0001564590-21-053958 | 10-Q | XBRL Viewer

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Fair Value Measurements - Schedule of Assets Accounted for at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Assets:
Fair value measurements of assets	$ 1,288,814,399	$ 100,157,618
Fair Value, Measurements, Recurring \| Corporate Bonds and Government Securities
Assets:
Fair value measurements of assets	1,288,814,399
Fair Value, Measurements, Recurring \| Corporate Bond Securities
Assets:
Fair value measurements of assets		100,157,618
Level 2 \| Fair Value, Measurements, Recurring \| Corporate Bonds and Government Securities
Assets:
Fair value measurements of assets	$ 1,288,814,399
Level 2 \| Fair Value, Measurements, Recurring \| Corporate Bond Securities
Assets:
Fair value measurements of assets		$ 100,157,618

Fair Value Measurements - Summary of Company's Available for Sale Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 1,289,491,048	$ 99,596,821
Gross Unrealized Gains	67,185	560,797
Gross Unrealized Losses	(743,834)
Fair Value	1,288,814,399	$ 100,157,618
Corporate Bonds One Maturing 2021-2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	731,683,312
Gross Unrealized Gains	51,693
Gross Unrealized Losses	(107,337)
Fair Value	$ 731,627,668
Corporate Bonds One Maturing 2021-2022 \| Minimum [Member]
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2021
Corporate Bonds One Maturing 2021-2022 \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2022
Corporate Bonds Maturing 2022-2023
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 453,379,699
Gross Unrealized Gains	13,828
Gross Unrealized Losses	(635,058)
Fair Value	$ 452,758,469
Corporate Bonds Maturing 2022-2023 \| Minimum [Member]
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2022
Corporate Bonds Maturing 2022-2023 \| Maximum
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2023
Government Securities Maturing 2022
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity	2022
Amortized Cost	$ 104,428,037
Gross Unrealized Gains	1,664
Gross Unrealized Losses	(1,439)
Fair Value	$ 104,428,262
Corporate Bonds Maturing 2021
Schedule Of Available For Sale Securities [Line Items]
Effective Maturity		2021
Amortized Cost		$ 99,596,821
Gross Unrealized Gains		560,797
Fair Value		$ 100,157,618

Long-Term Debt - Schedule of Anticipated Future Minimum Payments on Long-Term Debt Excluding Discount on Debt (Details)	Sep. 30, 2021 USD ($)
Long Term Debt By Maturity [Abstract]
2023	$ 46,240
2024	188,758
Beyond	765,002
Total	$ 1,000,000

Net Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Basic and Diluted Loss per Common Share

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Net loss	$	(46,751,752	)	$	(30,819,866	)	$	(138,004,605	)	$	(77,785,576	)
Weighted average number of common shares outstanding, basic and diluted ⁽¹⁾		49,807,508			39,058,294			49,101,927			38,784,569
Net loss attributed to Arvinas common shareholders - basic and diluted	$	(0.94	)	$	(0.79	)	$	(2.81	)	$	(2.01	)

⁽¹⁾

The weighted-average number of common shares outstanding-diluted excludes approximately 2.7 million and 1.4 million stock options and contingently issuable restricted stock units, which were anti-dilutive and therefore excluded from the computation of loss per share for the three months ended September 30, 2021 and 2020, respectively, and 2.7 million and 2.0 million stock options and contingently issuable restricted stock units, which

were anti-dilutive and therefore excluded from the computation of loss per share for the nine months ended September 30, 2021 and 2020, respectively.

Condensed Consolidated Balance Sheets (unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 255,662,835	$ 588,373,232
Restricted cash	4,500,000
Marketable securities	1,288,814,399	100,157,618
Accounts receivable	1,880,180	1,000,000
Other receivables	6,755,720	7,443,654
Prepaid expenses and other current assets	18,537,587	6,113,122
Total current assets	1,576,150,721	703,087,626
Property, equipment and leasehold improvements, net	11,628,051	12,259,515
Operating lease right of use assets	4,250,463	1,992,669
Collaboration contract asset and other assets	12,835,975	28,777
Total assets	1,604,865,210	717,368,587
Current liabilities:
Accounts payable	4,671,605	7,121,879
Accrued expenses	13,769,220	18,859,840
Deferred revenue	162,943,830	22,150,861
Current portion of operating lease liability	1,123,101	952,840
Total current liabilities	182,507,756	49,085,420
Deferred revenue	600,429,165	22,938,233
Long term debt	1,000,000	2,000,000
Operating lease liability	3,191,132	1,087,422
Total liabilities	787,128,053	75,111,075
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 52,766,020 and 48,455,741 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	52,766	48,455
Accumulated deficit	(629,893,515)	(491,888,910)
Additional paid-in capital	1,448,254,555	1,133,537,171
Accumulated other comprehensive (loss) income	(676,649)	560,796
Total stockholders’ equity	817,737,157	642,257,512
Total liabilities and stockholders’ equity	$ 1,604,865,210	$ 717,368,587

Long-Term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Long-Term Debt

8. Long-Term Debt

In connection with an Assistance Agreement with the State of Connecticut entered into in 2014 (the “2014 Assistant Agreement”) 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%.

In June 2018, the Company entered into an 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 “Project”). Under the terms of the 2018 Assistance Agreement, the Company was entitled to borrow from the State of Connecticut a maximum of $2.0 million, provided that the funding did not exceed more than 50% of the total Project costs. In September 2018, the Company borrowed $2.0 million under the 2018 Assistance Agreement, bearing interest at 3.25% per annum with interest payments required for the first 60 months from the funding date. Thereafter, the loan will begin to fully amortize through month 120, maturing in September 2028. According to the terms of the 2018 Assistance Agreement, up to $1.0 million of the funding thereunder can be forgiven if the Company meets certain employment conditions, as defined therein. 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 April 2021, the Company was notified that the employment obligations and the funding provisions relative to the approved costs have been satisfied under the 2018 Assistance Agreement and the Company was granted loan forgiveness of $1.0 million from the State of Connecticut.

Anticipated future minimum payments on long-term debt for the years ending December 31 are:

2023	$	46,240
2024		188,758
Beyond		765,002
Total	$	1,000,000

During the three months ended September 30, 2021 and 2020, interest expense totaled $8,125 and $16,250, respectively. During the nine months ended September 30, 2021 and 2020, interest expense totaled $32,500 and $48,750, respectively.

