Arvinas Inc
ARVNHealthcare|Biotechnology|USA
$8.28
-0.27 (-3.10%)
Tangible Book
$6.00
Financials
Financial Snapshot
Market Cap
$534.2M
Enterprise Value
$606.5M
Revenue (TTM)
$89.4M
Net Income (TTM)
$-221.3M
Cash & Equivalents
—
Net Cash/Share
$5.49
Free Cash Flow (TTM)
$-256.9M
Operating CF (TTM)
$-254.1M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$63.5M
Monthly Burn
$21.2M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $35.6M | $39.2M | $187.8M | $280.9M | $688.6M | $1.50B | $1.21B | $1.26B | $1.04B | $685.4M | $614.9M | |
| Operating Cash Flow | $-19.4M | $5.1M | $-16.1M | $-40.6M | $-89.7M | $559.4M | $-273.5M | $-347.8M | $-259.3M | $-273.8M | $-254.1M | |
| Free Cash Flow | $-19.7M | $4.1M | $-18.9M | $-46.9M | $-96.1M | $554.7M | $-280.3M | $-350.7M | $-261.1M | $-275.7M | $-256.9M | |
| Capital Expenditure | $-307.0K | $-1.0M | $-2.8M | $-6.3M | $-6.4M | $-4.7M | $-6.8M | $-2.9M | $-1.8M | $-1.9M | $-2.8M | |
| Financing Cash Flow | $-150.0K | $-161.0K | $168.1M | $139.7M | $504.6M | $278.6M | $4.7M | $374.7M | $7.9M | $-91.4M | $-91.4M |
R&D Spending
R&D (TTM)
$254.7M
R&D Intensity
284.9%
R&D Growth YoY
-10.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.7M | $7.6M | $14.3M | $43.0M | $25.9M | $53.6M | $131.4M | $78.5M | $263.4M | $262.6M | $89.4M | |
| R&D Expense | $19.9M | $28.8M | $45.2M | $67.2M | $108.4M | $180.4M | $315.0M | $379.7M | $348.2M | $285.2M | $254.7M | |
| R&D % of Revenue | 299.0% | 379.9% | 315.5% | 156.3% | 418.5% | 336.6% | 239.7% | 483.7% | 132.2% | 108.6% | 284.9% | |
| SG&A | $3.2M | $3.5M | $12.9M | $27.3M | $38.3M | $61.6M | $79.6M | $100.3M | $165.4M | $95.9M | $88.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.7M | $7.6M | $14.3M | $43.0M | $25.9M | $53.6M | $131.4M | $78.5M | $263.4M | $262.6M | $89.4M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $6.7M | $7.6M | $14.3M | $43.0M | $25.9M | $53.6M | $131.4M | $78.5M | $263.4M | $262.6M | $89.4M | |
| R&D | $19.9M | $28.8M | $45.2M | $67.2M | $108.4M | $180.4M | $315.0M | $379.7M | $348.2M | $285.2M | $254.7M | |
| SG&A | $3.2M | $3.5M | $12.9M | $27.3M | $38.3M | $61.6M | $79.6M | $100.3M | $165.4M | $95.9M | $88.4M | |
| Operating Income | $-16.5M | $-24.8M | $-43.8M | $-51.5M | $-120.8M | $-188.4M | $-263.2M | $-401.5M | $-250.2M | $-118.5M | $-253.7M | |
| Interest Expense | $-67.0K | $-50.0K | $-57.0K | $-100.0K | $-65.0K | $-100.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-14.4M | $-24.0M | $-41.5M | $-70.3M | $-115.2M | $-184.1M | $-251.0M | $-363.9M | $-198.3M | $-80.5M | $-221.0M | |
| Net Income | $-14.4M | $-24.0M | $-41.5M | $-70.3M | $-119.3M | $-191.0M | $-282.5M | $-367.3M | $-198.9M | $-80.8M | $-221.3M | |
| EPS (Diluted) | -0.69 | -1.38 | -25.45 | -2.13 | -3.02 | -3.82 | -5.31 | -6.62 | -2.77 | -1.14 | -3.32 | |
