Arvinas, Inc., a clinical-stage biotechnology company, reported a net loss of $198.9 million for the year ended December 31, 2024, compared to a net loss of $367.3 million in 2023. This improvement of $168.4 million was driven primarily by a significant increase in revenue, reaching $263.4 million in 2024, up from $78.5 million in 2023. The substantial revenue increase stemmed from a $162.4 million payment related to a licensing agreement and asset sale with Novartis Pharma AG, along with increased revenue from existing collaborations with Pfizer and smaller increases from collaborations with Bayer and Genentech. Research and development expenses decreased by $31.5 million, while general and administrative expenses increased by $65.1 million, primarily due to a lease termination loss.
The company is advancing several product candidates through clinical development. Vepdegestrant, co-developed with Pfizer, is in Phase 3 trials for ER+/HER2- breast cancer, with topline data expected in the first quarter of 2025. ARV-393, targeting BCL6 protein for relapsed/refractory NHL, is in Phase 1 trials, with preliminary data anticipated in 2025. ARV-102, targeting LRRK2 for neurodegenerative disorders, is also in Phase 1 trials, with data presentations planned for 2025. The company also anticipates filing an Investigational New Drug application for its KRAS G12D program in 2025. In 2024, Arvinas completed the transition of its luxdegalutamide (ARV-766) program to Novartis, following a decision to prioritize this candidate over bavdegalutamide (ARV-110).
Key operational developments include the completion of enrollment in the VERITAC-2 Phase 3 trial for vepdegestrant in the fourth quarter of 2024 and the initiation of dosing in the Phase 1 trial of ARV-102 in Parkinson's disease patients in the fourth quarter of 2024. The company also announced plans to initiate two new Phase 3 combination trials for vepdegestrant in 2025, pending data and regulatory feedback. As of December 31, 2024, Arvinas employed approximately 430 full-time employees.
Arvinas' cash, cash equivalents, and marketable securities totaled approximately $1 billion as of December 31, 2024. The company believes these resources will fund planned operating expenses and capital expenditures into 2027. However, the company acknowledges the need for substantial additional funding to continue operations and achieve its long-term objectives, which may involve dilution to existing stockholders or relinquishing rights to technologies or product candidates. The company's future financial performance is subject to various risks and uncertainties, including the success of its clinical trials, regulatory approvals, and commercialization efforts.
About ARVINAS, INC.
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