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 21,138,075	$ 18,392,339
Less: accumulated depreciation and amortization	(9,510,024)	(6,132,824)
Property, equipment and leasehold improvements, net	11,628,051	12,259,515
Laboratory Equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	12,961,843	11,100,116
Office Equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	1,371,594	1,233,823
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 6,804,638	$ 6,058,400

Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock Options - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	74.80%	70.30%
Expected volatility, maximum	78.00%	74.70%
Risk free interest rate, minimum	0.50%	0.30%
Risk free interest rate, maximum	1.20%	1.60%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 3 months 18 days	5 years 3 months 18 days
Exercise price	$ 66.82	$ 24.75
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years	7 years
Exercise price	$ 100.40	$ 50.00

Investment in Equity Method Investee - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Schedule Of Equity Method Investments [Line Items]
Net loss			$ 138,004,605	$ 77,785,576
Oerth
Schedule Of Equity Method Investments [Line Items]
Equity method investments	$ 0	$ 0	0	0
Loss from equity method investment	0	0	0	0
Oerth \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule Of Equity Method Investments [Line Items]
Net loss	3,500,000	2,300,000	9,500,000	4,900,000
Operating expenses	$ 3,500,000	$ 2,300,000	$ 9,500,000	$ 4,900,000
Bayer LP \| Oerth
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture	50.00%		50.00%

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Net Loss Per Common Share - Basic and Diluted Loss per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (46,751,752)	$ (30,819,866)	$ (138,004,605)	$ (77,785,576)
Weighted average number of common shares outstanding, basic and diluted	49,807,508	39,058,294	49,101,927	38,784,569
Net loss attributed to Arvinas common shareholders - basic and diluted	$ (0.94)	$ (0.79)	$ (2.81)	$ (2.01)

- 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

Nature of Business and Basis of Presentation

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business and Basis of Presentation

1. Nature of Business and Basis of Presentation

Arvinas, Inc. and subsidiaries (“Arvinas” or “the Company”) is a clinical-stage biopharmaceutical 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 Company expects to incur additional operating losses and negative operating cash flows for the foreseeable future.

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company 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 at December 31, 2020 has been derived from Arvinas’ audited consolidated financial statements at 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, 2020, forming part of Arvinas’ 2020 Annual Report on Form 10-K filed with the SEC on March 1, 2021.

The process of preparing the Company’s unaudited condensed consolidated financial statements requires the use of estimates 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 consider reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual amounts may differ materially from these estimates.

Impact of the Coronavirus (“COVID-19”) Pandemic

As a result of the COVID-19 pandemic, many companies have experienced disruptions in their operations and in the markets they serve. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s financial position and results of operations as of and for the nine months ended September 30, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations remains uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of Company to complete certain clinical trials and other efforts required to advance its preclinical pipeline.

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($)	Total	At-the-Market Offering	Common Shares	Common Shares At-the-Market Offering	Accumulated Deficit	Additional Paid-in Capital	Additional Paid-in Capital At-the-Market Offering	Accumulated Other Comprehensive Income (Loss)
Balance at Dec. 31, 2019	$ 226,686,281		$ 38,461		$ (372,556,846)	$ 599,097,090		$ 107,576
Balance, Shares at Dec. 31, 2019			38,461,353
Stock-based compensation	22,121,591					22,121,591
Net loss	(77,785,576)				(77,785,576)
Restricted stock vesting			$ 295			(295)
Restricted stock vesting, Shares			295,065
Exercise of stock options	3,206,938		$ 177			3,206,761
Exercise of stock options, Shares			176,509
Common stock issued, net of issuance costs		$ 29,918,502		$ 1,163			$ 29,917,339
Common stock issued, net of issuance costs, Shares				1,163,074
Unrealized gain (loss) on available-for-sale securities	972,231							972,231
Balance at Sep. 30, 2020	205,119,967		$ 40,096		(450,342,422)	654,342,486		1,079,807
Balance, Shares at Sep. 30, 2020			40,096,001
Balance at Dec. 31, 2019	226,686,281		$ 38,461		(372,556,846)	599,097,090		107,576
Balance, Shares at Dec. 31, 2019			38,461,353
Balance at Dec. 31, 2020	642,257,512		$ 48,455		(491,888,910)	1,133,537,171		560,796
Balance, Shares at Dec. 31, 2020			48,455,741
Balance at Jun. 30, 2020	197,781,424		$ 38,825		(419,522,556)	615,601,031		1,664,124
Balance, Shares at Jun. 30, 2020			38,825,190
Stock-based compensation	8,246,921					8,246,921
Net loss	(30,819,866)				(30,819,866)
Restricted stock vesting			$ 82			(82)
Restricted stock vesting, Shares			82,156
Exercise of stock options	577,303		$ 26			577,277
Exercise of stock options, Shares			25,581
Common stock issued, net of issuance costs		$ 29,918,502		$ 1,163			$ 29,917,339
Common stock issued, net of issuance costs, Shares				1,163,074
Unrealized gain (loss) on available-for-sale securities	(584,317)							(584,317)
Balance at Sep. 30, 2020	205,119,967		$ 40,096		(450,342,422)	654,342,486		1,079,807
Balance, Shares at Sep. 30, 2020			40,096,001
Balance at Dec. 31, 2020	642,257,512		$ 48,455		(491,888,910)	1,133,537,171		560,796
Balance, Shares at Dec. 31, 2020			48,455,741
Stock-based compensation	40,120,506					40,120,506
Net loss	(138,004,605)				(138,004,605)
Restricted stock vesting			$ 180			(180)
Restricted stock vesting, Shares			179,832
Exercise of stock options	14,664,685		$ 673			14,664,012
Exercise of stock options, Shares			672,632
Common stock issued, net of issuance costs	259,936,504		$ 3,458			259,933,046
Common stock issued, net of issuance costs, Shares			3,457,815
Unrealized gain (loss) on available-for-sale securities	(1,237,445)							(1,237,445)
Balance at Sep. 30, 2021	817,737,157		$ 52,766		(629,893,515)	1,448,254,555		(676,649)
Balance, Shares at Sep. 30, 2021			52,766,020
Balance at Jun. 30, 2021	582,947,174		$ 48,995		(583,141,763)	1,166,526,486		(486,544)
Balance, Shares at Jun. 30, 2021			48,994,869
Stock-based compensation	15,224,632					15,224,632
Net loss	(46,751,752)				(46,751,752)
Restricted stock vesting			$ 55			(55)
Restricted stock vesting, Shares			54,804
Exercise of stock options	6,570,704		$ 258			6,570,446
Exercise of stock options, Shares			258,532
Common stock issued, net of issuance costs	259,936,504		$ 3,458			259,933,046
Common stock issued, net of issuance costs, Shares			3,457,815
Unrealized gain (loss) on available-for-sale securities	(190,105)							(190,105)
Balance at Sep. 30, 2021	$ 817,737,157		$ 52,766		$ (629,893,515)	$ 1,448,254,555		$ (676,649)
Balance, Shares at Sep. 30, 2021			52,766,020

