ARVN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $7.41

Market Cap (MRQ) $484M

P/E (TTM) 30.9

EPS (TTM) $0.24

Revenue (TTM) $317M

ROE (TTM) 1.6%

Debt/Equity (MRQ) 0.0

52W Range $7–$15

ARVN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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About Arvinas, Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Wikidata ↗

sectorHealthcare industryPharmaceuticals employees246 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$263M

2017-12-31 → 2025-12-31

EPS$-1.14

2019-12-31 → 2025-12-31

Free Cash Flow$-276M

2018-12-31 → 2025-12-31

Net margin2.9%

2018-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	ARVN	5Y avg	Peer Median	Verdict
P/E (TTM)	30.95Y avg ≈-10.3	≈-10.3	25.1	Overvalued
P/S (TTM)	1.55Y avg ≈27.7	≈27.7	2.7	Undervalued
P/B (MRQ)	0.95Y avg ≈3.4	≈3.4	1.8	Undervalued
EV / EBITDA	1.15Y avg ≈-4.5	≈-4.5	·	·
Price / FCF (TTM)	-2.35Y avg ≈-2.9	≈-2.9	·	·
Price / Cash Flow (TTM)	-2.35Y avg ≈-3.0	≈-3.0	·	·
EV / Revenue (TTM)	-0.35Y avg ≈15.8	≈15.8	·	·
EV / FCF (TTM)	0.45Y avg ≈-0.6	≈-0.6	·	·
Price / Tangible Book	1.35Y avg ≈3.4	≈3.4	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	ARVN	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-5.7%5Y avg ≈-254.0%	≈-254.0%	-5.3%	Top tier
EBITDA Margin	-45.1%5Y avg ≈-254.0%	≈-254.0%	-1.4%	Top tier
Pretax Margin (TTM)	3.2%5Y avg ≈-190.1%	≈-190.1%	32.3%	Top tier
Net Profit Margin (TTM)	2.9%5Y avg ≈-239.6%	≈-239.6%	6.2%	Top tier
ROA (TTM)	1.2%5Y avg ≈-18.1%	≈-18.1%	-23.5%	Top tier
ROE (TTM)	1.6%5Y avg ≈-37.5%	≈-37.5%	52.3%	Weak
ROIC	-27.4%5Y avg ≈-45.8%	≈-45.8%	7.1%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	ARVN	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	0.05Y avg ≈0.0	≈0.0	0.0	High debt
Current Ratio (MRQ)	7.95Y avg ≈4.9	≈4.9	6.2	Strong liquidity
Quick Ratio (MRQ)	7.55Y avg ≈4.8	≈4.8	2.9	Strong liquidity
Long-Term Debt / Equity (MRQ)	0.05Y avg ≈0.0	≈0.0	0.0	High debt

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	ARVN	5Y avg	Peer Median	Verdict
Revenue YoY	-0.30%5Y avg ≈89.4%	≈89.4%	·	·
Revenue CAGR 3Y	26.0%5Y avg ≈46.9%	≈46.9%	·	·
Revenue CAGR 5Y	58.9%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	ARVN	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-1.145Y avg ≈$-3.93	≈$-3.93	·	·
Revenue / Share	$3.705Y avg ≈$2.44	≈$2.44	·	·
Cash Flow / Share	$-3.865Y avg ≈$-1.54	≈$-1.54	·	·
Cash / Share	$2.255Y avg ≈$2.37	≈$2.37	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	ARVN	5Y avg	Peer Median	Verdict
Asset Turnover	0.35Y avg ≈0.1	≈0.1	0.5	Weak
Receivables Turnover	78.45Y avg ≈53.2	≈53.2	3.5	Top tier
Revenue / Employee	≈$1.1M	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 163.7%

Next Report Nov 03, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 4, 2026	$2.58	$-0.38	784.0%
March 31, 2026		$-0.90	$-0.94	4.0%
Dec. 31, 2025		$-1.10	$-0.60	-82.7%
Sept. 30, 2025		$-0.48	$-0.81	40.7%
June 30, 2025		$-0.84	$-1.02	18.0%
March 31, 2025		$1.14	$-0.97	218.1%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 16

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$263M	$263M	$78M	$131M	$54M	$26M	$43M	$14M	$8M
R&D Expense	$285M	$348M	$380M	$315M	$180M	$108M	$67M	$45M	$29M
SG&A Expense	$96M	$165M	$100M	$80M	$62M	$38M	$27M	$13M	$4M
Operating Expenses	$381M	$514M	$480M	$395M	$242M	$147M	$94M	$58M	$32M
Operating Income	$-118M	$-250M	$-402M	$-263M	$-188M	$-121M	$-52M	$-44M	$-25M
Interest Expense	·	$0	$0	$0	$0	$100.0K	$100.0K	$57.4K	$50.4K
Interest Income	$38M	$55M	$39M	$12M	$2M	$4M	$5M	$2M	$201.4K
Other Non-op	$-400.0K	$-3M	$-1M	$200.0K	$2M	$2M	$1M	$102.7K	$554.2K
Pretax Income	$-80M	$-198M	$-364M	$-251M	$-184M	$-115M	·	·	·
Income Tax	$300.0K	$600.0K	$900.0K	$21M	$0	$0	$0	$0	$0
Net Income	$-81M	$-199M	$-367M	$-282M	$-191M	$-119M	$-70M	$-41M	$-24M
EPS (Basic)	$-1.14	$-2.77	$-6.62	$-5.31	$-3.82	$-3.02	$-2.13	·	·
EPS (Diluted)	$-1.14	$-2.77	$-6.62	$-5.31	$-3.82	$-3.02	$-2.13	·	·
Shares (Basic)	70,900,000	71,900,000	55,500,000	53,200,000	50,000,000	39,500,000	32,900,000	·	·
Shares (Diluted)	70,900,000	71,900,000	55,500,000	53,200,000	50,000,000	39,500,000	32,900,000	·	·
EBITDA	$-118M	$-250M	$-402M	$-263M	$-195M	$-125M	$-52M	$-44M	·

