The stock crash followed ArriVent's disclosure that the FURVENT trial of firmonertinib failed to reach its primary endpoint of progression-free survival in patients with EGFR exon 20 insertion-mutated non-small-cell lung cancer. Following the announcement, shares traded between 50% and 63% below their previous close, reaching a 52-week low of $12.09.

Legal firm SueWallSt, powered by Levi & Korsinsky LLP, has launched an inquiry into whether the company provided investors with misleading information regarding the trial’s prospects. While the company noted secondary-endpoint benefits and no new safety concerns, the market reaction reflects investor concern over the viability of the firm's primary pipeline candidate. The investigation focuses on whether statements made prior to the trial results caused investors to purchase securities at artificially inflated prices.