Company: ARVN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049527
Chunk: 112

Company: ARVINAS, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 112
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 that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ended December 31, 2019 and continuing to, and including, the fiscal year ending December 31, 2028, equal to the lesser of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or an amount determined by the Company’s board of directors. As of September 30, 2025, 2,797,459 shares remained available for issuance under the 2018 Plan. Shares of common stock subject to outstanding equity awards that expire or are terminated, surrendered or canceled without having been fully exercised or are forfeited in whole or in part are available for future grants of awards.Compensation ExpenseIn connection with the strategic restructuring actions initiated by the Company in the second and third quarters of 2025, as further discussed below in Note 14, Restructuring Activity, the Company modified the vesting terms of certain restricted stock units previously granted to employees. The incremental impact of the modification for the three and nine months ended September 30, 2025 totaled $3.6 million and $5.3 million,respectively, as decreases to compensation expense.During the three months ended September 30, 2025 and 2024, the Company recognized compensation expense of $10.1 million and $24.7 million, respectively, related to the issuance of incentive awards, including $0.1 million related to the 2018 ESPP in each period presented.During the nine months ended September 30, 2025 and 2024, the Company recognized compensation expense of $35.5 million and $64.9 million, respectively, relating to the issuance of incentive awards, including $0.4 million and $0.6 million, respectively, related to the 2018 ESPP.As of September 30, 2025, there was $41.7 million of total unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately 1.5 years.Stock OptionsThe fair value of the stock options granted during the nine months ended September 30, 2025 and 2024 was determined using the Black-Scholes option pricing model with the