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November 6, 2020

Arvinas widens 3Q losses as cancer trials advance 

PHOTO | Contributed Arvinas CEO John Houston
By Natalie Missakian

New Haven biotech firm Arvinas Inc. on Thursday reported a third-quarter loss of $30.8 million, or 79 cents a share, as it continued to spend money advancing its drugs for prostate and breast cancer through clinical trials.

The loss for the July-to-September period was slightly higher than the 67 cents a share projected by Wall Street analysts, according to Zacks Investment Research. 

Arvinas posted a loss of $17.7 million, or 54 cents a share, during the third quarter of 2019.

Arvinas, which does not have any revenue-producing products, said it brought in $7.6 million for the quarter from its licensing deals with Bayer, Pfizer and Genentech. It recorded revenues of $5.4 million from licensing agreements during the third quarter of 2019.

The company said its total revenues of $30.1 million for the quarter included $24.7 million for a license to Oerth Bio LLC, a joint venture between Arvinas and Bayer to develop agricultural products.  

The company attributed the bulk of the higher third-quarter losses to increased research and development expenses, mostly related to its experimental drugs ARV-110, which targets a difficult to treat form of prostate cancer, and ARV-471, which treats an advanced form of breast cancer.  Both are undergoing human testing in Phase 1-2 clinical trials.

The company spent $30 million on R&D during the quarter, up from $16.6 million a year ago. It recorded $9.3 million in general and administrative expenses, compared to $8 million during the third quarter of 2019.

The company said it still has $248.6 million in cash as of Sept. 30, enough to fund its operations into 2022. 

Contact Natalie Missakian at news@newhavenbiz.com

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