$ARVN
Arvinas Inc

2020 Q1 Form 10-K Financial Statement

#000156459020011004 Filed on March 16, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q3
Revenue $6.240M $4.893M $30.05M
YoY Change 55.35% 42.24% 790.31%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.930M $7.270M $7.960M
YoY Change 40.6% 24.91% 85.98%
% of Gross Profit
Research & Development $21.73M $20.41M $16.59M
YoY Change 53.11% 40.19% 26.15%
% of Gross Profit
Depreciation & Amortization $620.0K $540.0K $460.0K
YoY Change 151.87% 134.78% 140.15%
% of Gross Profit
Operating Expenses $29.65M $27.68M $24.55M
YoY Change 49.52% 35.81% 40.79%
Operating Profit -$23.41M -$22.79M $5.505M
YoY Change 48.04% 34.5% -139.16%
Interest Expense $16.25K $16.25K $22.90K
YoY Change -31.25% -34.04% 86.75%
% of Operating Profit 0.42%
Other Income/Expense, Net $1.673M $1.742M $1.495M
YoY Change 18.64% 103.59% 122.72%
Pretax Income -$21.74M -$21.05M -$17.68M
YoY Change 50.97% 30.83% 32.06%
Income Tax
% Of Pretax Income
Net Earnings -$21.74M -$21.05M -$17.68M
YoY Change 50.92% 30.83% 32.03%
Net Earnings / Revenue -348.4% -430.14% -58.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$563.9K -$583.4K -$540.0K
COMMON SHARES
Basic Shares Outstanding 39.08M 33.75M 33.72M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.8M $280.9M $190.5M
YoY Change 50.17% 49.57% 112.14%
Cash & Equivalents $36.11M $9.211M $12.14M
Short-Term Investments $226.7M $271.7M $178.4M
Other Short-Term Assets $3.500M $3.700M $4.000M
YoY Change 52.17% 32.14% 14.29%
Inventory
Prepaid Expenses
Receivables $0.00 $59.33K
Other Receivables $3.878M $6.281M $5.142M
Total Short-Term Assets $270.2M $290.9M $199.7M
YoY Change 50.36% 48.65% 109.03%
LONG-TERM ASSETS
Property, Plant & Equipment $9.576M $8.455M $7.152M
YoY Change 40.82% 135.98% 113.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $28.78K $26.76K $20.76K
YoY Change 38.62% 28.89%
Total Long-Term Assets $12.25M $10.76M $9.430M
YoY Change 77.6% 198.6% 180.0%
TOTAL ASSETS
Total Short-Term Assets $270.2M $290.9M $199.7M
Total Long-Term Assets $12.25M $10.76M $9.430M
Total Assets $282.4M $301.6M $209.1M
YoY Change 51.37% 51.36% 111.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.021M $4.557M $2.278M
YoY Change 88.8% 65.21% 75.11%
Accrued Expenses $6.784M $7.603M $6.227M
YoY Change 93.82% 90.01% 28.36%
Deferred Revenue $22.46M $19.98M $20.29M
YoY Change 24.36% 50.32%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $33.17M $32.81M $29.40M
YoY Change 61.01% 42.79% 48.11%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $35.60M $40.10M $43.50M
YoY Change -1.66% 26633.33% 6.88%
Total Long-Term Liabilities $2.000M $2.000M $2.000M
YoY Change 0.0% -6.98% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.17M $32.81M $29.40M
Total Long-Term Liabilities $2.000M $2.000M $2.000M
Total Liabilities $70.74M $74.96M $74.93M
YoY Change 20.25% 19.71% 19.78%
SHAREHOLDERS EQUITY
Retained Earnings -$394.3M -$372.6M -$351.5M
YoY Change 24.51% 23.26% 22.83%
Common Stock $38.67K $38.46K $33.08K
YoY Change 23.28% 23.13% 797.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.7M $226.6M $134.2M
YoY Change
Total Liabilities & Shareholders Equity $282.4M $301.6M $209.1M
YoY Change 51.39% 51.36% 111.46%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$21.74M -$21.05M -$17.68M
YoY Change 50.92% 30.83% 32.03%
Depreciation, Depletion And Amortization $620.0K $540.0K $460.0K
YoY Change 151.87% 134.78% 140.15%
Cash From Operating Activities -$16.95M -$16.18M $1.850M
YoY Change 33.12% 31.97% -116.85%
INVESTING ACTIVITIES
Capital Expenditures $1.362M -$1.780M -$1.190M
YoY Change 257.87% 187.1% 26.6%
Acquisitions
YoY Change
Other Investing Activities $43.86M -$93.64M -$30.62M
YoY Change 13.19% -7.51% -340.35%
Cash From Investing Activities $42.49M -$95.43M -$31.82M
YoY Change 10.74% -6.32% -369.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 1.350M 108.7M 30.75M
YoY Change -3065.36% -2.19% 1414.78%
NET CHANGE
Cash From Operating Activities -16.95M -16.18M 1.850M
Cash From Investing Activities 42.49M -95.43M -31.82M
Cash From Financing Activities 1.350M 108.7M 30.75M
Net Change In Cash 26.90M -2.930M 780.0K
YoY Change 5.08% -2.98% -72.63%
FREE CASH FLOW
Cash From Operating Activities -$16.95M -$16.18M $1.850M
Capital Expenditures $1.362M -$1.780M -$1.190M
Free Cash Flow -$18.31M -$14.40M $3.040M
YoY Change 39.65% 23.71% -130.28%

Facts In Submission

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CY2019 us-gaap Nature Of Operations
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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 four wholly owned subsidiaries, Arvinas Operations, Inc., Arvinas Androgen Receptor, Inc., Arvinas Estrogen Receptor, 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. was 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 clinical-stage 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 stockholders 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 common 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 common 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>
CY2019 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, incentive equity compensation, and fair value of its investment in a joint venture (Oerth). </p>
CY2019 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, 2019, 57% of the Company&#8217;s revenue was attributable to a license contributed to a joint venture, Oerth Bio LLC (Oerth), and two collaborators represented 19% and 16% of total revenue. 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. </p>
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CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.46
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.55
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.54
CY2019Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31325516
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31440051
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32740486
CY2019Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37338484
CY2018Q1 us-gaap Revenues
Revenues
4108596
CY2018Q2 us-gaap Revenues
Revenues
3399895
CY2018Q3 us-gaap Revenues
Revenues
3375264
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1246887
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1579605
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4284231
CY2018Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5821445
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
8390704
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
11917440
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
17434110
CY2018Q4 us-gaap Operating Expenses
OperatingExpenses
20383744
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4282108
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8517545
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-14058846
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-16943579
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
127449
CY2018Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
14834049
CY2018Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
112050609
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
130945
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
160100
CY2018Q4 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-315764
CY2018Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
196295
CY2018Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-2516
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
211237
CY2018Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
539413
CY2018Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
523338
CY2018Q4 us-gaap Investment Income Interest
InvestmentIncomeInterest
1196113
CY2018Q1 us-gaap Interest Expense
InterestExpense
10669
CY2018Q2 us-gaap Interest Expense
InterestExpense
9871
CY2018Q3 us-gaap Interest Expense
InterestExpense
12264
CY2018Q4 us-gaap Interest Expense
InterestExpense
24636
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
131722
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
663003
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
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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