Arrowhead Pharmaceuticals Reports Fiscal 2021 First Quarter Results
Conference Call and Webcast Today, February 4 at 4:30 p.m. EST
PASADENA, Calif.--(BUSINESS WIRE)-- Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial results for its fiscal first quarter ended December 31, 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 1307499.
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 1307499.
Selected Recent Events
- Submitted an Investigational New Drug Application (IND) to the U.S. Food and Drug Administration for a Phase 2b dose-finding clinical study of ARO-ANG3, the company’s investigational RNAi therapeutic being developed as a treatment for patients with mixed dyslipidemia
- Presented new clinical data from Phase 1/2 studies of both wholly owned cardiometabolic candidates, ARO-APOC3 and ARO-ANG3, at 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
- Closed 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 net sales outside the U.S.
- 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
Selected Fiscal 2021 First Quarter Financial Results
| ARROWHEAD PHARMACEUTICALS, INC. | ||||||
| CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited) | ||||||
| (in thousands, except per share amounts) | ||||||
Three months ended
|
||||||
| OPERATING SUMMARY | 2020 |
|
2019 |
|||
| REVENUE | $ 21,303 |
|
$ 29,455 |
|
||
| OPERATING EXPENSES | ||||||
| Research and development | 36,555 |
|
23,374 |
|
||
| General and administrative expenses | 8,802 |
|
10,934 |
|
||
| TOTAL OPERATING EXPENSES | 45,357 |
|
34,308 |
|
||
| OPERATING INCOME (LOSS) | (24,054 |
) |
(4,853 |
) |
||
| OTHER INCOME/(EXPENSE) | 3,322 |
|
2,180 |
|
||
| NET INCOME (LOSS) | $ (20,732 |
) |
$ (2,673 |
) |
||
| NET INCOME (LOSS) PER SHARE (DILUTED) | $ (0.20 |
) |
$ (0.03 |
) |
||
| WEIGHTED AVERAGE SHARES OUTSTANDING (DILUTED) | 102,757 |
|
97,090 |
|
||
| FINANCIAL POSITION SUMMARY | December 31, |
September 30, |
||||
2020 |
2020 |
|||||
| CASH AND CASH EQUIVALENTS | $ 139,921 |
|
$ 143,583 |
|
||
| SHORT-TERM INVESTMENTS AND MARKETABLE SECURITIES | 165,406 |
|
171,910 |
|
||
| LONG-TERM INVESTMENTS | 110,855 |
|
137,487 |
|
||
| TOTAL CASH RESOURCES (CASH AND INVESTMENTS) | 416,182 |
|
452,980 |
|
||
| OTHER ASSETS | 83,069 |
|
69,524 |
|
||
| TOTAL ASSETS | 499,251 |
|
522,504 |
|
||
| TOTAL CURRENT DEFERRED REVENUE | 6,744 |
|
19,291 |
|
||
| OTHER LIABILITIES | 38,035 |
|
41,434 |
|
||
| TOTAL LIABILITIES | 44,779 |
|
60,725 |
|
||
| TOTAL STOCKHOLDERS' EQUITY | 454,472 |
|
461,779 |
|
||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 499,251 |
|
$ 522,504 |
|
||
| SHARES OUTSTANDING | 103,194 |
|
102,376 |
|
||
Source: Arrowhead Pharmaceuticals, Inc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210204005951/en/
Arrowhead Pharmaceuticals, Inc.
Vince Anzalone, CFA
626-304-3400
[email protected]
Investors:
LifeSci Advisors, LLC
Brian Ritchie
212-915-2578
[email protected]
www.lifesciadvisors.com
Media:
LifeSci Communications, LLC
Josephine Belluardo, Ph.D.
646-751-4361
[email protected]
www.lifescicommunications.com
Source: Arrowhead Pharmaceuticals