Arvinas (ARVN) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic priorities and pipeline focus

• Leadership is prioritizing investment in early-stage pipeline programs, shifting away from commercialization to focus on four phase I assets, each with key data readouts expected within the next 18 months.

• Capital is sufficient to fund operations into the second half of 2028, supporting advancement through critical inflection points.

• The company is adapting its operational mindset to function as a phase I-focused biotech, emphasizing agility and targeted investment.

• Decisions on program advancement will be data-driven, with potential for partnerships in areas where scale or expertise is needed.

ARV-393 (PROTAC BCL6 degrader) clinical development

• ARV-393 is being tested in subsets of NHL, with initial data focused on T-cell lymphoma patients expected by year-end, and B-cell data, including combination with glofitamab, anticipated mid-next year.

• The trial is enrolling predominantly late-line patients, with a focus on safety, PK/PD, and early efficacy signals; expectations are modest for early dose cohorts.

• Combination therapy is a key strategy, with future development paths considering both monotherapy and combinations across treatment lines.

• Differentiation from competitors may come from built-in lenalidomide-like activity and strong combinability, with preclinical data supporting tumor regression and tolerability.

• Partnering is under consideration, especially for large B-cell indications, but retaining certain assets for internal development remains a priority.

ARV-102 (LRRK2 degrader) for neurodegeneration

• ARV-102 targets LRRK2 for PSP and Parkinson's, with recent phase I data showing strong biomarker reductions after short-term dosing.

• Upcoming data will include novel oculomotor biomarker results, potentially accelerating future trial design and patient identification.

• Next clinical trials are delayed to 2027 due to an FDA clinical hold requesting additional chronic tox data; discussions with FDA, EMA, and PMDA are ongoing to harmonize global development.

• The initial registrational path will focus on PSP, a rapidly progressing disease, allowing for faster clinical readouts compared to Parkinson's.