Arvinas (ARVN) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		68,431,891
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001655759
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 88	$ 311.7
Restricted cash	5.5	5.5
Marketable securities	1,081.3	949.3
Other receivables	7.1	7.2
Prepaid expenses and other current assets	8.4	6.5
Total current assets	1,190.3	1,280.2
Property, equipment and leasehold improvements, net	10.4	11.5
Operating lease right of use assets	2	2.5
Collaboration contract asset and other assets	9.9	10.4
Total assets	1,212.6	1,304.6
Current liabilities:
Accounts payable and accrued liabilities	76.4	92.2
Deferred revenue	162.9	163
Current portion of operating lease liabilities	1.5	1.9
Total current liabilities	240.8	257.1
Deferred revenue	361	386.2
Long term debt	0.7	0.8
Operating lease liabilities	0.4	0.5
Total liabilities	602.9	644.6
Commitments and Contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.001 par value, zero shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.001 par value; 68.3 and 68.0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	0.1	0.1
Accumulated deficit	(1,402.1)	(1,332.7)
Additional paid-in capital	2,016.1	1,995.7
Accumulated other comprehensive loss	(4.4)	(3.1)
Total stockholders’ equity	609.7	660
Total liabilities and stockholders’ equity	$ 1,212.6	$ 1,304.6

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares shares in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued (in shares)	68.3	68
Common stock, shares outstanding (in shares)	68.3	68

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 25.3	$ 32.5
Operating expenses:
Research and development	84.3	95.3
General and administrative	24.3	24.9
Total operating expenses	108.6	120.2
Loss from operations	(83.3)	(87.7)
Other income (expense)
Other expense, net	0	(1.1)
Interest income, net	14	7.6
Total other income	14	6.5
Net loss before income taxes and loss from equity method investment	(69.3)	(81.2)
Income tax (expense) benefit	(0.1)	0.4
Loss from equity method investment	0	(1.1)
Net loss	$ (69.4)	$ (81.9)
Net loss per common share, basic (in dollars per share)	$ (0.97)	$ (1.54)
Net loss per common share, diluted (in dollars per share)	$ (0.97)	$ (1.54)
Weighted average common shares outstanding, basic (in shares)	71.7	53.3
Weighted average common shares outstanding, diluted (in shares)	71.7	53.3
Statement of Comprehensive Income [Abstract]
Net loss	$ (69.4)	$ (81.9)
Other comprehensive loss:
Unrealized (loss) gain on available-for-sale securities	(1.3)	6.6
Comprehensive loss	$ (70.7)	$ (75.3)

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, 2022		53.2
Beginning balance at Dec. 31, 2022	$ 564.9	$ 0.1	$ (965.4)	$ 1,549.4	$ (19.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	19.9			19.9
Net loss	(81.9)		(81.9)
Issuance of common stock under equity incentive plans (in shares)		0.2
Issuance of common stock under equity incentive plans	1.5			1.5
Unrealized (loss) gain on available-for-sale securities	6.6				6.6
Ending balance (in shares) at Mar. 31, 2023		53.4
Ending balance at Mar. 31, 2023	$ 511	$ 0.1	(1,047.3)	1,570.8	(12.6)
Beginning balance (in shares) at Dec. 31, 2023	68	68
Beginning balance at Dec. 31, 2023	$ 660	$ 0.1	(1,332.7)	1,995.7	(3.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	18.6			18.6
Net loss	(69.4)		(69.4)
Issuance of common stock under equity incentive plans (in shares)		0.3
Issuance of common stock under equity incentive plans	1.8			1.8
Unrealized (loss) gain on available-for-sale securities	$ (1.3)				(1.3)
Ending balance (in shares) at Mar. 31, 2024	68.3	68.3
Ending balance at Mar. 31, 2024	$ 609.7	$ 0.1	$ (1,402.1)	$ 2,016.1	$ (4.4)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (69.4)	$ (81.9)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1.2	1.2
Net accretion of bond discounts/premiums	(5.5)	(3.4)
Loss on sale of marketable securities	0	0.9
Amortization of right-of-use assets	0.5	0.5
Amortization of collaboration contract asset	0.4	0.6
Stock-based compensation	18.6	19.9
Changes in operating assets and liabilities:
Accounts receivable	0	1
Other receivables	0.1	2.3
Prepaid expenses and other current assets	(1.9)	6.9
Accounts payable and accrued liabilities	(15.7)	(8.8)
Operating lease liability	(0.5)	(0.5)
Deferred revenue	(25.3)	(29.9)
Net cash used in operating activities	(97.5)	(91.2)
Cash flows from investing activities:
Purchases of marketable securities	(247.9)	(175.7)
Maturities of marketable securities	120.2	280.3
Sales of marketable securities	0	35.1
Purchases of property, equipment and leasehold improvements	(0.1)	(1.1)
Net cash (used in) provided by investing activities	(127.8)	138.6
Cash flows from financing activities:
Repayments of long term debt	(0.2)	0
Proceeds from exercise of stock options and issuance of ESPP shares	1.8	1.5
Net cash provided by financing activities	1.6	1.5
Net (decrease) increase in cash, cash equivalents and restricted cash	(223.7)	48.9
Cash, cash equivalents and restricted cash, beginning of the period	317.2	86.8
Cash, cash equivalents and restricted cash, end of the period	93.5	135.7
Supplemental disclosure of cash flow information:
Purchases of property, equipment and leasehold improvements unpaid at period end	0	0.1
Cash paid for taxes	$ 1.2	$ 0

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation Arvinas, Inc. and its subsidiaries (“Arvinas” or the "Company”) is a clinical-stage biotechnology company dedicated to improving the lives of patients suffering from debilitating and life-threatening diseases through the discovery, development and commercialization of therapies that degrade disease-causing proteins. The accompanying unaudited condensed consolidated financial statements include the accounts of Arvinas, Inc. and its subsidiaries. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (“Exchange Act”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission (“SEC”) rules. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The condensed consolidated balance sheet as of December 31, 2023 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, 2023, forming part of Arvinas’ 2023 Annual Report on Form 10-K filed with the SEC on February 27, 2024. The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates. Risks and Uncertainties The Company is subject to a number of risks similar to other biotechnology companies in the early stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, and the need to successfully commercialize and gain market acceptance of the Company’s products and to protect its 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 in the foreseeable future. The Company has financed its operations primarily through sales of equity interests, proceeds from collaborations, grant funding and debt financing. The Company had cash, cash equivalents, restricted cash and marketable securities of approximately $1.2 billion as of March 31, 2024.

Summary of Accounting Pronounce

Summary of Accounting Pronouncements and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Accounting Pronouncements and Significant Accounting Policies	Summary of Accounting Pronouncements and Significant Accounting Policies Accounting Pronouncements Recently Adopted Accounting Pronouncements There have been no recently adopted accounting pronouncements that have had a material impact on the Company's unaudited condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting (Topic 280) - In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “ Segment Reporting - Improvements to Reportable Segment Disclosures, ” which requires disclosure of incremental segment information on an annual and interim basis and also requires companies with a single reportable segment to provide all disclosures required by this ASU and all existing segment disclosures in Accounting Standard Codification (“ASC”) 280, “ Segment Reporting .” The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. Income Taxes (Topic 740) - In December 2023, the FASB issued ASU 2023-09, " Improvements to Income Tax Disclosures ," which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures. Significant Accounting Policies There were no changes to the Company’s significant accounting policies during the three months ended March 31, 2024. Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total amounts shown in the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023: (dollars in millions) March 31, March 31, Cash and cash equivalents $ 88.0 $ 130.2 Restricted cash 5.5 5.5 Cash, cash equivalents and restricted cash $ 93.5 $ 135.7 Restricted cash represents a letter of credit collateralized by a certificate of deposit in the same amount as required under the terms of the Company's laboratory and office space lease as amended in August 2022.

Research Collaboration and Lice

Research Collaboration and License Agreements	3 Months Ended
	Mar. 31, 2024
Research Collaboration And License Agreements [Abstract]
Research Collaboration and License Agreements	Research Collaboration and License Agreements Vepdegestrant (ARV-471) Collaboration Agreement In July 2021, the Company entered into a Collaboration Agreement with Pfizer Inc. (“Pfizer”) (the “Vepdegestrant (ARV-471) Collaboration Agreement”) pursuant to which the Company granted Pfizer worldwide co-exclusive rights to develop and commercialize products containing the Company’s proprietary compound vepdegestrant (the “Licensed Products”). Under the Vepdegestrant (ARV-471) Collaboration Agreement, the Company received an upfront, non-refundable payment of $650.0 million. In addition, the Company is eligible to receive up to an additional $1.4 billion in contingent payments based on specific regulatory and sales-based milestones for the Licensed Products. Of the total contingent payments, $400.0 million in regulatory milestones are related to marketing approvals and $1.0 billion are related to sales-based milestones. There were no regulatory or sales-based milestone payments received through March 31, 2024. The Company and Pfizer share equally all development costs, including costs of conducting clinical trials, for the Licensed Products, subject to certain exceptions. Except for certain regions described below, the parties will also share equally all profits and losses in commercialization and medical affairs activities for the Licensed Products in all other countries, subject to certain exceptions. The Company will be the marketing authorization holder in the United States and, subject to marketing approval, book sales in the United States, while Pfizer will hold marketing authorizations outside the United States. The parties will determine which, if any, regions within the world will be solely commercialized by one party, and in such region the parties will adjust their share of profits and losses for the Licensed Products based on the role each party will be performing. As a direct result of the Company’s entry into the Vepdegestrant (ARV-471) Collaboration Agreement, the Company incurred direct and incremental costs to obtain the contract, paid to a financial advisor, totaling $12.9 million. In accordance with ASC 340, Other Assets and Deferred Costs , the Company recognized an asset of $12.9 million in collaboration contract asset and other assets in the condensed consolidated balance sheet at inception of the Vepdegestrant (ARV-471) Collaboration Agreement , which is being amortized as general and administrative expense over the total estimated period of performance under the Vepdegestrant (ARV-471) Collaboration Agreement. Bayer Collaboration Agreement In June 2019, the Company and Bayer AG entered into a Collaboration and License Agreement (the “Bayer Collaboration Agreement”) setting forth the Company’s collaboration with Bayer AG to identify or optimize proteolysis targeting chimeras ("PROTAC® targeted protein degraders") that mediate the degradation of target proteins. Under the terms of the Bayer Collaboration Agreement, the Company received an upfront, non-refundable payment of $17.5 million in exchange for the use of the Company’s technology license. The Company also received an additional $12.0 million from Bayer AG from inception through 2023, including $1.5 million received during the three months ended March 31, 2023. 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 target proteins . In addition, the Company is eligible to receive, on net sales of PROTAC targeted protein degrader-related products, mid-single digit to low-double digit tiered royalties, which may be subject to reductions. There were no development or sales-based milestone payments or royalties received through March 31, 2024. 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 target proteins 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 target proteins under the Pfizer Research Collaboration Agreement, as well as tiered royalties based on sales. During the three months ended March 31, 2023, the Company received payments totaling $1.0 million for additional target proteins and services which are being recognized as revenue over the total period of performance. There were no sales-based milestone payments or royalties received through March 31, 2024. Restated Genentech Agreement In November 2017, the Company entered into an Amended and Restated Option, License, and Collaboration Agreement (the “Restated Genentech Agreement”) with Genentech, Inc. and F. Hoffman-La Roche Ltd. (together "Genentech"), amending a previous Genentech agreement entered into in September 2015. Under the Restated Genentech Agreement, the Company received additional upfront, non-refundable payments of $34.5 million (in addition to $11.0 million received under the previous agreement in 2015) to fund Genentech-related research. Upfront non-refundable payments were recognized as revenue over the performance period. The Company is eligible to receive up to $44.0 million per target protein in development milestone payments, $52.5 million in regulatory milestone payments and $60.0 million in commercial milestone payments based on sales as well as tiered royalties based on sales. There were no development, regulatory or commercial milestone payments or royalties received through March 31, 2024. Changes in the Company's contract balances for the three months ended March 31, 2024 and 2023 were as follows: (dollars in millions) March 31, March 31, Accounts receivable related to collaborations Beginning balance $ — $ 1.0 Additions — 1.5 Payments received — (2.5) Ending balance $ — $ — Accounts payable related to collaborations Beginning balance $ 13.1 $ 5.0 Additions 14.1 1.7 Payments made (13.1) (5.0) Ending balance $ 14.1 $ 1.7 Contract assets: Collaboration contract asset Beginning balance $ 9.4 $ 10.7 Additions — — Amortization (0.4) (0.6) Ending balance $ 9.0 $ 10.1 Contract liabilities: Deferred revenue Beginning balance $ 549.2 $ 623.7 Revenue recognized from balances held at the beginning of the period (25.3) (31.4) Additions to collaboration agreements — 1.5 Ending balance $ 523.9 $ 593.8 During the three months ended March 31, 2023, the Company changed its estimate of the duration of the performance period under the Bayer Collaboration Agreement and Pfizer Research Collaboration Agreement as a result of updated research timelines. The changes in accounting estimate resulted in a decrease in revenue and net income of $8.2 million and a decrease in net loss per share of $0.15 for the three months ended March 31, 2023. The reversed revenue will be recognized in future periods as the Company continues to advance on the performance obligation under the updated collaboration timelines. The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied as of March 31, 2024 totaled $523.9 million, which is expected to be recognized in the following periods: (dollars in millions) Remainder of 2024 $ 124.6 2025 153.4 2026 105.0 2027 57.6 2028 59.8 2029 23.5 Total $ 523.9

