ARROWHEAD PHARMACEUTICALS, INC.
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ARWR Q2 2026 request
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| Metric | Q2 2026 | Q2 2025 | YoY |
|---|---|---|---|
| Revenue | 73,737 | 542,709 | -86.4% |
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| Novartis · Collaboration and License Agreements | 20,471 | — | — |
| Novartis · Novartis Collaboration Agreement | 20.5 | — | — |
| Sanofi · Collaboration and License Agreements | 10,533 | — | — |
| Sanofi · Sanofi License Agreement | 10.5 | — | — |
| Sarepta · Collaboration and License Agreements | 41,735 | 542,706 | -92.3% |
| Sarepta · Sarepta Clinical Supply Agreement | 4.3 | — | — |
| Sarepta · Sarepta Collaboration Agreement | 37.4 | — | — |
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| Collaboration and License Agreements | 72,739 | 542,709 | -86.6% |
| Research & Development | 173,253 | 133,102 | +30.2% |
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| Operating Segment | 173,253 | 133,102 | +30.2% |
| Selling, General & Administrative | 41,744 | 28,405 | +47.0% |
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| Operating Segment | 41,744 | 28,405 | +47.0% |
| Operating Expenses | 214,997 | 161,507 | +33.1% |
| Operating Income | -141,260 | 381,202 | -137.1% |
| Investment Income Interest And Dividend | 16,869 | 9,615 | +75.4% |
| Interest Expense | -23,846 | -21,639 | -10.2% |
| Income Loss From Equity Method Investments | -6,719 | — | — |
| Gain Loss On Disposition Of Assets1 | 19,000 | — | — |
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| Bisirna Therapeutics, Inc. | 19 | — | — |
| Other Non-Operating Income (Expense) | -1,609 | 438 | -467.4% |
| Non-Operating Income (Expense) | 3,695 | -11,586 | +131.9% |
| Income Before Taxes | -137,565 | 369,616 | -137.2% |
| Income Tax Expense (Benefit) | 7 | 1,753 | -99.6% |
| Net Income | -137,572 | 367,863 | -137.4% |
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| Noncontrolling Interest | -4,840 | -2,582 | -87.5% |
| Retained Earnings | -132,732 | 370,445 | -135.8% |
| Net Income Loss Attributable To Noncontrolling Interest | -4,840 | -2,582 | -87.5% |
| Net Income | -132,732 | 370,445 | -135.8% |
| EPS (Basic) | -0.93 | 2.78 | -133.5% |
| EPS (Diluted) | -0.93 | 2.75 | -133.8% |
| Wtd Avg Shares (Basic) | 142,417 | 133,363 | +6.8% |
| Wtd Avg Shares (Diluted) | 142,417 | 134,484 | +5.9% |
| Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax | -6,934 | 653 | -1161.9% |
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| Accumulated Other Comprehensive Income | -6,934 | 653 | -1161.9% |
| Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax | 990 | -400 | +347.5% |
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| Accumulated Other Comprehensive Income | 990 | -400 | +347.5% |
| Other Comprehensive Income Loss Net Of Tax | -5,944 | 253 | -2449.4% |
| Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest | -143,516 | 368,116 | -139.0% |
| Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest | -4,425 | -2,582 | -71.4% |
| Comprehensive Income | -139,091 | 370,698 | -137.5% |
| Professional Fees (Q) | — | — | — |
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| Operating Segment | 18,940 | 10,815 | +75.1% |
Balance Sheet
| Metric | Q2 2026 | Q2 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 188,517 | 185,709 | +1.5% |
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| Consolidated Entity Excluding Variable Interest Entities VIE | 147,531 | — | — |
| Variable Interest Entity Primary Beneficiary | 40,986 | — | — |
| Accounts Receivable | 15,685 | — | — |
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| Sanofi · Sanofi License Agreement | 0.5 | — | — |
| Sarepta | 14 | — | — |
| Short-Term Investments | 1,595,574 | — | — |
| Prepaid Expense Current | 21,721 | 23,769 | -8.6% |
| Other Assets Current | 18,254 | 11,677 | +56.3% |
| Total Current Assets | 1,839,751 | 1,135,220 | +62.1% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 374,822 | — | — |
| Intangible Assets | 6,011 | 7,711 | -22.0% |
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| Novartis | 6,011 | — | — |
| Novartis · Licensing Agreements | 1,484 | — | — |
| Novartis · Patents | 4,527 | — | — |
| Operating Lease Right-of-Use Assets | 42,794 | — | — |
| Other Non-Current Assets | 4,887 | 1,312 | +272.5% |
| Total Assets | 2,268,265 | 1,573,498 | +44.2% |
| Current Liabilities | |||
| Accounts Payable | 30,747 | 9,980 | +208.1% |
| Accrued Liabilities | 76,585 | — | — |
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| Takeda Pharmaceutical Company Limited · License and Co-Funding Agreement | 32.7 | — | — |
| Employee Related Liabilities Current | 20,366 | 16,613 | +22.6% |
| Operating Lease Liability Current | 7,774 | — | — |
| Deferred Revenue (Current) | 108,543 | 43,268 | +150.9% |
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| Novartis | 97.4 | — | — |
| Sarepta | 11.1 | — | — |
| Lines Of Credit Current | 40,000 | — | — |
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| Financing Agreement · Secured Debt | 40,000 | — | — |
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| Revolving Credit Facility · Line Of Credit | 72.9 | — | — |
