Company: ARVN
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049527
Chunk: 169

Company: ARVINAS, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 169
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 the Restated Genentech Agreement, the Company received additional upfront, non-refundable payments of $34.5 million (in addition to $11.0 million received under the previous agreement in 2015) to fund Genentech-related research. Upfront non-refundable payments were recognized as revenue over the performance period, which concluded during the first quarter of 2023.The Company is eligible to receive up to $44.0 million per target protein in development milestone payments, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received through September 30, 2025.

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Table o    f Contents

Changes in the Company's contract balances for the nine months ended September 30, 2025 and 2024 were as follows:(dollars in millions)September 30,2025September 30,2024Accounts receivable related to collaborationsBeginning balance$5.7 $— Additions20.4 8.7 Payments received(5.8)(1.4)Ending balance$20.3 $7.3 Accounts payable related to collaborationsBeginning balance$5.4 $13.1 Additions39.3 43.5 Payments made(34.9)(42.3)Ending balance$9.8 $14.3 Contract assets: Collaboration contract assetBeginning balance$7.8 $9.4 Additions— 3.0 Amortization(4.1)(3.6)Ending balance$3.7 $8.8 Contract liabilities: Deferred revenueBeginning balance$448.2 $549.2 Additions to collaboration agreements— 130.0 Revenue recognized from balances held at the beginning of the period(233.1)(82.0)Revenue recognized from new collaborations— (93.5)Ending balance$215.1 $503.7 During the nine months ended September 30, 2025, the Company updated its estimate to satisfy the performance obligations under the Vepdegestrant (ARV-471) Collaboration Agreement due to the removal of the first-line Phase 3 combination trial with Pfizer’s novel investigational CDK4 inhibitor, atirmociclib, and the removal of the second-line Phase 3 combination trial with a