Arvinas (ARVN) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38672
Entity Registrant Name	ARVINAS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-2566120
Entity Address, Address Line One	5 Science Park
Entity Address, Address Line Two	395 Winchester Ave
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06511
City Area Code	203
Local Phone Number	535-1456
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	ARVN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,227,521
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001655759
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 132.6	$ 108.3
Restricted cash	5.5	4.5
Marketable securities	1,138.1	1,394.3
Accounts receivable	1	15
Other receivables	5.8	10.7
Prepaid expenses and other current assets	21.7	19.7
Total current assets	1,304.7	1,552.5
Property, equipment and leasehold improvements, net	14	12.7
Operating lease right of use assets	4.8	3.9
Collaboration contract asset and other assets	11.3	12.5
Total assets	1,334.8	1,581.6
Current liabilities:
Accounts payable and accrued liabilities	49.7	54.4
Deferred revenue	193.1	206.2
Current portion of operating lease liability	1.8	1.1
Total current liabilities	244.6	261.7
Deferred revenue	464.6	534.3
Long term debt	1	1
Operating lease liability	3.1	2.9
Total liabilities	713.3	799.9
Commitments and Contingencies
Stockholders’ equity:
Common stock, $0.001 par value; 53.2 and 53.0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	0.1	0
Accumulated deficit	(882.5)	(682.9)
Additional paid-in capital	1,528.7	1,469.2
Accumulated other comprehensive loss	(24.8)	(4.6)
Total stockholders’ equity	621.5	781.7
Total liabilities and stockholders’ equity	$ 1,334.8	$ 1,581.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	53.2	53
Common stock, shares outstanding (in shares)	53.2	53

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Condensed Consolidated Statements of Operations
Revenue	$ 30,300,000	$ 9,300,000	$ 85,800,000	$ 20,400,000
Operating expenses:
Research and development	77,500,000	40,600,000	216,700,000	118,500,000
General and administrative	20,000,000	16,000,000	64,500,000	42,800,000
Total operating expenses	97,500,000	56,600,000	281,200,000	161,300,000
Loss from operations	(67,200,000)	(47,300,000)	(195,400,000)	(140,900,000)
Other income (expenses)
Other (expense) income, net	(200,000)	200,000	(400,000)	1,700,000
Interest income, net	3,400,000	300,000	6,300,000	1,200,000
Total other income	3,200,000	500,000	5,900,000	2,900,000
Net loss before income taxes	(64,000,000)	(46,800,000)	(189,500,000)	(138,000,000)
Income tax expense	(2,200,000)	0	(10,100,000)	0
Net loss	$ (66,200,000)	$ (46,800,000)	$ (199,600,000)	$ (138,000,000)
Net loss per common share, basic (in dollars per share)	$ (1.24)	$ (0.94)	$ (3.76)	$ (2.81)
Net loss per common share, diluted (in dollars per share)	$ (1.24)	$ (0.94)	$ (3.76)	$ (2.81)
Weighted average common shares outstanding, basic (in shares)	53.2	49.8	53.1	49.1
Weighted average common shares outstanding, diluted (in shares)	53.2	49.8	53.1	49.1
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (66,200,000)	$ (46,800,000)	$ (199,600,000)	$ (138,000,000)
Other comprehensive loss:
Unrealized loss on available-for-sale securities	(2,800,000)	(100,000)	(20,200,000)	(1,200,000)
Comprehensive loss	$ (69,000,000)	$ (46,900,000)	$ (219,800,000)	$ (139,200,000)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common	Accumulated Deficit	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 31, 2020		48.5
Beginning balance at Dec. 31, 2020	$ 642.2	$ 0	$ (491.9)	$ 1,133.5	$ 0.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	40.1			40.1
Net loss	(138)		(138)
Restricted stock vesting (in shares)		0.2
Proceeds from exercise of stock options (in shares)		0.6
Proceeds from exercise of stock options	14.8			14.8
Common stock issued, net of issuance costs (in shares)		3.5
Common stock issued, net of issuance costs	259.9			259.9
Unrealized loss on available-for-sale securities	(1.3)				(1.3)
Ending balance (in shares) at Sep. 30, 2021		52.8
Ending balance at Sep. 30, 2021	817.7	$ 0	(629.9)	1,448.3	(0.7)
Beginning balance (in shares) at Jun. 30, 2021		49
Beginning balance at Jun. 30, 2021	582.9	$ 0	(583.1)	1,166.5	(0.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	15.2			15.2
Net loss	(46.8)		(46.8)
Restricted stock vesting (in shares)		0.1
Proceeds from exercise of stock options (in shares)		0.2
Proceeds from exercise of stock options	6.7			6.7
Common stock issued, net of issuance costs (in shares)		3.5
Common stock issued, net of issuance costs	259.9			259.9
Unrealized loss on available-for-sale securities	(0.2)				(0.2)
Ending balance (in shares) at Sep. 30, 2021		52.8
Ending balance at Sep. 30, 2021	$ 817.7	$ 0	(629.9)	1,448.3	(0.7)
Beginning balance (in shares) at Dec. 31, 2021	53	53
Beginning balance at Dec. 31, 2021	$ 781.7	$ 0	(682.9)	1,469.2	(4.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	55.4			55.4
Net loss	(199.6)		(199.6)
Proceeds from exercise of stock options (in shares)		0.2
Proceeds from exercise of stock options	4.2	$ 0.1		4.1
Unrealized loss on available-for-sale securities	$ (20.2)				(20.2)
Ending balance (in shares) at Sep. 30, 2022	53.2	53.2
Ending balance at Sep. 30, 2022	$ 621.5	$ 0.1	(882.5)	1,528.7	(24.8)
Beginning balance (in shares) at Jun. 30, 2022		53.2
Beginning balance at Jun. 30, 2022	670.6	$ 0.1	(816.3)	1,508.8	(22)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	18.8			18.8
Net loss	(66.2)		(66.2)
Proceeds from exercise of stock options	1.1			1.1
Unrealized loss on available-for-sale securities	$ (2.8)				(2.8)
Ending balance (in shares) at Sep. 30, 2022	53.2	53.2
Ending balance at Sep. 30, 2022	$ 621.5	$ 0.1	$ (882.5)	$ 1,528.7	$ (24.8)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Issuance of common stock, offering costs	$ 4.6	$ 4.6
Stock-based compensation	15.2	40.1
Net loss	(46.8)	(138)
Proceeds from exercise of stock options	6.7	14.8
Unrealized loss on available-for-sale securities	$ (0.2)	$ (1.3)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (199.6)	$ (138)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4.6	3.5
Net accretion of bond discounts/premiums	6.5	5.2
Forgiveness of debt income	0	(1)
Loss on sale of marketable securities	0.4	0
Amortization of right-of-use assets	1.5	0.9
Amortization of collaboration contract asset	1.3	0.1
Stock-based compensation	55.4	40.1
Changes in operating assets and liabilities:
Accounts receivable	14	(0.9)
Other receivables	4.9	0.7
Prepaid expenses and other current assets	(2)	(12.4)
Collaboration contract asset	0	(12.9)
Accounts payable and accrued liabilities	(5)	(7.6)
Operating lease liability	(1.5)	(0.9)
Deferred revenue	(82.8)	718.3
Net cash (used in) provided by operating activities	(202.3)	595.1
Cash flows from investing activities:
Purchases of marketable securities	(702.2)	(1,402.9)
Maturities of marketable securities	872.2	200.5
Sales of marketable securities	59.1	7.2
Purchases of property, equipment and leasehold improvements	(5.7)	(2.8)
Net cash provided by (used in) investing activities	223.4	(1,198)
Cash flows from financing activities:
Proceeds from issuance of common stock	0	264.5
Payment of common stock issuance costs	0	(4.6)
Proceeds from exercise of stock options	4.2	14.8
Net cash provided by financing activities	4.2	274.7
Net increase (decrease) in cash, cash equivalents and restricted cash	25.3	(328.2)
Cash, cash equivalents and restricted cash, beginning of the period	112.8	588.4
Cash, cash equivalents and restricted cash, end of the period	138.1	260.2
Supplemental disclosure of cash flow information:
Purchases of property, equipment and leasehold improvements unpaid at period end	0.3	0.1
Cash paid for taxes	$ 8.1	$ 0