Balance Sheet 26

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Cash & Equivalents	$143M	$100M	$312M	$81M	$108M	$588M	$9M	$3M	$31M
Short-term Investments	$542M	$939M	$949M	$1.12B	$1.39B	$100M	$272M	$185M	$8M
Receivables	$1M	$6M	$0	$1M	$15M	$1M	·	$3M	$25M
Prepaid Expense	$9M	$14M	$6M	$21M	$20M	$6M	$4M	$3M	$316.9K
Current Assets	$701M	$1.07B	$1.28B	$1.24B	$1.55B	$703M	$291M	$196M	$66M
PP&E (Net)	$5M	$7M	$12M	$13M	$13M	$12M	$8M	$4M	$1M
PP&E (Gross)	$33M	$33M	$33M	$30M	$23M	$18M	$12M	$5M	$2M
Accum. Depreciation	$28M	$26M	$21M	$17M	$11M	$6M	$3M	$2M	$1M
Other Non-current Assets	·	·	·	·	·	$28.8K	$26.8K	$20.8K	·
Total Assets	$718M	$1.09B	$1.30B	$1.27B	$1.58B	$717M	$302M	$199M	$67M
Accounts Payable	$24M	$13M	$18M	$6M	$31M	$7M	$5M	$3M	$596.5K
Accrued Liabilities	·	·	·	·	$23M	$19M	$8M	$4M	$4M
Current Liabilities	$142M	$230M	$257M	$295M	$262M	$49M	$33M	$23M	$18M
Capital Leases	$7M	$7M	$500.0K	$3M	$3M	$1M	$2M	·	·
Other Non-current Liabilities	·	·	·	·	·	·	·	$150.0K	·
Total Liabilities	$284M	$530M	$645M	$704M	$800M	$75M	$75M	$63M	$67M
Long-term Debt	$600.0K	$800.0K	$1M	$1M	$1M	$2M	$2M	$2M	$310.4K
Total Debt	$600.0K	$800.0K	$1M	$1M	$1M	$2M	$2M	$2M	·
Common Stock	$100.0K	$100.0K	$100.0K	$100.0K	$0	$0	$38.5K	$31.2K	·
Paid-in Capital	$2.14B	$2.09B	$2.00B	$1.55B	$1.47B	$1.13B	$599M	$439M	·
Retained Earnings	$-1.61B	$-1.53B	$-1.33B	$-965M	$-683M	$-492M	$-373M	$-302M	$-62M
Treasury Stock	$92M	$0	·	·	·	·	·	·	·
AOCI	$1M	$1M	$-3M	$-19M	$-5M	$600.0K	$107.6K	$-217.7K	$-9.8K
Stockholders' Equity	$434M	$562M	$660M	$565M	$782M	$642M	$227M	$137M	$-61M
Liabilities + Equity	$718M	$1.09B	$1.30B	$1.27B	$1.58B	$717M	$302M	$199M	$67M
Shares Outstanding	63,500,000	68,800,000	68,000,000	53,200,000	53,000,000	48,500,000	38,500,000	31,200,000	·

Cash Flow 17

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
D&A	$3M	$5M	$5M	$6M	$5M	$3M	$2M	$706.0K	$347.4K
Stock-based Comp	$44M	$88M	$72M	$76M	$57M	$30M	$20M	$12M	$245.0K
Deferred Tax	$0	$0	$0	$0	$0	$0	·	·	·
Restructuring	$4M	$0	$0	·	·	·	·	·	·
Operating Cash Flow	$-274M	$-259M	$-348M	$-274M	$559M	$-90M	$-41M	$-16M	$5M
CapEx	$2M	$2M	$3M	$7M	$5M	$6M	$6M	$3M	$1M
Investing Cash Flow	$408M	$35M	$204M	$243M	$-1.31B	$164M	$-93M	$-180M	$21M
Debt Issued	·	·	·	·	·	$0	$0	$2M	$0
Net Debt Issued	$-200.0K	$-400.0K	·	·	$0	$0	$-169.6K	$2M	·
Stock Issued	·	·	·	·	·	·	$138M	$115M	$0
Stock Repurchased	$92M	$0	$0	·	·	·	·	·	·
Net Stock Activity	$-92M	·	·	·	·	·	$138M	$115M	·
Financing Cash Flow	$-91M	$8M	$375M	$5M	$279M	$505M	$140M	$168M	$-161.4K
Net Change in Cash	$42M	$-217M	$230M	$-26M	$-476M	$579M	$6M	$-28M	$26M
Taxes Paid	$-400.0K	$2M	$11M	$11M	$0	$0	·	·	·
Free Cash Flow	$-276M	$-261M	$-351M	$-280M	$555M	$-96M	$-47M	$-19M	·
Levered FCF	·	$-261M	$-351M	·	·	·	·	·	·

