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Phase 3 EFZO-FIT™ study of efzofitimod in pulmonary sarcoidosis anticipated to complete enrollment in the second quarter of 2024. Company launches Individual Patient Expanded Access Program (EAP), allowing access to efzofitimod for patients who complete EFZO-FIT™. Phase 2 EFZO-CONNECT™ study of efzofitimod in SSc-ILD currently enrolling. Ended 2023 with $101.7 million in cash, cash equivalents and investments. Company to host conference call and webcast today, March 14th, at 5:00 p.m. EDT / 2:00 p.m. PDT. SAN DIEGO, March 14, 2024 (GLOBE NEWSWIRE) -- aTyr Pharma, Inc. (Nasdaq: LIFE) (“aTyr” or the “Company”), a clinical stage biotechnology company engaged in the discovery and development of first-in-class medicines from its proprietary tRNA synthetase platform, today announced fourth quarter and full year 2023 results and provided a corporate update. “Throughout 2023 we made meaningful progress with our clinical development program for our lead therapeutic candidate, efzofitimod, in interstitial lung disease (ILD),” said Sanjay S. Shukla, M.D., M.S., President and Chief Executive Officer of aTyr. “Our primary focus for 2024 is completing enrollment in our global pivotal Phase 3 EFZO-FIT™ study in patients with pulmonary sarcoidosis, a major form of ILD, which is anticipated in the second quarter.” “We ended 2023 with more than $100 million in cash, restricted cash, cash equivalents and investments. Based on our current cash position and operational plans, we believe our financial resources are sufficient to fund the Company’s operations through the filing of a Biologics License Application (BLA) for efzofitimod in pulmonary sarcoidosis." Fourth Quarter 2023 and Subsequent Period Highlights Continued enrollment in the global pivotal Phase 3 EFZO-FIT™ study to evaluate the efficacy and safety of efzofitimod in patients with pulmonary sarcoidosis. This is a randomized, double-blind, placebo-controlled, 52-week study consisting of three parallel cohorts randomized equally to either 3.0 mg/kg or 5.0 mg/kg of efzofitimod or placebo dosed intravenously monthly for a total of 12 doses. The study intends to enroll up to 264 patients with pulmonary sarcoidosis. The study is currently enrolling at more than 90 centers in 9 countries. A positive data and safety monitoring board review assessed that the study could continue unmodified. Based on current enrollment projections, the Company anticipates completing enrollment in the study in the second quarter of 2024.Announced an Individual Patient Expanded Access Program (EAP) for efzofitimod for patients with pulmonary sarcoidosis. The EAP has been initiated based on blinded EFZO-FIT™ study investigator and patient participant feedback. The program is designed to allow access for patients who complete the Phase 3 EFZO-FIT™ study and wish to receive treatment with efzofitimod outside of the clinical trial.Continued enrollment in the Phase 2 EFZO-CONNECT™ study to evaluate the efficacy, safety and tolerability of efzofitimod in patients with SSc-ILD. This proof-of-concept study is a randomized, double-blind, placebo-controlled, 28-week study consisting of three parallel cohorts randomized 2:2:1 to either 270 mg or 450 mg of efzofitimod or placebo dosed intravenously monthly for a total of 6 doses. The study intends to enroll up to 25 patients with SSc-ILD and is open for enrollment at multiple centers in the U.S.Poster for efzofitimod accepted for presentation at the upcoming American Thoracic Society (ATS) 2024 International Conference. The conference is scheduled to take place May 17 – 22, 2024, in San Diego, CA. Poster 8837 – Efzofitimod is an Immunomodulator of Myeloid Cell Function and Novel Therapeutic Candidate for Interstitial Lung Diseases on Sunday, May 19, 2024, at 2:15 p.m. PDT. Presented two posters highlighting the importance of neuropilin-2 (NRP2) in immune regulation at the Keystone Symposia on Myeloid Cell Diversity. The findings further demonstrate that efzofitimod modulates myeloid cells via the NRP2 receptor to promote a unique anti-inflammatory mechanism and validates the role of NRP2 in the immune system by the activity of an NRP2 blocking antibody in preclinical models. Announced Wayne A. I. Frederick, M.D., President Emeritus of Howard University, as an advisor to the Company. Dr. Frederick is a distinguished physician executive with extensive knowledge on disparities in healthcare and will advise the Company on its efzofitimod program in ILD.Poster for ATYR0750 accepted for presentation at the upcoming Gordon Research Conference Fibroblast Growth Factors in Development and Disease. The conference is scheduled