Arvinas, Inc.

Hello and welcome to our Venus second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. I would now like to hand the conference over to Jeff Boyle.

Good morning, everyone, and thank you for joining us. Earlier today, we issued a press release with our second quarter 2026 financial results, which is available in the investor and media section of our website at arvenis.com. Joining us on the call today, we have Randy Teel, our President and Chief Executive Officer, Angela Cacace, our Chief Scientific Officer, and Andrew Saik, our Chief Financial Officer. Before we begin, I'll remind you that today's discussions contain forward-looking statements that involve risks Thanks, Jeff, and good morning, everyone.

As a company, we've made significant progress over the past several months. Our focus has been on positioning ARVNS for our next phase of growth, guided by a clear strategic vision. Central to that vision is a relentless focus on advancing transformational improvements for patients. Through continued innovation and disciplined execution, we are focused on unlocking the full potential of our pipeline for patients and shareholders. We've reached three significant strategic milestones since the start of the year. beginning with the first ever FDA approval of a pro-tax degrader, Vepinil. Second, we completed an out-licensing of Vepinil to Rigel Pharmaceuticals who anticipate making Vepinil available to patients in the very near future. And third, we made the strategic decision that our KRAS G12V program, ARV806, will only move forward in the hands of a partner. While we believe 806 has the potential to become a meaningful treatment option for patients, They will require investment that is inconsistent with our current capital allocation strategy. Taken together, our progress and decisions in the first half of 2026 have positioned Arvinas to fully capitalize on the promise of our platform in oncology and neurology. We've fully shifted our focus to our phase one clinical programs, and we are confident about the opportunity ahead to create important therapies for patients. With that, I'll spend a few moments diving into our three assets with significant clinical data catalysts in the next 12 months. I'll review their differentiating profiles and compelling value propositions. I'll start with ARV393, our BCL6 degrader. I'll explain why BCL6 is an attractive target, share where we are in the progress of the trial, and let you know what to expect in our data release later in 2026. BCL6 is an exciting therapeutic target with initial clinical validation. BCL6 is a previously undrugged transcription factor and a master regulator of multiple cellular processes during B-cell development, including proliferation, survival, and apoptosis. Altered BCL6 activity has been implicated as an oncogenic driver in several subtypes of non-Hodgkin lymphoma. We believe that ARV393 has the potential to become a foundational treatment option and paved the way as the first all oral chemotherapy free approach for patients with B or T cell lymphomas. When we initiated our BCL6 program, no company had successfully demonstrated BCL6 degradation or advanced a degrader to the clinic. Based on feedback from the FDA, our trial began with doses well below our predicted efficacious exposure levels, leading to challenges with enrollment and extended enrollment timelines. However, We've seen a clear acceleration in the enrollment of the trial as we've dosed closer to the expected efficacious range. At the same time, enrollment in the glophy combo portion of the trial has been strong since it began in the past few months. And as we reported late last year, even at the doses we would not have expected to be efficacious, we've seen early responses in difficult to treat T cell lymphomas like AITL, as well as in patients with B cell lymphomas.