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Operating Margin	-45.1%	-95.0%	-511.5%	-200.3%	-418.2%	-572.7%	-119.9%	-305.8%	·
Net Margin	-30.8%	-75.5%	-467.9%	-215.0%	-409.0%	-547.3%	-163.6%	-289.6%	·
Pretax Margin	-30.6%	-75.3%	-463.6%	-191.0%	·	·	·	·	·
EBITDA Margin	-45.1%	-95.0%	-511.5%	-200.3%	-418.2%	-572.7%	-119.9%	-305.8%	·
ROA	-8.9%	-16.6%	-28.5%	-19.8%	-16.6%	-23.4%	-28.1%	-31.2%	·
ROE	-15.5%	-34.7%	-65.8%	-47.6%	-23.9%	-28.2%	-39.0%	58.4%	·
ROIC	-27.4%	-44.6%	-60.9%	-50.4%	·	·	·	·	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Current Ratio	4.9	4.6	5.0	4.2	5.9	14.3	8.9	8.5	·
Quick Ratio	4.8	4.5	4.9	4.1	5.8	14.0	8.6	8.3	·
Debt / Equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	·
LT Debt / Equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	·
Interest Coverage	·	·	·	·	-1953.0	-1920.9	-602.1	-762.6	·

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017
Asset Turnover		0.3	0.2	0.1	0.1	0.0	0.0	0.2	0.1	·
Receivables Turnover		78.4	40.5	10.0	131.4	5.5	11.5	·	1.0	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Book Value / Share	$6.83	$8.16	$9.71	$10.62	$14.75	$13.25	$5.89	$4.38	·
Revenue / Share	$3.70	$3.66	$1.41	$2.47	$0.93	·	·	·	·
Cash Flow / Share	$-3.86	$-3.61	$-6.27	$-5.14	$11.19	·	·	·	·
Cash / Share	$2.25	$1.46	$4.58	$1.53	$2.04	$12.14	$0.24	$0.10	·
EPS (TTM)	$-1.14	$-2.77	$-6.62	$-5.31	$-3.82	$-3.02	$-2.13	·	·

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue YoY	-0.30%	235.5%	-40.3%	145.2%	106.9%	·	·	·	·
Revenue CAGR 3Y	26.0%	70.0%	44.7%	·	·	·	·	·	·
Revenue CAGR 5Y	58.9%	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue TTM	$263M	$263M	$78M	$131M	$54M	$26M	$43M	$14M	·
Net Income TTM	$-81M	$-199M	$-367M	$-282M	$-191M	$-119M	$-70M	$-41M	·
Market Cap	$753M	$1.32B	$2.80B	$1.82B	$4.35B	$4.12B	$1.58B	$401M	·
Enterprise Value	$68M	$280M	$1.54B	$616M	$2.85B	$3.43B	$1.30B	$216M	·
P/E	-10.4	-6.9	-6.2	-6.4	-21.5	-28.1	-19.3	·	·
P/S	2.9	5.0	35.7	13.9	81.2	158.9	36.8	28.0	·
P/B	1.7	2.3	4.2	3.2	5.6	6.4	7.0	2.9	·
P / Tangible Book	1.7	2.3	4.2	3.2	5.6	6.4	·	·	·
P / Cash Flow	-2.8	-5.1	-8.0	-6.7	7.8	-45.8	-38.9	-24.9	·
P / FCF	-2.7	-5.1	-8.0	-6.5	7.8	-42.8	-33.7	-21.2	·
EV / EBITDA	-0.6	-1.1	-3.8	-2.3	-14.6	-27.5	-25.3	-4.9	·
EV / FCF	-0.2	-1.1	-4.4	-2.2	5.1	-35.6	-27.8	-11.4	·
EV / Revenue	0.3	1.1	19.6	4.7	53.2	132.4	30.3	15.1	·
Earnings Yield	-9.6%	-14.4%	-16.1%	-15.5%	-4.7%	-3.6%	-5.2%	·	·

