Arvinas, Inc. (ARVN): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da biotecnologia, a Arvinas, Inc. (ARVN) surge como uma força pioneira, revolucionando a descoberta de medicamentos através de sua inovadora Protac Tecnologia de degradação de proteínas. Ao direcionar proteínas anteriormente 'indrujáveis' e oferecer abordagens terapêuticas inovadoras para doenças complexas como câncer e distúrbios neurodegenerativos, Arvinas está pronto para transformar a abordagem do tratamento da indústria farmacêutica. Esse mergulho profundo em seu modelo de negócios Canvas revela uma estratégia sofisticada que combina inovação científica de ponta com parcerias estratégicas e uma visão para desbloquear possibilidades médicas sem precedentes.

Arvinas, Inc. (ARVN) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas

Arvinas estabeleceu parcerias importantes com as principais empresas farmacêuticas:

Parceiro	Detalhes da parceria	Ano estabelecido	Valor potencial de negócios
Pfizer	Colaboração de degradantes de proteínas Protac	2018	Pagamentos antecipados e marcantes de US $ 830 milhões
Merck	Pesquisa de degradação de proteínas oncológicas	2020	US $ 610 milhões em potencial valor de colaboração

Parcerias de pesquisa com instituições acadêmicas

• Universidade de Yale - Desenvolvimento de Tecnologia Protac original
• Universidade da Califórnia, São Francisco - Pesquisa de degradação de proteínas
• Instituto de Câncer Dana -Farber - Colaboração de Pesquisa Oncológica

Organizações de pesquisa contratada

Arvinas colabora com vários CROs para execução de ensaios clínicos:

CRO Parceiro	Foco no ensaio clínico	Ensaios ativos atuais
Icon plc	Ensaios Oncológicos	3 ensaios de fase ativa 1/2
Iqvia	Estudos de degradação de proteínas	2 programas de desenvolvimento pré -clínico

Parceiros de biotecnologia e tecnologia farmacêutica

Os principais parceiros de colaboração de tecnologia incluem:

• Genentech - plataforma de degradação de proteínas
• Janssen Pharmaceuticals - Desenvolvimento de medicamentos para oncologia
• Bristol Myers Squibb - Pesquisa de degradação de proteínas direcionada

Acordos de licenciamento de propriedade intelectual

Licenciante	Tecnologia licenciada	Termos de licenciamento	Custo anual de licenciamento
Universidade de Yale	Patentes fundamentais da Protac	Direitos mundiais exclusivos	US $ 5,2 milhões para royalties anuais

Arvinas, Inc. (ARVN) - Modelo de negócios: Atividades -chave

Desenvolvimento de tecnologia de degradação de proteínas

A partir do quarto trimestre de 2023, Arvinas investiu US $ 78,4 milhões em pesquisa e desenvolvimento de tecnologias de degradação de proteínas. A empresa mantém 12 pedidos de patentes ativos relacionados às plataformas Protac.

Foco em tecnologia	Valor do investimento	Status de patente
Plataforma Protac	US $ 78,4 milhões	12 pedidos de patente ativa

Pesquisa de medicamentos Protac

Atualmente, Arvinas possui 4 candidatos a medicamentos do Protac no desenvolvimento clínico ativo em áreas de oncologia e doenças neurodegenerativas.

• ARV-471 (câncer de mama): ensaios clínicos de fase 2
• ARV-110 (câncer de próstata): ensaios clínicos de fase 2
• ARV-766 (câncer de próstata): estágio pré-clínico
• Candidato neurodegenerativo: pesquisa pré -clínica

Execução pré -clínica e de ensaio clínico

Em 2023, Arvinas conduziu 3 ensaios clínicos ativos com despesas totais de pesquisa de US $ 95,2 milhões.

Fase de teste	Número de ensaios	Despesas de pesquisa
Fase 1	1	US $ 24,6 milhões
Fase 2	2	US $ 70,6 milhões

Descoberta de medicamentos e design molecular

Arvinas mantém uma equipe dedicada de design molecular de 37 pesquisadores especializados em tecnologia da Protac. A equipe exibe aproximadamente 500.000 compostos moleculares anualmente.