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Arvinas, Inc. and its subsidiaries (“Arvinas” or “the Company”) is a clinical-stage 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 accompanying unaudited condensed consolidated financial statements include the accounts of Arvinas, Inc. and its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company's audited consolidated financial statements as of that date. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, forming part of Arvinas’ 2021 Annual Report on Form 10-K filed with the SEC on February 28, 2022. Certain reclassifications have been made to prior period financial information in order to conform with current period presentation. Accounts payable and Accrued expenses have been condensed into Accounts payable and accrued liabilities, and Interest income and Interest expense have been condensed into Interest income, net. The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP 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 considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates. Concentration of Credit Risk and Other Risks and Uncertainties The Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability. To date, the Company has not generated any revenue from product sales and expects to incur additional operating losses and negative operating cash flows for the foreseeable future. The Company has financed its operations primarily through sales of equity interests, proceeds from collaborations, grant funding and debt financing. The Company had cash, cash equivalents, restricted cash and marketable securities totaling $1.3 billion as of September 30, 2022. 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, 2022. The full extent of the impacts of COVID-19 on the Company’s operations remains uncertain and could have a material adverse impact on the Company's financial results and business operations, including the

Accounting Pronouncements and S

Accounting Pronouncements and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Accounting Pronouncements and Significant Accounting Policies	Accounting Pronouncements and Significant Accounting Policies The Company reviews new accounting standards as issued. As of September 30, 2022, 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, 2022.

