Arrowhead Pharmaceuticals Reports Fiscal 2018 Third Quarter Results

Published: Aug 07, 2018

Aug. 7, 2018 20:00 UTC

- Conference Call and Webcast Today at 4:30 p.m. EDT

PASADENA, Calif.--(BUSINESS WIRE)-- Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial results for its fiscal 2018 third quarter ended June 30, 2018. 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 8452059.

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 8452059.

Selected Fiscal 2018 Third Quarter and Recent Events

  • Made presentations at the EASL International Liver Congress, including:
    • Preclinical data on ARO-AAT, the second generation candidate for the treatment of alpha-1 antitrypsin deficiency liver disease
    • Preclinical data on ARO-HBV, the third generation clinical candidate for the treatment of chronic hepatitis B virus infection
    • Clinical data on ARC-520, a prior generation compound for HBV
  • Presented preclinical data at various medical meetings on the growing pipeline, including data on two cardiometabolic candidates ARO-APOC3 and ARO-ANG3 and the first candidate targeting the lung, ARO-ENaC
  • Completed enrollment and dosing of the single ascending dose portion of the ongoing Phase 1/2 study of ARO-HBV and began dosing HBV patients in the multiple ascending dose portion of the study
  • Completed enrollment of the Phase 1 study of ARO-AAT
  • Received a positive EMA opinion on orphan designation for ARO-AAT, this follows orphan drug designation that was previously granted by the US FDA
  • Presented initial clinical data on ARO-AAT at the Alpha-1 National Education Conference, representing this was the first clinical data presented on the proprietary Targeted RNAi Molecule (TRiMTM) platform
  • Announced that Amgen had administered the first dose of AMG 890, formerly ARO-LPA, in a Phase 1 clinical study, which earned Arrowhead a $10 million milestone payment
 

Selected Fiscal 2018 Third Quarter Financial Results

 
ARROWHEAD PHARMACEUTICALS, INC.
CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited)
                                 
    Three Months Ended June 30,     Nine Months Ended June 30,  

OPERATING SUMMARY

  2018     2017     2018     2017  
                                 
REVENUE   $ 727,375     $ 9,342,498     $ 4,887,321     $ 22,693,923  
OPERATING EXPENSES                                
Research and development     12,052,653       11,136,741       36,974,625       37,363,207  
General and administrative expenses     4,594,441       3,919,921       12,679,822       12,076,412  
TOTAL OPERATING EXPENSES     16,647,094       15,056,662       49,654,447       49,439,619  
OPERATING LOSS     (15,919,719 )     (5,714,164 )     (44,767,126 )     (26,745,696 )
OTHER INCOME/(EXPENSE), PROVISION FOR INCOME TAXES     313,702       194,423       1,077,919       3,097,287  
NET LOSS   $ (15,606,017 )   $ (5,519,741 )   $ (43,689,207 )   $ (23,648,409 )
                                 
NET LOSS PER SHARE (BASIC AND DILUTED):   $ (0.18 )   $ (0.07 )   $ (0.53 )   $ (0.32 )
WEIGHTED AVERAGE SHARES OUTSTANDING     87,634,435       74,772,103       82,149,381       73,603,852  
                                 

FINANCIAL POSITION SUMMARY

  June 30,     September 30,                  
    2018     2017                  
CASH AND CASH EQUIVALENTS   $ 27,995,386     $ 24,838,567                  
SHORT-TERM INVESTMENTS     32,484,708       40,769,539                  
LONG-TERM INVESTMENTS     17,672,658       -                  
TOTAL CASH RESOURCES (CASH AND INVESTMENTS)     78,152,752       65,608,106                  
OTHER ASSETS     34,750,275       38,414,174                  
TOTAL ASSETS     112,903,027       104,022,280                  
TOTAL LIABILITIES     11,143,668       23,155,118                  
TOTAL STOCKHOLDERS' EQUITY     101,759,359       80,867,162                  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 112,903,027     $ 104,022,280                  
                                 
SHARES OUTSTANDING     87,854,651       74,785,426                  
                                 

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 future success of our scientific studies, our ability to successfully develop 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
or
Investors and Media:
LifeSci Advisors, LLC
Brian Ritchie
212-915-2578
britchie@lifesciadvisors.com
www.lifesciadvisors.com

 
 

Source: Arrowhead Pharmaceuticals

Back to news