Income Statement 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$250M	$16M	$10M	$42M	$22M	$189M	$59M	$102M	$76M	$25M	$-43M	$35M	$54M	$32M	$38M	$33M
R&D Expense	$53M	$60M	$61M	$65M	$69M	$91M	$83M	$87M	$94M	$84M	$95M	$86M	$103M	$95M	$98M	$78M
SG&A Expense	$24M	$19M	$23M	$21M	$25M	$27M	$34M	$76M	$31M	$24M	$27M	$23M	$26M	$25M	$15M	$20M
Operating Expenses	$86M	$79M	$84M	$86M	$94M	$117M	$117M	$163M	$125M	$109M	$122M	$108M	$129M	$120M	$113M	$98M
Operating Income	$164M	$-64M	$-75M	$-44M	$-72M	$71M	$-58M	$-60M	$-48M	$-83M	$-165M	$-74M	$-75M	$-88M	$-75M	$-64M
Interest Expense	·	·	·	·	$0	$0	·	$0	$0	$0	·	$0	$0	$0	$0	$0
Interest Income	$6M	$6M	$7M	$9M	$10M	$12M	$13M	$14M	$14M	$14M	$12M	$10M	$9M	$8M	$6M	$3M
Other Non-op	$0	$-100.0K	$-12M	$0	$-300.0K	$0	$-14M	$-3M	$-100.0K	$14M	$-100.0K	$0	$0	$-1M	$600.0K	$-200.0K
Pretax Income	$170M	$-58M	$-67M	$-35M	$-62M	$83M	$-45M	$-49M	$-35M	$-69M	$-153M	$-64M	$-66M	$-81M	$-69M	$-61M
Income Tax	$200.0K	$100.0K	$100.0K	$300.0K	$-300.0K	$200.0K	$-300.0K	$600.0K	$200.0K	$100.0K	$2M	$0	$-300.0K	$-400.0K	$11M	$2M
Net Income	$169M	$-58M	$-67M	$-35M	$-61M	$83M	$-45M	$-49M	$-35M	$-69M	$-155M	$-64M	$-67M	$-82M	$-83M	$-66M
EPS (Basic)	$2.61	$-0.90	$-0.96	$-0.48	$-0.84	$1.14	$-0.63	$-0.68	$-0.49	$-0.97	$-2.65	$-1.18	$-1.25	$-1.54	$-1.55	$-1.24
EPS (Diluted)	$2.58	$-0.90	$-0.96	$-0.48	$-0.84	$1.14	$-0.63	$-0.68	$-0.49	$-0.97	$-2.65	$-1.18	$-1.25	$-1.54	$-1.55	$-1.24
Shares (Basic)	64,800,000	64,000,000	·	73,200,000	73,000,000	72,500,000	·	72,100,000	71,900,000	71,700,000	·	54,100,000	53,400,000	53,300,000	·	53,200,000
Shares (Diluted)	65,700,000	64,000,000	·	73,200,000	73,000,000	72,700,000	·	72,100,000	71,900,000	71,700,000	·	54,100,000	53,400,000	53,300,000	·	53,200,000
EBITDA	$164M	$-64M	·	$-44M	$-72M	$71M	·	$-60M	$-48M	$-83M	·	$-74M	$-75M	$-88M	·	$-67M

Balance Sheet 23

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$94M	$87M	$143M	$102M	$115M	$81M	$100M	$85M	$155M	$88M	$312M	$114M	$91M	$130M	$81M	$133M
Short-term Investments	$474M	$528M	$542M	$686M	$746M	$873M	$939M	$1.04B	$1.07B	$1.08B	·	$885M	$948M	$993M	·	$1.14B
Receivables	$50M	$2M	$1M	$20M	$500.0K	$400.0K	$6M	$7M	$2M	$0	$0	$16M	$100.0K	$0	$1M	$1M
Prepaid Expense	$30M	$9M	$9M	$12M	$17M	$17M	$14M	$13M	$12M	$8M	·	$8M	$8M	$14M	·	$22M
Current Assets	$652M	$631M	$701M	$826M	$890M	$980M	$1.07B	$1.15B	$1.26B	$1.19B	·	$1.03B	$1.06B	$1.15B	·	$1.30B
PP&E (Net)	$5M	$6M	$5M	$5M	$6M	$7M	$7M	$7M	$10M	$10M	·	$13M	$13M	$13M	·	$14M
PP&E (Gross)	$34M	$34M	$33M	$33M	$33M	$33M	$33M	$31M	$33M	$33M	·	$33M	$32M	$31M	·	$29M
Accum. Depreciation	$29M	$28M	$28M	$28M	$27M	$26M	$26M	$24M	$23M	$22M	·	$20M	$19M	$18M	·	$15M
Total Assets	$675M	$648M	$718M	$844M	$909M	$1.00B	$1.09B	$1.17B	$1.28B	$1.21B	·	$1.06B	$1.08B	$1.18B	·	$1.33B
Accounts Payable	$8M	$31M	$24M	$18M	$17M	$26M	$13M	$18M	$23M	$18M	·	$34M	$7M	$12M	·	$8M
Current Liabilities	$82M	$116M	$142M	$145M	$158M	$214M	$230M	$276M	$347M	$241M	·	$317M	$307M	$283M	·	$245M
Capital Leases	$6M	$6M	$7M	$7M	$8M	$8M	$7M	$100.0K	$200.0K	$400.0K	·	$1M	$2M	$2M	·	$3M
Total Liabilities	$113M	$261M	$284M	$280M	$300M	$341M	$530M	$581M	$679M	$603M	·	$601M	$620M	$665M	·	$713M
Long-term Debt	$500.0K	$500.0K	$600.0K	$600.0K	$700.0K	$700.0K	$800.0K	$800.0K	$900.0K	$900.0K	·	$1M	$1M	$1M	·	$1M
Total Debt	$500.0K	$500.0K	·	$600.0K	$700.0K	$700.0K	·	$800.0K	$900.0K	$900.0K	·	$1M	$1M	$1M	·	$1M
Common Stock	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	$100.0K	·	$100.0K	$100.0K	$100.0K	·	$100.0K
Paid-in Capital	$2.16B	$2.15B	$2.14B	$2.13B	$2.12B	$2.11B	$2.09B	$2.07B	$2.04B	$2.02B	·	$1.64B	$1.59B	$1.57B	·	$1.53B
Retained Earnings	$-1.50B	$-1.67B	$-1.61B	$-1.54B	$-1.51B	$-1.45B	$-1.53B	$-1.49B	$-1.44B	$-1.40B	·	$-1.18B	$-1.11B	$-1.05B	·	$-882M
Treasury Stock	$92M	$92M	$92M	$20M	·	·	$0	·	·	·	·	·	·	·	·	·
AOCI	$-800.0K	$-400.0K	$1M	$1M	$1M	$2M	$1M	$4M	$-4M	$-4M	·	$-9M	$-12M	$-13M	·	$-25M
Stockholders' Equity	$562M	$387M	$434M	$564M	$609M	$660M	$562M	$586M	$600M	$610M	$660M	$457M	$464M	$511M	$565M	$622M
Liabilities + Equity	$675M	$648M	$718M	$844M	$909M	$1.00B	$1.09B	$1.17B	$1.28B	$1.21B	·	$1.06B	$1.08B	$1.18B	·	$1.33B
Shares Outstanding	65,300,000	64,500,000	63,500,000	70,800,000	73,200,000	73,000,000	68,800,000	68,700,000	68,600,000	68,300,000	68,000,000	55,000,000	53,400,000	53,400,000	53,200,000	53,200,000