Research Collaboration and Lice

Research Collaboration and License Agreements	9 Months Ended
	Sep. 30, 2022
Research Collaboration And License Agreements [Abstract]
Research Collaboration and License Agreements	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 $650.0 million. In addition, the Company is eligible to receive up to an additional $1.4 billion in contingent payments based on specific regulatory and sales-based milestones for the Licensed Products. Of the total contingent payments, $400.0 million in regulatory milestones are related to marketing approvals and $1.0 billion are related to sales-based milestones. The Company and Pfizer share equally all development costs, including costs of conducting clinical trials, for the Licensed Products, subject to certain exceptions. Except for certain regions described below, the parties will also share equally all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions. The Company will be the marketing authorization holder in the United States and, subject to marketing approval, book sales in the United States, while Pfizer will hold marketing authorizations outside the United States. The parties will determine which, if any, regions within the world will be solely commercialized by one party, and in such region the parties will adjust their share of profits and losses for the Licensed Products based on the role each party will be performing. As a direct result of the Company’s entry into the ARV-471 Collaboration Agreement, the Company incurred direct and incremental costs to obtain the contract 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 at inception of the agreement, which is being amortized as general and administrative expense over the total estimated period of performance under the ARV-471 Collaboration Agreement. Bayer Collaboration Agreement In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (the “Bayer Collaboration Agreement”) setting forth the Company’s collaboration with Bayer AG to identify or optimize proteolysis targeting chimeras ("PROTAC® targeted protein degraders") that mediate the degradation of target proteins. Under the terms of the Bayer Collaboration Agreement, the Company received an upfront, non-refundable payment of $17.5 million in exchange for the use of the Company’s technology license. Bayer is committed to fund an additional $12.0 million through 2023, of which of $10.5 million was received from inception through September 30, 2022. These payments are being recognized over the total estimated period of performance. The Company is also eligible to receive up to $197.5 million in development milestone payments and up to $490.0 million in sales-based milestone payments for all designated targets. In addition, the Company is eligible to receive, on net sales of PROTAC targeted protein degrader-related products, mid-single digit to low-double digit tiered royalties, which may be subject to reductions. There were no development or sales-based milestone payments or royalties received as of September 30, 2022. Pfizer Research Collaboration Agreement In December 2017, the Company entered into a Research Collaboration and License Agreement with Pfizer (the “Pfizer Research Collaboration Agreement”). Under the terms of the Pfizer Research Collaboration Agreement, the Company received an upfront, non-refundable payment and certain additional payments totaling $28.0 million in 2018 in exchange for use of the Company’s technology license and to fund Pfizer-related research as defined within the Pfizer Research Collaboration Agreement. These payments are being recognized as revenue over the total estimated period of performance. The Company is eligible to receive up to an additional $37.5 million in non-refundable option payments if Pfizer exercises its options for all targets under the Pfizer Research Collaboration Agreement. The Company is also entitled to receive up to $225.0 million in development milestone payments and up to $550.0 million in sales-based milestone payments for all designated targets under the Pfizer Research Collaboration Agreement, as well as tiered royalties based on sales. During the nine months ended September 30, 2022, the Company received payments totaling $3.5 million, which was included in accounts receivable as of December 31, 2021, for an additional target and additional services which are being recognized as revenue over the total period of performance. There were no sales-based milestone payments or royalties received as of September 30, 2022. Genentech Modification In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement (the “Genentech Modification”) with Genentech, Inc. and F. Hoffman-La Roche Ltd. (together "Genentech"), 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. The Company is eligible to receive up to $27.5 million in additional expansion target payments if Genentech exercises its options on all remaining targets. Upfront non-refundable payments are recognized as revenue over the total estimated period of performance. The Company is eligible to receive up to $44.0 million per target in development milestone payments, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received as of September 30, 2022. Changes in the Company's contract balances for the nine months ended September 30, 2022 and 2021 were as follows: (dollars in millions) September 30, September 30, Accounts receivable Beginning balance $ 15.0 $ 1.0 Additions 2.4 1.9 Payments received (16.4) (1.0) Ending balance $ 1.0 $ 1.9 Contract assets: Collaboration contract asset Beginning balance $ 12.5 $ — Additions — 12.9 Amortization (1.3) (0.1) Ending balance $ 11.2 $ 12.8 Contract liabilities: Deferred revenue Beginning balance $ 740.5 $ 45.1 Revenue recognized from balances held at the beginning of the period (85.8) (20.3) Additions to collaboration agreements 3.0 738.6 Ending balance $ 657.7 $ 763.4 The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2022 was $657.7 million, which is expected to be recognized in the following periods: (dollars in millions) Remainder of 2022 $ 52.8 2023 190.0 2024 136.5 2025 100.4 2026 63.4 2027 34.1 Thereafter 80.5 Total $ 657.7

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Marketable Securities and Fair Value Measurements	Marketable Securities and Fair Value Measurements The Company’s marketable securities consist of corporate bonds and government securities which are adjusted to fair value as of each balance sheet date based on quoted prices, which are considered Level 2 inputs. The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis. September 30, 2022 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 - 2023 $ 854.3 $ — $ (12.4) $ 841.9 Corporate bonds Level 2 2023 - 2025 218.1 — (11.4) 206.7 Government securities Level 2 2022 - 2023 76.3 — (0.7) 75.6 Government securities Level 2 2023 - 2024 14.2 — (0.3) 13.9 Total $ 1,162.9 $ — $ (24.8) $ 1,138.1 December 31, 2021 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 $ 784.0 $ — $ (0.7) $ 783.3 Corporate bonds Level 2 2023 - 2024 582.5 — (3.8) 578.7 Government securities Level 2 2022 32.4 — (0.1) 32.3 Total $ 1,398.9 $ — $ (4.6) $ 1,394.3 The carrying values of accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these assets and liabilities.

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements consist of the following at: (dollars in millions) September 30, December 31, Laboratory equipment $ 16.8 $ 13.6 Leasehold improvements 10.4 8.4 Office equipment 1.7 1.4 Total property, equipment and leasehold improvements 28.9 23.4 Less: accumulated depreciation and amortization (14.9) (10.7) Property, equipment and leasehold improvements, net $ 14.0 $ 12.7 Depreciation and amortization expense totaled $1.6 million and $1.2 million for the three months ended September 30, 2022 and 2021, respectively, and $4.6 million and $3.5 million for the nine months ended September 30, 2022 and 2021, respectively.

Right-of-Use Assets and Liabili

Right-of-Use Assets and Liabilities	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Right-of-Use Assets and Liabilities	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% - 4.1%. 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, which was amended in August 2022, 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 the related amendment, 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 $5.5 million, collateralized by a certificate of deposit in the same amount, which is presented as restricted cash as of September 30, 2022. Once occupied, the base rent will range from $7.7 million to $8.8 million annually over a ten-year lease term. The Company has operating leases for its corporate office, laboratories and certain equipment, which expire no later than January 2026. The leases have a weighted average remaining term of 2.2 years. The components of lease expense were as follows: Three Months Ended Nine Months Ended (dollars in millions) 2022 2021 2022 2021 Operating lease cost $ 0.5 $ 0.3 $ 1.6 $ 1.0 Supplemental cash flow information related to leases was as follows: Nine Months Ended (dollars in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1.5 $ 0.9 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 2.4 $ 3.2 Maturities of lease liabilities for operating leases as of September 30, 2022, are as follows: (dollars in millions) Remainder of 2022 $ 0.4 2023 2.1 2024 2.1 2025 0.5 2026 — Total lease payments 5.1 Less: imputed interest (0.2) Total $ 4.9

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following: (dollars in millions) September 30, December 31, Accounts payable $ 7.9 $ 31.3 Accrued liabilities Research and development expenses 24.8 9.5 Employee expenses 12.2 12.4 Income taxes 2.0 — Professional fees and other 2.8 1.2 Total accounts payable and accrued liabilities $ 49.7 $ 54.4

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt In June 2018, the Company entered into an additional Assistance Agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through 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. As of September 30, 2022, $1.0 million remains outstanding under the 2018 Assistance Agreement. In connection with an Assistance Agreement with the State of Connecticut entered into in 2014 under which all the borrowings by the Company were forgiven, the Company is required to be located in the State of Connecticut through January 2024, with a default penalty of repayment of the full original funding amount of $2.5 million plus liquidated damages of 7.5%. Minimum future principal payments on long-term debt for the years ending December 31 are as follows: (dollars in millions) 2023 $ — 2024 0.2 2025 0.2 2026 0.2 2027 0.2 2028 0.2 Total $ 1.0 During the three and nine months ended September 30, 2022 and 2021, interest expense was immaterial.

