ARVINAS, INC. Q4 FY2024 earnings call

• John Houston highlighted the company's progress, including upcoming Phase 3 topline data and first-in-human data from ARV-102. The pipeline of PROTAC degraders is advancing, with vepdegestrant as the most advanced program. - Noah Berkowitz discussed the vepdegestrant Phase 3 VERITAC-2 trial, plans for Phase 3 combination trials, and the ARV-102 neuro-clinical program, including first-in-human data presentation in April. - Angela Cacace provided updates on ARV-393, a BCL6 degrader, and the KRAS G12D degrader, mentioning preclinical progress and upcoming data. - Andrew Saik shared financial highlights, noting strong cash position and plans for milestone-rich 2025.

During the fourth quarter of 2024, Arvinas recorded $59.2 million in revenue, compared to negative $43.1 million in the same period of 2023. For the full year 2024, revenue was $263.4 million versus $78.5 million in 2023. General and administrative expenses in Q4 2024 were $34.1 million, up from $27 million in 2023, totaling $165.4 million for the year. Research and development expenses in Q4 2024 were $83.3 million, down from $95.2 million in 2023, with total R&D expenses for 2024 at $348.2 million compared to $379.7 million in 2023.

• Expect Phase 3 topline data from VERITAC-2 later this quarter. - Present first-in-human data from ARV-102 in April. - Share initial data from ARV-393 Phase 1 trial in non-Hodgkin lymphoma and file IND application for KRAS G12D degrader this year.

Q: In terms of the TACTIVE-U cohorts and second-line CDK4/6 combo, when will data be shared and what's the determinant for the CDK4/6 inhibitor?

A: Data maturation is ongoing, and the determinant of the CDK4/6 inhibitor is what will be best in the second-line setting.

Q: On LRRK2, what level of degradation is therapeutic and how it translates to human setting?

A: Preclinical data shows 50% reduction of protein is disease modifying, and aim is to show 50% reduction in brain.

Q: For first-line vepdegestrant combo, what's the gating factor and data needed?

A: Safety is dominant, and need health authority discussion and data maturity, not needing 6 months of data.

Q: On commercial preparations for vepdegestrant, progress and ramp?

A: Commercial organization runway built, with planning in place for launch with Pfizer.

Q: On VERITAC-2 influence on Phase 3 trials, any impact?

A: Readthrough more in second-line, no impact on first-line.

Q: On KRAS degrader differentiation, how?

A: 40-fold more potent than Astellas molecule, catalytic mechanism, binds to both states, more potent in inhibiting proliferation.

Q: On ARV-393 enrollment and NHL subset focus?

A: Enrollment ongoing, compound has potential for combination with various agents.

Q: On Chief Commercial Officer departure, impact?

A: Interim CCO in place, no impact on progress.

Q: On Parkinson's patients update for ARV-102, biomarkers?

A: Expect PK/PD data, and non-clinical data on neuroinflammation and lysosome function.

Q: On frontline vepdegestrant vs other trials, impact?

A: PROTACs are different, hope for stronger results.

Q: On atirmociclib safety and glucose metabolism, view?

A: Vepdegestrant has no neutropenia liability, hyperglycemia not significant concern.

Q: On expanding to immunology targets, perspective?

A: Focus on oncology and neuroscience, but platform can tackle immunology, with ligand discovery key.

Q: On ARV-393 initial data and patient populations?

A: Study ongoing, potential for combinability with anti-CD20 therapy in post-transplant and elderly populations.

Q: On vepdegestrant Phase 3 data and VERITAC-2 base case assumptions?

A: Not answering VERITAC-2 specific questions, focus on upcoming data after topline.