Thursday, November 5, 2026

Artiva Biotherapeutics: Busted Biotech

Apologies for the long layoff, I suddenly found myself important at work and have had to reduce my time spent on investing/blogging.  No promises, but I hope to be more active again.  A quick return to blogging post:

Artiva Biotherapeutics (ARTV) (~$210MM market cap) was a development stage biotech focused on its lead asset, AlloNK, a treatment for autoimmune diseases.  This past May, the company raised $300MM to fund AlloNK's development, however things quickly turned tragic when the company announced on 10/27 they were shutting down clinical trials, terminating 94% of their workforce and pursuing strategic alternatives following two deaths occurring in their trial.  

The combination of significant cash on the balance sheet and a complete white flag on development makes this a compelling busted biotech.  Below is my back-of-envelope liquidation math:

RA Capital owns about 38% of the company, a near controlling stake, which could lean towards a reverse merger.  Although, I would expect a reverse merger to include a pre-closing dividend, possibly a CVR (although the IP might not be worth much here) and a PIPE of new investors, the current price of $4.12 provides nice downside protection.

Disclosure: I own shares of ARTV

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1 comment:

  1. ADLNovember 6, 2026 at 5:56 PM

    BCIC, further to some stuff you've been talking about:

    On November 5, 2026, BCP Investment Corporation (the “Company”) issued a press release announcing that it is postponing its third quarter 2026 financial results release and conference call, originally scheduled for November 5, 2026 and November 6, 2026, respectively. The delay allows management additional time to finalize the financial disclosures, regulatory filings, and structural terms related to a potential strategic initiative. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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