ARVINAS, INC.

Previous wording

We are a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases. Through our PROteolysis TArgeting Chimera, or PROTAC, degrader platform, we are pioneering the development of protein degradation therapies designed to harness the body’s own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins. We believe that our targeted protein degradation approach is a therapeutic modality that may provide distinct advantages over existing modalities, including traditional small molecule therapies and gene-based medicines. We are currently progressing multiple product candidates through clinical development programs, including vepdegestrant, targeting the estrogen receptor, or ER, for the treatment of locally advanced or metastatic ER positive / human epidermal growth factor receptor 2, or HER2, negative, or ER+/HER2-, breast cancer; ARV-393, targeting the B-cell lymphoma 6, or BCL6 protein for the treatment of relapsed/refractory non-Hodgkin Lymphoma, or NHL; and ARV-102, targeting the leucine-rich repeat kinase 2, or LRRK2, protein for the treatment of neurodegenerative disorders. We also have programs in preclinical development, and plan to advance ARV-806 into a first-in-human Phase 1 clinical trial in patients with solid tumors harboring Kirsten rat sarcoma, or KRAS, G12D mutations.

Current wording

We are a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases. Through our PROteolysis TArgeting Chimera, or PROTAC, degrader platform, we are pioneering the development of protein degradation therapies designed to harness the body’s own natural protein disposal system to selectively and efficiently degrade and remove disease-causing proteins. We believe that our targeted protein degradation approach is a therapeutic modality that may provide distinct advantages over existing modalities, including traditional small molecule therapies and gene-based medicines. We are currently progressing multiple product candidates through clinical development programs, including vepdegestrant, targeting the estrogen receptor, or ER, for the treatment of locally advanced or metastatic ER positive / human epidermal growth factor receptor 2, or HER2, negative, or ER+/HER2-, breast cancer; ARV-393, targeting the B-cell lymphoma 6, or BCL6 protein for the treatment of relapsed/refractory non-Hodgkin Lymphoma, or NHL; ARV-102, targeting the leucine-rich repeat kinase 2, or LRRK2, protein for the treatment of neurodegenerative disorders; and ARV-806, targeting Kirsten rat sarcoma, or KRAS, G12D for mutated cancers, including pancreatic and colorectal cancers.

Previous wording

•Defined terms in graph above, not defined elsewhere: 2L, second-line; AR, androgen receptor.

Current wording

•Defined terms in graph above, not defined elsewhere: 2L, second-line; AR, androgen receptor; KAT6, lysine acetyltransferase 6.

Previous wording

•Footnotes in graph: a. Data to be presented at 2025 American Society of Clinical Oncology (May 30 – June 3, 2025); b. The trial (NCT04606446) is currently evaluating Pfizer, Inc.’s KAT6 inhibitor (PF-07248144) in combination with endocrine therapies following cyclin-dependent kinase, or CDK, 4/6 inhibitor treatments; the trial is being operationalized and funded by Pfizer, Inc. and will now include a vepdegestrant/KAT6 cohort; c. Anticipated start date in the second half of 2025.

Current wording

•Footnotes in graph: a. The trial (NCT04606446) is currently evaluating Pfizer, Inc.’s KAT6 inhibitor (PF-07248144) in combination with endocrine therapies following cyclin-dependent kinase, or CDK, 4/6 inhibitor treatments; the trial is being operationalized and funded by Pfizer, Inc. and will include a vepdegestrant/KAT6 cohort; b. Includes relapsed/refractory angioimmunoblastic T-cell lymphoma, or AITL, or relapsed/refractory mature B cell NHL.

Previous wording

Vepdegestrant is an investigational orally bioavailable PROTAC protein degrader designed to specifically target and degrade the ER for the treatment of locally advanced or metastatic ER+/HER2- breast cancer. We are co-developing vepdegestrant with Pfizer, pursuant to a collaboration agreement that we and Pfizer entered into in July 2021. We granted Pfizer worldwide co-exclusive rights to develop and commercialize vepdegestrant.

Current wording

Vepdegestrant is an investigational orally bioavailable PROTAC protein degrader designed to harness the body’s natural protein disposal system to specifically target and degrade the ER for the treatment of locally advanced or metastatic ER+/HER2- breast cancer. We are co-developing vepdegestrant with Pfizer, pursuant to a collaboration agreement that we and Pfizer entered into in July 2021. We granted Pfizer worldwide co-exclusive rights to develop and commercialize vepdegestrant.

