Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38672 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-2566120 | |
Entity Address, Address Line One | 5 Science Park | |
Entity Address, Address Line Two | 395 Winchester Ave | |
Entity Address, City or Town | New Haven | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06511 | |
City Area Code | 203 | |
Local Phone Number | 535-1456 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 48,988,096 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 346,068,406 | $ 588,373,232 |
Marketable securities | 305,203,086 | 100,157,618 |
Account receivable | 1,000,000 | |
Other receivables | 5,175,378 | 7,443,654 |
Prepaid expenses and other current assets | 8,209,888 | 6,113,122 |
Total current assets | 664,656,758 | 703,087,626 |
Property, equipment and leasehold improvements, net | 12,210,324 | 12,259,515 |
Operating lease right of use assets | 4,876,584 | 1,992,669 |
Other assets | 28,777 | 28,777 |
Total assets | 681,772,443 | 717,368,587 |
Current liabilities: | ||
Accounts payable | 9,002,938 | 7,121,879 |
Accrued expenses | 8,001,201 | 18,859,840 |
Deferred revenue | 22,150,861 | 22,150,861 |
Current portion of operating lease liability | 1,216,914 | 952,840 |
Total current liabilities | 40,371,914 | 49,085,420 |
Deferred revenue | 20,400,518 | 22,938,233 |
Long term debt | 2,000,000 | 2,000,000 |
Operating lease liability | 3,701,991 | 1,087,422 |
Total liabilities | 66,474,423 | 75,111,075 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 48,785,692 and 48,455,741 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 48,786 | 48,455 |
Accumulated deficit | (532,853,201) | (491,888,910) |
Additional paid-in capital | 1,148,345,190 | 1,133,537,171 |
Accumulated other comprehensive income (loss) | (242,755) | 560,796 |
Total stockholders’ equity | 615,298,020 | 642,257,512 |
Total liabilities and stockholders’ equity | $ 681,772,443 | $ 717,368,587 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares | Mar. 31, 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 | 48,785,692 | 48,455,741 |
Common Stock Shares Outstanding | 48,785,692 | 48,455,741 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 5,539,365 | $ 6,239,628 |
Operating expenses: | ||
Research and development | 34,866,882 | 21,726,686 |
General and administrative | 12,318,713 | 7,925,005 |
Total operating expenses | 47,185,595 | 29,651,691 |
Loss from operations | (41,646,230) | (23,412,063) |
Other income (expenses) | ||
Other income, net | 247,806 | 390,009 |
Interest income | 450,383 | 1,299,133 |
Interest expense | (16,250) | (16,250) |
Total other income | 681,939 | 1,672,892 |
Net loss | $ (40,964,291) | $ (21,739,171) |
Net loss per common share, basic and diluted | $ (0.84) | $ (0.56) |
Weighted average common shares outstanding, basic and diluted | 48,621,663 | 38,548,483 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (40,964,291) | $ (21,739,171) |
Other comprehensive income (loss): | ||
Unrealized loss on available-for-sale securities | (803,551) | (710,190) |
Comprehensive loss | $ (41,767,842) | $ (22,449,361) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) | Total | Common Shares | Accumulated Deficit | Additional Paid-in Capital | 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 | 6,119,711 | 6,119,711 | |||
Net loss | (21,739,171) | (21,739,171) | |||
Restricted stock vesting | $ 129 | (129) | |||
Restricted stock vesting, Shares | 128,732 | ||||
Exercise of stock options | 1,350,482 | $ 82 | 1,350,400 | ||
Exercise of stock options, Shares | 82,348 | ||||
Unrealized loss on available-for -sale securities | (710,190) | (710,190) | |||
Balance at Mar. 31, 2020 | 211,707,113 | $ 38,672 | (394,296,017) | 606,567,072 | (602,614) |
Balance, Shares at Mar. 31, 2020 | 38,672,433 | ||||
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 | 10,327,658 | 10,327,658 | |||
Net loss | (40,964,291) | (40,964,291) | |||
Restricted stock vesting | $ 67 | (67) | |||
Restricted stock vesting, Shares | 66,621 | ||||
Exercise of stock options | 4,480,692 | $ 264 | 4,480,428 | ||
Exercise of stock options, Shares | 263,330 | ||||
Unrealized loss on available-for -sale securities | (803,551) | (803,551) | |||
Balance at Mar. 31, 2021 | $ 615,298,020 | $ 48,786 | $ (532,853,201) | $ 1,148,345,190 | $ (242,755) |
Balance, Shares at Mar. 31, 2021 | 48,785,692 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (40,964,291) | $ (21,739,171) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,148,010 | 617,469 |
Net accretion of bond discounts/premiums | 978,132 | 366,132 |
