Company: ARVN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001655759-25-000139
Chunk: 146

Company: ARVINAS, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 146
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 2024, the termination date of the agreement.Restated Genentech AgreementIn November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement (the “Restated Genentech Agreement”) with Genentech, Inc. and F. Hoffman-La Roche Ltd. (together "Genentech"), amending a previous Genentech agreement entered into in September 2015. Under 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 June 30, 2025.

9

Changes in the Company's contract balances for the six months ended June 30, 2025 and 2024 were as follows:(dollars in millions)June 30,2025June 30,2024Accounts receivable related to collaborationsBeginning balance$5.7 $— Additions0.1 1.8 Payments received(5.3)— Ending balance$0.5 $1.8 Accounts payable related to collaborationsBeginning balance$5.4 $13.1 Additions29.5 29.2 Payments made(24.8)(26.1)Ending balance$10.1 $16.2 Contract assets: Collaboration contract assetBeginning balance$7.8 $9.4 Additions— 3.0 Amortization(3.7)(1.7)Ending balance$4.1 $10.7 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(211.2)(56.3)Revenue recognized from new collaborations— (23.7)Ending balance$237.0 $599.2 During the