Previous wording

•Defined terms in graph above, not defined elsewhere: CDK4/6i, cyclin-dependent kinase 4/6 inhibitor

Current wording

•Defined terms in graph above, not defined elsewhere: CDK4i, cyclin-dependent 4 inhibitor.

Previous wording

•Footnotes in graph: a. Data to be presented at 2025 American Society of Clinical Oncology (May 30 – June 3, 2025); b. The trial (NCT04606446) is currently evaluating Pfizer’s KAT6 inhibitor (PF-07248144) in combination with endocrine therapies following CDK4/6 inhibitor treatments; the trial is being operationalized and funded by Pfizer and will now include a vepdegestrant/KAT6 cohort; c. Clinical trials fully enrolled except for ribociclib combination trial.

Current wording

•Footnotes in graph: a. The trial (NCT04606446) is currently evaluating Pfizer’s KAT6 inhibitor (PF-07248144) in combination with endocrine therapies following CDK4/6 inhibitor treatments; the trial is being operationalized and funded by Pfizer and will now include a vepdegestrant/KAT6 cohort; b. Studies fully enrolled except for ribociclib combination trial.

Previous wording

In the first quarter of 2025, we, along with Pfizer, announced positive topline results from the Phase 3 VERITAC-2 clinical trial in the estrogen receptor 1-mutant, or ESR1m, population. We and Pfizer plan to present detailed results from the VERITAC-2 Phase 3 clinical trial in a late-breaker oral presentation at the 2025 American Society of Clinical Oncology Annual Meeting in the second quarter of 2025, share these data with global regulatory authorities to potentially support regulatory filings also in the second quarter of 2025, and submit a new drug application to the U.S. Food and Drug Administration for potential approval in the second half of 2025.

Current wording

In the first quarter of 2025, we, along with Pfizer, announced positive topline results from the Phase 3 VERITAC-2 clinical trial in the estrogen receptor 1-mutant, or ESR1m, population, and in the second quarter of 2025, we, along with Pfizer announced detailed results from this clinical trial. These detailed results, which are included below, were presented in a late-breaking oral presentation at the American Society of Clinical

Previous wording

The Phase 3 VERITAC-2 clinical trial is a global randomized study evaluating the efficacy and safety of vepdegestrant as a monotherapy compared to fulvestrant in patients with ER+/HER2- advanced or metastatic breast cancer. The trial enrolled 624 patients at sites in 26 countries who had previously received treatment with a CDK4/6 inhibitor plus endocrine therapy. Patients were randomized to receive either vepdegestrant once daily, orally on a 28-day continuous dosing schedule, or fulvestrant, administered intramuscularly on Days 1 and 15 of Cycle 1 and then on Day 1 of each 28-day cycle starting from Day 1 of Cycle 2. The primary endpoint was progression-free survival, or PFS, by blinded independent central review among patients with ESR1m and among all patients, also known as the intent to treat, or ITT, population.

Current wording

The Phase 3 VERITAC-2 clinical trial is a global randomized study evaluating the efficacy and safety of vepdegestrant as a monotherapy compared to fulvestrant in patients with ER+/HER2- advanced or metastatic breast cancer. The trial enrolled 624 patients at sites in 26 countries who had previously received treatment with a CDK4/6 inhibitor plus endocrine therapy. Patients were randomized to receive either vepdegestrant once daily, orally on a 28-day continuous dosing schedule, or fulvestrant, administered intramuscularly on Days 1 and 15 of Cycle 1 and then on Day 1 of each 28-day cycle starting from Day 1 of Cycle 2. The primary endpoint was progression-free survival, or PFS, in the intent-to-treat, or ITT and ESR1 mutation populations as determined by blinded independent central review, or BICR. Overall survival, or OS, was the key secondary endpoint.

Previous wording

Additionally, in the second quarter of 2025, we announced that Pfizer plans to add a vepdegestrant combination cohort to its ongoing Phase 1 clinical trial evaluating Pfizer’s investigational KAT6 inhibitor in combination with endocrine therapies following CDK4/6 inhibitor treatment. This clinical trial is being operationalized and funded solely by Pfizer.

Current wording

Additionally, in the second quarter of 2025, Pfizer added a vepdegestrant combination cohort to its ongoing Phase 1 clinical trial evaluating Pfizer’s investigational KAT6 inhibitor in combination with endocrine therapies following CDK4/6 inhibitor treatment. This clinical trial is being operationalized and funded solely by Pfizer.

