Company: ARVN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001655759-25-000139
Chunk: 150

Company: ARVINAS, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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.2 25.9 Employee expenses10.5 22.4 Income taxes3.3 3.2 Professional fees3.3 1.8 General and administrative and commercial expenses3.2 5.1 Total accounts payable and accrued liabilities$53.1 $71.8 

8. Long-Term Debt

Debt obligations consisted of the following:(dollars in millions)Maturity DateInterest RateJune 30,2025December 31,20242018 Assistance Agreement Debt09/283.25%$0.7 $0.8 Less: current installments(0.2)(0.2)Total long-term debt$0.5 $0.6 In June 2018, the Company entered into an assistance agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the 2018 Assistance Agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through September 2028, with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received.

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Minimum future principal payments on long-term debt as of June 30, 2025 are as follows:(dollars in millions)Remainder of 2025$0.1 20260.2 20270.2 20280.2 Total$0.7 During the three and six months ended June 30, 2025 and 2024, interest expense was immaterial.

9. Equity

Equity Distribution AgreementsIn November 2023, the Company amended and restated the Equity Distribution Agreement with Piper Sandler & Company (“Piper Sandler”) and Cantor Fitzgerald & Co. (“Cantor”), as agents, pursuant to which the Company may offer and sell from time to time, through the agents, up to approximately $262.8 million of the common stock registered under a universal shelf registration statement pursuant to one or more “at-the