ArriVent BioPharma reported that furmonertinib, its EGFR exon 20 insertion inhibitor, missed the primary objective in a Phase 3 study and the stock fell more than 50% in pre-market trading. The company evaluated the pill as first-line monotherapy against chemotherapy. In Jefferies’ referenced expectations, analysts were looking for a clearer progression-free survival improvement over chemotherapy; ArriVent reported a smaller benefit and the results did not achieve statistical significance. The company said it will evaluate the dataset for next steps. The failure removes a potential competitive entrant for a niche that already includes marketed options, including J&J’s Rybrevant and other efforts targeting EGFR exon 20 insertions, and underscores how benchmark-setting effects can shift quickly even in smaller molecular subtypes.