Arrowhead Pharmaceuticals, Inc
(NASDAQ:ARWR)

Arrowhead Pharmaceuticals, Inc. develops medicines for the treatment of intractable diseases in the United States. The company's products in pipeline includes ARO-AAT, a RNA interference (RNAi) therapeutic candidate that is in Phase II clinical trial for the treatment of liver diseases associated wi...

Website: http://arrowheadpharma.com

Founded: 1989

Full Time Employees: 232

Sector: Healthcare

Industry: Biotechnology

Pharmaceuticals Genomics

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Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-05-07	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-05-07	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31

revenue	256,472,000	27,767,000	542,709,000	2,500,000			3,551,000	16,097,000	15,825,000	146,267,000	62,546,000	31,575,000	32,412,000	151,805,000	27,439,000	38,283,000	45,891,000	32,811,000	21,303,000	7,632,855	27,375,778	23,528,853	29,454,579	43,292,770	42,696,636	48,148,275	34,657,896	11,255,000	9,342,498	8,985,930	4,365,496	8,713,786	39,583	43,750	43,750	31,250	123,750	43,750	170,750	43,750	43,750	43,750	43,750	43,750	43,750	43,750	159,016	43,750	43,750		43,750	159,016	4,035,709	47,917	31,250	23,958				4,994,969	180,694	133,990	148,068									157,498.5	622,599	-3,697	11,092	39,229	246,229	57,500	252,500
yoy	NaN%	NaN%	15183.27%	-84.47%	NaN%	NaN%	-94.32%	-49.02%	-51.18%	-3.65%	127.95%	-17.52%	-29.37%	362.66%	28.80%	401.56%	67.63%	39.45%	-27.68%	-82.37%	-35.88%	-51.13%	-15.01%	284.65%	357.02%	435.82%	693.91%	29.16%	23502.30%	20439.27%	9878.28%	27784.12%	-68.01%	0.00%	-74.38%	-28.57%	182.86%	0.00%	290.29%	0.00%	0.00%	0.00%	-72.49%	0.00%	0.00%		263.47%	-72.49%	-98.92%		40.00%	563.73%		NaN%	NaN%	-99.52%		NaN%	NaN%													301.48%	152.85%	-106.43%	-95.61%
qoq	823.66%	-94.88%	21608.36%	NaN%	NaN%	NaN%	-77.94%	1.72%	-89.18%	133.86%	98.09%	-2.58%	-78.65%	453.25%	-28.33%	-16.58%	39.86%	54.02%	179.10%	-72.12%	16.35%	-20.12%	-31.96%	1.40%	-11.32%	38.92%	207.93%	20.47%	3.97%	105.84%	-49.90%	21913.96%	-9.52%	0.00%	40.00%	-74.75%	182.86%	-74.38%	290.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-72.49%	263.47%	0.00%			-72.49%	-96.06%	8322.29%	53.33%	30.44%			NaN%	NaN%	2664.32%	34.86%	-9.51%										-74.70%	-16940.65%	-133.33%	-71.72%	-84.07%	328.22%	-77.23%
operating expenses:
research and development	174,687,000	162,368,000	133,102,000	137,002,000	152,431,000	101,122,000	116,491,000	99,855,000	94,757,000	74,881,000	83,695,000	83,377,000	72,180,000	75,985,000	65,765,000	65,766,000	59,325,000	44,697,000	36,555,000	43,484,893	32,573,134	29,443,335	23,373,616	23,386,305	19,291,710	20,798,628	17,572,043	15,993,880	11,136,741	11,438,216	9,527,051	8,280,406	9,423,195	10,020,826	10,338,833	11,671,598	7,490,400	11,640,794	17,744,312	10,389,436	6,392,200	5,216,446	3,133,014	8,418,311	1,756,527	2,125,019	1,576,666	3,247,415	1,756,527		2,125,019	1,576,666	39,271,746	1,219,236	1,358,691	1,140,904	509,630	365,618	140,658	3,509,458	254,835	227,804	277,788	45,990,806	2,519,325		3,923,304	3,349,423		1,690,037	1,664,689	20,001,639	8,563,401	4,465,475		984,976.5	1,081,332	1,136,181
general and administrative	37,679,000	30,949,000	28,405,000	26,910,000	23,710,000	25,069,000	23,605,000	24,572,000	23,771,000	23,221,000	20,985,000
total operating expenses	212,366,000	193,317,000	161,507,000	163,912,000	176,141,000	126,191,000	140,096,000	124,427,000	118,528,000	98,102,000	104,680,000	115,405,000	105,321,000	110,252,000	90,760,000	103,166,000	77,759,000	61,043,000	45,357,000	57,751,947	43,321,640	45,769,108	34,308,173	33,654,721	24,100,887	26,137,583	23,711,752	22,424,109	15,056,662	15,115,572	19,267,383	18,963,999	19,381,070	21,308,605	19,385,020	21,826,365	16,117,456	29,676,493	25,286,026	25,273,582	12,743,850	11,256,248	7,053,132	22,398,058	6,433,615	5,434,038	4,969,037	8,042,853	6,433,615		5,434,038	4,969,037	105,540,989	6,850,853	4,900,007	4,062,997	2,912,716	1,770,165	1,811,618	6,004,286	2,528,956	2,298,099	2,308,286	107,530,443	4,956,951		9,376,404	9,971,212		7,407,638	6,960,778	46,087,190	13,672,290	8,432,841	4,484,732	8,798,971	4,729,227	4,002,650	4,305,232
operating income	44,106,000	-165,550,000	381,202,000	-161,412,000	-176,141,000	-126,191,000	-136,545,000	-108,330,000	-102,703,000	48,165,000	-42,134,000	-83,830,000	-72,909,000	41,553,000	-63,321,000	-64,883,000	-31,868,000	-28,232,000	-24,054,000	-50,119,092	-15,945,862	-22,240,255	-4,853,594	9,638,049	18,595,749	22,010,692	10,946,144	-11,169,109	-5,714,164	-6,129,642	-14,901,887	-10,250,213	-19,341,487	-21,264,855	-19,341,270	-21,795,115	-15,993,706	-29,632,743	-25,115,276	-25,229,832	-12,700,100	-11,212,498	-7,009,382	-22,354,308	-6,389,865	-5,390,288	-4,810,021	-4,147,543.25	-6,389,865		-5,390,288	-4,810,021	-101,505,280	-6,802,936	-4,868,757	-4,039,039	-2,912,716	-1,770,165	-1,811,618	-1,009,317	-2,348,262	-2,164,109	-2,160,218	-103,578,368	-2,323,760		-8,674,681	-9,896,582		-7,072,689	-6,885,123	-44,503,202	-13,397,292	-8,436,538	-4,473,640	-8,759,742	-4,482,998	-3,945,150	-4,052,732
yoy	-125.04%	31.19%	-379.18%	49.00%	71.51%	-362.00%	224.07%	29.23%	40.86%	15.91%	-33.46%	29.20%	128.78%	-247.18%	163.25%	29.46%	99.85%	26.94%	395.59%	-620.01%	-185.75%	-201.04%	-144.34%	-186.29%	-425.43%	-459.09%	-173.45%	8.96%	-70.46%	-71.17%	-22.95%	-52.97%	20.93%	-28.24%	-22.99%	-13.61%	25.93%	164.28%	258.31%	12.86%	98.75%	108.01%	45.72%	438.98%	0.00%		-10.77%	-13.77%	-93.70%		10.71%	19.09%	3384.90%	284.31%	168.75%	300.18%	24.04%	-18.20%	-16.14%	-99.03%	1.05%		-75.10%	946.61%			25.99%	-77.76%		-16.17%	53.90%	408.04%	198.85%	113.85%	10.39%
qoq	-126.64%	-143.43%	-336.17%	-8.36%	39.58%	-7.58%	26.05%	5.48%	-313.23%	-214.31%	-49.74%	14.98%	-275.46%	-165.62%	-2.41%	103.60%	12.88%	17.37%	-52.01%	214.31%	-28.30%	358.22%	-150.36%	-48.17%	-15.51%	101.08%	-198.00%	95.46%	-6.78%	-58.87%	45.38%	-47.00%	-9.04%	9.95%	-11.26%	36.27%	-46.03%	17.99%	-0.45%	98.66%	13.27%	59.96%	-68.64%	249.84%	18.54%	12.06%	15.97%	-35.09%			12.06%	-95.26%	1392.08%	39.73%	20.54%	38.67%	64.54%	-2.29%	79.49%	-57.02%	8.51%	0.18%	-97.91%	4357.36%			-12.35%			2.72%	-84.53%	232.18%	58.80%	88.58%	-48.93%	95.40%	13.63%	-2.65%
operating margin %	17.20%	-596.21%	70.24%	-6456.48%	NaN%	NaN%	-3845.25%	-672.98%	-648.99%	32.93%	-67.36%	-265.49%	-224.94%	27.37%	-230.77%	-169.48%	-69.44%	-86.04%	-112.91%	-656.62%	-58.25%	-94.52%	-16.48%	22.26%	43.55%	45.71%	31.58%	-99.24%	-61.16%	-68.21%	-341.36%	-117.63%	-48863.12%	-48605.38%	-44208.62%	-69744.37%	-12924.21%	-67731.98%	-14708.80%	-57668.19%	-29028.80%	-25628.57%	-16021.44%	-51095.56%	-14605.41%	-12320.66%	-3024.87%	-9480.10%	-14605.41%	NaN%	-12320.66%	-3024.87%	-2515.18%	-14197.33%	-15580.02%	-16858.83%	-Infinity%	NaN%	NaN%	-20.21%	-1299.58%	-1615.13%	-1458.94%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-28256.27%	-2151.83%	228199.57%	-40332.13%	-22329.76%	-1820.66%	-6861.13%	-1605.04%
other income:
interest income	9,053,000	11,019,000	9,615,000	7,602,000	6,498,000	6,250,000	2,802,000	3,885,000	4,172,000	4,560,000	-167,000	1,583,000	1,240,000	1,054,000	1,156,000	1,148,000	1,280,000	1,524,000	2,169,000	2,271,301	2,334,649	2,404,685	2,179,866	2,240,409	1,739,959	1,886,290	1,091,109	402,745	131,358	108,744	25,148	149,878	34,103	79,060	100,380	52,251	162,366	198,113	237,417	131,262	226,424	119,390	40,578	259,101	-48,252	-27,567	7,416	-17,100.75	-48,252		-27,567	7,416	2,723,118	14,436	5,015	7,875	15,715	20,531	35,037	3,338	1,653	-12,877	-22,025	2,996,419	-78,526		13,535	115,158		232,879	315,373	1,420,461	238,277	328,098	313,217	271,697	223,443	181,310	176,516
interest expense	-21,694,000	-24,382,000	-21,639,000	-21,646,000	-5,094,000	-7,244,000	-5,367,000	-5,262,000	-5,158,000	-5,057,000
other	4,656,000	-176,000	438,000	341,000	760,000	189,000	421,000	717,000	306,000	8,000
total other income	-9,707,000	-13,539,000			2,164,000		-2,144,000	-660,000	-680,000	-489,000	340,000	1,673,000	863,000	2,813,000	449,000	1,511,000	1,944,000	1,414,000	3,322,000	1,688,777	2,334,649	2,404,685	2,179,866	2,240,409	1,739,959	1,886,290	1,091,109	410,238	194,423	87,085	2,815,779	-479,273	-79,256	448,995	76,856	-424,471	57,653	948,750	2,539,994	489,096	1,073,649	-2,770,202	-3,676,350	-70,924	212,237	-1,549,395	29,312	-326,961.5	212,237		-1,549,395	29,312	7,200,278	-1,436,802	-714,875	1,352,461	-33,860	-174,507	724,282	517,434	15,951	1,485,862	-70,444	5,634,752	-204,857		644,153	115,158		232,879	315,373	4,099,162	238,277	328,098	766,470	-19,781	508,850	838,564	915,779
income before income tax expense and noncontrolling interest	36,121,000	-179,089,000	369,616,000			-126,996,000				47,676,000
income tax expense	20,000,000	-437,000	1,753,000	103,000			-3,313,000	2,025,000	742,000		17,000
net income including noncontrolling interest	16,121,000	-178,652,000	367,863,000			-126,996,000				47,676,000
net loss attributable to noncontrolling interest, net of tax	-2,031,500	-3,411,000	-2,582,000	-2,133,000	-3,184,000	-1,696,000	-2,512,000	-1,336,000	-1,179,000	-999,000	-486,000
net income attributable to arrowhead pharmaceuticals, inc.	5,529,750	-175,241,000	370,445,000			-125,300,000				48,675,000
net income per share												-0.215	-0.68	0.42	-0.6	-0.61	-0.29	-0.26	-0.2	-0.48	-0.13	-0.2	-0.03	0.12	0.21	0.25	0.13	-0.12	-0.07	-0.08	-0.17	-0.15	-0.32	-0.35	-0.32	-0.34	-0.27	-0.51						-0.44	-0.23	-0.41		-0.23	-0.23																		-0.19	-0.19		-0.15	-0.14	-0.16	-0.34	-0.18	-0.11	-0.26	-0.12	-0.1	-0.11
basic	-0.18	-1.26	2.78	-1.39	-1.38	-1.02	-1.24	-1.02	-0.96	0.46	-0.39
diluted	-0.18	-1.26	2.75	-1.39	-1.38	-1.02	-1.24	-1.02	-0.96	0.45	-0.39
weighted-average shares used for eps calculation
basic	133,758	139,039	133,363	124,848	124,199	123,285	107,415	106,750	107,004	106,757	106,039	105,426
diluted	133,758	139,039	134,484	124,848	124,199	123,285	107,415	106,750	107,004	108,143	106,039	105,426
other comprehensive income, net of tax:
unrealized gains on available-for-sale securities	1,103	876	653	-507
foreign currency translation adjustments	-17	91	-400	-106	-141	-56	58	153	-79	-74	-122	4	-33	1	-39	-131	-40	-96	180	193,652	453,895	-433,564	196,074	-288,546	-31,172	-28,162	-22,180	-18,226	12,309	154,464	-192,608	51,618	-90,625	150,520	45,818	38,161	-1,982	-63,965		-70,478
comprehensive income	3,650	-177,685	368,116			-126,836				47,602		-22,655.75	-72,079	44,367	-62,911	-63,505	-29,964	-26,914	-20,552	-48,239,063	-13,157,318	-20,269,134	-2,477,654	11,416,359	20,304,536	23,868,820	12,015,073
total other expense			-11,586,000	-13,703,000		-805,000
loss before income tax expense and noncontrolling interest				-175,115,000	-173,977,000		-138,689,000	-108,990,000	-103,383,000		-41,794,000
net loss including noncontrolling interest				-175,218,000	-173,977,000		-135,376,000	-111,015,000	-104,125,000		-41,811,000
net loss attributable to arrowhead pharmaceuticals, inc.				-173,085,000	-170,793,000		-132,864,000	-109,679,000	-102,946,000		-41,325,000
other comprehensive loss, net of tax:
comprehensive loss				-175,831	-173,869		-133,409	-113,826	-104,204		-41,933																	-10,779,497	-5,507,432	-5,888,093	-12,278,716	-10,680,268	-19,511,368	-20,665,340	-19,218,596
change in unrealized losses on available-for-sale securities					249	216	1,909
other income											507,000	90,000	-377,000	1,759,000	-707,000	363,000	664,000	-110,000	1,153,000											5,724	1,306,800							536,087	-53,184	-65,030	10,054	76,546	-5,331	823	259,221	-1,279,881	22,685	-249,494	259,221		-1,279,881	22,685									-88,927		220
operating expenses
general and administrative expenses												23,100,750	33,141,000	34,267,000	24,995,000	37,400,000	18,434,000	16,346,000	8,802,000	14,267,054	10,748,506	16,325,773	10,934,557	10,268,416	4,809,177	5,338,955	6,139,709	6,430,229	3,919,921	3,677,356	1,854,174	1,507,685	2,275,628	3,818,335	1,951,609	1,895,166	1,829,393	1,696,623	2,086,202	2,318,965	1,582,465	1,347,677	913,784	2,028,163	899,633	779,970	917,676	891,585	899,633		779,970	917,676	26,018,024	3,137,368	930,914	1,277,904	1,724,012	643,165	822,812	1,128,957	833,809	869,307	746,250	19,615,497	1,041,883		1,629,987	1,720,206		1,582,743	1,697,776	9,179,676	1,567,426	1,458,997		947,758.25	1,439,881	1,253,056
income before income taxes												-22,638,000	-72,046,000	44,366,000	-62,872,000	-63,372,000	-29,924,000	-26,818,000	-20,732,000	-48,430,315	-13,611,213	-19,835,570	-2,673,728	11,878,458	20,335,708	23,896,982	12,037,253	-10,758,871	-5,519,741	-6,042,557	-12,086,108	-10,729,486	-19,420,743	-20,815,860	-19,264,414	-22,219,586	-15,936,053	-28,683,993	-22,575,282	-24,740,736	-11,626,451	-13,982,700	-10,685,732
provision for income taxes																																																												742,500
net income												-22,638,000	-72,046,000	44,366,000	-62,872,000	-63,374,000	-29,924,000	-26,818,000	-20,732,000	-48,432,715	-13,611,213	-19,835,570	-2,673,728	11,704,905	20,335,708	23,896,982	12,037,253	-10,761,271	-5,519,741	-6,042,557	-12,086,108	-10,731,886	-19,420,743	-20,815,860	-19,264,414	-22,221,986	-15,936,053	-28,683,993	-22,575,282	-24,743,136	-11,626,451	-13,982,700	-10,685,732	-22,430,532	-6,177,628	-6,940,019	-4,780,727	-4,474,593.25	-6,177,628		-6,940,019	-4,780,727	-137,143,031	-8,239,061	-5,584,115	-2,686,799	-2,946,938	-2,013,414	2,699,382	-1,231,430	-2,314,216	-683,796	-1,816,429	-88,956,495	-2,528,617		-8,030,468	-7,502,162		-5,694,815	-5,233,774	-36,048,909	-12,477,548	-6,173,809	-3,707,170	-8,779,523	-3,974,148	-3,106,586	-3,136,953
yoy												-64.28%	140.76%	-265.43%	203.26%	30.85%	119.85%	35.20%	675.40%	-513.78%	-166.93%	-183.00%	-122.21%	-208.77%	-468.42%	-495.48%	-199.60%	0.27%	-71.58%	-70.97%	-37.26%	-51.71%	21.87%	-27.43%	-14.67%	-10.19%	37.07%	105.14%	111.27%	10.31%	88.20%	101.48%	123.52%	401.29%	0.00%		-31.11%	-6.40%	-95.50%		24.28%	77.93%	4553.75%	309.21%	-306.87%	118.19%	27.34%	194.45%	-248.61%	-98.62%	-8.48%		-77.38%	1085.74%			53.44%	-79.19%		-7.76%	41.18%	310.60%	213.97%	98.73%	18.18%
qoq												-68.58%	-262.39%	-170.57%	-0.79%	111.78%	11.58%	29.36%	-57.19%	255.83%	-31.38%	641.87%	-122.84%	-42.44%	-14.90%	98.53%	-211.86%	94.96%	-8.65%	-50.00%	12.62%	-44.74%	-6.70%	8.05%	-13.31%	39.44%	-44.44%	27.06%	-8.76%	112.82%	-16.85%	30.85%	-52.36%	263.09%	-10.99%	45.17%	6.84%	-27.57%			45.17%	-96.51%	1564.55%	47.54%	107.84%	-8.83%	46.37%	-174.59%	-319.21%	-46.79%	238.44%	-62.35%	-97.96%	3417.99%			7.04%			8.81%	-85.48%	188.91%	102.10%	66.54%	-57.77%	120.92%	27.93%	-0.97%
net income margin %	0%	0%	0%	0%	NaN%	NaN%	0%	0%	0%	0%	0%	-71.70%	-222.28%	29.23%	-229.13%	-165.54%	-65.21%	-81.73%	-97.32%	-634.53%	-49.72%	-84.30%	-9.08%	27.04%	47.63%	49.63%	34.73%	-95.61%	-59.08%	-67.24%	-276.86%	-123.16%	-49063.34%	-47579.11%	-44032.95%	-71110.36%	-12877.62%	-65563.41%	-13221.25%	-56555.74%	-26574.75%	-31960.46%	-24424.53%	-51269.79%	-14120.29%	-15862.90%	-3006.44%	-10227.64%	-14120.29%	NaN%	-15862.90%	-3006.44%	-3398.24%	-17194.44%	-17869.17%	-11214.62%	-Infinity%	NaN%	NaN%	-24.65%	-1280.74%	-510.33%	-1226.75%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-22888.41%	-2004.11%	166995.10%	-33422.02%	-22380.19%	-1614.00%	-5402.76%	-1242.36%
net income per share												-0.215	-0.68	0.42	-0.6	-0.61	-0.29	-0.26	-0.2	-0.48	-0.13	-0.2	-0.03	0.12	0.21	0.25	0.13	-0.12	-0.07	-0.08	-0.17	-0.15	-0.32	-0.35	-0.32	-0.34	-0.27	-0.51						-0.44	-0.23	-0.41		-0.23	-0.23																		-0.19	-0.19		-0.15	-0.14	-0.16	-0.34	-0.18	-0.11	-0.26	-0.12	-0.1	-0.11
weighted-average shares outstanding - basic													105,753	105,545	104,534	103,745	104,099	103,867	102,757	100,722,224	101,843,436	101,653,136	97,090,079	93,858,857	94,935,471	94,155,407	91,091,823
weighted-average shares outstanding - diluted													105,753	107,929	104,534	103,745	104,099	103,867	102,757	100,722,224	101,843,436	101,653,136	97,090,079	98,607,815	98,884,744	98,082,644	95,590,183
change in value of derivatives																													63,065	-27,383	1,483,831	-629,151	-113,359	369,935	-23,524	-534,074	-104,713	168,974	2,382,142	422,864	758,469	-2,951,225	-3,519,579	-321,324	200,747	-29,403	44,275	53,905	200,747		-29,403	44,275	3,055,065	915,387	-622,145	-66,904	-110,029	373,734	404,152
weighted-average shares outstanding - basic and diluted																												83,638,469	74,772,103	74,629,855	71,444,600	73,898,598	59,966,955	59,779,128	59,548,672	61,050,880	59,492,867	55,719,923	54,692,392	57,358,442	51,931,989	44,321,847	37,741,743	46,933,030	26,134,183	16,461,693	14,113,620				16,461,693										64,342,448
salaries and payroll-related costs																															4,276,105	6,011,689	4,113,262	4,248,693	3,919,886	7,179,815	3,570,531	3,541,652	3,150,617	6,291,209	2,454,449	3,097,902	2,081,791	5,195,213	1,651,729	1,725,176	1,629,423	1,251,582	1,651,729		1,725,176	1,629,423	21,399,459	1,654,915
stock-based compensation																															2,424,442	2,009,694	2,750,785	2,416,839	2,380,343	4,047,849	2,486,074	2,205,079	2,014,856	3,526,888	2,038,682	1,198,444	521,138	1,937,909	363,593	355,108	395,675	421,896	363,593		355,108	395,675	12,744,280	415,920	169,390	251,878	297,970	346,707
depreciation and amortization																															1,185,611	1,154,525	818,200	803,912	794,349	843,584	741,058	449,559	290,039	855,551	276,054	395,779	403,405	270,417	454,086	448,765	449,597	398,964	454,086		448,765	449,597
benefit from income taxes
acquired in-process research and development																																						10,142,786
gain on sale of fixed assets																																						45,576	-26,381			-5,316	-53,562		-39,949	-54,932	18,493	-19,097	-39,949		-54,932	18,493			-33,484
net income attributable to non-controlling interests
net income attributable to arrowhead																																				-14,875,254	-15,936,053	-28,683,993	-22,575,282	-24,743,136	-11,628,919	-13,942,521	-10,628,312	-22,430,442	-6,079,010	-6,757,937	-4,614,159	-4,362,776.25	-6,079,010		-6,757,937	-4,614,159	-119,021,473	-7,991,510	-5,335,233	-2,485,505	-88,090.5	-1,819,917	2,905,237		-942,485.5	-371,055	-1,544,927
other comprehensive income, net of tax
comprehensive loss attributable to arrowhead																																				-14,848,825.75	-15,938,035	-28,747,958	-22,575,282	-24,813,614	-11,628,919	-13,942,521
shareholders - basic & diluted:																																							-0.41	-0.41	-0.22	-0.31	-0.28				-0.33
equity in income of unconsolidated affiliates																																									78,702	-9,597	-138,456	-9,524	-159,530	-157,612	-63,557	-95,174.75	-159,530		-157,612	-63,557	-758,046	-34,573	-64,261	-106,527
net income attributable to noncontrolling interests																																									-2,468	40,179	57,420			182,082	166,568
impairment expense																																													1,308,047				1,308,047
income from continuing operations before income taxes																																												-22,425,232	-6,177,628	-6,939,683	-4,780,709	-4,474,504.75	-6,177,628		-6,939,683	-4,780,709	-94,305,002	-8,239,738		-2,686,579	-1,459,608	-1,944,672
income from continuing operations																																												-22,430,532	-6,177,628	-6,939,683	-4,780,709	-4,474,504.75	-6,177,628		-6,939,683	-4,780,709	-94,305,002	-8,239,738		-2,686,579	-1,459,608	-1,944,672			-1,263,017.25	-678,247	-2,230,662	-82,655,938	-2,528,617			-7,787,336			-5,233,774	-34,631,007	-12,477,548	-6,173,809	-3,707,170	-8,779,523	-3,974,148	-3,106,586	-3,136,953
income from discontinued operations																																														-336	-18	-88.5			-336	-18	-47,546,617	677	-483	-220	-362	-68,742	-132,495	2,953	18,095	-5,549	-15,767
net income from discontinued operations																																														-336	-18	-88.5			-336	-18	-42,838,029	677	-483	-220	-362	-68,742
net (gain) loss attributable to non-controlling interests																																												90	98,618
contingent consideration - fair value adjustments
impairment of investment in unconsolidated affiliates																																																					-187,000	-1,455,775
gain on purchase of roche madison																																																								1,576,107
realized and unrealized gain in marketable securities																																																					-14,522.75			-58,091			359,920																	65,252.5	124,549	133,195
gain on sale of stock in subsidiary
gain on disposal of discontinued operations																																																											3,919,213
realized and unrealized gain investments
net (income) loss attributable to noncontrolling interests																																																111,817	98,618		182,082	166,568	18,121,558	247,551		201,294	48,274.75	193,497
weighted-average shares outstanding—basic and diluted																																																	26,134,183			14,113,620				10,121,069				71,779,410		64,579,403
earnings per share - basic and diluted:
income from continuing operations attributable to arrowhead common shareholders																																																			-0.41	-0.33	-0.37	-0.71		-0.25	-1.11	-0.03	-0.01		-0.018	-0.01	-0.04
income from discontinued operations attributable to arrowhead common shareholders																																																									0.67		0.05				0.01
net income attributable to arrowhead shareholders																																																			-0.41		-0.37	-0.71	-0.5	-0.25		-0.03	0.04		-0.015	-0.01	-0.03
notes payable
earnings per share—basic and diluted:
notes payable, net of current portion																																																				-0.33
depreciation & amortization																																																					325,451.5	423,414	423,948
gain on sale of property and equipment																																																					-227,440.25	-876,277
earnings per share - basic:
weighted-average shares outstanding																																																						11,238,291	10,663,869		7,181,121	71,826,276	71,806,694
earnings per share - diluted:
salaries and payroll related costs																																																							2,017,064
loss from continuing operations before income taxes																																																							-5,583,632				-1,087,336	-491,883
loss from continuing operations																																																							-5,583,632				-1,087,336	-1,234,383							-8,030,468			-5,694,815
net loss attributable to noncontrolling interests																																																							248,882				205,855	-206,252
earnings per share—basic:
loss from continuing operations attributable to arrowhead common shareholders																																																							-0.5					-0.02
earnings per share—diluted:
salaries																																																								1,320,693	320,652	354,223	787,696	1,056,437	1,234,370	914,336	1,104,103	33,739,318	889,428		3,134,826	3,896,950		3,343,701	2,911,290	13,839,676	2,800,420	2,014,740	1,726,548	1,604,726	2,036,639	1,463,539	1,366,266
amortization of intangible assets																																																								71,618
patent amortization																																																									60,452	60,452	60,452	78,906	78,906	78,906	78,906	1,478,277	100,103		89,530	102,602		103,991	103,991
loss on equity of investments - nanotope																																																									-66,813	-70,366
loss on sale of fixed assets																																																																-51,802	-78,029
realized and unrealized gain on marketable securities																																																									-122,733	-498,406
gain on equity of investments - nanotope																																																											-74,827
consulting																																																												230,528	127,036	207,746	101,239	6,706,545	406,212		598,757	902,031		687,166	583,032	2,389,209	637,052	389,638	231,406	309,993	171,375	149,874	118,478
gain on equity of investments—nanotope																																																												48,826
gain on sale of equity of investments—ensysce
change in value of derivative liability																																																												465,270	209,157	1,552,228
gain from discontinued operations																																																												2,953								285,174
net loss attributable to arrowhead																																																												-1,437,682
net loss attributable to arrowhead shareholders																																																												-0.02
loss on equity of investments—nanotope																																																													-41,431.75	-66,489	-48,639
gain/(loss) on sale of fixed assets																																																													15,750	13,000
gain/(loss) from discontinued operations																																																													-5,188.25	-5,549
gain/(loss) on disposal of discontinued operations																																																													107,500
less: net income attributable to noncontrolling interests																																																													218,220	312,741	271,502
gain/loss on disposal of discontinued operations																																																															430,000
earnings per share-basic and diluted:
weighted-average shares outstanding, basic and diluted																																																															58,649,086							38,754,239			36,422,464	34,232,149	34,181,399	31,953,806			27,987,281
revenue, note 1																																																																892,641	2,633,191		701,723	235,372		729,766	402,861
loss on equity of invesment—nanotope																																																																-44,428.5	-48,302
gain on sale of equity of investment—ensysce																																																																175,000			700,000
income before minority interests																																																																-97,943,616	-2,528,617			-9,781,424			-6,569,750	-40,404,040	-13,159,015	-8,108,440
minority interests																																																																15,287,678			60	1,994,088		1,144,995	1,335,976	5,773,033	681,467	1,934,631	453,253	-285,644	221,298	584,499	796,437
income from operation of discontinued—nanotechnica, inc.
loss on disposal of nanotechnica, inc.
income from operation of discontinued—aonex technologies, inc.
gain on sale of aonex technologies, inc.																																																																				306,344
loss per share from continuing operations, diluted and undiluted																																																																-0.093	-0.06
loss per share, diluted and undiluted																																																																-0.093	-0.06
weighted-average shares outstanding, diluted and undiluted																																																																	43,353,848		42,934,517				38,626,023
loss on equity of investment—nanotope																																																																			-69,382
loss before minority interests																																																																			-8,030,528			-6,839,810
loss from operation of discontinued—nanotechnica, inc.
loss from operation of discontinued—aonex technologies, inc.
loss from discontinued operations
income from continuing operations per share, diluted and undiluted																																																																			-0.19				-0.14
cost of goods sold																																																																				160,742		394,817	327,206
gross profit on sales																																																																				74,630		334,949	75,655	1,583,988	274,998
income from discontinued operations—nanotechnica, inc.
income from discontinued operations—aonex technologies, inc.																																																																				-21,170
income from continuing operations per share, basic & diluted																																																																				-0.2
income from discontinued operations per share, basic & diluted																																																																				0.01
weighted-average shares outstanding, basic & diluted																																																																				38,891,995
loss from operation of discontinued nanotechnica, inc.
income from continuing operations per share, basic and diluted																																																																						-0.15		-0.16	-0.34	-0.18	-0.11				-0.11
income from operation of discontinued nanotechnica, inc.
cost of good sold																																																																								86,900.25	347,601
patents amortization																																																																								77,993.25	103,991	103,991
goodwill impairment & other charges
general & administrative expenses																																																																											1,176,929				1,098,095
research & development																																																																											1,349,849				1,722,393
realized & unrealized gain in marketable securities																																																																															3,266
patents - amortization																																																																												-45,330	-60,440		-60,440
income from continuing operations per share, undiluted																																																																												-0.083	-0.12	-0.1
weighted-average shares outstanding, undiluted																																																																													33,810,131	32,151,954
patents—amortization																																																																														-60,440
income from continuing operations per share, fully diluted																																																																														-0.1
weighted-average shares outstanding, fully diluted																																																																														32,151,954

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31

assets
current assets:
cash, cash equivalents and restricted cash	88,706,000	129,793,000	185,709,000	69,399,000	127,704,000	58,215,000	110,891,000	105,334,000	134,959,000	202,249,000	108,005,000
cash at variable interest entity	137,842,000
accounts receivable	6,824,000	9,699,000	2,365,000					1,247,000	69,434,000	39,568,000	1,410,000	239,000	1,317,000	150,000	10,255,000	671,000	955,000	9,002,000	845,673	21,692,564	1,265,771	1,345,298	661,361	2,044,111	13,422,340	3,168,578	327,375	14,975	16,288	149,931	67,797	937,313	580,825
available-for-sale securities, at fair value	692,818,000	770,579,000	911,700,000	367,272,000	395,410,000	162,064,000	292,735,000
