Arrowhead Pharmaceuticals, Inc.
ARROWHEAD PHARMACEUTICALS, INC. (Form: 8-K, Received: 02/06/2017 16:15:58)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 6, 2017

 

Arrowhead Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

 

Delaware

 

0-21898

 

46-0408024

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

225 South Lake Avenue, Suite 1050, Pasadena, CA 91101

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (626) 304-3400

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c)

 

 

 

 



Item 2.02 Results of Operations and Financial Condition

On February 6, 2017, Arrowhead Pharmaceuticals, Inc. announced and commented on its fiscal 2017 first quarter financial results for the period ended December 31, 2016. A copy of the press release is furnished herewith as Exhibit 99.1.

 

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

 

 

 

Exhibit No.

  

Description

 

 

99.1

  

Press Release, dated February 6, 2017.

 

 

 



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Date: February 6, 2017

 

 

 

 

ARROWHEAD PHARMACEUTICALS, INC.

 

 

By:

 

/s/ Kenneth Myszkowski

 

 

Kenneth Myszkowski

 

 

Chief Financial Officer

 

 

Exhibit 99.1

PRESS RELEASE

February 6, 2017

 

 

 

Arrowhead Reports Fiscal 2017 First Quarter Results

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

PASADENA, Calif., Feb. 6 , 2017 — Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial results for its fiscal 2017 first quarter ended December 31, 2016. 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 enter Conference ID 59701860.

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 404-537-3406 and enter Conference ID 59701860.

Selected Fiscal 2017 First Quarter and Recent Events

 

Took steps to redeploy company resources to support development of RNAi therapeutics that utilize the company’s new proprietary subcutaneous and extra-hepatic delivery systems, including:

 

o

Discontinued the development of ARC-520, ARC-521, and ARC-AAT which utilized the intravenously administered DPC iv TM , or EX1, delivery vehicle

 

o

Reduced the workforce by approximately 30%, while maintaining resources necessary to support current and potential partner-based programs and the Company’s pipeline


 

Continued pr ogress on preclinical pipeline including ARO-HBV, ARO-AAT, ARO-F12, ARO-HIF2 , and programs partnered with Amgen, ARO-LPA and ARO-AMG1

 

Continued progress on former drug candidates prior to the discontinuations

 

o

Presented preclinical and clinical data on former drug candidate ARC-AAT at the Liver Meeting, providing validation of the potential of RNAi in alpha-1 liver disease

 

o

Advanced former drug candidate ARC-521 into a Phase 1/2 study

 

o

Conducted multiple dose and combination studies of former drug candidate ARC-520

Selected Fiscal 2017 First Quarter Financial Results

ARROWHEAD PHARMACEUTICALS, INC.

 

CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

OPERATING SUMMARY

 

2016

 

 

2015

 

 

 

 

 

 

 

 

 

 

REVENUE

 

$

4,365,496

 

 

$

43,750

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

Research and development

 

 

9,527,051

 

 

 

10,338,833

 

Salaries and payroll-related costs

 

 

4,276,105

 

 

 

3,919,886

 

General and administrative expenses

 

 

1,854,174

 

 

 

1,951,609

 

Stock-based compensation

 

 

2,424,442

 

 

 

2,380,343

 

Depreciation and amortization

 

 

1,185,611

 

 

 

794,349

 

TOTAL OPERATING EXPENSES

 

 

19,267,383

 

 

 

19,385,020

 

OPERATING LOSS

 

 

(14,901,887

)

 

 

(19,341,270

)

OTHER INCOME/(EXPENSE), PROVISION FOR INCOME TAXES

 

 

2,815,779

 

 

 

76,856

 

NET LOSS

 

$

(12,086,108

)

 

$

(19,264,414

)

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE (BASIC AND DILUTED):

 

$

(0.17

)

 

$

(0.32

)

WEIGHTED AVERAGE SHARES OUTSTANDING

 

 

71,444,600

 

 

 

59,548,672

 

 

 

 

 

 

 

 

 

 

FINANCIAL POSITION SUMMARY

 

December 31,

 

 

September 30,

 

 

 

2016

 

 

2016

 

CASH AND CASH EQUIVALENTS

 

 

102,105,569

 

 

 

85,366,448

 

OTHER ASSETS

 

 

42,152,537

 

 

 

42,810,057

 

TOTAL ASSETS

 

 

144,258,106

 

 

 

128,176,505

 

TOTAL LIABILITIES

 

 

47,049,685

 

 

 

33,152,246

 

TOTAL STOCKHOLDERS' EQUITY

 

 

97,208,421

 

 

 

95,024,259

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

144,258,106

 

 

 

128,176,505

 

 

 

 

 

 

 

 

 

 

SHARES  OUTSTANDING

 

 

74,413,040

 

 

 

69,746,685

 

 



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/alerts.cfm .

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.

Contacts:

Arrowhead Pharmaceuticals, Inc.

Vince Anzalone, CFA

626-304-3400

ir@arrowheadpharma.com

 

Investor Relations:

The Trout Group

Chad Rubin
646-378-2947

ir@arrowheadpharma.com

 

Media:

Russo Partners

Rich Allan
646-942-5588

rich.allan@russopartnersllc.com

 

Source: Arrowhead Pharmaceuticals, Inc.

 

 

 

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