10:27 AM EDT, 05/07/2024 (MT Newswires) -- Arvinas ( ARVN ) shares were up more than 1% Tuesday after the company reported a Q1 net loss of $0.97 per diluted share, narrowing from a loss of $1.54 a year earlier.

Analysts polled by Capital IQ expected a loss of $1.34.

Revenue for the quarter ended March 31 was $25.3 million, compared with $32.5 million a year earlier.

Analysts surveyed by Capital IQ expected $32.1 million.

Arvinas ( ARVN ) said it ended the quarter with about $1.19 billion in cash, cash equivalents, restricted cash and marketable securities, which the biotechnology company expects will be sufficient to cover planned operating expenses and capital expenditure needs into 2027.

Price: 32.66, Change: +0.40, Percent Change: +1.22