Arvinas, Inc. (NASDAQ: ARVN) has reported its financial results for the fourth quarter and full year ended December 31, 2024, and provided a corporate update. The company's cash, cash equivalents, and marketable securities as of December 31, 2024, were $1,039.4 million compared to $1,266.5 million as of December 31, 2023. The decrease in cash, cash equivalents, and marketable securities of $227.1 million for the 12 months ended December 31, 2024, was primarily related to cash used in operations of $237.4 million, inclusive of a one-time cash termination fee in the amount of $41.5 million related to the termination of the laboratory and office space lease.
Research and development expenses were $348.2 million and $83.3 million for the year and quarter ended December 31, 2024, respectively, compared with $379.7 million and $95.2 million for the year and quarter ended December 31, 2023, respectively. The decrease in research and development expenses for the year was primarily due to a decrease in external expenses of $41.7 million, partially offset by an increase in compensation and related personnel expenses of $11.2 million. The decrease in research and development expenses for the quarter was primarily due to a decrease in external expenses of $9.9 million.
General and administrative expenses were $165.4 million and $34.1 million for the year and quarter ended December 31, 2024, respectively, compared with $100.3 million and $27.0 million for the year and quarter ended December 31, 2023, respectively. The increase in general and administrative expenses for the year was primarily due to a loss on the termination of the laboratory and office space lease in August 2024 of $43.4 million.
Revenue was $263.4 million and $59.2 million for the year and quarter ended December 31, 2024, respectively, compared with $78.5 million and $(43.1) million for the year and quarter ended December 31, 2023, respectively. The increase in revenue for the year was primarily due to revenue from the Novartis agreements of $162.4 million.
In terms of business highlights and recent developments, Arvinas reported that topline data from the monotherapy phase 3 Veritac-2 trial is anticipated in the first quarter of 2025. The company also announced plans to initiate two new phase 3 combination trials in patients with ER+/HER2* MBC in 2025.
Arvinas completed the investigational new drug application (IND) transition of Luxdegalutamide (ARV-766) to Novartis as part of a global license agreement executed in April 2024. Additionally, the company disclosed that it will file an investigational new drug (IND) application for a novel PROTAC KRAS G12D degrader in 2025.
Arvinas believes its cash, cash equivalents, and marketable securities as of December 31, 2024, are sufficient to fund planned operating expenses and capital expenditure requirements into 2027.
The company will host a conference call and webcast today, February 11, 2025, at 8:00 a.m. ET, to review its fourth quarter and full year 2024 financial results and discuss recent corporate updates. Following these announcements, the company's shares moved -9.1%, and are now trading at a price of $17.25. For the full picture, make sure to review Arvinas's 8-K report.
