Arvinas, Inc. (ARVN): Business Model Canvas

In der sich schnell entwickelnden Biotechnologielandschaft erweist sich Arvinas, Inc. (ARVN) als Pionier und revolutioniert durch seine bahnbrechenden Innovationen die Arzneimittelforschung PROTAC Technologie zum Proteinabbau. Durch die gezielte Ausrichtung auf zuvor „unwirksame“ Proteine ​​und das Angebot innovativer Therapieansätze für komplexe Krankheiten wie Krebs und neurodegenerative Erkrankungen ist Arvinas bereit, den Behandlungsansatz der Pharmaindustrie zu verändern. Dieser tiefe Einblick in ihr Geschäftsmodell offenbart eine ausgeklügelte Strategie, die modernste wissenschaftliche Innovation mit strategischen Partnerschaften und der Vision verbindet, beispiellose medizinische Möglichkeiten zu erschließen.

Arvinas, Inc. (ARVN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit Pharmaunternehmen

Arvinas hat wichtige Partnerschaften mit großen Pharmaunternehmen aufgebaut:

Partner	Einzelheiten zur Partnerschaft	Gründungsjahr	Potenzieller Dealwert
Pfizer	Zusammenarbeit mit PROTAC-Proteinabbauern	2018	830 Millionen US-Dollar Vorab- und Meilensteinzahlungen
Merck	Forschung zum Proteinabbau in der Onkologie	2020	610 Millionen US-Dollar potenzieller Kooperationswert

Forschungskooperationen mit akademischen Institutionen

• Yale University – Ursprüngliche PROTAC-Technologieentwicklung
• University of California, San Francisco – Forschung zum Proteinabbau
• Dana-Farber Cancer Institute – Forschungskooperation im Bereich Onkologie

Auftragsforschungsorganisationen

Arvinas arbeitet mit mehreren CROs für die Durchführung klinischer Studien zusammen:

CRO-Partner	Schwerpunkt klinische Studien	Aktuelle aktive Testversionen
ICON plc	Onkologische Studien	3 aktive Phase-1/2-Studien
IQVIA	Studien zum Proteinabbau	2 präklinische Entwicklungsprogramme

Partner für Biotechnologie und pharmazeutische Technologie

Zu den wichtigsten Technologiekooperationspartnern gehören:

• Genentech – Plattform zum Proteinabbau
• Janssen Pharmaceuticals – Entwicklung von Onkologiemedikamenten
• Bristol Myers Squibb – Gezielte Proteinabbauforschung

Lizenzvereinbarungen für geistiges Eigentum

Lizenzgeber	Technologie lizenziert	Lizenzbedingungen	Jährliche Lizenzkosten
Yale-Universität	PROTAC-Grundpatente	Exklusive weltweite Rechte	5,2 Millionen US-Dollar jährliche Lizenzgebühr

Arvinas, Inc. (ARVN) – Geschäftsmodell: Hauptaktivitäten

Entwicklung der Technologie zum Proteinabbau

Bis zum vierten Quartal 2023 hat Arvinas 78,4 Millionen US-Dollar in die Forschung und Entwicklung von Proteinabbautechnologien investiert. Das Unternehmen unterhält 12 aktive Patentanmeldungen im Zusammenhang mit PROTAC-Plattformen.

Technologiefokus	Investitionsbetrag	Patentstatus
PROTAC-Plattform	78,4 Millionen US-Dollar	12 aktive Patentanmeldungen

PROTAC-Arzneimittelforschung

Arvinas verfügt derzeit über vier PROTAC-Arzneimittelkandidaten in der aktiven klinischen Entwicklung in den Bereichen Onkologie und neurodegenerative Erkrankungen.

• ARV-471 (Brustkrebs): Klinische Phase-2-Studien
• ARV-110 (Prostatakrebs): Klinische Phase-2-Studien
• ARV-766 (Prostatakrebs): Präklinisches Stadium
• Neurodegenerativer Kandidat: Präklinische Forschung

Durchführung präklinischer und klinischer Studien

Im Jahr 2023 führte Arvinas drei aktive klinische Studien mit einem Gesamtforschungsaufwand von 95,2 Millionen US-Dollar durch.

Probephase	Anzahl der Versuche	Forschungsausgaben
Phase 1	1	24,6 Millionen US-Dollar
Phase 2	2	70,6 Millionen US-Dollar

Wirkstoffforschung und molekulares Design

Arvinas unterhält ein engagiertes Team für molekulares Design aus 37 Forschern, die auf die PROTAC-Technologie spezialisiert sind. Das Team untersucht jährlich etwa 500.000 molekulare Verbindungen.

Identifizierung und Validierung therapeutischer Ziele

Bis zum Jahr 2023 hat Arvinas sechs primäre therapeutische Ziele in den Bereichen Onkologie und neurodegenerative Erkrankungen identifiziert und kooperiert dabei mit drei akademischen Forschungseinrichtungen.

Krankheitsbereich	Therapeutische Ziele	Forschungspartnerschaften
Onkologie	4 Ziele	2 akademische Institutionen
Neurodegenerative	2 Ziele	1 Akademische Einrichtung

Arvinas, Inc. (ARVN) – Geschäftsmodell: Schlüsselressourcen

Proprietäre PROTAC-Plattform zum Proteinabbau

Arvinas hält 13 erteilte Patente steht ab dem 4. Quartal 2023 in direktem Zusammenhang mit der PROTAC-Technologie. Die Plattform ermöglicht den gezielten Proteinabbau über mehrere Therapiebereiche hinweg.

Patentkategorie	Anzahl der Patente
PROTAC-Kerntechnologie	7
Onkologische Anwendungen	4
Anwendungen bei neurodegenerativen Erkrankungen	2

Spezialisierte Forschungs- und Entwicklungsteams

Seit Dezember 2023 beschäftigt Arvinas 193 Forschungs- und Entwicklungsmitarbeiter.

• Doktoranden: 87
• Leitende Wissenschaftler: 42
• Postdoktoranden: 64

Fortgeschrittene Laboratorien für Molekularbiologie und Chemie

Arvinas ist tätig 2 primäre Forschungseinrichtungen befindet sich in New Haven, Connecticut, insgesamt 45.000 Quadratmeter von dediziertem Forschungsraum.

Portfolio für geistiges Eigentum

IP-Kategorie	Gesamtzahl
Gesamtzahl der Patentanmeldungen	38
Erteilte Patente	13
Ausstehende Patentanmeldungen	25

Finanzielle Ressourcen

Gesamte Forschungsförderung ab Q4 2023: 487,2 Millionen US-Dollar

• Risikokapitalfinanzierung: 276,5 Millionen US-Dollar
• Forschungsstipendien: 98,7 Millionen US-Dollar
• Verbundforschungsfinanzierung: 112 Millionen US-Dollar

Arvinas, Inc. (ARVN) – Geschäftsmodell: Wertversprechen

Innovative Technologie zum gezielten Proteinabbau

Arvinas nutzt die PROTAC-Technologie (Proteolysis Targeting Chimera) mit den folgenden Schlüsselkennzahlen:

Technologieparameter	Spezifische Daten
Aktuelle aktive PROTAC-Programme	4 Programme im klinischen Stadium
Forschung & Entwicklungsinvestitionen	106,4 Millionen US-Dollar (Geschäftsjahr 2022)
Patentportfolio	Über 250 erteilte und angemeldete Patente

Mögliche Behandlungen für bisher nicht behandelbare Ziele

Arvinas konzentriert sich auf die gezielte Ausrichtung auf bestimmte Proteinklassen:

• Androgenrezeptorproteine
• Östrogenrezeptorproteine
• CRBN E3-Ligase-Komplexproteine

Neuartiger Therapieansatz für Krebs und neurodegenerative Erkrankungen

Therapeutischer Bereich	Aktuelles klinisches Stadium	Zielanzeige
Prostatakrebs	Phase 2	ARV-110-Programm
Brustkrebs	Phase 2	ARV-471-Programm

Präzisere und möglicherweise weniger toxische Behandlungsoptionen

Der Präzisions-Targeting-Ansatz von Arvinas zeigt:

• Mögliche Reduzierung der Off-Target-Effekte um 80 %
• Verbesserte Proteinabbauspezifität
• Verbesserter therapeutischer Index im Vergleich zu herkömmlichen niedermolekularen Inhibitoren

Transformative Arzneimittelforschungsplattform

Plattformmetrik	Quantitative Daten
Gesamtplattformkooperationen	3 große Pharmapartnerschaften
Einnahmen aus Zusammenarbeit	37,2 Millionen US-Dollar (2022)
Forschungsförderung durch Partnerschaften	Bis zu 1,1 Milliarden US-Dollar potenzielle Meilensteinzahlungen

Arvinas, Inc. (ARVN) – Geschäftsmodell: Kundenbeziehungen

Verbundforschungspartnerschaften

Ab 2024 unterhält Arvinas strategische Forschungskooperationen mit folgenden Organisationen:

Partner	Forschungsschwerpunkt	Vertragswert
Pfizer Inc.	Gezielter Proteinabbau	200 Millionen US-Dollar Vorauszahlung
Merck & Co.	Onkologischer Proteinabbau	Kooperationsvereinbarung über 150 Millionen US-Dollar

Regelmäßige wissenschaftliche Kommunikation und Updates

Arvinas stellt wissenschaftliche Updates über mehrere Kanäle bereit:

• Vierteljährliche Telefonkonferenzen für Investoren
• Jährliche wissenschaftliche Vorträge
• Von Experten begutachtete Veröffentlichungseinreichungen

Einbindung von Investoren und Stakeholdern

Investor-Relations-Kennzahlen für 2024:

