Artiva Biotherapeutics, Inc.

Previous wording

We are a clinical-stage biotechnology company focused on developing natural killer (NK) cell-based therapies for patients suffering from debilitating autoimmune diseases. Our product candidates are derived from donor cells (allogeneic) rather than a patient’s own cells (autologous) and are pre-manufactured, stored frozen and ready to ship to a patient’s treatment location, making them what we believe to be “off-the-shelf.” Our lead product candidate, AlloNK, is a non-genetically modified, cryopreserved NK cell therapy being evaluated in combination with B-cell targeted monoclonal antibodies (mAbs) in three ongoing clinical trials for the treatment of B-cell driven autoimmune diseases, including a Phase 2a basket trial in multiple autoimmune indications including rheumatoid arthritis (RA) and Sjögren’s disease (SjD) and a basket investigator-initiated trial (IIT) in B-cell driven autoimmune indications.

Current wording

We are a clinical-stage biotechnology company focused on developing off-the-shelf, allogeneic, natural killer (NK) cell-based therapies for patients suffering from debilitating autoimmune diseases. Our product candidates are derived from donor cells (allogeneic) rather than a patient’s own cells (autologous) and are pre-manufactured, stored frozen and ready to ship to a patient’s treatment location, making them what we believe to be “off-the-shelf.” Our lead product candidate, AlloNK, is a non-genetically modified, cryopreserved NK cell therapy being evaluated in combination with B-cell targeted monoclonal antibodies (mAbs) in three ongoing clinical trials for the treatment of B-cell driven autoimmune diseases, including a Phase 2a basket trial in multiple autoimmune indications including rheumatoid arthritis (RA) and Sjögren’s disease (SjD) and a basket investigator-initiated trial (IIT) in B-cell driven autoimmune indications.

Previous wording

Uniform and consistent B-cell depletion in peripheral blood was observed by Day 13 in all 51 patients treated with cyclophosphamide/fludarabine, AlloNK and rituximab who had available samples as of the April 3, 2026 data cutoff. Complete B-cell depletion was observed using a high-sensitivity assay in all 28 RA patients evaluated as of the data cutoff. B-cell reconstitution in all patients treated with AlloNK plus rituximab demonstrated a predominance of naïve/transitional B cells, consistent with the hypothesized B-cell “reset” mechanism.

Current wording

Uniform and consistent B-cell depletion in peripheral blood was observed by Day 13 in all 51 patients treated with cyclophosphamide/fludarabine, AlloNK and rituximab who had available samples as of the April 3, 2026 data cutoff. Complete B-cell depletion was observed using a high-sensitivity assay in all 28 RA patients evaluated as of the data cutoff. A predominance of naïve/transitional B cells was observed in all 13 patients treated with AlloNK plus rituximab who had B-cell reconstitution as of the data cutoff date, consistent with the hypothesized B-cell “reset” mechanism.

Previous wording

Following a recent FDA interaction, we plan to initiate a Phase 3 randomized controlled trial evaluating AlloNK in approximately 150 RA patients who have had an inadequate response to two or more b/tsDMARDs of distinct classes. We have alignment with the FDA on our plans to conduct a single registrational trial design. Patients are expected to be randomized 2:1 to receive AlloNK plus rituximab or rituximab alone, with ACR50 response at six months as the primary efficacy endpoint. Rituximab was selected as the active comparator because it is a component of the proposed AlloNK treatment regimen, is approved for the treatment of RA and has demonstrated ACR50 responses at six months in line with other approved RA therapies. Patients randomized to the rituximab-alone control arm who do not respond are expected to have the opportunity to cross over to the AlloNK plus rituximab arm at six months.

Current wording

Following the recent FDA interaction, we are in the process of initiating a Phase 3 randomized controlled trial evaluating AlloNK in approximately 150 RA patients who have had an inadequate response to two or more b/tsDMARDs of distinct classes. We have alignment with the FDA on our plans to conduct a single registrational trial design. Patients are expected to be randomized 2:1 to receive AlloNK plus rituximab or rituximab alone, with ACR50 response at six months as the primary efficacy endpoint. Rituximab was selected as the active comparator because it is a component of the proposed AlloNK treatment regimen, is approved for the treatment of RA and has demonstrated ACR50 responses at six months in line with other approved RA therapies. Patients randomized to the rituximab-alone control arm who do not respond are expected to have the opportunity to cross over to the AlloNK plus rituximab arm at six months.