Amortization of right to use assets | 305,140 | 169,904 |
Stock-based compensation | 10,327,658 | 6,119,711 |
Changes in operating assets and liabilities: | ||
Account receivable | 1,000,000 | 0 |
Other receivables | 2,268,276 | 2,402,390 |
Prepaid expenses and other current assets | (2,096,766) | 243,036 |
Accounts payable | 1,772,142 | (1,911,635) |
Accrued expenses | (10,858,639) | (819,180) |
Deferred revenue | (2,537,715) | (2,211,793) |
Operating lease liabilities | (310,412) | (186,824) |
Net cash used in operating activities | (38,968,465) | (16,949,961) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (240,502,151) | (8,605,116) |
Maturities of marketable securities | 33,675,000 | 52,462,085 |
Purchase of property, equipment and leasehold improvements | (989,902) | (1,362,224) |
Net cash (used in) provided by investing activities | (207,817,053) | 42,494,745 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 4,480,692 | 1,350,482 |
Net cash provided by financing activities | 4,480,692 | 1,350,482 |
Net (decrease) increase in cash and cash equivalents | (242,304,826) | 26,895,266 |
Cash and cash equivalents, beginning of the period | 588,373,232 | 9,211,057 |
Cash and cash equivalents, end of the period | 346,068,406 | 36,106,323 |
Supplemental disclosure of cash flow information: | ||
Purchases of property, equipment and leasehold improvements unpaid at period end | 108,917 | 375,602 |
Cash paid for interest | $ 16,250 | $ 16,250 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 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. Operating results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021. 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. 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 markets served. 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 results of operations and financial position as of March 31, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is 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. |
Accounting Pronouncements and S
Accounting Pronouncements and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 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 March 31, 2021 the Company has not identified any new standards that it believes will have a significant impact on the Company’s financial statements. There were no changes to the Company’s significant accounting policies during the three months ended March 31, 2021. |
Research Collaboration and Lice
Research Collaboration and License Agreements | 3 Months Ended |
Mar. 31, 2021 | |
Research Collaboration And License Agreements [Abstract] | |
Research Collaboration and License Agreements | 3. Research Collaboration and License Agreements In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (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 for 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 first quarters of 2020 and 2021. These payments are being recognized over the total estimated period of performance. The Company determined that the Bayer Collaboration Agreement and a 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. Contracts in Entity’s Own Equity In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer, Inc. (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 2018 in exchange for use of the Company’s technology license and to fund Pfizer-related research as defined within the 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 March 31, 2021. 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 and 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: March 31, December 31, 2021 2020 Contract liabilities $ 42,551,379 $ 45,089,094 Revenues recognized in the period from: Amounts included in deferred revenue in previous periods $ 5,538,540 $ 18,651,649 Changes in deferred revenue as of March 31, 2021 from December 31, 2020 were due to additions to deferred revenue of $3.0 million related to the Bayer Collaboration Agreement and $5.5 million of revenue recognized on the research collaboration and license agreements. The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2021 was $42.5 million, which is expected to be recognized in the following periods (in millions): Remainder of 2021 $ 16.6 2022 19.4 2023 6.5 Total $ 42.5 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments 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 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 March 31, 2021 and December 31, 2020: March 31, 2021 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2021-2022 $ 165,459,419 $ 252,653 $ (95,273 ) $ 165,616,799 Corporate bonds 2022 139,986,422 — (400,135 ) 139,586,287 Total $ 305,445,841 $ 252,653 $ (495,408 ) $ 305,203,086 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 table sets forth, by level, the Company’s assets that were accounted for at fair value on a recurring basis. March 31, 2021 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 305,203,086 $ — $ 305,203,086 December 31, 2020 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 100,157,618 $ — $ 100,157,618 |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 3 Months Ended |