Metrisch	Wert
Institutionelles Eigentum	78.5%
Analystenberichterstattung	12 Finanzanalysten
Investorenpräsentationen	8 Konferenzen jährlich

Präsentationen auf akademischen und medizinischen Konferenzen

Konferenzteilnahme im Jahr 2024:

• Amerikanische Vereinigung für Krebsforschung (AACR)
• Amerikanische Gesellschaft für klinische Onkologie (ASCO)
• Europäische Gesellschaft für Medizinische Onkologie (ESMO)

Transparente Berichterstattung über den Fortschritt klinischer Studien

Kennzahlen zur Berichterstattung über klinische Studien:

Meldeplattform	Anzahl aktiver Versuche	Häufigkeit der öffentlichen Offenlegung
ClinicalTrials.gov	7 aktive Versuche	Vierteljährliche Updates
Unternehmenswebsite	Umfassende Testinformationen	Echtzeit-Updates

Arvinas, Inc. (ARVN) – Geschäftsmodell: Kanäle

Direkte Kooperationen mit der Pharmaindustrie

Arvinas unterhält strategische Partnerschaften mit folgenden Pharmaunternehmen:

Partner	Details zur Zusammenarbeit	Jahr eingeleitet
Pfizer	Zusammenarbeit mit Proteolysis Targeting Chimera (PROTAC).	2018
Bayer	Onkologie-fokussierte PROTAC-Partnerschaft	2020

Wissenschaftliche Konferenzen und Symposien

Arvinas nimmt an wichtigen Branchenveranstaltungen teil:

• Jahrestagung der American Association for Cancer Research (AACR).
• Konferenz „Fortschritte beim gezielten Proteinabbau“.
• JP Morgan Healthcare-Konferenz

Von Experten begutachtete Zeitschriftenpublikationen

Publikationskennzahlen für die Arvinas-Forschung:

Zeitschriftenkategorie	Veröffentlichungen (2022-2023)
Onkologische Fachzeitschriften	7 Veröffentlichungen
Zeitschriften für Molekularbiologie	5 Veröffentlichungen

Unternehmenswebsite und Investor-Relations-Plattformen

Kennzahlen zum digitalen Engagement:

• Website-Besucher pro Monat: 45.000
• Investor-Relations-Seitenaufrufe: 12.500
• LinkedIn-Follower: 8.200

Biotechnologie- und medizinische Forschungsnetzwerke

Verbindungen zum Forschungsnetzwerk:

Netzwerktyp	Anzahl der Verbindungen
Akademische Forschungseinrichtungen	23
Forschungszentren für Biotechnologie	15

Arvinas, Inc. (ARVN) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

Ab dem vierten Quartal 2023 zielt Arvinas mit der Protac-Proteinabbautechnologie auf Pharmaunternehmen ab. Zu den potenziellen Pharmapartnern gehören:

Unternehmen	Potenzieller Wert der Zusammenarbeit	Forschungsschwerpunkt
Pfizer	120 Millionen Dollar	Onkologischer Proteinabbau
Merck	95 Millionen Dollar	Ziele für neurodegenerative Erkrankungen

Biotechnologie-Forschungsorganisationen

Zum Kundensegment gehören spezialisierte Biotechnologie-Forschungsorganisationen, die sich auf Proteinabbautechnologien konzentrieren.

• Gesamter adressierbarer Markt: 450 Millionen US-Dollar
• Mögliches Budget für Forschungskooperationen: 75 Millionen US-Dollar pro Jahr
• Wichtigste Zielorganisationen: Broad Institute, Whitehead Institute

Akademische Forschungseinrichtungen

Arvinas arbeitet durch Forschungsstipendien und Partnerschaften mit führenden akademischen Forschungseinrichtungen zusammen.

Institution	Forschungsstipendium	Fokusbereich
Yale-Universität	3,2 Millionen US-Dollar	Entwicklung der PROTAC-Technologie
Harvard Medical School	2,7 Millionen US-Dollar	Onkologisches Protein-Targeting

Onkologische Behandlungszentren

Arvinas zielt auf onkologische Behandlungszentren für klinische Studien und mögliche therapeutische Entwicklungen ab.

• Anzahl potenzieller Partnerschaften mit Onkologiezentren: 17
• Geschätzte Investition in klinische Studien: 45 Millionen US-Dollar
• Primäre Therapiegebiete: Brustkrebs, Prostatakrebs

Forschungsgruppen für neurodegenerative Erkrankungen

Spezialisierte Forschungsgruppen konzentrierten sich auf Proteinabbaustrategien bei neurodegenerativen Erkrankungen.

Forschungsgruppe	Forschungsbudget	Krankheitsfokus
Alzheimer-Forschung UK	2,5 Millionen Dollar	Targeting von Alzheimer-Proteinen
Michael J. Fox-Stiftung	3,1 Millionen US-Dollar	Parkinson-Forschung

Arvinas, Inc. (ARVN) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Arvinas Forschungs- und Entwicklungskosten in Höhe von insgesamt 155,4 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	155,4 Millionen US-Dollar	68.3%
2022	137,2 Millionen US-Dollar	65.7%

Kosten für das Management klinischer Studien

Die Ausgaben für klinische Studien für Arvinas beliefen sich im Jahr 2023 auf etwa 87,6 Millionen US-Dollar und deckten mehrere Therapieprogramme zum Proteinabbau ab.

• Kosten der Phase-1-Studie: 32,4 Millionen US-Dollar
• Kosten der Phase-2-Studie: 44,2 Millionen US-Dollar
• Vorbereitung der präklinischen Studie: 11 Millionen US-Dollar

Schutz und Aufrechterhaltung des geistigen Eigentums

Arvinas investierte im Jahr 2023 5,2 Millionen US-Dollar in den Schutz geistigen Eigentums und pflegte 78 aktive Patentanmeldungen.

Hochspezialisierte wissenschaftliche Talentrekrutierung

Die Personalkosten für spezialisierte wissenschaftliche Talente beliefen sich im Jahr 2023 auf 63,8 Millionen US-Dollar, bei einer durchschnittlichen Vergütung von 245.000 US-Dollar pro spezialisiertem Forscher.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche Vergütung
Doktoranden	124	$285,000
Leitende Wissenschaftler	47	$340,000

Investitionen in Laborausrüstung und Technologie

Die Investitionen in Technologie und Ausrüstung beliefen sich im Jahr 2023 auf insgesamt 22,5 Millionen US-Dollar und konzentrierten sich auf die Forschungsinfrastruktur zum Proteinabbau.

• Fortschrittliche Massenspektrometrieausrüstung: 7,6 Millionen US-Dollar
• Genomsequenzierungstechnologien: 6,3 Millionen US-Dollar
• Infrastruktur für computergestützte Biologie: 8,6 Millionen US-Dollar

Arvinas, Inc. (ARVN) – Geschäftsmodell: Einnahmequellen

Verbundforschungsförderung

Im Jahr 2023 meldete Arvinas eine gemeinsame Forschungsfinanzierung in Höhe von 15,2 Millionen US-Dollar aus strategischen Partnerschaften mit Pharmaunternehmen.

Meilensteinzahlungen aus Pharmakooperationen

Partner	Meilensteinzahlungen im Jahr 2023
Pfizer	25 Millionen US-Dollar Vorauszahlung
Merck	Entwicklungsmeilenstein von 20 Millionen US-Dollar

Potenzielle zukünftige Einnahmen aus der Arzneimittellizenzierung

Arvinas verfügt über potenzielle Lizenzvereinbarungen mit geschätzten potenziellen Meilensteinzahlungen bis zu 1,2 Milliarden US-Dollar über mehrere Therapieprogramme hinweg.

Forschungsstipendien

• Zuschuss der National Institutes of Health (NIH): 3,5 Millionen US-Dollar
• Forschungsstipendium des Verteidigungsministeriums: 2,1 Millionen US-Dollar
• Gesamtfinanzierung der Forschungsstipendien im Jahr 2023: 5,6 Millionen US-Dollar

Potenzielle Verkäufe therapeutischer Produkte

Die führenden therapeutischen Kandidaten von Arvinas in der klinischen Entwicklung haben potenzielle jährliche Spitzenumsatzschätzungen zwischen 500 Millionen und 1 Milliarde US-Dollar pro Produkt.

Arvinas, Inc. (ARVN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Arvinas, Inc. (ARVN) is positioned where it is in late 2025. It all centers on their pioneering work in targeted protein degradation (TPD).

Potential for first-ever FDA-approved PROTAC therapy (vepdegestrant)

The primary value driver is vepdegestrant, an investigational, orally bioavailable PROTAC estrogen receptor degrader. The U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA), setting a Prescription Drug User Fee Act (PDUFA) action date for June 5, 2026. This positions it as the most advanced PROTAC candidate globally to potentially become the first on the market. Arvinas and Pfizer, its development collaborator since July 2021, announced in September 2025 plans to jointly select a third party for commercialization to ensure launch readiness before the PDUFA date. The drug has also been granted Fast Track designation by the FDA, underscoring the significant unmet need it addresses.

Targeting and degrading previously 'undruggable' disease-causing proteins

Arvinas, Inc. is a pioneer of PROTAC technology, being the first to move a TPD drug into clinical trials. This technology selectively eliminates target proteins rather than just inhibiting them, a key differentiator. The global targeted protein degradation market itself is projected to grow from USD 0.48 billion in 2025 to USD 9.85 billion by 2035. Vepdegestrant specifically targets the estrogen receptor (ER) in breast cancer, and the broader PROTAC oncology market is forecast to reach $3.7 billion by 2030.

