Company: ARVN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001655759-25-000016
Chunk: 43

Company: ARVINAS, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 16
Chunk 43
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 to direct such activities, the Company is not the primary beneficiary.Operating expenses and net loss of Oerth Bio for the years ended December 31, 2024, 2023 and 2022 totaled $3.7 million, $8.3 million and $22.9 million, respectively. The Company recognized no equity method losses for the year ended December 31, 2024. The Company recognized equity method losses of $2.5 million and $10.6 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2024, and 2023, the Company’s carrying value of the investment was zero.

The Company also provides Oerth Bio with compensated research and development and administrative services through a separate agreement. The services rendered by the Company during the years ended December 31, 2024, 2023 and 2022 were immaterial. 

F - 23

11. Income Taxes 

For the years ended December 31, 2024, 2023 and 2022, income tax expense totaled $0.6 million, $0.9 million and $20.9 million, respectively, and consisted of the following:Year Ended December 31,202420232022Current:U.S.:Federal$— $(1.7)$8.2 State and local0.6 2.6 12.7 Total current0.6 0.9 20.9 Deferred:U.S.:Federal— — — State and local— — — Total deferred— — — Income tax expense$0.6 $0.9 $20.9 The Company generated a taxable income for the year ended December 31, 2024 primarily due to the Novartis License Agreement, the Novartis Asset Agreement and the required capitalization of research and development expenses. The taxable income for federal purposes has been offset by net operating losses.The Company generated a taxable loss for the year ended December 31, 2023 primarily due to operating losses. The Company has not recorded any income tax benefits for the net operating losses incurred in the period due to its uncertainty of realizing a benefit from those items.For the year ended December 31, 2022, the Company generated taxable income and paid income taxes primarily due to revenue recognition for tax purposes from the Vepdegestrant (ARV-471)