Previous wording

Subject to final protocol and regulatory considerations, the trial is expected to be conducted globally across more than 80 sites, including approximately 40 sites already active in our ongoing autoimmune clinical program. We expect to initiate the registrational trial in the second half of 2026 and report primary efficacy data in the second half of 2028, with a potential BLA submission in 2029.

Current wording

Subject to final protocol and regulatory considerations, the trial is expected to be conducted globally across more than 80 sites, including approximately 40 sites already active in our ongoing autoimmune clinical program. We are initiating the registrational trial in the second half of 2026 and expect to report primary efficacy data in the second half of 2028, with a potential BLA submission in 2029.

Previous wording

We commenced our operations in 2019 and have devoted substantially all of our resources to date to organizing and staffing our company, business planning, raising capital, establishing and engaging in collaborations, conducting research and development, advancing and scaling up product candidate manufacturing, establishing cold chain delivery logistics, establishing and protecting our intellectual property portfolio and providing general and administrative support for these activities. From our inception through March 31, 2026, we have raised aggregate gross proceeds of $8.0 million from the issuance and sale of convertible promissory notes, $70.0 million from our Series A convertible preferred stock financings, $120.0 million from our Series B convertible preferred stock financing and $24.4 million from our SAFEs. Additionally, in July 2024, we closed on our IPO, in which we issued and sold 13,920,000 shares of common stock at a public offering price of $12.00 per share. We also sold an additional 1,000,000 shares of common stock upon the partial exercise of the underwriters’ purchase option. The aggregate net proceeds of the IPO, inclusive of the partial exercise of the underwriters’ purchase option and after deducting underwriting discounts, commissions, and offering expenses, was $162.3 million.

Current wording

$70.0 million from our Series A convertible preferred stock financings, $120.0 million from our Series B convertible preferred stock financing and $24.4 million from our SAFEs. Additionally, in July 2024, we closed on our IPO, in which we issued and sold 13,920,000 shares of common stock at a public offering price of $12.00 per share. We also sold an additional 1,000,000 shares of common stock upon the partial exercise of the underwriters’ purchase option. The aggregate net proceeds of the IPO, inclusive of the partial exercise of the underwriters’ purchase option and after deducting underwriting discounts, commissions, and offering expenses, was $162.3 million. In May 2026, we closed on our May 2026 Offering, in which we issued and sold 23,871,526 shares of common stock at a price of $11.52 per share and pre-funded warrants, in lieu of common stock to certain investors, to purchase 2,170,138 shares of common stock at a price of $11.5199 per pre-funded warrant. The net proceeds of the May 2026 Offering, after deducting underwriting discounts, commissions, and offering expenses, was $282.7 million.

Previous wording

We have incurred a net loss of $23.5 million and $20.3 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $354.1 million, cash, cash equivalents and investments of $86.8 million. We expect to continue to incur significant losses for the foreseeable future as we advance our current and future product candidates through preclinical and clinical development, continue to build our operations and transition to operating as a public company. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings or other capital sources, which may include sales of shares of common stock under the Sales Agreement (as defined below) entered into with Leerink Partners LLC in August 2025, or other sources, such as our existing and any future strategic collaborations and other strategic arrangements with third parties. However, we may not be able to raise additional funds or enter into such other arrangements when needed or on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through collaboration or licensing arrangements with third parties or other strategic transactions, we may have to relinquish rights to our intellectual property, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional capital or enter into such arrangements when needed, we could be forced to delay, limit, reduce or terminate our research and development programs or future commercialization efforts, or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.

