v3.26.3
Research Collaboration and License Agreements (Tables)
9 Months Ended
Sep. 30, 2026
Research Collaboration And License Agreements [Abstract]  
Schedule of Sources of Revenue
During the three and nine months ended September 30, 2026 and 2025, the Company's sources of revenue were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(dollars in millions)2026202520262025
Revenue
Original Vepdegestrant (ARV-471) Collaboration Agreement$— $20.6 $148.1 $231.6 
Original Vepdegestrant (ARV-471) Collaboration Agreement - milestone payment— — 50.0 — 
Pfizer Research Collaboration Agreement— 1.3 4.7 1.5 
Novartis License Agreement— 20.0 — 20.0 
Rigel License Agreement0.5 — 63.0 — 
Total Revenue$0.5 $41.9 $265.8 $253.1 
Schedule of Contract Balances
Changes in the Company's contract balances for the nine months ended September 30, 2026 and 2025 were as follows:
(dollars in millions)September 30,
2026
September 30,
2025
Accounts receivable related to collaborations
Beginning balance$1.0 $5.7 
Additions53.0 20.4 
Payments received(52.2)(5.8)
Ending balance$1.8 $20.3 
Accounts payable related to collaborations
Beginning balance$16.8 $5.4 
Additions15.6 39.3 
Payments made(30.1)(34.9)
Ending balance$2.3 $9.8 
Contract assets: Collaboration contract asset
Beginning balance$3.5 $7.8 
Amortization(3.5)(4.1)
Ending balance$— $3.7 
Contract assets: Contract assets
Beginning balance$— $— 
Additions27.5 — 
Deductions(4.9)— 
Ending balance$22.6 $— 
Contract liabilities: Deferred revenue
Beginning balance$205.6 $448.2 
Revenue recognized from balances held at the beginning of the period(152.9)(233.1)
Deductions from collaboration agreements(52.7)— 
Ending balance$— $215.1 
Contract liabilities: Collaboration liability
Beginning balance$— $— 
Additions52.7 — 
Deductions(6.3)— 
Ending balance$46.4 $—