$ARVN
Arvinas Inc

2024 Q2 Form 10-Q Financial Statement

#000165575924000060 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $76.50M $25.30M $32.50M
YoY Change 40.37% -22.15% 34.3%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $31.30M $24.30M $24.90M
YoY Change 21.79% -2.41% 23.27%
% of Gross Profit
Research & Development $93.70M $84.30M $95.30M
YoY Change -9.38% -11.54% 48.91%
% of Gross Profit
Depreciation & Amortization $1.200M $1.200M $1.200M
YoY Change 0.0% 0.0% -20.0%
% of Gross Profit
Operating Expenses $125.0M $108.6M $120.2M
YoY Change -3.18% -9.65% 42.76%
Operating Profit -$48.50M -$83.30M -$87.70M
YoY Change -34.99% -5.02% 46.17%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $13.50M $14.00M $6.500M
YoY Change 50.0% 115.38% 490.91%
Pretax Income -$35.00M -$69.30M -$81.20M
YoY Change -46.65% -14.66% 37.86%
Income Tax $200.0K $100.0K -$400.0K
% Of Pretax Income
Net Earnings -$35.20M -$69.40M -$81.90M
YoY Change -47.15% -15.26% 29.18%
Net Earnings / Revenue -46.01% -274.31% -252.0%
Basic Earnings Per Share -$0.49 -$0.97 -$1.54
Diluted Earnings Per Share -$0.49 -$0.97 -$1.54
COMMON SHARES
Basic Shares Outstanding 68.43M shares 68.08M shares 53.27M shares
Diluted Shares Outstanding 71.90M shares 71.70M shares 53.30M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.229B $1.169B $1.124B
YoY Change 18.28% 4.08% -21.35%
Cash & Equivalents $154.8M $88.00M $130.2M
Short-Term Investments $1.074B $1.081B $993.3M
Other Short-Term Assets $18.00M $13.90M $20.00M
YoY Change 37.4% -30.5% -8.68%
Inventory
Prepaid Expenses
Receivables $1.800M $0.00 $0.00
Other Receivables $10.00M $7.100M $4.700M
Total Short-Term Assets $1.257B $1.190B $1.148B
YoY Change 18.93% 3.67% -21.19%
LONG-TERM ASSETS
Property, Plant & Equipment $9.800M $10.40M $13.40M
YoY Change -25.76% -22.39% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.60M $9.900M $10.30M
YoY Change 14.85% -3.88% -14.88%
Total Long-Term Assets $22.90M $22.30M $27.60M
YoY Change -14.55% -19.2% -11.82%
TOTAL ASSETS
Total Short-Term Assets $1.257B $1.190B $1.148B
Total Long-Term Assets $22.90M $22.30M $27.60M
Total Assets $1.280B $1.213B $1.176B
YoY Change 18.1% 3.13% -21.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.20M $17.80M $12.30M
YoY Change 246.27% 44.72% 43.02%
Accrued Expenses $52.70M $56.70M $45.50M
YoY Change -23.62% 24.62% 50.66%
Deferred Revenue $267.9M $162.9M $214.9M
YoY Change 16.43% -24.2% 8.81%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K $100.0K
YoY Change 100.0% 100.0%
Total Short-Term Liabilities $347.2M $240.8M $282.9M
YoY Change 13.13% -14.88% 18.87%
LONG-TERM LIABILITIES
Long-Term Debt $700.0K $700.0K $900.0K
YoY Change -22.22% -22.22% -10.0%
Other Long-Term Liabilities $331.5M $361.4M $381.0M
YoY Change 6.22% -5.14% -27.57%
Total Long-Term Liabilities $700.0K $700.0K $900.0K
YoY Change -22.22% -22.22% -10.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $347.2M $240.8M $282.9M
Total Long-Term Liabilities $700.0K $700.0K $900.0K
Total Liabilities $679.4M $602.9M $664.8M
YoY Change 9.6% -9.31% -13.1%
SHAREHOLDERS EQUITY
Retained Earnings -$1.437B -$1.402B -$1.047B
YoY Change 29.03% 33.88% 40.33%
Common Stock $100.0K $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 $600.2M $609.7M $511.0M
YoY Change
Total Liabilities & Shareholders Equity $1.280B $1.213B $1.176B
YoY Change 18.1% 3.13% -21.0%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$35.20M -$69.40M -$81.90M
YoY Change -47.15% -15.26% 29.18%
Depreciation, Depletion And Amortization $1.200M $1.200M $1.200M
YoY Change 0.0% 0.0% -20.0%
Cash From Operating Activities $50.30M -$97.50M -$91.20M
YoY Change -156.71% 6.91% 59.72%
INVESTING ACTIVITIES
Capital Expenditures $700.0K $100.0K $1.100M
YoY Change 16.67% -90.91% -47.62%
Acquisitions
YoY Change
Other Investing Activities $13.80M -$127.7M $139.7M
YoY Change -71.95% -191.41% 1205.61%
Cash From Investing Activities $13.10M -$127.8M $138.6M
YoY Change -73.05% -192.21% 1511.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $200.0K $0.00
YoY Change
Cash From Financing Activities 3.400M $1.600M $1.500M
YoY Change 580.0% 6.67% -40.0%
NET CHANGE
Cash From Operating Activities 50.30M -$97.50M -$91.20M
Cash From Investing Activities 13.10M -$127.8M $138.6M
Cash From Financing Activities 3.400M $1.600M $1.500M
Net Change In Cash 66.80M -$223.7M $48.90M
YoY Change -268.69% -557.46% -206.3%
FREE CASH FLOW
Cash From Operating Activities $50.30M -$97.50M -$91.20M
Capital Expenditures $700.0K $100.0K $1.100M
Free Cash Flow $49.60M -$97.60M -$92.30M
YoY Change -155.54% 5.74% 55.91%