| EBITDA | $-13.9M | $-23.7M | $-40.7M | $-67.9M | $-116.7M | $-182.4M | $-255.0M | $-394.8M | $-243.6M | $-113.3M | $-248.7M | |
| Shares Out. (M) | 17.88 | 20.73 | 9.42 | 32.90 | 39.50 | 50.00 | 53.20 | 55.50 | 71.90 | 70.90 | 64.00 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.1M | $30.9M | $3.2M | $9.2M | $588.4M | $108.3M | $81.3M | $311.7M | $100.5M | $142.9M | $87.3M | |
| Marketable Securities | $30.5M | $8.3M | $184.6M | $271.7M | $100.2M | $1.39B | $1.12B | $949.3M | $938.9M | $542.5M | $527.6M | |
| Total Current Assets | $37.3M | $65.5M | $195.7M | $290.9M | $703.1M | $1.55B | $1.24B | $1.28B | $1.07B | $700.7M | $630.7M | |
| Total Assets | $37.9M | $66.8M | $199.3M | $301.6M | $717.4M | $1.58B | $1.27B | $1.30B | $1.09B | $717.9M | $647.5M | |
| Total Current Liabilities | $10.0M | $17.9M | $23.0M | $32.8M | $49.2M | $261.7M | $295.1M | $257.1M | $229.8M | $142.5M | $115.9M | |
| Long-Term Debt | $313.0K | $151.0K | $2.0M | $2.0M | $2.0M | $1.0M | $1.0M | $800.0K | $600.0K | $400.0K | $300.0K | |
| Total Liabilities | $13.9M | $66.6M | $62.6M | $75.0M | $75.2M | $799.9M | $703.9M | $644.6M | $529.8M | $284.1M | $260.7M | |
| Stockholders' Equity | $24.0M | $246.0K | $136.7M | $226.7M | $642.2M | $781.7M | $564.9M | $660.0M | $561.6M | $433.8M | $386.8M | |
| Retained Earnings | $-33.8M | $-62.4M | $-302.3M | $-372.6M | $-491.9M | $-682.9M | $-965.4M | $-1.33B | $-1.53B | $-1.61B | $-1.67B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-19.4M | $5.1M | $-16.1M | $-40.6M | $-89.7M | $559.4M | $-273.5M | $-347.8M | $-259.3M | $-273.8M | $-254.1M | |
| Capital Expenditure | $-307.0K | $-1.0M | $-2.8M | $-6.3M | $-6.4M | $-4.7M | $-6.8M | $-2.9M | $-1.8M | $-1.9M | $-2.8M | |
| Free Cash Flow | $-19.7M | $4.1M | $-18.9M | $-46.9M | $-96.1M | $554.7M | $-280.3M | $-350.7M | $-261.1M | $-275.7M | $-256.9M | |
| Investing Cash Flow | $-20.1M | $20.9M | $-179.7M | $-93.1M | $164.3M | $-1.31B | $242.8M | $203.5M | $34.7M | $407.6M | $351.8M | |
| Financing Cash Flow | $-150.0K | $-161.0K | $168.1M | $139.7M | $504.6M | $278.6M | $4.7M | $374.7M | $7.9M | $-91.4M | $-91.4M | |
| Issuance of Stock | $0.00 | $0.00 | $114.6M | $137.7M | $525.6M | $264.6M | $0.00 | $387.2M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-91.9M | $-74.1M | |
| Issuance of Debt | $0.00 | $0.00 | $2.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $-150.0K | $-161.0K | $-174.0K | $-200.0K | $0.00 | $0.00 | $0.00 | $0.00 | $-400.0K | $-200.0K | $-200.0K | |
| Stock Based Comp. | $526.0K | $245.0K | $11.6M | $20.1M | $30.2M | $57.1M | $75.5M | $71.6M | $88.2M | $44.0M | $41.1M | |
| Net Change in Cash | $-39.7M | $25.8M | $-27.7M | $6.0M | $579.2M | $-475.6M | $-26.0M | $230.4M | $-216.7M | $42.4M | $6.3M |
Dilution Tracker
Shares outstanding grew 28.0% over 5 years — significant dilution
Shares Outstanding