Identificação e validação do alvo terapêutico

A partir de 2023, Arvinas identificou 6 alvos terapêuticos primários em domínios de oncologia e doenças neurodegenerativas, com parcerias colaborativas envolvendo 3 instituições de pesquisa acadêmica.

Área da doença	Alvos terapêuticos	Parcerias de pesquisa
Oncologia	4 alvos	2 instituições acadêmicas
Neurodegenerativa	2 alvos	1 Instituição Acadêmica

Arvinas, Inc. (ARVN) - Modelo de negócios: Recursos -chave

Plataforma de degradação de proteínas Protac Protac

Arvinas segura 13 patentes emitidas diretamente relacionado à tecnologia Protac a partir do quarto trimestre 2023. A plataforma permite a degradação de proteínas direcionadas em várias áreas terapêuticas.

Categoria de patentes	Número de patentes
Tecnologia Core Protac	7
Aplicações de oncologia	4
Aplicações de doenças neurodegenerativas	2

Equipes especializadas de pesquisa e desenvolvimento

Em dezembro de 2023, Arvinas emprega 193 Pessoal de Pesquisa e Desenvolvimento.

• Pesquisadores no nível de doutorado: 87
• Cientistas de pesquisa seniores: 42
• Pós -doutorado: 64

Laboratórios avançados de biologia e química moleculares

Arvinas opera 2 instalações de pesquisa primárias Localizado em New Haven, Connecticut, totalizando 45.000 pés quadrados de espaço de pesquisa dedicado.

Portfólio de propriedade intelectual

Categoria IP	Contagem total
Total de pedidos de patente	38
Patentes emitidas	13
Aplicações de patentes pendentes	25

Recursos financeiros

Financiamento total da pesquisa a partir do quarto trimestre 2023: US $ 487,2 milhões

• Financiamento de capital de risco: US $ 276,5 milhões
• Subsídios de pesquisa: US $ 98,7 milhões
• Financiamento de pesquisa colaborativa: US $ 112 milhões

Arvinas, Inc. (ARVN) - Modelo de negócios: proposições de valor

Tecnologia inovadora de degradação de proteínas direcionadas

Arvinas utiliza a tecnologia ProtAC (proteólise direcionada à quimera) com as seguintes métricas -chave:

Parâmetro de tecnologia	Dados específicos
Programas de Protac ativos atuais	4 programas de estágio clínico
Pesquisar & Investimento em desenvolvimento	US $ 106,4 milhões (2022 ano fiscal)
Portfólio de patentes	Mais de 250 patentes emitidas e pendentes

Tratamentos em potencial para metas anteriormente industráveis

Arvinas se concentra no direcionamento de classes específicas de proteínas:

• Proteínas do receptor de androgênio
• Proteínas do receptor de estrogênio
• Proteínas complexas da ligase CRBN E3

Nova abordagem terapêutica para doenças de câncer e neurodegenerativas

Área terapêutica	Estágio clínico atual	Indicação alvo
Câncer de próstata	Fase 2	Programa ARV-110
Câncer de mama	Fase 2	Programa ARV-471

Opções de tratamento mais precisas e potencialmente menos tóxicas

A abordagem de segmentação de precisão de Arvinas demonstra:

• Redução potencial de 80% nos efeitos fora do alvo
• Especificidade aprimorada de degradação de proteínas
• Índice terapêutico aprimorado em comparação com inibidores tradicionais de pequenas moléculas

Plataforma de descoberta de medicamentos transformadores

Métrica da plataforma	Dados quantitativos
Colaborações totais de plataforma	3 Principais parcerias farmacêuticas
Receita de colaboração	US $ 37,2 milhões (2022)
Pesquise financiamento de parcerias	Até US $ 1,1 bilhão em potencial pagamentos em marco

Arvinas, Inc. (ARVN) - Modelo de negócios: relacionamentos com o cliente

Parcerias de pesquisa colaborativa

A partir de 2024, Arvinas mantém colaborações estratégicas de pesquisa com as seguintes organizações:

Parceiro	Foco na pesquisa	Valor do contrato
Pfizer Inc.	Degradação de proteínas direcionadas	Pagamento inicial de US $ 200 milhões
Merck & Co.	Degradação de proteínas oncológicas	Contrato de colaboração de US $ 150 milhões

Comunicação científica regular e atualizações

Arvinas fornece atualizações científicas através de vários canais:

• Chamadas trimestrais de conferência de investidores
• Apresentações científicas anuais
• Envios de publicação revisados ​​por pares

Engajamento de investidores e partes interessadas

Métricas de Relações com Investidores para 2024:

Métrica	Valor
Propriedade institucional	78.5%
Cobertura do analista	12 analistas financeiros
Apresentações de investidores	8 Conferências anualmente

Apresentações de conferências acadêmicas e médicas

Participação da conferência em 2024:

• Associação Americana de Pesquisa do Câncer (AACR)
• Sociedade Americana de Oncologia Clínica (ASCO)
• Sociedade Europeia de Oncologia Médica (ESMO)

Relatório de progresso do ensaio clínico transparente

Métricas de relatório de ensaios clínicos:

Plataforma de relatório	Número de ensaios ativos	Frequência de divulgação pública
ClinicalTrials.gov	7 ensaios ativos	Atualizações trimestrais
Site da empresa	Informações abrangentes do teste	Atualizações em tempo real

Arvinas, Inc. (ARVN) - Modelo de negócios: canais

Colaborações da indústria farmacêutica direta

Arvinas mantém parcerias estratégicas com as seguintes empresas farmacêuticas:

Parceiro	Detalhes da colaboração	Ano iniciado
Pfizer	Proteólise direcionando a colaboração de quimera (protac)	2018
Bayer	Parceria Protac focada em oncologia	2020

Conferências científicas e simpósios

Arvinas participa de eventos importantes da indústria:

• Reunião Anual da Associação Americana de Pesquisa do Câncer (AACR)
• Avanços na conferência de degradação de proteínas direcionadas
• Conferência de Saúde JP Morgan

Publicações de revistas revisadas por pares

Métricas de publicação para pesquisa de Arvinas:

Categoria de diário	Publicações (2022-2023)
Revistas oncológicas	7 publicações
Revistas de biologia molecular	5 publicações

Site corporativo e plataformas de relações com investidores

Métricas de engajamento digital:

• Visitantes do site por mês: 45.000
• Visualizações de página de relações com investidores: 12.500
• Seguidores do LinkedIn: 8.200

Redes de biotecnologia e pesquisa médica

Conexões de rede de pesquisa:

Tipo de rede	Número de conexões
Instituições de pesquisa acadêmica	23
Centros de pesquisa de biotecnologia	15

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

Empresas farmacêuticas

A partir do quarto trimestre 2023, a Arvinas tem como alvo empresas farmacêuticas com tecnologia de degradação da proteína Protac. Os potenciais parceiros farmacêuticos incluem:

Empresa	Valor potencial de colaboração	Foco na pesquisa
Pfizer	US $ 120 milhões	Degradação de proteínas oncológicas
Merck	US $ 95 milhões	Alvos de doenças neurodegenerativas

Organizações de pesquisa de biotecnologia

O segmento de clientes inclui organizações especializadas de pesquisa de biotecnologia com foco nas tecnologias de degradação de proteínas.

• Mercado endereçável total: US $ 450 milhões
• Potencial orçamento de colaboração de pesquisa: US $ 75 milhões anualmente
• Principais organizações -alvo: Broad Institute, Whitehead Institute

Instituições de pesquisa acadêmica

Arvinas colabora com as principais instituições de pesquisa acadêmica por meio de subsídios e parcerias de pesquisa.

