Arrowhead Pharma Files Q2 2024 10-Q

Ticker: ARWR · Form: 10-Q · Filed: May 9, 2024 · CIK: 879407

Sentiment: neutral

Topics: 10-Q, pharmaceuticals, financials

Related Tickers: ARWR

TL;DR

Arrowhead Pharma's Q2 2024 10-Q is in. Check financials and ops.

AI Summary

Arrowhead Pharmaceuticals, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported its financial results and provided updates on its business operations. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Arrowhead Pharmaceuticals, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Arrowhead faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is March 31, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on May 9, 2024.

What is the company's Central Index Key (CIK)?

The company's Central Index Key (CIK) is 0000879407.

What is the Standard Industrial Classification (SIC) code for Arrowhead Pharmaceuticals?

The SIC code for Arrowhead Pharmaceuticals is 2834, which corresponds to Pharmaceutical Preparations.

What is the fiscal year end for Arrowhead Pharmaceuticals?

The fiscal year end for Arrowhead Pharmaceuticals is September 30.

Filing Stats: 4,557 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-05-09 16:09:29

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 ) Income 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 21

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 27

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 27

— OTHER INFORMATION

PART II — OTHER INFORMATION 29

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 29

RISK FACTORS

ITEM 1A. RISK FACTORS 29

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 29

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 29

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 29

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 29

EXHIBITS

ITEM 6. EXHIBITS 30 SIGNATURE 31

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Arrowhead Pharmaceuticals, Inc. Consolidated Balance Sheets (In thousands, except per share amounts) March 31, 2024 September 30, 2023 (unaudited) ASSETS Current assets: Cash, cash equivalents and restricted cash $ 127,704 $ 110,891 Available-for-sale securities, at fair value 395,410 292,735 Prepaid expenses 11,022 8,813 Other current assets 7,514 7,082 Total current assets 541,650 419,521 Property, plant and equipment, net 359,252 290,262 Intangible assets, net 9,412 10,262 Right-of-use assets 44,626 45,297 Other assets 210 210 Total Assets $ 955,150 $ 765,552 LIABILITIES, NONCONTROLLING INTEREST AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 8,521 $ 35,866 Accrued expenses 37,055 39,763 Accrued payroll and benefits 13,741 17,963 Lease liabilities 5,285 10,563 Deferred revenue — 866 Other liabilities 573 435 Total current liabilities 65,175 105,456 Long-term liabilities: Lease liabilities, net of current portion 113,632 104,608 Liability related to the sale of future royalties 280,938 268,326 Total long-term liabilities 394,570 372,934 Commitments and contingencies (Note 7) Noncontrolling interest and stockholders' equity: Common stock, $ 0.001 par value: Authorized 290,000 shares; issued and outstanding 124,133 and 107,312 shares 217 200 Additional paid-in capital 1,768,866 1,300,395 Accumulated other comprehensive loss ( 1,095 ) ( 3,222 ) Accumulated deficit ( 1,284,194 ) ( 1,026,030 ) Total Arrowhead Pharmaceuticals, Inc. stockholders' equity 483,794 271,343 Noncontrolling interest 11,611 15,819 Total noncontrolling interest and stockholders' equity 495,405 287,162 Total Liabilities, Noncontrolling Interest and Stockholders' Equity $ 955,150 $ 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) Income (In thousands,

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) Phase 3 Arrowhead zodasiran (ARO-ANG3) 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. Thus far in fiscal 2024, the Company has continued to develop and advance its pipeline and partnered candidates. Several key recent developments include: Completed enrollment in Amgen's Phase 3 OCEA

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