Reports Q1; Interim Data For All-Comer Serous Endometrial In H2:26

Research evidence excerpt

Reports Q1; Interim Data For All-Comer Serous Endometrial In H2:26

Biotechnology

Acrivon Therapeutics

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 14, 2026

Price: $1.92 (05/13/2026) Reports Q1; Interim Data For All-Comer Serous

Price Target: NA Endometrial In H2:26

BUY (1)

ESG SCORE: 67/100

Marc Frahm, Ph.D. THE TD COWEN INSIGHT

646 562 1394

All-comer serous endometrial cancer arms 3/4 enrollment is robust, and a prospective interim

marc.frahm@tdsecurities.com

analysis is expected in H2:26. A second potential pivotal path for '368 in OS+ EC (arm 1) also

Key Data continues to enroll. ACR-2316 (PKMYT1/WEE1i) continues to show activity in unique tumor

Symbol NASDAQ: ACRV types, and dose expansion is expected to begin in 2026. Pro-forma cash of $105MM provides

Beta: 2.02 runway to Q3:27. Remain at Buy.

52-Week Range: $3.01-$1.05

Market Cap: $74.4MM ACR-368: Interim Analysis Of Arm 3/4 in 2H:26

Net Debt (MM): $(115.9)

Acrivon continues to advance ACR-368 (CHK1/2 inhibitor) in its registrationally directed Ph2b

Cash/Share: $(1.70)

study with an increasing focus on serous endometrial cancer (EC), where early data has shown

Dil. Shares Out (MM): 38.5

differentiated activity (52% cORR in serous vs. 22% in non-serous EC). The company has now

Enterprise Value

$(41.9) initiated dosing in Arm 4 (ACR-368 monotherapy) alongside ongoing Arm 3 (ACR-368 + ULDG),(MM):

BV/Share: $3.56 with both enrolling “serous all-comer” patients without a biopsy requirement. Management

Dividend: $0.00 notes that the emerging efficacy data along with the lack of a biopsy requirement has

Yield: 0.0% significantly boosted enrollment trends. The company has also designed a prospective

interim analysis in serous EC that will be triggered across both Arms 3 and 4 once Arm 4 has