Acrivon Therapeutics

Positive: a 2024 PIPE raised roughly 130 million at a premium to market, extending runway; CLIA build‑out internalizes a critical capability that could be a long‑term asset.

Neutral-to-negative: an April 2026 ATM at lower prices raised 7.3 million and the company seeks to add 3.0 million shares to its 2022 equity plan, reflecting ongoing dilution needs. R&D focus and the expiration of Lilly’s right of first negotiation in 2025 provide optionality to partner if data cooperate.

Overall, execution is pragmatic for a small biotech, but shareholder dilution risk is notable.