$ARVN

ARVINAS, INC.

CIK:0001655759|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue	$ 249.7	$ 22.4	$ 265.3	$ 211.2
Operating expenses:
Cost of license revenue	9.0	0.0	9.0	0.0
Research and development	52.6	68.6	113.0	159.4
General and administrative	24.0	25.3	43.0	51.9
Total operating expenses	85.6	93.9	165.0	211.3
Income (loss) from operations	164.1	(71.5)	100.3	(0.1)
Other income
Other expense, net	0.0	(0.3)	(0.1)	(0.4)
Interest income, net	5.5	10.3	11.9	22.0
Total other income	5.5	10.0	11.8	21.6
Net income (loss) before income taxes	169.6	(61.5)	112.1	21.5
Income tax (expense) benefit	(0.2)	0.3	(0.3)	0.2
Net income (loss)	$ 169.4	$ (61.2)	$ 111.8	$ 21.7
Earnings (loss) per common share
Basic (in dollars per share)	$ 2.61	$ (0.84)	$ 1.74	$ 0.30
Diluted (in dollars per share)	$ 2.58	$ (0.84)	$ 1.70	$ 0.30
Weighted average common shares outstanding
Basic (in shares)	64.8	73.0	64.4	72.8
Diluted (in shares)	65.7	73.0	65.7	73.0
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 169.4	$ (61.2)	$ 111.8	$ 21.7
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(0.4)	(0.5)	(2.0)	0.0
Comprehensive income (loss)	$ 169.0	$ (61.7)	$ 109.8	$ 21.7

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 111.8	$ 21.7
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1.4	1.5
Net accretion of bond discounts/premiums	(3.2)	(7.3)
Amortization of right-of-use assets	0.9	1.2
Amortization of collaboration contract asset	3.5	3.7
Stock-based compensation	18.0	25.3
Changes in operating assets and liabilities:
Accounts receivable	(49.3)	5.2
Other receivables	1.4	(2.6)
Prepaid expenses and other assets	(4.6)	(3.1)
Contract assets	(26.8)	0.0
Accounts payable and accrued liabilities	(16.9)	(17.6)
Operating lease liability	(0.9)	(1.0)
Deferred revenue	(205.5)	(211.3)
Collaboration liability	52.7	0.0
Net cash used in operating activities	(117.5)	(184.3)
Cash flows from investing activities:
Purchases of marketable securities	(239.3)	(237.6)
Maturities of marketable securities	280.5	437.5
Sales of marketable securities	28.9	0.0
Purchases of property, equipment and leasehold improvements	(1.5)	(1.6)
Net cash provided by investing activities	68.6	198.3
Cash flows from financing activities:
Repayments of long-term debt	(0.2)	(0.1)
Proceeds from exercise of stock options and issuance of ESPP shares	0.5	0.5
Net cash provided by financing activities	0.3	0.4
Net (decrease) increase in cash and cash equivalents	(48.6)	14.4
Cash and cash equivalents, beginning of the period	142.9	100.5
Cash and cash equivalents, end of the period	$ 94.3	$ 114.9

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 94.3	$ 142.9
Marketable securities	473.6	542.5
Accounts receivable	50.3	1.0
Other receivables	4.0	5.4
Prepaid expenses and other current assets	30.0	8.9
Total current assets	652.2	700.7
Property, equipment and leasehold improvements, net	5.0	5.2
Operating lease right-of-use assets	7.3	8.2
Contract and other assets	10.6	3.8
Total assets	675.1	717.9
Current liabilities:
Accounts payable and accrued liabilities	52.2	69.5
Deferred revenue	0.0	71.3
Current portion of collaboration liability	28.4	0.0
Current portion of operating lease liabilities	1.9	1.7
Total current liabilities	82.5	142.5
Deferred revenue	0.0	134.3
Collaboration liability	24.3	0.0
Long-term debt	0.3	0.4
Operating lease liabilities	5.8	6.8
Total liabilities	112.9	284.0
Commitments and Contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.001 par value, zero shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	0.0	0.0
Common stock, $0.001 par value; 75.3 shares issued and 65.3 shares outstanding as of June 30, 2026, and 73.5 shares issued and 63.5 outstanding as of December 31, 2025	0.1	0.1
Accumulated deficit	(1,500.6)	(1,612.4)
Additional paid-in capital	2,155.4	2,136.9
Accumulated other comprehensive (loss) income	(0.8)	1.2
Treasury Stock, at cost (10.0 shares as of June 30, 2026 and December 31, 2025)	(91.9)	(91.9)
Total stockholders’ equity	562.2	433.9
Total liabilities and stockholders’ equity	$ 675.1	$ 717.9