to take place March 24 – 29, 2024, in Galveston, TX. Poster – Alanyl-tRNA Synthetase Fragment Binds to FGFR4 and Induces Morphological Changes and Downstream Signaling in Liver Cells with Functional Similarities to FGF2. Year Ended 2023 Financial Highlights and Cash Position Cash & Investment Position: Cash, cash equivalents, restricted cash and investments as of December 31, 2023, were $101.7 million. Based on the Company’s current operational plans and existing cash, the Company maintains its prior guidance and believes its cash runway will be sufficient to fund the Company’s operations through the filing of a BLA for efzofitimod in pulmonary sarcoidosis.R&D Expenses: Research and development expenses were $42.3 million for the year ended 2023, which consisted primarily of clinical trial costs for the Phase 3 EFZO-FIT™ and Phase 2 EFZO-CONNECT™ studies, manufacturing costs for the efzofitimod program and research and development costs for the efzofitimod and discovery programs.G&A Expenses: General and administrative expenses were $13.0 million for the year ended 2023. Conference Call and Webcast Details aTyr will host a conference call and webcast today at 5:00 p.m. EDT / 2:00 p.m. PDT to discuss its financial results and provide a corporate update. Interested parties may access the call by registering here in order to obtain a dial in, personalized passcode and webcast information. Links to a live audio webcast and replay may be accessed on the aTyr website Events page at: http://investors.atyrpharma.com/events-and-webcasts. An audio replay will be available for at least 90 days following the event. About Efzofitimod Efzofitimod is a first-in-class biologic immunomodulator in clinical development for the treatment of interstitial lung disease (ILD), a group of immune-mediated disorders that can cause inflammation and fibrosis, or scarring, of the lungs. Efzofitimod is a tRNA synthetase derived therapy that selectively modulates activated myeloid cells through neuropilin-2 to resolve inflammation without immune suppression and potentially prevent the progression of fibrosis. aTyr is currently investigating efzofitimod in the global Phase 3 EFZO-FIT™ study in patients with pulmonary sarcoidosis, a major form of ILD, and in the Phase 2 EFZO-CONNECT™ study in patients with systemic sclerosis (SSc, or scleroderma)-related ILD. These forms of ILD have limited therapeutic options and there is a need for safer and more effective, disease-modifying treatments that improve outcomes. About aTyr aTyr is a clinical stage biotechnology company leveraging evolutionary intelligence to translate tRNA synthetase biology into new therapies for fibrosis and inflammation. tRNA synthetases are ancient, essential proteins that have evolved novel domains that regulate diverse pathways extracellularly in humans. aTyr’s discovery platform is focused on unlocking hidden therapeutic intervention points by uncovering signaling pathways driven by its proprietary library of domains derived from all 20 tRNA synthetases. aTyr’s lead therapeutic candidate is efzofitimod, a first-in-class biologic immunomodulator in clinical development for the treatment of interstitial lung disease, a group of immune-mediated disorders that can cause inflammation and progressive fibrosis, or scarring, of the lungs. For more information, please visit www.atyrpharma.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identified by the use of words such as “anticipates,” “believes,” “designed,” “expects,” “intends,” “may,” “plans,” “potential,” “project,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by such safe harbor provisions for forward-looking statements and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements include statements regarding our belief that we will have sufficient cash runway to fund the Company’s operations through the filing of a BLA for efzofitimod for pulmonary sarcoidosis; the expected size of, and number and nationality of patients to be enrolled in, the EFZO-FIT™ and EFZO-CONNECT™ studies; the design and benefits of our EAP for efzofitimod for patients with pulmonary sarcoidosis; the potential therapeutic benefits and applications of efzofitimod; and timelines and plans with respect to certain development activities and development goals, including our expectation that our Phase 3 EFZO-FIT™ study of efzofitimod in patients with pulmonary sarcoidosis will complete enrollment in the second quarter of 2024. These forward-looking statements also reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects, as reflected in or suggested by these forward-looking statements, are reasonable, we can give no assurance that the