| Other Liabilities Current | 11,205 | 448 | +2401.1% |
| Total Current Liabilities | 295,220 | 220,541 | +33.9% |
| Non-Current Liabilities | |||
| Operating Lease Liabilities | 100,106 | — | — |
| Contract With Customer Liability Noncurrent | 48,615 | — | — |
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| Novartis | 48.6 | — | — |
| Royalties Liability Noncurrent | 383,829 | 352,276 | +9.0% |
| Long Term Line Of Credit | 159,639 | 208,927 | -23.6% |
| Convertible Debt Noncurrent | 681,940 | — | — |
| Liabilities Noncurrent | 1,374,129 | 668,732 | +105.5% |
| Long-Term Debt (Q) | — | — | — |
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| Convertible Notes · Convertible Debt | 681,940 | — | — |
| Long-Term Debt (Q) | — | — | — |
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| Financing Agreement · Secured Debt | 159,639 | 208,927 | -23.6% |
| Stockholders' Equity | |||
| Common Stock | 236 | 230 | +2.6% |
| Additional Paid In Capital Common Stock | 2,395,267 | 2,106,864 | +13.7% |
| Accumulated Other Comprehensive Income | 742 | 4,390 | -83.1% |
| Retained Earnings | -1,729,075 | -1,428,163 | -21.1% |
| Treasury Stock Common Value | -53,193 | — | — |
| Total Stockholders' Equity | 613,977 | 683,321 | -10.1% |
| Minority Interest | -15,061 | 904 | -1766.0% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 598,916 | 684,225 | -12.5% |
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| Accumulated Other Comprehensive Income | 742 | 4,390 | -83.1% |
| Additional Paid In Capital | 2,395,267 | 2,106,864 | +13.7% |
| Common Stock | 236 | 230 | +2.6% |
| Noncontrolling Interest | -15,061 | 904 | -1766.0% |
| Retained Earnings | -1,729,075 | -1,428,163 | -21.1% |
| Treasury Stock Common | -53,193 | — | — |
| Total Liabilities & Equity | 2,268,265 | 1,573,498 | +44.2% |
Cash Flow Statement
| Metric | YTD Q2 2026 | YTD Q2 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Stock-Based Compensation | 36,041 | 31,236 | +15.4% |
| Depreciation And Amortization | 12,758 | 11,319 | +12.7% |
| Investment Income Net Amortization Of Discount And Premium | -2,515 | -2,788 | +9.8% |
| Amortization of Financing Costs | 657 | — | — |
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| Convertible Notes · Convertible Debt | 657 | — | — |
| Financing Agreement · Secured Debt | 748 | 1,682 | -55.5% |
| Realized Investment Gains Losses | -19 | — | — |
| Noncash Interest Expense Liability Related To Sale Of Future Royalties | 16,432 | 10,915 | +50.5% |
| Paid In Kind Interest | 29,262 | 32,369 | -9.6% |
| Noncash Transfer Of Property And Equipment To Affiliate | 555 | — | — |
| Change in Accounts Receivable | -8,861 | -2,365 | -274.7% |
| Change in Prepaid & Other Assets | -8,413 | -20,936 | +59.8% |
| Change in Accounts Payable | 13,073 | -1,717 | +861.4% |
| Increase Decrease In Accrued Liabilities | -22,136 | 18,921 | -217.0% |
| Change in Deferred Revenue | 154,760 | 43,268 | +257.7% |
| Increase Decrease In Operating Lease Liability | -2,423 | -2,255 | -7.5% |
| Increase Decrease In Other Operating Capital Net | 361 | 3,169 | -88.6% |
| Net Cash from Operations | 97,923 | 313,781 | -68.8% |
| Depreciation & Amortization | 11.9 | 10.4 | +14.4% |
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| Operating Segment · Research And Development Expense | 11,754 | 10,299 | +14.1% |
| Operating Segment · Selling General And Administrative Expenses | 1,004 | 1,020 | -1.6% |
| Investing Activities | |||
| Capital Expenditures | -4,713 | -12,813 | +63.2% |
| Purchases of Investments | -1,061,577 | -677,892 | -56.6% |
| Proceeds From Sale Of Available For Sale Securities Debt | 23,748 | — | — |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 124,518 | 347,402 | -64.2% |
| Net Cash from Investing | -918,024 | -343,303 | -167.4% |
| Financing Activities | |||
| Proceeds From Stock Options Exercised | 10,146 | 3,253 | +211.9% |
| Proceeds From Issuance Of Warrants | 99,998 | 25,000 | +300.0% |
| Proceeds From Convertible Debt | 700,000 | — | — |
| Debt Issuance Costs | -18,716 | -5,000 | -274.3% |
| Payments For Derivative Instrument Financing Activities | -47,880 | — | — |
| Proceeds From Issuance Of Common Stock (YTD) | — | — | — |
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| ATM Agreement | 48,156 | 241,388 | -80.1% |
| Underwriting Public Offering | 130,000 | — | — |
| Payments Of Stock Issuance Costs (YTD) | — | — | — |
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| ATM Agreement | -1,324 | — | — |
| Underwriting Public Offering | -13,393 | — | — |
| Repayments Of Long Term Lines Of Credit | -84,506 | -151,625 | +44.3% |
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| Financing Agreement · Secured Debt | -286,131 | — | — |
| Payments Of Dividends Minority Interest | -41,514 | — | — |
| Net Cash from Financing | 780,967 | 113,016 | +591.0% |
| Supplemental | |||
| Income Taxes Paid | -21,565 | -81 | -26523.5% |
| Unpaid Capital Expenditures | 334 | 358 | -6.7% |
| Other Cash Flow | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | -39,134 | 83,494 | -146.9% |
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 1,103 | -470 | +334.7% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.