Arrowhead Reports Fiscal 2016 Third Quarter Results

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Arrowhead Reports Fiscal 2016 Third...

Conference Call and Webcast Today at 4:30 p.m. EDT

PASADENA, Calif.–(BUSINESS WIRE)–

Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial

results for its fiscal 2016 third quarter ended June 30, 2016. The

company is hosting a conference call at 4:30 p.m. EDT 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 enter Conference ID 57990579.

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 57990579.

Fiscal 2016 Third Quarter and Recent Company Highlights

Corporate Events

  • Today priced an at-the-market private offering of $45 million of

    common stock

ARC-520

  • Presented promising ARC-520 hepatitis B data at The International

    Liver Congress™ 2016

  • Expanded the MONARCH study to include additional sites, investigators,

    and cohorts, including patients with HBV and hepatitis Delta virus

    co-infection

ARC-521

  • Initiated a Phase 1/2 study of ARC-521 designed to evaluate the

    safety, tolerability, and pharmacokinetics of single doses of ARC-521

    in healthy volunteers and the safety, tolerability, and antiviral

    activity of single and multiple doses of ARC-521 in patients with

    chronic HBV. Two of a planned six normal volunteer cohorts have dosed,

    with the third cohort expected to dose this week

ARC-AAT

  • Completed enrollment in Part A of a Phase 1 study in healthy volunteers

  • Received approval from regulatory authorities in Canada, Ireland, and

    Sweden to begin a Phase 2 study designed to determine the effect of

    multiple doses of ARC-AAT on intrahepatic alpha-1 antitrypsin levels

    as evidenced by changes in liver biopsy in patients with alpha-1

    antitrypsin deficiency

Platform and Early Pipeline

  • Presented promising new preclinical data on ARC-LPA for cardiovascular

    diseases and ARC-HIF2 for renal cell carcinoma showing that important

    advancements are being made to Arrowhead’s delivery platforms to

    include subcutaneous administration and extra-hepatic targeting

    capabilities

Selected Fiscal 2016 Third Quarter Financial Results

ARROWHEAD PHARMACEUTICALS, INC.

CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

Nine Months Ended

June 30,

OPERATING SUMMARY

2016

2015

2016

2015

 

REVENUE

$

39,583

$

123,750

$

127,083

$

338,250

OPERATING EXPENSES

Research and development

9,423,195

7,490,400

29,782,854

36,877,925

Acquired in-process research and development

–

–

–

10,142,786

Salaries and payroll-related costs

4,113,262

3,570,531

12,281,841

10,262,799

General and administrative expenses

2,275,628

1,829,393

8,045,571

5,612,219

Stock-based compensation

2,750,785

2,486,074

7,547,967

6,706,009

Depreciation and amortization

 

818,200

 

741,058

 

2,416,461

 

1,480,656

TOTAL OPERATING EXPENSES

 

19,381,070

 

16,117,456

 

60,074,694

 

71,082,394

OPERATING LOSS

(19,341,487

)

(15,993,706

)

(59,947,611

)

(70,744,144

)

OTHER INCOME/(EXPENSE), PROVISION FOR INCOME TAXES

 

(79,256

)

 

57,653

 

446,595

 

3,546,398

NET LOSS

$

(19,420,743

)

$

(15,936,053

)

$

(59,501,016

)

$

(67,197,746

)

 

EARNINGS PER SHARE (BASIC AND DILUTED):

$

(0.32

)

$

(0.27

)

$

(1.00

)

$

(1.19

)

WEIGHTED AVERAGE SHARES OUTSTANDING

 

59,966,955

 

59,492,867

 

59,764,129

 

56,631,297

 

FINANCIAL POSITION SUMMARY

June 30,

September 30,

2016

2015

CASH AND CASH EQUIVALENTS

43,616,543

81,214,354

SHORT-TERM INVESTMENTS

 

1,030,556

 

17,539,902

TOTAL CASH RESOURCES (CASH, CASH EQUIVALENTS AND INVESTMENTS)

44,647,099

98,754,256

OTHER ASSETS

 

40,886,397

 

33,513,658

TOTAL ASSETS

 

85,533,496

 

132,267,914

TOTAL LIABILITIES

26,108,330

22,646,280

TOTAL STOCKHOLDERS’ EQUITY

 

59,425,166

 

109,621,634

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

85,533,496

 

132,267,914

 

SHARES OUTSTANDING

60,429,405

59,544,677

PROFORMA SHARES OUTSTANDING (INCLUDING CONVERSION OF PREFERRED

SHARES)

63,100,395

62,215,667

 

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. The company’s pipeline includes ARC-520 and ARC-521 for

chronic hepatitis B virus infection, ARC-AAT for liver disease

associated with alpha-1 antitrypsin deficiency, ARC-F12 for hereditary

angioedema and thromboembolic disorders, ARC-LPA for cardiovascular

disease, and ARC-HIF2 for renal cell carcinoma.

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/alerts.cfm.

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 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.

DYNAMIC POLYCONJUGATES is a trademark of Arrowhead

Pharmaceuticals, Inc.

Source: Arrowhead Pharmaceuticals, Inc.

Arrowhead Pharmaceuticals, Inc.
Vince Anzalone, CFA
626-304-3400
ir@arrowheadpharma.com
or
Investor

Relations:
The Trout Group
Chad Rubin
646-378-2947
ir@arrowheadpharma.com
or
Media:
Russo

Partners
Matt Middleman, M.D.
212-845-4272
matt.middleman@russopartnersllc.com

Source: Arrowhead Pharmaceuticals, Inc.

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