Partners VEPPANU with Rigel, Focus on Early Stage PROTAC Pipeline

研报英文原文证据摘录

Partners VEPPANU with Rigel, Focus on Early Stage PROTAC Pipeline

n transition Shares Out (mil) 64.5

payments, up to $320 million in milestones, and tiered mid-teens to mid-20% royalties, Form 10Q as of May 7th

to be shared equally. Market Cap. (mil) US$623.1

Total Assets ($mil) NA

Avg Daily Vol (000) 870

• ARV-102: Validated LRRK2 Degradation in PD; Phase II PSP Study Initiation in Book Value/Share NA

2Q:26. Phase I MAD data on ARV-102 in Parkinson's Disease (PD) patients showed Net Cash Per Share US$10.18

that ARV-102 reduced LRRK2 in PBMCs by >90% at day 28. ARV-102 achieved 1Q:26 cash less LTD + ARVN share of

dose dependent CSF LRRK2 reductions up to 74.5% with 80mg ARV-102 at 14 days, RIGL upfront

which was stable at 71.5% at 28 days. These levels are clinically meaningful as an Debt to Total Capital 0.1%

~50% reduction of LRRK in the CSF is expected to translate to disease modification Div Yield 0.00%

because PD patients typically have 2-3x higher LRRK2 levels than healthy individuals. Fiscal Year End Dec

Importantly, ARV-102 was generally safe and well tolerated with no SAEs reported.

Price Performance - 1 Year

Arvinas should report additional data in 2H:26. Arvinas plans to initiate a Phase Ib study

of ARV-102 in progressive supranuclear palsy (PSP) in 2Q:26, and potentially start a USD

registrational PSP trial by YE:26. We believe ARV-102’s degrader mechanism and CNS 16

penetration could differentiate from LRRK2 inhibitors. Arvinas could partner ARV-102 14

for other large indications such as Alzheimer's disease. 12

Continued on page 2 ... 10

RISKS TO ACHIEVEMENT OF PT & RECOMMENDATION 8

Vepdegestrant may fail to gain regulatory approval and PROTACs may fail in the clinic.

Arvinas' partnerships may falter and the company may require additional capital. 6