Acrivon Therapeutics

Strengths: no material debt and cash runway into Q3‑2027 provide operational visibility across multiple data catalysts. Weaknesses: persistent negative free cash flow and reliance on external capital.

Reported figures: FY‑2025 net loss 77.9 million; cash and investments 118.6 million at Dec 31, 2025; 97.7 million at Mar 31, 2026; ATM proceeds 7.3 million in April 2026; TTM operating cash outflow approximately 64.7 million. Capex is minimal. Net liquidity is adequate but sensitive to trial scale‑up and any delays.