0001655759-23-000079 | 10-Q | XBRL Viewer

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Basic and Diluted Loss per Common Share

Basic and diluted loss per common share was calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(dollars and shares in millions, except per share amounts)	2023		2022		2023		2022
Net loss	$	(66.6)	$	(70.0)	$	(148.5)	$	(133.4)
Weighted average number of common shares outstanding - basic and diluted	53.4		53.2		53.4		53.1
Net loss per common share - basic and diluted	$	(1.25)	$	(1.32)	$	(2.78)	$	(2.51)

Schedule of Securities Excluded From Computation of Diluted Net Loss Per Common Share

The Company reported net losses for each of the three and six months ended June 30, 2023 and 2022, and therefore excluded all stock options and restricted stock units from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below:


	For the Three and Six Months Ended June 30,
(shares in millions)	2023	2022
Stock options	8.2	6.5

Restricted stock units	1.1	0.3
	9.3	6.8

Long-Term Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Long-Term Debt

Debt obligations consisted of the following:


(dollars in millions)	Maturity Date	Interest Rate	June 30, 2023		December 31, 2022
2018 Assistance Agreement Debt	09/28	3.25%	$	1.0	$	1.0
Less: current installments			(0.1)		—
Total long-term debt			$	0.9	$	1.0

In June 2018, the Company entered into an additional assistance agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through September 2028, with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received.

In connection with an assistance agreement with the State of Connecticut entered into in 2014 under which all the borrowings by the Company were forgiven, the Company is required to be located in the State of Connecticut through January 2024, with a default penalty of repayment of the full original funding amount of $2.5 million plus liquidated damages of 7.5%.

Minimum future principal payments on long-term debt for the years ending December 31 are as follows:


(dollars in millions)
2023	$	—
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$	1.0

During the three and six months ended June 30, 2023 and 2022, interest expense was immaterial.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Nature of Business and Basis of Presentation	6 Months Ended
Nature of Business and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Arvinas, Inc. and its subsidiaries (“Arvinas” or the "Company”) is a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development and commercialization of therapies that degrade disease-causing proteins. The accompanying unaudited condensed consolidated financial statements include the accounts of Arvinas, Inc. and its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company's audited consolidated financial statements as of that date. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, forming part of Arvinas’ 2022 Annual Report on Form 10-K filed with the SEC on February 23, 2023. As previously disclosed in the Company's 2022 Annual Report on Form 10-K, the Company revised the accounting for its investment in Oerth Bio LLC ("Oerth Bio"). Accordingly, Arvinas recorded an adjustment to the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022 that were previously included in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. See Note 12, Equity Method Investments, for further details. The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates. Risks and Uncertainties The Company is subject to a number of risks similar to other biotechnology companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability. To date, the Company has not generated any revenue from product sales and expects to incur additional operating losses and negative operating cash flows for the foreseeable future. The Company has financed its operations primarily through sales of equity interests, proceeds from collaborations, grant funding and debt financing. The Company had cash, cash equivalents, restricted cash and marketable securities of approximately $1.0 billion as of June 30, 2023.

Net Loss Per Share - Securities Excluded From Computation of Diluted Net Loss Per Common Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	9.3	6.8	9.3	6.8
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	8.2	6.5	8.2	6.5
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	1.1	0.3	1.1	0.3

Right-of-Use Assets and Liabilities - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 0.5	$ 0.5	$ 1.0	$ 1.1

Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Correction of the Immaterial Error for the Period

The following illustrates the effect of the correction of the immaterial error for the period presented. There was no impact to the balance sheets, net loss per common share, statements of cash flows or changes in stockholders’ equity.


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(dollars in millions, except per share amounts)	as previously reported		adjustments		as adjusted		as previously reported		adjustments		as adjusted
Revenue	$	31.3	$	2.5	$	33.8	$	55.5	$	4.8	$	60.3
Loss from operations	$	(68.3)	$	2.5	$	(65.8)	$	(128.2)	$	4.8	$	(123.4)
Loss from equity method investment	$	—	$	(2.5)	$	(2.5)	$	—	$	(4.8)	$	(4.8)
Net loss	$	(70.0)	$	—	$	(70.0)	$	(133.4)	$	—	$	(133.4)
Net loss per common share - basic and diluted	$	(1.32)	$	—	$	(1.32)	$	(2.51)	$	—	$	(2.51)
Comprehensive loss	$	(73.3)	$	—	$	(73.3)	$	(150.8)	$	—	$	(150.8)

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions	Jun. 30, 2023 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 540.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 110.2
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 200.9
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 90.2
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 55.3
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 34.7
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 10.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 38.5
Revenue, remaining performance obligation, expected timing of satisfaction, period

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended June 30, 2023, the Company recognized income tax benefit of $0.3 million resulting in an effective tax rate of 0.4%, as compared to income tax expense of $3.4 million resulting in an effective tax rate of (5.4)% in the same period for 2022. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended June 30, 2023 and the Company’s overall effective tax rate of 0.4% was the effect of expected benefits from state net operating loss carryback claims offset by equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended June 30, 2022 and the Company’s overall effective tax rate of (5.4)% was the effect of equity compensation, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets. For the six months ended June 30, 2023, the Company recognized income tax expense of $0.7 million resulting in an effective tax rate of 0.4%, as compared to income tax expense of $7.9 million resulting in an effective tax rate of (6.5)% in the same period for 2022. The primary reconciling items between the federal statutory rate of 21.0% for the six months ended June 30, 2023 and the Company’s overall effective tax rate of 0.4% was the effect of expected benefits from state net operating loss carryback claims offset by equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between the federal statutory rate of 21.0% for the six months ended June 30, 2022 and the Company’s overall effective tax rate of (6.5)% was the effect of equity compensation, generation of tax credits, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets. A valuation allowance is established when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The realization of deferred tax assets depends on the generation of future taxable income during the period in which related temporary differences become deductible. The Company continues to establish a full valuation allowance against its net deferred tax assets since it is more likely than not that benefits will not be realized, including those benefits created in the current year. This assessment is based on the Company's historical cumulative losses which provide strong objective evidence that cannot be overcome with projections of income, as well as the fact the Company expects continuing losses in the future.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Method Investments - Schedule of Correction of Immaterial Error for the Period (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue	$ 54.5	$ 33.8	$ 87.0	$ 60.3
Loss from operations	(74.6)	(65.8)	(162.3)	(123.4)
Loss from equity method investment	(1.3)	(2.5)	(2.4)	(4.8)
Net loss	$ (66.6)	$ (70.0)	$ (148.5)	$ (133.4)
Net loss per common share, basic (in dollars per share)	$ (1.25)	$ (1.32)	$ (2.78)	$ (2.51)
Net loss per common share, diluted (in dollars per share)	$ (1.25)	$ (1.32)	$ (2.78)	$ (2.51)
Comprehensive loss	$ (66.2)	$ (73.3)	$ (141.5)	$ (150.8)
as previously reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		31.3		55.5
Loss from operations		(68.3)		(128.2)
Loss from equity method investment		0.0		0.0
Net loss		$ (70.0)		$ (133.4)
Net loss per common share, basic (in dollars per share)		$ (1.32)		$ (2.51)
Net loss per common share, diluted (in dollars per share)		$ (1.32)		$ (2.51)
Comprehensive loss		$ (73.3)		$ (150.8)
adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Revenue		2.5		4.8
Loss from operations		2.5		4.8
Loss from equity method investment		(2.5)		(4.8)
Net loss		$ 0.0		$ 0.0
Net loss per common share, basic (in dollars per share)		$ 0		$ 0
Net loss per common share, diluted (in dollars per share)		$ 0		$ 0
Comprehensive loss		$ 0.0		$ 0.0

