ARVINAS, INC.
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
ARVN$6.92+2.4%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| (dollars in millions) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net loss | $(80.8) | $(198.9) | $(367.3) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 3.0 | 4.6 | 4.8 |
| Net accretion of bond discounts/premiums | (12.8) | (21.8) | (16.6) |
| Loss on sale of marketable securities | — | — | 0.9 |
| Amortization of right-of-use assets | 2.2 | 2.0 | 1.9 |
| Amortization of collaboration contract asset | 4.3 | 4.6 | 1.3 |
| Net loss on disposal of property, equipment and leasehold improvements | — | 2.6 | — |
| Stock-based compensation | 44.0 | 88.2 | 71.6 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 4.7 | (5.7) | 1.0 |
| Other receivables | 2.6 | (0.8) | (0.2) |
| Prepaid expenses and other assets | 5.3 | (7.0) | 14.1 |
| Collaboration contract asset | — | (3.0) | — |
| Accounts payable and accrued liabilities | (1.7) | (21.2) | 17.3 |
| Operating lease liabilities | (2.0) | (1.9) | (2.0) |
| Deferred revenue | (242.6) | (101.0) | (74.6) |
| Net cash used in operating activities | (273.8) | (259.3) | (347.8) |
| Cash flows from investing activities: | |||
| Purchase of marketable securities | (354.2) | (652.1) | (956.3) |
| Maturities of marketable securities | 731.1 | 644.0 | 1,103.9 |
| Sale of marketable securities | 32.6 | 44.5 | 58.8 |
| Purchase of property, equipment and leasehold improvements | (1.9) | (1.8) | (2.9) |
| Proceeds from disposal of property, equipment and leasehold improvements | — | 0.1 | — |
| Net cash provided by investing activities | 407.6 | 34.7 | 203.5 |
| Cash flows from financing activities: | |||
| Repayments of long-term debt | (0.2) | (0.4) | — |
| Proceeds from issuance of common stock and pre-funded warrants | — | — | 387.2 |
| Payment of common stock offering costs | — | — | (17.0) |
| Repurchase of common shares, net | (91.9) | — | — |
| Proceeds from exercise of stock options and issuance of ESPP shares | 0.7 | 8.3 | 4.5 |
| Net cash (used in) provided by financing activities | (91.4) | 7.9 | 374.7 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 42.4 | (216.7) | 230.4 |
| Cash, cash equivalents and restricted cash, beginning of the period | 100.5 | 317.2 | 86.8 |
| Cash, cash equivalents and restricted cash, end of the period | $142.9 | $100.5 | $317.2 |
| Supplemental disclosure of cash flow information: | |||
| Purchases of property, equipment and leasehold improvements unpaid at period end | $0.3 | $0.9 | $— |
F - 7
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