Previous wording

In the second quarter of 2025, we presented preclinical data of ARV-393 in combination with standard of care, or SOC, chemotherapy and biologic agents, as well as oral, investigational small molecule inhibitors in high grade and aggressive diffuse large B-cell lymphoma, or DLBCL, in vivo models at the American Association for Cancer Research, or AACR, Annual Meeting. Based on these preclinical data, in aggressive DLBCL models, ARV-393 showed strong synergistic antitumor activity, including complete regressions, in combination with SOC chemotherapy and biologics, as well as investigational oral small molecule inhibitors. In particular:

Current wording

In the second quarter of 2025, we presented preclinical data of ARV-393 in combination with standard of care, or SOC, chemotherapy and biologic agents, as well as oral, investigational small molecule inhibitors in high grade and aggressive diffuse large B-cell lymphoma, or DLBCL, in vivo models at the American Association for Cancer Research Annual Meeting. Based on these preclinical data, in aggressive DLBCL models, ARV-393 showed strong synergistic antitumor activity, including complete regressions, in combination with SOC chemotherapy and biologics, as well as investigational oral small molecule inhibitors. In particular:

Previous wording

We plan to present new preclinical data demonstrating single agent activity of ARV-393 in patient derived xenograft models of transformed Follicular Lymphoma and a patient-derived xenograft model of nTFHL-AI (angioimmunoblastic type of nodal T-follicular helper cell lymphoma), a rare and aggressive NHL with high unmet need and limited treatment options, for a presentation at the European Hematology Association 2025 conference in Milan, Italy in the second quarter of 2025. In addition, we plan to share preclinical data for ARV-393 in combination with an emerging SOC option in second-line DLBC in the second half of 2025.

Current wording

We plan to share preclinical data for ARV-393 in combination with glofitamab, an emerging SOC option, in models of aggressive high grade DLBCL in the second half of 2025.

Previous wording

ARV-102 is our first oral PROTAC protein degrader in development to treat neurodegenerative diseases. In preclinical studies, ARV-102 has been shown to cross the blood-brain barrier and degrade LRRK2, which is a large, multidomain scaffolding kinase. Increased activity and expression of LRRK2 have been implicated in the pathogenesis of neurological diseases, including LRRK2 genetic and idiopathic Parkinson’s disease, or PD, and progressive supranuclear palsy.

Current wording

ARV-102 is our first oral PROTAC protein degrader in development to treat neurodegenerative diseases. In preclinical studies, ARV-102 has been shown to cross the blood-brain barrier and degrade LRRK2, which is a large, multidomain scaffolding kinase that plays a critical role in effective endolysosomal trafficking. Unlike traditional SMIs that only block LRRK2’s kinase activity, LRRK2 degraders eliminate pathologic scaffolding function, GTPase activity and the kinase activity of LRRK2 implicated in disease. We believe our LRRK2 degraders are particularly well positioned to be evaluated in two diseases where there are no disease modifying therapies available:

Previous wording

We completed enrollment for the single ascending dose, or SAD, and multiple ascending dose, or MAD cohorts of the ARV-102 Phase 1 clinical trial in healthy volunteers in the first quarter of 2025 and we expect to present final data from the SAD and MAD cohorts of this clinical trial in the second half of 2025.

Current wording

We completed enrollment for the single ascending dose, or SAD, and multiple ascending dose, or MAD cohorts of the ARV-102 Phase 1 clinical trial in healthy volunteers in the first quarter of 2025 and we expect to share final data from the SAD and MAD cohorts of this clinical trial in the second half of 2025.

Previous wording

Kirsten rat sarcoma, or KRAS, is one of the most frequently mutated human oncogenes, is commonly altered in pancreatic, colorectal, and lung cancers, among others, and is associated with poor prognosis and resistance to standards of care. G12D is the most common mutation of the KRAS protein. ARV-806, our PROTAC KRAS G12D degrader, is a potent small molecule degrader of KRAS G12D and is designed to eliminate, rather than inhibit, KRAS G12D and, in preclinical studies, ARV-806 was 30-fold more potent than an inhibitorin vitro and provided additional aspects of differential biology contributing to its potent and broad antitumor effectin vivo. In addition, in the preclinical setting, ARV-806 demonstrated high potency and selectivity, with robust antitumor activity through dose-responsive degradation of KRAS G12D in KRAS G12D mutated cancers, including pancreatic and colorectal cancers.

