Arvinas Inc (ARVN) Reports Q3 2023 Financial Results and Provides Corporate Update
Arvinas Inc (NASDAQ:ARVN) reported financial results for the third quarter ended September 30, 2023, with cash, cash equivalents, restricted cash, and marketable securities totaling $1,004.0 million.
The company continues enrollment in the 2L Phase 3 VERITAC-2 trial and study lead-in for the VERITAC-3 1L Phase 3 trial with vepdegestrant.
Arvinas has prioritized the initiation of a Phase 3 trial with ARV-766 in mCRPC, supported by new interim data from the second generation PROTAC AR degrader.
Net loss for the quarter was $64.0 million, compared to $66.2 million for the same quarter in the previous year.
Arvinas Inc (NASDAQ:ARVN), a clinical-stage biotechnology company creating a new class of drugs based on targeted protein degradation, released its financial results for the third quarter ended September 30, 2023, on November 7, 2023. The company reported a cash position of $1,004.0 million, a decrease from $1,210.8 million as of December 31, 2022. The decrease was primarily related to cash used in operations of $253.0 million.
Company Performance and Updates
Arvinas reported strong progress in the third quarter of 2023 across its entire portfolio of PROTAC protein degraders. The company continues to focus on developing best-in-class medicines and is pleased with the progress of its ER and AR degraders. Arvinas anticipates the completion of its first Phase 3 trial with its novel PROTAC ER degrader, vepdegestrant, in a second-line metastatic breast cancer setting in the second half of next year. The company is also preparing to move two new compounds its LRRK2 and BCL6 PROTAC protein degraders into the clinic in 2024.
Financial Highlights
Research and development expenses for the quarter were $85.9 million, compared to $77.5 million for the same quarter in 2022. General and administrative expenses were $22.6 million, compared to $20.0 million for the same period in the previous year. Revenues for the quarter were $34.6 million, compared to $33.2 million for the same quarter in 2022. The net loss for the quarter was $64.0 million, compared to $66.2 million for the same quarter in the previous year.
Anticipated Milestones and Expectations
Arvinas, in collaboration with Pfizer, plans to present updated data for vepdegestrant at the San Antonio Breast Cancer Symposium in December 2023. The company also plans to 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. Arvinas expects to submit two investigational new drug (IND)/clinical trial authorization (CTA) applications for the Companys BCL6 (oncology) and LRRK2 (neuroscience) PROTAC protein degraders by year-end 2023.
About Arvinas Inc (NASDAQ:ARVN)
Arvinas 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 bodys own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins.
Explore the complete 8-K earnings release (here) from Arvinas Inc for further details.
This article first appeared on GuruFocus.
