Arrowhead Pharmaceuticals Reports Fiscal 2020 Year End Results

Investors

<<  Back

Arrowhead Pharmaceuticals Reports Fiscal 2020 Year End Results

Nov 23, 2020 at 4:00 PM EST
- Conference Call and Webcast Today, November 23 at 4:30 p.m. EST PASADENA, Calif. --(BUSINESS WIRE)--Nov. 23, 2020-- Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced financial results for its fiscal year ended September 30, 2020 . The company is hosting a conference call at 4:30 p.m.

- Conference Call and Webcast Today, November 23 at 4:30 p.m. EST

PASADENA, Calif.--(BUSINESS WIRE)--Nov. 23, 2020-- Arrowhead Pharmaceuticals Inc. (NASDAQ: ARWR) today announced financial results for its fiscal year ended September 30, 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 8492751.

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 8492751.

Selected Recent Events

  • Earned a $20 million milestone payment from Amgen following the administration of the first dose of AMG 890, now called olpasiran, 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
  • Initiated a Phase 1b study of ARO-HIF2, the company’s first tumor targeted investigational RNAi therapeutic being developed as a treatment for patients with clear cell renal cell carcinoma
  • Presented new clinical data from Phase 1/2 studies of both wholly owned cardiometabolic candidates, ARO-APOC3 and ARO-ANG3, at multiple medical meetings, including the European Society of Cardiology and 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
  • 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
  • Signed 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 sales outside the U.S.

Selected Fiscal Year 2020 Financial Results

ARROWHEAD PHARMACEUTICALS, INC.

CONSOLIDATED CONDENSED FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

Year Ended September 30,

 

OPERATING SUMMARY

2020

 

2019

 

 

 

 

 

 

 

 

REVENUE

$

87,992,066

 

 

$

168,795,577

 

OPERATING EXPENSES

 

 

 

 

 

 

Research and development

 

128,874,979

 

 

 

81,048,686

 

General and administrative expenses

 

52,275,890

 

 

 

26,556,257

 

TOTAL OPERATING EXPENSES

 

181,150,869

 

 

 

107,604,943

 

OPERATING INCOME (LOSS)

 

(93,158,803

)

 

 

61,190,634

 

OTHER INCOME/(EXPENSE), PROVISION FOR INCOME TAXES

 

8,605,577

 

 

 

6,784,215

 

NET INCOME (LOSS)

$

(84,553,226

)

 

$

67,974,849

 

 

 

 

 

 

 

 

NET INCOME (LOSS) PER SHARE (DILUTED)

$

(0.84

)

 

$

0.69

 

WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED)

 

100,722,224

 

 

 

98,607,815

 

 

 

 

 

 

 

 

FINANCIAL POSITION SUMMARY

September 30,

 

September 30,

 

 

2020

 

2019

 

CASH AND CASH EQUIVALENTS

$

143,582,667

 

 

$

221,804,128

 

SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES

 

171,909,470

 

 

 

36,899,894

 

LONG-TERM INVESTMENTS

 

137,486,883

 

 

 

44,175,993

 

TOTAL CASH RESOURCES (CASH AND INVESTMENTS)

 

452,979,020

 

 

 

302,880,015

 

OTHER ASSETS

 

69,524,723

 

 

 

46,965,422

 

TOTAL ASSETS

 

522,503,743

 

 

 

349,845,437

 

TOTAL CURRENT DEFERRED REVENUE

 

19,291,075

 

 

 

77,769,629

 

TOTAL LONG TERM DEFERRED REVENUE

 

-

 

 

 

5,035,142

 

OTHER LIABILITIES

 

41,433,536

 

 

 

23,004,414

 

TOTAL LIABILITIES

 

60,724,611

 

 

 

105,809,185

 

TOTAL STOCKHOLDERS' EQUITY

 

461,779,132

 

 

 

244,036,252

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

522,503,743

 

 

$

349,845,437

 

 

 

 

 

 

 

 

SHARES OUTSTANDING

 

102,376,303

 

 

 

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:
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, Inc.