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**【Key Takeaways】**
- **Pipeline Momentum**: ARV-102 and ARV-393 show promising Phase I data, with ARV-102 targeting neurodegenerative diseases and ARV-393 demonstrating early lymphoma responses.
- **KRAS G12D Leadership**: ARV-806 outperforms competitors with 25x potency, positioning for 2026 clinical readouts.
- **Financial Strength**: $787.6 million cash runway supports pipeline through 2028, with cost reductions maintaining quarterly spend below $75 million.
- **Strategic Partnerships**: Pfizer collaboration for vepdegestrant and Novartis for luxdegalutamide expand commercial reach.
- **Upcoming Catalysts**: Phase I trials for ARV-027 (SBMA) and ARV-6723 (HPK1) in 2026, with ASH and SITC data updates.

**【CEO Opening Remarks】**
- Highlighted progress across clinical programs, including ARV-102 (LRRK2 degrader) and ARV-393 (BCL6 degrader), with multiple data readouts expected in 2026.
- Announced partnership with Pfizer to commercialize vepdegestrant, with FDA PDUFA date set for June 2026.
- Emphasized financial flexibility with $787.6 million in cash as of Q3 2025, supporting pipeline through H2 2028.

**【CMO (Noah Berkowitz) Presentation】**
- ARV-102: Phase I data shows 90% LRRK2 reduction in healthy volunteers and 86-97% reduction in Parkinson's patients, with biomarker improvements in lysosomal and neuroinflammatory pathways.
- ARV-393: Early Phase I responses in B- and T-cell lymphomas at sub-therapeutic doses, with plans to initiate combination trials with CD20-targeted therapies in 2026.

**【CSO (Angela Cacace) Presentation】**
- ARV-806 (KRAS G12D degrader): Preclinical data shows 25x greater potency than competitors, with tumor regressions in multiple models.
- ARV-027 (polyQ-AR degrader): Preclinical efficacy in SBMA, with Phase I trials expected in 2026.
- ARV-6723 (HPK1 degrader): Immuno-oncology candidate showing superior activity to anti-PD-1 in preclinical studies.

**【CFO (Andrew Saik) Financial Update】**
- Q3 2025 cash balance: $787.6 million (down from $1.04 billion in Q4 2024) due to vepdegestrant partnership with Novartis.
- Non-GAAP R&D expenses: $56.9 million (down 22% YoY), with plans to maintain quarterly spend below $75 million.
- Share buyback program: $100 million authorized, with 2.56 million shares repurchased at $7.91 average price.

**【Q&A Highlights】**
- **ARV-393 Differentiation**: Monotherapy activity in T-cell lymphomas and combination potential with bispecifics for DLBCL.
- **KRAS G12D Tolerability**: ARV-806's potency and brain penetration may avoid liver toxicity seen with competitors.
- **Pipeline Strategy**: Focus on early-stage programs with high differentiation, including neuromuscular and immuno-oncology assets.
- **Vepdegestrant Update**: Pfizer seeking partner for commercialization, with FDA review ongoing.


Arvinas, Inc. (ARVN) Q3 2025 Earnings Call Transcript

Revenue

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ARVN

ARVN fundamentals

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