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ARVINAS Arvinas Reports Second Quarter 2021 Financial Results and Provides Corporate Update August 5 , 2021 NEW HAVEN , Conn . , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- Arvinas , Inc. ( Nasdaq : ARVN ) , a clinical - stage biotechnology company creating a new class of drugs based on targeted protein degradation , today reported financial results for the second quarter ended June 30 , 2021 and provided a corporate update . " Arvinas has made tremendous progress throughout the first half of 2021 and July , highlighted by our global collaboration with Pfizer to co - develop and potentially co - commercialize our estrogen receptor - targeting PROTAC degrader , ARV - 471 . This collaboration has the potential to be transformational , combining Arvinas ' leadership in targeted protein degradation with Pfizer's global capabilities to enhance and potentially accelerate the development of ARV - 471 , " said John Houston , Ph.D. , President and Chief Executive Officer at Arvinas . " Through the rest of the year , we look forward to advancing our entire pipeline of PROTACⓇ targeted protein degraders and to several important data milestones , including interim data from the ARDENT Phase 2 trial of our androgen receptor - degrading PROTAC degrader , ARV - 110 , and Phase 1 dose escalation data from ARV - 471 and ARV - 110 , " continued Dr. Houston . Business Highlights and Recent Developments • Announced a global collaboration with Pfizer to co - develop and co - commercialize ARV - 471 for the treatment of patients with ER + breast cancer . The deal includes an upfront payment to Arvinas of $ 650 million , a $ 350 million equity investment from Pfizer , and $ 1.4 billion in potential milestone payments . Arvinas and Pfizer will equally share worldwide development costs , commercialization expenses , and profits . • Initiated the 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 . • Completed dose escalation in the Phase 1 study of ARV - 471 for the treatment of patients with locally advanced or metastatic ER + / HER2- breast cancer . • Completed dose escalation in the Phase 1 study of ARV - 110 for the treatment of metastatic castrate - resistant prostate cancer . Anticipated Milestones and Expectations ARV - 471 • Presentation of Phase 1 dose escalation trial data ( at the San Antonio Breast Cancer Symposium , December 2021 ) • Initiation of a neoadjuvant study in early breast cancer ( 2H21 ) • Initiation of a combination trial of ARV - 471 and everolimus in 2L / 3L metastatic breast cancer ( 2H21 ) ARV - 110 • 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 with abiraterone ( 2H21 ) Second Quarter Financial Results Cash , Cash Equivalents , and Marketable Securities Position : As of June 30 , 2021 , cash , cash equivalents , and marketable securities were $ 605.1 million as compared with $ 688.5 million as of December 31 , 2020. The cash , cash equivalents and marketable securities amounts do not reflect the global Pfizer collaboration agreement upfront payment of $ 650 million that was received in July 2021 , or the equity investment by Pfizer of $ 350 million ( which is subject to certain conditions including clearance under the Hart - Scott Rodino Antitrust Improvements Act of 1976 , as amended ) . The decrease in cash , cash equivalents and marketable securities of $ 83.4 million for the first six months of 2021 was primarily related to net cash used in operating activities of $ 86.4 million ( net of $ 4.0 million received from two collaborators ) , the purchase of lab equipment and lease - hold improvements of $ 1.5 million and net accretion of discounts / premiums and unrealized loss on marketable securities of $ 3.6 million , partially offset by cash provided from the exercise of stock options of $ 8.1 million . Research and Development Expenses : Research and development expenses were $ 43.0 million for the quarter ended June 30 , 2021 , as compared with $ 23.4 million for the quarter ended June 30 , 2020. The increase in research and development expenses of $ 19.6 million for the quarter was primarily related to increases in clinical trial and CMC expenses associated with our AR program of $ 7.3 million and our ER program of $ 3.4 million , in addition to increases in preclinical expenses of $ 8.9 million associated with exploratory programs and investments in platform research . General and Administrative Expenses : General and administrative expenses were $ 14.4 million for the quarter ended June 30 , 2021 , as compared to $ 8.8 million for the quarter ended June 30 , 2020. The increase of $ 5.6 million was primarily related to an increase in personnel costs , facility related costs and professional fees . Revenue : Revenue was $ 5.5 million for the quarter ended June 30 , 2021 , as compared with $ 5.7 million for the quarter ended June 30 , 2020 .