Current wording

We have incurred a net loss of $48.5 million and $41.6 million during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $379.1 million, cash, cash equivalents and investments of $349.4 million. We expect to continue to incur significant losses for the foreseeable future as we advance our current and future product candidates through preclinical and clinical development, continue to build our operations and transition to operating as a public company. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings or other capital sources, which may include sales of shares of common stock under the Sales Agreement (as defined below) entered into with Leerink Partners LLC in August 2025, or other sources, such as our existing and any future strategic collaborations and other strategic arrangements with third parties. However, we may not be able to raise additional funds or enter into such other arrangements when needed or on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through collaboration or licensing arrangements with third parties or other strategic transactions, we may have to relinquish rights to our intellectual property, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional capital or enter into such arrangements when needed, we could be forced to delay, limit, reduce or terminate our research and development programs or future commercialization efforts, or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.

Previous wording

Other income, net consists primarily of realized gains and losses on investments.

Current wording

Other (expense) income, net consists primarily of interest expense and realized gains/losses on foreign exchange transactions.

Previous wording

Research and development expenses were $19.3 million for the three months ended March 31, 2026, compared to $17.1 million for the three months ended March 31, 2025. The increase of $2.3 million was primarily due to a $2.4 million increase in external research and development expense, partially offset by a $0.1 million decrease in internal research and development expense. The $2.4 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $0.1 million decrease in internal research and development expense is primarily due to a $0.8 million decrease in other operating costs, partially offset by an increase of $0.7 million in personnel-related expenses.

Current wording

Research and development expenses were $41.2 million for the six months ended June 30, 2026, compared to $34.9 million for the six months ended June 30, 2025. The increase of $6.3 million was primarily due to a $5.5 million increase in external research and development expense, and a $0.8 million increase in internal research and development expense. The $5.5 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $0.8 million increase in internal research and development expense is primarily due to a $1.6 million increase in personnel-related expenses, partially offset by a decrease of $0.8 million in other operating costs.

Previous wording

General and Administrative Expenses. General and administrative expenses were $5.1 million for each of the three months ended March 31, 2026 and 2025. Changes included a $0.1 million increase in personnel-related costs, offset by a $0.1 million decrease in other operational and legal costs.

Current wording

General and Administrative Expenses. General and administrative expenses were $10.1 million for each of the six months ended June 30, 2026 and 2025. Changes included a $0.3 million increase in personnel-related costs, offset by a $0.3 million decrease in other operational and legal costs.

Previous wording

Other Income, Net. Other income, net was $0.9 million for the three months ended March 31, 2026, compared to other income, net of $1.9 million for the three months ended March 31, 2025. The decrease of $0.9 million was primarily due to a decrease in interest income due to higher investment balances in 2025.

Current wording

Other Income, Net. Other income, net was $2.8 million for the six months ended June 30, 2026, compared to other income, net of $3.4 million for the six months ended June 30, 2025. The decrease of $0.6 million was primarily due to a decrease in interest income due to overall higher average investment balances during the six months ended June 30, 2025.

Previous wording

Unrealized (Loss) Gain on Investments, Net. Unrealized loss on investments was $0.1 million for the three months ended March 31, 2026, compared to an unrealized gain of $0.1 million for the three months ended March 31, 2025. The decrease between periods of $0.3 million was due to the change in fair value of investments.

Current wording

Unrealized (Loss) Gain on Investments, Net. Unrealized loss on investments was $0.1 million for the six months ended June 30, 2026, compared to an unrealized gain of $0.1 million for the six months ended June 30, 2025. The decrease between periods of $0.3 million was due to the change in fair value of investments.

Previous wording

We have incurred net losses and negative cash flows from operations since our inception and expect to continue to incur significant and increasing operating losses for the foreseeable future. We have never generated any revenue from product sales and do not expect to generate any revenues from product sales unless and until we successfully complete development of and obtain regulatory approval for our product candidates, which will not be for several years, if ever. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. From our inception through March 31, 2026, we have raised aggregate gross proceeds of $441.8 million to fund our operations, comprised primarily of proceeds received from the IPO, including proceeds from the underwriters’ partial exercise of their overallotment option, our issuance of convertible promissory notes, SAFEs, private placements of our convertible preferred stock, and funds received from collaboration arrangements. As of March 31, 2026, we had cash, cash equivalents and investments of $86.8 million, and an accumulated deficit of $354.1 million. Based on our current operating plans, we expect our existing cash, cash equivalents and investments will be sufficient to fund our planned operating expenses and capital expenditure requirements into the second quarter of 2027. Our total future capital requirements will depend on many factors and is subject to the risks and uncertainties set forth in the section titled “Risk Factors.”