Research Collaboration and License Agreements - Additional Information (Details)	1 Months Ended			3 Months Ended		9 Months Ended
	Jul. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)	Nov. 30, 2017 USD ($) Target	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 31, 2019 USD ($)
Research Collaboration And License Agreements [Line Items]
Collaboration contract asset and other assets				$ 12,835,975		$ 12,835,975				$ 28,777
General and administrative expenses				16,012,384	$ 9,331,925	42,741,962	$ 26,072,404
Revenue recognized on research collaboration and license agreements						20,300,000
Changes in deferred revenue due to additions to deferred revenue						718,283,901	(13,102,948)
Unsatisfied performance obligations expected to be recognized as revenue				763,400,000		763,400,000
Pfizer, Inc.
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		$ 28,000,000.0
Changes in deferred revenue due to additions to deferred revenue						738,600,000
Pfizer, Inc. \| Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	$ 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
General and administrative expenses				100,000		100,000
Pfizer, Inc. \| Regulatory and Sales-Based Milestones \| Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	1,400,000,000
Pfizer, Inc. \| Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	400,000,000
Pfizer, Inc. \| Sales-Based Milestones [Member]
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	1,000,000,000.0
Pfizer, Inc. \| Stock Purchase Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised	$ 650,000,000
Shares issued and sold \| shares	3,457,815
Shares Issued Price Per Share \| $ / shares	$ 101.22
Common stock issued in period	$ 350,000,000
Financial advisor fees	4,600,000
Fair value of the shares sold	$ 85,400,000
Pfizer, Inc. \| Option Exercised
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised				4,900,000		4,900,000
Pfizer, Inc. \| Substitution Target Payments
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised									$ 1,200,000	$ 3,000,000.0
Bayer Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised											$ 17,500,000
Bayer Collaboration Agreement \| Stock Purchase Agreement
Research Collaboration And License Agreements [Line Items]
Fair value of the shares sold						2,900,000
Additional consideration received						2,900,000
Bayer Collaboration Agreement \| Research Funding Payments
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised				$ 3,000,000.0	$ 3,000,000.0	$ 3,000,000.0	$ 3,000,000.0				$ 1,500,000
Bayer Collaboration Agreement \| Research Funding Payments \| Scenario Forecast
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised								$ 10,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd.
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received			$ 34,500,000
Additional upfront non-refundable amount received under previous agreement			$ 11,000,000.0
Number of designated targets \| Target			10

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Line Items]
Effective tax rate, percentage	0.00%	0.00%	0.00%	0.00%
Federal statutory rate, percentage	21.00%	21.00%	21.00%	21.00%
Effect of equity compensation valuation allowance recorded against net deferred tax assets, percentage			0.00%
State
Income Tax Disclosure [Line Items]
Income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0

- Definition

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

+ References + Details

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation and amortization expense	$ 1,198,602	$ 861,293	$ 3,511,998	$ 2,113,865

Accounting Pronouncements and Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Accounting Pronouncements and Significant Accounting Policies

2. Accounting Pronouncements and Significant Accounting Policies

The Company reviews new accounting standards as issued. As of September 30, 2021, the Company has not identified any new standards that it believes will have a material impact on the Company’s financial statements.

There were no changes to the Company’s significant accounting policies during the nine months ended September 30, 2021.

Property, Equipment and Leasehold Improvements (Tables)

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Schedule of Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consist of the following at:

	September 30, 2021			December 31, 2020
Laboratory equipment	$	12,961,843		$	11,100,116
Office equipment		1,371,594			1,233,823
Leasehold improvements		6,804,638			6,058,400
Total		21,138,075			18,392,339
Less: accumulated depreciation and amortization		(9,510,024	)		(6,132,824	)
Property, equipment and leasehold improvements, net	$	11,628,051		$	12,259,515

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Company's Available for Sale Securities

The following is a summary of the Company’s available-for-sale securities as of September 30, 2021 and December 31, 2020:

	September 30, 2021
				Gross		Gross
Description	Effective Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Corporate bonds	2021-2022	$	731,683,312	$	51,693	$	(107,337	)	$	731,627,668
Corporate bonds	2022-2023		453,379,699		13,828		(635,058	)		452,758,469
Government securities	2022		104,428,037		1,664		(1,439	)		104,428,262
Total		$	1,289,491,048	$	67,185	$	(743,834	)	$	1,288,814,399

	December 31, 2020
				Gross		Gross
Description	Effective Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	2021	$	99,596,821	$	560,797	$	—	$	100,157,618
Total		$	99,596,821	$	560,797	$	—	$	100,157,618

Schedule of Assets Accounted for at Fair Value on Recurring Basis

The following tables present, by level, the Company’s assets that were accounted for at fair value on a recurring basis.

	September 30, 2021
Description	Level 1		Level 2		Level 3		Total
Assets:
Corporate bonds and government securities	$	—	$	1,288,814,399	$	—	$	1,288,814,399

	December 31, 2020
Description	Level 1		Level 2		Level 3		Total
Assets:
Corporate bonds	$	—	$	100,157,618	$	—	$	100,157,618

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - Common Shares - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Common stock, issuance costs	$ 4.6		$ 4.6
At-the-Market Offering
Common stock, issuance costs		$ 0.9		$ 0.9

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Anticipated Future Minimum Payments on Long-Term Debt Excluding Discount on Debt

Anticipated future minimum payments on long-term debt for the years ending December 31 are:

2023	$	46,240
2024		188,758
Beyond		765,002
Total	$	1,000,000

Research Collaboration and License Agreements - Summary of Contract Liabilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Contract liabilities	$ 763,372,995	$ 45,089,094
Amounts included in deferred revenue in previous periods	$ 16,613,146	$ 18,651,649

Equity - Summary of Restricted Stock Grant Activity (Details)	9 Months Ended
	Sep. 30, 2021 $ / shares shares
Incentive Plan \| Restricted Stock \| Employees, Directors and Consultants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Restricted Stock, Shares, Beginning Balance \| shares	238,712
Restricted Shares, Vested \| shares	(179,832)
Unvested Restricted Stock, Shares, Ending Balance \| shares	58,880
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 16.00
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	16.00
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 16.00
2018 Plan \| Restricted Stock Units \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Restricted Stock, Shares, Beginning Balance \| shares	133,049
Restricted Shares, Vested \| shares	(44,355)
Restricted Shares, Cancelled \| shares	(387)
Unvested Restricted Stock, Shares, Ending Balance \| shares	88,307
Weighted Average Grant Date Fair Value Per Share, Beginning Balance \| $ / shares	$ 20.01
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	20.01
Weighted Average Grant Date Fair Value Per Share, Cancelled \| $ / shares	19.36
Weighted Average Grant Date Fair Value Per Share, Ending Balance \| $ / shares	$ 20.02

