ARVINAS, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $262.6M | $263.4M | $78.5M | $131.4M | $53.6M |
| Research and development | $285.2M | $348.2M | $379.7M | $315.0M | $180.4M |
| Operating expenses | $381.1M | $513.6M | $480.0M | $394.6M | $242.0M |
| Operating income | -$118.5M | -$250.2M | -$401.5M | -$263.2M | -$188.4M |
| Interest expense | — | $0 | $0 | $0 | $0 |
| Pretax income | -$80.5M | -$198.3M | -$363.9M | -$251.0M | -$184.1M |
| Income tax expense | $300,000 | $600,000 | $900,000 | $20.9M | $0 |
| Net income | -$80.8M | -$198.9M | -$367.3M | -$282.5M | -$191.0M |
| Balance Sheet | |||||
| Cash and equivalents | $142.9M | $100.5M | $311.7M | $81.3M | $108.3M |
| Current assets | $700.7M | $1.1B | $1.3B | $1.2B | $1.6B |
| Total assets | $717.9M | $1.1B | $1.3B | $1.3B | $1.6B |
| Current liabilities | $142.5M | $229.8M | $257.1M | $295.1M | $261.7M |
| Total liabilities | $284.0M | $529.7M | $644.6M | $703.9M | $799.9M |
| Stockholders' equity | $433.9M | $561.7M | $660.0M | $564.9M | $781.7M |
| Cash Flow Statement | |||||
| Cash from operations | -$273.8M | -$259.3M | -$347.8M | -$273.5M | $559.4M |
| Depreciation and amortization | $3.0M | $4.6M | $4.8M | $6.3M | $4.8M |
| Stock-based compensation | $44.0M | $88.2M | $71.6M | $75.5M | $57.1M |
| Capital expenditure | $1.9M | $1.8M | $2.9M | $6.8M | $4.7M |
| Free cash flow | -$275.7M | -$261.1M | -$350.7M | -$280.3M | $554.7M |
| Share repurchases | $91.9M | $0 | $0 | — | — |
Shares outstanding 64.5M · Free float 89.2%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.