$ARVN
Arvinas Inc

2019 Q3 Form 10-Q Financial Statement

#000156459019028501 Filed on August 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $30.05M $4.016M $3.400M
YoY Change 790.31% 18.14% 103.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.960M $6.440M $1.580M
YoY Change 85.98% 307.59% 177.19%
% of Gross Profit
Research & Development $16.59M $16.00M $10.34M
YoY Change 26.15% 54.78% 32.14%
% of Gross Profit
Depreciation & Amortization $460.0K $310.0K $170.0K
YoY Change 140.15% 82.35% 88.89%
% of Gross Profit
Operating Expenses $24.55M $22.44M $11.92M
YoY Change 40.79% 88.31% 41.98%
Operating Profit $5.505M -$18.42M -$8.518M
YoY Change -139.16% 116.32% 26.66%
Interest Expense $22.90K $22.78K $9.871K
YoY Change 86.75% 130.76% -23.91%
% of Operating Profit 0.42%
Other Income/Expense, Net $1.495M $1.260M $663.0K
YoY Change 122.72% 90.09% 1324.37%
Pretax Income -$17.68M -$17.16M -$7.850M
YoY Change 32.06% 118.6% 17.51%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.68M -$17.16M -$7.855M
YoY Change 32.03% 118.53% 17.61%
Net Earnings / Revenue -58.82% -427.35% -231.02%
Basic Earnings Per Share
Diluted Earnings Per Share -$540.0K -$545.8K -$251.8K
COMMON SHARES
Basic Shares Outstanding 33.72M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $190.5M $159.2M $99.70M
YoY Change 112.14% 59.68%
Cash & Equivalents $12.14M $11.34M $3.353M
Short-Term Investments $178.4M $147.8M $96.40M
Other Short-Term Assets $4.000M $2.700M $2.000M
YoY Change 14.29% 35.0%
Inventory
Prepaid Expenses
Receivables $59.33K $0.00
Other Receivables $5.142M $1.402M
Total Short-Term Assets $199.7M $163.3M $103.7M
YoY Change 109.03% 57.44%
LONG-TERM ASSETS
Property, Plant & Equipment $7.152M $6.366M $2.300M
YoY Change 113.67% 176.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $20.76K $20.76K $0.00
YoY Change
Total Long-Term Assets $9.430M $8.785M $2.300M
YoY Change 180.0% 281.96%
TOTAL ASSETS
Total Short-Term Assets $199.7M $163.3M $103.7M
Total Long-Term Assets $9.430M $8.785M $2.300M
Total Assets $209.1M $172.0M $106.0M
YoY Change 111.45% 62.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.278M $1.411M $1.700M
YoY Change 75.11% -16.97%
Accrued Expenses $6.227M $3.999M $2.000M
YoY Change 28.36% 99.95%
Deferred Revenue $20.29M $14.82M
YoY Change 50.32%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $71.50K $200.0K
YoY Change -100.0% -64.25%
Total Short-Term Liabilities $29.40M $20.95M $17.30M
YoY Change 48.11% 21.07%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.000M $100.0K
YoY Change 0.0% 1900.0%
Other Long-Term Liabilities $43.50M $32.60M $44.30M
YoY Change 6.88% -26.41%
Total Long-Term Liabilities $2.000M $2.000M $44.40M
YoY Change 0.0% -95.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.40M $20.95M $17.30M
Total Long-Term Liabilities $2.000M $2.000M $44.40M
Total Liabilities $74.93M $55.54M $61.70M
YoY Change 19.78% -9.98%
SHAREHOLDERS EQUITY
Retained Earnings -$351.5M -$333.8M
YoY Change 22.83%
Common Stock $33.08K $31.52K
YoY Change 797.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $134.2M $116.5M -$158.5M
YoY Change
Total Liabilities & Shareholders Equity $209.1M $172.0M $106.0M
YoY Change 111.46% 62.31%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$17.68M -$17.16M -$7.855M
YoY Change 32.03% 118.53% 17.61%
Depreciation, Depletion And Amortization $460.0K $310.0K $170.0K
YoY Change 140.15% 82.35% 88.89%
Cash From Operating Activities $1.850M -$13.57M -$12.18M
YoY Change -116.85% 11.41% 42.96%
INVESTING ACTIVITIES
Capital Expenditures -$1.190M -$2.890M -$630.0K
YoY Change 26.6% 358.73% 600.0%
Acquisitions
YoY Change
Other Investing Activities -$30.62M -$1.340M -$44.63M
YoY Change -340.35% -97.0% -498.84%
Cash From Investing Activities -$31.82M -$4.220M -$45.26M
YoY Change -369.66% -90.68% -508.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.75M 360.0K -40.00K
YoY Change 1414.78% -1000.0% 0.0%
NET CHANGE
Cash From Operating Activities 1.850M -13.57M -12.18M
Cash From Investing Activities -31.82M -4.220M -45.26M
Cash From Financing Activities 30.75M 360.0K -40.00K
Net Change In Cash 780.0K -17.43M -57.48M
YoY Change -72.63% -69.68% -2371.94%
FREE CASH FLOW
Cash From Operating Activities $1.850M -$13.57M -$12.18M
Capital Expenditures -$1.190M -$2.890M -$630.0K
Free Cash Flow $3.040M -$10.68M -$11.55M
YoY Change -130.28% -7.53% 37.01%

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 an 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, were $123.2 million before underwriting discounts and commissions 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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