Arvinas Sharpens Pipeline Focus After First PROTAC Approval, Eyes Key Trial Data

Key Points

• Arvinas is narrowing its pipeline focus after the first PROTAC approval, concentrating internal investment on neurological and oncology programs while looking for partners on assets that may need broader development resources.
• ARV-102 is becoming the lead internal priority, with Arvinas planning additional biomarker data later this year and both Phase 1b and Phase 2 PSP trials starting in 2026; management says the LRRK2 degrader has shown encouraging target engagement and neuroinflammation effects.
• The company still expects several near-term catalysts, including Phase 1 data for ARV-806 this year, Phase 1 data for ARV-393 in the second half of the year, and Phase 1 data for ARV-027 in the first half of next year, while ARV-6723 is set to enter the clinic in Q3.

Arvinas NASDAQ: ARVN management outlined a more selective development strategy at a Jefferies-hosted investor discussion, emphasizing internal investment in neurological and oncology programs where the company believes it can create differentiated therapies, while seeking partners for assets that may require broader development resources.

Randy Teel, president and CEO of Arvinas, said the company is coming off what it views as a milestone for the protein degradation field: the first approval of a PROTAC degrader. Teel said Veppanu, or vepdegestrant, was approved for ER-positive, HER2-negative advanced breast cancer with ESR1 mutations. He credited Arvinas and partner Pfizer for advancing the therapy and said the company has since announced a licensing deal with Rigel to take the program “the last mile to patients.”

“It’s very rare to be part of a company that actually gets to have the first approval of a new therapeutic modality,” Teel said.

Arvinas Narrows Focus Across Pipeline

Teel said Arvinas has been shifting its message from being a platform company with a broad pipeline to a company making disciplined decisions about which programs it should advance itself. He said Arvinas currently has four programs in Phase 1 and is evaluating where internal investment makes the most sense.

The company highlighted several key pipeline assets:

• ARV-102, an LRRK2 degrader being developed for progressive supranuclear palsy, or PSP, and Parkinson’s disease.
• ARV-027, a polyglutamine repeat androgen receptor degrader for spinal and bulbar muscular atrophy, also known as Kennedy’s disease.
• ARV-393, a BCL6 degrader in Phase 1 for hematologic disorders, including B-cell and T-cell lymphomas.
• ARV-6723, an HPK1 degrader expected to enter the clinic in the third quarter as Arvinas’ first immuno-oncology program.
• ARV-806, a KRAS G12D degrader now in Phase 1 dose escalation.

Teel said ARV-806 will complete its Phase 1 dose-escalation study, but Arvinas will move the program into future trials only if it finds a partner. He said the clinical profile is “competitive,” with “really good” tolerability and efficacy comparable to other dose-escalation programs, while noting the company is not disclosing the data yet. Arvinas still expects to share Phase 1 escalation data this year, but Teel said investors should focus more on the company’s other pipeline milestones.

Rigel Deal Positions Veppanu for Commercial Launch

Asked about the Rigel agreement, Teel said Arvinas ran a process to find a partner that was enthusiastic about commercializing Veppanu. He said Rigel viewed the product as potentially important within its commercial portfolio and has indicated it does not expect to add significant resources to launch it effectively.

Teel said Arvinas is particularly focused on the downstream economics of the agreement, including royalties, and added that the structure does not require “super high” tier achievement for Arvinas to see value. He deferred specific commercial expectations to Rigel.

LRRK2 Program Moves Toward PSP Studies

Arvinas management spent significant time discussing ARV-102, particularly in the context of recently reported negative results from another company’s LRRK2 program. Noah Berkowitz, Arvinas’ chief medical officer, said the negative study did not invalidate LRRK2 as a target. He described the target as relevant to Parkinson’s disease based on genetics and said Arvinas also sees relevance in PSP.

Berkowitz said Arvinas has consistently aimed for at least a 50% reduction in LRRK2 activity. He said data presented at AD/PD in March showed ARV-102 achieved more than a 50% reduction in LRRK2 expression and was associated with dose-dependent reductions in markers of neuroinflammation and lysosomal trafficking.

Teel added that Arvinas believes it has shown differentiation versus LRRK2 inhibition, including clinical biomarker effects and preclinical findings such as increased lysosomal activity and reductions in pathologic tau after treatment with ARV-102.

Arvinas expects additional biomarker data from ARV-102 later this year. The company also plans to start both a Phase 1b and a Phase 2 trial in PSP patients this year. Berkowitz said a future registration-oriented PSP study could involve a few hundred patients, one year of treatment and the PSP Rating Scale as the primary readout, pending regulatory discussions. A smaller U.S. Phase 1 study could include more than 50 patients, two dose levels and placebo, with biomarkers such as neurofilament light chain, oculometrics, actigraphy and PSPRS assessments. Berkowitz said data from that smaller PSP study would not be possible in 2026.

ARV-027 Seen as Defined Rare Disease Opportunity

Teel and Berkowitz also highlighted ARV-027 for SBMA as a program with a clearer biological link between the target and disease modification. Berkowitz said SBMA is a monogenic disease caused by polyglutamine androgen receptor, giving Arvinas a well-defined target.

The Phase 1 study is being conducted in healthy volunteers, with SBMA patients added at the end. Berkowitz said the company plans to use muscle biopsies to determine whether ARV-027 degrades androgen receptor and polyglutamine androgen receptor in the target tissue. If successful, he said, Arvinas would expect to connect those findings to longer-term clinical studies evaluating strength and endurance.

Arvinas expects Phase 1 data for ARV-027 in the first half of next year. Berkowitz cautioned that patients in the initial study are treated for only 28 days, which he said is too short to reverse chronic muscle loss, but he said degradation and dose-response data could support future development.

Company Emphasizes Internal Investment

Asked about capital allocation, Teel said Arvinas remains focused on internal programs rather than external licensing. He said the company has a strong balance sheet and wants to preserve it while investing heavily in areas where it chooses to compete.

Teel said ARV-102 is the furthest along and likely to attract the most investor attention, but he also pointed to ARV-027 as a program with a clear disease-modifying rationale in a rare disease. He also noted ARV-393, for which the company expects Phase 1 data in the second half of this year.

“We have targets like LRRK2, which are less validated, with a much stronger competitive market opportunity for millions of patients to benefit down the road,” Teel said. “On the other end of the spectrum, we have SBMA, a rarer disease with fewer patients, but with tremendous unmet need.”

About Arvinas NASDAQ: ARVN

Arvinas, Inc NASDAQ: ARVN is a biopharmaceutical company focused on the development of therapies based on targeted protein degradation. Utilizing its proprietary proteolysis-targeting chimera (PROTAC®) platform, Arvinas aims to selectively eliminate disease-causing proteins rather than merely inhibit their activity. This novel approach has the potential to address a range of diseases, including oncology, neurodegeneration and inflammation, by harnessing the body's natural protein-recycling systems.

The company's most advanced clinical candidates address hormone-driven cancers.

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