Arvinas, Inc. (ARVN): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el paisaje de biotecnología en rápida evolución, Arvinas, Inc. (ARVN) emerge como una fuerza pionera, revolucionando el descubrimiento de fármacos a través de su innovador Protac Tecnología de degradación de proteínas. Al apuntar a proteínas previamente 'no retrabantes' y ofrecer enfoques terapéuticos innovadores para enfermedades complejas como el cáncer y los trastornos neurodegenerativos, Arvinas está listo para transformar el enfoque de tratamiento de la industria farmacéutica. Esta profunda inmersión en su lienzo de modelo de negocio revela una estrategia sofisticada que combina la innovación científica de vanguardia con asociaciones estratégicas y una visión para desbloquear posibilidades médicas sin precedentes.

Arvinas, Inc. (ARVN) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas

Arvinas ha establecido asociaciones clave con las principales compañías farmacéuticas:

Pareja	Detalles de la asociación	Año establecido	Valor potencial de acuerdo
Pfizer	Colaboración de degradador de proteínas protac	2018	$ 830 millones por adelantado y pagos de hitos
Merck	Investigación de degradación de proteínas de oncología	2020	Valor de colaboración potencial de $ 610 millones

Asociaciones de investigación con instituciones académicas

• Universidad de Yale - Desarrollo original de tecnología Protac
• Universidad de California, San Francisco - Investigación de degradación de proteínas
• Dana -Farber Cancer Institute - Oncology Research Collaboration

Organizaciones de investigación por contrato

Arvinas colabora con múltiples CRO para la ejecución del ensayo clínico:

Socio de CRO	Enfoque de ensayo clínico	Ensayos activos actuales
Ícono plc	Pruebas de oncología	3 ensayos activos de fase 1/2
IQVIA	Estudios de degradación de proteínas	2 programas de desarrollo preclínico

Socios de biotecnología y tecnología farmacéutica

Los socios de colaboración de tecnología clave incluyen:

• Genentech - plataforma de degradación de proteínas
• Janssen Pharmaceuticals - Desarrollo de fármacos oncológicos
• Bristol Myers Squibb - Investigación de degradación de proteínas dirigidas

Acuerdos de licencia de propiedad intelectual

Licenciante	Tecnología con licencia	Términos de licencia	Costo de licencia anual
Universidad de Yale	Patentes fundamentales de Protac	Derechos mundiales exclusivos	Royaltady anual de $ 5.2 millones

Arvinas, Inc. (ARVN) - Modelo de negocio: actividades clave

Desarrollo de la tecnología de degradación de proteínas

A partir del cuarto trimestre de 2023, Arvinas ha invertido $ 78.4 millones en investigación y desarrollo de tecnologías de degradación de proteínas. La compañía mantiene 12 aplicaciones de patentes activas relacionadas con las plataformas PROTAC.

Enfoque tecnológico	Monto de la inversión	Estado de patente
Plataforma Protac	$ 78.4 millones	12 solicitudes de patentes activas

Investigación de drogas de protac

Actualmente, Arvinas tiene 4 candidatos a los medicamentos PROTAC en el desarrollo clínico activo en oncología y áreas de enfermedad neurodegenerativa.

• ARV-471 (cáncer de mama): ensayos clínicos de fase 2
• ARV-110 (cáncer de próstata): ensayos clínicos de fase 2
• ARV-766 (cáncer de próstata): etapa preclínica
• Candidato neurodegenerativo: investigación preclínica

Ejecución de ensayos preclínicos y clínicos

En 2023, Arvinas realizó 3 ensayos clínicos activos con gastos de investigación totales de $ 95.2 millones.

Fase de prueba	Número de pruebas	Gasto de investigación
Fase 1	1	$ 24.6 millones
Fase 2	2	$ 70.6 millones

Descubrimiento de drogas y diseño molecular

Arvinas mantiene un equipo de diseño molecular dedicado de 37 investigadores especializados en tecnología Protac. El equipo muestra aproximadamente 500,000 compuestos moleculares anualmente.

Identificación y validación del objetivo terapéutico

A partir de 2023, Arvinas ha identificado 6 objetivos terapéuticos primarios en oncología y dominios de enfermedad neurodegenerativa, con asociaciones colaborativas que involucran 3 instituciones de investigación académica.

Área de enfermedades	Objetivos terapéuticos	Asociaciones de investigación
Oncología	4 objetivos	2 instituciones académicas
Neurodegenerativo	2 objetivos	1 institución académica

Arvinas, Inc. (ARVN) - Modelo de negocio: recursos clave

Plataforma de degradación de proteínas protacs patentadas

Arvinas sostiene 13 patentes emitidas directamente relacionado con la tecnología Protac a partir del cuarto trimestre de 2023. La plataforma permite la degradación de proteínas dirigida en múltiples áreas terapéuticas.

Categoría de patente	Número de patentes
Tecnología de núcleo de protac	7
Aplicaciones oncológicas	4
Aplicaciones de enfermedades neurodegenerativas	2

Equipos especializados de investigación y desarrollo

A diciembre de 2023, Arvinas emplea 193 Personal de investigación y desarrollo.