Cash Flow 13

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$700.0K	$700.0K	$700.0K	$800.0K	$800.0K	$700.0K	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$2M	$2M
Stock-based Comp	$6M	$12M	$8M	$10M	$10M	$15M	$23M	$25M	$22M	$19M	$17M	$17M	$18M	$20M	$20M	$19M
Restructuring	$2M	$1M	$3M	$-200.0K	$1M	·	·	·	·	·	·	·	·	·	·	·
Operating Cash Flow	$-48M	$-69M	$-30M	$-59M	$-95M	$-89M	$-84M	$-128M	$50M	$-98M	$-83M	$-85M	$-89M	$-91M	$-71M	$-67M
CapEx	$200.0K	$1M	$200.0K	$100.0K	$1M	$400.0K	$300.0K	$700.0K	$700.0K	$100.0K	$100.0K	$1M	$600.0K	$1M	$1M	$2M
Investing Cash Flow	$55M	$14M	$146M	$64M	$129M	$70M	$99M	$50M	$13M	$-128M	$-54M	$70M	$49M	$139M	$19M	$106M
Net Debt Issued	·	$-100.0K	·	·	·	$-100.0K	·	·	·	$-200.0K	·	·	·	·	·	·
Stock Repurchased	·	·	$74M	·	·	·	$0	·	·	·	·	·	·	·	·	·
Financing Cash Flow	$400.0K	$-100.0K	$-74M	$-18M	$500.0K	$-100.0K	$500.0K	$2M	$3M	$2M	$335M	$38M	$500.0K	$2M	$500.0K	$1M
Net Change in Cash	$7M	$-56M	$41M	$-13M	$34M	$-20M	$15M	$-75M	$67M	$-224M	$198M	$23M	$-40M	$49M	$-51M	$40M
Taxes Paid	·	·	$-700.0K	$300.0K	$0	$0	$700.0K	$100.0K	$300.0K	$1M	$2M	$100.0K	$9M	$0	$3M	$8M
Free Cash Flow	·	$-70M	·	·	·	$-89M	·	·	·	$-98M	·	·	·	$-92M	·	·
Levered FCF	·	·	·	·	·	$-89M	·	·	·	$-98M	·	·	·	$-92M	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	65.7%	-409.0%	·	-104.5%	-319.2%	37.8%	·	-58.9%	-63.4%	-329.2%	·	-213.6%	-136.9%	-269.9%	·	-221.8%
Net Margin	67.8%	-369.2%	·	-83.8%	-273.2%	43.9%	·	-48.0%	-46.0%	-274.3%	·	-185.0%	-122.2%	-252.0%	·	-218.5%
Pretax Margin	67.9%	-368.6%	·	-83.0%	-274.5%	44.0%	·	-47.5%	-45.8%	-273.9%	·	-184.7%	-120.4%	-249.8%	·	·
EBITDA Margin	65.7%	-409.0%	·	-104.5%	-319.2%	37.8%	·	-58.9%	-63.4%	-329.2%	·	-213.6%	-136.9%	-269.9%	·	-221.8%
ROA	21.4%	-7.0%	·	-3.5%	-5.6%	7.5%	·	-4.4%	-3.0%	-5.8%	·	-5.3%	-5.3%	-6.2%	·	-4.5%
ROE	28.9%	-11.0%	·	-6.1%	-10.1%	13.1%	·	-9.4%	-6.6%	-12.4%	·	-11.9%	-11.7%	-13.3%	·	-9.2%
ROIC	29.1%	-16.5%	·	-7.8%	-11.7%	10.8%	·	-10.4%	-8.1%	-13.7%	·	-16.1%	-16.0%	-17.0%	·	·