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Common Stock Par Or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock Shares Issued	52,766,020	48,455,741
Common Stock Shares Outstanding	52,766,020	48,455,741

Equity (Tables)

9 Months Ended

Sep. 30, 2021

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

The fair value of the stock options granted during the nine months ended September 30, 2021 and 2020 was determined using the Black-Scholes option pricing model with the following assumptions:

	September 30, 2021			September 30, 2020
Expected volatility	74.8 - 78.0%			70.3 - 74.7%
Expected term (years)	5.3 - 7.0			5.3 - 7.0
Risk free interest rate	0.5% - 1.2%			0.3% - 1.6%
Expected dividend yield		0	%	0%
Exercise price	$66.82 - $100.40			$24.75 - $50.00

Summary of Stock Option Activity

The following table provides a summary of the stock option activity under the 2018 Plan during the nine months ended September 30, 2021. These amounts include stock options granted to employees, directors and consultants.

Stock options	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		4,321,882		$	26.35
Granted		1,619,034		$	78.30
Exercised		(608,920	)	$	22.72
Forfeited		(57,497	)	$	51.34
Outstanding at September 30, 2021		5,274,499		$	42.44		8.22	$	210,341,484
Exercisable at September 30, 2021		2,204,510		$	23.04		7.47	$	130,394,439

Summary of Restricted Stock Grant Activity

The following table provides a summary of the restricted stock grant activity under the Incentive Plan during the nine months ended September 30, 2021. These amounts include restricted stock granted to employees, directors and consultants.

Restricted shares	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock at December 31, 2020		238,712		$	16.00
Vested		(179,832	)	$	16.00
Unvested restricted stock at September 30, 2021		58,880		$	16.00

Restricted Stock Units

Summary of Restricted Stock Grant Activity

The following table provides a summary of the restricted stock unit activity under the 2018 Plan during the nine months ended September 30, 2021. These amounts include restricted stock units granted to employees.

Restricted stock units	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2020		133,049		$	20.01
Vested		(44,355	)	$	20.01
Cancelled		(387	)	$	19.36
Unvested restricted stock units at September 30, 2021		88,307		$	20.02

Right of Use Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating lease cost	$	348,149	$	262,045	$	1,037,755	$	731,477

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended
	September 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	915,083	$	669,183
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$	3,189,055	$	572,413

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities for operating leases as of September 30, 2021, are as follows:

Remainder of 2021	$	227,188
2022		1,333,080
2023		1,487,240
2024		1,485,519
Total lease payments		4,533,027
Less: imputed interest		(218,794	)
Total	$	4,314,233

Equity - Summary of Stock Option Activity (Details) - 2018 Plan - USD ($)	9 Months Ended
	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, Outstanding, Beginning Balance	4,321,882
Options, Granted	1,619,034
Options, Exercised	(608,920)
Options, Forfeited	(57,497)
Options, Outstanding, Ending Balance	5,274,499
Options, Exercisable, Ending Balance	2,204,510
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 26.35
Weighted Average Exercise Price, Granted	78.30
Weighted Average Exercise Price, Exercised	22.72
Weighted Average Exercise Price, Forfeited	51.34
Weighted Average Exercise Price, Outstanding, Ending Balance	42.44
Weighted Average Exercise Price, Exercisable	$ 23.04
Weighted Average Remaining Contractual Term (Years), Outstanding	8 years 2 months 19 days
Weighted Average Remaining Contractual Term (Years), Exercisable	7 years 5 months 19 days
Aggregate Intrinsic Value, Outstanding	$ 210,341,484
Aggregate Intrinsic Value, Exercisable	$ 130,394,439

Long-Term Debt - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2021	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2014
Debt Instrument [Line Items]
Loan forgiveness						$ 1,000,000	$ 0
Interest expense, Debt				$ 8,125	$ 16,250	$ 32,500	$ 48,750
2014 Assistance Agreement \| State of Connecticut
Debt Instrument [Line Items]
Debt instrument maturity month and year								2024-01
Debt instrument face amount								$ 2,500,000
Percentage of liquidated damages								7.50%
2018 Assistance Agreement \| State of Connecticut
Debt Instrument [Line Items]
Debt instrument maturity month and year		2028-09
Debt instrument face amount		$ 2,000,000.0
Percentage of liquidated damages		7.50%
Percentage of maximum funding on total project costs			50.00%
Debt instrument bearing interest rate		3.25%
Debt instrument interest payments term		60 months
Debt instrument amortization period after interest payments period		120 months
Loan forgiveness	$ 1,000,000.0
2018 Assistance Agreement \| State of Connecticut \| Maximum
Debt Instrument [Line Items]
Debt instrument face amount			$ 2,000,000.0
Forgiveness of funding on achieving certain employment conditions		$ 1,000,000.0

Right of Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details)	Sep. 30, 2021 USD ($)
Leases [Abstract]
Remainder of 2021	$ 227,188
2022	1,333,080
2023	1,487,240
2024	1,485,519
Total lease payments	4,533,027
Less: imputed interest	(218,794)
Total	$ 4,314,233

Research Collaboration and License Agreements

9 Months Ended

Sep. 30, 2021

Research Collaboration And License Agreements [Abstract]

Research Collaboration and License Agreements

3. Research Collaboration and License Agreements

ARV-471 Collaboration Agreement

In July 2021, the Company entered into a Collaboration Agreement with Pfizer Inc. (“Pfizer”) (the “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 ARV-471 Collaboration Agreement, the Company received an upfront, non-refundable payment of $650 million. In addition, the Company will be 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 million in regulatory milestones are related to marketing approvals and $1.0 billion are related to sales-based milestones.

The Company and Pfizer will 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.

In addition, in connection with the execution of the ARV-471 Collaboration Agreement, the Company and Pfizer entered into the Stock Purchase Agreement (the “Pfizer Stock Purchase Agreement”) for the sale and issuance of 3,457,815 shares of the Company’s common stock (the “Shares”) to Pfizer at a price of $101.22 per share, for an aggregate purchase price of approximately $350 million (the “Pfizer Equity Transaction”), less financial advisor fees of $4.6 million, which was consummated in September 2021. Pursuant to terms of the Pfizer Stock Purchase Agreement, Pfizer has agreed not to sell or transfer the Shares without prior written approval of the Company for a specified time period, subject to specified exceptions.

