Press Release Details
Arrowhead Reports Fiscal 2017 First Quarter Results
- Conference Call and Webcast Today at
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
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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:
- Discontinued the development of ARC-520, ARC-521, and ARC-AAT which utilized the intravenously administered DPCiv™, or EX1, delivery vehicle
- Reduced the workforce by approximately 30%, while maintaining resources necessary to support current and potential partner-based programs and the Company's pipeline
- Continued progress on preclinical pipeline including ARO-HBV, ARO-AAT, ARO-F12, ARO-HIF2, and programs partnered with Amgen, ARO-LPA and ARO-AMG1
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Continued progress on former drug candidates prior to the
discontinuations
- 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
- Advanced former drug candidate ARC-521 into a Phase 1/2 study
- Conducted multiple dose and combination studies of former drug candidate ARC-520
Selected Fiscal 2017 First Quarter Financial Results
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| CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited) | ||||||||
| Three Months Ended | ||||||||
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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 | ||||||
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FINANCIAL POSITION SUMMARY |
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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
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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:
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