04280AAC4 Filings — Arrowhead Pharmaceuticals, Inc. - FilingSpy
04280AAC4
Arrowhead Pharmaceuticals, Inc.
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A developer of RNA-interference medicines that silence disease-causing genes, Arrowhead's first FDA-approved drug, REDEMPLO, treats a rare condition called familial chylomicronemia syndrome by lowering triglycerides. The company began in 1989 as Arrowhead Research Corporation, a tech incubator that commercialized university patents, before pivoting to gene-silencing medicines after buying Roche's RNAi assets in 2011. Its name was chosen to symbolize a focused, forward-moving direction.
Q3 FY2026 revenue rose 171% to $75.3M while net loss widened to $194.3M
Collaboration stabilized near $75M after two quarters of swings. Revenue rose 171% to $75.3M from $27.8M a year earlier and 2.1% from $73.7M last quarter, with a $0.14 loss a year ago versus $1.36 this quarter as R&D and commercial costs grew. The company carries $1.5B in securities against rising annual spend but remains dependent on partnership timing.
Key takeaways
rose 171% to $75.3M and 2.1% sequentially, after Q2's $73.7M and Q3 FY2025's $27.8M were driven by uneven Sarepta collaboration recognition.
Net loss widened to $194.3M from $19.0M a year earlier and $137.6M last quarter, with of -$1.36 versus -$0.14 and -$0.93 respectively, as operating costs rose.
For the nine months ended June 30, 2026, fell 28% to $413.0M on a $272.7M decline in Sarepta revenue, partially offset by Novartis ($74.9M), Madrigal ($25.0M), and Sanofi ($12.0M).
Section summaries
Management's Discussion and Analysis
Revenue fell 28% to $413M for nine months ended June 30, 2026, driven by lower Sarepta collaboration revenue, while net loss widened to $296M on higher R&D and commercial costs.
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Total decreased $160.0M to $413.0M for the nine months ended June 30, 2026, primarily due to a $272.7M decline in revenue from the Sarepta collaboration, partially offset by new revenue from Novartis ($74.9M), Madrigal ($25.0M), and Sanofi ($12.0M).
R&D expense rose 27% to $548.7M for the nine months on an $87.9M increase in candidate costs as later-stage trials advanced and manufacturing costs grew.
SG&A grew 56% to $134.9M for the nine months, largely from commercialization costs for the REDEMPLO launch including added headcount and marketing.
The company ended with $1,547.2M in after raising $930.0M in gross proceeds via convertible notes, common stock, and .
What changed
Q4 FY2025 was $256.5M; Q1 FY2026 was $264.0M and Q2 FY2026 was $73.7M, so Q3's $75.3M confirms revenue settled near the Q2 base after the Sarepta-driven Q1 peak.
FY2025 flagged the REDEMPLO supplemental NDA for severe hypertriglyceridemia planned for 2026; this 10-Q restates it as planned for 2026 with no update filed.
FY2025 flagged Sixth Street compliance; the 10-Q says risk factors are unchanged from the 10-K, so the constraint remains against $1.5B liquidity.
Novartis and Sanofi flagged as watch items in Q2 became real: nine-month figures show $74.9M Novartis and $12.0M Sanofi, plus $25.0M Madrigal not previously named.
What to watch
Q4 FY2026 against the $75.3M base and whether Novartis, Sanofi, Madrigal, or Sarepta milestones lift it above this quarter.
FDA supplemental NDA filing for REDEMPLO in severe hypertriglyceridemia, planned for 2026.
R&D expense trajectory after $548.7M for nine months ended June 30, 2026, up 27% .
Any further Sarepta collaboration recognition beyond the $272.7M nine-month decline disclosed in this filing.
Research and development expenses increased $116.2M (27%) to $548.7M for the nine-month period, driven by a $87.9M rise in as the pipeline advanced into later-stage clinical trials and higher manufacturing costs.
Selling, general and administrative expenses grew $48.6M (56%) to $134.9M for the nine months, largely due to commercialization costs for the launch of REDEMPLO, including increased headcount and marketing expenses.
The company strengthened its balance sheet by raising $930.0M in gross proceeds through offerings of convertible senior notes, common stock, and , ending the period with $1,547.2M in .
Management expects current cash and investment resources to be sufficient to fund operations for at least the next twelve months.
Quantitative and Qualitative Disclosures About Market Risk
There has been no material change in the Company’s exposure to market risk from that described in Item 7A of its Annual Report on Form 10-K for the fiscal year ended September 30, 2025.
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There has been no material change in the Company’s exposure to market risk from that described in Item 7A of its Annual Report on Form 10-K for the fiscal year ended September 30, 2025.
From time to time, the Company may be involved in routine legal proceedings, as well as demands, claims and threatened litigation, which arise in the normal course of its business. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of…
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From time to time, the Company may be involved in routine legal proceedings, as well as demands, claims and threatened litigation, which arise in the normal course of its business. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of legal proceedings, particularly complex legal proceedings, cannot be predicted with any certainty.
Except as described in Note 7 - Commitments and Contingencies, there have been no other material developments in the legal proceedings that the Company disclosed in Part I, Item 3 of its Annual Report on Form 10-K for the year ended September 30, 2025.
The Company’s business, results of operations and financial conditions are subject to various risks. These risks are described elsewhere in this Quarterly Report on Form 10-Q and in the Company’s other filings with the SEC, including the Company’s Annual Report on Form 10-K for…
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The Company’s business, results of operations and financial conditions are subject to various risks. These risks are described elsewhere in this Quarterly Report on Form 10-Q and in the Company’s other filings with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025. There have been no material changes from the risk factors identified in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025.