The Company determined that the ARV-471 Collaboration Agreement and the Pfizer Equity Transaction entered into with Pfizer concurrently should be evaluated as a combined contract in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers. The Company determined the fair value of the shares sold under the Pfizer Equity Transaction to be $85.4 million less than the contractual purchase price stipulated in the agreement. In accordance with the applicable accounting guidance in ASC 815-40, Contracts in Entity’s Own Equity, the Company determined that the sale of stock should be recorded at fair value and therefore allocated the excess consideration received under the Pfizer Equity Transaction to the ARV-471 Collaboration Agreement, which along with the non-refundable payment of $650 million will be recognized as revenue over the total estimated period of performance based on the Company’s best estimate of costs to be incurred.

As a direct result of the Company’s entry into the 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 on the condensed consolidated balance sheet, which will be amortized as general and administrative expense over the total estimated period of performance under the ARV-471 Collaboration Agreement. During the three and nine months ended September 30, 2021, the Company recognized $0.1 million of general and administrative expenses.

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, or 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 and a $1.5 million payment to fund research activities. Bayer is committed to fund an additional $10.5 million through 2022, of which $3.0 million was received in each of the nine months ended September 30, 2021 and 2020. These payments are being recognized over the total estimated period of performance.

The Company determined that the Bayer Collaboration Agreement and the Stock Purchase Agreement entered into with Bayer AG at the same time should be evaluated as a combined contract in accordance with ASC 606, Revenue from Contracts with Customers. The Company determined the fair value of the shares sold under the Stock Purchase Agreement to be $2.9 million less than the contractual purchase price stipulated in the agreement. In accordance with the applicable accounting guidance in ASC 815-40, Contracts in Entity’s Own Equity, the Company determined that the sale of stock should be recorded at fair value. Therefore, the Company allocated the additional $2.9 million of consideration received under the Stock Purchase Agreement to the Bayer Collaboration Agreement and added such amount to the total transaction price.

Pfizer Collaboration Agreement

In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer (the “Pfizer Collaboration Agreement”). Under the terms of the Pfizer Collaboration Agreement, the Company received an upfront, non-refundable payment and certain additional payments totaling $28.0 million in exchange for use of the Company’s technology license and to fund Pfizer-related research as defined within the Pfizer Collaboration Agreement. These payments are being recognized as revenue over the total estimated period of performance. Pfizer has exercised options on certain targets for $4.9 million as of September 30, 2021. Pfizer also paid the Company $1.2 million and $3.0 million in 2021 and 2020, respectively, for adding new targets and for additional services on existing targets into the collaboration. The option and target payments are being recognized over the estimated period of performance.

Genentech Modification

In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement with Genentech, Inc. and F. Hoffman-La Roche Ltd. (the “Genentech Modification”), amending a previous Genentech agreement. Under the Genentech Modification, the Company received additional upfront, non-refundable payments of $34.5 million (in addition to $11.0 million received under the previous agreement) to fund Genentech-related research. Under the Genentech Modification, Genentech has the right to designate up to ten targets.

Information about contract liabilities included as deferred revenue in the condensed consolidated balance sheets is as follows:

	September 30,		December 31,
	2021		2020
Contract liabilities	$	763,372,995	$	45,089,094
Revenues recognized in the period from:
Amounts included in deferred revenue in previous periods	$	16,613,146	$	18,651,649

Changes in deferred revenue as of September 30, 2021 from December 31, 2020 were due to additions to deferred revenue of $738.6 million related primarily to the ARV-471 Collaboration Agreement with Pfizer and $20.3 million of revenue recognized on various research collaboration and license agreements.

The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2021 was $763.4 million, which is expected to be recognized in the following periods (in millions):

Remainder of 2021	$	27.4
2022		185.7
2023		184.7
2024		136.5
2025		100.4
2026		63.4
Thereafter		65.3
Total	$	763.4

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

The Company’s effective tax rate was 0.0% for the three and nine months ended September 30, 2021 and 2020. The primary reconciling items between the federal statutory rate of 21.0% for the three and nine months ended September 30, 2021 and 2020 and the Company’s overall effective tax rate of 0.0% was the effect of equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets.

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 is subject to tax in the U.S. Federal jurisdiction and the states of Connecticut, Massachusetts and North Carolina. The Company pays franchise tax in the states mentioned above due to its loss position. As a result, there was no state income tax provision recorded for the three and nine months ended September 30, 2021 and 2020.

- 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 + Details

Investment in Equity Method Investee

9 Months Ended

Sep. 30, 2021

Equity Method Investments And Joint Ventures [Abstract]

Investment in Equity Method Investee

12. Investment in Equity Method Investee

In July 2019, the Company and Bayer CropScience LP (“Bayer LP”) formed a joint venture, Oerth Bio LLC (“Oerth”), to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. As Oerth is jointly controlled by the Company and Bayer LP, the Company accounts for its 50% interest using the equity method of accounting. The Company also provides to Oerth compensated research and development services and administrative services through a separate agreement. The services rendered by the Company during the three and nine months ended September 30, 2021 and 2020 were immaterial.

Operating expenses and net loss of Oerth for the three months ended September 30, 2021 and 2020 totaled $3.5 million and $2.3 million, respectively. Operating expenses and net loss of Oerth for the nine months ended September 30, 2021 and 2020 totaled $9.5 million and $4.9 million, respectively.

The carrying value of the investment has been reduced to $0 and, as a result, no additional losses were recorded against the carrying value of the investment during the three and nine months ended September 30, 2021 and 2020.

Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (46,751,752)	$ (30,819,866)	$ (138,004,605)	$ (77,785,576)
Other comprehensive loss:
Unrealized (loss) gain on available-for-sale securities	(190,105)	(584,317)	(1,237,445)	972,231
Comprehensive loss	$ (46,941,857)	$ (31,404,183)	$ (139,242,050)	$ (76,813,345)

- Definition

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

+ References

+ Details

Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2021

Payables And Accruals [Abstract]

Components of Accrued Expenses

Accrued expenses consisted of the following:

	September 30, 2021		December 31, 2020
Employee expenses	$	6,417,619	$	8,967,126
Research and development expenses		6,566,040		8,113,043
Professional fees and other		785,561		1,779,671
Total	$	13,769,220	$	18,859,840

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 01, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	ARVN
Entity Registrant Name	ARVINAS, INC.
Entity Central Index Key	0001655759
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity File Number	001-38672
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
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		52,871,645

Equity

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity

9. Equity

Common Stock

In September 2021, in connection with the Pfizer Stock Purchase Agreement, the Company issued 3,457,815 shares of common stock to Pfizer at a price of $101.22 per share, which resulted in aggregate gross proceeds of $350.0 million, less financial advisor fees of $4.6 million. The Company determined that the ARV-471 Collaboration Agreement and the Pfizer Stock Purchase Agreement entered into with Pfizer concurrently should be evaluated as a combined contract in accordance with ASC 606, Revenue from Contracts with Customers, and as a result, determined the fair value of the shares sold under the Pfizer Stock Purchase Agreement to be $85.4 million less than the contractual purchase price stipulated in the agreement. In accordance with the applicable accounting guidance in ASC 815-40, Contracts in Entity’s Own Equity, the Company determined that the sale of stock should be recorded at fair value and therefore allocated the excess consideration received to the ARV-471 Collaboration Agreement. Pursuant to terms of the Pfizer Stock Purchase Agreement, Pfizer has agreed not to sell or transfer the Shares without prior written approval of the Company for a specified period, subject to specified exceptions.

