Arvinas Revenue Falls to Royalties After Rigel License

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue was $0.5 million as Pfizer vepdegestrant collaboration income and a Novartis milestone did not recur, and cash stood at $558.9 million.

Arvinas, Inc. (ARVN), a clinical-stage biotechnology company creating targeted protein degraders, reported third-quarter 2026 revenue of $0.5 million, down from $41.9 million a year earlier, as Pfizer vepdegestrant collaboration income and a Novartis milestone did not recur.

The remaining revenue consisted of sales-based royalties under the Rigel License Agreement. A year earlier, the quarter had included $20.6 million under the Original Vepdegestrant (ARV-471) Collaboration Agreement with Pfizer and a $20.0 million development milestone related to the Novartis License Agreement. Revenue from the Pfizer collaboration did not recur after all remaining deferred revenue was recognized in the second quarter of 2026 upon entry into the Rigel License Agreement.

GAAP research and development expenses were $46.9 million, down from $64.7 million a year earlier. The company said the $17.8 million decrease was primarily due to a $10.5 million drop in external expenses and a $6.5 million drop in compensation and related personnel expenses. Program-specific external R&D expenses declined $6.7 million, led by a $14.2 million decrease in the vepdegestrant program, partially offset by increases of $4.6 million in ARV-027, $3.3 million in ARV-6723, and $3.2 million in ARV-393. GAAP general and administrative expenses were $12.6 million, down from $21.0 million a year earlier.

The company's operating loss widened to $59.1 million from $43.8 million a year earlier, and its net loss widened to $53.9 million from $35.1 million, with basic and diluted loss of $0.82 a share versus $0.48.

Cash, cash equivalents, restricted cash, and marketable securities were $558.9 million as of September 30, 2026, compared with $685.4 million at December 31, 2025. The company said that balance is sufficient to fund planned operating expenses and capital expenditure into the second half of 2028. Deferred revenue was zero at September 30, 2026, versus $71.3 million current and $134.3 million long-term at year-end 2025, after the Pfizer vepdegestrant deferred revenue was recognized. Collaboration liabilities were $28.2 million current and $18.2 million long-term.

Clinically, Arvinas initiated dosing of patients in the monotherapy cohort of a Phase 1/2 trial of ARV-6723, its first immuno-oncology oral PROTAC designed to degrade HPK1, in patients with advanced solid tumors. A combination cohort with pembrolizumab is anticipated in mid-2027. The company also planned to present preclinical data on ARV-6723 at the Society for Immunotherapy of Cancer Annual Meeting.

ARV-027, an oral PROTAC polyQ-AR degrader, advanced to a multiple ascending dose cohort with healthy volunteers in the first-in-human Phase 1 trial. Initial healthy-volunteer AR-degradation data and dosing in patients with spinal-bulbar muscular atrophy are targeted for the first half of 2027.

ARV-393, an oral PROTAC BCL6 degrader, submitted initial Phase 1 monotherapy dose-escalation data for presentation at the 68th American Society of Hematology Annual Meeting in December 2026. Dose escalation continued in patients with non-Hodgkin lymphoma.

ARV-102, an oral PROTAC LRRK2 degrader, presented additional biomarker data in Parkinson’s disease at the International Congress on Parkinson’s Disease and Movement Disorders, including improvements in an objective measure of impaired eye movement that correlated with reductions in LRRK2 cerebrospinal-fluid biomarkers. The company announced its intention to prioritize a Phase 1b trial in progressive supranuclear palsy in the European Union and United Kingdom, with clinical trial application submissions planned for the fourth quarter of 2026 in the EU and the first quarter of 2027 in the UK. The U.S. investigational new drug application remains on hold.

President and Chief Executive Officer Randy Teel said the company is entering an important period of clinical milestones and is prioritizing investments where emerging evidence supports its goal of creating medicines for patients.