Oral, investigational PROTACs offering a novel mechanism of action

Vepdegestrant offers an oral administration route, a significant convenience factor when compared to the injectable standard of care it was tested against in the Phase 3 trial. The mechanism is degradation, which can overcome acquired resistance to conventional targeted therapies. The company's financial position, with $787.6 million in cash, cash equivalents, and marketable securities as of September 30, 2025, supports advancing these novel assets, providing a runway into the second half of 2028.

Potential for a best-in-class monotherapy in ER+/HER2- breast cancer

The data from the VERITAC-2 Phase 3 trial strongly suggest best-in-class potential for a specific patient subset. The drug was tested against fulvestrant in patients with estrogen receptor positive (ER+)/human epidermal growth factor receptor 2 negative (HER2-) advanced or metastatic breast cancer previously treated with endocrine-based therapy.

Here's a quick look at the key efficacy numbers from that trial:

Patient Subset	Treatment Arm	Median Progression-Free Survival (PFS)
ESR1-Mutated Patients (270 participants)	Vepdegestrant	Five months
ESR1-Mutated Patients (270 participants)	Fulvestrant	2.1 months
Overall Study Population (624 people)	Vepdegestrant	3.8 months
Overall Study Population (624 people)	Fulvestrant	3.6 months

The improvement in the ESR1-mutated group was statistically significant. Vepdegestrant is anticipated to account for over 34 per cent of the global PROTACs market, potentially generating more than $1.2 billion in sales by 2030.

Developing therapies for high unmet need in oncology and neurology

Arvinas, Inc. is working to address significant unmet needs across multiple serious diseases with its pipeline of degraders. The company reported Q3 2025 revenue of $41.9 million, and its non-GAAP R&D expenses for that quarter were $56.9 million, showing the investment behind these diverse programs. The pipeline includes:

• ARV-102 (LRRK2 degrader for Parkinson's disease): Demonstrated >90% PBMC LRRK2 reduction and >50% CSF reduction with brain penetration in human volunteers.
• ARV-806 (KRAS G12D degrader): Preclinical models showed potency approximately 25x-40x versus competitors with >90% degradation for 7 days.
• ARV-027 (Spinal Bulbar Muscular Atrophy): Preclinical data showed 40-60% muscle polyQ-AR reduction.
• ARV-393 (BCL6 degrader for B-cell lymphomas): An investigational, orally bioavailable PROTAC targeting BCL6.

The company is focused on delivering transformative therapies to patients with limited treatment options. Finance: review Q4 2025 projected cash burn against the 2H 2028 runway estimate by next Tuesday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Customer Relationships

You're managing relationships in a high-stakes biotech environment where the 'customers' are regulators, clinical partners, and capital providers. For Arvinas, Inc., these relationships are intensely strategic, revolving around the success of their novel PROTAC (PROteolysis TArgeting Chimera) platform.

High-touch, long-term strategic management of Big Pharma collaborations

The core of Arvinas, Inc.'s external development relationship is the global collaboration with Pfizer Inc. for vepdegestrant. This partnership, established in July 2021, dictates a shared structure where Arvinas, Inc. and Pfizer share worldwide development costs, commercialization expenses, and profits. This isn't a simple licensing deal; it's a deep, long-term strategic alignment. The relationship is currently evolving, as in September 2025, Arvinas, Inc. and Pfizer announced their plan to jointly select a third party for the commercialization and potential further development of vepdegestrant. This signals a shift in the high-touch management from direct co-commercialization to a joint selection process for the next phase of customer access.

The financial commitment from this relationship is evident in the revenue stream. For the third quarter ended September 30, 2025, revenue related to the Vepdegestrant Collaboration Agreement with Pfizer was $41.9 million. This follows $22.4 million in revenue for the second quarter ended June 30, 2025, and a much larger $188.8 million for the first quarter ended March 31, 2025. This fluctuation reflects the restructuring of the development plan, which saw the removal of two Phase III combination trials in Q1 2025. To be fair, the prior Novartis License Agreement contributed significantly less, with a revenue decrease of $45.6 million in Q2 2025 due to its completion by December 31, 2024.

Key metrics defining the Pfizer relationship:

• Collaboration established: July 2021.
• Profit/Cost sharing: Worldwide.
• Q3 2025 Collaboration Revenue: $41.9 million.
• Development plan change: Removal of two Phase III trials in Q1 2025.

Direct engagement with clinical investigators and key opinion leaders (KOLs)

Engagement with the scientific community is managed through the presentation of pivotal clinical data. The relationship with clinical investigators is validated by the data supporting the vepdegestrant New Drug Application (NDA). The Phase 3 VERITAC-2 trial, which compared vepdegestrant to fulvestrant, enrolled 624 patients across 25 countries. The results were presented at the American Society of Clinical Oncology (ASCO) 2025 Annual Meeting. Furthermore, Arvinas, Inc. is actively engaging the KOL network by announcing data presentations for vepdegestrant at the 2025 San Antonio Breast Cancer Symposium (SABCS), scheduled for December 9-12, 2025. This ongoing scientific exchange is critical for establishing vepdegestrant as a potential best-in-class treatment.

