)
Q4’25 GAAP EPS
~$118.6M
cash + securities
n/a
trailing p/e
n/a
dividend yield
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $2M (3% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ACRV right now.
source: institutional data · return history unavailable
What just happened
Q4 / FY2025
Q4’25 GAAP EPS ~$(0.49); FY2025 net loss ~$77.9M; revenue $0. Cash + marketable securities ~$118.6M at year-end.
Still pre-revenue at the GAAP line—financing + AP3/ACR-368 clinical execution drive the equity. Runway into Q2 2027 on disclosed assumptions (see release).
$0
FY2025 revenue
$(0.49)
Q4’25 EPS
~$118.6M
cash (YE ’25)
the number that mattered
Cash runway vs. Phase 2b spend on ACR-368—and whether AP3 patient selection shows up in registrational data.
source: Acrivon Q4/FY2025 earnings materials (Mar 19–20, 2026) — ir.acrivon.com
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What could go wrong
the #1 risk here is AP3 platform validation — because without credible clinical proof, you do not have a moat, a product engine, or a reason for the market to care about book value.
med
AP3 fails the real test
Everything flows from the platform's ability to identify the right patients. If future data does not confirm predictive power, the company stops looking like an underfollowed precision-oncology name and starts looking like a science project with a ticker.
Impact: the entire $51M valuation is tied to a platform the market still treats as unproven.
med
Cash burn outruns credibility
There is still essentially no GAAP revenue, FY2025 losses are large (~$77.9M net loss), and the balance sheet grade is C++. One quarter’s EPS does not remove funding risk for trials, labs, and operations.
Impact: if capital has to be raised before better data arrives, existing shareholders may fund the next chapter on worse terms.
med
The stock keeps trading like a binary event
Price stability is 5/100, beta is 1.3, and the 52-week range runs from $1 to $6. That is not normal business volatility. That is a market telling you conviction arrives late and leaves fast.
Impact: even correct long-term science can come with brutal short-term drawdowns.
A failed validation path would pressure 100% of the current equity story, because 100% of the business is still pre-revenue.
source: institutional data · regulatory filings · risk analysis
Pay attention to
clinical
AP3 data that actually changes minds
The next meaningful readout is not just another biotech update. It is the only thing that can turn a $51M market cap and a 71% discount to book into something other than market disbelief.
balance sheet
Cash runway versus trial pace
With no revenue and a C++ balance sheet grade, every quarter is partly a financing update. If operating progress arrives slower than cash usage, the stock can get cheaper for reasons that have nothing to do with biology.
operations
What the Feb 2026 CLIA lab launch enables
In-house testing should tighten execution around AP3. What you want next is evidence that the lab is speeding enrollment, supporting better assay control, or making trial logistics cleaner.
sentiment
Whether analyst optimism stops lagging the stock
Zacks upgraded ACRV to #2 on Mar 3, 2026. Nice. But the stock is still priced like trust has not shown up yet. Watch for sentiment and price to agree for once.
Analyst rankings
zacks rank
#2
Buy rating as of Mar 3, 2026. In human-speak, at least one ranking model thinks the short-term setup improved.
risk rank
5
Safer than 5% of stocks. Translation: this sits near the risky end of the public-market spectrum.
price stability
5 / 100
A stability score this low means the chart is reacting to catalysts, not rewarding consistency.
source: institutional data
Institutional activity
institutional ownership data for ACRV is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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