Company: ARVN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001655759-25-000016
Chunk: 48

Company: ARVINAS, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 16
Chunk 48
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 first and second royalty products (as defined in the Amended License Agreement), (2) a low single digit percentage royalty on certain, more narrowly defined “collaboration products,” and (3) a lower single digit royalty on its aggregate worldwide net sales of certain newly defined “meaningfully involved products.” The Company’s obligations under the Original Agreement to pay Yale minimum annual royalties and certain other annual fees have been eliminated and Yale has agreed to release all claims arising previously under the Original Agreement. Other provisions of the Original Agreement remain materially unchanged under the Amended License Agreement, including the requirement to pay to Yale a minimum license maintenance royalty totaling $0.1 million per year until the first sale to a third party of any licensed product, followed by success-based milestones for the first two licensed products for the development of the protein degradation technologies totaling approximately $3.0 million for the first licensed product and approximately $1.5 million for the second licensed product, certain of which milestones have already been satisfied, and low single-digit royalties on aggregate worldwide net sales of certain licensed products, which may be subject to reductions, and subject to minimum royalty payments that range from $0.2 million to $0.5 million. During each of the years ended December 31, 2024, 2023 and 2022, the Company paid $14.95 million, $0.3 million and $0.1 million, respectively, under the license agreement. The payment made in the year ended December 31, 2024 included the payment made in connection with signing the Amended License Agreement, as summarized above.FMI AgreementIn December 2024, the Company terminated its statement of work related to the development of FoundationOne® Liquid CDx as a companion diagnostic for use with luxdegalutamide (ARV-766) for AR mCRPC in the United States and European Union under its Master In Vitro Diagnostics Agreement with Foundation Medicine, Inc. (the "FMI Agreement"), dated June 2022, for the development and commercialization of one or more of Foundation Medicine’s companion in vitro diagnostic assays for use with one or more of the Company's therapeutic products.

13. Net Loss Per Share 

Basic and diluted loss per common share was calculated as follows: Year ended December 31,(dollars and shares in millions, except per common share amounts)2024 2023 2022Net loss$(198.9)$(367.3)$(282.5)Weighted-average