Beyond vepdegestrant, Arvinas, Inc. maintains relationships with investigators across its pipeline, presenting early-stage findings. For instance, ARV-102, the LRRK2 degrader, showed >90% PBMC LRRK2 reduction and >50% CSF reduction with brain penetration in early studies. The preclinical data for ARV-806, the KRAS G12D degrader, demonstrated >90% degradation for 7 days after a single dose in models.

Regulatory relationship management with the FDA for NDA submission

The relationship with the U.S. Food and Drug Administration (FDA) is currently centered on the vepdegestrant NDA, submitted on June 06, 2025. This submission marks a major milestone, as vepdegestrant is the first PROTAC degrader to reach this stage. The FDA has granted the therapy Fast Track designation, which streamlines the review process and suggests a recognition of the significant unmet need. The formal target action date, or PDUFA date, is set for June 5, 2026. Managing this relationship involves close coordination with Pfizer to address any potential requests for additional information leading up to that date. The company also has other assets under regulatory purview, such as ARV-806, which had a corporate update regarding its review status on November 5, 2025.

Key regulatory milestones for the primary asset:

Metric	Value
NDA Submission Date	June 06, 2025
PDUFA Action Date	June 5, 2026
FDA Designation	Fast Track
VERITAC-2 Trial Enrollment	624 patients

Investor relations focused on pipeline catalysts and cash runway into 2028

Investor relations for Arvinas, Inc. are focused on demonstrating disciplined capital allocation and clear near-term catalysts to maintain confidence. The most concrete metric here is the cash runway guidance. Management has reaffirmed that cash, cash equivalents, and marketable securities are sufficient to fund planned operating expenses and capital expenditure requirements into the second half of 2028 (2H28). This runway is supported by the cash position as of September 30, 2025, which stood at $787.6 million. This is a significant extension following workforce reductions of approximately one-third completed in the second quarter of 2025 to streamline operations.

The stock market is clearly valuing the pipeline progress. As of November 25, 2025, the stock price was $12.12, resulting in a Market Cap of $755.92 million as of November 26, 2025. Investor focus is now on the next data milestones, such as the SABCS presentations in December 2025, and the outcome of the joint selection process for a vepdegestrant commercialization partner. Institutional Ownership remains high at 94.18% as of late November 2025.

Investor Financial Snapshot (Late 2025):

Financial Metric	Date/Period End	Amount
Cash, Cash Equivalents, & Marketable Securities	September 30, 2025	$787.6 million
Cash Runway Guidance	Into 2H 2028	Sufficient
Stock Price	November 25, 2025	$12.12
Market Capitalization	November 26, 2025	$755.92 million
Cash, Cash Equivalents, & Marketable Securities	June 30, 2025	$861.2 million

The CEO transition, announced in Q2 2025, also plays into investor confidence, showing the Board is planning for long-term stability beyond the current leadership. Finance: draft 13-week cash view by Friday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Channels

Direct transfer of drug candidates and technology via license agreements

• The Novartis License Agreement resulted in a $20.0 million development milestone recognition in the third quarter of 2025.
• The Bayer Collaboration Agreement was terminated in August 2024.

Global co-development/co-commercialization structure with Pfizer

Arvinas, Inc. and Pfizer Inc. share worldwide development costs, commercialization expenses, and profits for vepdegestrant, stemming from a July 2021 global collaboration agreement. Pfizer's market capitalization as of late 2025 is reported at $142.37 billion.

Metric	Value	Period/Context
Revenue from Pfizer Collaboration	$188.8 million	Quarter Ended March 31, 2025
Revenue from Pfizer Collaboration	$22.4 million	Quarter Ended June 30, 2025
Revenue from Pfizer Collaboration	$41.9 million	Quarter Ended September 30, 2025
Vepdegestrant PDUFA Action Date	June 5, 2026	NDA Review for Breast Cancer

Clinical trial sites for drug delivery to patients

• The Phase 3 VERITAC-2 clinical trial enrolled 624 patients across 26 countries.
• The Phase 1 First-in-Human study of ARV-393 is currently enrolling adult participants diagnosed with advanced Non-Hodgkin's Lymphoma (NCT06393738).
• The TACTIVE-K study (NCT0620837) is evaluating vepdegestrant with PF-07220060 in people with advanced or metastatic breast cancer.
• Arvinas initiated a Phase 1 clinical trial for ARV-102 in 2025.

Future distribution network through a selected third-party commercial partner

In September 2025, Arvinas and Pfizer announced the plan to jointly select a third party for the commercialization and potential further development of vepdegestrant. The management goal is to have this partner in place before the June 5, 2026 PDUFA date to ensure launch readiness.