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, shares of its common stock having an aggregate offering price of up to of $300.0 million in an “at-the-market offering.” At September 30, 2021, no shares have been issued under this agreement.

During December 2020, the Company completed a public offering in which the Company issued and sold 6,571,428 shares of common stock at a public offering price of $70.00 per share, which resulted in aggregate net proceeds of $431.9 million, net of underwriter discounts, commissions and offering costs of $28.1 million.

In October 2019, the Company entered into an Equity Distribution Agreement (the “Distribution Agreement”) with Piper Sandler, pursuant to which the Company could offer and sell from time-to-time in an “at-the-market offering,” at its option, up to an aggregate of $100.0 million of shares of the Company’s common stock through Piper Sandler, as sales agent. During year ended December 31, 2020, the Company sold 2,593,637 shares of its common stock resulting in proceeds to the Company of $64.1 million, net of offering costs of $1.6 million. The Company terminated the Distribution Agreement in August 2021.

Share-based Compensation

In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “2018 ESPP”) 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. The number of shares of the Company’s common stock reserved for issuance under the 2018 ESPP increased by 486,657 and 390,371 shares in 2021 and 2020, respectively. The first offering period under the 2018 ESPP commenced on January 1, 2020. During the nine months ended September 30, 2021, the Company issued 19,357 shares of common stock under the 2018 ESPP. As of September 30, 2021, 1,481,852 shares remained available for purchase.

All of the Company’s employees are eligible to participate in the 2018 ESPP, provided they meet certain employment requirements. On each offering commencement date, each participant is granted the right to purchase, on the last business day of the offering period, a number of shares of the Company’s common stock determined by multiplying $2,083 by the number of full months in the offering period and dividing that product by the closing price of the Company’s common stock on the first day of the offering period. On the commencement date of each offering period, each eligible employee may authorize up to a maximum of 15% of the compensation he or she receives during the offering period to be deducted by the Company during the offering period. Under the terms of the 2018 ESPP, the purchase price shall be determined by the Company’s board of directors for each offering period and will be at least 85% of the applicable closing price of the Company’s common stock. If the Company’s board of directors does not make a determination of the purchase price, the purchase price will be 85% of the lesser of the closing price of the Company’s common stock on the first business day of the offering period or the last business day of the offering period.

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. 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 common shares 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) 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 expired, terminated or were 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 fiscal year or an amount determined by the Company’s board of directors. The increase in the number of authorized shares for fiscal years December 31, 2021 and 2020 was 1,946,628 and 1,561,485, respectively. Common shares 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 shall be available for future grants of awards.

During the three months ended September 30, 2021 and 2020, the Company recognized compensation expense of $15,224,632 and $8,246,921, respectively, relating to the issuance of incentive awards. During the nine months ended September 30, 2021 and 2020, the Company recognized compensation expense of $40,120,506 and $22,121,591, respectively. At September 30, 2021, there was $59,672,336 of unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately two years.

The fair value of the stock options granted during the nine months ended September 30, 2021 and 2020 was determined using the Black-Scholes option pricing model with the following assumptions:

	September 30, 2021			September 30, 2020
Expected volatility	74.8 - 78.0%			70.3 - 74.7%
Expected term (years)	5.3 - 7.0			5.3 - 7.0
Risk free interest rate	0.5% - 1.2%			0.3% - 1.6%
Expected dividend yield		0	%	0%
Exercise price	$66.82 - $100.40			$24.75 - $50.00

Given the Company’s common stock has not been trading for a sufficient period of time, the Company utilizes a collection of volatilities of peer companies to estimate the expected volatility of its common stock. The expected term is calculated utilizing the simplified method.

Stock options	Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		4,321,882		$	26.35
Granted		1,619,034		$	78.30
Exercised		(608,920	)	$	22.72
Forfeited		(57,497	)	$	51.34
Outstanding at September 30, 2021		5,274,499		$	42.44		8.22	$	210,341,484
Exercisable at September 30, 2021		2,204,510		$	23.04		7.47	$	130,394,439

Restricted shares	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock at December 31, 2020		238,712		$	16.00
Vested		(179,832	)	$	16.00
Unvested restricted stock at September 30, 2021		58,880		$	16.00

Restricted stock units	Shares			Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2020		133,049		$	20.01
Vested		(44,355	)	$	20.01
Cancelled		(387	)	$	19.36
Unvested restricted stock units at September 30, 2021		88,307		$	20.02

At September 30, 2021, there were 4,982,204 stock options under the 2018 Plan, 106,966 restricted shares under the Incentive Plan, and 78,097 restricted stock units under the 2018 Plan that vested and are expected to vest.

Net Loss Per Common Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Common Share

11. Net Loss Per Common Share

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

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Net loss	$	(46,751,752	)	$	(30,819,866	)	$	(138,004,605	)	$	(77,785,576	)
Weighted average number of common shares outstanding, basic and diluted ⁽¹⁾		49,807,508			39,058,294			49,101,927			38,784,569
Net loss attributed to Arvinas common shareholders - basic and diluted	$	(0.94	)	$	(0.79	)	$	(2.81	)	$	(2.01	)

⁽¹⁾

were anti-dilutive and therefore excluded from the computation of loss per share for the nine months ended September 30, 2021 and 2020, respectively.

