Arvinas is a clinical-stage biotech developing PROTACs (PROteolysis TArgeting Chimeras), a class of oral small molecules that degrade disease-causing proteins rather than merely inhibiting them. PROTACs work by recruiting the body's natural protein disposal machinery to physically destroy target proteins — a mechanism that allows for lower doses and can overcome resistance limitations that affect conventional inhibitors. Arvinas builds its drugs using a proprietary discovery platform combining AI/ML tools, high-throughput screening, and a library of E3 ligase ligands. The company has no approved products today, but its most advanced PROTAC, vepdegestrant — an estrogen receptor degrader for ER+/HER2- advanced breast cancer — has an NDA under FDA review with a PDUFA date of June 5, 2026. Arvinas co-developed vepdegestrant with Pfizer and is now seeking a third-party commercialization partner. Beyond vepdegestrant, Arvinas has four other clinical programs: ARV-102, a LRRK2 degrader in Parkinson's disease and progressive supranuclear palsy; ARV-806, a KRAS G12D degrader in solid tumors; ARV-393, a BCL6 degrader in lymphoma; and ARV-027, targeting spinal bulbar muscular atrophy. Arvinas funds operations through upfront collaboration payments and milestones — Pfizer paid $650M upfront in 2021 and Novartis paid $150M upfront in 2024 for its prostate cancer PROTAC, luxdegalutamide. The company relies entirely on CMOs for manufacturing and ended FY25 with ~$85M in cash, guiding for runway into 2028.