Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 23

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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 Activities

Net cash used in operating activities for the three months ended March 31, 2025 decreased by $8.6 million, compared with the three months ended March 31, 2024, primarily due to an increase in our net income of $152.3 million, as well as changes in accounts payable and accrued liabilities of $14.9 million, accounts receivable of $5.3 million, and an increase in non-cash charges of $0.6 million, partially offset by a decrease in 

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deferred revenue of $163.6 million driven by changes in total Vepdegestrant (ARV-471) Collaboration Agreement program cost estimates resulting from the removal of two Phase 3 combination trials from the development plan. The change in non-cash charges was primarily due to an increase in the amortization of costs to obtain a contract of $2.9 million related to the changes in total Vepdegestrant (ARV-471) Collaboration Agreement noted above and net accretion of bond discounts/premiums of $1.7 million, partially offset by a decrease in stock-based compensation of $3.6 million.

Investing Activities

Net cash from investing activities for the three months ended March 31, 2025 increased by $197.3 million, compared with the three months ended March 31, 2024, primarily due to a net increase in maturities over a net decrease in purchases of marketable securities of $197.6 million, partially offset by an increase in purchases of property and equipment of $0.3 million.

Financing Activities 

Net cash from financing activities for the three months ended March 31, 2025 decreased by $1.7 million, compared with the three months ended March 31, 2024, primarily due to decreased proceeds from the exercise of stock options, of which there were none during the three months ended March 31, 2025.

Funding Requirements 

Since our inception, we have incurred significant operating losses. Even following our workforce reduction, where we expect to recognize cost savings, we expect to continue to incur significant expenses and increasing operating losses for the foreseeable future as we advance the preclinical and clinical development of our product candidates.

Specifically, we anticipate that our expenses will increase substantially if and as we:

•continue our ongoing and planned clinical trials of our product candidates, including vepdegestrant, for the treatment of patients with locally advanced or metastatic ER+/HER2- breast