plans, intentions, expectations, strategies or prospects will be attained or achieved. All forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain. Furthermore, actual results may differ materially from those described in these forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, our assumptions and expectations underlying our belief that we will have sufficient cash runway to fund the Company’s operations through the filing of a BLA for efzofitimod for pulmonary sarcoidosis may not be accurate, the fact that NRP2 and tRNA synthetase biology is not fully understood, uncertainty regarding the ultimate long-term impact of evolving macroeconomic and geopolitical conditions, the risk of delays in our clinical trials, risks associated with the discovery, development and regulation of our product candidates, including the risk that results from clinical trials or other studies may not support further development, the risk that we may cease or delay preclinical or clinical development activities for any of our existing or future product candidates for a variety of reasons, the fact that our collaboration agreements are subject to early termination, and the risk that we may not be able to raise the additional funding required for our business and product development plans, as well as those risks set forth in our most recent Annual Report on Form 10-K, Quarterly Reports on form 10-Q and in our other SEC filings. Except as required by law, we assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. ATYR PHARMA INC. Consolidated Statements of Operations (in thousands, except share and per share data) Three Months Ended Years Ended December 31, December 31, 2023 2022 2023 2022 Revenues: License and collaboration agreement revenues $— $10,386 $353 $10,386 Total revenues — 10,386 353 10,386 Operating expenses: Research and development 12,755 14,910 42,293 42,808 General and administrative 3,204 3,426 12,979 13,982 Total operating expenses 15,959 18,336 55,272 56,790 Loss from operations (15,959) (7,950) (54,919) (46,404)Total other income (expense), net 1,198 427 4,522 1,061 Consolidated net loss (14,761) (7,523) (50,397) (45,343)Net loss attributable to noncontrolling interest in Pangu BioPharma Limited 1 2 8 5 Net loss attributable to aTyr Pharma, Inc. $(14,760) $(7,521) $(50,389) $(45,338)Net loss per share, basic and diluted $(0.25) $(0.26) $(0.94) $(1.60)Shares used in computing net loss per share, basic and diluted 59,261,219 29,116,524 53,606,488 28,419,569 ATYR PHARMA INC. Condensed Consolidated Balance Sheets (in thousands) December 31, December 31, 2023 2022 Cash, cash equivalents, restricted cash and available-for-sale investments $101,650 $69,311 Other receivables 2,436 11,775 Property and equipment, net 5,531 3,059 Operating lease, right-of-use assets 6,727 7,250 Financing lease, right-of-use assets 1,788 1,248 Prepaid expenses and other assets 2,521 3,143 Total assets $120,653 $95,786 Accounts payable and accrued expenses $15,088 $12,968 Current portion of operating lease liability 831 630 Current portion of financing lease liability 497 264 Long-term operating lease liability, net of current portion 12,339 9,633 Long-term financing lease liability, net of current portion 1,428 1,007 Total stockholders’ equity 90,470 71,284 Total liabilities and stockholders’ equity $120,653 $95,786 Contact:Ashlee DunstonDirector, Investor Relations and Public Affairsadunston@atyrpharma.com

– Enrollment continues globally in multiple clinical studies of vepdegestrant (ARV-471) in ER+/HER2- metastatic breast cancer, including the VERITAC-2 Phase 3 trial in the second-line setting and the study lead-in for the VERITAC-3 Phase 3 trial in the first-line setting – – Pending further data and discussions with regulatory authorities, the expanded development plan for vepdegestrant will include a new Phase 3 trial in combination with CDK4/6 inhibitors in the second-line setting and a new Phase 3 trial of vepdegestrant plus Pfizer’s novel CDK4 inhibitor in the first-line setting – – Prioritized second-generation PROTAC® AR degrader ARV-766 after updated data showed robust efficacy in tumors with all AR LBD mutations in mCRPC – – Received regulatory clearance to initiate first-in-human Phase 1 clinical trials for PROTAC® targeting BCL6 and the first neuroscience PROTAC® degrader targeting LRRK2 – NEW HAVEN, Conn., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Arvinas, Inc. (Nasdaq: ARVN), a clinical-stage biotechnology company creating a new class of drugs based on targeted protein degradation, today reported financial results for the fourth quarter and full year ended December 31, 2023, and provided a corporate update. “Our focused execution