$ARVN
Arvinas Inc

2020 Q1 Form 10-Q Financial Statement

#000156459020019266 Filed on April 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q1
Revenue $6.240M $4.893M $4.016M
YoY Change 55.35% 42.24% -2.24%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.930M $7.270M $5.640M
YoY Change 40.6% 24.91% 351.2%
% of Gross Profit
Research & Development $21.73M $20.41M $14.19M
YoY Change 53.11% 40.19% 98.64%
% of Gross Profit
Depreciation & Amortization $620.0K $540.0K $246.2K
YoY Change 151.87% 134.78% 100.08%
% of Gross Profit
Operating Expenses $29.65M $27.68M $19.83M
YoY Change 49.52% 35.81% 136.34%
Operating Profit -$23.41M -$22.79M -$15.81M
YoY Change 48.04% 34.5% 269.32%
Interest Expense $16.25K $16.25K $23.64K
YoY Change -31.25% -34.04% 121.56%
% of Operating Profit
Other Income/Expense, Net $1.673M $1.742M $1.410M
YoY Change 18.64% 103.59% 970.44%
Pretax Income -$21.74M -$21.05M -$14.40M
YoY Change 50.97% 30.83% 246.99%
Income Tax
% Of Pretax Income
Net Earnings -$21.74M -$21.05M -$14.40M
YoY Change 50.92% 30.83% 247.06%
Net Earnings / Revenue -348.4% -430.14% -358.63%
Basic Earnings Per Share
Diluted Earnings Per Share -$563.9K -$583.4K -$459.6K
COMMON SHARES
Basic Shares Outstanding 39.08M 33.75M 32.33M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.8M $280.9M $175.0M
YoY Change 50.17% 49.57% 55.28%
Cash & Equivalents $36.11M $9.211M $28.79M
Short-Term Investments $226.7M $271.7M $146.2M
Other Short-Term Assets $3.500M $3.700M $2.300M
YoY Change 52.17% 32.14% 666.67%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $3.878M $6.281M $2.500M
Total Short-Term Assets $270.2M $290.9M $179.7M
YoY Change 50.36% 48.65% 57.08%
LONG-TERM ASSETS
Property, Plant & Equipment $9.576M $8.455M $6.800M
YoY Change 40.82% 135.98% 277.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $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 $6.900M
YoY Change 77.6% 198.6% 263.16%
TOTAL ASSETS
Total Short-Term Assets $270.2M $290.9M $179.7M
Total Long-Term Assets $12.25M $10.76M $6.900M
Total Assets $282.4M $301.6M $186.6M
YoY Change 51.37% 51.36% 60.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.021M $4.557M $1.600M
YoY Change 88.8% 65.21% -20.0%
Accrued Expenses $6.784M $7.603M $3.500M
YoY Change 93.82% 90.01% 118.75%
Deferred Revenue $22.46M $19.98M
YoY Change 24.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $100.0K
YoY Change -100.0% -50.0%
Total Short-Term Liabilities $33.17M $32.81M $20.60M
YoY Change 61.01% 42.79% 19.08%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 1900.0%
Other Long-Term Liabilities $35.60M $40.10M $36.20M
YoY Change -1.66% 26633.33% -24.11%
Total Long-Term Liabilities $2.000M $2.000M $2.000M
YoY Change 0.0% -6.98% -95.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.17M $32.81M $20.60M
Total Long-Term Liabilities $2.000M $2.000M $2.000M
Total Liabilities $70.74M $74.96M $58.83M
YoY Change 20.25% 19.71% -9.63%
SHAREHOLDERS EQUITY
Retained Earnings -$394.3M -$372.6M -$316.7M
YoY Change 24.51% 23.26%
Common Stock $38.67K $38.46K $31.37K
YoY Change 23.28% 23.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.7M $226.6M $127.7M
YoY Change
Total Liabilities & Shareholders Equity $282.4M $301.6M $186.6M
YoY Change 51.39% 51.36% 60.42%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q1
OPERATING ACTIVITIES
Net Income -$21.74M -$21.05M -$14.40M
YoY Change 50.92% 30.83% 247.06%
Depreciation, Depletion And Amortization $620.0K $540.0K $246.2K
YoY Change 151.87% 134.78% 100.08%
Cash From Operating Activities -$16.95M -$16.18M -$12.73M
YoY Change 33.12% 31.97% -165.97%
INVESTING ACTIVITIES
Capital Expenditures $1.362M -$1.780M $380.6K
YoY Change 257.87% 187.1% -40.4%
Acquisitions
YoY Change
Other Investing Activities $43.86M -$93.64M $38.75M
YoY Change 13.19% -7.51% -188.67%
Cash From Investing Activities $42.49M -$95.43M $38.37M
YoY Change 10.74% -6.32% -186.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $45.54K
YoY Change -100.0% 7.76%
Cash From Financing Activities 1.350M 108.7M -45.54K
YoY Change -3065.36% -2.19% -100.08%
NET CHANGE
Cash From Operating Activities -16.95M -16.18M -12.73M
Cash From Investing Activities 42.49M -95.43M 38.37M
Cash From Financing Activities 1.350M 108.7M -45.54K
Net Change In Cash 26.90M -2.930M 25.60M
YoY Change 5.08% -2.98% -14.45%
FREE CASH FLOW
Cash From Operating Activities -$16.95M -$16.18M -$12.73M
Capital Expenditures $1.362M -$1.780M $380.6K
Free Cash Flow -$18.31M -$14.40M -$13.11M
YoY Change 39.65% 23.71% -170.27%

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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 clinical-stage biopharmaceutical company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development and commercialization of therapies that 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:6pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A novel strain of coronavirus&#160;(COVID-19)&#160;was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served.&#160; <font style="Background-color:#FFFFFF;color:#000000;">The Company has instated some and may take additional temporary precautionary measures intended to help ensure the well-being of its employees and minimize business disruption.&#160;</font>The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company&#8217;s results of operations and financial position at March 31, 2020. The full extent of the future impacts of COVID-19 on the Company&#8217;s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of Company to complete certain clinical trials and other efforts required to advance the development of its targets.</p>
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CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
271661456
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13451111
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11720272
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3875343
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3264861
CY2020Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q1 us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2020Q1 arvn Lessee Operating Lease Expiration Date
LesseeOperatingLeaseExpirationDate
2022-12-31
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
211577
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2742554
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
207107
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
211509
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
186824
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
93023
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1973511
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5810723
CY2020Q1 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
3907224
CY2019Q4 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
1186935
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
902989
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
605246
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3090
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
92480
CY2020Q1 arvn Long Term Debt Maturities Repayments Of Principal In Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearSix
377516
CY2020Q1 arvn Long Term Debt Maturities Repayments Of Principal After Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearSix
1530004
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
2000000
CY2020Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
16250
CY2019Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
23638
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5057504
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4434804

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