Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Summary of reportable segment financial information

The following table summarizes the reportable segment's financial information:

	Three Months Ended September 30,				Nine Months Ended September 30,
(dollars in millions)	2025		2024		2025		2024
Revenue	$	41.9	$	102.4	$	253.1	$	204.2
Less:
Research and development expense
Vepdegestrant (ARV-471) (*)	14.2		19.6		53.4		63.8
ARV-102	5.0		4.5		15.3		7.5
ARV-806	5.1		0.8		7.7		1.1
ARV-393	2.6		1.7		7.7		4.6
Bavdegalutamide (ARV-110)	0.3		2.7		2.3		6.8
Luxdegalutamide (ARV-766)	—		4.7		—		17.9
Other programs	0.3		—		2.8		—
Non program-specific external expense	12.8		13.7		37.9		43.4
Compensation and related personnel expense (including stock-based compensation)	21.6		35.8		88.6		110.4
Other research and development expense	2.8		3.4		8.4		9.4
Total research and development expense	64.7		86.9		224.1		264.9
General and administrative expense	21.0		75.8		72.9		131.3
Other segment expense, net (**)	—		2.6		0.4		2.7
Income tax expense	0.3		0.6		0.1		1.0
Plus:
Interest income, net	9.0		14.3		31.0		41.9
Segment net loss	$	(35.1)	$	(49.2)	$	(13.4)	$	(153.8)

(*)    Includes net reimbursement to and from Pfizer pursuant to the Vepdegestrant (ARV-471) Collaboration Agreement which are accounted for pursuant to ASC 808 and are recorded as an offset or an increase to research and development expenses.

(**)    Includes primarily a write-off of leasehold improvements resulting from the termination of the lease for the Company's laboratory and office space at 101 College Street and realized foreign exchange gains/ losses.