Liquidity & Solvency 4

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	7.9	5.4	·	5.7	5.6	4.6	·	4.2	3.6	4.9	·	3.3	3.4	4.1	·	5.3
Quick Ratio	7.5	5.3	·	5.6	5.5	4.5	·	4.1	3.5	4.9	·	3.2	3.4	4.0	·	5.2
Debt / Equity	0.0	0.0	·	0.0	0.0	0.0	·	0.0	0.0	0.0	·	0.0	0.0	0.0	·	0.0
LT Debt / Equity	0.0	0.0	·	0.0	0.0	0.0	·	0.0	0.0	0.0	·	0.0	0.0	0.0	·	0.0

Efficiency 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.3	0.0	·	0.0	0.0	0.2	·	0.1	0.1	0.0	·	0.0	0.0	0.0	·	0.0
Receivables Turnover		9.8	14.2	·	3.0	19.5	944.0	·	8.9	80.5	·	·	4.1	72.7	·	·	21.0

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$8.61	$6.00	·	$7.97	$8.32	$9.04	·	$8.53	$8.75	$8.93	·	$8.31	$8.68	$9.57	·	$11.68
Revenue / Share	$3.80	$0.24	·	$0.57	$0.31	$2.60	·	$1.42	$1.06	$0.35	·	$0.64	$1.02	$0.61	·	$0.57
Cash Flow / Share	·	$-1.08	·	·	·	$-1.22	·	·	·	$-1.36	·	·	·	$-1.71	·	·
Cash / Share	$1.44	$1.35	·	$1.43	$1.57	$1.11	·	$1.24	$2.26	$1.29	·	$2.07	$1.70	$2.44	·	$2.49
EPS (TTM)	$0.24	$-3.18	·	$-0.81	$-1.01	$-0.66	·	$-4.79	$-5.29	$-6.05	·	$-5.52	$-5.58	$-5.65	·	$-4.77

Valuation (TTM) 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$317M	$89M	·	$312M	$373M	$427M	·	$161M	$93M	$71M	·	$160M	$158M	$137M	·	$127M
Net Income TTM	$9M	$-221M	·	$-58M	$-73M	$-47M	·	$-309M	$-323M	$-355M	·	$-295M	$-298M	$-301M	·	$-252M
Market Cap	$543M	$684M	·	$603M	$539M	$512M	·	$1.69B	$1.83B	$2.82B	·	$1.08B	$1.33B	$1.46B	·	$2.37B
Enterprise Value	$-25M	$69M	·	$-184M	$-322M	$-441M	·	$571M	$598M	$1.65B	·	$83M	$288M	$336M	·	$1.10B
P/E	34.6	-3.3	·	-10.5	-7.3	-10.6	·	-5.1	-5.0	-6.8	·	-3.6	-4.4	-4.8	·	-9.3
P/S	1.7	7.6	·	1.9	1.4	1.2	·	10.5	19.6	39.5	·	6.8	8.4	10.6	·	18.7
P/B	1.0	1.8	·	1.1	0.9	0.8	·	2.9	3.0	4.6	·	2.4	2.9	2.9	·	3.8
P / Tangible Book	1.0	1.8	·	1.1	0.9	0.8	·	2.9	3.0	4.6	·	2.4	2.9	2.9	·	3.8
P / Cash Flow	·	-9.9	·	·	·	-5.8	·	·	·	-28.9	·	·	·	-16.0	·	·
EV / Revenue	-0.1	0.8	·	-0.6	-0.9	-1.0	·	3.5	6.4	23.2	·	0.5	1.8	2.4	·	8.7
Earnings Yield	2.9%	-30.0%	·	-9.5%	-13.7%	-9.4%	·	-19.4%	-19.9%	-14.7%	·	-28.1%	-22.5%	-20.7%	·	-10.7%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$263M	$263M	$78M	$131M	$54M
Operating Margin %	-45.1%	-95.0%	-511.5%	-200.3%	-418.2%
Net Income	$-81M	$-199M	$-367M	$-282M	$-191M
Diluted EPS	$-1.14	$-2.77	$-6.62	$-5.31	$-3.82

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.0	0.0	0.0	0.0	0.0
Current Ratio	4.9	4.6	5.0	4.2	5.9
Quick Ratio	4.8	4.5	4.9	4.1	5.8

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-276M	$-261M	$-351M	$-280M	$555M

Institutional owners (13F) 220 filers · $556.3M total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 220