in 2023 enabled us to progress multiple trials across our entire portfolio and we are well-positioned for a catalyst rich year ahead, including completing our first Phase 3 trial,” said John Houston, Ph.D., president and chief executive officer at Arvinas. “Our collaboration with Pfizer remains strong and we are on track to report topline data from our first Phase 3 clinical trial with vepdegestrant, the only PROTAC® ER degrader in clinical development for patients with ER+/HER2- breast cancer. If successful, assuming regulatory approval, we have the opportunity to address an area of high unmet need and offer patients a new oral treatment option in the second-line metastatic breast cancer setting. And with the recent Phase 1 initiation with our LRRK2 PROTAC® degrader – our first neuroscience program – we continue making significant progress with our novel PROTAC® technology.” Recent Developments and Fourth Quarter Business Highlights Vepdegestrant (ARV-471) Received U.S. Food and Drug Administration Fast Track designation for the investigation of vepdegestrant for monotherapy in the treatment of adults with estrogen receptor (ER) positive/human growth epidermal growth factor 2 (HER2) negative (ER+/HER2-) locally advanced or metastatic breast cancer previously treated with endocrine-based therapy.Presented interim results (data cutoff: June 6, 2023) from the Phase 1b vepdegestrant and palbociclib (IBRANCE®) combination cohort at the 2023 San Antonio Breast Cancer Symposium (SABCS), which demonstrated encouraging clinical activity in heavily pre-treated patients with locally advanced or metastatic ER+/HER2- breast cancer with a median of four lines of therapy across disease settings. A clinical benefit rate (CBR, defined as the rate of confirmed complete response, partial response, or stable disease ≥ 24 weeks) of 63% (95% CI: 47.5–76.8), or 29/46 patients; at the recommended Phase 3 dose of 200 mg (n=21), the CBR was 67% (95% CI: 43.0 – 85.4), or 14/21 patients.An objective response rate (ORR) in evaluable patients with measurable disease at baseline (n=31) of 42% (95% CI: 24.5–60.9), or 13/31 patients; at the RP3D of 200 mg (n=15), the ORR was 53% (95% CI: 26.6 – 78.7); the median duration of response was 10.2 months.Median progression free survival (PFS) of 11.1 months (95% CI: 8.2 – NE); 22 of 46 patients across all doses had progression events by time of data cutoff. Median PFS of 11.1 and 11.0 months in patients with ESR1 wild-type and ESR1 mutant tumors, respectively. The safety profile of vepdegestrant plus palbociclib was manageable. The primary toxicity was neutropenia, which was managed with palbociclib dose modifications (reductions and/or interruptions) per protocol. There was no febrile neutropenia and 3 of 46 patients discontinued due to neutropenia. Initiated Phase 1b/2 with vepdegestrant plus Pfizer’s novel CDK4 inhibitor (PF-07220060) (TACTIVE-K: ClinicalTrials.gov Identifier: NCT06206837).Initiated an additional arm of the Phase 1b/2 combination umbrella trial with the CDK7 inhibitor samuraciclib (TACTIVE-U: ClinicalTrials.gov Identifiers: NCT05548127, NCT05573555, and NCT06125522).Completed enrollment in the TACTIVE-N Phase 2 trial of vepdegestrant as a monotherapy in the neoadjuvant setting in patients with ER+/HER2- localized breast cancer (ClinicalTrials.gov Identifier: NCT05549505).Completed enrollment in the TACTIVE-E Phase 1 trial of vepdegestrant in combination with everolimus for the treatment of advanced or metastatic ER+/HER2- breast cancer (ClinicalTrials.gov Identifier: NCT05501769). Androgen Receptor PROTAC® degraders Presented data from the Phase 1/2 clinical trial with bavdegalutamide (ARV-110) at the European Society for Medical Oncology (ESMO) Congress showing a median radiographic progression free survival (rPFS) of 11.1 months in patients with AR 878/875 tumor mutations, demonstrating the strong potential for a PROTAC® AR degrader in prostate cancer. Manageable tolerability profile with no grade >4 treatment-related adverse events (TRAEs). Selected our second generation PROTAC® AR degrader, ARV-766, as the lead program in prostate cancer and prioritized the initiation of a Phase 3 trial with ARV-766 in metastatic castrate resistant prostate cancer (mCRPC). New interim data from Phase 1/2 trial with ARV-766 showed a broader efficacy profile and superior tolerability versus bavdegalutamide in the clinical setting, with a potentially differentiated profile against other AR-directed therapies. Completed enrollment in the bavdegalutamide Phase 1b combination trial with abiraterone. Pipeline Received authorization from the European Medicines Agency to initiate clinical trials with the