v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Reportable Segment Financial Information
The following table summarizes the reportable segment's financial information:
Three Months Ended
June 30,		Six Months Ended
June 30,
(dollars in millions)2026202520262025
Revenue$249.7 $22.4 $265.3 $211.2 
Less:
Cost of license revenue9.0 — 9.0 — 
Research and development expense
Vepdegestrant (ARV-471) (*)
4.5 15.1 13.3 39.2 
ARV-806 5.6 1.7 12.1 2.6 
ARV-1025.1 3.8 10.7 10.3 
ARV-3934.8 2.5 8.5 5.1 
ARV-0273.3 0.1 5.0 0.2 
Bavdegalutamide (ARV-110)(0.4)0.9 (0.2)2.0 
Other programs1.3 0.7 2.3 2.3 
Non-program-specific external expense8.5 11.1 17.7 25.0 
Compensation and related personnel expense (including stock-based compensation)17.4 28.4 38.7 65.3 
Other research and development expense2.5 4.3 4.9 7.4 
Total research and development expense52.6 68.6 113.0 159.4 
General and administrative expense
24.0 25.3 43.0 51.9 
Other segment expense, net (**)— 0.3 0.1 0.4 
Income tax expense (benefit)0.2 (0.3)0.3 (0.2)
Plus:
Interest income, net5.5 10.3 11.9 22.0 
Segment net income (loss)$169.4 $(61.2)$111.8 $21.7 
(*)    As of June 11, 2026, the effective date of the Rigel License Agreement, the Company's future performance obligations under the Original Vepdegestrant (ARV-471) Collaboration Agreement have been satisfied under ASC 606, as a result of the terms of the Rigel Agreement. The Company recognized a collaboration liability to fund certain ongoing development activities in progress as of the effective date of the Rigel License Agreement being performed by Pfizer, which was recorded as a reduction of revenue. See Note 3, Research Collaboration and License Agreements, for further details. Prior to June 11, 2026, vepdegestrant expense included net reimbursements to and from Pfizer pursuant to the Original Vepdegestrant (ARV-471) Collaboration Agreement which were accounted for pursuant to ASC 808, Collaborative Arrangements, and were recorded as an offset or an increase to research and development expenses.
(**)    Includes realized gains/ losses on foreign currency transactions and gains/ losses on sale of marketable securities