Arvinas (NASDAQ:ARVN) executives used the company’s fourth-quarter and full-year 2025 earnings call to outline a strategy centered on advancing four Phase 1 clinical programs and preparing for multiple data disclosures in 2026, while also providing an update on the commercialization path for vepdegestrant and reviewing year-end financial results.
Pipeline priorities and 2026 data cadence
President and CEO Randy Teel said 2025 was “transformative” for Arvinas, highlighting the submission of the company’s first New Drug Application and a strategic refocus intended to “maximize the opportunities ahead” in its core areas. Teel said Arvinas now has four ongoing clinical trials across oncology and neurology and recently initiated a first-in-human trial for ARV-027, a polyglutamine-expanded androgen receptor (polyQ AR) degrader for spinal and bulbar muscular atrophy (SBMA).
- ARV-102 (LRRK2 degrader, Parkinson’s disease/PSP)
- ARV-806 (KRAS G12D degrader, oncology)
- ARV-393 (BCL6 degrader, lymphoma)
He also said Arvinas expects ARV-027, now in human trials, to be joined in the clinic later this year by ARV-6723, an HPK1 degrader in immuno-oncology, pending regulatory feedback.
ARV-102: LRRK2 degradation data, ADPD presentation, and PSP plans
Management said data from Arvinas’ Phase 1 trial of ARV-102 in patients with Parkinson’s disease was accepted for an oral presentation at the Alzheimer’s Disease and Parkinson’s Disease (ADPD) Conference in March. Teel and Chief Medical Officer Noah Berkowitz emphasized the program’s differentiation versus LRRK2 kinase inhibitors, arguing that ARV-102 degrades the entire LRRK2 protein, potentially impacting kinase, GTPase, and scaffolding functions.
Berkowitz reviewed previously disclosed Phase 1 findings in healthy volunteers and Parkinson’s disease, noting ARV-102 was well tolerated, showed dose-dependent cerebrospinal fluid (CSF) exposure, and reduced LRRK2 in CSF by more than 50%. He also cited reductions in downstream proteins tied to lysosomal stress, including GPNMB and CD68, which he said provided evidence of “disease-relevant pathway engagement” in the central nervous system.
On development plans, Berkowitz said Arvinas intends to initiate a Phase 1b trial in progressive supranuclear palsy (PSP) in the first half of the year, with the potential to begin a registrational trial in late 2026 depending on health authority feedback. In Q&A, management said the ADPD Parkinson’s patient dataset is expected to address questions around safety in an older patient population, biomarker reproducibility, and whether pathway signals seen in healthy volunteers are sustained or intensified in Parkinson’s patients.
Executives also discussed pulmonary monitoring as a standard consideration for LRRK2-targeting agents. Berkowitz said the company incorporates pulmonary function tests and may use high-resolution CT scans if needed, referencing expert recommendations such as the “LIGHT Initiative.”
ARV-806 and ARV-393: Phase 1 progress and combination plans
For ARV-806, Berkowitz said Arvinas completed dose escalation for once-weekly administration in its Phase 1 trial “well ahead of plan,” attributing the pace to investigator interest and demand for KRAS-targeted therapies. The company reiterated that KRAS G12D has no approved targeted therapies and is associated with poor prognosis across tumor types including pancreatic, colorectal, and non-small cell lung cancers. Teel said faster-than-expected enrollment has led Arvinas to anticipate its first data disclosure by mid-2026, and the company has already submitted trial data for presentation at a medical congress.
For ARV-393, management said the Phase 1 dose-escalation trial is progressing and that Arvinas intends to share data in the second half of 2026. Teel reiterated prior commentary that responses have been observed in early cohorts of patients with B- and T-cell lymphomas at exposures below those predicted to be efficacious, alongside “robust” BCL6 degradation and a safety profile supportive of continued escalation.
Berkowitz also highlighted preclinical results supporting a combination approach with Roche’s glofitamab in diffuse large B-cell lymphoma (DLBCL). He said data presented in December showed 91% tumor growth inhibition with sequential ARV-393 plus glofitamab versus 36% for glofitamab alone, and described mechanistic findings suggesting enhanced CD20 expression and immune-related gene changes. Arvinas said it is on track to initiate a Phase 1 combination trial with glofitamab in the first half of the year and does not anticipate dose modifications based on non-overlapping toxicities, while noting the combination will be evaluated cautiously through escalation.
New programs: ARV-027 in SBMA and ARV-6723 in immuno-oncology
Chief Scientific Officer Angela Cacace provided additional detail on ARV-027, a PROTAC designed to degrade polyQ AR in skeletal muscle, addressing what she called the genetic root cause of SBMA (Kennedy’s disease). She said SBMA has no approved treatments and described preclinical data showing oral ARV-027 induced polyQ AR degradation in muscle, improved function, and extended survival in a rapidly progressing mouse model. Arvinas recently initiated a Phase 1 trial in healthy volunteers and said the clinical strategy includes measuring androgen receptor levels via muscle biopsy, with an additional cohort of SBMA patients planned after initial dose-ranging work.
Cacace also discussed ARV-6723, an oral HPK1 degrader intended to overcome both kinase and scaffolding functions that can contribute to immune suppression. She said preclinical data presented at the AACR Immuno-oncology Conference showed durable degradation, single-agent activity across multiple syngeneic models, and activity in combination with anti-PD-1, including models of anti-PD-1 resistance. The company said it plans to begin first-in-human studies later this year pending regulatory feedback.
Separately, management described ongoing preclinical work on an oral pan-KRAS degrader and said data comparing the program with inhibitors will be presented at an AACR Special Conference on RAS in March, including discussion of compensatory KRAS upregulation observed with inhibitor treatment and syngeneic model results in an intact immune system.
Vepdegestrant partnership process and 2025 financial results
Teel said Arvinas and Pfizer are working to select a third party for vepdegestrant commercialization and potential further development, with the goal of having an agreement in place before the June 5 PDUFA date. Management characterized discussions as productive and said the aim is to ensure the product would be launch-ready if approved for ER-positive, HER2-negative advanced breast cancer in the second-line ESR1-mutant setting.
Chief Financial Officer Andrew Saik reported that Arvinas ended 2025 with just over $685 million in cash, cash equivalents, and marketable securities, down from just over $1 billion at the end of 2024. Saik said the company is maintaining its cash runway guidance into the second half of 2028.
For the fourth quarter, Arvinas reported $9.5 million in revenue versus $59.2 million in the prior-year period, driven primarily by a $40.3 million decrease in revenue from the Novartis license agreement. Full-year revenue was $262.6 million, compared with $263.4 million in 2024.
Arvinas also reported lower operating expenses year over year, citing 2025 cost-cutting efforts. Saik noted the company’s previously authorized share repurchase program of up to $100 million: as of year-end, Arvinas had repurchased about 10 million shares at an average price of $9.09 for $91.9 million total, including commissions and excise tax. He said the program is now suspended with no further plans to repurchase shares.
About Arvinas (NASDAQ:ARVN)
Arvinas, Inc (NASDAQ: ARVN) is a biopharmaceutical company focused on the development of therapies based on targeted protein degradation. Utilizing its proprietary proteolysis-targeting chimera (PROTAC®) platform, Arvinas aims to selectively eliminate disease-causing proteins rather than merely inhibit their activity. This novel approach has the potential to address a range of diseases, including oncology, neurodegeneration and inflammation, by harnessing the body’s natural protein-recycling systems.
The company’s most advanced clinical candidates address hormone-driven cancers.