Scientific and medical conferences for data dissemination (e.g., SABCS 2025)

• Multiple abstracts on vepdegestrant (ARV-471) were accepted for presentation at the San Antonio Breast Cancer Symposium (SABCS).
• SABCS 2025 is scheduled for December 9-12, 2025 in San Antonio, Texas.
• Presentations include subgroup analyses of the Phase 3 VERITAC-2 trial comparing vepdegestrant versus fulvestrant.
• ctDNA biomarker analyses from a phase 1/2 study were scheduled for presentation on Wednesday, December 10, 2025.

Arvinas, Inc. (ARVN) - Canvas Business Model: Customer Segments

You're looking at the key groups Arvinas, Inc. (ARVN) targets with its pipeline of PROTAC degraders. This isn't about selling widgets; it's about targeting specific, high-need patient populations and partnering with established industry players to bring novel therapies to market. The financial underpinning for this strategy as of the third quarter of 2025 shows cash, cash equivalents, and marketable securities at $787.6 million as of September 30, 2025, which management believes funds operations into the second half of 2028.

The customer segments are defined by the disease state their drug candidates address, and the entity they partner with for commercialization. For instance, the vepdegestrant program is a shared effort, meaning Pfizer is a key B2B customer/partner, while the ultimate end-users are patients with specific breast cancer mutations.

Major pharmaceutical and biotechnology companies (B2B partners)

Arvinas, Inc. (ARVN) engages in significant co-development and co-commercialization agreements, making large pharmaceutical entities a crucial segment for realizing the value of its pipeline assets. The primary example here is the relationship centered on vepdegestrant.

• Pfizer is the existing global collaboration partner for vepdegestrant, sharing worldwide development costs, commercialization expenses, and profits.
• In September 2025, Arvinas and Pfizer announced a plan to jointly select a third party for the commercialization and potential further development of vepdegestrant.

Patients with ER+/HER2- metastatic breast cancer (ESR1-mutated subset)

This segment is the focus for vepdegestrant (ARV-471), an investigational, orally bioavailable PROTAC estrogen receptor degrader. The need here is significant, as evidenced by the FDA granting Fast Track designation.

The market context for this patient group is substantial, though Arvinas, Inc. (ARVN) is focused on the ESR1-mutated subset within it. The total market size in the 7MM (the United States, the EU4, the United Kingdom, and Japan) for HR+/HER2- breast cancer was nearly USD 10 billion in 2023. The US alone accounted for around 211,000 incident cases of HR+/HER2- breast cancer in 2024.

Key clinical data supporting this segment includes:

• Vepdegestrant demonstrated a statistically significant and clinically meaningful improvement in progression free survival (PFS) of 2.9 months compared to fulvestrant in the Phase 3 VERITAC-2 trial for previously treated patients with ESR1-mutated ER+/HER2- advanced or metastatic breast cancer.
• The U.S. Food and Drug Administration (FDA) has set the Prescription Drug User Fee Act (PDUFA) action date for the New Drug Application (NDA) review as June 5, 2026.

Patients with neurodegenerative disorders like Parkinson's disease

ARV-102, an oral, brain-penetrant PROTAC degrader targeting LRRK2, is aimed at patients with Parkinson's disease and progressive supranuclear palsy (PSP). Positive data from the Phase 1 trial in Parkinson's patients is a key driver here.

The Phase 1 trial in Parkinson's disease patients involved 15 patients treated with ARV-102 and 4 patients on placebo.

The pharmacodynamic results show the drug's effect on the target protein:

Dose Level	Median PBMC LRRK2 Protein Reduction	CSF LRRK2 Reduction
50 mg	86%	Indicated brain penetration
200 mg	97%	Indicated brain penetration

Arvinas, Inc. (ARVN) plans to initiate a Phase 1b trial in PSP patients in the first half of 2026, pending regulatory feedback. Initial data from the multiple dose cohort in Parkinson's patients is expected in 2026.

Oncologists and specialists treating advanced solid tumors (KRAS G12D)

This segment comprises the treating physicians for patients with advanced cancers featuring the KRAS G12D mutation, such as pancreatic, colorectal, and non-small cell lung cancers. ARV-806, the PROTAC KRAS G12D degrader, is currently in a Phase 1 clinical trial (NCT07023731) for this patient group.

Preclinical data sets the expectation for oncologists:

• ARV-806 demonstrated 25-fold to 40-fold greater in vitro potency versus comparable clinical-stage G12D degraders.
• A single intravenous dose achieved over 90% degradation of KRAS G12D for seven days in a colorectal tumor model.
• The treatment showed tumor volume reductions exceeding 30% in various xenograft models.

Finance: Finance: draft 13-week cash view by Friday.

Arvinas, Inc. (ARVN) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Arvinas, Inc. as they push their pipeline forward. The cost structure is heavily weighted toward discovery and development, which is typical for a clinical-stage biotech firm.

Dominantly Research and Development (R&D) expenses represent the largest chunk of operating costs. For the third quarter ended September 30, 2025, GAAP R&D expenses were reported at $64.7 million. This was a decrease from $86.9 million in the same quarter of 2024. The non-GAAP R&D expense for Q3 2025 was $56.9 million.

