Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 87

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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 evidence that cannot be overcome with projections of income, as well as the fact the Company expects continuing losses in the future. 

11. Earnings (Loss) Per Common Share 

Basic and diluted earnings (loss) per common share was calculated as follows:For the Three Months EndedMarch 31,(dollars and shares in millions, except per share amounts)20252024Net income (loss)$82.9 $(69.4)Basic weighted average common shares outstanding72.5 71.7 Denominator adjustments for diluted EPS:Number of stock options and RSUs0.2 — Denominator adjustments for diluted EPS:0.2 — Diluted weighted average common shares outstanding72.7 71.7 Earnings (loss) per common share Basic$1.14 $(0.97)Diluted$1.14 $(0.97)The weighted average number of common shares included in the computation of basic and diluted net loss per common share for the three months ended March 31, 2024 gives effect to pre-funded warrants issued in November 2023 which allowed holders to acquire up 3,422,380 shares of common stock at a nominal exercise price of $0.001 per share and were classified as equity. The shares underlying the pre-funded warrants were exercisable for little or no consideration and therefore the underlying shares were considered outstanding at the issuance of the pre-funded warrants for purposes of calculating the weighted average number of common shares outstanding in basic and diluted net loss per share for common share. As of March 31, 2025, all outstanding pre-funded warrants were cashless exercised for no consideration and the Company issued 3,422,186 shares of common stock to the holders.The Company reported a net loss for the three months ended March 31, 2024 and therefore excluded all stock options and RSUs from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below:For the Three Months EndedMarch 31,2024Stock options8.6 RSUs2.5 11.1 

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12. Equity Method Investments

In July 2019, the Company and Bayer CropScience LP (“Bayer LP”) formed Oerth Bio LLC ("Oerth Bio"), a joint venture to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. The Company and Bayer LP each held an initial ownership interest in