Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 133

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 133
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 of March 31, 20255,934,775 $45.12 5.8$— Vested and expected to vest as of March 31, 20258,455,437 $41.34 6.7$— The weighted-average grant date fair value per share of options granted during the three months ended March 31, 2025 and 2024 was $11.50 and $30.52, respectively. There were no options exercised during the three months ended March 31, 2025. The total intrinsic value of options exercised during the three months ended March 31, 2024 was $0.9 million.Restricted Stock Units ("RSUs")A summary of RSU activity during the three months ended March 31, 2025 is presented below. Included in the table are RSUs granted to employees and directors under the 2018 Plan, as well as RSUs representing 170,365 shares of common stock granted to certain employees pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4).Shares Weighted AverageGrant DateFair Value PerShareUnvested RSUs as of December 31, 20242,311,291 $42.25 Granted2,229,467 $17.66 Vested(805,578)$45.35 Forfeited(146,054)$44.92 Unvested RSUs as of March 31, 20253,589,126 $26.17 The weighted-average grant date fair value per share of RSUs granted during the three months ended March 31, 2025 and 2024 was $17.66 and $46.55, respectively. The total intrinsic value of RSUs released during the three months ended March 31, 2025 and 2024 was $14.1 million and $9.4 million, respectively. The total fair value of RSUs vested during the three months ended March 31, 2025 and 2024 was $36.5 million and $8.1 million, respectively.

10. Income Taxes 

For the three months ended March 31, 2025, the Company recognized income tax expense of $0.2 million, resulting in an effective tax rate of 0.2%, as compared to income tax expense of $0.1 million, resulting in an effective tax rate of (0.2)%,