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net loss			$ (138,004,605)	$ (77,785,576)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	$ 1,198,602	$ 861,293	3,511,998	2,113,865
Net accretion of bond discounts/premiums			5,241,206	1,404,626
Forgiveness of debt income			(1,000,000)	0
Loss (gain) on sale of marketable securities			26,055	(327,025)
Amortization of right-of-use assets			931,261	624,614
Amortization of collaboration contract asset			62,890	0
Stock-based compensation			40,120,506	22,121,591
Changes in operating assets and liabilities:
Accounts receivable			(880,180)	(2,444,450)
Other receivables			687,934	2,769,195
Prepaid expenses and other current assets			(12,424,465)	265,412
Collaboration contract asset			(12,870,088)	0
Accounts payable			(2,525,807)	(246,733)
Accrued expenses			(5,090,620)	4,540,830
Deferred revenue			718,283,901	(13,102,948)
Operating lease liability			(915,084)	(669,183)
Net cash provided by (used in) operating activities			595,154,902	(60,735,782)
Cash flows from investing activities:
Purchase of marketable securities			(1,402,866,256)	(41,196,165)
Maturities of marketable securities			200,482,309	115,402,053
Sales of marketable securities			7,222,460	37,775,235
Purchase of property, equipment and leasehold improvements			(2,805,001)	(4,592,917)
Net cash (used in) provided by investing activities			(1,197,966,488)	107,388,206
Cash flows from financing activities:
Proceeds from issuance of common stock			264,566,416	30,835,206
Payment of common stock issuance costs			(4,629,912)	(916,704)
Proceeds from exercise of stock options			14,664,685	3,206,938
Net cash provided by financing activities			274,601,189	33,125,440
Net (decrease) increase in cash, cash equivalents and restricted cash			(328,210,397)	79,777,864
Cash, cash equivalents and restricted cash, beginning of the period			588,373,232	9,211,057	$ 9,211,057
Cash, cash equivalents and restricted cash, end of the period	$ 260,162,835	$ 88,988,921	260,162,835	88,988,921	$ 588,373,232
Supplemental disclosure of cash flow information:
Purchases of property, equipment and leasehold improvements unpaid at period end			75,533	777,940
Cash paid for interest			$ 35,208	$ 48,750

Fair Value Measurements - Additional Information (Details) $ in Millions	Sep. 30, 2021 USD ($)
Non-recurring Fair Value Measures
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value	$ 264.6

Right of Use Assets and Liabilities

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Right of Use Assets and Liabilities

6. 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. The incremental borrowing rate ranges from 3.0-5.1%. Lease expense is recognized on a straight-line basis over the lease term. Some of the Company’s leases include options to extend or terminate the lease. The Company includes these options in the recognition of the Company’s ROU assets and lease liabilities when it is reasonably certain that the Company will exercise such options.

In May 2021, the Company entered into a lease for approximately 160,000 square feet of laboratory and office space to be occupied in 2024. In connection with the signing of the lease, and at the Company’s election to increase the landlord’s contribution to the tenant improvement allowance, the Company issued a letter of credit for $4.5 million, collateralized by a certificate of deposit in the same amount, which is presented as restricted cash at September 30, 2021. 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 current corporate office and certain equipment, which expire no later than December 31, 2024. The leases have a weighted average remaining term of 3.2 years.

The components of lease expense were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Operating lease cost	$	348,149	$	262,045	$	1,037,755	$	731,477

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended
	September 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	915,083	$	669,183
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$	3,189,055	$	572,413

Maturities of lease liabilities for operating leases as of September 30, 2021, are as follows:

Remainder of 2021	$	227,188
2022		1,333,080
2023		1,487,240
2024		1,485,519
Total lease payments		4,533,027
Less: imputed interest		(218,794	)
Total	$	4,314,233

Fair Value Measurements

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company. ASC 825, Financial Instruments, defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The Company’s principal financial instruments comprise cash, marketable securities, accounts receivable, accounts payable, accrued liabilities and long-term debt. The carrying value of all financial instruments approximates fair value. The three levels of valuation hierarchy are defined as follows:

Level 1—Inputs are based upon observable or quoted prices (unadjusted) for identical instruments traded in active markets.

Level 2—Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full

term of the assets or liabilities. The Company’s Level 2 investments consist primarily of corporate notes and bonds and U.S. government and agency securities.

Level 3—Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value.

The Company’s marketable securities consist of corporate bonds and government securities which are adjusted to fair value at 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 securities as of September 30, 2021 and December 31, 2020:

	September 30, 2021
				Gross		Gross
Description	Effective Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Corporate bonds	2021-2022	$	731,683,312	$	51,693	$	(107,337	)	$	731,627,668
Corporate bonds	2022-2023		453,379,699		13,828		(635,058	)		452,758,469
Government securities	2022		104,428,037		1,664		(1,439	)		104,428,262
Total		$	1,289,491,048	$	67,185	$	(743,834	)	$	1,288,814,399

	December 31, 2020
				Gross		Gross
Description	Effective Maturity	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Corporate bonds	2021	$	99,596,821	$	560,797	$	—	$	100,157,618
Total		$	99,596,821	$	560,797	$	—	$	100,157,618

The following tables present, by level, the Company’s assets that were accounted for at fair value on a recurring basis.

	September 30, 2021
Description	Level 1		Level 2		Level 3		Total
Assets:
Corporate bonds and government securities	$	—	$	1,288,814,399	$	—	$	1,288,814,399

	December 31, 2020
Description	Level 1		Level 2		Level 3		Total
Assets:
Corporate bonds	$	—	$	100,157,618	$	—	$	100,157,618

Non-recurring fair value measures

The Company valued the common stock issued to Pfizer in connection with the Pfizer Stock Purchase Agreement at fair value. The Agreement contains provisions restricting the sale or transfer for a period of time (the “lock-up period”). The resulting fair value of $264.6 million was determined by applying the discount due to lack of marketability during the contractual lock-up period to the public trading price of the common stock, which is a Level 1 input, on the date of sale. The Company accounted for the lack of marketability during the contractual lock-up period, by utilizing put option models, which are considered Level 3 inputs. Such option models included the Company’s historical volatility and the risk-free rate based on U.S. Treasury bond rates, as key inputs.

- 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

Property, Equipment and Leasehold Improvements

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property, Equipment and Leasehold Improvements

5. Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements consist of the following at:

	September 30, 2021			December 31, 2020
Laboratory equipment	$	12,961,843		$	11,100,116
Office equipment		1,371,594			1,233,823
Leasehold improvements		6,804,638			6,058,400
Total		21,138,075			18,392,339
Less: accumulated depreciation and amortization		(9,510,024	)		(6,132,824	)
Property, equipment and leasehold improvements, net	$	11,628,051		$	12,259,515

Depreciation and amortization expense totaled $1,198,602 and $861,293 for the three months ended September 30, 2021 and 2020, respectively, and $3,511,998 and $2,113,865 for the nine months ended September 30, 2021 and 2020, respectively.

