Arvinas (NASDAQ:ARVN) outlined upcoming clinical milestones across its oncology and neurology pipeline during its third-quarter 2026 earnings call, while reporting lower operating expenses and a cash runway projected into the second half of 2028.
President and CEO Randy Teel said the company is prioritizing investments in programs where emerging evidence supports the greatest potential value, with capital allocation decisions guided by clinical data. The company expects several pipeline readouts over the next year and a half, beginning with initial data for its BCL6 degrader, ARV-393, at the American Society of Hematology meeting in December.
ARV-393 Data Expected at ASH
ARV-393 is an oral BCL6 degrader being evaluated in a Phase I study for B-cell and T-cell lymphomas. Teel said BCL6 is a driver of lymphoma biology and that Arvinas sees potential for the program both as a monotherapy and in combinations with standard treatments, potentially including chemotherapy-sparing approaches.
The first data disclosure at ASH will focus on patients with T-cell lymphomas, where treatment options remain limited. Chief Scientific Officer Angela Cacace said the release will include safety, pharmacokinetic and pharmacodynamic data from all patients, as well as preliminary efficacy findings from early T-cell lymphoma cohorts.
Management said the early cohorts were treated at doses below the levels predicted to be effective in preclinical diffuse large B-cell lymphoma models. Still, the company has observed responses across non-Hodgkin lymphoma subtypes, including both B-cell and T-cell disease.
During the question-and-answer session, Teel said Arvinas expects to disclose data from approximately the mid-teens of T-cell lymphoma patients at ASH. He cautioned that durability data would be limited because patients treated at the highest doses will have the shortest follow-up.
A second ARV-393 update is expected in mid-2027 and is planned to include more B-cell lymphoma patients treated at doses within the predicted efficacious range, longer follow-up and initial combination data with glofitamab. Arvinas said the goal of the glofitamab cohort will primarily be to establish combinability, safety and pharmacologic activity.
Neurology Programs Advance Toward Patient Studies
Arvinas is advancing ARV-027, an oral androgen receptor degrader for spinal bulbar muscular atrophy, or SBMA, also known as Kennedy’s disease. The company is currently conducting a Phase I trial in healthy volunteers and expects to disclose initial data during the first half of 2027. It also plans to begin dosing patients with SBMA in the first half of next year.
ARV-027 targets the polyglutamine-repeat androgen receptor, a disease-causing protein in SBMA. Management said it is targeting approximately a 50% reduction of the receptor while retaining some androgen signaling. In preclinical SBMA mouse models, the company said the program reduced the target protein in muscle and improved muscle strength, endurance and survival.
Teel said initiation of the patient portion of the Phase I study is not contingent on first achieving a specific degradation threshold in healthy volunteers. The healthy-volunteer study is intended to identify a dose for use in patients, he said.
For ARV-102, an LRRK2 degrader for neurodegenerative disease, Arvinas plans to submit clinical trial applications next month for a Phase Ib trial in progressive supranuclear palsy, or PSP, in the European Union and United Kingdom. Trial initiation is targeted for 2027.
The company continues discussions with the U.S. Food and Drug Administration regarding the clinical hold on ARV-102’s investigational new drug application. Teel said investors should assume the planned Phase Ib study will begin without U.S. patients, although the company could seek to include U.S. sites in later development.
Arvinas previously presented Phase I findings showing brain penetration, reduction of LRRK2 in cerebrospinal fluid and changes in biomarkers associated with endolysosomal function, neuroinflammation and synaptic activity. The company also reported improvements in an objective eye-movement measure associated with Parkinson’s disease, though Cacace said it remains to be established how that measure translates to clinically meaningful improvement.
Immuno-Oncology Study Underway
The company also initiated a first-in-human Phase I trial of ARV-6723, an oral HPK1 degrader, during the third quarter. The program is designed to target both the kinase and scaffolding functions of HPK1, which Arvinas believes could more broadly activate innate and adaptive immune responses than HPK1 inhibition alone.
Preclinical studies showed single-agent anti-tumor activity across seven checkpoint-resistant models, according to Cacace, as well as complete tumor regressions when combined with anti-PD-1 treatment. The company plans to begin dosing ARV-6723 in combination with pembrolizumab in the first half of 2027 and expects initial clinical data in the second half of 2027.
Separately, Teel said the company’s ARV-806 KRAS G12D degrader will advance only with a partner. Arvinas expects to present program data at a conference but did not provide details on potential partnering discussions.
Expenses Decline; Cash Runway Extended Into 2028
Chief Financial Officer Andrew Saik said Arvinas ended the third quarter with $558.9 million in cash equivalents, restricted cash and marketable securities, compared with $685.4 million at the end of 2025. The company expects its cash position to fund operations into the second half of 2028.
- Third-quarter general and administrative expense was $12.6 million, down from $21 million a year earlier.
- Research and development expense was $46.9 million, compared with $64.7 million in the prior-year period.
- Non-GAAP expenses totaled $53.5 million, down 25% from $71.5 million a year earlier.
Saik attributed the lower spending to reductions in program costs, non-program-specific expenses, personnel costs, infrastructure costs, commercial-development spending and professional fees. He said third-quarter spending should be representative of expected spending over the next several quarters as the company advances its early-stage pipeline.
The company also recorded its first royalty under its license agreement with Rigel during the quarter, totaling $0.5 million. Saik said Arvinas pays Yale an ongoing royalty of about 1% on royalty revenue for applicable programs, while payments associated with milestones and upfront fees are in the low-single-digit percentage range.
About Arvinas (NASDAQ:ARVN)
Arvinas, Inc is a clinical-stage biopharmaceutical company focused on developing medicines based on targeted protein degradation. The company’s proprietary PROTAC® protein degrader platform is designed to direct the body’s natural cellular machinery to selectively break down disease-causing proteins that may be difficult to address with conventional drug approaches.
Arvinas has concentrated its research and development efforts primarily on oncology, including hormone-driven cancers. Its pipeline has included vepdegestrant, an estrogen receptor protein degrader being developed for patients with estrogen receptor-positive, human epidermal growth factor receptor 2-negative breast cancer, as well as other investigational degraders targeting cancer-related proteins.
