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ARVINAS Arvinas Reports First Quarter 2021 Financial Results and Provides Corporate Update May 4 , 2021 NEW HAVEN , Conn . , May 04 , 2021 ( GLOBE NEWSWIRE ) -- Arvinas , Inc. ( Nasdaq : ARVN ) , a clinical - stage biopharmaceutical company creating a new class of drugs based on targeted protein degradation , today reported financial results for the first quarter ended March 31 , 2021 and provided a corporate update . " Last quarter we reinforced our leadership position in the targeted protein degradation space by sharing the discovery and chemical structures of ARV - 110 and ARV - 471 at the American Association for Cancer Research ( AACR ) Annual Meeting , the first such disclosure of our clinical - stage PROTAC degraders , " said John Houston , Ph.D. , President and Chief Executive Officer at Arvinas . " We look forward to further demonstrating the potential of our PROTAC platform to change the lives of patients with few or no therapeutic options . " Business Highlights and Recent Developments • Presented preclinical data describing the discovery of Arvinas ' two clinical - stage PROTAC degraders , ARV - 110 and ARV - 471 , including the first disclosures of their structures at AACR Anticipated Milestones and Expectations ARV - 471 • Completion of the Phase 1 dose escalation ( 1H21 ) • Presentation of completed Phase 1 dose escalation data ( 2H21 ) • Interim review of safety and dose finding data from the Phase 1b trial in combination with IbranceⓇ ( palbociclib ) ( 2H21 ) • Initiation of a window of opportunity study in early breast cancer ( 2H21 ) • Initiation of a combination trial of ARV - 471 and another targeted therapy in 2L / 3L metastatic breast cancer ( 2H21 ) ARV - 110 • Completion of the Phase 1 dose escalation ( 1H21 ) • Presentation of completed Phase 1 dose escalation data ( 2H21 ) • Presentation of interim data from the ARDENT Phase 2 dose expansion at 420 mg ( 2H21 ) • Initiation of combination trial ( s ) with standard ( s ) -of - care ( 2021 ) Other Clinical Milestones • Initiation of first - in - human study of ARV - 766 , an androgen receptor ( AR ) degrader with a differentiated profile from ARV - 110 , in patients with metastatic castration - resistant prostate cancer ( 1H21 ) Financial Guidance Based on its current operating plan , Arvinas expects its cash , cash equivalents , and marketable securities will be sufficient to fund its planned operating expenses and capital expenditures into 2024 . First Quarter Financial Results Cash , Cash Equivalents and Marketable Securities Position : As of March 31 , 2021 , cash , cash equivalents and marketable securities were $ 651.3 million as compared with $ 688.5 million as of December 31 , 2020. The decrease primarily related to cash used to fund operations of $ 43.9 million , cash used to purchase fixed assets and leasehold improvements of $ 1.0 million and unrealized losses of $ 0.8 million , partially off - set by proceeds from two collaborators of $ 4.0 million and proceeds from the exercise of stock options of $ 4.5 million . Research and Development Expenses : Research and development expenses were $ 34.9 million for the quarter ended March 31 , 2021 as compared with $ 21.7 million for the quarter ended March 31 , 2020. The increase in research and development expenses for the quarter of $ 13.2 million primarily related to Arvinas ' continued investment in its platform , exploratory and lead optimization programs of $ 8.3 million , its AR program of $ 1.5 million and estrogen receptor program ( ER ) of $ 3.4 million . General and Administrative Expenses : General and administrative expenses were $ 12.3 million for the quarter ended March 31 , 2021 as compared with $ 7.9 million for the quarter ended March 31 , 2020. The increase in general and administrative expenses for the quarter of $ 4.4 million related to an increase of $ 3.6 million in personnel and facility related costs , including $ 1.8 million related to stock compensation expense , and insurance , taxes and professional fees of $ 0.8 million . Revenues : Revenues were $ 5.5 million for the quarter ended March 31 , 2021 as compared with $ 6.2 million for the quarter ended March 31 , 2020 and was generated from the license and rights to technology fees and research and development activities related to the collaboration and license agreement with Bayer that was initiated in July 2019 , the collaboration and license agreement with Pfizer that was initiated in January 2018 , and the amended and restated option , license and collaboration agreement with Genentech that was initiated in November 2017. The decrease in