Company: ARVN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001655759-25-000139
Chunk: 100

Company: ARVINAS, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 100
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 a valuation allowance against the full amount of its net deferred tax assets since it is more likely than not that benefits will not be realized, including those benefits created in the current year. This assessment is 

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based on the Company's historical cumulative losses, which provide strong objective evidence that cannot be overcome with projections of income, as well as the fact the Company expects continuing losses in the future. On July 4, 2025, the “One Big Beautiful Bill Act” (the “OBBB Act”) was enacted into law. The OBBB Act includes changes to U.S. tax with multiple effective dates starting in 2025. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures. Although the Company does not expect the OBBB Act to have a material impact on its estimated annual effective tax rate in 2025, it continues to assess the impact of the OBBB Act on subsequent periods.

11. (Loss) Earnings Per Common Share 

Basic and diluted (loss) earnings per common share was calculated as follows:For the Three Months EndedJune 30,For the Six Months EndedJune 30,(dollars and shares in millions, except per share amounts)2025202420252024Net (loss) income$(61.2)$(35.2)$21.7 $(104.6)Basic weighted average common shares outstanding73.0 71.9 72.8 71.7 Denominator adjustments for diluted EPS:Number of stock options and RSUs— — 0.2 — Denominator adjustments for diluted EPS:— — 0.2 — Diluted weighted average common shares outstanding73.0 71.9 73.0 71.7 (Loss) earnings per common share Basic$(0.84)$(0.49)$0.30 $(1.46)Diluted$(0.84)$(0.49)$0.30 $(1.46)The weighted average number of common shares included in the computation of basic and diluted net loss per common share for the three and six months ended June 30, 2024 gives effect to pre-funded warrants issued in November 2023 which allowed holders to acquire up 3,422,380 shares of common stock at a nominal exercise price of $0.001 per share and were classified as equity. The shares underlying the pre-funded warrants were exercisable for little or no consideration and therefore the underlying shares were