Arvinas: Phase 2 LUMA Trial Failure Has Limited Read on Overall ARVN Thesis

研报英文原文证据摘录

Arvinas: Phase 2 LUMA Trial Failure Has Limited Read on Overall ARVN Thesis

Equity Research

U.S. Small & Mid Cap Biotechnology

22 May 2026

Arvinas

Phase 2 LUMA Trial Failure Has

Limited Read on Overall ARVN First Look

ARVN OVERWEIGHTThesis

U.S. Small & Mid Cap POSITIVE

LUMA trial failure of LRRK2 inhibitor (BIIB122) is difficult to Biotechnology Price Target USD 20.00

interpret in context of ARVN's ARVN-102 given its mechanism Price (21-May-26) USD 9.10

of action and '122's limited activity in Parkinson's disease Potential Upside/Downside +119.8% Source: Bloomberg, Barclays Research

Biogen (BIIB, covered by Emily Field) and Denali (DNLI, not covered) announced via press

release the failure of the Phase 2 LUMA trial evaluating BIIB122 (LRRK2 inhibitor) in patients with Etzer Darout, PhD, MBA

early stage idiopathic Parkinson's disease (PD). The trial failed to meet its primary endpoint of +1 212 526 6940

slowing disease progression versus placebo and also failed its secondary endpoints. The etzer.darout@barclays.com

companies have decided to discontinue BIIB122 development in idiopathic PD, but will continue BCI, US

the Phase 2a BEACON study in PD patients confirmed to be carriers of a pathogenic LRRK2 Lukas Shumway, PhD

variant. The results indicate to us that LRRK2 inhibition alone is not sufficient to elicit a benefit +1 212 526 7293

in patients with Parkinson's disease, which is not surprising to us because LRRK2's GTPase and lukas.shumway@barclays.com

scaffolding functions also contribute to Parkinson's disease. ARV-102, ARVN's LRRK2 BCI, US

PROTAC degrader, degrades the entire LRRK2 protein. Jordan Becker, PhD

+1 212 526 3960

In LUMA, BIIB122 treatment lead to >90% kinase inhibition of peripheral LRRK2 and up to a 30%

jordan.becker1@barclays.com