Current wording

We have incurred net losses and negative cash flows from operations since our inception and expect to continue to incur significant and increasing operating losses for the foreseeable future. We have never generated any revenue from product sales and do not expect to generate any revenues from product sales unless and until we successfully complete development of and obtain regulatory approval for our product candidates, which will not be for several years, if ever. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. From our inception through June 30, 2026, we have raised aggregate gross proceeds of $741.9 million to fund our operations, comprised primarily of proceeds received from the IPO, including proceeds from the underwriters’ partial exercise of their overallotment option, proceeds received from the May 2026 Offering, our issuance of convertible promissory notes, SAFEs, private placements of our convertible preferred stock, and funds received from collaboration arrangements. As of June 30, 2026, we had cash, cash equivalents and investments of $349.4 million, and an accumulated deficit of $379.1 million. Based on our current operating plans, we expect our existing cash, cash equivalents and investments will be sufficient to fund our planned operating expenses and capital expenditure requirements into 2029. Our total future capital requirements will depend on many factors and is subject to the risks and uncertainties set forth in the section titled “Risk Factors.”

Previous wording

In August 2025, we entered into a sales agreement (the Sales Agreement) with Leerink Partners LLC (the Agent or Leerink Partners), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $11,950,000 in “at the market” offerings (the ATM Offering Program) through the Agent. Sales of the shares of common stock will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. We will pay a commission to the Agent of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. No shares of common stock were sold under the ATM Offering Program during the three months ended March 31, 2026.

Current wording

In August 2025, we entered into a sales agreement (the Sales Agreement) with Leerink Partners LLC (the Agent or Leerink Partners), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $11,950,000 in “at the market” offerings (the ATM Offering Program) through the Agent. Sales of the shares of common stock will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. We will pay a commission to the Agent of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. In May 2026, we suspended the ATM Offering Program, though the Sales Agreement remains in full force and effect. No shares of common stock were sold under the ATM Offering Program during the three and six months ended June 30, 2026.

Previous wording

The following table sets forth a summary of the net cash flow activity for the three months ended March 31, 2026, and 2025 (in thousands):

Current wording

The following table sets forth a summary of the net cash flow activity for the six months ended June 30, 2026, and 2025 (in thousands):

Previous wording

Net cash used in operating activities for the three months ended March 31, 2026, was $21.0 million, consisting primarily of our net loss incurred during the period of $23.5 million, partially offset by $2.1 million of net non-cash charges and $0.5 million of net changes in operating assets and liabilities. Net non-cash charges consisted of $1.6 million in stock-based compensation expense, $0.7 million in depreciation and amortization expense, partially offset by $0.2 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $4.0 million decrease in accrued expenses, a $2.6 million decrease in prepaid expense and other current assets, a $1.8 million increase in accounts payable, and a $0.1 million decrease in receivables.

Current wording

Net cash used in operating activities for the six months ended June 30, 2026, was $41.3 million, consisting primarily of our net loss incurred during the period of $48.5 million, partially offset by $4.5 million of net non-cash charges and $2.7 million of net changes in operating assets and liabilities. Net non-cash charges consisted of $3.5 million in stock-based compensation expense, $1.3 million in depreciation and amortization expense, partially offset by $0.3 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $1.9 million decrease in prepaid expense and other current assets, a $1.0 million increase in accounts payable, and a $0.2 million change in other net balance sheet assets and liabilities.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2025, was $19.8 million, consisting primarily of our net loss incurred during the period of $20.3 million, partially offset by $2.0 million of non-cash charges. Non-cash charges consisted of $2.1 million in stock-based compensation expense, $0.7 million of accretion of discounts on investments, and $0.6 million in depreciation and amortization expense. Changes in operating assets and liabilities included a $0.9 million decrease in accrued expenses, a $0.8 million increase in prepaid expense and other current assets, and a $0.2 million change in other net balance sheet assets and liabilities.

