v3.26.1
Research Collaboration and License Agreements (Tables)
3 Months Ended
Mar. 31, 2026
Research Collaboration And License Agreements [Abstract]  
Summary of Sources of Revenue
During the three months ended March 31, 2026 and 2025, the Company's sources of revenue were as follows:
(dollars in millions)March 31,
2026
March 31,
2025
Revenue
Vepdegestrant (ARV-471) Collaboration Agreement$14.4 $189.9 
Pfizer Research Collaboration Agreement1.2 (1.1)
Total Revenue$15.6 $188.8 
Schedule of Contract Balances
Changes in the Company's contract balances for the three months ended March 31, 2026 and 2025 were as follows:
(dollars in millions)March 31,
2026
March 31,
2025
Accounts receivable related to collaborations
Beginning balance$1.0 $5.7 
Additions0.8 — 
Payments received— (5.3)
Ending balance$1.8 $0.4 
Accounts payable related to collaborations
Beginning balance$16.8 $5.4 
Additions9.1 19.4 
Payments made— (5.4)
Ending balance$25.9 $19.4 
Contract assets: Collaboration contract asset
Beginning balance$3.5 $7.8 
Amortization(0.3)(3.3)
Ending balance$3.2 $4.5 
Contract liabilities: Deferred revenue
Beginning balance$205.6 $448.2 
Revenue recognized from balances held at the beginning of the period(15.6)(188.8)
Ending balance$190.0 $259.4 
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, 2026 totaled $190.0 million, which is expected to be recognized in the following periods:
(dollars in millions)
Remainder of 2026$46.7 
202720.3 
202820.3 
2029102.7 
Total$190.0