Company’s new PROTAC® degrader, ARV-102, designed to target the LRRK2 protein.Initiated first-in-human Phase 1 clinical trial in healthy volunteers with LRRK2 targeting PROTAC® ARV-102.Received clearance from the U.S. Food and Drug Administration to initiate clinical trials with the Company’s PROTAC® degrader, ARV-393, designed to target the BCL6 protein. Corporate Completed oversubscribed $350 million private placement co-led by EcoR1 Capital and RTW Investments LP, with participation by new and existing investors.Announced the resignation of Chief Financial Officer and Treasurer, Sean Cassidy, effective February 29, 2024.Announced the appointment of Randy Teel, Ph.D., Arvinas’ current senior vice president of corporate and business development, to the role of interim chief financial officer and treasurer. The Arvinas Board of Directors has launched a formal search process to identify Mr. Cassidy’s permanent replacement. Appointed Jared Freedberg, J.D., as general counsel.Entered into a new collaboration with Pfizer to identify novel chemical matter for E3 ligases leveraging Pfizer’s proprietary compound libraries and Arvinas’ ligase ligand expertise. Anticipated Upcoming Milestones and ExpectationsVepdegestrant (ARV-471)As part of Arvinas’ global collaboration with Pfizer, the companies plan to: Complete enrollment of the VERITAC-2 Phase 3 monotherapy trial (ClinicalTrials.gov Identifier: NCT05654623) in patients with metastatic breast cancer (2H 2024).Continue enrollment in the study lead-in for the VERITAC-3 Phase 3 trial of vepdegestrant and palbociclib as a first-line treatment in patients with ER+/HER2- locally advanced or metastatic breast cancer.Continue enrollment of the ongoing Phase 1b/2 clinical trial with vepdegestrant plus Pfizer’s novel CDK4 inhibitor (PF-07220060) (TACTIVE-K: ClinicalTrials.gov Identifier: NCT06206837).Continue enrollment of the ongoing Phase 1b combination umbrella trial evaluating combinations of vepdegestrant with abemaciclib, ribociclib, or samuraciclib (TACTIVE-U: ClinicalTrials.gov Identifiers: NCTC05548127, NCTC05573555, and NCT06125522).Initiate discussion with regulatory authorities on a second-line Phase 3 trial of vepdegestrant in combination with palbociclib and potentially other CDK4/6 inhibitors, and a new first-line Phase 3 trial of vepdegestrant plus Pfizer’s novel CDK4 inhibitor (PF-07220060). ARV-766 Continue enrollment of Phase 2 dose expansion study with ARV-766, with progression free survival data anticipated in mid-2024.Continue enrollment of Phase 1b/2 dose escalation trial with ARV-766 in combination with abiraterone in patients who have not previously received novel hormonal agents.Initiate discussions with regulatory authorities for a planned Phase 3 clinical trial with ARV-766 in mCRPC (2Q 2024). Pipeline Continue enrollment in Phase 1 clinical trial in healthy volunteers with LRRK2 targeting PROTAC® ARV-102 (2024)Initiate first-in-human Phase 1 clinical trial in B-cell lymphomas with BCL6 targeting PROTAC® ARV-393 (1H 2024) Financial GuidanceBased on its current operating plan, Arvinas believes its cash, cash equivalents, restricted cash and marketable securities as of December 31, 2023, is sufficient to fund planned operating expenses and capital expenditure requirements into 2027. Full Year and Fourth Quarter Financial Results Cash, Cash Equivalents and Marketable Securities Position: As of December 31, 2023, cash, cash equivalents, restricted cash and marketable securities were $1,266.5 million, as compared with $1,210.8 million as of December 31, 2022. The increase in cash, cash equivalents, restricted cash and marketable securities of $55.7 million for the year was primarily related to net proceeds from our private placement and ATM offerings of $370.2 million, unrealized gains on marketable securities of $16.1 million and proceeds from the exercise of stock options and issuance of ESPP shares of $4.5 million, offset by cash used in operations of $331.3 million (net of $2.5 million received from two collaborators), purchases of lab equipment and leasehold improvements of $2.9 million and losses on the sale of securities of $0.9 million. Research and Development Expenses: Research and development expenses were $379.7 million and $95.2 million for the year and quarter ended December 31, 2023, as compared with $315.0 million and $98.3 million for the year and quarter ended December 31, 2022. The increase in research and development expenses of $64.7 million for the year was primarily due to an increase in expenses associated with our platform and exploratory programs of $1.1 million, our AR program (which includes ARV-766 and bavdegalutamide (ARV-110)) of $22.0 