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity	Equity Equity Distribution Agreements In August 2021, the Company entered into an Equity Distribution Agreement with Piper Sandler & Company (“Piper Sandler”) and Cantor Fitzgerald & Co. (“Cantor”), as agents, pursuant to which the Company may offer and sell from time to time, through the agents, up to $300.0 million of the common stock registered under the Company's universal shelf registration statement pursuant to one or more “at-the-market" offering. During the nine months ended September 30, 2022, no shares were issued under this agreement. Share-based Compensation 2018 Employee Stock Purchase Plan In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), with the first offering period under the 2018 ESPP commencing on January 1, 2020, by initially providing participating employees with the opportunity to purchase an aggregate of 311,850 shares of the Company’s common stock. The number of shares of the Company’s common stock reserved for issuance under the 2018 ESPP increase, pursuant to the terms of the 2018 ESPP, by additional shares equal to 1% of the Company’s then-outstanding common stock, effective as of January 1 of each year. As of September 30, 2022, 1,986,565 shares remained available for purchase. During the nine months ended September 30, 2022 and 2021, the Company issued 24,898 and 19,357 shares, respectively, of common stock under the 2018 ESPP. Incentive Share Plan In the Fourth Amendment to the Company’s Incentive Share Plan (the “Incentive Plan”) adopted in March 2018, the Company was authorized to issue up to an aggregate of 6,199,477 incentive units pursuant to the terms of the Incentive Plan. Generally, incentive units were granted at no less than fair value as determined by the board of managers and had vesting periods ranging from one 2018 Stock Incentive Plan In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Stock Incentive Plan (the “2018 Plan”), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s initial public offering. The number of 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 year or an amount determined by the Company’s board of directors. As of September 30, 2022, 2,268,813 shares remained available for issuance under the 2018 Plan. 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 are available for future grants of awards. Compensation Expense During the three months ended September 30, 2022 and 2021, the Company recognized compensation expense of $18.8 million and $15.2 million, respectively, relating to the issuance of incentive awards. During the nine months ended September 30, 2022 and 2021, the Company recognized compensation expense of $55.4 million and $40.1 million, respectively, relating to the issuance of incentive awards. As of September 30, 2022, there was $76.7 million of unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately two years. Stock Options The fair value of the stock options granted during the nine months ended September 30, 2022 and 2021 was determined using the Black-Scholes option pricing model with the following assumptions: September 30, September 30, Expected volatility 73.2 - 76.0% 74.8 - 78.0% Expected term (years) 5.5 - 7.0 5.3 - 7.0 Risk free interest rate 1.5% - 3.3% 0.5% - 1.2% Expected dividend yield 0 % 0 % Exercise price $36.79 - $78.91 $66.82 - $100.40 Given the Company’s common stock has not been trading for a sufficient period of time, the Company calculates volatility of its common stock by utilizing a weighted average of a collection of peer company volatilities and its own common stock volatility. The expected term is calculated utilizing the simplified method. A summary of the stock option activity under the 2018 Plan during the nine months ended September 30, 2022 is presented below. These amounts include stock options granted to employees and directors. (dollars in millions, Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2021 5,343,254 $ 44.98 Granted 1,716,817 $ 60.13 Exercised (167,118) $ 18.11 Forfeited (194,089) $ 61.70 Outstanding as of September 30, 2022 6,698,864 $ 49.05 7.9 $ 59.9 Exercisable as of September 30, 2022 3,340,023 $ 35.62 7.0 $ 53.8 The weighted-average grant date fair value per share of options granted during the nine months ended September 30, 2022 was $39.69. The total intrinsic value of options exercised during the nine months ended September 30, 2022 was $7.6 million. As of September 30, 2022, there were 6,396,248 stock options under the 2018 Plan that have vested or are expected to vest. Restricted Stock Awards A summary of restricted stock award activity under the Incentive Plan during the nine months ended September 30, 2022 is presented below. These amounts include restricted stock granted to employees and directors. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock as of December 31, 2021 30,625 $ 16.00 Vested (29,305) $ 16.00 Cancelled (1,320) $ 16.00 Unvested restricted stock as of September 30, 2022 — $ 16.00 Restricted Stock Units A summary of restricted stock unit activity under the 2018 Plan during the nine months ended September 30, 2022 is presented below. These amounts include restricted stock units granted to employees. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock units as of December 31, 2021 88,307 $ 20.02 Granted 370,466 $ 55.42 Vested (42,500) $ 20.04 Cancelled (14,774) $ 52.43 Unvested restricted stock units as of September 30, 2022 401,499 $ 51.49 As of September 30, 2022, there were 334,575 restricted stock units under the 2018 Plan that have vested or are expected to vest.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended September 30, 2022, the Company recognized income tax expense of $2.2 million resulting in an effective tax rate of (3.4)%, as compared to income tax expense of zero resulting in an effective tax rate of 0.0% in the same period for 2021. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended September 30, 2022 and the Company’s overall effective tax rate of (3.4)% was the effect of equity compensation, generation of research and development tax credits, deferred state income taxes and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended September 30, 2021 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. For the nine months ended September 30, 2022, the Company recognized income tax expense of $10.1 million resulting in an effective tax rate of (5.3)%, as compared to income tax expense of zero resulting in an effective tax rate of 0.0% in the same period for 2021. The primary reconciling items between the federal statutory rate of 21.0% for the nine months ended September 30, 2022 and the Company’s overall effective tax rate of (5.3)% was the effect of equity compensation, generation of research and development tax credits,

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic and diluted loss per common share was calculated as follows: For the Three Months Ended For the Nine Months Ended (dollars and shares in millions, except per common share amounts) 2022 2021 2022 2021 Net loss $ (66.2) $ (46.8) $ (199.6) $ (138.0) Weighted average number of common shares outstanding - basic and diluted 53.2 49.8 53.1 49.1 Net loss per common share - basic and diluted $ (1.24) $ (0.94) $ (3.76) $ (2.81) The Company reported net losses for each of the three and nine months ended September 30, 2022 and 2021, and, therefore, excluded all stock options, restricted stock awards and restricted stock units from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below: For the For the Three and Nine Months Ended (shares in millions) 2022 2021 Stock options 6.7 5.3 Restricted stock awards — 0.1 Restricted stock units 0.4 0.1 7.1 5.5

Equity Method Investments

Equity Method Investments	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method InvestmentsIn 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, 2022 and 2021 were immaterial. Operating expenses and net loss of Oerth for the three months ended September 30, 2022 and 2021 totaled $6.2 million and $3.5 million, respectively. Operating expenses and net loss of Oerth for the nine months ended September 30, 2022 and 2021 totaled $16.3 million and $9.5 million, respectively. The carrying value of t he investment has been reduced to zero 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, 2022 and 2021.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company may be subject to legal proceedings, claims and disputes that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. Legal fees and other costs associated with such actions are expensed as incurred. As of September 30, 2022, the Company does not believe there are any such matters where there is at least a reasonable probability that a material loss, if any, has been or will be incurred. Clinical and Preclinical Development and Licensing Arrangements From time to time, the Company enters into contracts in the normal course of business with various third parties who support its clinical trials, preclinical research studies, and other services related to its development activities. The scope of the services under these agreements can generally be modified at any time, and the agreement can be terminated by either party after a period of notice and receipt of written notice. In addition, under licensing and related arrangements to which we are a party, we may be obligated to make milestone payments to third parties. The payment obligations under these arrangements are contingent upon future events, such as achievement of specified milestones or generation of product sales, and the amount, timing and likelihood of such payments are not known. FMI Agreement On June 4, 2022, the Company entered into a Master In Vitro Diagnostics Agreement, effective as of June 4, 2022 with Foundation Medicine, Inc. (the "FMI Agreement") for the development and commercialization of one or more of Foundation Medicine’s companion in vitro diagnostic assays for use with one or more of the Company's therapeutic products. Bavdegalutamide In exchange for the development of FoundationOne® Liquid CDx as a companion diagnostic for use with bavdegalutamide for AR mCRPC in the United States and European Union, pursuant to the terms of the FMI Agreement, the Company is subject to success-based milestone payments of up to low to mid tens of millions of dollars, in addition to certain validation fees per sample and related pass-through costs. ARV-766 In exchange for the development of FoundationOne® Liquid CDx as a companion diagnostic for use with ARV-766 for AR mCRPC in the United States and European Union, pursuant to the terms of the FMI Agreement, the Company is subject to success-based milestone payments of up to low tens of millions of dollars in addition to certain validation fees per sample and related pass-through costs. The FMI Agreement does not have a fixed duration, and the Company may terminate the FMI Agreement for convenience by providing adequate written notice to Foundation Medicine, subject to payment of applicable termination fees. Either party may terminate the FMI Agreement in its entirety for an uncured material breach by the other party, upon the bankruptcy or insolvency of the other party or by the mutual written agreement of both parties. Additionally, Foundation Medicine may terminate the FMI Agreement with respect to

Accounting Pronouncements and_2

Accounting Pronouncements and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements include the accounts of Arvinas, Inc. and its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company's audited consolidated financial statements as of that date. The financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2021, forming part of Arvinas’ 2021 Annual Report on Form 10-K filed with the SEC on February 28, 2022.
Reclassifications	Certain reclassifications have been made to prior period financial information in order to conform with current period presentation. Accounts payable and Accrued expenses have been condensed into Accounts payable and accrued liabilities, and Interest income and Interest expense have been condensed into Interest income, net
Use of Estimates	The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP 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 considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and UncertaintiesThe Company is subject to a number of risks similar to other biopharmaceutical companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products and protection of proprietary technology. If the Company does not successfully obtain regulatory approval, it will be unable to generate revenue from product sales or achieve profitability.

Research Collaboration and Li_2

Research Collaboration and License Agreements (Tables)	9 Months Ended
	Sep. 30, 2022
Research Collaboration And License Agreements [Abstract]
Summary of Contract Balances	Changes in the Company's contract balances for the nine months ended September 30, 2022 and 2021 were as follows: (dollars in millions) September 30, September 30, Accounts receivable Beginning balance $ 15.0 $ 1.0 Additions 2.4 1.9 Payments received (16.4) (1.0) Ending balance $ 1.0 $ 1.9 Contract assets: Collaboration contract asset Beginning balance $ 12.5 $ — Additions — 12.9 Amortization (1.3) (0.1) Ending balance $ 11.2 $ 12.8 Contract liabilities: Deferred revenue Beginning balance $ 740.5 $ 45.1 Revenue recognized from balances held at the beginning of the period (85.8) (20.3) Additions to collaboration agreements 3.0 738.6 Ending balance $ 657.7 $ 763.4
Transaction Price Allocated to Performance Obligations	The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2022 was $657.7 million, which is expected to be recognized in the following periods: (dollars in millions) Remainder of 2022 $ 52.8 2023 190.0 2024 136.5 2025 100.4 2026 63.4 2027 34.1 Thereafter 80.5 Total $ 657.7

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Available-for-Sale Marketable Securities	The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis. September 30, 2022 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 - 2023 $ 854.3 $ — $ (12.4) $ 841.9 Corporate bonds Level 2 2023 - 2025 218.1 — (11.4) 206.7 Government securities Level 2 2022 - 2023 76.3 — (0.7) 75.6 Government securities Level 2 2023 - 2024 14.2 — (0.3) 13.9 Total $ 1,162.9 $ — $ (24.8) $ 1,138.1 December 31, 2021 (dollars in millions) Valuation Hierarchy Effective Maturity Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 2022 $ 784.0 $ — $ (0.7) $ 783.3 Corporate bonds Level 2 2023 - 2024 582.5 — (3.8) 578.7 Government securities Level 2 2022 32.4 — (0.1) 32.3 Total $ 1,398.9 $ — $ (4.6) $ 1,394.3

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements	Property, equipment and leasehold improvements consist of the following at: (dollars in millions) September 30, December 31, Laboratory equipment $ 16.8 $ 13.6 Leasehold improvements 10.4 8.4 Office equipment 1.7 1.4 Total property, equipment and leasehold improvements 28.9 23.4 Less: accumulated depreciation and amortization (14.9) (10.7) Property, equipment and leasehold improvements, net $ 14.0 $ 12.7

Right-of-Use Assets and Liabi_2

Right-of-Use Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Components of Lease Expense	The components of lease expense were as follows: Three Months Ended Nine Months Ended (dollars in millions) 2022 2021 2022 2021 Operating lease cost $ 0.5 $ 0.3 $ 1.6 $ 1.0
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Nine Months Ended (dollars in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1.5 $ 0.9 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ 2.4 $ 3.2
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities for operating leases as of September 30, 2022, are as follows: (dollars in millions) Remainder of 2022 $ 0.4 2023 2.1 2024 2.1 2025 0.5 2026 — Total lease payments 5.1 Less: imputed interest (0.2) Total $ 4.9

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
Components of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following: (dollars in millions) September 30, December 31, Accounts payable $ 7.9 $ 31.3 Accrued liabilities Research and development expenses 24.8 9.5 Employee expenses 12.2 12.4 Income taxes 2.0 — Professional fees and other 2.8 1.2 Total accounts payable and accrued liabilities $ 49.7 $ 54.4

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Minimum Future Payments on Long-Term Debt	Minimum future principal payments on long-term debt for the years ending December 31 are as follows: (dollars in millions) 2023 $ — 2024 0.2 2025 0.2 2026 0.2 2027 0.2 2028 0.2 Total $ 1.0

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted	The fair value of the stock options granted during the nine months ended September 30, 2022 and 2021 was determined using the Black-Scholes option pricing model with the following assumptions: September 30, September 30, Expected volatility 73.2 - 76.0% 74.8 - 78.0% Expected term (years) 5.5 - 7.0 5.3 - 7.0 Risk free interest rate 1.5% - 3.3% 0.5% - 1.2% Expected dividend yield 0 % 0 % Exercise price $36.79 - $78.91 $66.82 - $100.40
Summary of Stock Option Activity	A summary of the stock option activity under the 2018 Plan during the nine months ended September 30, 2022 is presented below. These amounts include stock options granted to employees and directors. (dollars in millions, Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of December 31, 2021 5,343,254 $ 44.98 Granted 1,716,817 $ 60.13 Exercised (167,118) $ 18.11 Forfeited (194,089) $ 61.70 Outstanding as of September 30, 2022 6,698,864 $ 49.05 7.9 $ 59.9 Exercisable as of September 30, 2022 3,340,023 $ 35.62 7.0 $ 53.8
Summary of Restricted Stock Grant Activity	A summary of restricted stock award activity under the Incentive Plan during the nine months ended September 30, 2022 is presented below. These amounts include restricted stock granted to employees and directors. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock as of December 31, 2021 30,625 $ 16.00 Vested (29,305) $ 16.00 Cancelled (1,320) $ 16.00 Unvested restricted stock as of September 30, 2022 — $ 16.00 A summary of restricted stock unit activity under the 2018 Plan during the nine months ended September 30, 2022 is presented below. These amounts include restricted stock units granted to employees. Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted stock units as of December 31, 2021 88,307 $ 20.02 Granted 370,466 $ 55.42 Vested (42,500) $ 20.04 Cancelled (14,774) $ 52.43 Unvested restricted stock units as of September 30, 2022 401,499 $ 51.49

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Basic and Diluted Loss per Common Share	Basic and diluted loss per common share was calculated as follows: For the Three Months Ended For the Nine Months Ended (dollars and shares in millions, except per common share amounts) 2022 2021 2022 2021 Net loss $ (66.2) $ (46.8) $ (199.6) $ (138.0) Weighted average number of common shares outstanding - basic and diluted 53.2 49.8 53.1 49.1 Net loss per common share - basic and diluted $ (1.24) $ (0.94) $ (3.76) $ (2.81)
Securities Excluded From Computation of Diluted Net Loss Per Common Share	The Company reported net losses for each of the three and nine months ended September 30, 2022 and 2021, and, therefore, excluded all stock options, restricted stock awards and restricted stock units from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below: For the For the Three and Nine Months Ended (shares in millions) 2022 2021 Stock options 6.7 5.3 Restricted stock awards — 0.1 Restricted stock units 0.4 0.1 7.1 5.5

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details) $ in Billions	Sep. 30, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, restricted cash and marketable securities	$ 1.3

Research Collaboration and Li_3

Research Collaboration and License Agreements - Additional Information (Details)	1 Months Ended	9 Months Ended	12 Months Ended
	Nov. 30, 2017 USD ($) Target	Sep. 30, 2022 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 30, 2019 USD ($)
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		$ 11,200,000			$ 12,500,000	$ 12,800,000		$ 0
Collaboration contract asset and other assets		11,300,000			$ 12,500,000
Pfizer, Inc.
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		3,500,000	$ 28,000,000
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
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
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised							$ 1,000,000,000
Pfizer, Inc. | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		225,000,000
Pfizer, Inc. | Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		0
Pfizer, Inc. | Sales Based Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		550,000,000
Pfizer, Inc. | Option Payments To License Agreement | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		37,500,000
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
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		10,500,000
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				$ 12,000,000
Bayer Collaboration Agreement | Development Milestone Payments
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		0
Bayer Collaboration Agreement | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised									197,500,000
Bayer Collaboration Agreement | Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Upfront non-refundable payment and certain additional payments received		0
Bayer Collaboration Agreement | Sales Based Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised									$ 490,000,000
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
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		52,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		44,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Option Payments To License Agreement | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		27,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Commercial Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved or options for all targets exercised		60,000,000
Upfront non-refundable payment and certain additional payments received		$ 0

Research Collaboration and Li_4

Research Collaboration and License Agreements - Summary of Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Accounts receivable
Beginning balance	$ 15	$ 1
Additions	2.4	1.9
Payments received	(16.4)	(1)
Ending balance	1	1.9
Contract assets: Collaboration contract asset
Beginning balance	12.5	0
Additions	0	12.9
Amortization	(1.3)	(0.1)
Ending balance	11.2	12.8
Contract liabilities: Deferred revenue
Beginning balance	740.5	45.1
Revenue recognized from balances held at the beginning of the period	(85.8)	(20.3)
Additions to collaboration agreements	3	738.6
Ending balance	$ 657.7	$ 763.4

Research Collaboration and Li_5

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 657.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 52.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
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	$ 190
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	$ 34.1
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 80.5
Revenue, remaining performance obligation, expected timing of satisfaction, period

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements - Summary of Available-for-Sale Marketable Securities (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 1,162.9	$ 1,398.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(24.8)	(4.6)
Fair Value	1,138.1	1,394.3
Corporate Bonds Maturing 2022-2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	854.3
Gross Unrealized Gains	0
Gross Unrealized Losses	(12.4)
Fair Value	841.9
Corporate Bonds Maturing 2023-2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	218.1
Gross Unrealized Gains	0
Gross Unrealized Losses	(11.4)
Fair Value	206.7
Corporate Bonds Maturing 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		784
Gross Unrealized Gains		0
Gross Unrealized Losses		(0.7)
Fair Value		783.3
Corporate Bonds Maturing 2023-2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		582.5
Gross Unrealized Gains		0
Gross Unrealized Losses		(3.8)
Fair Value		578.7
Government Securities Maturing 2022-2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	76.3
Gross Unrealized Gains	0
Gross Unrealized Losses	(0.7)
Fair Value	75.6
Government Securities Maturing 2023-2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	14.2
Gross Unrealized Gains	0
Gross Unrealized Losses	(0.3)
Fair Value	$ 13.9
Government Securities Maturing 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost		32.4
Gross Unrealized Gains		0
Gross Unrealized Losses		(0.1)
Fair Value		$ 32.3

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 28.9	$ 23.4
Less: accumulated depreciation and amortization	(14.9)	(10.7)
Property, equipment and leasehold improvements, net	14	12.7
Laboratory equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	16.8	13.6
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	10.4	8.4
Office equipment
Property Plant And Equipment [Line Items]
Property, equipment and leasehold improvements, gross	$ 1.7	$ 1.4

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1.6	$ 1.2	$ 4.6	$ 3.5

Right-of-Use Assets and Liabi_3

Right-of-Use Assets and Liabilities - Additional Information (Details) ft² in Thousands, $ in Millions	1 Months Ended
	May 31, 2021 USD ($) ft²	Sep. 30, 2022
Lessee Lease Description [Line Items]
Lease for laboratory and office space | ft²	160
Base rent lease term (in years)	10 years
Operating lease, weighted average remaining lease term (in years)		2 years 2 months 12 days
Letter of Credit | Asset Pledged as Collateral
Lessee Lease Description [Line Items]
Letter of credit for collateralized by certificate of deposit	$ 5.5
Minimum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease payments		3%
Base rent	7.7
Maximum
Lessee Lease Description [Line Items]
Percentage of incremental borrowing for lease payments		4.10%
Base rent	$ 8.8

Right-of-Use Assets and Liabi_4

Right-of-Use Assets and Liabilities - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 0.5	$ 0.3	$ 1.6	$ 1

Right-of-Use Assets and Liabi_5

Right-of-Use Assets and Liabilities - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1.5	$ 0.9
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$ 2.4	$ 3.2

Right-of-Use Assets and Liabi_6

Right-of-Use Assets and Liabilities - Schedule of Maturities of Lease Liabilities (Details) $ in Millions	Sep. 30, 2022 USD ($)
Leases [Abstract]
Remainder of 2022	$ 0.4
2023	2.1
2024	2.1
2025	0.5
2026	0
Total lease payments	5.1
Less: imputed interest	(0.2)
Total	$ 4.9

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 7.9	$ 31.3
Accrued liabilities
Research and development expenses	24.8	9.5
Employee expenses	12.2	12.4
Income taxes	2	0
Professional fees and other	2.8	1.2
Total accounts payable and accrued liabilities	$ 49.7	$ 54.4

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2014	Dec. 31, 2021
Debt Instrument [Line Items]
Loan forgiveness		$ 0	$ 1
Long term debt		$ 1			$ 1
2018 Assistance Agreement | State of Connecticut
Debt Instrument [Line Items]
Debt instrument face amount	$ 2
Loan forgiveness	$ 1
Debt instrument bearing interest rate	3.25%
Debt instrument interest payments term (in months)	60 months
Percentage of liquidated damages	7.50%
2014 Assistance Agreement | State of Connecticut
Debt Instrument [Line Items]
Debt instrument face amount				$ 2.5
Percentage of liquidated damages				7.50%

Long-Term Debt - Schedule of Mi

Long-Term Debt - Schedule of Minimum Future Payments on Long-Term Debt (Details) $ in Millions	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$ 1

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 01, 2022	Jan. 01, 2021	Jan. 01, 2020	Mar. 31, 2018	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2019	Aug. 31, 2021	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant date fair value of options (in dollars per share)							$ 39.69
Intrinsic value of options exercised							$ 7.6
Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive units authorized for issuance (in shares)				6,199,477
Incentive Plan | Employee
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense					$ 18.8	$ 15.2	55.4	$ 40.1
Compensation expense not yet recognized					$ 76.7		$ 76.7
Compensation expense not yet recognized, period of recognition (in years)							2 years
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)											4,067,007
Common stock, shares remained available for purchase (in shares)					2,268,813		2,268,813
Annual increase in reserved shares as percentage of outstanding common stock									4%
Stock options vested and expected to vest (in shares)					6,396,248		6,396,248
Restricted stock units vested and expected to vest (in shares)					334,575		334,575
Minimum | Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based award, vesting period (in years)				1 year
Minimum | 2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase in reserved shares of common stock (in shares)									4,989,593
Maximum | Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)											1,277,181
Share-based award, vesting period (in years)				4 years
2018 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)											311,850
Common stock reserved for issuance represented as percentage on outstanding common stock	1%	1%	1%
Common stock, shares remained available for purchase (in shares)					1,986,565		1,986,565
Common stock, shares issued (in shares)							24,898	19,357
Common
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued and sold (in shares)						3,500,000		3,500,000
Common | Equity Distribution Agreement | At-the-Market Offering | Piper Sandler and Cantor
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock aggregate offering price										$ 300
Shares issued and sold (in shares)							0

Equity - Schedule of Assumption

Equity - Schedule of Assumptions Used to Determine Fair Value of and Stock Options Granted (Details) - Stock options - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum	73.20%	74.80%
Expected volatility, maximum	76%	78%
Risk free interest rate, minimum	1.50%	0.50%
Risk free interest rate, maximum	3.30%	1.20%
Expected dividend yield	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	5 years 3 months 18 days
Exercise price (in dollars per share)	$ 36.79	$ 66.82
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years	7 years
Exercise price (in dollars per share)	$ 78.91	$ 100.40

Equity - Summary of Stock Optio

Equity - Summary of Stock Option Activity (Details) - 2018 Plan - Employees and Directors $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Options
Beginning balance (in shares) | shares	5,343,254
Granted (in shares) | shares	1,716,817
Exercised (in shares) | shares	(167,118)
Forfeited (in shares) | shares	(194,089)
Ending balance (in shares) | shares	6,698,864
Exercisable, ending balance (in shares) | shares	3,340,023
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 44.98
Granted (in dollars per share) | $ / shares	60.13
Exercised (in dollars per share) | $ / shares	18.11
Forfeited (in dollars per share) | $ / shares	61.70
Ending balance (in dollars per share) | $ / shares	49.05
Exercisable (in dollars per share) | $ / shares	$ 35.62
Weighted Average Remaining Contractual Term (Years)
Outstanding (in years)	7 years 10 months 24 days
Exercisable (in years)	7 years
Aggregate Intrinsic Value
Outstanding | $	$ 59.9
Exercisable | $	$ 53.8

Equity - Summary of Restricted

Equity - Summary of Restricted Stock Grant Activity (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Incentive Plan | Restricted stock awards | Employees and Directors
Shares
Beginning balance (in shares) | shares	30,625
Vested (in shares) | shares	(29,305)
Cancelled (in shares) | shares	(1,320)
Ending balance (in shares) | shares	0
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 16
Vested (in dollars per share) | $ / shares	16
Cancelled (in dollars per share) | $ / shares	16
Ending balance (in dollars per share) | $ / shares	$ 16
2018 Plan | Restricted stock units | Employees
Shares
Beginning balance (in shares) | shares	88,307
Granted (in shares) | shares	370,466
Vested (in shares) | shares	(42,500)
Cancelled (in shares) | shares	(14,774)
Ending balance (in shares) | shares	401,499
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 20.02
Granted (in dollars per share) | $ / shares	55.42
Vested (in dollars per share) | $ / shares	20.04
Cancelled (in dollars per share) | $ / shares	52.43
Ending balance (in dollars per share) | $ / shares	$ 51.49

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 2.2	$ 0	$ 10.1	$ 0
Effective tax rate, percentage	(3.40%)	0%	(5.30%)	0%
Federal statutory rate, percentage	21%	21%	21%	21%

Net Loss Per Share - Basic and

Net Loss Per Share - Basic and Diluted Loss per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (66.2)	$ (46.8)	$ (199.6)	$ (138)
Weighted average number of common shares outstanding, basic (in shares)	53.2	49.8	53.1	49.1
Weighted average number of common shares outstanding, diluted (in shares)	53.2	49.8	53.1	49.1
Net loss per common share - basic (in dollars per share)	$ (1.24)	$ (0.94)	$ (3.76)	$ (2.81)
Net loss per common share - diluted (in dollars per share)	$ (1.24)	$ (0.94)	$ (3.76)	$ (2.81)

Net Loss Per Share - Securities

Net Loss Per Share - Securities Excluded From Computation of Diluted Net Loss Per Common Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	7.1	5.5	7.1	5.5
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	6.7	5.3	6.7	5.3
Restricted stock awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	0	0.1	0	0.1
Restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	0.4	0.1	0.4	0.1

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Net loss			$ 199,600,000	$ 138,000,000
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule Of Equity Method Investments [Line Items]
Net loss	$ 6,200,000	$ 3,500,000	16,300,000	9,500,000
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]
Operating expenses	$ 6,200,000	$ 3,500,000	$ 16,300,000	$ 9,500,000
Bayer LP | Oerth
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture					50%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 04, 2022 USD ($)
Foundation Medicine, Inc. | Success-Based Milestone Payments | Maximum
Other Commitments [Line Items]
Milestone payments (up to low)	$ 10