$ARVN
Arvinas Inc

2019 Q1 Form 10-Q Financial Statement

#000156459019017454 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $4.016M $4.109M
YoY Change -2.24% 146.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.640M $1.250M
YoY Change 351.2% 34.41%
% of Gross Profit
Research & Development $14.19M $7.144M
YoY Change 98.64% 1.24%
% of Gross Profit
Depreciation & Amortization $246.2K $123.0K
YoY Change 100.08% 75.75%
% of Gross Profit
Operating Expenses $19.83M $8.391M
YoY Change 136.34% 5.07%
Operating Profit -$15.81M -$4.282M
YoY Change 269.32% -32.21%
Interest Expense $23.64K $10.67K
YoY Change 121.56% -22.2%
% of Operating Profit
Other Income/Expense, Net $1.410M $131.7K
YoY Change 970.44% 84.36%
Pretax Income -$14.40M -$4.150M
YoY Change 246.99% -33.6%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.40M -$4.150M
YoY Change 247.06% -33.55%
Net Earnings / Revenue -358.63% -101.02%
Basic Earnings Per Share
Diluted Earnings Per Share -$459.6K -$133.1K
COMMON SHARES
Basic Shares Outstanding 32.33M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.0M $112.7M
YoY Change 55.28%
Cash & Equivalents $28.79M $60.83M
Short-Term Investments $146.2M $51.90M
Other Short-Term Assets $2.300M $300.0K
YoY Change 666.67%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $2.500M $1.400M
Total Short-Term Assets $179.7M $114.4M
YoY Change 57.08%
LONG-TERM ASSETS
Property, Plant & Equipment $6.800M $1.800M
YoY Change 277.78%
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 $1.900M
YoY Change 263.16%
TOTAL ASSETS
Total Short-Term Assets $179.7M $114.4M
Total Long-Term Assets $6.900M $1.900M
Total Assets $186.6M $116.3M
YoY Change 60.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $2.000M
YoY Change -20.0%
Accrued Expenses $3.500M $1.600M
YoY Change 118.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $200.0K
YoY Change -50.0%
Total Short-Term Liabilities $20.60M $17.30M
YoY Change 19.08%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $100.0K
YoY Change 1900.0%
Other Long-Term Liabilities $36.20M $47.70M
YoY Change -24.11%
Total Long-Term Liabilities $2.000M $47.80M
YoY Change -95.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.60M $17.30M
Total Long-Term Liabilities $2.000M $47.80M
Total Liabilities $58.83M $65.10M
YoY Change -9.63%
SHAREHOLDERS EQUITY
Retained Earnings -$316.7M
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 -$136.8M
YoY Change
Total Liabilities & Shareholders Equity $186.6M $116.3M
YoY Change 60.42%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$14.40M -$4.150M
YoY Change 247.06% -33.55%
Depreciation, Depletion And Amortization $246.2K $123.0K
YoY Change 100.08% 75.75%
Cash From Operating Activities -$12.73M $19.30M
YoY Change -165.97% -372.59%
INVESTING ACTIVITIES
Capital Expenditures $380.6K $638.6K
YoY Change -40.4% -230.34%
Acquisitions
YoY Change
Other Investing Activities $38.75M -$43.70M
YoY Change -188.67% -1556.67%
Cash From Investing Activities $38.37M -$44.34M
YoY Change -186.55% -1859.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $45.54K $42.26K
YoY Change 7.76%
Cash From Financing Activities -45.54K 54.96M
YoY Change -100.08% -137494.35%
NET CHANGE
Cash From Operating Activities -12.73M 19.30M
Cash From Investing Activities 38.37M -44.34M
Cash From Financing Activities -45.54K 54.96M
Net Change In Cash 25.60M 29.92M
YoY Change -14.45% -750.4%
FREE CASH FLOW
Cash From Operating Activities -$12.73M $19.30M
Capital Expenditures $380.6K $638.6K
Free Cash Flow -$13.11M $18.66M
YoY Change -170.27% -383.16%

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. and subsidiaries (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 underwriting fees and expenses of $12.0 million. <font style="font-size:12pt;font-family:Times New Roman;color:#000000;">&#160;</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, 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.</p>
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1733531
CY2019Q1 us-gaap Depreciation
Depreciation
246158
CY2018Q1 us-gaap Depreciation
Depreciation
123028
CY2019Q1 arvn Percentage Of Incremental Borrowing For Llease Payments
PercentageOfIncrementalBorrowingForLleasePayments
0.051
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2019Q1 arvn Lessee Operating Lease Expiration Date
LesseeOperatingLeaseExpirationDate
2022-12-31
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
450816
CY2018Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3090
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
124068
CY2019Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
92480
CY2019Q1 arvn Long Term Debt Maturities Repayments Of Principal In Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearSix
377516
CY2019Q1 arvn Long Term Debt Maturities Repayments Of Principal After Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearSix
1530004
CY2019Q1 us-gaap Long Term Debt
LongTermDebt
2124068
CY2019Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
23638
CY2018Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
10669
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.340
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.000
CY2019Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2018Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
0
CY2019Q1 arvn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-14404492
CY2018Q1 arvn Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-75632484
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4434804
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23527152

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