Instituição	Concessão de pesquisa	Área de foco
Universidade de Yale	US $ 3,2 milhões	Desenvolvimento da Tecnologia Protac
Escola de Medicina de Harvard	US $ 2,7 milhões	Direcionamento de proteína oncológica

Centros de tratamento oncológicos

Arvinas tem como alvo os centros de tratamento de oncologia para ensaios clínicos e potencial desenvolvimento terapêutico.

• Número de parcerias potenciais do Centro de Oncologia: 17
• Investimento estimado em ensaios clínicos: US $ 45 milhões
• Áreas terapêuticas primárias: câncer de mama, câncer de próstata

Grupos de pesquisa de doenças neurodegenerativas

Grupos de pesquisa especializados se concentraram em estratégias de degradação de proteínas de doenças neurodegenerativas.

Grupo de pesquisa	Orçamento de pesquisa	Foco da doença
Alzheimer's Research UK	US $ 2,5 milhões	O direcionamento de proteínas de Alzheimer
Michael J. Fox Foundation	US $ 3,1 milhões	Pesquisa de doenças de Parkinson

Arvinas, Inc. (ARVN) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, Arvinas registrou despesas de P&D totalizando US $ 155,4 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 155,4 milhões	68.3%
2022	US $ 137,2 milhões	65.7%

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para Arvinas em 2023 foram de aproximadamente US $ 87,6 milhões, cobrindo vários programas terapêuticos de degradantes de proteínas.

• Custos de teste de fase 1: US $ 32,4 milhões
• Custos de teste de fase 2: US $ 44,2 milhões
• Preparação pré -clínica: US $ 11 milhões

Proteção e manutenção da propriedade intelectual

Arvinas investiu US $ 5,2 milhões em proteção de propriedade intelectual durante 2023, mantendo 78 pedidos de patentes ativos.

Recrutamento de talentos científicos de alta especialização

As despesas de pessoal para talentos científicos especializados atingiram US $ 63,8 milhões em 2023, com uma compensação média de US $ 245.000 por pesquisador especializado.

Categoria de funcionários	Número de funcionários	Compensação média
Pesquisadores de doutorado	124	$285,000
Cientistas seniores	47	$340,000

Equipamentos de laboratório e investimentos em tecnologia

Os investimentos em tecnologia e equipamentos totalizaram US $ 22,5 milhões em 2023, com foco na infraestrutura de pesquisa de degradação de proteínas.

• Equipamento avançado de espectrometria de massa: US $ 7,6 milhões
• Tecnologias de sequenciamento genômico: US $ 6,3 milhões
• Infraestrutura de biologia computacional: US $ 8,6 milhões

Arvinas, Inc. (ARVN) - Modelo de negócios: fluxos de receita

Financiamento de pesquisa colaborativa

Em 2023, Arvinas relatou financiamento colaborativo de pesquisa de US $ 15,2 milhões de parcerias estratégicas com empresas farmacêuticas.

Pagamentos marcantes de parcerias farmacêuticas

Parceiro	Pagamentos marcos em 2023
Pfizer	Pagamento inicial de US $ 25 milhões
Merck	Milestão de desenvolvimento de US $ 20 milhões

Potenciais futuras receitas de licenciamento de medicamentos

Arvinas possui acordos de licenciamento em potencial com potenciais pagamentos potenciais até US $ 1,2 bilhão em vários programas terapêuticos.

Bolsas de pesquisa

• Grant do National Institutes of Health (NIH): US $ 3,5 milhões
• Concessão de pesquisa do Departamento de Defesa: US $ 2,1 milhões
• Total Research Grant Financiamento em 2023: US $ 5,6 milhões

Vendas potenciais de produtos terapêuticos

Os principais candidatos terapêuticos de Arvinas no desenvolvimento clínico têm potenciais estimativas de vendas anuais de pico, que variam de US $ 500 milhões a US $ 1 bilhão por produto.

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.