$ARVN
Arvinas Inc

2019 Q1 Form 10-K Financial Statement

#000156459019009357 Filed on March 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 2017 Q4
Revenue $4.016M $14.30M $2.572M
YoY Change -2.24% 88.68%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.640M $12.93M $1.190M
YoY Change 351.2% 264.23%
% of Gross Profit
Research & Development $14.19M $45.19M $6.690M
YoY Change 98.64% 56.96%
% of Gross Profit
Depreciation & Amortization $246.2K $706.0K $100.0K
YoY Change 100.08% 103.23%
% of Gross Profit
Operating Expenses $19.83M $58.13M $7.879M
YoY Change 136.34% 79.74%
Operating Profit -$15.81M -$43.80M -$5.307M
YoY Change 269.32% 76.9%
Interest Expense $23.64K $57.44K $11.45K
YoY Change 121.56% -61.71%
% of Operating Profit
Other Income/Expense, Net $1.410M $2.322M $579.0K
YoY Change 970.44% 318.94%
Pretax Income -$14.40M -$41.48M -$4.730M
YoY Change 246.99% 72.47%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.40M -$41.48M -$4.728M
YoY Change 247.06% 72.48%
Net Earnings / Revenue -358.63% -290.07% -183.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$459.6K -$1.328M -$151.7K
COMMON SHARES
Basic Shares Outstanding 32.33M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.0M $187.8M
YoY Change 55.28% 379.08%
Cash & Equivalents $28.79M $3.200M $30.91M
Short-Term Investments $146.2M $184.6M
Other Short-Term Assets $2.300M $2.800M
YoY Change 666.67% 833.33%
Inventory
Prepaid Expenses
Receivables $0.00 $2.800M $25.00M
Other Receivables $2.500M $2.200M $1.040M
Total Short-Term Assets $179.7M $195.7M $65.53M
YoY Change 57.08% 198.78%
LONG-TERM ASSETS
Property, Plant & Equipment $6.800M $3.600M $1.299M
YoY Change 277.78% 176.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.76K $0.00
YoY Change
Total Long-Term Assets $6.900M $3.600M $1.320M
YoY Change 263.16% 176.92%
TOTAL ASSETS
Total Short-Term Assets $179.7M $195.7M $65.53M
Total Long-Term Assets $6.900M $3.600M $1.320M
Total Assets $186.6M $199.3M $66.85M
YoY Change 60.45% 198.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $2.800M $596.5K
YoY Change -20.0% 366.67%
Accrued Expenses $3.500M $4.000M $3.546M
YoY Change 118.75% 14.29%
Deferred Revenue $13.55M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $200.0K $159.3K
YoY Change -50.0% 0.0%
Total Short-Term Liabilities $20.60M $23.00M $17.85M
YoY Change 19.08% 28.49%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.000M $151.1K
YoY Change 1900.0% 900.0%
Other Long-Term Liabilities $36.20M $37.60M
YoY Change -24.11% -22.63%
Total Long-Term Liabilities $2.000M $39.60M $151.1K
YoY Change -95.82% -18.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.60M $23.00M $17.85M
Total Long-Term Liabilities $2.000M $39.60M $151.1K
Total Liabilities $58.83M $62.60M $66.60M
YoY Change -9.63% -6.01%
SHAREHOLDERS EQUITY
Retained Earnings -$316.7M -$62.42M
YoY Change
Common Stock $31.37K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.7M $136.7M -$61.23M
YoY Change
Total Liabilities & Shareholders Equity $186.6M $199.3M $66.85M
YoY Change 60.42% 198.35%