Current wording

ARV-806, our PROTAC KRAS G12D degrader, is a potent small molecule degrader of KRAS G12D and is designed to eliminate, rather than inhibit, KRAS G12D. In the preclinical setting, ARV-806 demonstrated high potency and selectivity, with robust antitumor activity through dose-responsive degradation of KRAS G12D in KRAS G12D mutated cancers, including pancreatic and colorectal cancers. ARV-806 bound to both the active and inactive forms of KRAS G12D, achieving potent and durable elimination rather than inhibition of the target in all models tested. In addition, in preclinical studies, ARV-806 achievedin vitro potency approximately 25 times greater than KRAS inhibitors and 40 times greater than the leading clinical-stage degrader.

Previous wording

We filed an investigational new drug application with the U.S. Food and Drug Administration, or FDA, for ARV-806 in the first quarter of 2025 and received a safe-to-proceed letter from the FDA in the second quarter of 2025. We expect to initiate a first-in-human Phase 1 clinical trial of ARV-806 in patients with solid tumors harboring KRAS G12D mutations in the second half of 2025.

Current wording

We filed an investigational new drug application with the FDA for ARV-806 in the first quarter of 2025 and received a safe-to-proceed letter from the FDA in the second quarter of 2025. We initiated enrollment in a first-in-human Phase 1 clinical trial of ARV-806 in patients with solid tumors harboring KRAS G12D mutations in the second quarter of 2025. We anticipate sharing preclinical data from ARV-806 in the second half of 2025.

Previous wording

Bavdegalutamide is an investigational orally bioavailable PROTAC protein degrader designed to target and degrade the androgen receptor, or AR, for the treatment of men with metastatic castration resistant prostate cancer. Clinical trials for bavdegalutamide (ARV-110-101 and ARV-110-103) were completed in the second quarter of 2025, and we are winding down the bavdegalutamide program.

Current wording

Bavdegalutamide is an investigational orally bioavailable PROTAC protein degrader designed to target and degrade the androgen receptor, or AR, for the treatment of men with metastatic castration resistant prostate cancer. Clinical trials for bavdegalutamide (ARV-110-101 and ARV-110-103) were completed in the second quarter of 2025.

Previous wording

We are a clinical-stage company, with product candidates in clinical development and other drug discovery activities in the research and preclinical development stages. Our ability to generate revenue from product sales sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidatesand our ability to manage our expenses. In April 2025, we committed to and approved a reduction of our workforce by approximately 33% across all all areas of our company, as part of our decision to streamline operations across our organization and enable the efficient progression of our portfolio. We expect the workforce reduction will be substantially completed by the end of the second quarter of 2025. We estimate that we will incur approximately $10.0 million in costs in connection with the workforce reduction, which consist of severance and other one-time employee termination benefit expenses which we expect to recognize primarily in the second quarter of 2025. Refer to Note 15 in this Quarterly Report on Form 10-Q for further details.

Current wording

We are a clinical-stage company, with product candidates in clinical development and other drug discovery activities in the research and preclinical development stages. Our ability to generate revenue from product sales sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidatesand our ability to manage our expenses. In April 2025, we committed to and approved a reduction of our workforce by approximately 33% across all areas of our company, as part of our decision to streamline operations across our organization and enable the efficient progression of our portfolio. The workforce reduction was aimed at reducing internal costs while minimally impacting our targeted clinical stage programs to drive value over the next several years by aligning our operations with long-term program development objective. The workforce reduction was substantially completed by the end of the second quarter of 2025. We incurred netrestructuring charges of $1.0 million, including $7.4 million of cash severance and other one-time employee related termination benefit related to the workforce reduction, offset by a reversal of $6.4 million of non-cash stock compensation and bonus expenses, in the second quarter of 2025. We expect to achieve annual operating cost savings of $80.0 million, on a run-rate basis. Refer to Note 14, Restructuring Activity, in this Quarterly Report on Form 10-Q for further details.

Previous wording

We and Pfizer share equally (50/50) all development costs (including costs for conducting any clinical trials) for the Licensed Products, subject to certain exceptions. Except for certain regions described below, we will also share equally (50/50) all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions.

Current wording

We and Pfizer share equally (50/50) all development costs for the Licensed Products, subject to certain exceptions. Except for certain regions described below, we will also share equally (50/50) all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions.

Previous wording

In April 2024, we entered into a transaction, or the Novartis Transaction, including both a license agreement, or the Novartis License Agreement, and an asset agreement, or the Novartis Asset Agreement, with Novartis Pharma AG, or Novartis. The Novartis Transaction closed in May 2024 upon the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, at which time the Novartis License Agreement and the Novartis Asset Agreement became effective.

Current wording

Novartis Pharma AG, or Novartis. The Novartis Transaction closed in May 2024 upon the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, at which time the Novartis License Agreement and the Novartis Asset Agreement became effective.

