Arrowhead Pharmaceuticals, Inc. Files 10-Q for Period Ending December 31, 2023

Ticker: ARWR · Form: 10-Q · Filed: Feb 6, 2024 · CIK: 879407

Complexity: moderate

Sentiment: neutral

Topics: pharmaceuticals, 10-Q, financial report, biotech, Arrowhead Pharmaceuticals

TL;DR

<b>Arrowhead Pharmaceuticals, Inc. filed its Q1 2024 10-Q report on February 6, 2024, detailing its financial performance for the quarter ending December 31, 2023.</b>

AI Summary

ARROWHEAD PHARMACEUTICALS, INC. (ARWR) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Arrowhead Pharmaceuticals, Inc. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on February 6, 2024. The company's principal business is in Pharmaceutical Preparations (SIC 2834).

Why It Matters

For investors and stakeholders tracking ARROWHEAD PHARMACEUTICALS, INC., this filing contains several important signals. This 10-Q filing provides crucial insights into Arrowhead's financial health and operational performance during the first quarter of its fiscal year. Investors and analysts will scrutinize this report for updates on revenue, expenses, and any significant developments that could impact the company's stock valuation.

Risk Assessment

Risk Level: medium — ARROWHEAD PHARMACEUTICALS, INC. shows moderate risk based on this filing. The company operates in the highly regulated pharmaceutical industry, facing risks related to clinical trials, regulatory approvals, and market competition, as indicated by its SIC code and the nature of its business.

Analyst Insight

Monitor future filings for updates on clinical trial progress and partnership developments, which are key drivers for Arrowhead's valuation.

Key Numbers

Key Players & Entities

FAQ

When did ARROWHEAD PHARMACEUTICALS, INC. file this 10-Q?

ARROWHEAD PHARMACEUTICALS, INC. filed this Quarterly Report (10-Q) with the SEC on February 6, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by ARROWHEAD PHARMACEUTICALS, INC. (ARWR).

Where can I read the original 10-Q filing from ARROWHEAD PHARMACEUTICALS, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by ARROWHEAD PHARMACEUTICALS, INC..

What are the key takeaways from ARROWHEAD PHARMACEUTICALS, INC.'s 10-Q?

ARROWHEAD PHARMACEUTICALS, INC. filed this 10-Q on February 6, 2024. Key takeaways: Arrowhead Pharmaceuticals, Inc. filed a 10-Q report for the period ending December 31, 2023.. The filing covers the first quarter of fiscal year 2024.. The company's fiscal year ends on September 30th..

Is ARROWHEAD PHARMACEUTICALS, INC. a risky investment based on this filing?

Based on this 10-Q, ARROWHEAD PHARMACEUTICALS, INC. presents a moderate-risk profile. The company operates in the highly regulated pharmaceutical industry, facing risks related to clinical trials, regulatory approvals, and market competition, as indicated by its SIC code and the nature of its business.

What should investors do after reading ARROWHEAD PHARMACEUTICALS, INC.'s 10-Q?

Monitor future filings for updates on clinical trial progress and partnership developments, which are key drivers for Arrowhead's valuation. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,474 words · 18 min read · ~15 pages · Grade level 15.1 · Accepted 2024-02-06 16:13:48

Key Financial Figures

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations and Comprehensive Loss 2 Consolidated Statements of Stockholders' Equity 3 Consolidated Statements of Cash Flows 4

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 5

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 20

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 26

— OTHER INFORMATION

PART II — OTHER INFORMATION 27

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 27

RISK FACTORS

ITEM 1A. RISK FACTORS 27

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 27

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 27

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 27

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 27

EXHIBITS

ITEM 6. EXHIBITS 28 SIGNATURE 29

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Arrowhead Pharmaceuticals, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) December 31, 2023 September 30, 2023 (unaudited) ASSETS Current assets: Cash, cash equivalents and restricted cash $ 58,215 $ 110,891 Available-for-sale securities, at fair value 162,064 292,735 Prepaid expenses 10,516 8,813 Other current assets 7,104 7,082 Total current assets 237,899 419,521 Property, plant and equipment, net 333,411 290,262 Intangible assets, net 9,837 10,262 Right-of-use assets 44,907 45,297 Other assets 232 210 Total Assets $ 626,286 $ 765,552 LIABILITIES, NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,460 $ 35,866 Accrued expenses 46,604 39,763 Accrued payroll and benefits 8,777 17,963 Lease liabilities 3,421 10,563 Deferred revenue — 866 Other liabilities 461 435 Total current liabilities 63,723 105,456 Long-term liabilities: Lease liabilities, net of current portion 115,157 104,608 Liability related to the sale of future royalties 273,692 268,326 Total long-term liabilities 388,849 372,934 Commitments and contingencies (Note 7) Noncontrolling interest and stockholders' equity: Common stock, $ 0.001 par value: Authorized 290,000 shares; issued and outstanding 107,500 and 107,312 shares 200 200 Additional paid-in capital 1,320,356 1,300,395 Accumulated other comprehensive loss ( 1,255 ) ( 3,222 ) Accumulated deficit ( 1,158,894 ) ( 1,026,030 ) Total Arrowhead Pharmaceuticals, Inc. stockholders' equity 160,407 271,343 Noncontrolling interest 13,307 15,819 Total noncontrolling interest and stockholders' equity 173,714 287,162 Total Liabilities, Noncontrolling Interest and Stockholders' Equity $ 626,286 $ 765,552 The accompanying notes are an integral part of these unaudited consolidated financial statements. 1 Arrowhead Pharmaceuticals, Inc. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) NOTE 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES General and Recent Developments Arrowhead Pharmaceuticals, Inc. and its subsidiaries (referred to herein collectively as the "Company") are primarily engaged in developing medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, the Company's therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes. RNA interference ("RNAi") is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. The Company's RNAi-based therapeutics may leverage this natural pathway of gene silencing to target and shut down specific disease-causing genes. The following table presents the Company's current pipeline: Therapeutic Area Name Stage Product Rights Cardiometabolic Plozasiran (ARO-APOC3) Two Phase 2b and one Phase 3 Arrowhead Zodasiran (ARO-ANG3) Two Phase 2b Arrowhead Olpasiran Phase 3 Amgen Pulmonary ARO-RAGE Phase 1/2a Arrowhead ARO-MUC5AC Phase 1/2a Arrowhead ARO-MMP7 Phase 1/2a Arrowhead Liver GSK-4532990 Phase 2b GSK Fazirsiran Phase 3 Takeda and Arrowhead JNJ-3989 Phase 2 GSK ARO-C3 Phase 1/2a Arrowhead ARO-PNPLA3 Phase 1 Arrowhead ARO-CFB Phase 1/2a Arrowhead Muscle ARO-DUX4 Phase 1/2a Arrowhead ARO-DM1 Phase 1/2a Arrowhead Central Nervous System (CNS) Various Pre-Clinical Arrowhead The Company operates lab facilities in California and Wisconsin, where its research and development activities, including the development of RNAi therapeutics, take place. The Company's principal executive offices are located in Pasadena, California. During the first quarter of fiscal 2024, the Company continued to develop and advance its pipeline and partnered candidates. Several key recent developments include: Filed an a

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