Current wording

Net cash used in operating activities for the six months ended June 30, 2025, was $42.8 million, consisting primarily of our net loss incurred during the period of $41.6 million and net changes in operating assets and liabilities of $4.9 million, partially offset by $3.6 million of net non-cash charges. Net non-cash charges consisted of $3.6 million in stock-based compensation expense, $1.2 million in depreciation and amortization expense, partially offset by $1.2 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $3.6 million increase in prepaid expense and other current assets, a $1.5 million decrease in accrued expenses, and a $0.2 million change in other net balance sheet assets and liabilities.

Previous wording

Net cash provided by investing activities for the three months ended March 31, 2026, was $15.3 million related to $22.0 million in maturities of investments, partially offset by $6.4 million in purchases of investments and $0.2 million in purchases of property and equipment.

Current wording

Net cash provided by investing activities for the six months ended June 30, 2026, was $32.9 million related to $40.0 million in maturities of investments, partially offset by $6.4 million in purchases of investments and $0.7 million in purchases of property and equipment.

Previous wording

Net cash provided by investing activities for the three months ended March 31, 2025, was $10.0 million related to $29.0 million in maturities of investments, partially offset by $18.5 million in purchases of investments and $0.5 million in purchases of property and equipment.

Current wording

Net cash provided by investing activities for the six months ended June 30, 2025, was $31.1 million related to $57.3 million in maturities of investments, partially offset by $24.6 million in purchases of investments and $1.6 million in purchases of property and equipment.

Previous wording

Net cash used in financing activities for the three months ended March 31, 2026, was $0.1 million primarily related to $0.2 million in financing lease payments and payments to taxing authorities related to net-settlement of vested RSUs, partially offset by $0.1 million in cash received for stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP).

Current wording

Net cash provided by financing activities for the six months ended June 30, 2026, was $283.2 million primarily related to $300.0 million in gross proceeds received from the May 2026 Offering and $0.2 million in cash received for stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP), partially offset by $16.8 million in issuance costs paid for the May 2026 Offering and $0.2 million in payments to taxing authorities related to net-settlement of vested RSUs.

Previous wording

Net cash provided by financing activities for the three months ended March 31, 2025, was $0.2 million primarily related to cash received from stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP).

Current wording

Net cash provided by financing activities for the six months ended June 30, 2025, was $0.2 million primarily related to cash received from stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP).

Previous wording

We leased certain office space in San Diego, California, under a non-cancelable operating lease, with a term through December 2025 (the Executive Drive Lease). The Executive Drive Lease commenced on December 23, 2019, with a six-year initial term and included aggregate payments to the lessor of approximately $2.8 million. The Executive Drive Lease also provided for rent abatements and scheduled increases in base rent. In connection with the lease, we made a one-time cash security deposit in the amount of $0.4 million, of which $0.2 million was refunded in October 2021 and the remaining $0.2 million was refunded in March 2026. The

Current wording

We leased certain office space in San Diego, California, under a non-cancelable operating lease, with a term through December 2025 (the Executive Drive Lease). The Executive Drive Lease commenced on December 23, 2019, with a six-year initial term and included aggregate payments to the lessor of approximately $2.8 million. The Executive Drive Lease also provided for rent abatements and scheduled increases in base rent. In connection with the lease, we made a one-time cash security deposit in the amount of $0.4 million, of which $0.2 million was refunded in October 2021 and the remaining $0.2 million was refunded in March 2026. The Executive Drive Lease included a renewal option, which included an option to renew for five additional years. We did not exercise the option and, as such, the Executive Drive Lease terminated in December 2025.

Previous wording

As of March 31, 2026, we have future remaining operating lease payments of $11.7 million relating to leases we have recognized in the condensed balance sheets, of which $2.3 million is payable before December 31, 2026.

Current wording

As of June 30, 2026, we have future minimum obligations under the Company's operating leases of $11.1 million relating to leases we have recognized in the condensed balance sheets, of which $1.7 million is payable before December 31, 2026.