$ARVN
Arvinas Inc

2023 Q4 Form 10-Q Financial Statement

#000165575923000093 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue -$43.10M $34.60M
YoY Change -194.52% 14.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $27.00M $22.60M
YoY Change 78.81% 13.0%
% of Gross Profit
Research & Development $95.20M $85.90M
YoY Change -3.15% 10.84%
% of Gross Profit
Depreciation & Amortization $1.200M $1.200M
YoY Change -29.41% -25.0%
% of Gross Profit
Operating Expenses $122.2M $108.5M
YoY Change 7.76% 11.28%
Operating Profit -$73.90M
YoY Change 9.97%
Interest Expense $12.10M $0.00
YoY Change 112.28% -100.0%
% of Operating Profit
Other Income/Expense, Net -$1.200M $10.00M
YoY Change -300.0% 212.5%
Pretax Income -$153.2M -$63.90M
YoY Change 149.11% -0.16%
Income Tax $1.600M $0.00
% Of Pretax Income
Net Earnings -$154.8M -$64.00M
YoY Change 86.73% -3.32%
Net Earnings / Revenue -184.97%
Basic Earnings Per Share -$1.18
Diluted Earnings Per Share -$2.53 -$1.18
COMMON SHARES
Basic Shares Outstanding 55.03M shares 53.49M shares
Diluted Shares Outstanding 54.10M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.261B $998.5M
YoY Change 4.62% -21.42%
Cash & Equivalents $311.7M $113.7M
Short-Term Investments $949.3M $884.8M
Other Short-Term Assets $12.00M $13.90M
YoY Change -55.39% -48.9%
Inventory
Prepaid Expenses
Receivables $0.00 $15.70M
Other Receivables $7.200M $4.900M
Total Short-Term Assets $1.280B $1.033B
YoY Change 3.23% -20.82%
LONG-TERM ASSETS
Property, Plant & Equipment $11.50M $12.70M
YoY Change -14.18% -9.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $10.40M $9.600M
YoY Change -3.7% -15.04%
Total Long-Term Assets $24.40M $25.30M
YoY Change -14.69% -15.95%
TOTAL ASSETS
Total Short-Term Assets $1.280B $1.033B
Total Long-Term Assets $24.40M $25.30M
Total Assets $1.305B $1.058B
YoY Change 2.82% -20.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.80M $34.30M
YoY Change 212.28% 334.18%
Accrued Expenses $1.900M $57.50M
YoY Change -96.86% 3094.44%
Deferred Revenue $163.0M $224.2M
YoY Change -25.43% 16.11%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change
Total Short-Term Liabilities $257.1M $317.3M
YoY Change -12.88% 29.72%
LONG-TERM LIABILITIES
Long-Term Debt $800.0K $800.0K
YoY Change -20.0% -20.0%
Other Long-Term Liabilities $386.7M $283.0M
YoY Change -5.17% -39.49%
Total Long-Term Liabilities $800.0K $800.0K
YoY Change -20.0% -20.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $257.1M $317.3M
Total Long-Term Liabilities $800.0K $800.0K
Total Liabilities $644.6M $601.1M
YoY Change -8.42% -15.73%
SHAREHOLDERS EQUITY
Retained Earnings -$1.333B -$1.178B
YoY Change 38.05% 33.47%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $660.0M $457.2M
YoY Change
Total Liabilities & Shareholders Equity $1.305B $1.058B
YoY Change 2.82% -20.71%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$154.8M -$64.00M
YoY Change 86.73% -3.32%
Depreciation, Depletion And Amortization $1.200M $1.200M
YoY Change -29.41% -25.0%
Cash From Operating Activities -$83.10M -$84.80M
YoY Change 16.71% 27.33%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $1.100M
YoY Change -90.91% -150.0%
Acquisitions
YoY Change
Other Investing Activities -$53.60M $71.10M
YoY Change -361.46% -34.17%
Cash From Investing Activities -$53.70M $70.00M
YoY Change -376.8% -33.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 334.8M 37.90M
YoY Change 66860.0% 3058.33%
NET CHANGE
Cash From Operating Activities -83.10M -84.80M
Cash From Investing Activities -53.70M 70.00M
Cash From Financing Activities 334.8M 37.90M
Net Change In Cash 198.0M 23.10M
YoY Change -485.96% -42.82%
FREE CASH FLOW
Cash From Operating Activities -$83.10M -$84.80M
Capital Expenditures $100.0K $1.100M
Free Cash Flow -$83.20M -$85.90M
YoY Change 15.08% 33.39%