Net Loss Per Common Share - Basic and Diluted Loss per Common Share (Details) (Parenthetical) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	2.7		2.7
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount		1.4		2.0

Condensed Consolidated Statements of Operations (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 9,284,785	$ 7,596,776	$ 20,368,568	$ 19,584,085
Operating expenses:
Research and development	40,603,631	30,012,918	118,481,320	75,155,694
General and administrative	16,012,384	9,331,925	42,741,962	26,072,404
Total operating expenses	56,616,015	39,344,843	161,223,282	101,228,098
Loss from operations	(47,331,230)	(31,748,067)	(140,854,714)	(81,644,013)
Other income (expenses)
Other income, net	219,058	144,215	1,703,521	841,967
Interest income	368,545	800,236	1,179,088	3,065,220
Interest expense	(8,125)	(16,250)	(32,500)	(48,750)
Total other income	579,478	928,201	2,850,109	3,858,437
Net loss	$ (46,751,752)	$ (30,819,866)	$ (138,004,605)	$ (77,785,576)
Net loss per common share, basic and diluted	$ (0.94)	$ (0.79)	$ (2.81)	$ (2.01)
Weighted average common shares outstanding, basic and diluted	49,807,508	39,058,294	49,101,927	38,784,569

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details1) $ in Millions	Sep. 30, 2021 USD ($)
Revenue From Contract With Customer [Abstract]
Revenue, remaining performance obligation	$ 763.4

Research Collaboration and License Agreements (Tables)

9 Months Ended

Sep. 30, 2021

Research Collaboration And License Agreements [Abstract]

Summary of Contract Liabilities

Information about contract liabilities included as deferred revenue in the condensed consolidated balance sheets is as follows:

	September 30,		December 31,
	2021		2020
Contract liabilities	$	763,372,995	$	45,089,094
Revenues recognized in the period from:
Amounts included in deferred revenue in previous periods	$	16,613,146	$	18,651,649

Transaction Price Allocated to Performance Obligations

Remainder of 2021	$	27.4
2022		185.7
2023		184.7
2024		136.5
2025		100.4
2026		63.4
Thereafter		65.3
Total	$	763.4

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Employee expenses	$ 6,417,619	$ 8,967,126
Research and development expenses	6,566,040	8,113,043
Professional fees and other	785,561	1,779,671
Total	$ 13,769,220	$ 18,859,840

Right of Use Assets and Liabilities - Additional Information (Details) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2021 USD ($) ft²	Sep. 30, 2021
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend		true
Operating lease, existence of option to terminate		true
Lease for laboratory and office space \| ft²	160,000
Letter of credit for collateralized by certificate of deposit	$ 4.5
Base rent lease term	10 years
Operating lease, weighted average remaining lease term		3 years 2 months 12 days
Operating lease expiration date		Dec. 31, 2024
Minimum [Member]
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		5.10%
Base rent	$ 8.8

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions	Sep. 30, 2021 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 763.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 27.4
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 185.7
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 184.7
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
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	$ 136.5
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	$ 100.4
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	$ 63.4
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	$ 65.3
Revenue, remaining performance obligation, expected timing of satisfaction, period

Accrued Expenses

9 Months Ended

Sep. 30, 2021

Payables And Accruals [Abstract]

Accrued Expenses

7. Accrued Expenses

Accrued expenses consisted of the following:

	September 30, 2021		December 31, 2020
Employee expenses	$	6,417,619	$	8,967,126
Research and development expenses		6,566,040		8,113,043
Professional fees and other		785,561		1,779,671
Total	$	13,769,220	$	18,859,840

Right of Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 915,083	$ 669,183
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$ 3,189,055	$ 572,413

Equity - Additional Information (Details) - USD ($)			1 Months Ended				2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
Equity - Additional Information (Details) - USD ($)	Jan. 01, 2021	Jan. 01, 2020	Sep. 30, 2021	Jul. 31, 2021	Dec. 31, 2020	Mar. 31, 2018	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Aug. 31, 2021	Oct. 31, 2019	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock										$ 264,566,416	$ 30,835,206
Fees and expenses										$ 4,629,912	916,704
Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive units authorized for issuance						6,199,477
Share-based award, expiration date						Sep. 30, 2018
Incentive units authorized for issuance													1,561,485
Incentive Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted shares vested and expected to vest			106,966				106,966	106,966		106,966
Incentive Plan \| Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense								$ 15,224,632	$ 8,246,921	$ 40,120,506	$ 22,121,591
Compensation expense not yet recognized			$ 59,672,336				$ 59,672,336	$ 59,672,336		$ 59,672,336
Compensation expense not yet recognized, period of recognition										2 years
Incentive Plan \| Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive units authorized for issuance												1,946,628
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance																	4,067,007
Annual increase in reserved shares as percentage of outstanding common stock														4.00%
Stock options vested and expected to vest			4,982,204				4,982,204	4,982,204		4,982,204
Restricted stock units vested and expected to vest			78,097				78,097	78,097		78,097
Minimum [Member] \| Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, vesting period						1 year
Minimum [Member] \| 2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase in reserved shares of common stock														4,989,593
Maximum \| Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance																	1,277,181
Share-based award, vesting period						4 years
2018 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance	486,657	390,371															311,850
Common stock reserved for issuance represented as percentage on outstanding common stock	1.00%	1.00%
Common stock, shares issued										19,357
Common stock, shares remained available for purchase			1,481,852				1,481,852	1,481,852		1,481,852
Amount used as multiplying factor to grant common stock			$ 2,083				$ 2,083	$ 2,083		$ 2,083
Maximum percentage of compensation receivable by employee										15.00%
2018 ESPP \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price under ESPP as percentage of closing price of common stock										85.00%
Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold								3,457,815		3,457,815
Common Shares \| At-the-Market Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold									1,163,074		1,163,074
Common Shares \| Initial Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold					6,571,428
Share price, issued and sold					$ 70.00								$ 70.00
Gross proceeds from sale of shares in Initial public offering before fees and expenses					$ 431,900,000
Fees and expenses					$ 28,100,000
Pfizer, Inc. \| Stock Purchase Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold				3,457,815
Share price, issued and sold				$ 101.22
Common stock issued in period				$ 350,000,000
Financial advisor fees				4,600,000
Fair value of the shares sold				$ 85,400,000
Pfizer, Inc. \| Common Shares \| Stock Purchase Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold			3,457,815
Share price, issued and sold			$ 101.22				$ 101.22	$ 101.22		$ 101.22
Common stock issued in period			$ 350,000,000.0
Financial advisor fees			4,600,000
Fair value of the shares sold			$ 85,400,000
Piper Sandler and Cantor \| Common Shares \| Equity Distribution Agreement \| At-the-Market Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold							0
Common stock aggregate offering price															$ 300,000,000.0
Piper Sandler \| Equity Distribution Agreement \| At-the-Market Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold													2,593,637
Common stock aggregate offering price																$ 100,000,000.0
Proceeds from issuance of common stock													$ 64,100,000
Fees and expenses													$ 1,600,000

Right of Use Assets and Liabilities - Components of Lease Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 348,149	$ 262,045	$ 1,037,755	$ 731,477