ARVINAS, INC.ARVN

ARVINAS, INC. Debt Disclosure

10-KFiled Feb 24, 20261 min read
Long-Term Debt
Debt obligations consisted of the following:
December 31,
(dollars in millions)Maturity DateInterest Rate20252024
2018 Assistance Agreement Debt
09/283.25%$0.6 $0.8 
Less: current installments included within Accounts Payable and Accrued Liabilities
(0.2)(0.2)
Total long-term debt$0.4 $0.6 
In June 2018, the Company entered into an Assistance Agreement with the State of Connecticut (the "2018 Assistance Agreement") to provide funding for the expansion and renovation of laboratory and office space. In September 2018, the Company borrowed $2.0 million under the 2018 Assistance Agreement, of which $1.0 million was forgiven by the State of Connecticut in April 2021 as the Company met certain employment conditions, as defined in the agreement. Borrowings under the 2018 Assistance 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 as of December 31, 2025 are as follows:
(dollars in millions)
2026$0.2 
20270.2 
20280.2 
Total$0.6 
During the years ended December 31, 2025, 2024 and 2023, interest expense was immaterial.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 11, 2025
2023Feb 27, 2024
2022Feb 23, 2023
2021Feb 28, 2022
2020Mar 1, 2021
2019Mar 16, 2020
2018Mar 26, 2019

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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