Company: ARVN
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0001655759-25-000016
Chunk: 33

Company: ARVINAS, INC.
Filing Date: 2025-02-11
Form: 10-K
Item: Item 16
Chunk 33
---
$13.1 Contract assets: Collaboration contract assetBeginning balance$9.4 $10.7 Additions3.0 — Amortization(4.6)(1.3)Ending balance$7.8 $9.4 Contract liabilities: Deferred revenueBeginning balance$549.2 $623.7 Additions to collaboration agreements130.0 1.5 Revenue recognized from balances held at the beginning of the period(101.0)(76.0)Revenue recognized from balances not held at the beginning of the period(130.0)— Ending balance$448.2 $549.2 During the year ended December 31, 2024, the Company changed its estimate of the duration of the performance period under the Pfizer Research Collaboration Agreement as a result of updated research timelines. The changes in accounting estimate resulted in a decrease in revenue and an increase in net loss of $2.4 million, respectively, and an increase in net loss per share of $0.03 for the year ended December 31, 2024. The reversed revenue will be recognized in subsequent periods as the Company continues to advance on the performance obligation under the updated collaboration timeline.

F - 16

During the fourth quarter of 2023, the Company had a change to its estimate to satisfy the performance obligations under the Vepdegestrant (ARV-471) Collaboration Agreement due to the expansion of the development programs. The changes in accounting estimate resulted in a decrease in revenue and increase in net loss of $35.0 million, respectively, and an increase in net loss per share of $0.63 for the year ended December 31, 2023. The reversed revenue will continue to be recognized in future periods as the Company continues to advance on the performance obligation under the collaboration.During the year ended December 31, 2023, the Company also changed its estimate of the duration of the performance period under the Bayer Collaboration Agreement and Pfizer Research Collaboration Agreement as a result of updated research timelines. The changes in accounting estimate resulted in a decrease in revenue and an increase in net loss of $10.6 million, respectively, and an increase in net loss per share of $0.19 for the year ended December 31, 2023. The reversed revenue was recognized in subsequent periods as the Company continued to advance on the performance obligation under the updated collaboration timelines.During the year ended December 31, 2022, the Company recorded a