Arrowhead Pharmaceuticals Reports Fiscal 2021 First Quarter Results

Feb. 4, 2021 21:00 UTC

 

Conference Call and Webcast Today, February 4 at 4:30 p.m. EST

 

PASADENA, Calif.--(BUSINESS WIRE)--Arrowhead Pharmaceuticals, Inc.. (NASDAQ: ARWR) today announced financial results for its fiscal first quarter ended December 31, 2020. The company is hosting a conference call at 4:30 p.m. EST 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 1307499.

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 1307499.

Selected Recent Events

  • Submitted an Investigational New Drug Application (IND) to the U.S. Food and Drug Administration for a Phase 2b dose-finding clinical study of ARO-ANG3, the company’s investigational RNAi therapeutic being developed as a treatment for patients with mixed dyslipidemia
  • Presented new clinical data from Phase 1/2 studies of both wholly owned cardiometabolic candidates, ARO-APOC3 and ARO-ANG3, at the American Heart Association meetings and subsequently hosted key opinion leader webinars to discuss the data and plans for future development of the product candidates
  • Closed an agreement with Takeda to co-develop and co-commercialize ARO-AAT, which includes $300 million upfront, $740 million in potential milestone payments, a 50/50 profit sharing agreement in the U.S., and 20-25% royalty on net sales outside the U.S.
  • Presented new clinical data at The Liver Meeting Digital Experience, the Annual Meeting of the American Association for the Study of Liver Disease (AASLD) on ARO-AAT, Arrowhead’s candidate against liver disease associated with alpha-1 antitrypsin deficiency, showing that ARO-AAT strongly reduced the production of mutant Z-AAT protein and led to improvements in multiple biomarkers of alpha-1 liver disease

Selected Fiscal 2021 First Quarter Financial Results

ARROWHEAD PHARMACEUTICALS, INC.
CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited)
(in thousands, except per share amounts)
         
   

Three months ended
December 31,

OPERATING SUMMARY  

2020

 

2019

REVENUE  

$ 21,303

 

 

$ 29,455

 

OPERATING EXPENSES        
Research and development  

36,555

 

 

23,374

 

General and administrative expenses  

8,802

 

 

10,934

 

TOTAL OPERATING EXPENSES  

45,357

 

 

34,308

 

OPERATING INCOME (LOSS)  

(24,054

)

 

(4,853

)

OTHER INCOME/(EXPENSE)  

3,322

 

 

2,180

 

NET INCOME (LOSS)  

$ (20,732

)

 

$ (2,673

)

         
NET INCOME (LOSS) PER SHARE (DILUTED)  

$ (0.20

)

 

$ (0.03

)

WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED)  

102,757

 

 

97,090

 

         
FINANCIAL POSITION SUMMARY  

December 31,

 

September 30,

   

2020

 

2020

CASH AND CASH EQUIVALENTS  

$ 139,921

 

 

$ 143,583

 

SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES  

165,406

 

 

171,910

 

LONG-TERM INVESTMENTS  

110,855

 

 

137,487

 

TOTAL CASH RESOURCES (CASH AND INVESTMENTS)  

416,182

 

 

452,980

 

OTHER ASSETS  

83,069

 

 

69,524

 

TOTAL ASSETS  

499,251

 

 

522,504

 

TOTAL CURRENT DEFERRED REVENUE  

6,744

 

 

19,291

 

OTHER LIABILITIES  

38,035

 

 

41,434

 

TOTAL LIABILITIES  

44,779

 

 

60,725

 

TOTAL STOCKHOLDERS' EQUITY  

454,472

 

 

461,779

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  

$ 499,251

 

 

$ 522,504

 

         
SHARES OUTSTANDING  

103,194

 

 

102,376

 

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
Josephine Belluardo, Ph.D.
646-751-4361
jo@lifescicomms.com
www.lifescicommunications.com

 
 

Source: Arrowhead Pharmaceuticals

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