Arvinas Revenue Falls to $0.5 Million as Third-Quarter Loss Widens
Key Facts
Arvinas reported revenue of $0.5 million in the third quarter of 2026, compared with $41.9 million in the same period a year earlier, while its net loss widened to $53.9 million from $35.1 million. The company said quarterly revenue came from sales-based royalties under its agreement with Rigel. By contrast, revenue from the original vepdegestrant agreement with Pfizer did not recur after the remaining revenue was recorded in the second quarter. Basic and diluted loss per share was $0.82, compared with $0.48 a year earlier. The results show a decline in reported revenue alongside a year-over-year increase in net loss.
The comparison between the third quarters differs from the usual revenue pattern, as the company reported $249.7 million in the second quarter of 2026, compared with $22.4 million in the second quarter of 2025. Second-quarter revenue included $112.6 million related to the original vepdegestrant agreement with Pfizer, $62.5 million from the Rigel agreement, and a $50 million milestone payment tied to U.S. Food and Drug Administration approval. In the third quarter, revenue was limited to sales-based royalties from Rigel. Thus, the contractual items and payment that lifted the previous quarter's revenue did not recur. This difference reflects the effect of the timing of revenue recognition and payments on the quarterly comparison, alongside the year-over-year comparison.
GAAP research and development expenses fell to $46.9 million in the third quarter of 2026 from $64.7 million a year earlier. The company attributed the decline mainly to a $10.5 million reduction in external expenses and a $6.5 million decrease in compensation and employee expenses. This decline in expenses came alongside a year-over-year widening of net loss. Lower research and development costs did not prevent an increase in net loss, which reached $53.9 million for the quarter. These items place research spending alongside declining revenue in an assessment of the company's financial performance.
Cash, restricted cash and cash equivalents, and marketable securities totaled $558.9 million on September 30, 2026, according to the company. Arvinas said its current operating plan is expected to fund planned operating and capital expenditures into the second half of 2028. This horizon is tied to the plan announced by the company, not a confirmed date when its cash will run out. The reported balance gives the company funding to continue its programs in line with its planned expenses. The cash position comes as the company advances multiple clinical stages and trials.
In an earlier update, CEO Randy Teel said the company planned important data milestones over the following twelve months for its ARV-393, ARV-102 and ARV-027 programs. On September 28, Arvinas announced that the first participant had been dosed in a Phase 1/2 study of ARV-6723, an oral candidate targeting HPK1 in patients with advanced solid tumors. The study is evaluating the treatment both alone and in combination with pembrolizumab. The company also expects to present initial data from the ARV-027 study in the first half of 2027, including an assessment of androgen receptor reduction in muscle in healthy volunteers. These milestones form part of the clinical timeline the company outlined alongside its financial results.
Among the upcoming dates announced by the company is the presentation of first-in-human single-dose data for ARV-393 at the American Society of Hematology annual meeting, scheduled for December 12 to 15, 2026. The timing follows the company's announcement of planned data milestones for its programs over the following twelve months. These dates link the cash the company reported with planned spending to advance its clinical programs. Expected ARV-027 data in the first half of 2027 also provide a later milestone on the timeline the company disclosed. The ability to carry out these plans depends on the operating-funding estimate the company said extends into the second half of 2028.