Arvinas Announces Q1 2024 Financial Results and Corporate Update

Arvinas, Inc., a clinical-stage biotechnology company focused on developing a new class of drugs based on targeted protein degradation, recently shared its financial results for the first quarter ending March 31, 2024, along with a corporate update. The company is advancing its pipeline with significant progress in multiple clinical studies and strategic transactions.

Key highlights from Arvinas' first quarter include a pivotal agreement with Novartis and notable advancements in its clinical programs. The collaboration with Novartis involves an exclusive license for ARV-766, a PROTAC androgen receptor degrader for prostate cancer, and the sale of Arvinas' preclinical AR-V7 program. This deal provides Arvinas with an upfront payment of $150 million, with potential milestone payments and royalties amounting to an additional $1.01 billion.

Arvinas is also making strides in its oncology pipeline. The company completed enrollment for the study lead-in phase of the VERITAC-3 Phase 3 clinical trial of vepdegestrant, an estrogen receptor degrader, combined with palbociclib for first-line treatment of ER+/HER2- metastatic breast cancer. Additionally, the U.S. Food and Drug Administration (FDA) granted Fast Track designation for the investigation of vepdegestrant in the treatment of ER+/HER2- metastatic breast cancer. The company also initiated dosing in a Phase 1b/2 trial of vepdegestrant combined with Pfizer's CDK4 inhibitor, atirmociclib, and another trial with the CDK7 inhibitor, samuraciclib. Vepdegestrant is further being evaluated in combination with abemaciclib as part of the I-SPY-2 Endocrine Optimization Platform study.

In the neuroscience field, Arvinas initiated dosing in its first-in-human Phase 1 clinical trial for ARV-102, a PROTAC degrader targeting leucine-rich repeat kinase 2 (LRRK2) for neurodegenerative diseases like idiopathic Parkinson's disease and progressive supranuclear palsy.

The company also experienced several corporate developments, including the appointment of Noah Berkowitz, M.D., Ph.D., as Chief Medical Officer, and Jared Freedberg, J.D., as General Counsel. Additionally, Sean Cassidy resigned as Chief Financial Officer and Treasurer, with Randy Teel, Ph.D., taking on the role of Chief Business Officer while continuing to serve as Interim Chief Financial Officer and Treasurer.

Arvinas outlined several anticipated milestones for the upcoming periods. This includes completing enrollment and announcing top-line data for the VERITAC-2 Phase 3 trial for metastatic breast cancer in the second half of 2024. They also aim to determine the recommended Phase 3 dose of palbociclib for combination therapy in the VERITAC-3 trial. Continued enrollment in ongoing Phase 1b/2 clinical trials with vepdegestrant, and initiating discussions with regulatory authorities for further Phase 3 trials, are also on the agenda. Furthermore, the company plans to initiate a Phase 1 clinical trial for ARV-393, targeting BCL6 in B-cell lymphomas by mid-2024.

Financially, Arvinas reported cash, cash equivalents, and marketable securities totaling $1,174.8 million as of March 31, 2024, down from $1,266.5 million at the end of 2023. This decrease was primarily attributed to operational cash usage. Research and development expenses for the first quarter were $84.3 million, compared to $95.3 million the previous year, while general and administrative expenses were slightly down from $24.9 million to $24.3 million. Revenues for the quarter stood at $25.3 million, down from $32.5 million the previous year, mainly due to decreased revenue from the vepdegestrant collaboration agreement with Pfizer.

In summary, Arvinas is advancing its clinical programs and strategic partnerships, particularly in oncology and neurodegenerative diseases, while maintaining a strong financial position to support its ongoing and future operations.