million and our ER program of $41.6 million, which includes the cost sharing of vepdegestrant (ARV-471) under the Vepdegestrant (ARV-471) Collaboration Agreement. The decrease in research and development expenses of $3.1 million for the quarter was primarily due to a decrease in expenses associated with our platform and exploratory programs of $19.4 million, offset by increases in our AR program of $5.7 million and our ER program of $10.6 million. General and Administrative Expenses: General and administrative expenses were $100.3 million and $27.0 million for the year and quarter ended December 31, 2023, as compared with $79.6 million and $15.1 million for the year and quarter ended December 31, 2022. The increase in general and administrative expenses of $20.7 million for the year was primarily due to an increase in personnel and infrastructure related costs of $11.5 million, an increase in professional fees of $6.3 million and increases related to establishing our commercial operations of $3.5 million, offset in part by reduced insurance costs of $1.0 million. The increase in general and administrative expenses of $11.9 million for the quarter was primarily due to an increase in personnel and infrastructure related costs of $8.4 million, an increase in professional fees of $1.8 million and increases related to establishing our commercial operations of $1.7 million. Revenues: Revenue was $78.5 million and $(43.1) million for the year and quarter ended December 31, 2023 as compared with $131.4 million and $38.0 million for the year and quarter ended December 31, 2022. Revenue is related to the Vepdegestrant (ARV-471) Collaboration Agreement, the collaboration and license agreement with Bayer, the collaboration and license agreement with Pfizer, the amended and restated option, license and collaboration agreement with Genentech and revenue related to our Oerth Bio joint venture. The decrease of $52.9 million for the year was primarily due to adjustments to revenue from changes in contract estimates related to our Pfizer ARV-471 Collaboration Agreement, Pfizer Research Collaboration Agreement and Bayer Collaboration Agreement, net of current year revenues, totaling $39.7 million, a decrease of $8.1 million in previously constrained deferred revenue recognized in 2023 related to our Oerth Bio joint venture and a decrease in revenue recognized from our Genentech License Agreement of $5.1 million. The decrease of $81.1 million for the quarter was primarily due to an adjustment to revenue from a change in contract estimate related to our Pfizer ARV-471 Collaboration Agreement. About bavdegalutamide (ARV-110) and ARV-766Bavdegalutamide (ARV-110) and ARV-766 are investigational orally bioavailable PROTAC® protein degraders designed to selectively target and degrade the androgen receptor (AR). Bavdegalutamide and ARV-766 are being developed as potential treatments for men with prostate cancer. Preclinically, both investigational agents have demonstrated activity in models of wild type tumors in addition to tumors with AR mutation or amplification, both common mechanisms of resistance to currently available AR-targeted therapies. About vepdegestrant (ARV-471)Vepdegestrant is an investigational, orally bioavailable PROTAC® protein degrader designed to specifically target and degrade the estrogen receptor (ER) for the treatment of patients with early and locally advanced or metastatic ER positive/human epidermal growth factor receptor 2 (HER2) negative (ER+/HER2-) breast cancer. Use of vepdegestrant in the ongoing and planned clinical trials will continue to monitor and evaluate patient safety and anti-tumor activity. In preclinical studies, vepdegestrant demonstrated up to 97% ER degradation in tumor cells, induced tumor shrinkage when dosed as a single agent in multiple ER-driven xenograft models, and showed increased anti-tumor activity when compared to a standard of care agent, fulvestrant, both as a single agent and in combination with a CDK4/6 inhibitor. In July 2021, Arvinas announced a global collaboration with Pfizer for the co-development and co-commercialization of vepdegestrant; Arvinas and Pfizer will equally share worldwide development costs, commercialization expenses, and profits. About ArvinasArvinas is a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development, and commercialization of therapies that degrade disease-causing proteins. Arvinas uses its proprietary PROTAC® Discovery Engine platform to engineer proteolysis targeting chimeras, or PROTAC® targeted protein degraders, that are designed to harness the body’s own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins. In addition to its robust preclinical pipeline of PROTAC protein degraders against validated and “undruggable” targets, the company has four investigational clinical-stage programs: vepdegestrant (ARV-471) for the treatment of patients with locally advanced or metastatic ER+/HER2- breast cancer; ARV-766 and bavdegalutamide for the treatment of men with metastatic castration-resistant prostate cancer; and ARV-102 for the treatment of patients with neurodegenerative disorders. For more information, visit www.arvinas.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties, including statements regarding plans with respect to an expanded development plan for vepdegestrant including a new Phase 3 trial in combination with CDK4/6 inhibitors in the second-line setting and a new Phase 3 trial of vepdegestrant plus Pfizer’s novel CDK4 inhibitor in the first-line setting, pending further data and discussions with regulatory authorities; the anticipated timing to complete Arvinas’ first Phase 3 clinical trial with vepdegestrant; the potential, pending regulatory approval, for vepdegestrant to address an area of high unmet need and offer patients a new oral treatment option in the second-line metastatic breast cancer setting; Arvinas’ and Pfizer’s plans with respect to the timing of ongoing and planned clinical trials of vepdegestrant, as a monotherapy and in combination studies, and the initiation of discussions with regulatory authorities regarding new potential clinical trials; Arvinas’ plans with respect to its clinical trials of ARV-766, the anticipated timing of progression free survival data for the Phase 2 dose expansion study of ARV-766 and the initiation of discussions with regulatory authorities for a planned Phase 3 clinical trials of ARV-766; Arvinas’ plans with respect to its ARV-102 clinical trial and timing related to initiating the first-in-human Phase 1 clinical trial in B-cell lymphomas with BCL6 targeting PROTAC®; the potential advantages and therapeutic benefits of vepdegestrant (ARV-471), ARV-766, bavdegalutamide, and Arvinas’ other discovery programs, including LRRK2 and BCL6; and the sufficiency of Arvinas’ cash, cash equivalents, restricted cash and marketable securities resources to fund planned operating expenses and capital expenditure requirements. All statements, other than statements of historical facts, contained in this press release, including statements regarding Arvinas’ strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Arvinas may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on such forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements Arvinas makes as a result of various risks and uncertainties, including but not limited to: Arvinas’ and Pfizer, Inc.’s (“Pfizer”) performance of the respective obligations with respect to Arvinas’ collaboration with Pfizer; whether Arvinas and Pfizer will be able to successfully conduct and complete clinical development for vepdegestrant (ARV-471); whether Arvinas will be able to successfully conduct and complete development for its other product candidates, including ARV-766, and including whether Arvinas initiates and completes clinical trials for its product candidates and receive results from its clinical trials on its expected timelines or at all; whether Arvinas and Pfizer, as appropriate, will be able to obtain marketing approval for and commercialize vepdegestrant (ARV-471), ARV-766 and other product candidates on current timelines or at all; Arvinas’ ability to protect its intellectual property portfolio; whether Arvinas’ cash and cash equivalent resources will be sufficient to fund its foreseeable and unforeseeable operating expenses and capital expenditure requirements; and other important factors discussed in the “Risk Factors” section of Arvinas’ Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent other reports on file with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release reflect Arvinas’ current views with respect to future events, and Arvinas assumes no obligation to update any forward-looking statements, except as required by applicable law. These forward-looking statements should not be relied upon as representing Arvinas’ views as of any date subsequent to the date of this release. ContactsInvestors:Jeff Boyle+1 (347) 247-5089Jeff.Boyle@arvinas.com Media:Kathleen Murphy+1 (760) 622-3771Kathleen.Murphy@arvinas.com ARVINAS, INC. AND SUBSIDIARIESConsolidated Balance Sheets (Unaudited) December 31,(dollars and shares in millions, except per share amounts) 2023 2022 Assets Current assets: Cash and cash equivalents$311.7 $81.3 Restricted cash 5.5 5.5 Marketable securities 949.3 1,124.0 Accounts receivable — 1.0 Other receivables 7.2 7.0 