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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. March 31, 2024 (dollars in millions) Valuation Hierarchy Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 $ 1,074.5 $ 0.3 $ (4.7) $ 1,070.1 Government securities Level 2 11.2 — — 11.2 Total $ 1,085.7 $ 0.3 $ (4.7) $ 1,081.3 December 31, 2023 (dollars in millions) Valuation Hierarchy Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 $ 934.4 $ 1.5 $ (4.6) $ 931.3 Government securities Level 2 18.0 — — 18.0 Total $ 952.4 $ 1.5 $ (4.6) $ 949.3 The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature. The carrying values of accounts receivable and accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these assets and liabilities.

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Equipment and Leasehold Improvements	Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements consist of the following: (dollars in millions) March 31, December 31, Laboratory equipment $ 18.5 $ 18.5 Leasehold improvements 11.6 11.5 Office equipment 2.6 2.6 Total property, equipment and leasehold improvements 32.7 32.6 Less: accumulated depreciation and amortization (22.3) (21.1) Property, equipment and leasehold improvements, net $ 10.4 $ 11.5 Depreciation and amortization expense totaled $1.2 million for each of the three months ended March 31, 2024 and 2023.

Right-of-Use Assets and Liabili

Right-of-Use Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
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, which ranges from 3.0% - 7.5%. Lease expense is recognized on a straight-line basis over the lease term. The Company considers options to extend or terminate leases in recognizing ROU assets and lease liabilities when it is reasonably certain that such options will be exercised. In May 2021, the Company entered into a lease arrangement, which was amended in August 2022, for approximately 160,000 square feet of laboratory and office space, expected to be occupied in 2025. Once occupied, the base rent will range from $7.7 million to $8.8 million annually over a ten-year lease term. In connection with the signing and amendment of the lease, the Company issued a letter of credit totaling $5.5 million, collateralized by a certificate of deposit in the same amount, which is presented as restricted cash in the condensed consolidated balance sheets. The Company has operating leases for its corporate office, laboratories and certain equipment, which expire no later than October 2025. The leases have a weighted average remaining term of 1.1 years. The components of lease expense were as follows: Three Months Ended (dollars in millions) 2024 2023 Operating lease cost $ 0.5 $ 0.5 Supplemental cash flow information related to leases was as follows: Three Months Ended (dollars in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 0.5 $ 0.5 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ — $ — Maturities of operating lease liabilities as of March 31, 2024, were as follows: (dollars in millions) Remainder of 2024 $ 1.5 2025 0.5 Total lease payments 2.0 Less: imputed interest (0.1) Total $ 1.9

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2024
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) March 31, December 31, Accounts payable $ 17.8 $ 17.8 Accrued liabilities Research and development expenses 40.1 43.1 Employee expenses 9.7 25.7 Income taxes 3.4 0.7 Professional fees 3.3 2.5 General and administrative and commercial expenses 2.1 2.4 Total accounts payable and accrued liabilities $ 76.4 $ 92.2

