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)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including Zip Code)
(626 ) 304-3400
(Registrant’s telephone number, including area code)
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)) | |||||
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On August 4, 2022, Arrowhead Pharmaceuticals, Inc. announced and commented on its fiscal 2022 financial results for the period ended June 30, 2022. 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 | ||||||||
| 104 | Cover Page Interactive Data File (the cover page tags are embedded within the Inline XBRL document). | |||||||
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: August 4, 2022
| ARROWHEAD PHARMACEUTICALS, INC. | ||||||||
| By: | /s/ Kenneth Myszkowski | |||||||
| Kenneth Myszkowski | ||||||||
| Chief Financial Officer | ||||||||
EXHIBIT 99.1
PRESS RELEASE
August 4, 2022
Arrowhead Pharmaceuticals Reports Fiscal 2022 Third Quarter Results
–Conference Call and Webcast Today, August 4, 2022 at 4:30 p.m. ET
PASADENA, Calif., August 4, 2022 — Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial results for its fiscal third quarter ended June 30, 2022. The company is hosting a conference call today, August 4, 2022, at 4:30 p.m. ET to discuss the 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 888-243-4451 or 412-542-4135 and ask to join the Arrowhead Pharmaceuticals call.
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 877-344-7529 or 412-317-0088 and provide Conference ID 8080876.
Selected Recent Events
•Published results from a Phase 2 clinical study of investigational fazirsiran (TAK-999/ARO-AAT) for the treatment of liver disease associated with alpha-1 antitrypsin deficiency in the New England Journal of Medicine (NEJM) and presented in an oral presentation at The International Liver Congress™ 2022 - The Annual Meeting of the European Association for the Study of the Liver (EASL). Key results included the following:
◦Fibrosis regression observed in 58% (7 of 12) of patients receiving 200 mg fazirsiran
◦Median reduction of 83% of Z-AAT accumulation in the liver
◦Reduction of 69% in histologic globule burden
◦Substantial and sustained improvements in clinically relevant biomarkers of liver health
•Hosted a pulmonary research & development (R&D) Day in New York City to discuss the emerging pipeline of pulmonary targeted RNAi therapeutic candidates that leverage the company’s proprietary Targeted RNAi Molecule (TRIMTM) platform
•Initiated Phase 1/2a clinical studies for two new investigational medicines designed to treat various muco-obstructive and inflammatory pulmonary conditions
◦ARO-MUC5AC, an investigational RNAi therapeutic designed to inhibit the production of mucin 5AC (MUC5AC)
◦ARO-RAGE, an investigational RNAi therapeutic designed to inhibit the production of Receptor for Advanced Glycation End products (RAGE)
•Initiated the Phase 2 GATEWAY clinical study of ARO-ANG3, Arrowhead’s investigational medicine designed to silence the hepatic expression of angiopoietin-like protein 3 (ANGPTL3), in patients with homozygous familial hypercholesterolemia (HoFH)
•Strengthened the management team with the hiring of Tracie Oliver as chief commercial officer and promotion of Patrick O’Brien to chief operating officer
•Formed a joint venture, Visirna Therapeutics, with Vivo Capital to expand the reach of innovative medicines in Greater China
Broke ground on construction of a new drug manufacturing facility and announced awards of up to $18.5 million in tax incentives from the city of Verona and the Wisconsin Economic Development Corporation
Selected Fiscal 2022 Third Quarter Financial Results
ARROWHEAD PHARMACEUTICALS, INC.
CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited)
(in thousands, except per share amounts)
Three months ended June 30, | Nine months ended June 30, | ||||||||||||||||||||||
| OPERATING SUMMARY | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
| REVENUE | $ | 32,412 | $ | 45,891 | $ | 211,656 | $ | 100,004 | |||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Research and development | 72,180 | 59,325 | 213,930 | 140,576 | |||||||||||||||||||
| General and administrative expenses | 33,141 | 18,434 | 92,403 | 43,581 | |||||||||||||||||||
| TOTAL OPERATING EXPENSES | 105,321 | 77,759 | 306,333 | 184,157 | |||||||||||||||||||
| OPERATING INCOME (LOSS) | (72,909) | (31,868) | (94,677) | (84,153) | |||||||||||||||||||
| OTHER INCOME/(EXPENSE) | 863 | 1,944 | 4,125 | 6,679 | |||||||||||||||||||
| NET INCOME (LOSS) | $ | (72,046) | $ | (29,924) | $ | (90,552) | $ | (77,474) | |||||||||||||||
| NET INCOME (LOSS) PER SHARE (DILUTED) | $ | (0.68) | $ | (0.29) | $ | (0.86) | $ | (0.75) | |||||||||||||||
| WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED) | 105,753 | 104,099 | 105,273 | 103,569 | |||||||||||||||||||
| FINANCIAL POSITION SUMMARY | June 30, 2022 | September 30, 2021 | |||||||||
| CASH AND CASH EQUIVALENTS | $ | 139,439 | $ | 184,434 | |||||||
| SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES | 277,057 | 183,355 | |||||||||
| LONG-TERM INVESTMENTS | 165,920 | 245,595 | |||||||||
| TOTAL CASH RESOURCES (CASH AND INVESTMENTS) | 582,416 | 613,384 | |||||||||
| OTHER ASSETS | 169,366 | 96,764 | |||||||||
| TOTAL ASSETS | $ | 751,782 | $ | 710,148 | |||||||
| TOTAL CURRENT DEFERRED REVENUE | 84,288 | 111,055 | |||||||||
| TOTAL LONG-TERM DEFERRED REVENUE | 71,162 | 131,495 | |||||||||
| OTHER LIABILITIES | 122,155 | 58,776 | |||||||||
| TOTAL LIABILITIES | 277,605 | 301,326 | |||||||||
| TOTAL STOCKHOLDERS' EQUITY | 474,177 | 408,822 | |||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 751,782 | $ | 710,148 | |||||||
| SHARES OUTSTANDING | 105,795 | 104,327 | |||||||||
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. Any statements contained in this release except for historical information may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “hope,” “intend,” “plan,” “project,” “could,” “estimate,” or “continue” are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, trends in our business, expectations for our product pipeline or product candidates, including anticipated regulatory submissions and clinical program results, prospects or benefits of our collaborations with other companies, or other characterizations of future events or circumstances are forward-looking statements. 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 numerous factors and uncertainties, including the impact of the ongoing COVID-19 pandemic on our business, the safety and efficacy of our product candidates, decisions of regulatory authorities and the timing thereof, 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, the enforcement of our intellectual property rights, and the other risks and uncertainties described in our most recent Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other documents filed with the Securities and Exchange Commission from time to time. 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
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.
# # #