Value held $556.3M

New positions 35

Exited positions 36

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
35 (0 vs prior Q)	36 (+6 vs prior Q)	79 (+20 vs prior Q)	52 (-22 vs prior Q)	+927K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD GROUP INC	$85,743,091	7,229,603	15.41%	Shares
BlackRock, Inc.	$63,231,810	7,609,123	11.37%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$34,265,446	4,123,399	6.16%	Shares
D. E. Shaw & Co., Inc.	$29,044,721	3,495,153	5.22%	Shares
Pfizer Inc	$27,662,520	3,457,815	4.97%	Shares
ARMISTICE CAPITAL, LLC	$23,234,760	2,796,000	4.18%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$22,554,695	2,714,163	4.05%	Shares
TWO SIGMA INVESTMENTS, LP	$21,385,345	2,573,447	3.84%	Shares
STATE STREET CORP	$18,256,006	2,196,872	3.28%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$13,858,210	1,667,265	2.49%	Shares
New Leaf Venture Partners, L.L.C.	$13,510,343	1,585,721	2.43%	Shares
Qube Research & Technologies Ltd	$13,231,814	1,592,276	2.38%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$11,739,063	1,412,643	2.11%	Shares
FEDERATED HERMES, INC.	$11,268,626	1,356,032	2.03%	Shares
TWO SIGMA ADVISERS, LP	$7,352,014	619,900	1.32%	Shares
Hillsdale Investment Management Inc.	$6,239,979	750,900	1.12%	Shares
TCG Crossover Management, LLC	$5,875,984	707,098	1.06%	Shares
DIMENSIONAL FUND ADVISORS LP	$5,442,156	654,909	0.98%	Shares
GOLDMAN SACHS GROUP INC	$5,325,139	640,811	0.96%	Shares
CITADEL ADVISORS LLC	$5,160,286	620,973	0.93%	Shares
NORTHERN TRUST CORP	$5,113,110	615,296	0.92%	Shares
AQR CAPITAL MANAGEMENT LLC	$5,001,565	601,873	0.90%	Shares
KENNEDY CAPITAL MANAGEMENT LLC	$4,896,568	589,238	0.88%	Shares
MILLENNIUM MANAGEMENT LLC	$4,770,031	574,011	0.86%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$4,505,466	542,174	0.81%	Shares
MORGAN STANLEY	$4,177,897	502,755	0.75%	Shares
NORDEA INVESTMENT MANAGEMENT AB	$3,985,761	476,196	0.72%	Shares
UBS Group AG	$3,695,241	444,674	0.66%	Shares
VANGUARD FIDUCIARY TRUST CO	$3,550,231	427,224	0.64%	Shares
ALGERT GLOBAL LLC	$3,543,509	426,415	0.64%	Shares
FRANKLIN RESOURCES INC	$3,044,975	366,423	0.55%	Shares
FMR LLC	$3,034,862	365,206	0.55%	Shares
WASATCH ADVISORS LP	$2,987,684	281,857	0.54%	Shares
Ikarian Capital, LLC	$2,977,115	358,257	0.54%	Shares
Nextech Invest Ltd.	$2,964,285	356,713	0.53%	Shares
Aquilo Capital Management, LLC	$2,532,577	360,766	0.46%	Shares
Nantahala Capital Management, LLC	$2,493,000	300,000	0.45%	Shares
Jump Financial, LLC	$2,461,156	296,168	0.44%	Shares
Arbiter Partners Capital Management LLC	$2,448,076	294,594	0.44%	Shares
Man Group plc	$2,128,224	256,104	0.38%	Shares
Bank of New York Mellon Corp	$2,119,021	254,997	0.38%	Shares
BANK OF AMERICA CORP /DE/	$2,101,923	252,939	0.38%	Shares
Invesco Ltd.	$2,060,216	247,920	0.37%	Shares
RENAISSANCE TECHNOLOGIES LLC	$1,789,517	215,345	0.32%	Shares
Squarepoint Ops LLC	$1,677,141	201,822	0.30%	Shares
Cubist Systematic Strategies, LLC	$1,598,724	187,643	0.29%	Shares
AMERIPRISE FINANCIAL INC	$1,540,234	185,347	0.28%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$1,496,000	180,000	0.27%	Shares
Rangeley Capital, LLC	$1,459,153	175,590	0.26%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$1,388,235	167,056	0.25%	Shares

Show all 220 institutional owners →

Activists & 5%+ owners 1 position

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Logos Global Management LP, Logos Global Management GP LLC, Logos Global Master Fund LP, Logos GP LLC, Logos Opportunities Fund IV GP LLC, Logos Opportunities Fund IV LP, Arsani William, Graham Walmsley ×3 filings	Oct. 15, 2025	3.40%	Amendment	Passive investment	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 25 insiders · 9 officers · 16 directors

19

Insider	Role	Last activity	Shares owned	Buys 12m	Sells 12m	Net 12m
Randy Teel	President and CEO	May 21, 2026 S	285,009	0	5	$-226,510
Andrew Saik	Chief Financial Officer	June 24, 2026 S	187,432	0	3	$-218,244
Sean A Cassidy	Chief Financial Officer	Feb. 23, 2024 S	181,916	0	0	$0
Ian Taylor	President, R&D	Feb. 24, 2025 S	159,121	0	0	$0
Angela M Cacace	Chief Scientific Officer	June 17, 2026 S	180,390	0	5	$-214,053
David K Loomis	VP, Chief Accounting Officer	May 11, 2026 S	40,193	0	4	$-46,903
Noah Berkowitz	Chief Medical Officer	May 11, 2026 S	191,395	0	3	$-249,437
Ronald Peck	Chief Medical Officer	Feb. 23, 2024 A	67,516	0	0	$0
Andrew Crew	Senior Vice President, Chemistry	March 1, 2019 A	·	0	0	$0
Edward Moore Kennedy Jr.	Director	June 24, 2026 A	54,957	0	0	$0
Briggs Morrison	Director	June 24, 2026 A	111,548	1	0	$268,000
Alsup Laurie Smaldone	Director	June 24, 2026 A	41,572	0	0	$0
Linda Bain	Director	June 24, 2026 A	41,572	0	0	$0
Everett Cunningham	Director	June 24, 2026 A	41,572	0	0	$0
Leslie V Norwalk	Director	June 24, 2026 A	41,572	0	0	$0
John G Houston	Director	Feb. 27, 2026 S	1,122,183	0	3	$-466,153
Sunil Agarwal	Director	June 25, 2025 A	30,166	0	0	$0
John D Young	Director	June 25, 2025 A	26,045	0	0	$0
Wendy L Dixon	Director	June 15, 2023 A	9,121	0	0	$0
Bradley Albert Margus	Director	June 16, 2022 A	2,000	0	0	$0
Liam Ratcliffe	Director	June 16, 2022 A	185,686	0	0	$0
Timothy M Shannon	Director	June 16, 2022 A	1,653,128	0	0	$0
Jakob Loven	Director	June 3, 2020 A	1,694,351	0	0	$0
Kush Parmar	Director	Sept. 24, 2019 G	1,775	0	0	$0
Craig Martin Crews	10% owner	Sept. 26, 2018 J	·	0	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 30 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
PILL · Direxion Shares ETF Trust	0.90%	23,099 NS	July 31, 2026	N-PORT
BBC · ETFis Series Trust I	0.71%	41,004 NS	July 31, 2026	N-PORT
QQQS · Invesco Exchange-Traded Fund Trust …	0.44%	13,041 SH	Oct. 1, 2026	Daily
IHE · iShares Trust	0.13%	239,280 SH	Sept. 11, 2026	Daily
ESSC · Strategy Shares	0.11%	4,749 NS	July 31, 2026	N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust	0.04%	152,360 SH	Oct. 1, 2026	Daily
IBB · iShares Trust	0.04%	420,421 SH	Sept. 11, 2026	Daily
IBBQ · Invesco Exchange-Traded Fund Trust …	0.03%	4,637 SH	Oct. 1, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.03%	46,763 SH	Aug. 19, 2026	Daily
IWM · iShares Trust	0.02%	1,521,983 SH	Sept. 11, 2026	Daily
PKW · Invesco Exchange-Traded Fund Trust	0.02%	33,358 SH	Oct. 1, 2026	Daily
RSSL · Global X Funds	0.02%	28,418 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.01%	727,130 SH	Aug. 19, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.01%	341,952 SH	Aug. 19, 2026	Daily
VHT · VANGUARD WORLD FUND	0.01%	163,348 SH	Aug. 19, 2026	Daily
FHLC · FIDELITY COVINGTON TRUST	0.01%	25,787 NS	July 31, 2026	N-PORT
WSML · iShares Trust	0.01%	3,979 SH	Sept. 10, 2026	Daily
DXUV · Dimensional ETF Trust	0.00%	2,431 NS	July 31, 2026	N-PORT
IWO · iShares Trust	0.00%	47,224 SH	Sept. 11, 2026	Daily
DCOR · Dimensional ETF Trust	0.00%	7,928 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	71,348 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	0.00%	95,471 SH	Sept. 11, 2026	Daily
DFAU · Dimensional ETF Trust	0.00%	14,344 NS	July 31, 2026	N-PORT
IWV · iShares Trust	0.00%	14,933 SH	Sept. 10, 2026	Daily
DFUS · Dimensional ETF Trust	0.00%	13,543 NS	July 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.00%	6,292 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	1,920,682 SH	Aug. 19, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.00%	6,113 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	4,186 SH	Aug. 19, 2026	Daily
IWN · iShares Trust	·	504,021 SH	Sept. 11, 2026	Daily

ARVN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 23 analysts BUY

Median target $13.00 +75.4%

4 17.4% Strong Buy

9 39.1% Buy

9 39.1% Hold

1 4.3% Sell

0 0.0% Strong Sell

12-Month Price Target

14 analysts · 2026-09-30

Mean target $13.93 +88.0%

Now Current price $7.41

Low$6.00 Mean$13.93 High$21.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
ARVN	$753M	-10.4	-0.30%	-30.8%	-15.5%	·
ZVRA	$509M	6.6	350.9%	78.2%	61.2%	·
PHAT	$1.18B	-5.5	216.9%	-126.4%	52.4%	87.1%
AQST	$788M	-8.3	-22.6%	-188.1%	157.7%	·
EOLS	$432M	-8.3	11.6%	-17.4%	247.3%	66.3%
CTNM	·	-5.3	·	·	-27.7%	·
AVIR	$279M	-1.8	·	·	-49.5%	·
RLMD	$354M	-3.3	93.7%	·	-112.0%	·
TTRX	$116M	-32.8	·	·	-141.7%	·

Latest News Recent headlines mentioning this company

23

Rigel Pharma Signs Licensing Agreement With Arvinas And Pfizer For Veppanu Nasdaq · 4 months, 3 weeks ago Arvinas Enters Oversold Territory (ARVN) Nasdaq · 6 months, 1 week ago

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ARVN Arvinas, Inc. - Common Stock