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate March 31, December 31, 2018 Assistance Agreement Debt 09/28 3.25% $ 0.9 $ 1.0 Less: current installments (0.2) (0.2) Total long-term debt $ 0.7 $ 0.8 In June 2018, the Company entered into an additional assistance agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. The Company borrowed $2.0 million under the 2018 Assistance Agreement in September 2018, of which $1.0 million was forgiven upon meeting certain employment conditions. Borrowings under the agreement bear an interest rate of 3.25% per annum, with interest-only payments required for the first 60 months, and mature in September 2028. The 2018 Assistance Agreement requires that the Company be located in the State of Connecticut through September 2028, with a default penalty of repayment of the full original funding amount of $2.0 million plus liquidated damages of 7.5% of the total amount of funding received. Minimum future principal payments on long-term debt are as follows: (dollars in millions) Remainder of 2024 $ 0.1 2025 0.2 2026 0.2 2027 0.2 2028 0.2 Total $ 0.9 During the three months ended March 31, 2024 and 2023, interest expense was immaterial.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity	Equity Equity Distribution Agreements In November 2023, the Company amended and restated the 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 approximately $262.8 million of the common stock registered under a universal shelf registration statement pursuant to one or more “at-the-market” offerings. During the three months ended March 31, 2024, no shares were issued under this agreement. Stock-based Compensation 2018 Employee Stock Purchase Plan In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), with the first offering period under the 2018 ESPP commencing on January 1, 2020, by initially providing participating employees with the opportunity to purchase an aggregate of 311,850 shares of the Company’s common stock. The number of shares of the Company’s common stock reserved for issuance under the 2018 ESPP increased, pursuant to the terms of the 2018 ESPP, by additional shares equal to 1% of the Company’s then-outstanding common stock, effective as of January 1 of each year. As of March 31, 2024, 3,086,198 shares remained available for purchase. During the three months ended March 31, 2024 and 2023, the Company issued 34,515 and 23,206 shares of common stock, respectively, under the 2018 ESPP. 2018 Stock Incentive Plan In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Stock Incentive Plan (the “2018 Plan”), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s initial public offering. The number of shares of common stock initially available for issuance under the 2018 Plan equaled the sum of (1) 4,067,007 shares of common stock; plus (2) the number of shares of common stock (up to 1,277,181 shares) issued in respect of incentive units granted under the Fourth Amendment to the Company’s Incentive Share Plan, which was terminated in September 2018, that were subject to vesting immediately prior to the effectiveness of the registration statement that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ended December 31, 2019 and continuing to, and including, the fiscal year ending December 31, 2028, equal to the lesser of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or an amount determined by the Company’s board of directors. As of March 31, 2024, 2,865,330 shares remained available for issuance under the 2018 Plan. Shares of common stock subject to outstanding equity awards that expire or are terminated, surrendered or canceled without having been fully exercised or are forfeited in whole or in part are available for future grants of awards. Compensation Expense During the three months ended March 31, 2024 and 2023, the Company recognized compensation expense of $18.6 million and $19.9 million, respectively, related to the issuance of incentive awards, including $0.2 million and $0.3 million, respectively, related to the 2018 ESPP. As of March 31, 2024, there was $118.7 million of total unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately 1.5 years. Stock Options The fair value of the stock options granted during the three months ended March 31, 2024 and 2023 was determined using the Black-Scholes option pricing model with the following assumptions: March 31, March 31, Expected volatility (1) 75.1 - 75.6% 72.6 - 74.2% Expected term (years) (2) 5.4 - 5.5 5.6 - 7.0 Risk free interest rate (3) 3.9% - 4.3% 3.4% - 4.2% Expected dividend yield 0 % 0 % Exercise price $38.10 - $47.00 $30.40 - $36.27 (1) Expected volatility is calculated by utilizing the Company's historical volatility of its stock price over a period equal to the expected term. (2) Expected term is calculated based on the Company's historical experience. (3) Risk free interest rate is based on an interpolation of U.S. Treasury rates to reflect the expected term at the date of grant. A summary of the stock option activity under the 2018 Plan during the three months ended March 31, 2024 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, 2023 7,933,794 $ 45.22 7.2 $ 62.6 Granted 866,983 $ 45.82 Exercised (43,363) $ 24.19 Forfeited (154,857) $ 54.89 Outstanding as of March 31, 2024 8,602,557 $ 45.23 7.3 $ 61.8 Vested and exercisable as of March 31, 2024 5,266,294 $ 44.06 6.3 $ 49.0 Vested and expected to vest as of March 31, 2024 8,297,923 $ 45.29 7.2 $ 60.5 Included in the table above are stock options to purchase 161,193 shares of common stock granted outside the 2018 Plan. The grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). The weighted-average grant date fair value per share of options granted during the three months ended March 31, 2024 and 2023 was $30.52 and $23.38, respectively. The total intrinsic value of options exercised during the three months ended March 31, 2024 and 2023 was $0.9 million and $0.5 million, respectively. Restricted Stock Units ("RSUs") A summary of RSU activity under the 2018 Plan during the three months ended March 31, 2024 is presented below. These amounts include RSUs granted to employees. Shares Weighted Average Grant Date Fair Value Per Share Unvested RSUs as of December 31, 2023 1,151,856 $ 38.16 Granted 1,538,792 $ 46.55 Vested (202,578) $ 40.19 Forfeited (25,820) $ 32.87 Unvested RSUs as of March 31, 2024 2,462,250 $ 43.29 Included in the table above are RSUs representing 108,956 shares of common stock granted outside the 2018 Plan. The grants were made pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4). The total fair value of RSUs vested during the three months ended March 31, 2024 and 2023 was $8.1 million and $3.5 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three months ended March 31, 2024, the Company recognized income tax expense of $0.1 million, resulting in an effective tax rate of (0.2)%, as compared to income tax benefit $0.4 million, resulting in an effective tax rate of 0.5% in the same period for 2023. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended March 31, 2024 and the Company’s overall effective tax rate of (0.2)% was the effect of equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets. The primary reconciling items between the federal statutory rate of 21.0% for the three months ended March 31, 2023 and the Company’s overall effective tax rate of 0.5% was the effect of expected benefits from state net operating loss carryback claims offset by equity compensation and the valuation allowance recorded against the full amount of its net deferred tax assets.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
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 (dollars and shares in millions, except per share amounts) 2024 2023 Net loss $ (69.4) $ (81.9) Weighted average number of common shares outstanding - basic and diluted 71.7 53.3 Net loss per common share - basic and diluted $ (0.97) $ (1.54) The weighted average number of common shares included in the computation of basic and diluted net loss per common share for the three months ended March 31, 2024 gives effect to pre-funded warrants issued in November 2023 which allow holders to acquire up 3,422,380 shares of common stock at a nominal exercise price of $0.001 per share and are classified as equity. The shares underlying the pre-funded warrants are exercisable for little or no consideration and therefore the underlying shares are considered outstanding at the issuance of the pre-funded warrants for purposes of calculating the weighted average number of common shares outstanding in basic and diluted net loss per share for common share. The Company reported net losses for each of the three months ended March 31, 2024 and 2023, and therefore excluded all stock options and RSUs from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below: For the Three and Three Months Ended (shares in millions) 2024 2023 Stock options 8.6 8.2 RSUs 2.5 1.1 11.1 9.3

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments In July 2019, the Company and Bayer CropScience LP (“Bayer LP”) formed Oerth Bio LLC ("Oerth Bio"), a joint venture to research, develop and commercialize PROTAC targeted protein degraders for applications in the field of agriculture. The Company and Bayer LP each held an initial ownership interest in Oerth Bio of 50%. A 15% ownership interest of Oerth Bio was reserved for the future grants of incentive units to employees and service providers and, as a result, the Company's ownership interest totaled 44.6% and 46.0% as of March 31, 2024 and 2023, respectively, as a result of vested incentive units. Net loss of Oerth Bio for the three months ended March 31, 2024 and 2023 totaled $0.7 million and $2.4 million, respectively. The Company recognized equity method losses of zero and $1.1 million for the three months ended March 31, 2024 and 2023 , respectively. As of March 31, 2024 and 2023 , the Company’s carrying value of t he investment was zero. The Company also provides Oerth Bio with compensated research, development and administrative services through a separate agreement. The services rendered by the Company during the three months ended March 31, 2024 and 2023 were immaterial.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company may be subject to legal proceedings, claims and disputes that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount, which could differ materially. Legal fees and other costs associated with such actions are expensed as incurred. The Company's accrual for such matters totaled $15.2 million and $7.0 million as of March 31, 2024 and 2023, respectively, primarily related to a contract dispute with the potential means of resolution involving contract modification and, or payment of consideration. An estimate of the possible range of loss associated with the dispute cannot be made at this time and the Company has accrued its best estimate as of March 31, 2024. Clinical and Preclinical Development and Licensing Arrangements From time to time, the Company enters into contracts in the normal course of business with various third parties who support its clinical trials, preclinical research studies and other services related to its development activities. The scope of the services under these agreements can generally be modified at any time, and the agreement can be terminated by either party after a period of notice and receipt of written notice. In addition, under licensing and related arrangements to which the Company is a party, the Company may be obligated to make milestone payments to third parties. The payment obligations under these arrangements are contingent upon future events, such as achievement of specified milestones or generation of product sales, and the amount, timing and likelihood of such payments are not known. FMI Agreement In June 2022, the Company entered into a Master In Vitro Diagnostics Agreement with Foundation Medicine, Inc. (the "FMI Agreement") for the development and commercialization of one or more of Foundation Medicine, Inc.’s companion in vitro diagnostic assays for use with one or more of the Company's therapeutic products. The FMI Agreement does not have a fixed duration, and the Company may terminate the FMI Agreement for convenience by providing adequate written notice to Foundation Medicine, Inc., 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, Inc. may terminate the FMI Agreement with respect to an applicable program, (a) if a reasonably necessary third party license is not secured by Foundation Medicine, Inc. or if the Company does not consent to payments for such license, (b) if Foundation Medicine, Inc. reasonably determines that further development of the applicable assay is not technically feasible or (c) following a certain number of years after the first commercial launch of the applicable assay for use with the applicable therapeutic product. Certain licensing and other rights and certain obligations of Foundation Medicine, Inc. survive termination of the FMI Agreement. If the FMI Agreement is terminated in its entirety or with respect to any program, the Company has certain payment obligations remaining to Foundation Medicine, Inc. and may also be required to pay a termination fee, if applicable. ARV-766 In exchange for the development of FoundationOne® Liquid CDx as a companion diagnostic for use with ARV-766 for androgen receptor (“AR”) metastatic castration-resistant prostate cancer 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2024, the Company entered into a transaction with Novartis Pharma AG ("Novartis") (the "Novartis Transaction") for the worldwide development, manufacture and commercialization of ARV-766, the Company's second generation PROTAC® androgen receptor (AR) degrader for patients with prostate cancer, under an exclusive strategic license agreement (the "Novartis License Agreement") and an asset purchase agreement for the sale of the Company's preclinical AR-V7 program (the "Novartis Asset Agreement".) Under the terms of the agreements, Novartis will be responsible for worldwide clinical development and commercialization of ARV-766 and will have all research, development, manufacturing, and commercialization rights with respect to the preclinical AR-V7 program. Novartis will pay the Company a one-time, upfront payment in the aggregate amount of $150.0 million. Under the Novartis License Agreement, the Company is eligible to receive up to and additional $1.01 billion in additional development, regulatory and commercial milestone payments for ARV-766 and tiered royalties based on worldwide net sales of ARV-766, subject to reduction under certain circumstances as provided in the Novartis License Agreement. Closing of the Novartis Transaction is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The Novartis License Agreement and the Novartis Asset Agreement will become effective upon the closing of the transaction. The Novartis License Agreement will expire on a country-by-country basis (or, in certain cases, a region-by-region basis) until the expiration of the applicable royalty term for such country (or region, as applicable). The Novartis License Agreement contains customary termination provisions, including that either party may terminate the Novartis License Agreement (a) upon the material breach of the other party or (b) in the event the other party experiences an insolvency event. Additionally, Novartis may terminate the Novartis License Agreement for convenience or upon a safety or regulatory issue.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (69.4)	$ (81.9)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Accounting Pronoun_2

Summary of Accounting Pronouncements and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023 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, 2023, forming part of Arvinas’ 2023 Annual Report on Form 10-K filed with the SEC on February 27, 2024.
Use of Estimates	The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates.
Risks and Uncertainties	Risks and Uncertainties
Accounting Pronouncements	Accounting Pronouncements Recently Adopted Accounting Pronouncements There have been no recently adopted accounting pronouncements that have had a material impact on the Company's unaudited condensed consolidated financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted Segment Reporting (Topic 280) - In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “ Segment Reporting - Improvements to Reportable Segment Disclosures, ” which requires disclosure of incremental segment information on an annual and interim basis and also requires companies with a single reportable segment to provide all disclosures required by this ASU and all existing segment disclosures in Accounting Standard Codification (“ASC”) 280, “ Segment Reporting .” The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. Income Taxes (Topic 740) - In December 2023, the FASB issued ASU 2023-09, " Improvements to Income Tax Disclosures ," which requires enhanced income tax disclosures, including specific categories and disaggregation of information in the effective tax rate reconciliation, disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit and income tax expense or benefit from continuing operations. The requirements of the ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently in the process of evaluating the impact of this pronouncement on its related disclosures.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Restricted cash represents a letter of credit collateralized by a certificate of deposit in the same amount as required under the terms of the Company's laboratory and office space lease as amended in August 2022.

Summary of Accounting Pronoun_3

Summary of Accounting Pronouncements and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total amounts shown in the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023: (dollars in millions) March 31, March 31, Cash and cash equivalents $ 88.0 $ 130.2 Restricted cash 5.5 5.5 Cash, cash equivalents and restricted cash $ 93.5 $ 135.7
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the total amounts shown in the condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023: (dollars in millions) March 31, March 31, Cash and cash equivalents $ 88.0 $ 130.2 Restricted cash 5.5 5.5 Cash, cash equivalents and restricted cash $ 93.5 $ 135.7

Research Collaboration and Li_2

Research Collaboration and License Agreements (Tables)	3 Months Ended
	Mar. 31, 2024
Research Collaboration And License Agreements [Abstract]
Schedule of Contract Balances	Changes in the Company's contract balances for the three months ended March 31, 2024 and 2023 were as follows: (dollars in millions) March 31, March 31, Accounts receivable related to collaborations Beginning balance $ — $ 1.0 Additions — 1.5 Payments received — (2.5) Ending balance $ — $ — Accounts payable related to collaborations Beginning balance $ 13.1 $ 5.0 Additions 14.1 1.7 Payments made (13.1) (5.0) Ending balance $ 14.1 $ 1.7 Contract assets: Collaboration contract asset Beginning balance $ 9.4 $ 10.7 Additions — — Amortization (0.4) (0.6) Ending balance $ 9.0 $ 10.1 Contract liabilities: Deferred revenue Beginning balance $ 549.2 $ 623.7 Revenue recognized from balances held at the beginning of the period (25.3) (31.4) Additions to collaboration agreements — 1.5 Ending balance $ 523.9 $ 593.8
Schedule of Transaction Price Allocated to Performance Obligations	The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied as of March 31, 2024 totaled $523.9 million, which is expected to be recognized in the following periods: (dollars in millions) Remainder of 2024 $ 124.6 2025 153.4 2026 105.0 2027 57.6 2028 59.8 2029 23.5 Total $ 523.9

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Available-for-Sale Marketable Securities	The following is a summary of the Company’s available-for-sale marketable securities measured at fair value on a recurring basis. March 31, 2024 (dollars in millions) Valuation Hierarchy Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 $ 1,074.5 $ 0.3 $ (4.7) $ 1,070.1 Government securities Level 2 11.2 — — 11.2 Total $ 1,085.7 $ 0.3 $ (4.7) $ 1,081.3 December 31, 2023 (dollars in millions) Valuation Hierarchy Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Corporate bonds Level 2 $ 934.4 $ 1.5 $ (4.6) $ 931.3 Government securities Level 2 18.0 — — 18.0 Total $ 952.4 $ 1.5 $ (4.6) $ 949.3

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements	Property, equipment and leasehold improvements consist of the following: (dollars in millions) March 31, December 31, Laboratory equipment $ 18.5 $ 18.5 Leasehold improvements 11.6 11.5 Office equipment 2.6 2.6 Total property, equipment and leasehold improvements 32.7 32.6 Less: accumulated depreciation and amortization (22.3) (21.1) Property, equipment and leasehold improvements, net $ 10.4 $ 11.5

Right-of-Use Assets and Liabi_2

Right-of-Use Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended (dollars in millions) 2024 2023 Operating lease cost $ 0.5 $ 0.5
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Three Months Ended (dollars in millions) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 0.5 $ 0.5 Supplemental non-cash information: Right-of-use assets obtained in exchange for new lease obligations $ — $ —
Schedule of Maturities of Operating Lease Liabilities	Maturities of operating lease liabilities as of March 31, 2024, were as follows: (dollars in millions) Remainder of 2024 $ 1.5 2025 0.5 Total lease payments 2.0 Less: imputed interest (0.1) Total $ 1.9

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Components of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following: (dollars in millions) March 31, December 31, Accounts payable $ 17.8 $ 17.8 Accrued liabilities Research and development expenses 40.1 43.1 Employee expenses 9.7 25.7 Income taxes 3.4 0.7 Professional fees 3.3 2.5 General and administrative and commercial expenses 2.1 2.4 Total accounts payable and accrued liabilities $ 76.4 $ 92.2

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate March 31, December 31, 2018 Assistance Agreement Debt 09/28 3.25% $ 0.9 $ 1.0 Less: current installments (0.2) (0.2) Total long-term debt $ 0.7 $ 0.8
Schedule of Minimum Future Payments on Long-Term Debt	Minimum future principal payments on long-term debt are as follows: (dollars in millions) Remainder of 2024 $ 0.1 2025 0.2 2026 0.2 2027 0.2 2028 0.2 Total $ 0.9

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 was determined using the Black-Scholes option pricing model with the following assumptions: March 31, March 31, Expected volatility (1) 75.1 - 75.6% 72.6 - 74.2% Expected term (years) (2) 5.4 - 5.5 5.6 - 7.0 Risk free interest rate (3) 3.9% - 4.3% 3.4% - 4.2% Expected dividend yield 0 % 0 % Exercise price $38.10 - $47.00 $30.40 - $36.27 (1) Expected volatility is calculated by utilizing the Company's historical volatility of its stock price over a period equal to the expected term. (2) Expected term is calculated based on the Company's historical experience. (3) Risk free interest rate is based on an interpolation of U.S. Treasury rates to reflect the expected term at the date of grant.
Schedule of Stock Option Activity	A summary of the stock option activity under the 2018 Plan during the three months ended March 31, 2024 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, 2023 7,933,794 $ 45.22 7.2 $ 62.6 Granted 866,983 $ 45.82 Exercised (43,363) $ 24.19 Forfeited (154,857) $ 54.89 Outstanding as of March 31, 2024 8,602,557 $ 45.23 7.3 $ 61.8 Vested and exercisable as of March 31, 2024 5,266,294 $ 44.06 6.3 $ 49.0 Vested and expected to vest as of March 31, 2024 8,297,923 $ 45.29 7.2 $ 60.5
Schedule of Restricted Stock Grant Activity	A summary of RSU activity under the 2018 Plan during the three months ended March 31, 2024 is presented below. These amounts include RSUs granted to employees. Shares Weighted Average Grant Date Fair Value Per Share Unvested RSUs as of December 31, 2023 1,151,856 $ 38.16 Granted 1,538,792 $ 46.55 Vested (202,578) $ 40.19 Forfeited (25,820) $ 32.87 Unvested RSUs as of March 31, 2024 2,462,250 $ 43.29

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss per Common Share	Basic and diluted loss per common share was calculated as follows: For the Three Months Ended (dollars and shares in millions, except per share amounts) 2024 2023 Net loss $ (69.4) $ (81.9) Weighted average number of common shares outstanding - basic and diluted 71.7 53.3 Net loss per common share - basic and diluted $ (0.97) $ (1.54)
Schedule of Securities Excluded From Computation of Diluted Net Loss Per Common Share	The Company reported net losses for each of the three months ended March 31, 2024 and 2023, and therefore excluded all stock options and RSUs from the calculation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect, as summarized below: For the Three and Three Months Ended (shares in millions) 2024 2023 Stock options 8.6 8.2 RSUs 2.5 1.1 11.1 9.3

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details) $ in Billions	Mar. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, restricted cash and marketable securities	$ 1.2

Summary of Accounting Pronoun_4

Summary of Accounting Pronouncements and Significant Accounting Policies - Cash Reconciliation (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 88	$ 311.7	$ 130.2
Restricted cash	5.5	5.5	5.5
Cash, cash equivalents and restricted cash	$ 93.5	$ 317.2	$ 135.7	$ 86.8

Research Collaboration and Li_3

Research Collaboration and License Agreements - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2017	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2018	Dec. 31, 2023	Dec. 31, 2022	Jul. 31, 2021	Jun. 30, 2019
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		$ 9,000,000	$ 10,100,000		$ 9,400,000	$ 10,700,000
Collaboration contract asset and other assets		9,900,000			10,400,000
Revenue		25,300,000	32,500,000
Net income (loss)		$ (69,400,000)	$ (81,900,000)
Net loss per common share, diluted (in dollars per share)		$ (0.97)	$ (1.54)
Net loss per common share, basic (in dollars per share)		$ (0.97)	$ (1.54)
Updated Research Timelines
Research Collaboration And License Agreements [Line Items]
Revenue			$ (8,200,000)
Net income (loss)			$ (8,200,000)
Net loss per common share, diluted (in dollars per share)			$ (0.15)
Net loss per common share, basic (in dollars per share)			$ (0.15)
Pfizer, Inc.
Research Collaboration And License Agreements [Line Items]
Payments received			$ 1,000,000	$ 28,000,000
Pfizer, Inc. | Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved							$ 650,000,000
Collaboration agreement direct and incremental costs incurred		$ 12,900,000
Collaboration contract asset and other assets		12,900,000
Pfizer, Inc. | Regulatory and Sales-Based Milestones | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved							1,400,000,000
Pfizer, Inc. | Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved							400,000,000
Payments received		0
Pfizer, Inc. | Sales-Based Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved							$ 1,000,000,000
Pfizer, Inc. | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		225,000,000
Pfizer, Inc. | Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Payments received		0
Pfizer, Inc. | Sales Based Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		550,000,000
Pfizer, Inc. | Option Payments To License Agreement | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		37,500,000
Bayer Collaboration Agreement
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved								$ 17,500,000
Bayer Collaboration Agreement | Research Funding Payments
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved					$ 12,000,000
Payments received		1,500,000
Bayer Collaboration Agreement | Development Milestone Payments
Research Collaboration And License Agreements [Line Items]
Payments received		0
Bayer Collaboration Agreement | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved								197,500,000
Bayer Collaboration Agreement | Sales Based Milestone Payments
Research Collaboration And License Agreements [Line Items]
Payments received		0
Bayer Collaboration Agreement | Sales Based Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved								$ 490,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd.
Research Collaboration And License Agreements [Line Items]
Payments received	$ 34,500,000
Additional upfront non-refundable amount received under previous agreement	$ 11,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Regulatory Milestone Related to Marketing Approvals
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		52,500,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Development Milestone Payments | Maximum
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		44,000,000
Genentech, Inc. and F. Hoffman-La Roche Ltd. | Commercial Milestones
Research Collaboration And License Agreements [Line Items]
Contract revenue receivable if milestones achieved		60,000,000
Payments received		$ 0

Research Collaboration and Li_4

Research Collaboration and License Agreements - Summary of Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts receivable related to collaborations
Beginning balance	$ 0	$ 1
Additions	0	1.5
Payments received	0	(2.5)
Ending balance	0	0
Accounts payable related to collaborations
Beginning balance	13.1	5
Additions	14.1	1.7
Payments made	(13.1)	(5)
Ending balance	14.1	1.7
Contract assets: Collaboration contract asset
Beginning balance	9.4	10.7
Additions	0	0
Amortization	(0.4)	(0.6)
Ending balance	9	10.1
Contract liabilities: Deferred revenue
Beginning balance	549.2	623.7
Revenue recognized from balances held at the beginning of the period	(25.3)	(31.4)
Additions to collaboration agreements	0	1.5
Ending balance	$ 523.9	$ 593.8

Research Collaboration and Li_5

Research Collaboration and License Agreements - Transaction Price Allocated to Performance Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 523.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 124.6
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
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	$ 153.4
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	$ 105
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	$ 57.6
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	$ 59.8
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 23.5
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 1,085.7	$ 952.4
Gross Unrealized Gains	0.3	1.5
Gross Unrealized Losses	(4.7)	(4.6)
Fair Value	1,081.3	949.3
Corporate bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	1,074.5	934.4
Gross Unrealized Gains	0.3	1.5
Gross Unrealized Losses	(4.7)	(4.6)
Fair Value	1,070.1	931.3
Government securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	11.2	18
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 11.2	$ 18

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	$ 32.7	$ 32.6
Less: accumulated depreciation and amortization	(22.3)	(21.1)
Property, equipment and leasehold improvements, net	10.4	11.5
Laboratory equipment
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	18.5	18.5
Leasehold improvements
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	11.6	11.5
Office equipment
Property Plant And Equipment [Line Items]
Total property, equipment and leasehold improvements	$ 2.6	$ 2.6

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 1.2	$ 1.2

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 ($) ft²	Mar. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
Lease for laboratory and office space | ft²	160
Base rent lease term (in years)	10 years
Operating lease, weighted average remaining lease term (in years)		1 year 1 month 6 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		7.50%
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
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 0.5	$ 0.5

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 0.5	$ 0.5
Supplemental non-cash information:
Right-of-use assets obtained in exchange for new lease obligations	$ 0	$ 0

Right-of-Use Assets and Liabi_6

Right-of-Use Assets and Liabilities - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 1.5
2025	0.5
Total lease payments	2
Less: imputed interest	(0.1)
Total	$ 1.9

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 17.8	$ 17.8
Accrued liabilities
Research and development expenses	40.1	43.1
Employee expenses	9.7	25.7
Income taxes	3.4	0.7
Professional fees	3.3	2.5
General and administrative and commercial expenses	2.1	2.4
Total accounts payable and accrued liabilities	$ 76.4	$ 92.2

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 0.9
Less: current installments	(0.2)	$ (0.2)
Total long-term debt	$ 0.7	0.8
2018 Assistance Agreement
Debt Instrument [Line Items]
Interest Rate	3.25%
Total	$ 0.9	$ 1

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2018	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Interest expense		$ 0	$ 0
2018 Assistance Agreement
Debt Instrument [Line Items]
Debt instrument bearing interest rate		3.25%
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%

Long-Term Debt - Schedule of Mi

Long-Term Debt - Schedule of Minimum Future Payments on Long-Term Debt (Details) $ in Millions	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2024	$ 0.1
2025	0.2
2026	0.2
2027	0.2
2028	0.2
Total	$ 0.9

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2018	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2019	Nov. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 18.6	$ 19.9
Inducement grants (in shares)		161,193
Weighted-average grant date fair value of options (in dollars per share)		$ 30.52	$ 23.38
Intrinsic value of options exercised		$ 0.9	$ 0.5
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of inducement grants (in shares)		108,956
Total fair value of RSUs vested		$ 8.1	$ 3.5
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%
Common stock, shares remained available for purchase (in shares)		3,086,198
Common stock, shares issued (in shares)		34,515	23,206
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)		2,865,330
Annual increase in reserved shares as percentage of outstanding common stock				4%
Compensation expense		$ 0.2	$ 0.3
2018 Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase in reserved shares of common stock (in shares)				4,989,593
Incentive Plan | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense not yet recognized		$ 118.7
Compensation expense not yet recognized, period of recognition (in years)		1 year 6 months
Incentive Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	1,277,181
Piper Sandler and Cantor | At-the-Market Offering | Equity Distribution Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock aggregate offering price					$ 262.8
Common stock issued, net of issuance costs (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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, minimum (percentage)	75.10%	72.60%
Expected volatility, maximum (percentage)	75.60%	74.20%
Risk free interest rate, minimum (percentage)	3.90%	3.40%
Risk free interest rate, maximum (percentage)	4.30%	4.20%
Expected dividend yield (percentage)	0%	0%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 4 months 24 days	5 years 7 months 6 days
Exercise price (in usd per share)	$ 38.10	$ 30.40
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	5 years 6 months	7 years
Exercise price (in usd per share)	$ 47	$ 36.27

Equity - Summary of Stock Optio

Equity - Summary of Stock Option Activity (Details) - 2018 Plan - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Options
Beginning balance (in shares)	7,933,794
Granted (in shares)	866,983
Exercised (in shares)	(43,363)
Forfeited (in shares)	(154,857)
Ending balance (in shares)	8,602,557	7,933,794
Vested and exercisable, ending balance (in shares)	5,266,294
Vested and expected to vest (in shares)	8,297,923
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 45.22
Granted (in dollars per share)	45.82
Exercised (in dollars per share)	24.19
Forfeited (in dollars per share)	54.89
Ending balance (in dollars per share)	45.23	$ 45.22
Vested and exercisable (in dollars per share)	44.06
Vested and expected to vest (in dollars per share)	$ 45.29
Weighted Average Remaining Contractual Term (Years)
Outstanding (in years)	7 years 3 months 18 days	7 years 2 months 12 days
Vested and exercisable (in years)	6 years 3 months 18 days
Vested and expected to vest (in Years)	7 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding	$ 61.8	$ 62.6
Vested and exercisable	49
Vested and expected to vest	$ 60.5

Equity - Summary of Restricted

Equity - Summary of Restricted Stock (Details) - 2018 Plan - RSUs - Employees	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Shares
Beginning balance (in shares) | shares	1,151,856
Granted (in shares) | shares	1,538,792
Vested (in shares) | shares	(202,578)
Forfeited (in shares) | shares	(25,820)
Ending balance (in shares) | shares	2,462,250
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 38.16
Granted (in dollars per share) | $ / shares	46.55
Vested (in dollars per share) | $ / shares	40.19
Forfeited (in dollars per share) | $ / shares	32.87
Ending balance (in dollars per share) | $ / shares	$ 43.29

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ (0.1)	$ 0.4
Effective tax rate	(0.20%)	0.50%
Federal statutory rate, percentage	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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (69.4)	$ (81.9)
Weighted average number of common shares outstanding, basic (in shares)	71.7	53.3
Weighted average number of common shares outstanding, diluted (in shares)	71.7	53.3
Net loss per common share - basic (in dollars per share)	$ (0.97)	$ (1.54)
Net loss per common share - diluted (in dollars per share)	$ (0.97)	$ (1.54)

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Details) - Pre-Funded Warrant	Nov. 30, 2023 $ / shares shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Warrants to be purchased (in shares) | shares	3,422,380
Warrant exercise price (in usd per share) | $ / shares	$ 0.001

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
	Mar. 31, 2024	Mar. 31, 2023
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)	11.1	9.3
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net loss per common share (in shares)	8.6	8.2
RSUs
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)	2.5	1.1

Equity Method Investments (Deta

Equity Method Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jul. 31, 2019
Schedule Of Equity Method Investments [Line Items]
Net loss	$ (69,400,000)	$ (81,900,000)
Loss from equity method investment	0	1,100,000
Oerth
Schedule Of Equity Method Investments [Line Items]
Future grant of incentive units to service providers percentage			15%
Loss from equity method investment	0	1,100,000
Equity method investments	0	0
Oerth
Schedule Of Equity Method Investments [Line Items]
Net loss	$ 700,000	$ 2,400,000
Bayer LP | Oerth
Schedule Of Equity Method Investments [Line Items]
Ownership interest, percentage	44.60%	46%	50%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 04, 2022	Mar. 31, 2024	Mar. 31, 2023
Commitments And Contingencies [Line Items]
Loss contingency		$ 15.2	$ 7
Foundation Medicine, Inc. | Maximum | Success-Based Milestone Payments
Commitments And Contingencies [Line Items]
Milestone payments (up to low)	$ 10

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Novartis Transaction - Novartis Pharma AG $ in Millions	Apr. 30, 2024 USD ($)
Subsequent Event [Line Items]
Upfront payment	$ 150
Maximum additional milestone payment	$ 1,010