Facts In Submission

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The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates.
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Risks and UncertaintiesThe Company is subject to a number of risks similar to other biotechnology companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability.
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CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
15700000 usd
CY2022Q4 arvn Accounts Payable Contract Balances Current
AccountsPayableContractBalancesCurrent
5000000.0 usd
arvn Accounts Payable Contract Balances Current Additions
AccountsPayableContractBalancesCurrentAdditions
31000000.0 usd
arvn Accounts Payable Contract Balances Current Payments
AccountsPayableContractBalancesCurrentPayments
6700000 usd
CY2023Q3 arvn Accounts Payable Contract Balances Current
AccountsPayableContractBalancesCurrent
29300000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
10700000 usd
arvn Contract With Customer Assets Increase Decrease For Additions To Collaboration Agreements
ContractWithCustomerAssetsIncreaseDecreaseForAdditionsToCollaborationAgreements
0 usd
arvn Capitalized Contract Cost Amortization During Period
CapitalizedContractCostAmortizationDuringPeriod
2000000.0 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
8700000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
623700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-119100000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-85800000 usd
arvn Contract With Customer Liability Increase Decrease For Additions To Collaboration Agreements
ContractWithCustomerLiabilityIncreaseDecreaseForAdditionsToCollaborationAgreements
3000000.0 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
506100000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
657700000 usd
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueModificationOfContract
-8200000 usd
CY2022Q3 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueModificationOfContract
0 usd
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueModificationOfContract
0 usd
CY2023Q3 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Modification Of Contract
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueModificationOfContract
0 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
506100000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
64100000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
200900000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
0 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32600000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
19900000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12700000 usd
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1200000 usd
CY2021Q2 us-gaap Land Subject To Ground Leases
LandSubjectToGroundLeases
160000 sqft
CY2021Q2 arvn Base Lease Rent Period
BaseLeaseRentPeriod
P10Y
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
500000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3100000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
100000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3000000.0 usd
CY2023Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
34300000 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
5700000 usd
CY2023Q3 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
36000000.0 usd
CY2022Q4 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
35900000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16700000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
18700000 usd
CY2023Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1100000 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
10300000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
200000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
200000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
200000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
200000 usd
CY2023Q3 arvn Long Term Debt Maturity Year Six
LongTermDebtMaturityYearSix
200000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
1000000.0 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
0 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
0 usd
us-gaap Interest Expense
InterestExpense
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.51
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
39.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
900000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
7600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-700000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.003
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10100000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.055
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022Q3 us-gaap Revenues
Revenues
33200000 usd
us-gaap Revenues
Revenues
93600000 usd
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-64300000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
-187600000 usd
CY2022Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2900000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-64000000.0 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-66200000 usd
us-gaap Net Income Loss
NetIncomeLoss
-212500000 usd
us-gaap Net Income Loss
NetIncomeLoss
-199600000 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54100000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54100000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53200000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53100000 shares
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.18
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.18
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.24
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.97
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.76
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.76
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7100000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7100000 shares
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-7800000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-66200000 usd
us-gaap Net Income Loss
NetIncomeLoss
-199600000 usd
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.24
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.76
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.76
CY2022Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-69000000.0 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-219800000 usd
CY2023Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
10000000 usd
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

Files In Submission

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arvn-20230930_def.xml Edgar Link unprocessable
arvn-20230930_pre.xml Edgar Link unprocessable
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0001655759-23-000093-index.html Edgar Link pending
0001655759-23-000093.txt Edgar Link pending
0001655759-23-000093-xbrl.zip Edgar Link pending
arvn-20230930.htm Edgar Link pending
arvn-20230930.xsd Edgar Link pending
arvn-20230930x10qex311.htm Edgar Link pending
arvn-20230930x10qex312.htm Edgar Link pending
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arvn-20230930_htm.xml Edgar Link completed
arvn-20230930_cal.xml Edgar Link unprocessable
arvn-20230930_lab.xml Edgar Link unprocessable
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