Company: ARVN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001655759-25-000139
Chunk: 18

Company: ARVINAS, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 18
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 targeted protein degrader directed against the applicable target protein, subject to the achievement of specified sales milestones. These milestone payments are subject to reduction if we do not have a valid patent claim covering the licensed PROTAC targeted protein degrader at the time the milestone is achieved. We are also eligible to receive, on net sales of licensed PROTAC targeted protein degraders, mid-single digit royalties, which may be subject to reductions. 

Operating Expenses

Our operating expenses since inception have consisted solely of research and development costs and general and administrative costs. 

Research and Development Expenses 

Research and development expenses consist primarily of costs incurred for our research activities, including our discovery efforts, and the development of our product candidates, and include: 

•employee related expenses, including salaries, benefits, stock-based compensation expense and travel, for personnel engaged in research and development functions; 

•expenses incurred under agreements with third parties, including CROs and other third parties that conduct research, preclinical and clinical activities on our behalf as well as third parties that manufacture our product candidates for use in our preclinical studies and clinical trials; 

•costs of outside consultants, including their fees, stock-based compensation and related travel expenses; 

•the costs of laboratory supplies and developing preclinical studies and clinical trial materials; 

•facility-related expenses, which include direct depreciation costs of equipment and allocated expenses for rent and maintenance of facilities and other operating costs; 

•costs incurred in the development of intellectual property; and

•third-party licensing fees. 

We expense research and development costs as incurred. 

31

We typically use our employee and infrastructure resources across our development programs, and as such, do not track all of our internal research and development expenses on a program-by-program basis. The following table summarizes our research and development expenses for the three and six months ended June 30, 2025 and 2024:

For the Three Months EndedJune 30,For the Six Months EndedJune 30,(dollars in millions)2025202420252024Program-specific external expense:Vepdegestrant (ARV-471) (*)$15.1 $25.1 $39.2 $44.1 ARV-1023.8 1.7 10.3 3.0 ARV-3932.5 1.7 5.1 2.9 ARV-806 1.7 0.2 2.6 0.3 B