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Arrowhead Pharmaceuticals Reports Fiscal 2020 Second Quarter Results

– Conference Call and Webcast Today, May 7 at 4:30 p.m. EDT

PASADENA, Calif.–(BUSINESS WIRE)–$arwr–Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced financial results for its fiscal second quarter ended March 31, 2020. The company is hosting a conference call at 4:30 p.m. EDT to discuss results.

Conference Call and Webcast Details

Investors may access a live audio webcast on the Company’s website at http://ir.arrowheadpharma.com/events.cfm. For analysts that wish to participate in the conference call, please dial 855-215-6159 or 315-625-6887 and provide Conference ID 7566917.

A replay of the webcast will be available on the company’s website approximately two hours after the conclusion of the call and will remain available for 90 days. An audio replay will also be available approximately two hours after the conclusion of the call and will be available for 3 days. To access the audio replay, dial 855-859-2056 or 404-537-3406 and provide Conference ID 7566917.

Selected Recent Events

Selected Fiscal 2020 Second Quarter Financial Results

ARROWHEAD PHARMACEUTICALS, INC.

CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

Six Months Ended March 31,

 

 

OPERATING SUMMARY

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REVENUE

$

23,528,853

 

 

$

48,148,275

 

 

$

52,983,433

 

 

$

82,806,171

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

29,443,335

 

 

 

20,798,628

 

 

 

52,816,951

 

 

 

38,370,671

 

 

General and administrative expenses

 

16,325,773

 

 

 

5,338,955

 

 

 

27,260,330

 

 

 

11,478,664

 

 

TOTAL OPERATING EXPENSES

 

45,769,108

 

 

 

26,137,583

 

 

 

80,077,281

 

 

 

49,849,335

 

 

OPERATING INCOME (LOSS)

 

(22,240,255

)

 

 

22,010,692

 

 

 

(27,093,848

)

 

 

32,956,836

 

 

OTHER INCOME/(EXPENSE), PROVISION FOR INCOME TAXES

 

2,404,685

 

 

 

1,886,290

 

 

 

4,584,550

 

 

 

2,977,399

 

 

NET INCOME (LOSS)

$

(19,835,570

)

 

$

23,896,982

 

 

$

(22,509,298

)

 

$

35,934,235

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) PER SHARE (DILUTED)

$

(0.20

)

 

$

0.24

 

 

$

(0.23

)

 

$

0.37

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED)

 

101,653,136

 

 

 

98,082,644

 

 

 

99,359,140

 

 

 

97,214,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL POSITION SUMMARY

March 31,

 

 

September 30,

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS

$

256,650,727

 

 

$

221,804,128

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

50,959,058

 

 

 

36,899,894

 

 

 

 

 

 

 

 

 

 

LONG-TERM INVESTMENTS

 

190,618,075

 

 

 

44,175,993

 

 

 

 

 

 

 

 

 

 

TOTAL CASH RESOURCES (CASH AND INVESTMENTS)

 

498,227,860

 

 

 

302,880,015

 

 

 

 

 

 

 

 

 

 

OTHER ASSETS

 

62,847,842

 

 

 

46,965,422

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

561,075,702

 

 

 

349,845,437

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT DEFERRED REVENUE

 

33,174,765

 

 

 

77,769,629

 

 

 

 

 

 

 

 

 

 

TOTAL LONG TERM DEFERRED REVENUE

 

 

 

 

5,035,142

 

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

34,337,467

 

 

 

23,004,414

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

67,512,232

 

 

 

105,809,185

 

 

 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS’ EQUITY

 

493,563,470

 

 

 

244,036,252

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

561,075,702

 

 

$

349,845,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES OUTSTANDING

 

101,748,107

 

 

 

95,506,271

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep, and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Arrowhead’s RNAi-based therapeutics leverage this natural pathway of gene silencing.

For more information, please visit www.arrowheadpharma.com, or follow us on Twitter @ArrowheadPharma. To be added to the Company’s email list and receive news directly, please visit http://ir.arrowheadpharma.com/email-alerts.

Safe Harbor Statement under the Private Securities Litigation Reform Act:

This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the safety and efficacy of our product candidates, the duration and impact of regulatory delays in our clinical programs, our ability to finance our operations, the likelihood and timing of the receipt of future milestone and licensing fees, the future success of our scientific studies, our ability to successfully develop and commercialize drug candidates, the timing for starting and completing clinical trials, rapid technological change in our markets, and the enforcement of our intellectual property rights. Our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q discuss some of the important risk factors that may affect our business, results of operations and financial condition. We assume no obligation to update or revise forward-looking statements to reflect new events or circumstances.

Source: Arrowhead Pharmaceuticals, Inc.

Contacts

Arrowhead Pharmaceuticals, Inc.

Vince Anzalone, CFA

626-304-3400

ir@arrowheadpharma.com

Investors and Media:
LifeSci Advisors, LLC

Brian Ritchie
212-915-2578

britchie@lifesciadvisors.com
www.lifesciadvisors.com

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