Previous wording

Under the terms of and as consideration for entering into the Novartis Transaction, we received a one-time, upfront payment in the aggregate amount of $150.0 million from Novartis. Under the Novartis License Agreement, we are also eligible to receive up to an additional $1.01 billion as contingent payments based on specified development, regulatory, and commercial milestones for luxdegalutamide (ARV-766) being met, as well as tiered royalties based upon worldwide net sales of luxdegalutamide (ARV-766), subject to reduction under certain circumstances as provided in the Novartis License Agreement.

Current wording

Under the terms of and as consideration for entering into the Novartis Transaction, we received a one-time, upfront payment in the aggregate amount of $150.0 million from Novartis. Under the Novartis License Agreement, we are also eligible to receive up to an additional $1.01 billion as contingent payments based on specified development, regulatory, and commercial milestones for luxdegalutamide (ARV-766) being met, as well as tiered royalties based upon worldwide net sales of luxdegalutamide (ARV-766), subject to reduction under certain circumstances as provided in the Novartis License Agreement. Novartis announced the recent initiation of two Phase 2 combination clinical trials - one in metastatic castration resistant prostate cancer, and the other is metastatic hormone sensitive prostate cancer - which will both identify recommended Phase 3 doses and, we believe, further validate our ability to develop potentially best-in-class protein degraders.

Previous wording

We typically use our employee and infrastruc ture resources across our development programs, and as such, do not track all of our internal research and development expenses on a program-by-program basis. The following table summarizes our research and development expenses for the three months ended March 31, 2025 and 2024:

Current wording

We typically use our employee and infrastruc ture resources across our development programs, and as such, do not track all of our internal research and development expenses on a program-by-program basis. The following table summarizes our research and development expenses for the three and six months ended June 30, 2025 and 2024:

Previous wording

Research and development activities are central to our business model. We expect that our research and development expenses will continue to increase substantially for the foreseeable future as we continue to conduct our ongoing clinical trials of vepdegestrant, ARV-102 and ARV-393 and continue to discover and develop additional product candidates. Research and development expenses related to vepdegestrant are shared equally with Pfizer since July 22, 2021, the effective date of the Vepdegestrant (ARV-471) Collaboration Agreement. We may receive reimbursement from, or make payments to, Pfizer to satisfy the cost sharing requirements. These payments are accounted for pursuant to ASC 808, Collaborative Arrangements, which are recorded as an offset or an increase to research and development expenses.

Current wording

Research and development activities are central to our business model. We expect that our research and development expenses will continue to increase substantially for the foreseeable future as we continue to conduct our ongoing clinical trials of vepdegestrant, ARV-102, ARV-393 and ARV-806, and continue to discover and develop additional product candidates. Research and development expenses related to vepdegestrant are shared equally with Pfizer since July 22, 2021, the effective date of the Vepdegestrant (ARV-471) Collaboration Agreement. We may receive reimbursement from, or make payments to, Pfizer to satisfy the cost sharing requirements. These payments are accounted for pursuant to ASC 808, Collaborative Arrangements, which are recorded as an offset or an increase to research and development expenses.

Previous wording

We cannot determine with certainty the duration and costs of ongoing and future clinical trials of vepdegestrant, ARV-102 and ARV-393, unexpected costs of planned clinical trials of ARV-806, or any other product candidate we may develop or if, when, or to what extent we will generate revenue from the commercialization and sale of any product candidate for which we obtain marketing approval. We may never succeed in obtaining marketing approval for any product candidate. The successful development and commercialization of our product candidates is highly uncertain. This is due to the numerous risks and uncertainties associated with developing drugs, including the uncertainty of:

Current wording

We cannot determine with certainty the duration and costs of ongoing and future clinical trials and launch and commercialization preparations of vepdegestrant, ARV-102, ARV-393, ARV-806, or any other product candidate we may develop or if, when, or to what extent we will generate revenue from the commercialization and sale of any product candidate for which we obtain marketing approval. We may never succeed in obtaining marketing approval for any product candidate. The successful development and commercialization of our product candidates is highly uncertain. This is due to the numerous risks and uncertainties associated with developing drugs, including the uncertainty of:

Previous wording

•receipt and related terms of marketing approvals from applicable regulatory authorities;

Current wording

•receiving marketing approvals, and any related terms, from applicable regulatory authorities;

Previous wording

A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the U.S. Food and Drug Administration or another regulatory authority were to require us to conduct clinical trials beyond those that we anticipate will be required for the completion of clinical development of a product candidate, or if we experience significant delays in our clinical trials due to patient enrollment or other reasons, we would be required to expend significant additional financial resources and time on the completion of clinical development.

Current wording

A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the FDA or another regulatory authority were to require us to conduct clinical trials beyond those that we anticipate will be required for the completion of clinical development of a product candidate, or if we experience significant delays in our clinical trials due to patient enrollment or other reasons, we would be required to expend significant additional financial resources and time on the completion of clinical development.

Previous wording

Comparison of the Three Months Ended March 31, 2025 and 2024

Current wording

Comparison of the Three and Six Months Ended June 30, 2025 and 2024

Previous wording

Revenue for the three months ended March 31, 2025 totaled $188.8 million, compared to $25.3 million for the three months ended March 31, 2024. The increase of $163.5 million was primarily due to an increase in revenue from the Vepdegestrant (ARV-471) Collaboration Agreement with Pfizer totaling $167.8 million related to changes in total program cost estimates resulting from the removal of the first-line Phase 3 combination trial with Pfizer’s novel investigational CDK4 inhibitor, atirmociclib, and the removal of the second-line Phase 3 combination trial with a CDK4/6 inhibitor from the development plan, offset by a decrease in revenue from the Pfizer Research Collaboration Agreement of $2.7 million due to changes in estimates of the performance period duration under the agreement resulting from updated research timelines and a decrease in revenue from the Bayer Collaboration Agreement of $1.6 million related to the termination of the Bayer Collaboration Agreement in August 2024.

Current wording

Revenue for the six months ended June 30, 2025 totaled $211.2 million, compared to $101.8 million for the six months ended June 30, 2024. The increase of $109.4 million was primarily due to an increase in revenue from the Vepdegestrant (ARV-471) Collaboration Agreement with Pfizer of $161.0 million related primarily to changes in total program cost estimates resulting from the removal of the first-line Phase 3 combination trial with Pfizer’s novel investigational CDK4 inhibitor, atirmociclib, and the removal of the second-line Phase 3 combination trial with a CDK4/6 inhibitor from the development plan, offset by a decrease of $45.6 million of revenue from the Novartis License Agreement and the Novartis Asset Agreementas we completed the technology transfer of our ongoing and planned clinical trials ofluxdegalutamide (ARV-766) to Novartis in 2024, a decrease of $2.8 million of revenue from the Pfizer Research Collaboration Agreement due to changes in estimates of the performance period duration under the agreement resulting from updated research timelines and a decrease of $3.2 million in revenue from the Bayer Collaboration Agreement as a result of the termination of the Bayer Collaboration Agreement in August 2024.

Previous wording

Non-GAAP research and development expenses for the three months ended March 31, 2025 totaled $79.3 million, compared to $71.9 million for the three months ended March 31, 2024, excluding $11.5 million and $12.4 million of non-cash stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively. We define non-GAAP research and development expenses as GAAP research and development expenses excluding stock-based compensation expense.

Current wording

Non-GAAP research and development expenses for the three months ended June 30, 2025 totaled $59.5 million, compared to $83.0 million for the three months ended June 30, 2024, excluding $0.6 million of restructuring expense for the three months ended June 30, 2025, and $8.5 million and $10.7 million of non-cash stock-based compensation expense for the three months ended June 30, 2025 and 2024, respectively. We define non-GAAP research and development expenses as GAAP research and development expenses excluding restructuring and stock-based compensation expense.

Previous wording

Research and development expenses for the three months ended March 31, 2025 totaled $90.8 million, compared to $84.3 million for the three months ended March 31, 2024. The increase of $6.5 million was primarily due to an increase in external expenses of $7.8 million, partially offset by a decrease in compensation and related personnel expenses of $1.4 million, which are not allocated by program. External expenses include (i) program-specific expenses, which increased by $10.0 million, primarily driven by increases in our ARV-102, vepdegestrant (ARV-471), ARV-393 and other programs of $5.2 million, $5.0 million, $1.4 million and $2.5 million, respectively, partially offset by decreases in ourluxdegalutamide (ARV-766) and bavdegalutamide (ARV-110) programs of $3.6 million and $0.5 million, respectively, and (ii) our non-program specific expenses, which decreased by $2.2 million.

