Company: ARVN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001655759-25-000016
Chunk: 15

Company: ARVINAS, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 16
Chunk 15
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artis Transaction performance obligation conclusions included the following, among others:

•We tested the effectiveness of controls over the identification of promised goods or services and the assessment of whether such promised goods and services were distinct.

•We obtained and read the contracts and other documents related to the Novartis Transaction.

•We tested the Company’s accounting analysis related to the identification of performance obligations for the Novartis Transaction under ASC 606, and performed procedures including the following:

◦We held corroborative inquiries with individuals involved in the negotiation of the Novartis Transaction to obtain an understanding of the identified promises as well as the Company’s assertions regarding whether the identified promises were distinct or should be combined with other promised goods and services to identify the performance obligations.

◦With the assistance of professionals in our firm having expertise in revenue accounting, we evaluated the Company’s conclusions regarding the identification of performance obligations and inspected relevant authoritative guidance.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 11, 2025

We have served as the Company's auditor since 2016.

F - 3

ARVINAS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

December 31,(dollars and shares in millions, except per share amounts)20242023AssetsCurrent assets:Cash and cash equivalents$100.5 $311.7 Restricted cash— 5.5 Marketable securities938.9 949.3 Accounts receivable5.7 — Other receivables8.0 7.2 Prepaid expenses and other current assets14.2 6.5 Total current assets1,067.3 1,280.2 Property, equipment and leasehold improvements, net7.0 11.5 Operating lease right of use assets9.0 2.5 Collaboration contract asset and other assets8.1 10.4 Total assets$1,091.4 $1,304.6 Liabilities and stockholders' equityCurrent liabilities:Accounts payable and accrued liabilities$71.8 $92.2 Deferred revenue156.2 163.0 Current portion of operating lease liability1.8 1.9 Total current liabilities229.8 257.1 Deferred revenue292.0 386.2 Long term debt0.6 0.8 Operating lease liability7.3 0.5 Total liabilities529.7 644.