64M
5-Year Share Growth
+28.0%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 17.88 | 20.73 | 9.42 | 32.90 | 39.50 | 50.00 | 53.20 | 55.50 | 71.90 | 70.90 | 64.00 | |
| YoY Change % | — | 16.0% | -54.5% | 249.1% | 20.1% | 26.6% | 6.4% | 4.3% | 29.5% | -1.4% | -9.7% | |
| Stock Issuance | $0.00 | $0.00 | $114.6M | $137.7M | $525.6M | $264.6M | $0.00 | $387.2M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-91.9M | $-74.1M | |
| Stock Based Comp. | $526.0K | $245.0K | $11.6M | $20.1M | $30.2M | $57.1M | $75.5M | $71.6M | $88.2M | $44.0M | $41.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -246.9% | -326.7% | -305.8% | -119.8% | -466.4% | -351.5% | -200.3% | -511.5% | -95.0% | -45.1% | -283.8% | |
| Net Margin % | -215.2% | -317.3% | -289.6% | -163.5% | -460.6% | -356.3% | -215.0% | -467.9% | -75.5% | -30.8% | -247.5% | |
| EBITDA Margin % | -208.9% | -312.1% | -284.3% | -157.9% | -450.6% | -340.3% | -194.1% | -502.9% | -92.5% | -43.1% | -278.2% | |
| FCF Margin % | -295.5% | 54.1% | -132.3% | -109.1% | -371.0% | 1034.9% | -213.3% | -446.8% | -99.1% | -105.0% | -287.4% | |
| ROE % | -59.7% | -198.1% | -60.6% | -38.7% | -27.5% | -26.8% | -42.0% | -60.0% | -32.6% | -16.2% | -41.7% | |
| ROA % | -37.8% | -45.9% | -31.2% | -28.1% | -23.4% | -16.6% | -19.8% | -28.5% | -16.6% | -8.9% | -26.9% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S6.52
Historical1.10 / 24.00 / 183.82
Industry Med.9.49
P/B1.38
Historical0.72 / 3.89 / 16.07
Industry Med.2.93
EV/EBITDA0.29
Historical-31.75 / -4.96 / 5.28
Industry Med.13.02
EV/Revenue-0.81
Historical-1.84 / 15.07 / 174.56
Industry Med.8.59
P/FCF—
Historical3.53 / 6.17 / 12.65
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$6.00
Net Current Assets
$5.740
Net-Net Working Capital
$5.51
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 8.45 | 31.44 | 129.47 | 76.62 | 13.85 | 29.11 | 5.23 | 3.20 | 6.52 | |
| PB Ratio | 0.00 | 0.00 | 2.94 | 6.97 | 6.41 | 5.56 | 3.22 | 4.24 | 2.35 | 1.74 | 1.38 | |
| EV/EBITDA | 0.00 | 0.00 | -5.30 | -19.20 | -29.40 | -15.60 | -2.43 | -3.90 | -1.19 | -0.68 | 0.29 | |
| EV/Revenue | 0.00 | 0.00 | 15.06 | 30.32 | 132.47 | 53.08 | 4.72 | 19.63 | 1.10 | 0.29 | -0.81 |
Analyst Estimates & Quality
Altman Z-Score
-2.42
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
-0.68
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $116.12M | $62.96M | $80.79M |
| Net Income | $-177.86M | $-249.98M | $-230.68M |
| EPS | -2.88 | -3.60 | -3.19 |
| Book Value per Share | 4.20 | 4.00 | -0.31 |
| Operating Cash Flow per Share | -1.92 | -3.80 | 0.00 |
| Operating CF | $-122.88M | $-243.20M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovery, development and commercialization of therapies that degrade disease-causing proteins | $262.6M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $262.6M |