Accounting Pronouncements and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Arvinas, Inc. and its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company's audited consolidated financial statements as of that date. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022, forming part of Arvinas’ 2022 Annual Report on Form 10-K filed with the SEC on February 23, 2023.
Use of Estimates	The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates.
Risks and Uncertainties	Risks and UncertaintiesThe Company is subject to a number of risks similar to other biotechnology companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability.
Accounting Pronouncements	Accounting Pronouncements The Company reviews new accounting standards as issued. As of June 30, 2023, the Company has not identified any new standards that it believes will have a material impact on the Company’s financial statements.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted CashRestricted cash represents a letter of credit collateralized by a certificate of deposit in the same amount as required under the terms of the Company's laboratory and office space lease entered into in May 2021 and amended in August 2022.

Property, Equipment and Leasehold Improvements

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consist of the following:


(dollars in millions)	June 30, 2023		December 31, 2022
Laboratory equipment	$	18.0	$	17.1
Leasehold improvements	11.5		10.9
Office equipment	2.5		2.0
Total property, equipment and leasehold improvements	32.0		30.0
Less: accumulated depreciation and amortization	(18.8)		(16.6)
Property, equipment and leasehold improvements, net	$	13.2	$	13.4

Depreciation and amortization expense totaled $1.2 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively, and $2.4 million and $3.0 million for the six months ended June 30, 2023 and 2022, respectively.

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2020	Mar. 31, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2019	Aug. 31, 2021	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options (in dollars per share)					$ 22.79	$ 41.41
Intrinsic value of options exercised					$ 0.6	$ 7.1
Restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of RSUs vested					4.2	0.7
Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive units authorized for issuance (in shares)		6,199,477
Incentive Plan \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense					38.2	$ 36.6
Incentive Plan \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense			$ 18.3	$ 20.0
Compensation expense not yet recognized			$ 83.8		$ 83.8
Compensation expense not yet recognized, period of recognition (in years)					1 year 9 months 18 days
Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, vesting period (in years)		1 year
Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)									1,277,181
Share-based award, vesting period (in years)		4 years
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)									4,067,007
Common stock, shares remained available for purchase (in shares)			1,987,423		1,987,423
Annual increase in reserved shares as percentage of outstanding common stock							4.00%
2018 Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase in reserved shares of common stock (in shares)							4,989,593
2018 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)									311,850
Common stock reserved for issuance represented as percentage on outstanding common stock	1.00%
Common stock, shares remained available for purchase (in shares)			2,495,756		2,495,756
Common stock, shares issued (in shares)					23,206	5,749
2018 ESPP \| Incentive Plan \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense			$ 0.3	$ 0.1	$ 0.5	$ 0.3
Common \| Equity Distribution Agreement \| At-the-Market Offering \| Piper Sandler and Cantor
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock aggregate offering price								$ 300.0
Shares issued and sold (in shares)					0

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 1.0
Less: current installments	(0.1)	$ 0.0
Total long-term debt	$ 0.9	1.0
2018 Assistance Agreement
Debt Instrument [Line Items]
Interest Rate	3.25%
Total	$ 1.0	$ 1.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Marketable Securities and Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Marketable Securities and Fair Value Measurements

Marketable Securities and Fair Value Measurements The Company’s marketable securities consist of corporate bonds and government securities which are adjusted to fair value as of each balance sheet date based on quoted prices, which are considered Level 2 inputs.

The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis.


	June 30, 2023
(dollars in millions)	Valuation Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	$	888.8	$	—	$	(12.1)	$	876.7
Government securities	Level 2	71.6		—		(0.1)		71.5
Total		$	960.4	$	—	$	(12.2)	$	948.2


	December 31, 2022
(dollars in millions)	Valuation Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	$	1,008.0	$	—	$	(18.5)	$	989.5
Government securities	Level 2	135.2		—		(0.7)		134.5
Total		$	1,143.2	$	—	$	(19.2)	$	1,124.0

The Company 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 accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these assets and liabilities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity - Summary of Restricted Stock (Details) - 2018 Plan - Restricted stock units - Employees	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Shares
Beginning balance (in shares) \| shares	489,216
Granted (in shares) \| shares	778,612
Vested (in shares) \| shares	(94,688)
Forfeited (in shares) \| shares	(28,658)
Ending balance (in shares) \| shares	1,144,482
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 51.37
Granted (in dollars per share) \| $ / shares	33.67
Vested (in dollars per share) \| $ / shares	44.52
Forfeited (in dollars per share) \| $ / shares	44.68
Ending balance (in dollars per share) \| $ / shares	$ 40.06

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt obligations consisted of the following:


(dollars in millions)	Maturity Date	Interest Rate	June 30, 2023		December 31, 2022
2018 Assistance Agreement Debt	09/28	3.25%	$	1.0	$	1.0
Less: current installments			(0.1)		—
Total long-term debt			$	0.9	$	1.0

Schedule of Minimum Future Payments on Long-Term Debt

Minimum future principal payments on long-term debt for the years ending December 31 are as follows:


(dollars in millions)
2023	$	—
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$	1.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Accounting Pronouncements and Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Accounting Pronouncements and Significant Accounting Policies

Accounting Pronouncements

The Company reviews new accounting standards as issued. As of June 30, 2023, the Company has not identified any new standards that it believes will have a material impact on the Company’s financial statements.

Significant Accounting Policies

There were no changes to the Company’s significant accounting policies during the six months ended June 30, 2023.

Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total amounts shown in the consolidated statements of cash flows for the six months ended June 30, 2023 and 2022:


(dollars in millions)	June 30, 2023		June 30, 2022
Cash and cash equivalents	$	90.6	$	93.2
Restricted cash	5.5		4.5
Cash, cash equivalents and restricted cash	$	96.1	$	97.7

Restricted cash represents a letter of credit collateralized by a certificate of deposit in the same amount as required under the terms of the Company's laboratory and office space lease entered into in May 2021 and amended in August 2022.

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (148.5)	$ (133.4)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2.4	3.0
Net accretion of bond discounts/premiums	(7.0)	5.8
Loss on sale of marketable securities	0.9	0.1
Amortization of right-of-use assets	0.9	1.0
Amortization of collaboration contract asset	1.5	0.8
Stock-based compensation	38.2	36.6
Changes in operating assets and liabilities:
Accounts receivable	0.9	13.6
Other receivables	2.4	4.0
Prepaid expenses and other current assets	13.1	(1.0)
Accounts payable and accrued liabilities	(0.6)	(12.7)
Operating lease liability	(1.0)	(1.0)
Deferred revenue	(83.1)	(52.5)
Net cash used in operating activities	(179.9)	(135.7)
Cash flows from investing activities:
Purchases of marketable securities	(492.3)	(469.1)
Maturities of marketable securities	638.9	555.9
Sales of marketable securities	42.3	34.3
Purchases of property, equipment and leasehold improvements	(1.7)	(3.5)
Net cash provided by investing activities	187.2	117.6
Cash flows from financing activities:
Proceeds from exercise of stock options and issuance of ESPP shares	2.0	3.0
Net cash provided by financing activities	2.0	3.0
Net increase (decrease) in cash, cash equivalents and restricted cash	9.3	(15.1)
Cash, cash equivalents and restricted cash, beginning of the period	86.8	112.8
Cash, cash equivalents and restricted cash, end of the period	96.1	97.7
Supplemental disclosure of cash flow information:
Purchases of property, equipment and leasehold improvements unpaid at period end	0.4	0.5
Cash paid for taxes	$ 9.0	$ 0.0

Equity - Summary of Stock Option Activity (Details) - 2018 Plan - USD ($) $ / shares in Units, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Options
Beginning balance (in shares)	6,814,634
Granted (in shares)	1,653,172
Exercised (in shares)	(71,321)
Forfeited (in shares)	(212,677)
Ending balance (in shares)	8,183,808	6,814,634
Vested and exercisable, ending balance (in shares)	4,417,474
Vested and expected to vest (in shares)	7,825,850
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 49.06
Granted (in dollars per share)	33.67
Exercised (in dollars per share)	18.90
Forfeited (in dollars per share)	56.45
Ending balance (in dollars per share)	46.05	$ 49.06
Vested and exercisable (in dollars per share)	41.74
Vested and expected to vest (in dollars per share)	$ 45.96
Weighted Average Remaining Contractual Term (Years)
Outstanding (in years)	7 years 8 months 12 days	7 years 8 months 12 days
Vested and exercisable (in years)	6 years 7 months 6 days
Vested and expected to vest (in Years)	7 years 7 months 6 days
Aggregate Intrinsic Value
Outstanding	$ 13.8	$ 34.5
Vested and exercisable	13.8
Vested and expected to vest	$ 13.8

Equity Method Investments

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

In July 2019, the Company and Bayer CropScience LP (“Bayer LP”) formed Oerth Bio, a joint venture to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. The Company and Bayer LP each held an initial ownership interest in Oerth Bio of 50%. A 15% ownership interest of Oerth Bio was reserved for the future grants of incentive units to employees and service providers and, as a result, the Company's ownership interest totaled 45.5% and 47.5% as of June 30, 2023 and 2022, respectively, as a result of vested incentive units.

In connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2022, the Company identified a prior period error related to the accounting of its investment in Oerth Bio in 2019. Previously, the Company disclosed that revenue of $24.7 million was deferred and would be recognized if and when Oerth Bio recognized revenue associated with the license. The Company has determined that the consideration received for the amounts associated with the deferred revenue should have been constrained, because at the time Bayer LP had contributed only a portion of its full cash commitment to Oerth Bio, and Bayer LP had the right to all the cash contributed, but not yet spent, upon liquidation of Oerth Bio. The constrained revenue should have been recognized upon both cash being contributed by Bayer LP and the related cash spent by Oerth Bio on research and development activities. As such, for each period presented, the revenue recognized is accompanied by corresponding equity method losses of the same amount.

The Company evaluated the error and determined that the related impact did not materially misstate the previously issued unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022. Although the Company concluded that the error was not material to its previously issued unaudited condensed consolidated financial statements, the Company has determined it is appropriate to adjust its previously issued unaudited condensed consolidated financial statements for the three and six months ended June 30, 2022 to correct the error and improve comparability.


	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
(dollars in millions, except per share amounts)	as previously reported		adjustments		as adjusted		as previously reported		adjustments		as adjusted
Revenue	$	31.3	$	2.5	$	33.8	$	55.5	$	4.8	$	60.3
Loss from operations	$	(68.3)	$	2.5	$	(65.8)	$	(128.2)	$	4.8	$	(123.4)
Loss from equity method investment	$	—	$	(2.5)	$	(2.5)	$	—	$	(4.8)	$	(4.8)
Net loss	$	(70.0)	$	—	$	(70.0)	$	(133.4)	$	—	$	(133.4)
Net loss per common share - basic and diluted	$	(1.32)	$	—	$	(1.32)	$	(2.51)	$	—	$	(2.51)
Comprehensive loss	$	(73.3)	$	—	$	(73.3)	$	(150.8)	$	—	$	(150.8)

Net loss of Oerth Bio for the three months ended June 30, 2023 and 2022 totaled $2.8 million and $5.3 million, respectively. The Company recognized equity method losses of $1.3 million and $2.5 million for the three months ended June 30, 2023 and 2022, respectively. Net loss of Oerth Bio for the six months ended June 30, 2023 and 2022 totaled $5.2 million and $10.2 million, respectively. The Company recognized equity method losses of $2.4 million and $4.8 million for the six months ended June 30, 2023 and 2022, respectively.

As of June 30, 2023 and 2022, the Company’s carrying value of the investment was zero.

The Company also provides Oerth Bio with compensated research, development and administrative services through a separate agreement. The services rendered by the Company during the three and six months ended June 30, 2023 and 2022 were immaterial.

Net Loss Per Share - Basic and Diluted Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (66.6)	$ (70.0)	$ (148.5)	$ (133.4)
Weighted average number of common shares outstanding, basic (in shares)	53.4	53.2	53.4	53.1
Weighted average number of common shares outstanding, diluted (in shares)	53.4	53.2	53.4	53.1
Net loss per common share - basic (in dollars per share)	$ (1.25)	$ (1.32)	$ (2.78)	$ (2.51)
Net loss per common share - diluted (in dollars per share)	$ (1.25)	$ (1.32)	$ (2.78)	$ (2.51)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 04, 2022	Jun. 30, 2023
Commitments And Contingencies [Line Items]
Loss contingency		$ 10.0
Foundation Medicine, Inc. \| Maximum \| Success-Based Milestone Payments
Commitments And Contingencies [Line Items]
Milestone payments (up to low)	$ 10.0

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1.2	$ 1.5	$ 2.4	$ 3.0

Accounting Pronouncements and Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents


(dollars in millions)	June 30, 2023		June 30, 2022
Cash and cash equivalents	$	90.6	$	93.2
Restricted cash	5.5		4.5
Cash, cash equivalents and restricted cash	$	96.1	$	97.7

Schedule of Restrictions on Cash and Cash Equivalents


(dollars in millions)	June 30, 2023		June 30, 2022
Cash and cash equivalents	$	90.6	$	93.2
Restricted cash	5.5		4.5
Cash, cash equivalents and restricted cash	$	96.1	$	97.7

Right-of-Use Assets and Liabilities

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Right-of-Use Assets and Liabilities

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the condensed consolidated balance sheets.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining

the present value of lease payments, which ranges from 3.0% - 7.5%. Lease expense is recognized on a straight-line basis over the lease term. The Company considers options to extend or terminate leases in recognizing ROU assets and lease liabilities when it is reasonably certain that such options will be exercised.

In May 2021, the Company entered into a lease arrangement, which was amended in August 2022, for approximately 160,000 square feet of laboratory and office space, expected to be occupied in 2025. In connection with the signing of the lease and the related amendment, and at the Company’s election to increase the landlord’s contribution to the tenant improvement allowance, the Company initially issued a letter of credit totaling $4.5 million, which was subsequently increased to $5.5 million, collateralized by a certificate of deposit in the same amount, which is presented as restricted cash in the consolidated balance sheets. Once occupied, the base rent will range from $7.7 million to $8.8 million annually over a ten-year lease term.

The Company has operating leases for its corporate office, laboratories and certain equipment, which expire no later than January 2026. The leases have a weighted average remaining term of 1.8 years.

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in millions)	2023		2022		2023		2022
Operating lease cost	$	0.5	$	0.5	$	1.0	$	1.1

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
(dollars in millions)	2023		2022
Cash 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	$	—	$	2.4

Maturities of operating lease liabilities as of June 30, 2023, were as follows:


(dollars in millions)
Remainder of 2023	$	1.0
2024	2.2
2025	0.5
2026	—



Total lease payments	3.7
Less: imputed interest	(0.2)
Total	$	3.5

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 54.5	$ 33.8	$ 87.0	$ 60.3
Operating expenses:
Research and development	103.4	75.3	198.6	139.2
General and administrative	25.7	24.3	50.7	44.5
Total operating expenses	129.1	99.6	249.3	183.7
Loss from operations	(74.6)	(65.8)	(162.3)	(123.4)
Other income (expenses)
Other expense, net	0.0	(0.1)	(1.1)	(0.2)
Interest income, net	9.0	1.8	16.6	2.9
Total other income	9.0	1.7	15.5	2.7
Net loss before income taxes and loss from equity method investment	(65.6)	(64.1)	(146.8)	(120.7)
Income tax benefit (expense)	0.3	(3.4)	0.7	(7.9)
Loss from equity method investment	(1.3)	(2.5)	(2.4)	(4.8)
Net loss	$ (66.6)	$ (70.0)	$ (148.5)	$ (133.4)
Net loss per common share, basic (in dollars per share)	$ (1.25)	$ (1.32)	$ (2.78)	$ (2.51)
Net loss per common share, diluted (in dollars per share)	$ (1.25)	$ (1.32)	$ (2.78)	$ (2.51)
Weighted average common shares outstanding, basic (in shares)	53.4	53.2	53.4	53.1
Weighted average common shares outstanding, diluted (in shares)	53.4	53.2	53.4	53.1
Statement of Comprehensive Income [Abstract]
Net loss	$ (66.6)	$ (70.0)	$ (148.5)	$ (133.4)
Other comprehensive loss:
Unrealized gain (loss) on available-for-sale securities	0.4	(3.3)	7.0	(17.4)
Comprehensive loss	$ (66.2)	$ (73.3)	$ (141.5)	$ (150.8)

Right-of-Use Assets and Liabilities - Additional Information (Details) ft² in Thousands, $ in Millions	1 Months Ended
	May 31, 2021 USD ($) ft²	Jun. 30, 2023 USD ($)
Lessee Lease Description [Line Items]
Lease for laboratory and office space \| ft²	160
Base rent lease term (in years)	10 years
Operating lease, weighted average remaining lease term (in years)		1 year 9 months 18 days
Letter of Credit \| Asset Pledged as Collateral
Lessee Lease Description [Line Items]
Letter of credit for collateralized by certificate of deposit	$ 4.5	$ 5.5
Minimum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease payments		3.00%
Base rent	7.7
Maximum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease payments		7.50%
Base rent	$ 8.8

Research Collaboration and License Agreements (Tables)

6 Months Ended

Jun. 30, 2023

Research Collaboration And License Agreements [Abstract]

Schedule of Contract Balances

Changes in the Company's contract balances for the six months ended June 30, 2023 and 2022 were as follows:


(dollars in millions)	June 30, 2023		June 30, 2022
Accounts receivable related to collaborations
Beginning balance	$	1.0	$	15.0
Additions	1.6		1.4
Payments received	(2.5)		(15.0)
Ending balance	$	0.1	$	1.4
Accounts payable related to collaborations
Beginning balance	$	5.0	$	—
Additions	1.7		—
Payments made	(6.7)		—
Ending balance	$	—	$	—
Contract assets: Collaboration contract asset
Beginning balance	$	10.7	$	12.5
Additions	—		—
Amortization	(1.5)		(0.8)
Ending balance	$	9.2	$	11.7
Contract liabilities: Deferred revenue
Beginning balance	$	623.7	$	740.5
Revenue recognized from balances held at the beginning of the period	(84.6)		(55.5)
Additions to collaboration agreements	1.5		3.0
Ending balance	$	540.6	$	688.0

Schedule of Transaction Price Allocated to Performance Obligations

The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied as of June 30, 2023 was $540.6 million, which is expected to be recognized in the following periods:


(dollars in millions)
Remainder of 2023	$	110.2
2024	200.9
2025	90.2
2026	55.3
2027	34.7
2028	10.8
Thereafter	38.5
Total	$	540.6

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2014	Jun. 30, 2018
Debt Instrument [Line Items]
Interest expense		$ 0.0	$ 0.0	$ 0.0	$ 0.0
2018 Assistance Agreement
Debt Instrument [Line Items]
Debt instrument bearing interest rate		3.25%		3.25%
2018 Assistance Agreement \| State of Connecticut
Debt Instrument [Line Items]
Debt instrument face amount	$ 2.0
Loan forgiveness	$ 1.0
Debt instrument bearing interest rate							3.25%
Debt instrument interest payments term (in months)	60 months
Percentage of liquidated damages	7.50%
2014 Assistance Agreement \| State of Connecticut
Debt Instrument [Line Items]
Debt instrument face amount						$ 2.5
Percentage of liquidated damages						7.50%

Marketable Securities and Fair Value Measurements - Summary of Available-for-Sale Marketable Securities (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 960.4	$ 1,143.2
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	(12.2)	(19.2)
Fair Value	948.2	1,124.0
Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	888.8	1,008.0
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	(12.1)	(18.5)
Fair Value	876.7	989.5
Government securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	71.6	135.2
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	(0.1)	(0.7)
Fair Value	$ 71.5	$ 134.5

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	$ 32.0	$ 30.0
Less: accumulated depreciation and amortization	(18.8)	(16.6)
Property, equipment and leasehold improvements, net	13.2	13.4
Laboratory equipment
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	18.0	17.1
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	11.5	10.9
Office equipment
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	$ 2.5	$ 2.0

Equity (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted

The fair value of the stock options granted during the six months ended June 30, 2023 and 2022 was determined using the Black-Scholes option pricing model with the following assumptions:


	June 30, 2023		June 30, 2022
Expected volatility	72.3 - 74.2%		73.2 - 76.0%
Expected term (years)	5.5 - 7.0		5.5 - 7.0
Risk free interest rate	3.4% - 4.2%		1.5% - 3.3%
Expected dividend yield	0	%	0	%
Exercise price	$23.23 - $36.27		$36.79 - $78.91

Schedule of Stock Option Activity

A summary of the stock option activity under the 2018 Plan during the six months ended June 30, 2023 is presented below. These amounts include stock options granted to employees and directors.


(dollars in millions, except weighted average exercise price)	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2022	6,814,634	$	49.06	7.7	$	34.5
Granted	1,653,172	$	33.67
Exercised	(71,321)	$	18.90
Forfeited	(212,677)	$	56.45
Outstanding as of June 30, 2023	8,183,808	$	46.05	7.7	$	13.8
Vested and exercisable as of June 30, 2023	4,417,474	$	41.74	6.6	$	13.8
Vested and expected to vest as of June 30, 2023	7,825,850	$	45.96	7.6	$	13.8

Schedule of Restricted Stock Grant Activity

A summary of RSU activity under the 2018 Plan during the six months ended June 30, 2023 is presented below. These amounts include RSUs granted to employees.


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested RSUs as of December 31, 2022	489,216	$	51.37
Granted	778,612	$	33.67
Vested	(94,688)	$	44.52
Forfeited	(28,658)	$	44.68
Unvested RSUs as of June 30, 2023	1,144,482	$	40.06

Right-of-Use Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars in millions)	2023		2022		2023		2022
Operating lease cost	$	0.5	$	0.5	$	1.0	$	1.1

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:


	Six Months Ended June 30,
(dollars in millions)	2023		2022
Cash 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	$	—	$	2.4

Schedule of Maturities of Operating Lease Liabilities

Maturities of operating lease liabilities as of June 30, 2023, were as follows:


(dollars in millions)
Remainder of 2023	$	1.0
2024	2.2
2025	0.5
2026	—



Total lease payments	3.7
Less: imputed interest	(0.2)
Total	$	3.5

Accounting Pronouncements and Significant Accounting Policies - Cash Reconciliation (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 90.6	$ 81.3	$ 93.2
Restricted cash	5.5	5.5	4.5
Cash, cash equivalents and restricted cash	$ 96.1	$ 86.8	$ 97.7	$ 112.8

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 90.6	$ 81.3
Restricted cash	5.5	5.5
Marketable securities	948.2	1,124.0
Accounts receivable	0.1	1.0
Other receivables	4.7	7.0
Prepaid expenses and other current assets	7.6	21.4
Total current assets	1,056.7	1,240.2
Property, equipment and leasehold improvements, net	13.2	13.4
Operating lease right of use assets	3.5	4.4
Collaboration contract asset and other assets	10.1	10.8
Total assets	1,083.5	1,268.8
Current liabilities:
Accounts payable and accrued liabilities	74.8	74.7
Deferred revenue	230.1	218.6
Current portion of long term debt	0.1	0.0
Current portion of operating lease liability	1.9	1.8
Total current liabilities	306.9	295.1
Deferred revenue	310.5	405.1
Long term debt	0.9	1.0
Operating lease liability	1.6	2.7
Total liabilities	619.9	703.9
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 53.4 and 53.2 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	0.1	0.1
Accumulated deficit	(1,113.9)	(965.4)
Additional paid-in capital	1,589.6	1,549.4
Accumulated other comprehensive loss	(12.2)	(19.2)
Total stockholders’ equity	463.6	564.9
Total liabilities and stockholders’ equity	$ 1,083.5	$ 1,268.8

Accounts Payable and Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


(dollars in millions)	June 30, 2023		December 31, 2022
Accounts payable	$	6.7	$	5.7
Accrued liabilities
Research and development expenses	51.6		35.9
Employee expenses	12.6		18.7
Professional fees and other	2.9		4.1
Income taxes	1.0		10.3
Total accounts payable and accrued liabilities	$	74.8	$	74.7

Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock options - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	72.30%	73.20%
Expected volatility, maximum	74.20%	76.00%
Risk free interest rate, minimum	3.40%	1.50%
Risk free interest rate, maximum	4.20%	3.30%
Expected dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 6 months
Exercise price (in dollars per share)	$ 23.23	$ 36.79
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years	7 years
Exercise price (in dollars per share)	$ 36.27	$ 78.91

Equity Method Investments- Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Contract with customer, liability	$ 540,600,000	$ 688,000,000.0	$ 540,600,000	$ 688,000,000.0	$ 623,700,000	$ 740,500,000
Net loss	66,600,000	70,000,000.0	148,500,000	133,400,000
Loss from equity method investment	1,300,000	2,500,000	2,400,000	4,800,000
Oerth
Schedule Of Equity Method Investments [Line Items]
Future grant of incentive units to service providers percentage							15.00%
Contract with customer, liability					$ 24,700,000
Loss from equity method investment	1,300,000	2,500,000	2,400,000	4,800,000
Equity method investments	0	0	0	0
Oerth
Schedule Of Equity Method Investments [Line Items]
Net loss	$ 2,800,000	$ 5,300,000	$ 5,200,000	$ 10,200,000
Bayer LP \| Oerth
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture (percentage)	45.50%	47.50%	45.50%	47.50%			50.00%

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (66.6)	$ (70.0)	$ (148.5)	$ (133.4)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 6.7	$ 5.7
Accrued liabilities
Research and development expenses	51.6	35.9
Employee expenses	12.6	18.7
Professional fees and other	2.9	4.1
Income taxes	1.0	10.3
Total accounts payable and accrued liabilities	$ 74.8	$ 74.7

Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Components of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


(dollars in millions)	June 30, 2023		December 31, 2022
Accounts payable	$	6.7	$	5.7
Accrued liabilities
Research and development expenses	51.6		35.9
Employee expenses	12.6		18.7
Professional fees and other	2.9		4.1
Income taxes	1.0		10.3
Total accounts payable and accrued liabilities	$	74.8	$	74.7

Right-of-Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash 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	$ 0.0	$ 2.4

Equity

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Equity

Equity Distribution Agreements

In August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Company (“Piper Sandler”) and Cantor Fitzgerald & Co. (“Cantor”), as agents, pursuant to which the Company may offer and sell from time to time, through the agents, up to $300.0 million of the common stock registered under the Company's universal shelf registration statement pursuant to one or more “at-the-market" offerings. During the six months ended June 30, 2023, no shares were issued under this agreement.

Stock-based Compensation

2018 Employee Stock Purchase Plan

In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), with the first offering period under the 2018 ESPP commencing on January 1, 2020, by initially providing participating employees with the opportunity to purchase an aggregate of 311,850 shares of the Company’s common stock. The number of shares of the Company’s common stock reserved for issuance under the 2018 ESPP increased, pursuant to the terms of the 2018 ESPP, by additional shares equal to 1% of the Company’s then-outstanding common stock, effective as of January 1 of each year. As of June 30, 2023, 2,495,756 shares remained available for purchase. During the six months ended June 30, 2023 and 2022, the Company issued 23,206 and 5,749 shares of common stock, respectively, of common stock under the 2018 ESPP.

Incentive Share Plan

In the Fourth Amendment to the Company’s Incentive Share Plan (the “Incentive Plan”) adopted in March 2018, the Company was authorized to issue up to an aggregate of 6,199,477 incentive units pursuant to the terms of the Incentive Plan. Generally, incentive units were granted at no less than fair value as determined by the board of managers and had vesting periods ranging from one to four years. The Incentive Plan was terminated in September 2018.

2018 Stock Incentive Plan

In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Stock Incentive Plan (the “2018 Plan”), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s initial public offering. The number of shares of common stock initially available for issuance under the 2018 Plan equaled the sum of (1) 4,067,007 shares of common stock; plus (2) the number of shares of common stock (up to 1,277,181 shares) issued in respect of incentive units granted under the Incentive Plan that were subject to vesting immediately prior to the effectiveness of the registration statement that expire, terminate or are otherwise surrendered, cancelled, 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 June 30, 2023, 1,987,423 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 Expense

During the three months ended June 30, 2023 and 2022, the Company recognized compensation expense of $18.3 million and $20.0 million, respectively, related to the issuance of incentive awards, including $0.3 million and $0.1 million, respectively, related to the 2018 ESPP. During the six months ended June 30, 2023 and 2022, the Company recognized compensation expense of $38.2 million and $36.6 million, respectively, relating to the issuance of incentive awards, including $0.5 million and $0.3 million, respectively, related to the 2018 ESPP.

As of June 30, 2023, there was $83.8 million of total unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately 1.8 years.

Stock Options

The fair value of the stock options granted during the six months ended June 30, 2023 and 2022 was determined using the Black-Scholes option pricing model with the following assumptions:


	June 30, 2023		June 30, 2022
Expected volatility	72.3 - 74.2%		73.2 - 76.0%
Expected term (years)	5.5 - 7.0		5.5 - 7.0
Risk free interest rate	3.4% - 4.2%		1.5% - 3.3%
Expected dividend yield	0	%	0	%
Exercise price	$23.23 - $36.27		$36.79 - $78.91

Given the Company’s common stock has not been trading for a sufficient period of time, the Company calculates volatility of its common stock by utilizing a weighted average of a collection of peer company volatilities and its own common stock volatility. The expected term is calculated utilizing the simplified method.

A summary of the stock option activity under the 2018 Plan during the six months ended June 30, 2023 is presented below. These amounts include stock options granted to employees and directors.


(dollars in millions, except weighted average exercise price)	Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of December 31, 2022	6,814,634	$	49.06	7.7	$	34.5
Granted	1,653,172	$	33.67
Exercised	(71,321)	$	18.90
Forfeited	(212,677)	$	56.45
Outstanding as of June 30, 2023	8,183,808	$	46.05	7.7	$	13.8
Vested and exercisable as of June 30, 2023	4,417,474	$	41.74	6.6	$	13.8
Vested and expected to vest as of June 30, 2023	7,825,850	$	45.96	7.6	$	13.8

The weighted-average grant date fair value per share of options granted during the six months ended June 30, 2023 and 2022 was $22.79 and $41.41, respectively. The total intrinsic value of options exercised during the six months ended June 30, 2023 and 2022 was $0.6 million and $7.1 million, respectively.

Restricted Stock Units (RSUs)

A summary of RSU activity under the 2018 Plan during the six months ended June 30, 2023 is presented below. These amounts include RSUs granted to employees.


	Shares	Weighted Average Grant Date Fair Value Per Share
Unvested RSUs as of December 31, 2022	489,216	$	51.37
Granted	778,612	$	33.67
Vested	(94,688)	$	44.52
Forfeited	(28,658)	$	44.68
Unvested RSUs as of June 30, 2023	1,144,482	$	40.06

The total fair value of RSUs vested during the six months ended June 30, 2023 and 2022 was $4.2 million and $0.7 million, respectively.

Right-of-Use Assets and Liabilities - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 1.0
2024	2.2
2025	0.5
2026	0.0
Total lease payments	3.7
Less: imputed interest	(0.2)
Total	$ 3.5

Research Collaboration and License Agreements - Summary of Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accounts receivable related to collaborations
Beginning balance	$ 1.0	$ 15.0
Additions	1.6	1.4
Payments received	(2.5)	(15.0)
Ending balance	0.1	1.4
Accounts payable related to collaborations
Beginning balance	5.0	0.0
Additions	1.7	0.0
Payments made	(6.7)	0.0
Ending balance	0.0	0.0
Contract assets: Collaboration contract asset
Beginning balance	10.7	12.5
Additions	0.0	0.0
Amortization	(1.5)	(0.8)
Ending balance	9.2	11.7
Contract liabilities: Deferred revenue
Beginning balance	623.7	740.5
Revenue recognized from balances held at the beginning of the period	(84.6)	(55.5)
Additions to collaboration agreements	1.5	3.0
Ending balance	$ 540.6	$ 688.0

Research Collaboration and License Agreements

6 Months Ended

Jun. 30, 2023

Research Collaboration And License Agreements [Abstract]

Research Collaboration and License Agreements

Vepdegestrant (ARV-471) Collaboration Agreement

In July 2021, the Company entered into a Collaboration Agreement with Pfizer Inc. (“Pfizer”) (the “Vepdegestrant (ARV-471) Collaboration Agreement”) pursuant to which the Company granted Pfizer worldwide co-exclusive rights to develop and commercialize products containing the Company’s proprietary compound ARV-471 (the “Licensed Products”). Under the Vepdegestrant (ARV-471) Collaboration Agreement, the Company received an upfront, non-refundable payment of $650.0 million. In addition, the Company is eligible to receive up to an additional $1.4 billion in contingent payments based on specific regulatory and sales-based milestones for the Licensed Products. Of the total contingent payments, $400.0 million in regulatory milestones are related to marketing approvals and $1.0 billion are related to sales-based milestones. There were no regulatory or sales-based milestone payments received through June 30, 2023.

The Company and Pfizer share equally all development costs, including costs of conducting clinical trials, for the Licensed Products, subject to certain exceptions. Except for certain regions described below, the parties will also share equally all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions.

The Company will be the marketing authorization holder in the United States and, subject to marketing approval, book sales in the United States, while Pfizer will hold marketing authorizations outside the United States. The parties will determine which, if any, regions within the world will be solely commercialized by one party, and in such region the parties will adjust their share of profits and losses for the Licensed Products based on the role each party will be performing.

As a direct result of the Company’s entry into the Vepdegestrant (ARV-471) Collaboration Agreement, the Company incurred direct and incremental costs to obtain the contract, paid to a financial advisor, totaling $12.9 million. In accordance with ASC 340, Other Assets and Deferred Costs, the Company recognized an asset of $12.9 million in collaboration contract asset and other assets in the condensed consolidated balance sheet at inception of the agreement, which is being amortized as general and administrative expense over the total estimated period of performance under the Vepdegestrant (ARV-471) Collaboration Agreement.

Bayer Collaboration Agreement

In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (the “Bayer Collaboration Agreement”) setting forth the Company’s collaboration with Bayer AG to identify or optimize proteolysis targeting chimeras ("PROTAC® targeted protein degraders") that mediate the degradation of target proteins. Under the terms of the Bayer Collaboration Agreement, the Company received an upfront, non-refundable payment of $17.5 million in exchange for the use of the Company’s technology license. Bayer AG was committed to fund an additional $12.0 million through 2023, all of which was received as of June 30, 2023, including $1.5 million and $3.0 million in the six months ended June 30, 2023 and 2022, respectively. These payments are being recognized over the total estimated period of performance.

The Company is also eligible to receive up to $197.5 million in development milestone payments and up to $490.0 million in sales-based milestone payments for all designated targets. In addition, the Company is eligible to receive, on net sales of PROTAC targeted protein degrader-related products, mid-single digit to low-double digit tiered royalties, which may be subject to reductions. There were no development or sales-based milestone payments or royalties received through June 30, 2023.

Pfizer Research Collaboration Agreement

In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer (the “Pfizer Research Collaboration Agreement”). Under the terms of the Pfizer Research Collaboration Agreement, the Company received an upfront, non-refundable payment and certain additional payments totaling $28.0 million in 2018 in exchange for use of the Company’s technology license and to fund Pfizer-related research as defined within the Pfizer Research Collaboration Agreement. These payments are being recognized as revenue over the total estimated period of performance. The Company is eligible to receive up to an additional $37.5 million in non-refundable option payments if Pfizer exercises its options for all targets under the Pfizer Research Collaboration Agreement. The Company is also entitled to receive up to $225.0 million in development milestone payments and up to $550.0 million in sales-based milestone payments for all designated targets under the Pfizer Research Collaboration Agreement, as well as tiered royalties based on sales. During the six months ended June 30, 2023 and 2022, the Company received payments totaling $1.0 million and $3.5 million which were included in accounts receivable as of December 31, 2022 and 2021, respectively, for additional targets and services which are being recognized as revenue over the total period of performance. There were no sales-based milestone payments or royalties received through June 30, 2023.

Restated Genentech Agreement

In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement (the “Restated Genentech Agreement”) with Genentech, Inc. and F. Hoffman-La Roche Ltd. (together "Genentech"), amending a previous Genentech agreement entered into in September 2015. Under the Restated Genentech Agreement, the Company received additional upfront, non-refundable payments of $34.5 million (in addition to $11.0 million received under the previous agreement in 2015) to fund Genentech-related research. Upfront non-refundable payments were recognized as revenue over the performance period.

The Company is eligible to receive up to $44.0 million per target in development milestone payments, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received through June 30, 2023.

Changes in the Company's contract balances for the six months ended June 30, 2023 and 2022 were as follows:


(dollars in millions)	June 30, 2023		June 30, 2022
Accounts receivable related to collaborations
Beginning balance	$	1.0	$	15.0
Additions	1.6		1.4
Payments received	(2.5)		(15.0)
Ending balance	$	0.1	$	1.4
Accounts payable related to collaborations
Beginning balance	$	5.0	$	—
Additions	1.7		—
Payments made	(6.7)		—
Ending balance	$	—	$	—
Contract assets: Collaboration contract asset
Beginning balance	$	10.7	$	12.5
Additions	—		—
Amortization	(1.5)		(0.8)
Ending balance	$	9.2	$	11.7
Contract liabilities: Deferred revenue
Beginning balance	$	623.7	$	740.5
Revenue recognized from balances held at the beginning of the period	(84.6)		(55.5)
Additions to collaboration agreements	1.5		3.0
Ending balance	$	540.6	$	688.0

During the three and six months ended June 30, 2023, the Company recorded cumulative catch-up adjustments from contract modifications totaling zero and $(8.2) million, respectively, relating to performance obligations which were satisfied in prior periods. During the three and six months ended June 30, 2022, the Company recorded no cumulative catch-up adjustments.


(dollars in millions)
Remainder of 2023	$	110.2
2024	200.9
2025	90.2
2026	55.3
2027	34.7
2028	10.8
Thereafter	38.5
Total	$	540.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Research Collaboration and License Agreements - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2017	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	Jun. 30, 2019
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		$ 9,200,000	$ 11,700,000	$ 9,200,000	$ 11,700,000			$ 10,700,000	$ 12,500,000
Collaboration contract asset and other assets		10,100,000		10,100,000				$ 10,800,000
Revenue adjustments arising from contract modifications		0	$ 0	(8,200,000)	0
Pfizer, Inc.
Research Collaboration And License Agreements [Line Items]
Payments received				1,000,000	3,500,000	$ 28,000,000
Pfizer, Inc. \| Regulatory and Sales-Based Milestones \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved										$ 1,400,000,000
Pfizer, Inc. \| Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved										650,000,000
Collaboration agreement direct and incremental costs incurred				12,900,000
Collaboration contract asset and other assets		12,900,000		12,900,000
Pfizer, Inc. \| Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved										400,000,000
Payments received				0
Pfizer, Inc. \| Sales-Based Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved										$ 1,000,000,000
Pfizer, Inc. \| Development Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		225,000,000		225,000,000
Pfizer, Inc. \| Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Payments received				0
Pfizer, Inc. \| Sales Based Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		550,000,000		550,000,000
Pfizer, Inc. \| Option Payments To License Agreement \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		37,500,000		37,500,000
Bayer Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved											$ 17,500,000
Bayer Collaboration Agreement \| Research Funding Payments
Research Collaboration And License Agreements [Line Items]
Payments received				1,500,000	$ 3,000,000
Bayer Collaboration Agreement \| Research Funding Payments \| Scenario Forecast \| Subsequent Event
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved							$ 12,000,000
Bayer Collaboration Agreement \| Development Milestone Payments
Research Collaboration And License Agreements [Line Items]
Payments received				0
Bayer Collaboration Agreement \| Development Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved											197,500,000
Bayer Collaboration Agreement \| Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Payments received				0
Bayer Collaboration Agreement \| Sales Based Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved											$ 490,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd.
Research Collaboration And License Agreements [Line Items]
Payments received	$ 34,500,000
Additional upfront non-refundable amount received under previous agreement	$ 11,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. \| Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		52,500,000		52,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. \| Development Milestone Payments \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		44,000,000		44,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. \| Commercial Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		$ 60,000,000		60,000,000
Payments received				$ 0

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company may be subject to legal proceedings, claims and disputes that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount, which could differ materially. Legal fees and other costs associated with such actions are expensed as incurred. The Company's accrual for such matters totaled $10.0 million as of June 30, 2023, primarily related to a contract dispute that is in early stages. Due to the early stage of the dispute, the means of resolution are unknown and could involve contract modification and, or payment of consideration. An estimate of the possible range of loss associated with the dispute cannot be made at this time and the Company has accrued its best estimate as of June 30, 2023. Clinical and Preclinical Development and Licensing Arrangements From time to time, the Company enters into contracts in the normal course of business with various third parties who support its clinical trials, preclinical research studies, and other services related to its development activities. The scope of the services under these agreements can generally be modified at any time, and the agreement can be terminated by either party after a period of notice and receipt of written notice. In addition, under licensing and related arrangements to which the Company is a party, the Company may be obligated to make milestone payments to third parties. The payment obligations under these arrangements are contingent upon future events, such as achievement of specified milestones or generation of product sales, and the amount, timing and likelihood of such payments are not known. FMI Agreement In June 2022, the Company entered into a Master In Vitro Diagnostics Agreement (the "FMI Agreement") with Foundation Medicine, Inc. ("Foundation Medicine") for the development and commercialization of one or more of Foundation Medicine’s companion in vitro diagnostic assays for use with one or more of the Company's therapeutic products. The FMI Agreement does not have a fixed duration, and the Company may terminate the FMI Agreement for convenience by providing adequate written notice to Foundation Medicine, subject to payment of applicable termination fees. Either party may terminate the FMI Agreement in its entirety for an uncured material breach by the other party, upon the bankruptcy or insolvency of the other party or by the mutual written agreement of both parties. Additionally, Foundation Medicine may terminate the FMI Agreement with respect to an applicable program, (a) if a reasonably necessary third party license is not secured by Foundation Medicine or if the Company does not consent to payments for such license, (b) if Foundation Medicine reasonably determines that further development of the applicable assay is not technically feasible or (c) following a certain number of years after the first commercial launch of the applicable assay for use with the applicable therapeutic product. Certain license and other rights and certain obligations of Foundation Medicine survive termination of the FMI Agreement. If the FMI Agreement is terminated in its entirety or with respect to any program, the Company has certain payment obligations remaining to Foundation Medicine and may also be required to pay a termination fee, if applicable. Bavdegalutamide In exchange for the development of FoundationOne® Liquid CDx as a companion diagnostic for use with bavdegalutamide for androgen receptor protein (“AR”) metastatic castration-resistant prostate cancer (“mCRPC”) in the United States and European Union, pursuant to the terms of the FMI Agreement, the Company is subject to success-based milestone payments of up to low to mid tens of millions of dollars, in addition to certain validation fees per sample and related pass-through costs. ARV-766 In exchange for the development of FoundationOne® Liquid CDx as a companion diagnostic for use with ARV-766 for AR mCRPC in the United States and European Union, pursuant to the terms of the FMI Agreement, the Company is subject to success-based milestone payments of up to low tens of millions of dollars in addition to certain validation fees per sample and related pass-through costs.

Property, Equipment and Leasehold Improvements (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consist of the following:


(dollars in millions)	June 30, 2023		December 31, 2022
Laboratory equipment	$	18.0	$	17.1
Leasehold improvements	11.5		10.9
Office equipment	2.5		2.0
Total property, equipment and leasehold improvements	32.0		30.0
Less: accumulated depreciation and amortization	(18.8)		(16.6)
Property, equipment and leasehold improvements, net	$	13.2	$	13.4

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common	Accumulated Deficit	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2021		53.0
Beginning balance at Dec. 31, 2021	$ 781.7	$ 0.0	$ (682.9)	$ 1,469.2	$ (4.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	36.6			36.6
Net loss	(133.4)		(133.4)
Issuance of common stock under equity incentive plans (in shares)		0.2
Issuance of common stock under equity incentive plans	3.1	$ 0.1		3.0
Unrealized gain (loss) on available-for-sale securities	(17.4)				(17.4)
Ending balance (in shares) at Jun. 30, 2022		53.2
Ending balance at Jun. 30, 2022	670.6	$ 0.1	(816.3)	1,508.8	(22.0)
Beginning balance (in shares) at Mar. 31, 2022		53.1
Beginning balance at Mar. 31, 2022	723.3	$ 0.0	(746.3)	1,488.3	(18.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	20.0			20.0
Net loss	(70.0)		(70.0)
Issuance of common stock under equity incentive plans (in shares)		0.1
Issuance of common stock under equity incentive plans	0.6	$ 0.1		0.5
Unrealized gain (loss) on available-for-sale securities	(3.3)				(3.3)
Ending balance (in shares) at Jun. 30, 2022		53.2
Ending balance at Jun. 30, 2022	$ 670.6	$ 0.1	(816.3)	1,508.8	(22.0)
Beginning balance (in shares) at Dec. 31, 2022	53.2	53.2
Beginning balance at Dec. 31, 2022	$ 564.9	$ 0.1	(965.4)	1,549.4	(19.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	38.2			38.2
Net loss	(148.5)		(148.5)
Issuance of common stock under equity incentive plans (in shares)		0.2
Issuance of common stock under equity incentive plans	2.0			2.0
Unrealized gain (loss) on available-for-sale securities	$ 7.0				7.0
Ending balance (in shares) at Jun. 30, 2023	53.4	53.4
Ending balance at Jun. 30, 2023	$ 463.6	$ 0.1	(1,113.9)	1,589.6	(12.2)
Beginning balance (in shares) at Mar. 31, 2023		53.4
Beginning balance at Mar. 31, 2023	511.0	$ 0.1	(1,047.3)	1,570.8	(12.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	18.3			18.3
Net loss	(66.6)		(66.6)
Issuance of common stock under equity incentive plans	0.5			0.5
Unrealized gain (loss) on available-for-sale securities	$ 0.4				0.4
Ending balance (in shares) at Jun. 30, 2023	53.4	53.4
Ending balance at Jun. 30, 2023	$ 463.6	$ 0.1	$ (1,113.9)	$ 1,589.6	$ (12.2)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Available-for-Sale Marketable Securities

The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis.


	June 30, 2023
(dollars in millions)	Valuation Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	$	888.8	$	—	$	(12.1)	$	876.7
Government securities	Level 2	71.6		—		(0.1)		71.5
Total		$	960.4	$	—	$	(12.2)	$	948.2


	December 31, 2022
(dollars in millions)	Valuation Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Corporate bonds	Level 2	$	1,008.0	$	—	$	(18.5)	$	989.5
Government securities	Level 2	135.2		—		(0.7)		134.5
Total		$	1,143.2	$	—	$	(19.2)	$	1,124.0

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38672
Entity Registrant Name	ARVINAS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2566120
Entity Address, Address Line One	5 Science Park
Entity Address, Address Line Two	395 Winchester Ave
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06511
City Area Code	203
Local Phone Number	535-1456
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ARVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,485,023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001655759
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares shares in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	53.4	53.2
Common stock, shares outstanding (in shares)	53.4	53.2

Nature of Business and Basis of Presentation (Details) $ in Billions	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, restricted cash and marketable securities	$ 1.0

Long-Term Debt - Schedule of Minimum Future Payments on Long-Term Debt (Details) $ in Millions	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 0.0
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$ 1.0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax benefit (expense)	$ (0.3)	$ 3.4	$ (0.7)	$ 7.9
Effective tax rate, percentage	0.40%	(5.40%)	0.40%	(6.50%)
Federal statutory rate, percentage	21.00%	21.00%	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Loss Per Share

Basic and diluted loss per common share was calculated as follows:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(dollars and shares in millions, except per share amounts)	2023		2022		2023		2022
Net loss	$	(66.6)	$	(70.0)	$	(148.5)	$	(133.4)
Weighted average number of common shares outstanding - basic and diluted	53.4		53.2		53.4		53.1
Net loss per common share - basic and diluted	$	(1.25)	$	(1.32)	$	(2.78)	$	(2.51)


	For the Three and Six Months Ended June 30,
(shares in millions)	2023	2022
Stock options	8.2	6.5

Restricted stock units	1.1	0.3
	9.3	6.8