Current wording

Research and development expenses for the six months ended June 30, 2025 totaled $159.4 million, compared to $178.0 million for the six months ended June 30, 2024. The decrease of $18.6 million was primarily due to a decrease in external expenses of $10.5 million and a decrease in compensation and related personnel expenses of $9.3 million, which are not allocated by program. External expenses include (i) program-specific expenses, which decreased by $5.9 million, primarily driven by decreases in our luxdegalutamide (ARV-766), vepdegestrant (ARV-471) and bavdegalutamide (ARV-110) programs of $13.2 million, $4.9 million and $2.1 million, respectively, partially offset by increases in our ARV-102, ARV-806, ARV-393 and other programs of $7.3 million, $2.3 million,$2.2 million and $2.5 million, respectively, and (ii) our non-program specific expenses, which decreased by $4.6 million.

Previous wording

General and administrative expenses totaled $26.6 million for the three months ended March 31, 2025, compared to $24.3 million for the three months ended March 31, 2024. The increase of $2.3 million was primarily due to an increase in professional fees of $2.4 million, inclusive of an increase in the amortization of costs to obtain a contract of $2.6 million related to changes in total Vepdegestrant (ARV-471) Collaboration Agreement program cost estimates resulting from the removal of two Phase 3 combination trials from the development plan and an increase in costs related to developing our commercial operations of $2.3 million, partially offset by a decrease in personnel and infrastructure related costs of $2.4 million.

Current wording

General and administrative expenses totaled $25.3 million for the three months ended June 30, 2025, compared to $31.3 million for the three months ended June 30, 2024. The decrease of $6.0 million was primarily due to a decrease in personnel and infrastructure related costs of $4.8 million and professional fees of $2.2 million, partially offset by an increase in costs related to developing our commercial operations of $1.1 million.

Previous wording

Non-GAAP general and administrative expenses for the three months ended March 31, 2025 totaled $23.1 million, compared to $18.0 million for the three months ended March 31, 2024, excluding $3.5 million and $6.3 million of non-cash stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively. We define non-GAAP general and administrative expenses as GAAP general and administrative expenses excluding stock-based compensation expense.

Current wording

Non-GAAP general and administrative expenses for the three months ended June 30, 2025 totaled $18.1 million, compared to $20.4 million for the three months ended June 30, 2024, excluding $0.4 million of restructuring expense for the three months ended June 30, 2025, and $6.8 million and $10.9 million of non-cash stock-based compensation expense for the three months ended June 30, 2025 and 2024, respectively. We define non-GAAP general and administrative expenses as GAAP general and administrative expenses excluding restructuring and stock-based compensation expense.

Previous wording

Other income totaled $11.7 million for the three months ended March 31, 2025, compared to $14.0 million for the three months ended March 31, 2024. The decrease of $2.3 million was primarily due to a decrease in interest income of $2.4 million on our marketable securities.

Current wording

Other income totaled $10.0 million for the three months ended June 30, 2025, compared to $13.5 million for the three months ended June 30, 2024. The decrease of $3.5 million was primarily due to a decrease in interest income of $3.3 million on our marketable securities and an increase in realized foreign exchange losses of $0.2 million.

Previous wording

Income tax expense totaled $0.2 million for the three months ended March 31, 2025, compared to $0.1 million for the three months ended March 31, 2024. The current and prior year tax expense was driven by the effect of equity compensation and the valuation allowance recorded against the full amount of our net deferred tax assets.

Current wording

Income tax benefit totaled $0.3 million for the three months ended June 30, 2025, compared to an income tax expense of $0.2 million for the three months ended June 30, 2024. The current and prior income tax totals were driven by the effect of equity compensation and the valuation allowance recorded against the full amount of our net deferred tax assets.

Previous wording

In November 2023, we amended and restated the Equity Distribution Agreement with Piper Sandler & Company and Cantor Fitzgerald & Co., pursuant to which we may offer and sell from time to time, through the agents, up to approximately$262.8 million of the common stock registered under our universal shelf registration statement pursuant to one or more “at-the-market" offerings. During the three months ended March 31, 2025, no shares were issued under the amended and restated agreement.

Current wording

In November 2023, we amended and restated the Equity Distribution Agreement with Piper Sandler & Company and Cantor Fitzgerald & Co., pursuant to which we may offer and sell from time to time, through the agents, up to approximately$262.8 million of the common stock registered under our universal shelf registration statement pursuant to one or more “at-the-market" offerings. During the six months ended June 30, 2025, no shares were issued under the amended and restated agreement.

Previous wording

Our cash, cash equivalents, restricted cash and marketable securities totaled $1.0 billion and $1.0 billion as of March 31, 2025 and December 31, 2024, respectively. We had an outstanding loan balance of $0.7 million and $0.8 million as of March 31, 2025 and December 31, 2024, respectively.

