This article first appeared on GuruFocus .
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Revenue:First royalty under Rigel license agreement of $0.5 million booked in Q3 2026.
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Cash Position:$558.9 million in cash equivalents, restricted cash, and marketable securities at end of Q3 2026, down from $685.4 million at end of 2025.
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Cash Runway:Projected cash into the second half of 2028.
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G&A Expenses:$12.6 million in Q3 2026, down $8.4 million from $21 million in Q3 2025.
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R&D Expenses:$46.9 million in Q3 2026, down $17.8 million from $64.7 million in Q3 2025.
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Non-GAAP R&D Expenses:Down $12.6 million year-over-year, a 22% reduction.
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Non-GAAP G&A Expenses:Down $5.4 million, or 37%, year-over-year.
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Non-GAAP Total Expenses:$53.5 million in Q3 2026, compared to $71.5 million in prior year period (25% year-over-year reduction).
Release Date: November 03, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Arvinas Inc ( NASDAQ:ARVN ) has a strong cash position of $558.9 million, with runway into the second half of 2028, funding multiple key clinical milestones.
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The company reported a 25% year-over-year reduction in non-GAAP expenses, demonstrating disciplined capital allocation.
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ARV-393, the oral BCL6 degrader, showed responses in both B-cell and T-cell lymphomas at low doses, with initial data at ASH and a second readout in mid-2027.
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ARV-027, a first-in-class oral androgen receptor degrader for SBMA, demonstrated profound preclinical activity, including rescue of muscle strength and endurance, with initial Phase I data expected in 1H 2027.
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ARV-6723, a first-in-class oral HPK1 degrader, showed robust single-agent anti-tumor activity in seven checkpoint-resistant models and complete tumor regressions with anti-PD-1 combination, with initial data expected in 2H 2027.
Negative Points
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ARV-102, the LRRK2 degrader, remains on clinical hold in the U.S., and the Phase I-B trial will proceed in Europe without U.S. patients, potentially delaying U.S. development.
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The first ARV-393 data disclosure at ASH will focus on T-cell lymphoma patients with limited durability and a small number of patients (mid-teens), potentially providing limited insight into B-cell lymphoma activity.
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ARV-806, the KRAS G12D degrader, will only move forward with a partner, creating uncertainty around its future development.
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The company's cash runway into 2H 2028 may not fully fund the SBMA trial beyond the guidance period, requiring additional financing or partnerships.
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Arvinas Inc ( NASDAQ:ARVN ) faces competition in the BCL6 degrader space, with competitors reporting response rates over 50% in B-cell lymphoma, setting a high bar for ARV-393.
Q & A Highlights
Q: With ARV-393's first data disclosure at ASH focused on T-cell lymphoma patients, what efficacy bar should investors use, and how should we think about the read-through to B-cell indications? A: CEO Randy Teel explained that the first disclosure will emphasize safety, PK, PD, and preliminary efficacy in T-cell patients, most of whom were dosed below predicted efficacious exposures. He noted that marketed agents achieve roughly 35%45% response rates in second-line nTFHL, so anything over 30% in this early, low-dose setting would be encouraging. B-cell data, including higher doses, durability, and the glofitamab combination, will be the focus of the mid-2027 update, since the preclinical exposure modeling was done in DLBCL models.
Q: What is the status of the ARV-102 clinical hold in the U.S., and how will the Phase I-B trial in PSP proceed? A: CEO Randy Teel said Arvinas will move forward with the Phase I-B CTA process in the E.U. and U.K., with trial initiation targeted for 2027, while continuing discussions with the FDA on the U.S. IND hold. Investors should assume the Phase I-B begins without U.S. patients, though the U.S. could be added later in development. He noted the regulatory conversations are multifactorial and that Europe offers a faster path to proof of concept.
