$ARWR earnings report

Arrowhead reported full-year FY2026 results for the year ended September 30, 2026. Revenue was $450,817 thousand against $829,448 thousand in FY2025. Research and development expense rose to $739,144 thousand from $607,159 thousand, SG&A rose to $202,045 thousand from $123,943 thousand, and the release prints a new $215,000 thousand Acquired Priority Review Voucher line with no prior-year figure. Total operating expenses were $1,157,988 thousand, against $731,102 thousand. The operating result moved to a loss of $(707,171) thousand from operating income of $98,346 thousand, and the net loss attributable to Arrowhead was $(724,206) thousand, or $(5.11) per diluted share, against $(1,631) thousand and $(0.01) a year earlier.

The release gives commercial data for REDEMPLO in FCS in the form of prescription counts, not revenue by product. The filing reports 950 cumulative new to brand prescriptions as of quarter end, 300 more received since, weekly prescriptions of approximately 50-60, and a 63% quarter over quarter increase in new to brand prescriptions. It also reports prescriber counts of more than 640 at quarter end and more than 860 since, and 160 million U.S. lives covered in payer formulary. Geographic milestones include the German availability following the June 2026 EU authorization, UK MHRA authorization, and NICE guidance recommending NHS funding under stated conditions. The filing does not split revenue by product, geography or segment, so the revenue decline cannot be attributed to a specific line from the release.

On the balance sheet, total assets rose to $1,738,257 thousand from $1,385,295 thousand, and total cash resources rose to $1,192,983 thousand from $919,366 thousand. Total liabilities rose to $1,687,753 thousand from $881,879 thousand, and total stockholders' equity fell to $50,313 thousand from $466,052 thousand. The new convertible notes line of $683,484 thousand and the deferred revenue line of $112,985 thousand both appear in the period, and the release prints no terms or source for either. The Credit Facility carrying amount fell to $195,400 thousand from $254,883 thousand. The company states it refinanced this facility with a new $400 million senior secured term loan at SOFR plus 5.50%, replacing a retired facility at an annual rate of 15%, with a negotiated $68 million discount on the prepayment amount and a November 2031 maturity. Per the filing, the new facility eliminates the required sweeps from certain transactions.

The release gives no guidance for FY2027 or any future period, no quarterly results, and no year-over-year percentage changes for the income statement lines. There are no capital returns in the period. The company also announced a change in fiscal year end to December 31 effective January 1, 2027, with a Form 10-QT transition report expected for October 1 through December 31, 2026. On clinical and regulatory matters, the filing reports that the sNDA for plozasiran in sHTG was submitted, that FDA granted STAR pilot entry, and that the company is preparing a potential Q2 2027 U.S. launch pending approval. It also reports SHASTA-3 and SHASTA-4 triglyceride reductions of 79% and 81%, interim ARO-DIMER-PA and ARO-MAPT data, and YOSEMITE enrollment increased to 70 patients with completion expected in mid-2027.

Arrowhead reported revenue of $75,253 (in thousands) for the three months ended June 30, 2026, compared with $27,767 (in thousands) for the three months ended June 30, 2025. The release identified commercial momentum for REDEMPLO, stating that prescription volume roughly doubled during the fiscal third quarter, more than 400 unique practitioners have prescribed the drug, and favorable policies are in place for the most significant U.S. payers. Marketing authorizations in the European Union and Australia added to the commercial footprint described in the release.

The expense base remained substantial. Research and development expense was 198,223 (in thousands), compared with 162,368 (in thousands), and selling, general and administrative expense was 47,123 (in thousands), compared with 30,949 (in thousands). Total operating expenses were 245,346 (in thousands), producing an operating loss of (170,093) (in thousands). Net loss attributable to Arrowhead Pharmaceuticals, Inc. was $ (194,280) (in thousands), or $ (1.36) per diluted share, versus $ (175,241) (in thousands), or $ (1.26) per diluted share.

Clinical execution was a central feature of the period. SHASTA-3 and SHASTA-4 met their primary and all prespecified secondary endpoints, with median triglyceride reductions of 79% and 81%, respectively. The company also reported a statistically significant 78% reduction in acute pancreatitis events versus placebo across the severe hypertriglyceridemia study population. Arrowhead completed enrollment in the YOSEMITE Phase 3 trial after increasing target enrollment from 60 participants to 70 patients following reported global patient and physician interest.

The June 30, 2026 balance sheet showed total cash resources of 1,566,886 (in thousands), consisting of $ 19,685 (in thousands) of cash, cash equivalents and restricted cash and 1,547,201 (in thousands) of available-for-sale securities. Total liabilities were $ 1,645,972 (in thousands), including 682,707 (in thousands) of convertible notes, net, 181,366 (in thousands) under the Credit Facility, and $ 392,512 (in thousands) related to the sale of future royalties. The Madrigal ARO-PNPLA3 license brought a $25 million upfront payment and provides eligibility for development, regulatory, and sales milestones of up to $975 million, plus tiered royalties.

The release did not provide revenue, expense, margin, or tax-rate financial guidance. Forward milestones include detailed SHASTA-3 and SHASTA-4 data on August 30, 2026, an anticipated plozasiran sNDA submission before the end of 2026 using the acquired priority review voucher, and anticipated YOSEMITE completion in mid-2027. The next reported catalysts therefore center on the detailed Phase 3 dataset, regulatory submission timing, REDEMPLO commercial adoption, and the scale of spending and losses alongside pipeline advancement.