Mar. 31, 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: March 31, 2021 December 31, 2020 Laboratory equipment $ 11,811,503 $ 11,100,116 Office equipment 1,231,906 1,233,823 Leasehold improvements 6,440,685 6,058,400 Total 19,484,094 18,392,339 Less: accumulated depreciation and amortization (7,273,770 ) (6,132,824 ) Property, equipment and leasehold improvements, net $ 12,210,324 $ 12,259,515 Depreciation and amortization expense totaled $1,148,010 and $617,469 for the three months ended March 31, 2021 and 2020, respectively. |
Right to Use Assets and Liabili
Right to Use Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Right to Use Assets and Liabilities | 6. Right to 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 commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate ranges from 3.0-5.1%. Lease expense for lease payments 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 the option. The Company has operating leases for its corporate office and certain equipment, which expire no later than December 31, 2024. The leases have a weighted average remaining term of 3.7 years. The components of lease expense were as follows: Three Months Ended March 31, 2021 2020 Operating lease cost $ 341,452 $ 207,107 Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 310,411 $ 186,824 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 3,189,055 $ 541,371 Maturities of lease liabilities for operating leases as of March 31, 2021, are as follows: Remainder of 2021 $ 1,012,283 2022 1,333,080 2023 1,487,239 2024 1,485,519 Total lease payments 5,318,121 Less: imputed interest (399,216 ) Total $ 4,918,905 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consisted of the following: March 31, 2021 December 31, 2020 Employee expenses $ 2,866,269 $ 8,967,126 Research and development expenses 4,097,326 8,113,043 Professional fees and other 1,037,606 1,779,671 $ 8,001,201 $ 18,859,840 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 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 (2014 Assistant Agreement) under which all the borrowings by the Company were forgiven in accordance with the 2014 Assistance Agreement, 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 (2018 Assistance Agreement) to provide funding for the expansion and renovation of laboratory and office space (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 does 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 and interest payments will be required for the first 60 months from the funding date. Thereafter, the loan begins 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 (See Note 13). 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. Anticipated future minimum payments on long-term debt for the years ending December 31 are: 2023 $ 92,480 2024 377,516 Beyond 1,530,004 Total $ 2,000,000 During each of the three months ended March 31, 2021 and 2020, interest expense was $16,250. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity | 9. Equity Common Stock 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 (Distribution Agreement) with Piper Sandler Companies, formerly Piper Jaffray & Co. (Piper Sandler), pursuant to which the Company may 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. 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 three months ended March 31, 2021, the Company issued 12,050 shares of common stock under the 2018 ESPP. As of March 31, 2021, 1,489,159 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 will be 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 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 During the three months ended March 31, 2021, the Company recognized compensation expense of $10,327,658 relating to the issuance of incentive awards, and at March 31, 2021, there was $72,812,116 of 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 three months ended March 31, 2021 was determined using the Black-Scholes option pricing model with the following assumptions: March 31, 2021 March 31, 2020 Expected