Q: For ARV-027 in SBMA, are you targeting approximately 50% androgen receptor degradation, and will that threshold gate progression into patients? A: CSO Angela Cacace confirmed the program targets roughly 50% polyQ-AR reduction, a level that in preclinical models and published literature rescued muscle strength and endurance while retaining some androgen tone. CEO Randy Teel added that entering SBMA patients is not contingent on hitting that degradation threshold in healthy volunteers; the multiple-ascending-dose portion is designed to select a dose to carry into patients. Initial healthy volunteer data and first SBMA patient dosing are both expected in the first half of 2027.
Q: What are the partnering prospects for ARV-806, the KRAS G12D degrader? A: CEO Randy Teel reiterated that ARV-806 will only move forward with a partner and that Arvinas will provide an update if and when one is found. He noted that data on the program will be presented at a conference this month, but guidance will focus on the wholly owned Phase I programs the company continues to advance.
Q: How should we think about the ARV-102 Phase I-B translating into a registrational path, and what is the updated timeline? A: CEO Randy Teel said the prior plan for parallel U.S. and global registrational trials has folded into a single Phase I-B trial in Europe first, followed by a larger registrational trial. The Phase I-B will dose PSP patients for longer than the 28 days used in healthy volunteers and Parkinson's patients, allowing assessment of safety, PK/PD, and potentially efficacy-oriented endpoints. A more global program, potentially including Japan and the U.S., could follow once the Phase I-B is complete.
Q: What proof-of-concept data do you need from the ARV-6723 HPK1 degrader before refining next steps, and how do next-generation IO agents affect your positioning? A: CEO Randy Teel said very little additional proof of concept is needed to proceed, given preclinical data showing activity across seven checkpoint-inhibitor-resistant models and superiority to both PD-1 therapy and a prior HPK1 inhibitor. The Phase I is enrolling post-checkpoint patients, with initial data expected in the second half of 2027 and pembrolizumab combination dosing planned for the first half of 2027. He views HPK1 degradation as a distinct immune axis rather than a competitor to next-generation PD-1/PD-L1 agents.
Q: Which programs and milestones are fully funded by the cash runway into the second half of 2028? A: CFO Andrew Saik said BCL6 is fully funded through next year, including monotherapy dose escalation, the glofitamab combination, and planned expansion combinations starting next year. SBMA is funded through the guidance period, though the trial extends beyond the cash runway and will need to be addressed later. He emphasized that Arvinas manages cash carefully to reach the next key readouts across its major programs.
Q: How many T-cell lymphoma patients should we expect in the ASH update, and will there be enough data to assess dose response and durability? A: CEO Randy Teel said to expect roughly mid-teens T-cell patients, with the caveat that patients dosed at the highest levels will have the shortest follow-up in a dose-escalation trial. Durability information in the ASH update will therefore be fairly limited, with more mature T-cell and B-cell data expected at the mid-2027 disclosure.
Q: What safety and tolerability profile are you looking for in the ARV-027 healthy volunteer cohorts, and how long might functional benefit take to emerge in SBMA patients? A: CSO Angela Cacace said the Phase I will assess all standard safety and tolerability measures during dose escalation, with the 50% degradation target derived from preclinical models showing rescue of strength, endurance, and survival. Translating that into clinical benefit timing is difficult, but the company will monitor muscle integrity and is using natural history data, including from NITO, to define endpoints for the registrational SBMA trial. CEO Randy Teel added that ARV-027 degrades wild-type and polyQ AR roughly equally, so healthy volunteer results should be predictive of target degradation in patients.
Q: Will the PSP Phase I-B for ARV-102 generate oculomotor and biomarker data similar to the Parkinson's study, and how should we interpret it? A: CSO Angela Cacace said PSP involves a different, earlier-onset gaze palsy, so the company is shifting its digital biomarkers toward movement and falling endpoints more relevant to that disease, while still studying eye tracking. The trial will also examine endolysosomal and inflammatory markers, pathologic tau reductions, synaptic markers, and neuronal health markers such as neurofilament light chain.
Q: What are the parameters of the Yale royalty, and does it apply across all programs? A: CFO Andrew Saik said the Yale royalty is approximately 1% on
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