Current wording

Our cash, cash equivalents, restricted cash and marketable securities totaled $861.2 million and $1.0 billion as of June 30, 2025 and December 31, 2024, respectively. We had an outstanding loan balance of $0.7 million and $0.8 million as of June 30, 2025 and December 31, 2024, respectively.

Previous wording

Net cash used in operating activities for the three months ended March 31, 2025 decreased by $8.6 million, compared with the three months ended March 31, 2024, primarily due to an increase in our net income of $152.3 million, as well as changes in accounts payable and accrued liabilities of $14.9 million, accounts receivable of $5.3 million, and an increase in non-cash charges of $0.6 million, partially offset by a decrease in deferred revenue of $163.6 million driven by changes in total Vepdegestrant (ARV-471) Collaboration Agreement program cost estimates resulting from the removal of two Phase 3 combination trials from the development plan. The change in non-cash charges was primarily due to an increase in the amortization of costs to obtain a contract of $2.9 million related to the changes in total Vepdegestrant (ARV-471) Collaboration Agreement noted above and net accretion of bond discounts/premiums of $1.7 million, partially offset by a decrease in stock-based compensation of $3.6 million.

Current wording

$261.3 million, driven by changes in total Vepdegestrant (ARV-471) Collaboration Agreement program cost estimates resulting from the removal of two Phase 3 combination trials from the development plan, a decrease in non-cash charges of $9.7 million, as well as a decrease in accounts payable and accrued liabilities of $3.7 million, partially offset by an increase in our net income of $126.3 million and a decrease in accounts receivable of $5.2 million. The change in non-cash charges was primarily due to a decrease in stock-based compensation of $14.9 million and depreciation and amortization expense of $0.9 million, partially offset by net accretion of bond discounts/premiums of $3.9 million and the amortization of costs to obtain a contract of $2.0 million, related to the changes in total Vepdegestrant (ARV-471) Collaboration Agreement noted above.

Previous wording

Net cash from investing activities for the three months ended March 31, 2025 increased by $197.3 million, compared with the three months ended March 31, 2024, primarily due to a net increase in maturities over a net decrease in purchases of marketable securities of $197.6 million, partially offset by an increase in purchases of property and equipment of $0.3 million.

Current wording

Net cash from investing activities for the six months ended June 30, 2025 increased by $313.0 million, compared with the six months ended June 30, 2024, primarily due to a net increase in maturities over a net decrease in purchases of marketable securities of $313.9 million, partially offset by an increase in purchases of equipment and leasehold improvements of $0.8 million.

Previous wording

Net cash from financing activities for the three months ended March 31, 2025 decreased by $1.7 million, compared with the three months ended March 31, 2024, primarily due to decreased proceeds from the exercise of stock options, of which there were none during the three months ended March 31, 2025.

Current wording

Net cash from financing activities for the six months ended June 30, 2025 decreased by $4.6 million, compared with the six months ended June 30, 2024, primarily due to decreased proceeds from the exercise of stock options and issuance of ESPP shares.

Previous wording

•continue our ongoing and planned clinical trials of our product candidates, including vepdegestrant, for the treatment of patients with locally advanced or metastatic ER+/HER2- breast cancer, ARV-102, our PROTAC degrader designed to target the LRRK2 protein, and ARV-393, our PROTAC protein degrader designed to target the BCL6 protein, and progress ARV-806, our KRAS G12D program, into a planned first-in-human Phase 1 clinical trial;

Current wording

•continue our ongoing and planned clinical trials of our product candidates, including vepdegestrant, for the treatment of patients with locally advanced or metastatic ER+/HER2- breast cancer, ARV-102, our PROTAC protein degrader designed to target the LRRK2 protein, ARV-393, our PROTAC protein degrader designed to target the BCL6 protein, and ARV-806, our PROTAC protein degrader designed to target KRAS G12D for mutated cancers;

Previous wording

We had cash, cash equivalents and marketable securities totaling approximately $1.0 billion as of March 31, 2025. We believe that our cash, cash equivalents and marketable securities as of March 31, 2025 will enable us to fund our planned operating expenses and capital expenditure requirements into the second half of 2028. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect. Our future capital requirements will depend on many factors, including:

Current wording

We had cash, cash equivalents and marketable securities totaling approximately $861.2 million as of June 30, 2025. We believe that our cash, cash equivalents and marketable securities as of June 30, 2025 will enable us to fund our planned operating expenses and capital expenditure requirements into the second half of 2028. We have based this estimate on assumptions that may prove to be wrong, and we could use our capital resources sooner than we currently expect. Our future capital requirements will depend on many factors, including: