Company: ARVN
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001655759-25-000139
Chunk: 92

Company: ARVINAS, INC.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 92
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 its estimate of the duration of the performance period under the Pfizer Research Collaboration Agreement as a result of updated research timelines. The change in accounting estimate resulted in a decrease in revenue and net income of $2.5 million, respectively, and a decrease in basic and diluted earnings per share of $0.03 for the six months ended June 30, 2025. The reversed revenue will continue to be recognized in future periods as the Company continues to advance on the performance obligation under the updated collaboration timeline.During the three months ended June 30, 2025 and 2024 and the six months ended June 30, 2024, no changes in accounting estimates related to the Company's collaborations were recorded.

10

The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied as of June 30, 2025 totaled $237.0 million, which is expected to be recognized in the following periods:(dollars in millions)Remainder of 2025$69.6 202666.6 202720.3 202880.5 Total$237.0 

4. Marketable Securities and Fair Value Measurements 

The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis. June 30, 2025(dollars in millions)ValuationHierarchyAmortizedCostGrossUnrealizedGainsGross UnrealizedLossesFair ValueCorporate bondsLevel 2$685.6 $1.3 $(0.3)$686.6 Government securitiesLevel 259.7 — — 59.7 Total$745.3 $1.3 $(0.3)$746.3  December 31, 2024(dollars in millions)ValuationHierarchyAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesFair ValueCorporate bondsLevel 2$934.4 $1.7 $(0.7)$935.4 Government securitiesLevel 23.5 — — 3.5 Total$937.9 $1.7 $(0.7)$938.9 The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.The carrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued