UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2019
OR
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ____________________ to ____________________
Commission File Number: 001-38672
ARVINAS, INC.
(Exact Name of Registrant as Specified in its Charter)
|
Delaware |
47-2566120 |
|
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer |
|
5 Science Park 395 Winchester Ave. New Haven, Connecticut |
06511 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (203) 535-1456
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
|
Common stock, par value $0.001 per share |
|
ARVN |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☐ |
|
Non-accelerated filer |
|
☒ |
|
Smaller reporting company |
|
☒ |
|
|
|
|
|
Emerging growth company |
|
☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2019, the registrant had 33,748,982 shares of common stock, $0.001 par value per share, outstanding.
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Page |
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PART I. |
2 |
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Item 1. |
2 |
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2 |
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Condensed Consolidated Statements of Operations and Comprehensive Loss |
3 |
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|
4 |
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6 |
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Notes to Unaudited Condensed Consolidated Financial Statements |
7 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
17 |
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Item 3. |
27 |
|
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Item 4. |
27 |
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PART II. |
29 |
|
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Item 1. |
29 |
|
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Item 1A. |
29 |
|
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Item 2. |
68 |
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Item 5. |
68 |
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Item 6. |
69 |
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70 |
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i
This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “target,” “potential,” “goals,” “will,” “would,” “could,” “should,” “continue” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
The forward-looking statements in this Quarterly Report on Form 10-Q include, among other things, statements about:
|
|
• |
the timing and conduct of our clinical trial programs of ARV-110 and ARV-471, including statements regarding the timing of completion of our ongoing Phase 1 clinical trials of ARV-110 and ARV-471 and the period during which the results of the clinical trials will become available; |
|
|
• |
the timing of, and our ability to obtain, marketing approval of ARV-110 and ARV-471, and the ability of ARV-110 and ARV-471 and our other product candidates to meet existing or future regulatory standards; |
|
|
• |
our plans to pursue research and development of other product candidates; |
|
|
• |
the potential advantages of our platform technology and our product candidates; |
|
|
• |
the extent to which our scientific approach and platform technology may potentially address a broad range of diseases; |
|
|
• |
the potential benefits of our arrangements with Yale University and Professor Crews; |
|
|
• |
the timing of and our ability to obtain and maintain regulatory approvals for our product candidates; |
|
|
• |
the potential receipt of revenue from future sales of our product candidates; |
|
|
• |
the rate and degree of market acceptance and clinical utility of our product candidates; |
|
|
• |
our estimates regarding the potential market opportunity for our product candidates; |
|
|
• |
our sales, marketing and distribution capabilities and strategy; |
|
|
• |
our ability to establish and maintain arrangements for manufacture of our product candidates; |
|
|
• |
the potential achievement of milestones and receipt of payments under our collaborations; |
|
|
• |
our ability to enter into additional collaborations with third parties; |
|
|
• |
our intellectual property position; |
|
|
• |
our estimates regarding expenses, future revenues, capital requirements and needs for additional financing; |
|
|
• |
the impact of government laws and regulations; and |
|
|
• |
our competitive position. |
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report on Form 10-Q, particularly in the “Risk Factors” section, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may make.
You should read this Quarterly Report on Form 10-Q and the documents that we have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We do not assume any obligation to update any forward-looking statements except as required by applicable law.
In this Quarterly Report on Form 10-Q, unless otherwise stated or the context otherwise requires, references to the “Company,” “Arvinas,” “we,” “us,” and “our,” except where the context requires otherwise, refer to Arvinas, Inc. and its consolidated subsidiaries, or any one or more of them as the context may require, and “our board of directors” refers to the board of directors of Arvinas, Inc.
ii
Arvinas, INC. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
|
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
12,135,475 |
|
|
$ |
3,190,056 |
|
|
Marketable securities |
|
|
178,375,159 |
|
|
|
184,637,640 |
|
|
Account receivable |
|
|
59,330 |
|
|
|
2,775,831 |
|
|
Other receivables |
|
|
5,142,227 |
|
|
|
2,255,966 |
|
|
Prepaid expenses and other current assets |
|
|
3,951,152 |
|
|
|
2,818,286 |
|
|
Total current assets |
|
|
199,663,343 |
|
|
|
195,677,779 |
|
|
Property, equipment and leasehold improvements, net |
|
|
7,152,151 |
|
|
|
3,583,036 |
|
|
Operating lease right of use assets |
|
|
2,257,544 |
|
|
|
— |
|
|
Other assets |
|
|
20,760 |
|
|
|
20,760 |
|
|
Total assets |
|
$ |
209,093,798 |
|
|
$ |
199,281,575 |
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,277,824 |
|
|
$ |
2,758,184 |
|
|
Accrued expenses |
|
|
6,226,971 |
|
|
|
4,001,276 |
|
|
Deferred revenue |
|
|
20,294,456 |
|
|
|
16,065,957 |
|
|
Current portion of long-term debt |
|
|
— |
|
|
|
154,461 |
|
|
Current portion of operating lease liability |
|
|
597,014 |
|
|
|
— |
|
|
Total current liabilities |
|
|
29,396,265 |
|
|
|
22,979,878 |
|
|
Deferred revenue |
|
|
41,770,160 |
|
|
|
37,484,714 |
|
|
Long term debt, net of current portion |
|
|
2,000,000 |
|
|
|
2,000,000 |
|
|
Operating lease liability |
|
|
1,767,775 |
|
|
|
— |
|
|
Other noncurrent liability |
|
|
— |
|
|
|
150,000 |
|
|
Total liabilities |
|
|
74,934,200 |
|
|
|
62,614,592 |
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 33,076,557 and 31,235,458 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively |
|
|
33,076 |
|
|
|
31,236 |
|
|
Accumulated deficit |
|
|
(351,509,130 |
) |
|
|
(302,264,619 |
) |
|
Additional paid-in capital |
|
|
485,439,007 |
|
|
|
439,118,089 |
|
|
Accumulated other comprehensive income (loss) |
|
|
196,645 |
|
|
|
(217,723 |
) |
|
Total stockholders’ equity |
|
|
134,159,598 |
|
|
|
136,666,983 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
209,093,798 |
|
|
$ |
199,281,575 |
|
See accompanying notes
2
Arvinas, INC. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)
|
Condensed Consolidated Statements of Operations |
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
Revenue |
|
$ |
30,050,227 |
|
|
$ |
3,375,264 |
|
|
$ |
38,083,205 |
|
|
$ |
10,883,755 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
16,588,050 |
|
|
|
13,149,879 |
|
|
|
46,779,047 |
|
|
|
30,631,531 |
|
|
General and administrative |
|
|
7,957,364 |
|
|
|
4,284,231 |
|
|
|
20,038,772 |
|
|
|
7,110,723 |
|
|
Total operating expenses |
|
|
24,545,414 |
|
|
|
17,434,110 |
|
|
|
66,817,819 |
|
|
|
37,742,254 |
|
|
Income (loss) from operations |
|
|
5,504,813 |
|
|
|
(14,058,846 |
) |
|
|
(28,734,614 |
) |
|
|
(26,858,499 |
) |
|
Other income (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
405,302 |
|
|
|
160,100 |
|
|
|
840,153 |
|
|
|
418,494 |
|
|
Change in fair value of preferred unit warrant |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(193,779 |
) |
|
Interest income |
|
|
1,112,415 |
|
|
|
523,338 |
|
|
|
3,394,269 |
|
|
|
1,273,988 |
|
|
Interest expense |
|
|
(22,903 |
) |
|
|
(12,264 |
) |
|
|
(69,319 |
) |
|
|
(32,804 |
) |
|
Total other income |
|
|
1,494,814 |
|
|
|
671,174 |
|
|
|
4,165,103 |
|
|
|
1,465,899 |
|
|
Loss from equity method investment |
|
|
(24,675,000 |
) |
|
|
— |
|
|
|
(24,675,000 |
) |
|
|
— |
|
|
Net loss |
|
|
(17,675,373 |
) |
|
|
(13,387,672 |
) |
|
|
(49,244,511 |
) |
|
|
(25,392,600 |
) |
|
Change in fair value of redeemable convertible preferred units |
|
|
— |
|
|
|
(112,050,609 |
) |
|
|
— |
|
|
|
(198,366,756 |
) |
|
Net loss attributable to common shares |
|
$ |
(17,675,373 |
) |
|
$ |
(125,438,281 |
) |
|
$ |
(49,244,511 |
) |
|
$ |
(223,759,356 |
) |
|
Net loss per common share, basic and diluted |
|
$ |
(0.54 |
) |
|
$ |
(62.38 |
) |
|
$ |
(1.54 |
) |
|
$ |
(115.62 |
) |
|
Weighted average common shares outstanding, basic and diluted |
|
|
32,740,486 |
|
|
|
2,010,807 |
|
|
|
31,876,074 |
|
|
|
1,935,299 |
|
|
Condensed Consolidated Statements of Comprehensive Loss |
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
||||
|
Net loss |
|
$ |
(17,675,373 |
) |
|
$ |
(13,387,672 |
) |
|
$ |
(49,244,511 |
) |
|
$ |
(25,392,600 |
) |
|
Other comprehensive gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities |
|
|
(103,505 |
) |
|
|
49,391 |
|
|
|
414,368 |
|
|
|
(37,472 |
) |
|
Comprehensive loss |
|
$ |
(17,778,878 |
) |
|
$ |
(13,338,281 |
) |
|
$ |
(48,830,143 |
) |
|
$ |
(25,430,072 |
) |
See accompanying notes
3
Arvinas, INC. and Subsidiaries
Condensed Consolidated Statements of Redeemable Convertible Preferred Units/Shares and Changes in Members’/Stockholders’ Equity (unaudited)
|
|
|
Series A |
|
|
Series B |
|
|
Series C |
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
Redeemable |
|
|
Redeemable |
|
|
Redeemable |
|
|
Series A, B and C |
|
||||||||||||||||||||
|
|
|
Convertible |
|
|
Convertible |
|
|
Convertible |
|
|
Convertible |
|
||||||||||||||||||||
|
|
|
Preferred |
|
|
Preferred |
|
|
Preferred |
|
|
Preferred |
|
||||||||||||||||||||
|
|
|
Units |
|
|
Amount |
|
|
Units |
|
|
Amount |
|
|
Units |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
||||||||
|
Balance at July 1, 2018 |
|
|
22,463,665 |
|
|
$ |
65,818,538 |
|
|
|
24,977,489 |
|
|
$ |
79,178,640 |
|
|
|
16,467,066 |
|
|
$ |
57,799,402 |
|
|
|
— |
|
|
$ |
— |
|
|
Incentive unit-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Exercise of Series A redeemable convertible preferred warrant |
|
|
110,116 |
|
|
|
319,667 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Change in redemption value of redeemable convertible preferred units |
|
|
— |
|
|
|
44,994,203 |
|
|
|
— |
|
|
|
43,787,344 |
|
|
|
— |
|
|
|
23,269,062 |
|
|
|
— |
|
|
|
— |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Conversion of redeemable convertible preferred units to redeemable convertible preferred shares |
|
|
(22,573,781 |
) |
|
|
(111,132,408 |
) |
|
|
(24,977,489 |
) |
|
|
(122,965,984 |
) |
|
|
(16,467,066 |
) |
|
|
(81,068,464 |
) |
|
|
64,018,336 |
|
|
|
315,166,856 |
|
|
Conversion of common and incentive units to common and restricted stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Unrealized loss on available-for -sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Balance at September 30, 2018 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
64,018,336 |
|
|
$ |
315,166,856 |
|
|
Balance at July 1, 2019 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Restricted stock vesting |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Unrealized gain on available-for -sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Balance at September 30, 2019 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Total |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
Stockholders'/ |
|
|||
|
|
|
Common |
|
|
Common |
|
|
Incentive |
|
|
Accumulated |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Members’ |
|
|||||||||||||||||||
|
|
|
Units |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Units |
|
|
Amount |
|
|
Deficit |
|
|
Capital |
|
|
Income (Loss) |
|
|
Equity |
|
||||||||||
|
Balance at July 1, 2018 |
|
|
1,897,544 |
|
|
$ |
6,167 |
|
|
|
— |
|
|
$ |
— |
|
|
|
17,315,339 |
|
|
$ |
2,313,022 |
|
|
$ |
(160,738,472 |
) |
|
$ |
— |
|
|
$ |
(96,614 |
) |
|
$ |
(158,515,897 |
) |
|
Incentive unit-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36,647 |
|
|
|
5,062,408 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,062,408 |
|
|
Exercise of Series A redeemable convertible preferred warrant |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Change in redemption value of redeemable convertible preferred units |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(112,050,609 |
) |
|
|
— |
|
|
|
— |
|
|
|
(112,050,609 |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,387,672 |
) |
|
|
— |
|
|
|
— |
|
|
|
(13,387,672 |
) |
|
Conversion of redeemable convertible preferred units to redeemable convertible preferred shares |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Conversion of common and incentive units to common and restricted stock |
|
|
(1,897,544 |
) |
|
|
(6,167 |
) |
|
|
3,683,639 |
|
|
|
3,684 |
|
|
|
(17,351,986 |
) |
|
|
(7,375,430 |
) |
|
|
— |
|
|
|
7,377,913 |
|
|
|
— |
|
|
|
— |
|
|
Unrealized loss on available-for -sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
49,391 |
|
|
|
49,391 |
|
|
Balance at September 30, 2018 |
|
|
— |
|
|
$ |
— |
|
|
|
3,683,639 |
|
|
$ |
3,684 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
(286,176,753 |
) |
|
$ |
7,377,913 |
|
|
$ |
(47,223 |
) |
|
$ |
(278,842,379 |
) |
|
Balance at July 1, 2019 |
|
|
— |
|
|
$ |
— |
|
|
|
31,523,474 |
|
|
$ |
31,524 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
(333,833,757 |
) |
|
$ |
450,007,344 |
|
|
$ |
300,150 |
|
|
$ |
116,505,261 |
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,601,214 |
|
|
|
— |
|
|
|
4,601,214 |
|
|
Issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
1,346,313 |
|
|
|
1,346 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,452,687 |
|
|
|
— |
|
|
|
29,454,033 |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,675,373 |
) |
|
|
— |
|
|
|
— |
|
|
|
(17,675,373 |
) |
|
Restricted stock vesting |
|
|
— |
|
|
|
— |
|
|
|
120,647 |
|
|
|
120 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(120 |
) |
|
|
— |
|
|
|
— |
|
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
86,123 |
|
|
|
86 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,377,882 |
|
|
|
— |
|
|
|
1,377,968 |
|
|
Unrealized gain on available-for -sale securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(103,505 |
) |
|
|
(103,505 |
) |
|
Balance at September 30, 2019 |
|
|
— |
|
|
$ |
— |
|
|
|
33,076,557 |
|
|
$ |
33,076 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
(351,509,130 |
) |
|
$ |
485,439,007 |
|
|
$ |
196,645 |
|
|
$ |
134,159,598 |
|
See accompanying notes
4
Arvinas, INC. and Subsidiaries
Condensed Consolidated Statements of Redeemable Convertible Preferred Units/Shares and Changes in Members’/Stockholders’ Equity (unaudited)
|
|
|
Series A |
|
|
Series B |
|
|
Series C |
|
|
Series |
|
||||||||||||||||||||
|
|
|
Redeemable |
|
|
Redeemable |
|
|
Redeemable |
|
|
A, B and C |
|
||||||||||||||||||||
|
|
|
Convertible |
|
|
Convertible |
|
|
Convertible |
|
|
Convertible |
|
||||||||||||||||||||
|
|
|
Preferred |
|
|
Preferred |
|
|
Preferred |
|
|
Preferred |
|
||||||||||||||||||||
|
|
|
Units |
|
|
Amount |
|
|
Units |
|
|
Amount |
|
|
Units |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
||||||||
|
Balance at December 31, 2017 |
|
|
22,463,665 |
|
|
$ |
19,768,025 |
|
|
|
24,977,489 |
|
|
$ |
41,712,407 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
Incentive unit-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Exercise of Series A redeemable convertible preferred warrant |
|
|
110,116 |
|
|
|
319,667 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
||||||