Arvinas LLC(ARVN) - 2025 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2025 was $41.9 million, a decrease of $60.5 million compared to $102.4 million in Q3 2024, primarily due to reduced revenue from the Novartis License Agreement[18] - Revenue for Q3 2025 was $41.9 million, a decrease from $102.4 million in Q3 2024, representing a decline of 59%[39] - For the nine months ended September 30, 2025, revenue was $253.1 million, up from $204.2 million in the same period of 2024, an increase of 24%[39] - Net loss for Q3 2025 was $35.1 million, an improvement from a net loss of $49.2 million in Q3 2024, reflecting a 29% reduction in losses[39] - Loss per common share for Q3 2025 was $0.48, compared to $0.68 in Q3 2024, indicating a 29% improvement[39] - Interest and other income for Q3 2025 was $9.0 million, compared to $11.7 million in Q3 2024, a decrease of 23%[39] Expenses - GAAP Research and Development (R&D) expenses for Q3 2025 were $64.7 million, down from $86.9 million in Q3 2024, a decrease of $22.2 million[14] - GAAP General and Administrative (G&A) expenses for Q3 2025 were $21.0 million, significantly reduced from $75.8 million in Q3 2024, a decrease of $54.8 million[16] - Total operating expenses for Q3 2025 were $85.7 million, down from $162.7 million in Q3 2024, a reduction of 47%[39] - Research and development expenses for Q3 2025 were $64.7 million, compared to $86.9 million in Q3 2024, a decrease of 25%[39] - Non-GAAP research and development expenses for Q3 2025 were $56.9 million, down from $73.2 million in Q3 2024, a decrease of 22%[41] - Non-GAAP general and administrative expenses for Q3 2025 were $14.6 million, compared to $64.8 million in Q3 2024, a significant reduction of 77%[41] Cash and Assets - As of September 30, 2025, cash, cash equivalents, and marketable securities were $787.6 million, down from $1,039.4 million as of December 31, 2024, reflecting a decrease of $251.8 million[12] - As of September 30, 2025, Arvinas reported total current assets of $826.3 million, down from $1,067.3 million as of December 31, 2024[37] - Total liabilities decreased to $279.9 million from $529.7 million over the same period[37] - The accumulated deficit increased to $(1,545.0) million as of September 30, 2025, compared to $(1,531.6) million at the end of 2024[37] Clinical Trials and Drug Development - ARV-102 showed greater than 90% reductions of LRRK2 protein in peripheral blood mononuclear cells and over 50% reductions in cerebrospinal fluid with repeated daily doses[4] - ARV-806 demonstrated in vitro potency approximately 25 times greater than KRAS inhibitors and 40 times greater than the leading clinical-stage degrader[7] - The FDA accepted the New Drug Application for vepdegestrant, with a PDUFA action date set for June 5, 2026[7] - The company plans to initiate a Phase 1b clinical trial for ARV-102 in patients with progressive supranuclear palsy in the first half of 2026[12] - ARV-393 is currently in a Phase 1 clinical trial for relapsed/refractory non-Hodgkin lymphoma, targeting BCL6, a major driver of B-cell lymphomas[23] - ARV-806, designed to degrade KRAS G12D, is also in a Phase 1 clinical trial for advanced solid tumors, addressing high unmet needs in cancers like pancreatic and colorectal[24] - ARV-027, targeting polyQ-AR for spinal and bulbar muscular atrophy, plans to initiate a Phase 1 clinical trial in healthy volunteers in 2026[26] - ARV-6723, aimed at degrading HPK1 in immuno-oncology, is set to begin a Phase 1 clinical trial in 2026[27] - Vepdegestrant showed significant improvement in progression-free survival in the VERITAC-2 Phase 3 study for ER+/HER2- ESR1-mutated breast cancer, with an NDA filed with the FDA[28] - Arvinas and Pfizer announced a global collaboration for the co-development and commercialization of vepdegestrant, sharing development costs and profits[29] Research and Development Strategy - The company aims to drive innovation across its PROTAC degrader portfolio and deliver transformative therapies to patients[3] - Arvinas plans to present initial data from multiple clinical trials and share preclinical data at upcoming medical congresses, indicating ongoing research and development efforts[32]