Company: ARVN
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001655759-25-000085
Chunk: 84

Company: ARVINAS, INC.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 84
---
 Company’s Incentive Share Plan, which was terminated in September 2018, that were subject to vesting immediately prior to the effectiveness of the registration statement that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ended December 31, 2019 and continuing to, and including, the fiscal year ending December 31, 2028, equal to the lesser of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or an amount determined by the Company’s board of directors. As of March 31, 2025, 3,327,876 shares remained available for issuance under the 2018 Plan. Shares of common stock subject to outstanding equity awards that expire or are terminated, surrendered or canceled without having been fully exercised or are forfeited in whole or in part are available for future grants of awards.Compensation ExpenseDuring the three months ended March 31, 2025 and 2024, the Company recognized compensation expense of $15.0 million and $18.6 million, respectively, related to the issuance of incentive awards, including $0.2 million related to the 2018 ESPP in each period presented.As of March 31, 2025, there was $73.6 million of total unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately 1.7 years.Stock OptionsThe fair value of the stock options granted during the three months ended March 31, 2025 and 2024 was determined using the Black-Scholes option pricing model with the following assumptions: March 31,2025March 31,2024Expected volatility (1)72.1 - 72.2%75.1 - 75.6%Expected term (years) (2)5.5 - 5.65.4 - 5.5Risk free interest rate (3)4.0% - 4.4%3.9% - 4.3%Expected dividend yield0 %0 %Exercise price$16.23 - $17.70$38.10 - $47.00(1)    Expected volatility is calculated by utilizing the Company's historical volatility