On February 6, 2017 Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) reported financial results for its fiscal 2017 first quarter ended December 31, 2016 (Press release, Arrowhead Pharmaceuticals, FEB 6, 2017, View Source [SID1234517646]). The company is hosting a conference call at 4:30 p.m. EST to discuss results.
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Conference Call and Webcast Details
Investors may access a live audio webcast on the Company’s website at View Source 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