ARVINAS INC
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
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) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net loss | $(367.3) | $(282.5) | $(191.0) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
| Depreciation and amortization | 4.8 | 6.3 | 4.8 |
| Net accretion of bond discounts/premiums | (16.6) | 5.7 | 9.4 |
| Forgiveness of debt income | — | — | (1.0) |
| Loss on sale of marketable securities | 0.9 | 0.4 | 0.2 |
| Amortization of right-of-use assets | 1.9 | 1.9 | 1.2 |
| Amortization of collaboration contract asset | 1.3 | 1.8 | 0.4 |
| Stock-based compensation | 71.6 | 75.5 | 57.1 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 1.0 | 14.0 | (14.0) |
| Other receivables | (0.2) | 3.7 | (3.3) |
| Prepaid expenses and other current assets | 14.1 | (1.8) | (13.6) |
| Collaboration contract asset | — | — | (12.9) |
| Accounts payable and accrued liabilities | 17.3 | 20.2 | 27.9 |
| Operating lease liabilities | (2.0) | (1.9) | (1.3) |
| Deferred revenue | (74.6) | (116.8) | 695.5 |
| Net cash (used in) provided by operating activities | (347.8) | (273.5) | 559.4 |
| Cash flows from investing activities: | |||
| Purchase of marketable securities | (956.3) | (886.4) | (1,744.6) |
| Maturities of marketable securities | 1,103.9 | 1,076.9 | 428.5 |
| Sale of marketable securities | 58.8 | 59.1 | 7.2 |
| Purchase of property, equipment and leasehold improvements | (2.9) | (6.8) | (4.7) |
| Net cash provided by (used in) investing activities | 203.5 | 242.8 | (1,313.6) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of common stock and pre-funded warrants | 387.2 | — | 264.6 |
| Payment of common stock offering costs | (17.0) | — | (4.6) |
| Proceeds from exercise of stock options and issuance of ESPP shares | 4.5 | 4.7 | 18.6 |
| Net cash provided by financing activities | 374.7 | 4.7 | 278.6 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 230.4 | (26.0) | (475.6) |
| Cash, cash equivalents and restricted cash, beginning of the period | 86.8 | 112.8 | 588.4 |
| Cash, cash equivalents and restricted cash, end of the period | $317.2 | $86.8 | $112.8 |
| Supplemental disclosure of cash flow information: | |||
| Purchases of property, equipment and leasehold improvements unpaid at period end | $— | $0.1 | $0.5 |
| Cash paid for interest | $— | $— | $0.1 |
| Cash paid for taxes | $11.1 | $11.1 | $— |
F - 7
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