volatility 77.4%-78.0% 70.3%-71.4% Expected term (years) 5.6-7.0 5.6-7.0 Risk free interest rate 0.5%-1.1% 0.8%-1.6% Expected dividend yield 0% 0% Exercise price $77.51-$82.21 $41.62-$49.97 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. The following table provides a summary of the stock option activity under the 2018 Plan during the three months ended March 31, 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 1,299,350 $ 78.37 Exercised (210,936 ) $ 19.58 Forfeited (4,756 ) $ 33.45 Outstanding at March 31, 2021 5,405,540 $ 39.11 8.58 $ 161,852,646 Exercisable at March 31, 2021 1,958,197 $ 21.89 7.86 $ 86,578,741 The following table provides a summary of the restricted stock grant activity under the Incentive Plan during the three months ended March 31, 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 (66,621 ) $ 16.00 Unvested restricted stock at March 31, 2021 172,091 $ 16.00 The following table provides a summary of the restricted stock unit activity under the 2018 Plan during the three months ended March 31, 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 (40,344 ) $ 19.36 Unvested restricted stock units at March 31, 2021 92,705 $ 20.30 At March 31, 2021, there were 5,023,163 stock options under the 2018 Plan, 159,085 restricted shares under the Incentive Plan, and 77,279 restricted stock units under the 2018 Plan that vested and are expected to vest. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The Company’s effective tax rate was 0.0% 21.0% 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 is no state income tax provision recorded for the three months ended March 31, 2021 and 2020. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 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 March 31, 2021 2020 Net loss $ (40,964,291 ) $ (21,739,171 ) Weighted average number of common shares outstanding, basic and diluted (1) 48,621,663 38,548,483 Net loss attributed to Arvinas common shareholders - basic and diluted $ (0.84 ) $ (0.56 ) (1) The weighted-average number of common shares outstanding-diluted excludes approximately 5.0 million and 4.9 million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of loss per share for the three months ended March 31, 2021 and 2020, respectively. |
Investment in Equity Method Inv
Investment in Equity Method Investee | 3 Months Ended |
Mar. 31, 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 Total operating expenses and net loss of Oerth for the three months ended March 31, 2021 was $2.6 million. Total operating expenses and net loss of Oerth for the three months ended March 31, 2020 was $1.2 million and $1.1 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 months ended March 31, 2021 and 2020. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events In June 2018, we entered into the 2018 Assistance Agreement (See Note 8) with the State of Connecticut. Under the terms of the 2018 Assistance Agreement, we borrowed from the State of Connecticut $2.0 million. Up to $1.0 million of the funding can be forgiven if we meet certain employment conditions. In April 2021 we were notified that the employment obligations and the funding provisions relative to the approved costs have been satisfied under the Assistance Agreement and the Company was granted loan forgiveness of $1.0 million from the State of Connecticut. The Company leases office and laboratory facilities in New Haven, Connecticut under previous lease agreements. In January 2021, the Company entered into amendments to its original lease agreements that extended the term of the lease agreements through December 2024. 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, the Company issued a letter of credit for $3.5 million, collateralized by a certificate of deposit in the same amount. Once occupied, the base rent will range from $6.3 million to $7.2 million annually over a ten-year |
Research Collaboration and Li_2
Research Collaboration and License Agreements (Tables) | 3 Months Ended |
Mar. 31, 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: March 31, December 31, 2021 2020 Contract liabilities $ 42,551,379 $ 45,089,094 Revenues recognized in the period from: Amounts included in deferred revenue in previous periods $ 5,538,540 $ 18,651,649 |
Transaction Price Allocated to Performance Obligations | The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2021 was $42.5 million, which is expected to be recognized in the following periods (in millions): Remainder of 2021 $ 16.6 2022 19.4 2023 6.5 Total $ 42.5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2021 and December 31, 2020: March 31, 2021 Gross Gross Description Effective Maturity Amortized Cost Unrealized Gains Unrealized Losses Fair Value Corporate bonds 2021-2022 $ 165,459,419 $ 252,653 $ (95,273 ) $ 165,616,799 Corporate bonds 2022 139,986,422 — (400,135 ) 139,586,287 Total $ 305,445,841 $ 252,653 $ (495,408 ) $ 305,203,086 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 table sets forth, by level, the Company’s assets that were accounted for at fair value on a recurring basis. March 31, 2021 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 305,203,086 $ — $ 305,203,086 December 31, 2020 Description Level 1 Level 2 Level 3 Total Assets: Corporate bonds $ — $ 100,157,618 $ — $ 100,157,618 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Equipment and Leasehold Improvements | Property, equipment and leasehold improvements consist of the following at: March 31, 2021 December 31, 2020 Laboratory equipment $ 11,811,503 $ 11,100,116 Office equipment 1,231,906 1,233,823 Leasehold improvements 6,440,685 6,058,400 Total 19,484,094 18,392,339 Less: accumulated depreciation and amortization (7,273,770 ) (6,132,824 ) Property, equipment and leasehold improvements, net $ 12,210,324 $ 12,259,515 |
Right to Use Assets and Liabi_2
Right to Use Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended March 31, 2021 2020 Operating lease cost $ 341,452 $ 207,107 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 310,411 $ 186,824 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 3,189,055 $ 541,371 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities for operating leases as of March 31, 2021, are as follows: Remainder of 2021 $ 1,012,283 2022 1,333,080 2023 1,487,239 2024 1,485,519 Total lease payments 5,318,121 Less: imputed interest (399,216 ) Total $ 4,918,905 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Components of Accrued Expenses | Accrued expenses consisted of the following: March 31, 2021 December 31, 2020 Employee expenses $ 2,866,269 $ 8,967,126 Research and development expenses 4,097,326 8,113,043 Professional fees and other 1,037,606 1,779,671 $ 8,001,201 $ 18,859,840 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 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 $ 92,480 2024 377,516 Beyond 1,530,004 Total $ 2,000,000 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted | The fair value of the stock options granted during the three months ended March 31, 2021 was determined using the Black-Scholes option pricing model with the following assumptions: March 31, 2021 March 31, 2020 Expected volatility 77.4%-78.0% 70.3%-71.4% Expected term (years) 5.6-7.0 5.6-7.0 Risk free interest rate 0.5%-1.1% 0.8%-1.6% Expected dividend yield 0% 0% Exercise price $77.51-$82.21 $41.62-$49.97 |
Summary of Stock Option Activity | The following table provides a summary of the stock option activity under the 2018 Plan during the three months ended March 31, 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 1,299,350 $ 78.37 Exercised (210,936 ) $ 19.58 Forfeited (4,756 ) $ 33.45 Outstanding at March 31, 2021 5,405,540 $ 39.11 8.58 $ 161,852,646 Exercisable at March 31, 2021 1,958,197 $ 21.89 7.86 $ 86,578,741 |
Summary of Restricted Stock Grant Activity | The following table provides a summary of the restricted stock grant activity under the Incentive Plan during the three months ended March 31, 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 (66,621 ) $ 16.00 Unvested restricted stock at March 31, 2021 172,091 $ 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 three months ended March 31, 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 (40,344 ) $ 19.36 Unvested restricted stock units at March 31, 2021 92,705 $ 20.30 |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2021 2020 Net loss $ (40,964,291 ) $ (21,739,171 ) Weighted average number of common shares outstanding, basic and diluted (1) 48,621,663 38,548,483 Net loss attributed to Arvinas common shareholders - basic and diluted $ (0.84 ) $ (0.56 ) (1) The weighted-average number of common shares outstanding-diluted excludes approximately 5.0 million and 4.9 million stock options and contingently issuable restricted stock units, which were not dilutive and not included in the computation of loss per share for the three months ended March 31, 2021 and 2020, respectively. |
Research Collaboration and Li_3
Research Collaboration and License Agreements - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Nov. 30, 2017USD ($)Target | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 31, 2019USD ($) | |
Research Collaboration And License Agreements [Line Items] | ||||||||
Revenue recognized on research collaboration and license agreements | $ 5,500,000 | |||||||
Changes in deferred revenue due to additions to deferred revenue | (2,537,715) | $ (2,211,793) | ||||||
Unsatisfied performance obligations expected to be recognized as revenue | 42,500,000 | |||||||
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 | |||||||
Changes in deferred revenue due to additions to deferred revenue | 3,000,000 | |||||||
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 | $ 3,000,000 | $ 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 | |||||||
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 | |||||||
Pfizer, Inc. | ||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||
Upfront non-refundable payment and certain additional payments received | $ 28,000,000 | |||||||
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 | |||||||
Pfizer, Inc. | Substitution Target Payments | ||||||||
Research Collaboration And License Agreements [Line Items] | ||||||||
Contract revenue receivable if milestones achieved or options for all targets exercised | $ 3,000,000 | $ 1,200,000 | ||||||
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 | |||||||
Number of designated targets | Target | 10 |
Research Collaboration and Li_4
Research Collaboration and License Agreements - Summary of Contract Liabilities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | ||
Contract liabilities | $ 42,551,379 | $ 45,089,094 |
Amounts included in deferred revenue in previous periods | $ 5,538,540 | $ 18,651,649 |
Research Collaboration and Li_5
Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions | Mar. 31, 2021USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 42.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 16.6 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 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 | $ 19.4 |
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 | $ 6.5 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Research Collaboration and Li_6
Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details1) $ in Millions | Mar. 31, 2021USD ($) |
Revenue From Contract With Customer [Abstract] | |
Revenue, remaining performance obligation | $ 42.5 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company's Available for Sale Securities (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 305,445,841 | $ 99,596,821 |
Gross Unrealized Gains | 252,653 | 560,797 |
Gross Unrealized Losses | (495,408) | |
Fair Value | 305,203,086 | $ 100,157,618 |
Corporate Bonds One Maturing 2021-2022 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 165,459,419 | |
Gross Unrealized Gains | 252,653 | |
Gross Unrealized Losses | (95,273) | |
Fair Value | $ 165,616,799 | |
Corporate Bonds One Maturing 2021-2022 | Minimum | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Effective Maturity | 2021 | |
Corporate Bonds One Maturing 2021-2022 | Maximum [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Effective Maturity | 2022 | |
Corporate Bonds Maturing 2022 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Effective Maturity | 2022 | |
Amortized Cost | $ 139,986,422 | |
Gross Unrealized Losses | (400,135) | |
Fair Value | $ 139,586,287 | |
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 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Accounted for at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Fair value measurements of assets | $ 305,203,086 | $ 100,157,618 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Assets: | ||
Fair value measurements of assets | 305,203,086 | 100,157,618 |
Level 2 | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Assets: | ||
Fair value measurements of assets | $ 305,203,086 | $ 100,157,618 |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 19,484,094 | $ 18,392,339 |
Less: accumulated depreciation and amortization | (7,273,770) | (6,132,824) |
Property, equipment and leasehold improvements, net | 12,210,324 | 12,259,515 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | 11,811,503 | 11,100,116 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | 1,231,906 | 1,233,823 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, equipment and leasehold improvements, gross | $ 6,440,685 | $ 6,058,400 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation and amortization expense | $ 1,148,010 | $ 617,469 |
Right to Use Assets and Liabi_3
Right to Use Assets and Liabilities - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Operating lease, existence of option to terminate | true |
Operating lease, weighted average remaining lease term | 3 years 8 months 12 days |
Operating lease expiration date | Dec. 31, 2024 |
Minimum | |
Lessee Lease Description [Line Items] | |
Percentage of incremental borrowing for lease Payments | 3.00% |
Maximum | |
Lessee Lease Description [Line Items] | |
Percentage of incremental borrowing for lease Payments | 5.10% |
Right to Use Assets and Liabi_4
Right to Use Assets and Liabilities - Components of Lease Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 341,452 | $ 207,107 |
Right to Use Assets and Liabi_5
Right to Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 310,411 | $ 186,824 |
Supplemental non-cash information: | ||
Right-of-use assets obtained in exchange for new lease obligations | $ 3,189,055 | $ 541,371 |
Right to Use Assets and Liabi_6
Right to Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details) | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
Remainder of 2021 | $ 1,012,283 |
2022 | 1,333,080 |
2023 | 1,487,239 |
2024 | 1,485,519 |
Total lease payments | 5,318,121 |
Less: imputed interest | (399,216) |
Total | $ 4,918,905 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Employee expenses | $ 2,866,269 | $ 8,967,126 |
Research and development expenses | 4,097,326 | 8,113,043 |
Professional fees and other | 1,037,606 | 1,779,671 |
Accrued expenses | $ 8,001,201 | $ 18,859,840 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||
Interest expense, Debt | $ 16,250 | $ 16,250 | |||
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 | $ 2,000,000 | |||
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 | ||||
2018 Assistance Agreement | State of Connecticut | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument face amount | $ 2,000,000 | ||||
Forgiveness of funding on achieving certain employment conditions | $ 1,000,000 | $ 1,000,000 |
Long-Term Debt - Schedule of An
Long-Term Debt - Schedule of Anticipated Future Minimum Payments on Long-Term Debt Excluding Discount on Debt (Details) | Mar. 31, 2021USD ($) |
Long Term Debt By Maturity [Abstract] | |
2023 | $ 92,480 |
2024 | 377,516 |
Beyond | 1,530,004 |
Total | $ 2,000,000 |
Equity - Additional Information
Equity - Additional Information (Details) - USD ($) | Jan. 01, 2021 | Jan. 01, 2020 | Dec. 31, 2020 | Mar. 31, 2018 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2019 | Sep. 30, 2018 |
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 | 159,085 | |||||||||
Incentive Plan | Employee | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Compensation expense | $ 10,327,658 | |||||||||
Compensation expense not yet recognized | $ 72,812,116 | |||||||||
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 | 5,023,163 | |||||||||
Restricted stock units vested and expected to vest | 77,279 | |||||||||
Minimum | Incentive Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Share-based award, vesting period | 1 year | |||||||||
Minimum | 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 | |||||||||
At The Market Offering | Piper Sandler | ||||||||||
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 | |||||||||
Proceeds from sale of common stock | $ 64,100,000 | |||||||||
Fees and expenses | $ 1,600,000 | |||||||||
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 | 12,050 | |||||||||
Common stock, shares remained available for purchase | 1,489,159 | |||||||||
Amount used as multiplying factor to grant common stock | $ 2,083 | |||||||||
Maximum percentage of compensation receivable by employee | 15.00% | |||||||||
2018 ESPP | Minimum | ||||||||||
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] | ||||||||||
Gross proceeds from sale of shares in Initial public offering before fees and expenses | $ 431,900,000 | |||||||||
Fees and expenses | $ 28,100,000 | |||||||||
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 | $ 70 |
Equity - Schedule of Assumption
Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock Options - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected volatility, minimum | 77.40% | 70.30% |
Expected volatility, maximum | 78.00% | 71.40% |
Risk free interest rate, minimum | 0.50% | 0.80% |
Risk free interest rate, maximum | 1.10% | 1.60% |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 5 years 7 months 6 days | 5 years 7 months 6 days |
Exercise price | $ 77.51 | $ 41.62 |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 7 years | 7 years |
Exercise price | $ 82.21 | $ 49.97 |
Equity - Summary of Stock Optio
