Arrowhead Pharmaceuticals Reports Fiscal 2020 Third Quarter Results

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Arrowhead Pharmaceuticals Reports Fiscal 2020 Third Quarter Results

Aug 5, 2020 at 4:00 PM EDT
- Conference Call and Webcast Today, August 5 at 4:30 p.m. EDT PASADENA, Calif. --(BUSINESS WIRE)--Aug. 5, 2020-- Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced financial results for its fiscal third quarter ended June 30, 2020 . The company is hosting a conference call at 4:30 p.m.

- Conference Call and Webcast Today, August 5 at 4:30 p.m. EDT

PASADENA, Calif.--(BUSINESS WIRE)--Aug. 5, 2020-- Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced financial results for its fiscal third quarter ended June 30, 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 6856804.

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 6856804.

Selected Recent Events

  • Earned a $20 million milestone payment from Amgen following the administration of the first dose of AMG 890, formerly referred to as ARO-LPA, in a Phase 2 clinical study
  • Hosted a key opinion leader webinar on ARO-ENaC, the company’s investigational RNAi therapeutic being developed as a treatment for patients with cystic fibrosis
  • Completed dosing in healthy volunteer cohorts in AROHSD1001, a Phase 1/2 clinical study of ARO-HSD, the company’s investigational RNAi therapeutic being developed as a treatment for patients with alcohol related and nonalcohol related liver diseases, such as nonalcoholic steatohepatitis
  • Completed dosing of the first sequential cohort and collected the first 6-month repeat biopsy in the AROAAT2002 study, a pilot open-label, multi-dose, Phase 2 study to assess changes in a novel histological activity scale in response to ARO-AAT over time in patients with alpha-1 antitrypsin deficiency associated liver disease
  • Completed planned enrollment and dosing of 93 subjects in AROANG1001, a Phase 1/2 clinical study of ARO-ANG3, the company’s investigational RNAi therapeutic being developed for the treatment of mixed dyslipidemia
  • Completed planned enrollment and dosing of 80 subjects in AROAPOC31001, a Phase 1/2 clinical study of ARO-APOC3, the company’s investigational RNAi therapeutic being developed for the treatment of hypertriglyceridemia, and expanded the study to include up to 112 subjects

     

Selected Fiscal 2020 Third Quarter Financial Results

ARROWHEAD PHARMACEUTICALS, INC.

CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited)

 

 

 

Three Months Ended June 30,

 

Nine Months Ended June 30,

OPERATING SUMMARY

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

 

 

REVENUE

$

27,375,778

 

$

42,696,636

$

80,359,211

 

$

125,502,807

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

Research and development

 

32,573,134

 

 

19,291,710

 

85,390,086

 

 

57,662,381

General and administrative expenses

 

10,748,506

 

 

4,809,177

 

38,008,836

 

 

16,287,841

TOTAL OPERATING EXPENSES

 

43,321,640

 

 

24,100,887

 

123,398,922

 

 

73,950,222

OPERATING INCOME (LOSS)

 

(15,945,862

)

 

18,595,749

 

(43,039,711

)

 

51,552,585

OTHER INCOME/(EXPENSE), PROVISION FOR INCOME TAXES

 

2,334,649

 

 

1,739,959

 

6,919,200

 

 

4,717,359

NET INCOME (LOSS)

$

(13,611,213

)

$

20,335,708

$

(36,120,511

)

$

56,269,944

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) PER SHARE (DILUTED)

$

(0.13

)

$

0.21

$

(0.36

)

$

0.58

WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED)

 

101,843,436

 

 

98,884,744

 

100,184,216

 

 

97,814,019

 

FINANCIAL POSITION SUMMARY

June 30,

 

September 30,

 

 

 

 

 

2020

 

2019

 

 

 

 

CASH AND CASH EQUIVALENTS

$

219,322,617

 

$

221,804,128

 

 

 

 

 

SHORT-TERM INVESTMENTS

 

67,709,263

 

 

36,899,894

 

 

 

 

 

LONG-TERM INVESTMENTS

 

177,529,881

 

 

44,175,993

 

 

 

 

 

TOTAL CASH RESOURCES (CASH AND INVESTMENTS)

 

464,561,761

 

 

302,880,015

 

 

 

 

 

OTHER ASSETS

 

91,166,311

 

 

46,965,422

 

 

 

 

 

TOTAL ASSETS

 

555,728,072

 

 

349,845,437

 

 

 

 

 

TOTAL CURRENT DEFERRED REVENUE

 

26,274,362

 

 

77,769,629

 

 

 

 

 

TOTAL LONG TERM DEFERRED REVENUE

 

-

 

 

5,035,142

 

 

 

 

 

OTHER LIABILITIES

 

36,868,505

 

 

23,004,414

 

 

 

 

 

TOTAL LIABILITIES

 

63,142,867

 

 

105,809,185

 

 

 

 

 

TOTAL STOCKHOLDERS' EQUITY

 

492,585,205

 

 

244,036,252

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

555,728,072

 

$

349,845,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHARES OUTSTANDING

 

102,250,872

 

 

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.

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

Source: Arrowhead Pharmaceuticals Inc.