Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 114

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 114
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.0 million;

•July - September 2023: sale of 1,449,275 shares of common stock in an “at-the-market offering” for aggregate gross proceeds of $37.2 million before fees and expenses;

•November 2023: sale of 12,963,542 shares of common stock and pre-funded warrants to purchase 3,422,380 shares of common stock in a private placement for aggregate gross proceeds of $350.0 million before fees and expenses; and

•April 2024: sale of AR-V7 to Novartis under the Novartis Asset Agreement for $20.0 million. 

In November 2023, we amended and restated the Equity Distribution Agreement with Piper Sandler & Company and Cantor Fitzgerald & Co., pursuant to which we may offer and sell from time to time, through the agents, up to approximately $262.8 million of the common stock registered under our universal shelf registration statement pursuant to one or more “at-the-market" offerings. During the three months ended March 31, 2025, no shares were issued under the amended and restated agreement.

Cash Flows 

Our cash, cash equivalents, restricted cash and marketable securities totaled $1.0 billion and $1.0 billion as of March 31, 2025 and December 31, 2024, respectively. We had an outstanding loan balance of $0.7 million and $0.8 million as of March 31, 2025 and December 31, 2024, respectively.

The following table summarizes our sources and uses of cash for the period presented: 

 For the Three Months EndedMarch 31,(dollars in millions)20252024$ changeNet cash used in operating activities$(88.9)$(97.5)$8.6 Net cash provided by (used in) by investing activities69.5 (127.8)197.3 Net cash (used in) provided by financing activities(0.1)1.6 (1.7)Net decrease in cash, cash equivalents and restricted cash$(19.5)$(223.7)$204.2 

Operating 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