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Arrowhead Pharmaceuticals Reports Fiscal 2024 First Quarter Results

– Conference Call and Webcast Today, February 6, 2024, at 4:30 p.m. ET

PASADENA, Calif.–(BUSINESS WIRE)–$arwr–Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial results for its fiscal 2024 first quarter ended December 31, 2023. The Company is hosting a conference call today, February 6, 2024, at 4:30 p.m. ET to discuss the results.


Webcast and Conference Call and Details

Investors may access a live audio webcast on the Company’s website at http://ir.arrowheadpharma.com/events.cfm. A replay of the webcast will be available approximately two hours after the conclusion of the call.

For analysts that wish to participate in the conference call, please register at https://register.vevent.com/register/BId9fba8b41eb34305a8f07de301a9d42c. Once registered, you will receive the dial-in number and a personalized PIN code that will be required to access the call.

Selected Recent Events

Selected Fiscal 2024 First Quarter Financial Results

ARROWHEAD PHARMACEUTICALS, INC.

CONSOLIDATED CONDENSED FINANCIAL INFORMATION

(in thousands, except per share amounts)

OPERATING SUMMARY

Year Ended December 31,

2023

2022

 

(unaudited)

Revenue

$

3,551

 

$

62,546

 

Operating Expenses:

 

 

 

Research and development

 

116,491

 

 

83,695

 

General and administrative expenses

 

23,605

 

 

 

20,985

 

Total operating expenses

 

140,096

 

 

104,680

 

Operating loss

 

(136,545

)

 

 

(42,134

)

Total other (expense) income

 

(2,144

)

 

340

 

Loss before income tax (benefit) expense and noncontrolling interest

 

(138,689

)

 

 

(41,794

)

Income tax (benefit) expense

 

(3,313

)

 

 

17

 

Net loss including noncontrolling interest

 

(135,376

)

 

 

(41,811

)

Net loss attributable to noncontrolling interest, net of tax

 

(2,512

)

 

(486

)

Net loss attributable to Arrowhead Pharmaceuticals, Inc.

$

(132,864

)

 

$

(41,325

)

 

Net loss per share attributable to Arrowhead Pharmaceuticals, Inc. – Diluted

$

(1.24

)

 

$

(0.39

)

Weighted-average shares used in calculating – Diluted

 

107,415

 

 

106,039

 

 

FINANCIAL POSITION SUMMARY

 

December 31, 2023

 

September 30, 2023

 

(unaudited)

 

 

Cash, cash equivalents and restricted cash

$

58,215

 

$

110,891

 

Investments

 

162,064

 

 

292,735

 

Total cash resources (cash and investments)

 

220,279

 

 

 

403,626

 

Other assets

 

406,007

 

 

361,926

 

Total Assets

$

626,286

 

 

$

765,552

 

 

Current deferred revenue

$

 

 

$

866

 

Other liabilities

 

452,572

 

 

 

477,524

 

Total Liabilities

$

452,572

 

$

478,390

 

 

 

 

 

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

 

 

Shares Outstanding

 

107,500

 

 

 

107,312

 

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. Any statements contained in this release except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “hope,” “intend,” “plan,” “project,” “could,” “estimate,” “continue,” “target,” “forecast” or “continue” or the negative of these words or other variations thereof or comparable terminology are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our business, expectations for our product pipeline or product candidates, including anticipated regulatory submissions and clinical program results, prospects or benefits of our collaborations with other companies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements include, but are not limited to, statements about the initiation, timing, progress and results of our preclinical studies and clinical trials, and our research and development programs; our expectations regarding the potential benefits of the partnership, licensing and/or collaboration arrangements and other strategic arrangements and transactions we have entered into or may enter into in the future; our beliefs and expectations regarding milestone, royalty or other payments that could be due to or from third parties under existing agreements; and our estimates regarding future revenues, research and development expenses, capital requirements and payments to third parties. 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 numerous factors and uncertainties, including the impact of the ongoing COVID-19 pandemic on our business, the safety and efficacy of our product candidates, decisions of regulatory authorities and the timing thereof, 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, the enforcement of our intellectual property rights, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. 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:
LifeSci Advisors, LLC

Brian Ritchie
212-915-2578

britchie@lifesciadvisors.com
www.lifesciadvisors.com

Media:
LifeSci Communications, LLC

Jason Braco, Ph.D.
646-751-4361

jbraco@lifescicomms.com
www.lifescicommunications.com

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