Cashflow Statement

Concept 2019 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$14.40M -$41.48M -$4.728M
YoY Change 247.06% 72.48%
Depreciation, Depletion And Amortization $246.2K $706.0K $100.0K
YoY Change 100.08% 103.23%
Cash From Operating Activities -$12.73M -$16.12M $28.15M
YoY Change -165.97% -415.22%
INVESTING ACTIVITIES
Capital Expenditures $380.6K $2.831M -$430.0K
YoY Change -40.4% 179.59%
Acquisitions
YoY Change
Other Investing Activities $38.75M -$176.8M $770.0K
YoY Change -188.67% -908.18%
Cash From Investing Activities $38.37M -$179.7M $340.0K
YoY Change -186.55% -960.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $114.6M
YoY Change
Debt Paid & Issued, Net $45.54K $173.9K
YoY Change 7.76% 7.76%
Cash From Financing Activities -45.54K 168.1M -40.00K
YoY Change -100.08% -104250.7%
NET CHANGE
Cash From Operating Activities -12.73M -16.12M 28.15M
Cash From Investing Activities 38.37M -179.7M 340.0K
Cash From Financing Activities -45.54K 168.1M -40.00K
Net Change In Cash 25.60M -27.72M 28.45M
YoY Change -14.45% -207.35%
FREE CASH FLOW
Cash From Operating Activities -$12.73M -$16.12M $28.15M
Capital Expenditures $380.6K $2.831M -$430.0K
Free Cash Flow -$13.11M -$18.95M $28.58M
YoY Change -170.27% -562.08%

Facts In Submission

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<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;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Arvinas, Inc. 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). Arvinas Operations, Inc. was formed in 2013, Arvinas Androgen Receptor, Inc. was formed in 2015, Arvinas Estrogen Receptor, Inc. and Arvinas BRD4, Inc. were formed in 2016, and Arvinas Winchester, Inc. was formed in 2018. In September 2018, the Company converted from a Delaware limited liability company to a Delaware corporation. All periods prior to the date of conversion represent the results of the limited liability corporation. 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. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Arvinas, Inc. was incorporated in Delaware on July&#160;3, 2013. Effective January&#160;1, 2015, Arvinas Holding Company, LLC (Arvinas LLC) was formed by the shareholders of Arvinas, Inc. and Arvinas, Inc. became a wholly owned subsidiary of Arvinas LLC. In connection with this reorganization, the rights and preferences of the Preferred Stock of Arvinas, Inc. were exchanged for preferred stock units with similar rights and preferences of Arvinas LLC. As part of the reorganization, the employees, consultants and board members of Arvinas, Inc. exchanged their stock options in Arvinas, Inc. stock in exchange for incentive units in Arvinas LLC. Additionally, common stock holders of Arvinas, Inc. exchanged their common stock for common units in Arvinas LLC. All exchanges were made on a 1-for-1 basis. This reorganization was accounted for as a common control transaction as the common stockholders of Arvinas, Inc. formed Arvinas, LLC and transferred all the assets from Arvinas, Inc. to Arvinas LLC. </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 pertaining to the Company&#8217;s initial public offering 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 1,795,221 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, the Company completed an initial public offering (IPO) in which the Company issued and sold 7,500,000 shares<font style="Background-color:#FFFFFF;">&#160;</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.</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;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.67%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
CY2018 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.67%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. While management believes that estimates and assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. The most significant estimates are those used in determination of the Company&#8217;s revenue recognition, fair value of its common and preferred units, preferred unit warrant liability and incentive equity compensation. </p>
CY2018 us-gaap Concentration Risk Credit Risk
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.67%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company maintains its cash in financial institution accounts that, at times during the year, may exceed federally insured limits. The cash balances in the financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Cash may also be maintained at commercial institutions that are not insured by the FDIC. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the year ended December&#160;31, 2018, two collaborators each represented over 45% of total revenue. One collaborator accounted for the entire account receivable balance at December&#160;31, 2018 and 2017. For the year ended December&#160;31, 2017, two collaborators represented 60% and 40% of total revenue. </p>
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TemporaryEquityAccretionToRedemptionValueAdjustment
71482098
CY2018Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
14834049
CY2018Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
112050609
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-75632484
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22688591
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-125438281
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16087866
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-39.86
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-11.96
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-62.38
CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.52
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1897544
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1897544
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2010807
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31098634

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