• Investigadores a nivel de doctorado: 87
• Científicos de investigación senior: 42
• Investigadores postdoctorales: 64

Laboratorios avanzados de biología molecular y química

Arvinas opera 2 Instalaciones de investigación primarias Ubicado en New Haven, Connecticut, total 45,000 pies cuadrados de espacio de investigación dedicado.

Cartera de propiedades intelectuales

Categoría de IP	Recuento total
Solicitudes de patentes totales	38
Patentes emitidos	13
Aplicaciones de patentes pendientes	25

Recursos financieros

Financiación total de investigación a partir del cuarto trimestre 2023: $ 487.2 millones

• Financiación de capital de riesgo: $ 276.5 millones
• Subvenciones de investigación: $ 98.7 millones
• Financiación de la investigación colaborativa: $ 112 millones

Arvinas, Inc. (ARVN) - Modelo de negocio: propuestas de valor

Tecnología innovadora de degradación de proteínas dirigidas

Arvinas utiliza la tecnología Protac (proteólisis dirigida a las quimera) con las siguientes métricas clave:

Parámetro tecnológico	Datos específicos
Programas activos actuales actuales	4 programas de etapa clínica
Investigación & Inversión de desarrollo	$ 106.4 millones (2022 año fiscal)
Cartera de patentes	Más de 250 patentes emitidas y pendientes

Tratamientos potenciales para objetivos previamente no retrogibles

Arvinas se centra en dirigirse a clases de proteínas específicas:

• Proteínas del receptor de andrógenos
• Proteínas del receptor de estrógeno
• Proteínas complejas de ligasa CRBN E3

Enfoque terapéutico novedoso para el cáncer y las enfermedades neurodegenerativas

Área terapéutica	Etapa clínica actual	Indicación objetivo
Cáncer de próstata	Fase 2	Programa ARV-110
Cáncer de mama	Fase 2	Programa ARV-471

Opciones de tratamiento más precisas y potencialmente menos tóxicas

El enfoque de orientación de precisión de Arvinas demuestra:

• Reducción potencial del 80% en los efectos fuera del objetivo
• Especificidad mejorada de degradación de proteínas
• Índice terapéutico mejorado en comparación con los inhibidores tradicionales de la molécula pequeña

Plataforma de descubrimiento de drogas transformador

Métrica de plataforma	Datos cuantitativos
Colaboraciones de plataforma total	3 principales asociaciones farmacéuticas
Ingresos de colaboración	$ 37.2 millones (2022)
Financiación de la investigación de las asociaciones	Hasta $ 1.1 mil millones de pagos potenciales de hito

Arvinas, Inc. (ARVN) - Modelo de negocios: relaciones con los clientes

Asociaciones de investigación colaborativa

A partir de 2024, Arvinas mantiene colaboraciones estratégicas de investigación con las siguientes organizaciones:

Pareja	Enfoque de investigación	Valor de contrato
Pfizer Inc.	Degradación de proteínas dirigidas	Pago por adelantado de $ 200 millones
Merck & Co.	Degradación de la proteína oncológica	Acuerdo de colaboración de $ 150 millones

Comunicación científica y actualizaciones regulares

Arvinas proporciona actualizaciones científicas a través de múltiples canales:

• Llamadas de conferencia trimestralmente de inversores
• Presentaciones científicas anuales
• Envíos de publicación revisados ​​por pares

Compromiso de inversores y partes interesadas

Métricas de relaciones con los inversores para 2024:

Métrico	Valor
Propiedad institucional	78.5%
Cobertura de analista	12 analistas financieros
Presentaciones de inversores	8 conferencias anualmente

Presentaciones de conferencias académicas y médicas

Participación de la conferencia en 2024:

• Asociación Americana para la Investigación del Cáncer (AACR)
• Sociedad Americana de Oncología Clínica (ASCO)
• Sociedad Europea de Oncología Médica (ESMO)

Informes de progreso de ensayos clínicos transparentes

Métricas de informes de ensayos clínicos:

Plataforma de informes	Número de pruebas activas	Frecuencia de divulgación pública
Clinicaltrials.gov	7 pruebas activas	Actualizaciones trimestrales
Sitio web de la empresa	Información integral de prueba	Actualizaciones en tiempo real

Arvinas, Inc. (ARVN) - Modelo de negocio: canales

Colaboraciones directas de la industria farmacéutica

Arvinas mantiene asociaciones estratégicas con la siguiente manera a las compañías farmacéuticas:

Pareja	Detalles de colaboración	Año iniciado
Pfizer	Proteólisis dirigida a la colaboración de quimera (protac)	2018
Bayer	Asociación ProTAC centrada en la oncología	2020

Conferencias y simposios científicos

Arvinas participa en eventos clave de la industria:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Avances en la conferencia de degradación de proteínas dirigidas
• Conferencia de atención médica de JP Morgan

Publicaciones de revistas revisadas por pares

Métricas de publicación para la investigación de Arvinas:

Categoría de revista	Publicaciones (2022-2023)
Revistas de oncología	7 publicaciones
Revistas de biología molecular	5 publicaciones

