Arvinas Q1 Net Loss $57.6M; FDA Approves First PROTAC VEPPANU
Arvinas announced its first quarter 2026 financial results and a significant corporate update, highlighted by the FDA approval of VEPPANU (vepdegestrant), the first PROTAC therapy, for advanced breast cancer. The company also entered into an exclusive global license agreement with Rigel Pharmaceuticals for VEPPANU. Financially, Arvinas reported a Q1 2026 net loss of $57.6 million on revenues of $15.6 million, a substantial decrease from the prior year, primarily due to changes in collaboration agreement revenue recognition. The company's cash, cash equivalents, and marketable securities stood at $614.9 million, providing a cash runway into the second half of 2028, and it also announced the appointment of Randy Teel as its new CEO.
Key Highlights
- FDA approved VEPPANU (vepdegestrant), the first-ever PROTAC therapy, for ESR1m, ER+/HER2- advanced breast cancer.
- Entered exclusive global license agreement with Rigel Pharmaceuticals for VEPPANU development, manufacturing, and commercialization rights.
- Q1 2026 revenue was $15.6 million, down from $188.8 million in Q1 2025.
- Reported a net loss of $57.6 million for Q1 2026, compared to a net income of $82.9 million in Q1 2025.
- Cash, cash equivalents, and marketable securities totaled $614.9 million as of March 31, 2026.
- GAAP R&D expenses decreased to $60.3 million in Q1 2026 from $90.8 million in Q1 2025.
- GAAP G&A expenses decreased to $19.1 million in Q1 2026 from $26.6 million in Q1 2025.
- Cash runway extends into the second half of 2028.
- Randy Teel, Ph.D., appointed President, Chief Executive, and Director.
Price Impact
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