B. Riley Securities initiated coverage on Wednesday on

B. Riley Securities周三开始覆盖

ArriVent Biopharma, Inc

阿瑞文生物制药公司

.

。

AVBP

AVBP

, a clinical-stage biopharmaceutical focused on

，一家专注于临床阶段的生物制药公司

developing cancer treatment

开发癌症治疗方案

.

。

The company’s lead drug candidate, firmonertinib is currently being studied in a global FURVENT Phase 3 trial for first-line non-small cell lung cancer (NSCLC) patients with EGFR exon 20 insertion mutations and in a global Phase 1b study, which includes a cohort evaluating firmonertinib in patients with epidermal growth factor receptor (EGFR) P-loop and alpha-c helix compressing (PACC) mutations..

该公司的主要候选药物Firmonertinib目前正在全球FURVENT III期试验中进行研究，用于一线治疗EGFR第20外显子插入突变的非小细胞肺癌（NSCLC）患者，并在全球Ib期研究中进行评估，其中包括一个队列评估Firmonertinib在表皮生长因子受体（EGFR）P-loop和α螺旋压缩（PACC）突变患者中的效果。

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In addition, firmonertinib is also being studied in a clinical combination study targeting advanced or metastatic NSCLC patients with EGFR classical mutations.

此外，Firmonertinib 还在一项针对携带 EGFR 经典突变的晚期或转移性 NSCLC 患者的临床联合研究中进行研究。

In September 2024, ArriVent presented interim Phase 1b data for first-line firmonertinib monotherapy in NSCLC patients with EGFR PACC mutations. The data demonstrated robust systemic and CNS anti-tumor activity with a

2024年9月，ArriVent公布了firmonertinib单药一线治疗EGFR PACC突变NSCLC患者的1b期中期数据。数据显示，该药物在全身和中枢神经系统（CNS）中均表现出强大的抗肿瘤活性。

manageable safety profile

可控的安全性概况

.

。

The B. Riley analyst writes firmonertinib is designed to tackle NSCLC with EGFR exon 20 insertion (ex20ins) and PACC mutation — a market that accounts for ~4% of all NSCLC cases.

B. Riley的分析师写道，firmonertinib旨在针对EGFR外显子20插入（ex20ins）和PACC突变的非小细胞肺癌（NSCLC），这一市场约占所有NSCLC病例的4%。

Analyst

分析师

Kalpit Patel

卡尔皮特·帕特尔

estimates firmonertinib could serve as a superior treatment in the potential ~$700 million/year market for ex20ins NSCLC with three key advantages, namely oral administration, brain penetration and better tolerability.

估计firmonertinib可作为潜在的每年约7亿美元的ex20ins非小细胞肺癌市场的更优治疗方案，具有三个关键优势，即口服给药、血脑屏障穿透和更好的耐受性。

With a Phase 3 clinical catalyst expected this year for ex20ins NSCLC, B. Riley sees the potential for 50%–100% upside ahead if the pivotal study replicates prior data.

随着今年预计将迎来ex20ins NSCLC的III期临床催化剂，B. Riley认为，如果关键研究能够复制先前的数据，未来可能会有50%-100%的上涨空间。

The analyst initiated with a Buy rating and a

分析师给出了买入评级，并且

price target of $37

目标价格为37美元

.

。

“While investors are likely focused on ex20ins NSCLC near term, we believe expansion into PACC mutations represents a significantly undervalued opportunity, as these account for ~12% of all EGFR mutations,” the analyst writes.

“虽然投资者可能短期内重点关注 ex20ins NSCLC，但我们认为向 PACC 突变的扩展代表了一个被显著低估的机会，因为这些突变约占所有 EGFR 突变的 12%。”分析师写道。

Analyst Patel adds that although ~40% of mutations are adequately treated with Boehringer Ingelheim’s Gilotrif (afatinib), the other 60% use chemotherapy, which offers limited clinical benefit.

分析师帕特尔补充说，虽然约40%的突变可以使用勃林格殷格翰公司的Gilotrif（阿法替尼）进行充分治疗，但其余60%使用化疗，其临床效益有限。

B. Riley writes that firmonertinib is currently the only EGFR TKI with demonstrated activity across a broad spectrum of PACC mutations, including frequent and rare subtypes.

B. Riley写道，Firmonertinib目前是唯一一种在广泛的PACC突变中显示出活性的EGFR TKI，包括常见和罕见亚型。

“We believe firmonertinib is well positioned against competing EGFR inhibitors in both ex20ins and PACC NSCLC,” B. Riley notes.

“我们相信，Firmonertinib在ex20ins和PACC非小细胞肺癌中，相对于其他EGFR抑制剂具有良好的定位，”B. Riley指出。

The company ended 2024 with cash and cash

公司以现金和现金结束了 2024 年

equivalents of $266.5 million

2.665亿美元的等值

.

。

AVBP Price Action:

AVBP价格走势：

ArriVent Biopharma stock is up 0.56% at $19.71 at publication Thursday.

ArriVent生物制药公司的股票在周四发布时上涨了0.56%，达到19.71美元。

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Photo: Shutterstock

照片来源：Shutterstock

AVBP

AVBP

ArriVent BioPharma Inc

阿瑞文特生物制药公司

$19.71

19.71美元

0.56

0.56

%

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