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Mar 31, 2023
Arvinas Q1 2023 Earnings Report
Arvinas reported financial results for the first quarter ended March 31, 2023 and provided a corporate update.
Key Takeaways
Arvinas reported revenues of $32.5 million and a net loss of $81.9 million for the quarter ended March 31, 2023. The company's cash, cash equivalents, restricted cash and marketable securities were $1,129.0 million as of March 31, 2023, which is expected to fund operations into 2026.
Multiple vepdegestrant (ARV-471) studies enrolling globally, including Phase 1, 2, and 3 studies
Preliminary data from the Phase 1b combination trial of vepdegestrant + palbociclib suggests potential clinical benefit in a heavily pretreated patient population
The safety lead-in is on-track to initiate in 2H 2023 to evaluate the best starting dose of palbociclib (100 mg or 75 mg) in combination with vepdegestrant 200 mg once daily
Initiate a global Phase 3 trial with bavdegalutamide in mCRPC for patients with AR T878/H875 tumor mutations (2H 2023).
Forward Guidance
Arvinas believes its cash, cash equivalents, restricted cash and marketable securities as of March 31, 2023, is sufficient to fund planned operating expenses and capital expenditure requirements into 2026.
Positive Outlook
- Initiate the safety lead-in to identify the dose of palbociclib for the planned Phase 3 trial with vepdegestrant + palbociclib as a first-line treatment in patients with ER+/HER2- locally advanced or metastatic breast cancer (2H 2023).
- Submit and present additional data from the Phase 1b combination trial with palbociclib (ClinicalTrials.gov Identifier: NCT04072952) at a medical congress (2H 2023).
- Initiate additional arms of the Phase 1b combination umbrella trial (TACTIVE-U: ClinicalTrials.gov Identifiers: NCTC05548127 and NCTC05573555) with other targeted therapies (2H 2023).
- Complete enrollment for VERITAC-2 Phase 3 monotherapy trial (ClinicalTrials.gov Identifier: NCT05654623) in patients with metastatic breast cancer (2H 2024).
- Share data from the Phase 1 dose escalation trial with ARV-766 in metastatic castration-resistant prostate cancer (mCRPC) (2Q 2023).
Challenges Ahead
- Our and Pfizer, Inc.’s (“Pfizer”) performance of our respective obligations with respect to our collaboration with Pfizer
Historical Earnings Impact
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