$ARVN
Arvinas Inc

2018 Q4 Form 10-Q Financial Statement

#000156459018029393 Filed on November 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $3.440M $3.375M $1.669M
YoY Change 33.74% 102.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.820M $4.280M $860.0K
YoY Change 389.08% 397.67%
% of Gross Profit
Research & Development $14.56M $13.15M $7.223M
YoY Change 117.67% 82.06%
% of Gross Profit
Depreciation & Amortization $230.0K $191.5K $92.15K
YoY Change 130.0% 107.87%
% of Gross Profit
Operating Expenses $20.38M $17.43M $8.080M
YoY Change 158.7% 115.76%
Operating Profit -$16.94M -$14.06M -$6.411M
YoY Change 219.27% 119.28%
Interest Expense $24.64K $12.26K $12.22K
YoY Change 115.14% 0.37%
% of Operating Profit
Other Income/Expense, Net $855.7K $671.2K $14.07K
YoY Change 47.79% 4668.89%
Pretax Income -$16.09M -$13.39M -$6.397M
YoY Change 240.17% 109.27%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$16.09M -$13.39M -$6.397M
YoY Change 240.27% 109.27%
Net Earnings / Revenue -467.65% -396.64% -383.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$515.0K -$429.4K -$205.3K
COMMON SHARES
Basic Shares Outstanding 32.35M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $187.8M $89.80M
YoY Change
Cash & Equivalents $3.190M $6.191M $2.457M
Short-Term Investments $184.6M $83.60M
Other Short-Term Assets $2.800M $3.500M
YoY Change
Inventory
Prepaid Expenses
Receivables $2.776M $0.00
Other Receivables $2.256M $2.179M
Total Short-Term Assets $195.7M $95.52M
YoY Change 198.61%
LONG-TERM ASSETS
Property, Plant & Equipment $3.583M $3.347M
YoY Change 175.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.76K $0.00
YoY Change
Total Long-Term Assets $3.604M $3.368M
YoY Change 173.09%
TOTAL ASSETS
Total Short-Term Assets $195.7M $95.52M
Total Long-Term Assets $3.604M $3.368M
Total Assets $199.3M $98.89M
YoY Change 198.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.758M $1.301M
YoY Change 362.37%
Accrued Expenses $4.001M $4.851M
YoY Change 12.84%
Deferred Revenue $16.07M $13.50M
YoY Change 18.54%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $154.5K $194.7K
YoY Change -3.02%
Total Short-Term Liabilities $22.98M $19.85M
YoY Change 28.7%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.000M
YoY Change 1223.43%
Other Long-Term Liabilities $150.0K $40.70M
YoY Change
Total Long-Term Liabilities $2.150M $2.000M
YoY Change 1322.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.98M $19.85M
Total Long-Term Liabilities $2.150M $2.000M
Total Liabilities $62.61M $62.56M
YoY Change -5.99%
SHAREHOLDERS EQUITY
Retained Earnings -$302.3M -$286.2M
YoY Change 384.26%
Common Stock $31.24K $3.684K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.6M -$278.8M -$52.02M
YoY Change
Total Liabilities & Shareholders Equity $199.3M $98.89M
YoY Change 198.11%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$16.09M -$13.39M -$6.397M
YoY Change 240.27% 109.27%
Depreciation, Depletion And Amortization $230.0K $191.5K $92.15K
YoY Change 130.0% 107.87%
Cash From Operating Activities -$12.26M -$10.98M -$7.440M
YoY Change -143.55% 47.58%
INVESTING ACTIVITIES
Capital Expenditures -$620.0K -$940.0K $0.00
YoY Change 44.19%
Acquisitions
YoY Change
Other Investing Activities -$101.2M $12.74M $6.920M
YoY Change -13248.05% 84.1%
Cash From Investing Activities -$101.9M $11.80M $6.920M
YoY Change -30061.76% 70.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 111.1M 2.030M -40.00K
YoY Change -277875.0% -5175.0%
NET CHANGE
Cash From Operating Activities -12.26M -10.98M -7.440M
Cash From Investing Activities -101.9M 11.80M 6.920M
Cash From Financing Activities 111.1M 2.030M -40.00K
Net Change In Cash -3.020M 2.850M -560.0K
YoY Change -110.62% -608.93%
FREE CASH FLOW
Cash From Operating Activities -$12.26M -$10.98M -$7.440M
Capital Expenditures -$620.0K -$940.0K $0.00
Free Cash Flow -$11.64M -$10.04M -$7.440M
YoY Change -140.73% 34.95%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">1. Nature of Business </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.67%;">Arvinas, Inc. (Arvinas) has five wholly owned subsidiaries, Arvinas Operations, Inc., Arvinas Androgen Receptor, Inc., Arvinas Estrogen Receptor, Inc., Arvinas BRD4, Inc. and Arvinas Winchester, Inc. (collectively, the Company). The Company is a biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases throughout the discovery, development and commercialization of therapies to degrade disease-causing proteins.<font style="color:#000000;"> The Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future.</font> </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 1, 2018, the Company completed an initial public offering (IPO) in which the Company issued and sold 7,500,000 shares<font style="Background-color:#FFFFFF;"> </font>of common stock at a public offering price of $16.00 per share. In October 2018, the underwriters of the IPO exercised in part their option to purchase 200,482 additional shares of the Company&#8217;s common stock at an offering price of $16.00 per share. The Company&#8217;s aggregate gross proceeds from the sale of shares in the IPO, including the option, was $123.2 million before fees and expenses of $12.0 million, of which $2.8 million were recorded within Other current assets as of September 30, 2018. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s Board of Managers approved a one-for-3.25 reverse stock split of its issued and outstanding shares of common units and a proportional adjustment to the existing conversion ratios for the Company&#8217;s Series A, Series B, and Series C preferred units effective as of September 14, 2018. Accordingly, all share/unit and per share/unit amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this reverse unit split and adjustment of the preferred unit conversion ratios. Immediately prior to the effectiveness of the registration statement on September 26, 2018, the Company converted from a Delaware limited liability company to a Delaware corporation. Pursuant to the plan of conversion, each outstanding Series A, Series B, and Series C preferred units converted into an equal number of shares of Series A, Series B, and Series C preferred stock, each outstanding common unit converted into a share of common stock and each outstanding incentive unit converted into a number of shares of common stock and restricted stock based on a conversion price determined by the board of directors. The Company issued 1,786,095 shares of common stock and 1,268,923 shares of restricted stock. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;color:#000000;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 1, 2018, all of the outstanding shares of convertible preferred stock automatically converted into 19,697,928 shares of common stock at the applicable conversion ratio then in effect.&#160;&#160;Subsequent to the closing of the IPO, there were no shares of preferred stock outstanding.&#160;&#160;The financial statements as of September 30, 2018, including share and per share amounts, do not give effect to the IPO, as it closed on October 1, 2018.</p></div>
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