Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 132

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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 $18.6 million, respectively, related to the issuance of incentive awards, including $0.2 million related to the 2018 ESPP in each period presented.As of March 31, 2025, there was $73.6 million of total unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately 1.7 years.Stock OptionsThe fair value of the stock options granted during the three months ended March 31, 2025 and 2024 was determined using the Black-Scholes option pricing model with the following assumptions: March 31,2025March 31,2024Expected volatility (1)72.1 - 72.2%75.1 - 75.6%Expected term (years) (2)5.5 - 5.65.4 - 5.5Risk free interest rate (3)4.0% - 4.4%3.9% - 4.3%Expected dividend yield0 %0 %Exercise price$16.23 - $17.70$38.10 - $47.00(1)    Expected volatility is calculated by utilizing the Company's historical volatility of its stock price over a period equal to the expected term.(2)    Expected term is calculated based on the Company's historical experience.(3)     Risk free interest rate is based on an interpolation of U.S. Treasury rates to reflect the expected term at the date of grant.

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A summary of the stock option activity during the three months ended March 31, 2025 is presented below. Included in the table are stock options granted to employees and directors under the 2018 Plan, as well as options to purchase 255,611 shares of common stock granted to certain employees pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4).(dollars in millions, except weighted average exercise price)Options Weighted AverageExercise PriceWeighted AverageRemaining ContractualTerm (Years)Aggregate Intrinsic ValueOutstanding as of December 31, 20247,892,330 $44.16 6.7$3.2 Granted1,078,292 $17.65 Forfeited(218,106)$46.71 Outstanding as of March 31, 20258,752,516 $40.83 6.8$— Vested and exercisable as