Arvinas Holding Company LLC (ARVN) stock plummeted 5.11% in the morning trading session on Tuesday, following the release of its fourth-quarter 2024 financial results. Despite beating earnings estimates, the biotech company missed revenue expectations, which likely contributed to the stock's decline.
For the quarter ended December 31, 2024, ARVN reported a net loss of $0.63 per share, narrower than the consensus estimate of a $0.96 loss per share. However, the company's revenue of $59.2 million fell short of analysts' expectations of $65.3 million.
On the positive side, ARVN provided an update on its cash runway, stating that its cash, cash equivalents, and marketable securities as of December 31, 2024, are sufficient to cover planned expenses and capital expenditures through 2027. This extended cash runway could provide the company with financial flexibility to advance its drug development programs and support operations.
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