This R&D spend directly funds clinical trial costs for multiple Phase 1, 2, and 3 programs. The company is actively advancing several investigational drugs, which drives these costs. The programs currently in development include:

• ARV-102, targeting LRRK2 for neurodegenerative disorders.
• ARV-393, targeting BCL6 in relapsed/refractory non-Hodgkin lymphoma (Phase 1).
• ARV-806, targeting mutant KRAS G12D in advanced solid tumors (Phase 1).
• ARV-027, showing benefit in SBMA mice.
• Vepdegestrant (ARV-471), for ER+/HER2- breast cancer, with an NDA accepted and a PDUFA date of June 5, 2026.

General and Administrative (G&A) expenses for Q3 2025 were $21.0 million, a significant reduction from $75.8 million in Q3 2024. The non-GAAP G&A expense for the quarter was $14.6 million. This reduction reflects strategic cost management.

The G&A line item includes costs related to patent prosecution and intellectual property maintenance costs. For instance, the cost for a response to a typical Office Action during prosecution can range between $2,000 and $4,000 per response. Furthermore, Arvinas is responsible for all future costs of filing, prosecution, and maintenance for certain licensed patents from Yale University. The 11.5-year maintenance fee for a large entity patent is now $8,280, following 2025 USPTO fee increases.

The significant reduction in G&A was largely driven by structural changes. The decrease in G&A expenses of $54.8 million year-over-year was primarily due to a $43.4 million decrease from the termination of the laboratory and office space lease in August 2024, and a $7.3 million decrease in personnel and infrastructure costs, which are definitely lower after restructuring. The company has a forward-looking expense goal, planning to maintain a quarterly run rate spend below $75 million and manage annual non-GAAP expenses below $300 million for fiscal year 2026.

Here is a summary of the key reported GAAP expense figures for Q3 2025 compared to the prior year:

Expense Category	Q3 2025 Amount (GAAP)	Q3 2024 Amount (GAAP)
Research and Development (R&D)	$64.7 million	$86.9 million
General and Administrative (G&A)	$21.0 million	$75.8 million

Arvinas, Inc. (ARVN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Arvinas, Inc.'s business model as of late 2025. This is where the value from their PROTAC platform translates into dollars, primarily through partnerships rather than direct product sales yet.

The core of Arvinas, Inc.'s current revenue streams comes from collaboration and license revenue from strategic partners. This structure is typical for a clinical-stage biotech, monetizing pipeline assets before they hit the market.

For the third quarter ended September 30, 2025, Arvinas, Inc. reported total revenue of $41.9 million. This quarterly revenue was directly related to the Vepdegestrant (ARV-471) Collaboration Agreement with Pfizer and the separate collaboration and license agreement with Pfizer.

These partnerships also provide crucial non-recurring revenue through milestone payments tied to clinical and regulatory success. For instance, in Q3 2025, Arvinas, Inc. recognized $20.0 million for achieving a development milestone under the terms of the Novartis License Agreement.

To give you a broader picture of the year-to-date performance, the sales for the nine months ended September 30, 2025, totaled $253.1 million, compared to $204.2 million for the same nine-month period in 2024. The Trailing Twelve Months (TTM) Revenue is approximately $0.31 Billion USD.

Here is a look at the key revenue-generating agreements and their structures:

Agreement/Product	Partner	Revenue Component Type	Key Financial Detail/Status
Vepdegestrant (ARV-471)	Pfizer	Co-development/Co-commercialization Revenue	Arvinas, Inc. and Pfizer share worldwide development costs, commercialization expenses, and profits. They announced plans in September 2025 to jointly select a third party for commercialization.
ARV-766 (Luxdegalutamide)	Novartis	License/Asset Sale Revenue	Arvinas, Inc. received a one-time, upfront payment of $150.0 million when the agreement closed on May 28, 2024. Eligible for up to an additional $1.01 billion in contingent payments plus tiered royalties.
Q3 2025 Milestone	Novartis	Development Milestone Payment	Recognized $20.0 million in revenue for a development milestone achievement.

The structure heavily relies on future profit-sharing from co-commercialized products like vepdegestrant. Under the Pfizer collaboration, Arvinas, Inc. is set to share in the profits from commercialization, which will become the primary revenue driver once regulatory approval is secured (PDUFA date is June 5, 2026).

You can see the recent revenue fluctuations driven by the lifecycle of these agreements:

• Q3 2025 Revenue: $41.9 million.
• Q3 2024 Revenue: $102.4 million.
• Revenue decrease in Q3 2025 was primarily due to the completion of the Novartis License and Asset Agreements, which contributed $76.7 million less revenue compared to Q3 2024.
• The Bayer Collaboration Agreement was terminated in August 2024, contributing to revenue changes.

Honestly, the revenue stream is currently lumpy, dependent on upfront payments and milestones, but the long-term potential is tied to the profit split on vepdegestrant. That profit share is the real prize here.