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Sep 30, 2023
Arvinas Q3 2023 Earnings Report
Arvinas's Q3 2023 results were reported, highlighting progress in clinical trials and pipeline development.
Key Takeaways
Arvinas reported Q3 2023 financial results with revenues of $34.6 million and a net loss of $64.0 million. The company is advancing its PROTAC protein degraders, including vepdegestrant and ARV-766, through clinical trials and expects to file IND applications for new compounds by year-end 2023. Cash, cash equivalents, and marketable securities totaled $1,004.0 million, sufficient to fund operations into 2026.
Enrollment continues in the 2L Phase 3 VERITAC-2 trial and the study lead-in for the VERITAC-3 1L Phase 3 trial with vepdegestrant.
Top-line data readout for VERITAC-2 remains on track for 2H 2024.
Bavdegalutamide mCRPC data presented at ESMO showed a median rPFS of 11.1 months in patients with AR 878/875 tumor mutations.
The company prioritized the initiation of a Phase 3 trial with ARV-766 in mCRPC based on new interim data.
Forward Guidance
Arvinas anticipates several milestones including presenting updated data for vepdegestrant, continuing enrollment in clinical trials, initiating a Phase 1b/2 trial with vepdegestrant plus Pfizer’s CDK4 inhibitor, and submitting IND/CTA applications for BCL6 and LRRK2 PROTAC protein degraders.
Positive Outlook
- Present updated data for vepdegestrant at the San Antonio Breast Cancer Symposium in December 2023.
- Continue enrollment in the study lead-in for the VERITAC-3 Phase 3 trial of vepdegestrant and palbociclib as a first-line treatment.
- Initiate a Phase 1b/2 trial with vepdegestrant plus Pfizer’s CDK4 (cyclin dependent kinase) inhibitor in Q4 2023.
- Complete enrollment in the TACTIVE-N Phase 2 trial of vepdegestrant as a monotherapy in the neoadjuvant setting in 2024.
- Complete enrollment of the VERITAC-2 Phase 3 monotherapy trial in 2H 2024.
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