Home > Press > Arrowhead Pharmaceuticals Reports Fiscal 2020 Year End Results
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Abstract:
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.
Arrowhead Pharmaceuticals Reports Fiscal 2020 Year End Results
Pasadena. CA | Posted on November 23rd, 2020
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 companys 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 companys investigational RNAi therapeutic being developed as a treatment for patients with cystic fibrosis
Initiated a Phase 1b study of ARO-HIF2, the companys 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, Arrowheads 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, Inc.
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. Arrowheads 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.
For more information, please click here
Contacts:
Arrowhead Pharmaceuticals, Inc.
Vince Anzalone, CFA
626-304-3400
Investors:
LifeSci Advisors, LLC
Brian Ritchie
212-915-2578
www.lifesciadvisors.com
Media:
LifeSci Communications, LLC
Josephine Belluardo, Ph.D.
646-751-4361
www.lifescicommunications.com
Copyright © Arrowhead Pharmaceuticals, Inc.
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