Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 112

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 112
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General and administrative expenses totaled $26.6 million for the three months ended March 31, 2025, compared to $24.3 million for the three months ended March 31, 2024. The increase of $2.3 million was primarily due to an increase in professional fees of $2.4 million, inclusive of an increase in the amortization of costs to obtain a contract of $2.6 million related to 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 and an increase in costs related to developing our commercial operations of $2.3 million, partially offset by a decrease in personnel and infrastructure related costs of $2.4 million.

Non-GAAP general and administrative expenses for the three months ended March 31, 2025 totaled $23.1 million, compared to $18.0 million for the three months ended March 31, 2024, excluding $3.5 million and $6.3 million of non-cash stock-based compensation expense for the three months ended March 31, 2025 and 2024, respectively. We define non-GAAP general and administrative expenses as GAAP general and administrative expenses excluding stock-based compensation expense.

Other Income

Other income totaled $11.7 million for the three months ended March 31, 2025, compared to $14.0 million for the three months ended March 31, 2024. The decrease of $2.3 million was primarily due to a decrease in interest income of $2.4 million on our marketable securities. 

Income Tax Expense 

Income tax expense totaled $0.2 million for the three months ended March 31, 2025, compared to $0.1 million for the three months ended March 31, 2024. The current and prior year tax expense was driven by the effect of equity compensation and the valuation allowance recorded against the full amount of our net deferred tax assets.

Non-GAAP Financial Information 

We use the non-GAAP financial measures non-GAAP research and development expense and non-GAAP general and administrative expense, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-G