Arrowhead Pharmaceuticals Inc Reports Fiscal 2023 Year-End Results
Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) announced a net loss of $205.3 million for the fiscal year ended September 30, 2023.
Total revenue for the year stood at $240.7 million, slightly down from $243.2 million in the previous year.
Research and development expenses increased to $353.2 million from $297.3 million year-over-year.
Arrowhead ended the year with total cash resources of $403.6 million, compared to $482.3 million the previous year.
On November 29, 2023, Arrowhead Pharmaceuticals Inc (NASDAQ:ARWR) released its 8-K filing, detailing the company's financial results for the fiscal year ended September 30, 2023. The company reported a net loss of $205.3 million, or $1.92 per diluted share, compared to a net loss of $176.1 million, or $1.67 per diluted share, for the previous fiscal year. Despite the increased net loss, Arrowhead's total revenue was relatively stable at $240.7 million, a slight decrease from the $243.2 million reported in the prior year.
Financial Performance Analysis
Arrowhead Pharmaceuticals Inc's fiscal year was marked by significant investment in research and development (R&D), with expenses rising to $353.2 million from $297.3 million in the previous year. This increase reflects the company's commitment to advancing its pipeline of RNAi therapeutics. General and administrative expenses decreased to $92.5 million from $124.4 million, contributing to total operating expenses of $445.7 million, up from $421.7 million year-over-year.
The company's operating loss widened to $205 million from $178.5 million in the previous year. Interest income increased to $15.3 million, up from $5 million, while interest expense amounted to $18.3 million. The company also reported an income tax expense of $2.8 million.
Balance Sheet and Cash Flow Highlights
Arrowhead's total cash resources, including cash, cash equivalents, and investments, totaled $403.6 million at the end of the fiscal year, a decrease from $482.3 million the previous year. The total assets were reported at $765.5 million, up from $691.9 million at the end of the previous fiscal year. The company's total liabilities stood at $478.4 million, with stockholders' equity amounting to $271.3 million.
Operational Highlights and Future Prospects
During the fiscal year, Arrowhead made significant progress in its clinical programs, presenting new Phase 2 data for its RNAi therapeutic candidates, plozasiran and zodasiran, and hosting a webinar to discuss the potential of plozasiran in treating severe hypertriglyceridemia. The company also completed chronic GLP toxicology for its pulmonary candidates, ARO-RAGE and ARO-MMP7, and filed for regulatory clearance to initiate a Phase 1/2a study of ARO-DM1 for patients with type 1 myotonic dystrophy.
Arrowhead's collaborations also saw developments, with GSK plc reaching an agreement to transfer exclusive worldwide rights to further develop and commercialize JNJ-3989 from Janssen Pharmaceuticals, Inc.
While the company's financial results show an increased net loss and a decrease in total cash resources, Arrowhead's continued investment in R&D and the progression of its clinical pipeline demonstrate a forward-looking approach to addressing intractable diseases through gene silencing. Investors and stakeholders may anticipate future milestones and regulatory developments as the company advances its RNAi therapeutics.
For more detailed information on Arrowhead Pharmaceuticals Inc's fiscal 2023 year-end results, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Arrowhead Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