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<div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risks and Uncertainties</span></div>The 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, and the need to successfully commercialize and gain market acceptance of the Company’s products and to protect its 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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CY2023Q1 arvn Contract With Customer Assets Increase Decrease For Additions To Collaboration Agreements
ContractWithCustomerAssetsIncreaseDecreaseForAdditionsToCollaborationAgreements
0 usd
CY2024Q1 arvn Capitalized Contract Cost Amortization During Period
CapitalizedContractCostAmortizationDuringPeriod
400000 usd
CY2023Q1 arvn Capitalized Contract Cost Amortization During Period
CapitalizedContractCostAmortizationDuringPeriod
600000 usd
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
9000000.0 usd
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
10100000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
549200000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
623700000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
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CY2024Q1 arvn Contract With Customer Liability Increase Decrease For Additions To Collaboration Agreements
ContractWithCustomerLiabilityIncreaseDecreaseForAdditionsToCollaborationAgreements
0 usd
CY2023Q1 arvn Contract With Customer Liability Increase Decrease For Additions To Collaboration Agreements
ContractWithCustomerLiabilityIncreaseDecreaseForAdditionsToCollaborationAgreements
1500000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
500000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
500000 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
523900000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
593800000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
523900000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
124600000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
105000000.0 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
57600000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
59800000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
23500000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
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CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32700000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32600000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
22300000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21100000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10400000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11500000 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1200000 usd
CY2024Q1 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
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P1Y1M6D
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
500000 usd
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RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1500000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
500000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2000000.0 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
100000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1900000 usd
CY2024Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
17800000 usd
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
17800000 usd
CY2024Q1 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
40100000 usd
CY2023Q4 arvn Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
43100000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9700000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
25700000 usd
CY2024Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3400000 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
700000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3300000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2500000 usd
CY2024Q1 arvn Accrued General And Administrative And Commercial Current
AccruedGeneralAndAdministrativeAndCommercialCurrent
2100000 usd
CY2023Q4 arvn Accrued General And Administrative And Commercial Current
AccruedGeneralAndAdministrativeAndCommercialCurrent
2400000 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
76400000 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
92200000 usd
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
200000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
200000 usd
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
700000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
800000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
100000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
200000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
200000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
200000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
200000 usd
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
900000 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
0 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
0 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18600000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19900000 usd
CY2024Q1 arvn Share Based Compensation Arrangement By Share Based Payment Award Options Inducement Grants
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsInducementGrants
161193 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
30.52
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.38
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
900000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
500000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.002
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-400000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.005
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.002
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.005
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-69400000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-81900000 usd
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71700000 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71700000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53300000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53300000 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.97
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.97
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.54
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.54
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11100000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9300000 shares
CY2024Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
15200000 usd
CY2023Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
7000000 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001655759-24-000060.txt Edgar Link pending
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