Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 158

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 158
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2.3)Income tax expense(0.2)(0.1)(0.1)Net income (loss)$82.9 $(69.4)$152.3 

Reconciliation of GAAP and Non-GAAP InformationFor the Three Months EndedMarch 31,(dollars and shares in millions, except per share amounts)20252024Research and development reconciliationGAAP research and development expenses$90.8 $84.3 Less: stock-based compensation expense11.5 12.4 Non-GAAP research and development expenses$79.3 $71.9 General and administrative reconciliationGAAP general and administrative expenses$26.6 $24.3 Less: stock-based compensation expense3.5 6.3 Non-GAAP general and administrative expenses$23.1 $18.0 

Revenue

Revenue for the three months ended March 31, 2025 totaled $188.8 million, compared to $25.3 million for the three months ended March 31, 2024. The increase of $163.5 million was primarily due to an increase in revenue from the Vepdegestrant (ARV-471) Collaboration Agreement with Pfizer totaling $167.8 million related to changes in total program cost estimates resulting from the removal of the first-line Phase 3 combination trial with Pfizer’s novel investigational CDK4 inhibitor, atirmociclib, and the removal of the second-line Phase 3 combination trial with a CDK4/6 inhibitor from the development plan, offset by a decrease in revenue from the Pfizer Research Collaboration Agreement of $2.7 million due to changes in estimates of the performance period duration under the agreement resulting from updated research timelines and a decrease in revenue from the Bayer Collaboration Agreement of $1.6 million related to the termination of the Bayer Collaboration Agreement in August 2024.

Research and Development Expenses

Research and development expenses for the three months ended March 31, 2025 totaled $90.8 million, compared to $84.3 million for the three months ended March 31, 2024. The increase of $6.5 million was primarily due to an increase in external expenses of $7.8 million, partially offset by a decrease in compensation and related personnel expenses of $1.4 million, which are not allocated by program. External expenses include (i) program-specific expenses, which increased by $10.0