Arvinas — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the quarter ended September 30, 2026, was $0.5 million, a decrease from $41.9 million in the same period in 2025.
• GAAP research and development expenses were $46.9 million for the quarter, down from $64.7 million in the prior year quarter.
• GAAP general and administrative expenses were $12.6 million for the quarter, down from $21.0 million in the prior year quarter.
• Net loss for the quarter was $53.9 million, compared to a net loss of $35.1 million in the prior year quarter.
• Cash, cash equivalents, restricted cash, and marketable securities totaled $558.9 million as of September 30, 2026, a decrease of $126.5 million from $685.4 million as of December 31, 2025.
• The decrease in cash position was primarily driven by cash used in operations of $123.0 million (net of $35.0 million received under the Rigel License Agreement), unrealized losses on marketable securities of $2.9 million, and capital expenditures of $1.3 million.
• Revenue for the quarter consisted of sales-based royalties from the Rigel License Agreement; the Pfizer collaboration revenue did not recur following the recognition of remaining deferred revenue in Q2 2026.
• Cost of license revenue was $0.1 million for the quarter, compared to zero in the prior year quarter.
• Deferred revenue was $0 as of September 30, 2026, compared to $205.6 million ($71.3 million current + $134.3 million long-term) as of December 31, 2025.
• Long-term debt was $0.2 million as of September 30, 2026, compared to $0.4 million as of December 31, 2025.
• Accumulated deficit was $(1,554.5) million as of September 30, 2026, compared to $(1,612.4) million as of December 31, 2025.

Guidance and Future Outlook:

• Management believes cash, cash equivalents, restricted cash, and marketable securities as of September 30, 2026, are sufficient to fund planned operating expenses and capital expenditure requirements into the second half of 2028.
• Arvinas reaffirmed its commitment to share clinical data from three Phase 1 programs (ARV-393, ARV-027, and ARV-6723) in 4Q 2026 and 2027.
• ARV-393 data from early monotherapy dose escalation cohorts (including safety, PK, PD, and preliminary efficacy) is expected in Q4 2026, with additional monotherapy data expected mid-2027 and initial combination cohort data expected mid-2027.
• ARV-027 initial data from healthy volunteers is expected in 1H 2027, with patient dosing initiation expected in 1H 2027.
• ARV-6723 combination dosing with pembrolizumab is anticipated in mid-2027, with initial monotherapy data expected in 2H 2027.
• Clinical CTA submission for ARV-102 Phase 1b trial in PSP is expected in EU 4Q 2026 and UK 1Q 2027, with trial initiation expected in 2027 pending regulatory authorization.
• The U.S. investigational new drug application for ARV-102 remains on hold, with an objective to include U.S. sites after completing the Phase 1b trial in the EU and UK.

Business Segments and Product Lines:

• ARV-393 (BCL6 degrader): Submitted initial Phase 1 monotherapy dose escalation data for presentation at the 68th American Society of Hematology Annual Meeting; continued dose escalation in NHL patients; evaluating monotherapy and combination with glofitamab in DLBCL.
• ARV-027 (polyQ-AR degrader): Initiated enrollment in a multiple ascending dose cohort with healthy volunteers in the first-in-human Phase 1 trial.
• ARV-6723 (HPK1 degrader): Initiated dosing of patients in the monotherapy cohort of the Phase 1/2 clinical trial; first immuno-oncology degrader; will evaluate monotherapy and combination with pembrolizumab in advanced solid tumors.
• ARV-102 (LRRK2 degrader): Presented additional biomarker data at the International Congress on Parkinson's Disease and Movement Disorders showing improvements in oculomotor function correlated with LRRK2 CSF biomarker reductions; prioritizing initiation of Phase 1b trial in PSP in EU and UK.
• ARV-806 (KRAS G12D degrader): Advanced in the clinic; plans to seek an out-licensing agreement for any additional clinical trials, including dose expansion or combination trials.
• External R&D expenses decreased by $10.5 million, driven by a $14.2 million decrease in the vepdegestrant (ARV-471) program, partially offset by increases in ARV-027 ($4.6 million), ARV-6723 ($3.3 million), and ARV-393 ($3.2 million) programs.

Market and Competitive Landscape:

• Preclinical data for ARV-6723 demonstrated superior activity and anti-tumor responses compared to immune checkpoint inhibitors in checkpoint-resistant models.
• ARV-102 data showed objective improvements in impaired eye movement associated with Parkinson's disease.
• The company is pioneering protein degradation therapies using its PROTAC platform, which has produced the first FDA-approved PROTAC (developed with Pfizer and outlicensed to Rigel).

Risks and Challenges:

• Forward-looking statements involve risks including the ability to successfully conduct and complete development for product candidates (ARV-393, ARV-027, ARV-6723, ARV-102) and receive results on expected timelines.
• Risks include Rigel's performance under the license agreement, potential demand and market acceptance, competitive landscape, and regulatory approval uncertainties.
• Risks also include the ability to protect intellectual property, reliance on third parties, early termination of collaborations, and the ability to raise capital when needed.
• The U.S. FDA investigational new drug application for ARV-102 is currently on hold.

Management Commentary and Tone:

• CEO Randy Teel stated the company "executed strongly during the quarter" and is entering an "important period of clinical milestones."
• Management emphasized prioritizing investments where emerging evidence supports the goal of creating transformative medicines.
• The tone indicates confidence that upcoming data from BCL6, polyQ-AR, and HPK1 degraders will "begin to define the opportunity for these programs to change the treatment landscape."

Other Key Points:

• The Pfizer Original Vepdegestrant (ARV-471) Collaboration Agreement revenue did not recur following the recognition of all remaining deferred revenue in Q2 2026 upon entry into the Rigel License Agreement.
• The company hosts a conference call on November 3, 2026, at 8:00 a.m. ET to review results.
• Non-GAAP R&D expenses were $44.3 million for the quarter, excluding $2.6 million of stock-based compensation.
• Non-GAAP G&A expenses were $9.2 million for the quarter, excluding $3.4 million of stock-based compensation.
• Proceeds from the exercise of stock options and issuance of shares under the ESPP were $0.9 million for the nine months ended September 30, 2026.