Company: ARVN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001655759-25-000139
Chunk: 149

Company: ARVINAS, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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 term, in a similar economic environment. The Company's weighted average incremental borrowing rate at June 30, 2025 totaled 6.9%. Lease expense is recognized on a straight-line basis over the lease term.The Company has operating leases for its corporate office, laboratories and certain equipment, which expire no later than December 2029. The leases have a weighted average remaining term of approximately 4.4 years.The components of lease expense were as follows: Three Months EndedJune 30,Six Months EndedJune 30,(dollars in millions)2025202420252024Operating lease cost$0.7 $0.5 $1.5 $1.0 Supplemental cash flow information related to leases was as follows:Six Months EndedJune 30,(dollars in millions)20252024Cash paid for amounts included in the measurement of lease liabilities:  Operating cash flows from operating leases$1.0 $1.0 Supplemental non-cash information:Right-of-use assets obtained in exchange for new lease obligations$1.5 $— In December 2024, the Company, entered into a Seventh Amendment and an Eighth Amendment, and in February 2025, the Company entered into a Ninth Amendment to its lease (collectively the “Building 5 Lease Amendments") with Science Park Development Corporation for certain premises in New Haven, Connecticut (the “Building 5 Premises”). The Building 5 Lease Amendments extended the term of the original lease to December 31, 2029, and expanded the Building 5 Premises to include approximately 10,900 square feet of 

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additional laboratory and office space in the first quarter of 2025, resulting in an increase in the Company's ROU assets of $1.5 million.Maturities of operating lease liabilities as of June 30, 2025, were as follows:(dollars in millions)Remainder of 2025$1.3 20262.3 20272.4 20282.5 20292.6 Total lease payments11.1 Less: imputed interest(1.7)Total$9.4 

7. Accounts Payable and Accrued Liabilities 

Accounts payable and accrued liabilities consisted of the following:(dollars in millions)June 30,2025December 31,2024Accounts payable$16.6 $13.4 Accrued liabilitiesResearch and development expenses16