Equity - Summary of Stock Option Activity (Details) - 2018 Plan | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options, Outstanding, Beginning Balance | shares | 4,321,882 |
Options, Granted | shares | 1,299,350 |
Options, Exercised | shares | (210,936) |
Options, Forfeited | shares | (4,756) |
Options, Outstanding, Ending Balance | shares | 5,405,540 |
Options, Exercisable, Ending Balance | shares | 1,958,197 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 26.35 |
Weighted Average Exercise Price, Granted | $ / shares | 78.37 |
Weighted Average Exercise Price, Exercised | $ / shares | 19.58 |
Weighted Average Exercise Price, Forfeited | $ / shares | 33.45 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 39.11 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 21.89 |
Weighted Average Remaining Contractual Term (Years), Outstanding | 8 years 6 months 29 days |
Weighted Average Remaining Contractual Term (Years), Exercisable | 7 years 10 months 9 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 161,852,646 |
Aggregate Intrinsic Value, Exercisable | $ | $ 86,578,741 |
Equity - Summary of Restricted
Equity - Summary of Restricted Stock Grant Activity (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
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 | (66,621) |
Unvested Restricted Stock, Shares, Ending Balance | shares | 172,091 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 16 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 16 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 16 |
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 | (40,344) |
Unvested Restricted Stock, Shares, Ending Balance | shares | 92,705 |
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ / shares | $ 20.01 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 19.36 |
Weighted Average Grant Date Fair Value Per Share, Ending Balance | $ / shares | $ 20.30 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Line Items] | ||
Effective tax rate, percentage | 0.00% | 0.00% |
Federal statutory rate, percentage | 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 |
Net Loss Per Common Share - Bas
Net Loss Per Common Share - Basic and Diluted Loss per Common Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (40,964,291) | $ (21,739,171) |
Weighted average number of common shares outstanding, basic and diluted | 48,621,663 | 38,548,483 |
Net loss attributed to Arvinas common shareholders - basic and diluted | $ (0.84) | $ (0.56) |
Net Loss Per Common Share - B_2
Net Loss Per Common Share - Basic and Diluted Loss per Common Share (Details) (Parenthetical) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 5 | |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 4.9 |
Investment in Equity Method I_2
Investment in Equity Method Investee - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||
Net loss | $ 40,964,291 | $ 21,739,171 |
Oerth | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity method investments | 0 | 0 |
Loss from equity method investment | 0 | 0 |
Oerth | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||
Schedule Of Equity Method Investments [Line Items] | ||
Net loss | 2,600,000 | 1,100,000 |
Operating expenses | $ 2,600,000 | $ 1,200,000 |
Bayer LP | Oerth | ||
Schedule Of Equity Method Investments [Line Items] | ||
Ownership interest in joint venture | 50.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - State of Connecticut | Apr. 30, 2021USD ($) | May 31, 2021USD ($)ft² | Jan. 31, 2021 | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) |
Subsequent Event [Line Items] | |||||
Lease extended term | 2024-12 | ||||
Scenario Forecast | |||||
Subsequent Event [Line Items] | |||||
Lease for laboratory and office space | ft² | 160,000 | ||||
Letter of credit for collateralized by certificate of deposit | $ 3,500,000 | ||||
Base rent period | 10 years | ||||
Tenant improvement allowance per square foot | $ 150 | ||||
Maximum [Member] | Scenario Forecast | |||||
Subsequent Event [Line Items] | |||||
Base rent | 7,200,000 | ||||
Minimum | Scenario Forecast | |||||
Subsequent Event [Line Items] | |||||
Base rent | $ 6,300,000 | ||||
2018 Assistance Agreement | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face amount | $ 2,000,000 | $ 2,000,000 | |||
2018 Assistance Agreement | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Loan forgiveness | $ 1,000,000 | ||||
2018 Assistance Agreement | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt instrument face amount | 2,000,000 | ||||
Forgiveness of funding on achieving certain employment conditions | $ 1,000,000 | $ 1,000,000 |