Arrowhead Pharmaceuticals Reports Fiscal 2022 Third Quarter Results

04 Aug 2022
www.biospace.com
Financial StatementCollaborate
- Conference Call and Webcast Today, August 4, 2022 at 4:30 p.m. ET PASADENA, Calif.--(BUSINESS WIRE)-- 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 . 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 deficiencyalpha-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 (TRIM™) 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 , or follow us on Twitter @ArrowheadPharma. To be added to the Company's email list and receive news directly, please visit . 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. Source: Arrowhead Pharmaceuticals, Inc.
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