Arvinas 2025年度报告

(Title of class) Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act.YesNo Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitionsof “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standardsprovided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). □ As of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the Common Stock held by non-affiliates of the registrantwas approximately $469.0million, based on the closing price of the registrant’s Common Stock on such date. The number of shares of registrant’s Common Stock, $0.001 par value per share,outstanding as of February20, 2026 was 63,960,997. DOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report incorporates by reference information from the definitive Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders, which is expected to be filed with theSecurities and Exchange Commission not later than 120 days after the registrant’s fiscal year ended December31, 2025. Table of Contents PART I Item 1.Business7Item 1A.Risk Factors65Item 1B.Unresolved Staff Comments117Item 1CCybersecurity118Item 2.Properties119Item 3.Legal Proceedings119Item 4.Mine Safety Disclosures119 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities120Item 6.[Reserved]122Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations122Item 7A.Quantitative and Qualitative Disclosures About Market Risk143Item 8.Financial Statements and Supplementary Data143Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure143Item 9A.Controls and Procedures143Item 9B.Other Information146Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspection146 PART III Directors, Executive Officers and Corporate Governance147Executive Compensation147Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters147Certain Relationships and Related Transactions, and Director Independence147Principal Accountant Fees and Services147 Item 10.Item 11.Item 12.Item 13.Item 14. PART IV Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements that involve substantial risks and uncertainties. All statements, other thanstatements of historical facts, contained in this Annual Report on Form 10-K, including statements regarding our strategy, future operations, future financialposition, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words “anticipate,” “believe,”“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “predict,” “project,” “target,” “potential,” “goals,” “will,” “would,” “could,” “should,” “continue” and similarexpressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements in this Annual Report on Form 10-K include, among other things, statements about: •the initiation, timing, progress and results of our current and/or future clinical trials of ARV-102, ARV-806, ARV-393 and ARV-027, includingstatements regarding the period during which the results of the clinical trials will beco