Prepaid expenses and other current assets 6.5 21.4 Total current assets 1,280.2 1,240.2 Property, equipment and leasehold improvements, net 11.5 13.4 Operating lease right of use assets 2.5 4.4 Collaboration contract asset and other assets 10.4 10.8 Total assets$1,304.6 $1,268.8 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued liabilities$92.2 $74.7 Deferred revenue 163.0 218.6 Current portion of operating lease liability 1.9 1.8 Total current liabilities 257.1 295.1 Deferred revenue 386.2 405.1 Long term debt 0.8 1.0 Operating lease liability 0.5 2.7 Total liabilities 644.6 703.9 Stockholders' equity: Preferred stock, $0.001 par value, zero shares issued and outstanding as of December 31, 2023 and 2022, respectively — — Common stock, $0.001 par value, 68.0 and 53.2 shares issued and outstanding as of December 31, 2023 and 2022, respectively 0.1 0.1 Accumulated deficit (1,332.7) (965.4)Additional paid-in capital 1,995.7 1,549.4 Accumulated other comprehensive loss (3.1) (19.2)Total stockholders' equity 660.0 564.9 Total liabilities and stockholders' equity$1,304.6 $1,268.8 ARVINAS, INC. AND SUBSIDIARIESConsolidated Statements of Operations (Unaudited) Three Months Ended December 31, Year Ended December 31,(dollars and shares in millions, except per share amounts) 2023 2022 2023 2022 Revenue$(43.1) $38.0 $78.5 $131.4 Operating expenses: Research and development 95.2 98.3 379.7 315.0 General and administrative 27.0 15.1 100.3 79.6 Total operating expenses 122.2 113.4 480.0 394.6 Loss from operations (165.3) (75.4) (401.5) (263.2)Interest and other income 12.1 6.3 37.6 12.2 Net loss before income taxes and loss from equity method investment (153.2) (69.1) (363.9) (251.0)Income tax expense (1.6) (10.8) (0.9) (20.9)Loss from equity method investment — (3.0) (2.5) (10.6)Net loss$(154.8) $(82.9) $(367.3) $(282.5)Net loss per common share - basic and diluted$(2.53) $(1.56) $(6.62) $(5.31)Weighted average common shares outstanding - basic and diluted 61.1 53.2 55.5 53.2

Researchers have created an artificial cell environment that could promote the regeneration of nerves. Usually, injuries to the brain or spinal cord don't heal easily due to the formation of fluid-filled cavities and scars that prevent tissue regeneration. One starting point for medical research is therefore to fill the cavities with a substance that offers neural stem cells optimal conditions for proliferation and differentiation. Injuries in the central nervous system heal poorly because cavities scar. Researchers hope to remedy this problem by filling the cavities in such a way that stem cells feel comfortable in them. The researchers studied neural stem cells from mouse embryonic brains, which they cultivated on positively charged hydrogels. "Our aim was to create an artificial environment for cells that mimics the natural cell environment in the brain," says Kristin Glotzbach. "Cells have a negatively charged coating, also known as a pericellular matrix. This means they adhere particularly well to positively charged substrates." The trick with the hydrogels used in the experiments was that the strength of their positive charge could be precisely adjusted. As the experiments showed, the positively charged hydrogels facilitated the survival of the cells and affected their future fate. If the stem cells adhered to hydrogels with a high positive charge, the cells tended to develop into nerve cells. On gels with a lower positive charge, on the other hand, the stem cells mainly developed into glial cells, which perform important auxiliary functions for the nerve cells. The ability to influence whether stem cells differentiate into nerve or glial cells would be a great advantage. "Depending on the injury, different cell types need to be replaced," explains Kristin Glotzbach. It's not only the regeneration of nerve cells that is important. "In certain diseases, glial cells are also attacked and need to be replaced. In multiple sclerosis, for example, the insulation of the nerve cells, which is made of oligodendrocytes, is destroyed." Addition of growth factor improves survival rate When the researchers added the growth factor FGF2 to the positively charged hydrogels, they successfully increased the survival and division rate of the cells. But the differentiation into nerve and glial cells then occurred at a slower pace. "In future studies, we intend to add peptides or components of extracellular matrix molecules to the positively charged gels in order to simulate the natural environment of the cells even more efficiently," says Kristin Glotzbach. The researchers also plan to experiment with three-dimensional gels that could fill cavities after brain injuries.