SCHEDULE: Sands Capital Maintains 6.8% Stake in Acrivon

Sands Capital Life Sciences Pulse Fund II, L.P. and affiliates reported a 6.8% beneficial ownership stake in Acrivon Therapeutics, Inc.

Summary

• Sands Capital Life Sciences Pulse Fund II, L.P., Sands Capital Alternatives, LLC, and Frank M. Sands (collectively, "Reporting Persons") filed an Amendment No. 3 to Schedule 13G.
• Reporting Persons beneficially own 2,122,605 shares of Common Stock in Acrivon Therapeutics, Inc.
• This ownership represents 6.8% of Acrivon Therapeutics, Inc.'s outstanding Common Stock.
• The percentage is calculated based on 31,355,361 shares outstanding as of May 9, 2025, as reported in Acrivon Therapeutics, Inc.'s Form 10-Q filed on May 14, 2025.
• The shares were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a significant and continued beneficial ownership by a reputable life sciences fund, suggesting ongoing investor confidence in Acrivon Therapeutics. While it's a routine disclosure, the maintenance of a substantial stake is a positive signal.

Positives

• A significant institutional investor, Sands Capital, maintains a substantial 6.8% stake in Acrivon Therapeutics, indicating continued confidence in the company.
• The filing explicitly states the shares were not acquired for the purpose of changing or influencing control, suggesting a passive, long-term investment stance.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements regarding Acrivon Therapeutics, Inc.'s operational or financial performance. It indicates a continued investment by Sands Capital.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Industry Context

This filing reflects an institutional investor's continued significant stake in a biotechnology company. Such routine ownership disclosures provide transparency into major holdings, which can signal investor confidence in the sector or specific company's long-term prospects.

Comparison to Industry Standards

• A 6.8% stake by a specialized life sciences fund like Sands Capital Life Sciences Pulse Fund II, L.P. is a notable position, indicating a significant conviction in Acrivon Therapeutics, Inc.
• Compared to other institutional holdings in early-stage biotechnology companies, a stake of this size often suggests a long-term investment horizon and belief in the company's pipeline or strategic direction.
• Similar funds often take 5-10% stakes in promising biotech firms, aligning with the 6.8% reported here.

Stakeholder Impact

• Shareholders: Provides transparency on a significant institutional holding, potentially reinforcing confidence in the company.
• Management: Awareness of a large, passive institutional investor maintaining a substantial stake.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership by Sands Capital. It indicates a continued, significant stake (6.8%) in Acrivon Therapeutics, Inc., suggesting ongoing confidence from a specialized life sciences fund. However, it does not provide new operational or financial performance data that would warrant a change in investment thesis. The filing explicitly states the shares were not acquired for control purposes, reinforcing a passive investment stance. Therefore, for existing investors, holding the stock is appropriate given the lack of new fundamental information, while new investors should await more comprehensive financial or clinical updates.

Keywords

Acrivon Therapeutics, Sands Capital, Beneficial Ownership, Schedule 13G, Common Stock, Biotechnology Investment, Institutional Investor