Company: ARVN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049527
Chunk: 114

Company: ARVINAS, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 114
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 exercised during the nine months ended September 30, 2025. The total intrinsic value of options exercised during the nine months ended September 30, 2024 was $3.6 million.Restricted Stock Units ("RSUs")A summary of RSU activity during the nine months ended September 30, 2025 is presented below. Included in the table are RSUs granted to employees and directors under the 2018 Plan, as well as RSUs representing 170,365 shares of common stock granted to certain employees pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4).Shares Weighted AverageGrant DateFair Value PerShareUnvested RSUs as of December 31, 20242,311,291 $42.25 Granted3,407,294 $13.93 Vested(1,177,135)$41.78 Cancelled / Forfeited(728,745)$26.00 Unvested RSUs as of September 30, 20253,812,705 $20.27 The weighted-average grant date fair value per share of RSUs granted during the nine months ended September 30, 2025 and 2024 was $13.93 and $44.69, respectively. The total intrinsic value of RSUs released during the nine months ended September 30, 2025 and 2024 was $16.9 million and $12.7 million, respectively. The total fair value of RSUs vested during the nine months ended September 30, 2025 and 2024 was $43.3 million and $12.3 million, respectively.

10. Income Taxes 

For the three months ended September 30, 2025, the Company recognized income tax expense of $0.3 million, resulting in an effective tax rate of (1.0)%, as compared to income tax expense of $0.6 million, resulting in an effective tax rate of (1.3)%, in the same period for 2024. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended September 30, 2025 and the Company’s overall effective tax rate of (1.0)% was the effect of equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended September