v3.26.1
Research Collaboration and License Agreements (Tables)
6 Months Ended
Jun. 30, 2026
Research Collaboration And License Agreements [Abstract]  
Schedule of Sources of Revenue
During the three and six months ended June 30, 2026 and 2025, the Company's sources of revenue were as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
(dollars in millions)2026202520262025
Revenue
Original Vepdegestrant (ARV-471) Collaboration Agreement$133.7 $21.1 $148.1 $211.0 
Original Vepdegestrant (ARV-471) Collaboration Agreement - milestone payment50.0 — 50.0 — 
Pfizer Research Collaboration Agreement3.5 1.3 4.7 0.2 
Rigel License Agreement62.5 — 62.5 — 
Total Revenue$249.7 $22.4 $265.3 $211.2 
Schedule of Contract Balances
Changes in the Company's contract balances for the six months ended June 30, 2026 and 2025 were as follows:
(dollars in millions)June 30,
2026
June 30,
2025
Accounts receivable related to collaborations
Beginning balance$1.0 $5.7 
Additions51.1 0.1 
Payments received(1.8)(5.3)
Ending balance$50.3 $0.5 
Accounts payable related to collaborations
Beginning balance$16.8 $5.4 
Additions12.6 29.5 
Payments made(26.0)(24.8)
Ending balance$3.4 $10.1 
Contract assets: Collaboration contract asset
Beginning balance$3.5 $7.8 
Amortization(3.5)(3.7)
Ending balance$— $4.1 
Contract assets: Contract assets
Beginning balance$— $— 
Additions27.5 — 
Deductions(0.7)— 
Ending balance$26.8 $— 
Contract liabilities: Deferred revenue
Beginning balance$205.6 $448.2 
Revenue recognized from balances held at the beginning of the period(152.9)(211.2)
Deductions from collaboration agreements(52.7)— 
Ending balance$— $237.0 
Contract liabilities: Collaboration liability
Beginning balance$— $— 
Additions52.7 — 
Ending balance$52.7 $—