Company: ARVN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049527
Chunk: 28

Company: ARVINAS, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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3)58.4 Other income9.0 11.7 (2.7)30.6 39.2 (8.6)Income tax expense(0.3)(0.6)0.3 (0.1)(1.0)0.9 Net loss$(35.1)$(49.2)$14.1 $(13.4)$(153.8)$140.4 

Reconciliation of GAAP and Non-GAAP InformationFor the Three Months EndedSeptember 30,For the Nine Months EndedSeptember 30,(dollars in millions)2025202420252024Research and development reconciliationGAAP research and development expenses$64.7 $86.9 $224.1 $264.9 Less: restructuring expense0.4 — 1.0 — Less: stock-based compensation expense (*)7.4 13.7 27.4 36.8 Non-GAAP research and development expenses$56.9 $73.2 $195.7 $228.1 General and administrative reconciliationGAAP general and administrative expenses$21.0 $75.8 $72.9 $131.3 Less: restructuring expense(0.6)— (0.3)— Less: stock-based compensation expense (*)7.0 11.0 17.3 28.2 Non-GAAP general and administrative expenses$14.6 $64.8 $55.9 $103.1 

(*)    Excludes restructuring related stock-based compensation. See Note 14, Restructuring Activity, to the unaudited condensed consolidated financial statements for further details. 

Revenue

Revenue for the three months ended September 30, 2025 totaled $41.9 million, compared to $102.4 million for the three months ended September 30, 2024. The decrease of $60.5 million was primarily due to $76.7 million of decreased revenue from the Novartis License Agreement and the Novartis Asset Agreement, both of which were entered into during the three months ended June 30, 2024 and were completed by December 31, 2024 as the technology transfer of our ongoing and planned clinical trials of luxdegalutamide (ARV-766) were transitioned to Novartis. Revenue from the Vepdegestrant (AR