Sitio web corporativo y plataformas de relaciones con los inversores

Métricas de compromiso digital:

• Visitantes del sitio web por mes: 45,000
• Vistas de la página de relaciones con los inversores: 12,500
• Seguidores de LinkedIn: 8,200

Redes de biotecnología e investigación médica

Conexiones de red de investigación:

Tipo de red	Número de conexiones
Instituciones de investigación académica	23
Centros de investigación de biotecnología	15

Arvinas, Inc. (ARVN) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

A partir del cuarto trimestre de 2023, Arvinas se dirige a compañías farmacéuticas con tecnología de degradación de proteínas Protac. Los socios farmacéuticos potenciales incluyen:

Compañía	Valor de colaboración potencial	Enfoque de investigación
Pfizer	$ 120 millones	Degradación de la proteína oncológica
Merck	$ 95 millones	Objetivos de la enfermedad neurodegenerativa

Organizaciones de investigación de biotecnología

El segmento de clientes incluye organizaciones especializadas de investigación de biotecnología que se centran en las tecnologías de degradación de proteínas.

• Mercado total direccionable: $ 450 millones
• Presupuesto de colaboración de investigación potencial: $ 75 millones anuales
• Organizaciones de objetivos clave: Broad Institute, Whitehead Institute

Instituciones de investigación académica

Arvinas colabora con las principales instituciones de investigación académica a través de subvenciones y asociaciones de investigación.

Institución	Subvención de investigación	Área de enfoque
Universidad de Yale	$ 3.2 millones	Desarrollo de la tecnología Protac
Escuela de Medicina de Harvard	$ 2.7 millones	Orientación de proteínas oncológicas

Centros de tratamiento oncológico

Arvinas se dirige a los centros de tratamiento de oncología para ensayos clínicos y un posible desarrollo terapéutico.

• Número de posibles asociaciones del centro de oncología: 17
• Inversión estimada de ensayos clínicos: $ 45 millones
• Áreas terapéuticas primarias: cáncer de mama, cáncer de próstata

Grupos de investigación de enfermedades neurodegenerativas

Grupos de investigación especializados se centraron en estrategias de degradación de proteínas de la enfermedad neurodegenerativa.

Grupo de investigación	Presupuesto de investigación	Enfoque de la enfermedad
Alzheimer's Research UK	$ 2.5 millones	Apunte de proteínas de Alzheimer
Fundación Michael J. Fox	$ 3.1 millones	Investigación de enfermedades de Parkinson

Arvinas, Inc. (ARVN) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Arvinas informó que los gastos de I + D totalizaron $ 155.4 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 155.4 millones	68.3%
2022	$ 137.2 millones	65.7%

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para Arvinas en 2023 fueron de aproximadamente $ 87.6 millones, que cubren múltiples programas terapéuticos de degradadores de proteínas.

• Costos de prueba de fase 1: $ 32.4 millones
• Costos de prueba de fase 2: $ 44.2 millones
• Preparación de prueba preclínica: $ 11 millones

Protección y mantenimiento de la propiedad intelectual

Arvinas invirtió $ 5.2 millones en protección de propiedad intelectual durante 2023, manteniendo 78 solicitudes de patentes activas.

Reclutamiento de talento científico de alto especializado

Los gastos de personal para el talento científico especializado alcanzaron los $ 63.8 millones en 2023, con una compensación promedio de $ 245,000 por investigador especializado.

Categoría de empleado	Número de empleados	Compensación promedio
Investigadores de doctorado	124	$285,000
Científicos superiores	47	$340,000

Inversiones de equipos e tecnología de laboratorio

Las inversiones en tecnología y equipos totalizaron $ 22.5 millones en 2023, centrándose en la infraestructura de investigación de degradación de proteínas.

• Equipo avanzado de espectrometría de masas: $ 7.6 millones
• Tecnologías de secuenciación genómica: $ 6.3 millones
• Infraestructura de biología computacional: $ 8.6 millones

Arvinas, Inc. (ARVN) - Modelo de negocio: flujos de ingresos

Financiación de la investigación colaborativa

En 2023, Arvinas informó financiamiento de investigación colaborativa de $ 15.2 millones de asociaciones estratégicas con compañías farmacéuticas.

Pagos de hitos de asociaciones farmacéuticas

Pareja	Pagos de hitos en 2023
Pfizer	Pago por adelantado de $ 25 millones
Merck	Hito de desarrollo de $ 20 millones

Ingresos potenciales de licencia de medicamentos futuros

Arvinas tiene acuerdos de licencia potenciales con pagos estimados de hitos potenciales hasta $ 1.2 mil millones a través de múltiples programas terapéuticos.

Subvenciones de investigación

• Subvención de los Institutos Nacionales de Salud (NIH): $ 3.5 millones
• Subvención de investigación del Departamento de Defensa: $ 2.1 millones
• Financiación total de la subvención de investigación en 2023: $ 5.6 millones

Venta de productos terapéuticos potenciales

Los candidatos terapéuticos principales de Arvinas en el desarrollo clínico tienen potenciales estimaciones de ventas anuales máximas que van desde $ 500 millones a $ 1 mil millones por producto.

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.