Arrowhead Reports Fiscal 2017 First Quarter Results
- Conference Call and Webcast Today at 4:30 p.m. EST
Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) today announced financial results for its fiscal 2017 first quarter ended
December 31, 2016. 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 enter Conference ID 59701860.
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 59701860.
Selected Fiscal 2017 First Quarter and Recent Events
- Took steps to redeploy company resources to support development of RNAi therapeutics that utilize the
company’s new proprietary subcutaneous and extra-hepatic delivery systems, including:
- Discontinued the development of ARC-520, ARC-521, and ARC-AAT which utilized the intravenously
administered DPCiv™, or EX1, delivery vehicle
- Reduced the workforce by approximately 30%, while maintaining resources necessary to support
current and potential partner-based programs and the Company’s pipeline
- Continued progress on preclinical pipeline including ARO-HBV, ARO-AAT, ARO-F12, ARO-HIF2, and
programs partnered with Amgen, ARO-LPA and ARO-AMG1
- Continued progress on former drug candidates prior to the discontinuations
- Presented preclinical and clinical data on former drug candidate ARC-AAT at the Liver Meeting,
providing validation of the potential of RNAi in alpha-1 liver disease
- Advanced former drug candidate ARC-521 into a Phase 1/2 study
- Conducted multiple dose and combination studies of former drug candidate ARC-520
Selected Fiscal 2017 First Quarter Financial Results
| ARROWHEAD PHARMACEUTICALS, INC. |
| CONSOLIDATED CONDENSED FINANCIAL INFORMATION (unaudited) |
| |
|
|
Three Months Ended |
|
|
December 31, |
|
OPERATING SUMMARY
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
| REVENUE |
|
$ |
4,365,496 |
|
|
$ |
43,750 |
|
| OPERATING EXPENSES |
|
|
|
|
| Research and development |
|
|
9,527,051 |
|
|
|
10,338,833 |
|
| Salaries and payroll-related costs |
|
|
4,276,105 |
|
|
|
3,919,886 |
|
| General and administrative expenses |
|
|
1,854,174 |
|
|
|
1,951,609 |
|
| Stock-based compensation |
|
|
2,424,442 |
|
|
|
2,380,343 |
|
| Depreciation and amortization |
|
|
1,185,611 |
|
|
|
794,349 |
|
| TOTAL OPERATING EXPENSES |
|
|
19,267,383 |
|
|
|
19,385,020 |
|
| OPERATING LOSS |
|
|
(14,901,887 |
) |
|
|
(19,341,270 |
) |
| OTHER INCOME/(EXPENSE), PROVISION FOR INCOME TAXES |
|
|
2,815,779 |
|
|
|
76,856 |
|
| NET LOSS |
|
$ |
(12,086,108 |
) |
|
$ |
(19,264,414 |
) |
|
|
|
|
|
| EARNINGS PER SHARE (BASIC AND DILUTED): |
|
$ |
(0.17 |
) |
|
$ |
(0.32 |
) |
| WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
71,444,600 |
|
|
|
59,548,672 |
|
|
|
|
|
|
|
FINANCIAL POSITION SUMMARY
|
|
December 31, |
|
September 30, |
|
|
|
|
2016 |
|
|
|
2016 |
|
|
|
|
|
|
| CASH AND CASH EQUIVALENTS |
|
|
102,105,569 |
|
|
|
85,366,448 |
|
| OTHER ASSETS |
|
|
42,152,537 |
|
|
|
42,810,057 |
|
| TOTAL ASSETS |
|
|
144,258,106 |
|
|
|
128,176,505 |
|
| TOTAL LIABILITIES |
|
|
47,049,685 |
|
|
|
33,152,246 |
|
| TOTAL STOCKHOLDERS' EQUITY |
|
|
97,208,421 |
|
|
|
95,024,259 |
|
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
144,258,106 |
|
|
|
128,176,505 |
|
|
|
|
|
|
| SHARES OUTSTANDING |
|
|
74,413,040 |
|
|
|
69,746,685 |
|
| |
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/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 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 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.
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
Rich Allan
646-942-5588
rich.allan@russopartnersllc.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170206005988/en/