prepaid expenses	10,933,000	23,692,000	23,769,000	9,207,000	11,022,000	10,516,000	8,813,000	10,053,000	9,935,000	8,412,000	7,289,000	6,761,000	6,622,000	5,199,000	4,362,000	7,276,000	6,639,000	7,069,000	4,250,896	4,096,473	3,062,333	2,733,140	3,317,999	3,103,476	1,757,928	1,550,437	1,267,717	1,095,977	744,246	651,239	867,363	931,042	731,834	569,415	1,289,923	3,446,863	3,772,643	3,783,344	3,293,285	3,499,324	3,811,096	4,451,124	588,626	700,063	643,023													182,383	239,097	337,002	225,107
other current assets	13,516,000	13,160,000	11,677,000	4,184,000	7,514,000	7,104,000	7,082,000	7,162,000	14,436,000	25,188,000	20,204,000	8,892,000	7,796,000	2,795,000	2,191,000	1,696,000	1,845,000	2,318,000	1,781,691	2,411,937	2,536,284	1,534,344	2,563,435	1,492,175	1,590,195	478,310	640,117	279,049	357,989	1,604,986	1,359,638	896,150	1,747,801	3,495,369	3,771,172	1,507,470	909,561	1,903,884	823,620	654,924	327,384	62,841	48,502	538,742	633,807													18,470	114,833	68,950
total current assets	950,639,000	946,923,000	1,135,220,000	450,062,000	541,650,000	237,899,000	419,521,000	470,165,000	574,810,000	574,999,000	405,299,000	432,388,000	417,630,000	338,278,000	384,597,000	525,955,000	586,757,000	323,716,000	322,370,397	315,232,854	314,474,173	507,614,372	265,246,817	244,538,724	234,970,345	248,950,613	78,768,598	61,870,095	92,660,460	53,106,877	67,902,904	77,902,394	89,689,923	106,230,353	90,502,543	49,601,432	66,143,493	82,283,814	102,871,161	114,687,701	120,146,953	132,164,598	154,800,770	163,422,946	161,923,165	76,411,623	28,843,719	34,410,996	3,739,881	6,063,983	6,567,336	5,903,034	8,817,561	9,173,908	9,861,174	7,048,556	8,581,382	11,040,539	8,131,775	10,125,876	2,990,470	4,148,395	2,483,555	2,754,753	4,177,568	9,020,926	10,561,117	14,541,167	20,546,627	26,208,115	25,305,428	32,105,698	22,494,196	28,806,894	28,775,791	31,342,022	36,113,460	19,518,681
property, plant and equipment	382,515,000	381,048,000	384,803,000	375,911,000	359,252,000	333,411,000
intangible assets	6,861,000	7,286,000	7,711,000	8,987,000	9,412,000	9,837,000	10,262,000	10,687,000	11,112,000	11,537,000	11,962,000	12,387,000	12,813,000	13,238,000	13,663,000	14,088,000	14,513,000	14,938,000	15,363,151	15,788,258	16,213,366	16,638,473	17,063,580	17,488,688	17,913,795	18,338,903	18,764,010	19,189,117	19,614,224	20,039,332	20,464,439	20,889,546	21,314,653	21,739,761	22,164,868	23,534,910	23,960,017	24,385,125	24,824,116	25,262,886	25,701,657	999,809	1,013,473		3,213,186
right-of-use assets	43,891,000	44,002,000	44,452,000	44,339,000	44,626,000	44,907,000	45,297,000	40,667,000	41,114,000	41,655,000	58,291,000	68,908,000	16,379,000	16,875,000	17,346,000		18,370,000	15,747,000	16,137,085	16,522,013	10,263,197	10,440,758
other assets	1,389,000	1,353,000	1,312,000	4,460,000	210,000	232,000	210,000	210,000	210,000	210,000	218,000	275,000	275,000	273,000	272,000	272,000	265,000	265,000	265,359	265,359	144,150	144,150	144,148	170,921	141,918	141,918	141,918	141,918	141,918	141,918	141,918	154,618	152,119	122,333	122,333	122,333	122,333	45,789	45,789	45,789	41,414	7,041,414	41,414	41,414	166,414
total assets	1,385,295,000	1,380,612,000	1,573,498,000	883,759,000	955,150,000	626,286,000	765,552,000	795,856,000	891,308,000	891,489,000	691,939,000	751,782,000	703,575,000	638,539,000	710,148,000	734,927,000	756,795,000	499,251,000	522,503,743	555,728,072	561,075,702	587,601,634	349,845,437	336,828,445	333,940,433	340,947,388	111,609,951	112,903,027	126,998,915	88,220,493	104,022,280	115,081,549	126,871,643	144,258,106	128,176,505	85,533,496	94,607,471	111,381,139	132,267,914	145,190,325	162,378,458	162,136,761	182,816,756	196,622,876	202,641,394	92,692,477	37,329,631	41,488,495	12,419,325	15,231,131	16,527,818	16,488,027	20,080,976	23,062,344	15,888,563	13,289,834	15,236,725	15,189,763	12,354,542	14,596,070	7,758,203	9,129,264	7,702,174	8,198,650	10,167,700	15,390,124	17,255,442	19,126,157	24,821,967	30,663,734	29,852,952	36,716,378	26,904,512	34,393,825	34,525,878	40,582,772	45,085,271	25,880,146
liabilities, noncontrolling interest and stockholders’ equity
current liabilities:
accounts payable	17,674,000	33,050,000	9,980,000	26,550,000	8,521,000	4,460,000	35,866,000	7,874,000	9,556,000	796,000	2,868,000	5,894,000	10,603,000	4,068,000	9,457,000	10,037,000	5,299,000	4,827,000	6,828,909	4,073,869	13,417,692	12,201,532	7,649,921	4,630,244	4,062,189	3,936,590	2,806,098	2,165,731	1,810,431	5,707,047	4,076,514	3,233,421	2,597,889	3,698,297	12,232,906	5,945,370	7,542,498	5,288,922	5,031,706	4,862,263	4,936,282	5,994,951	2,579,478	2,158,133	2,511,572	589,348	1,199,632	1,061,944	871,707	809,524	877,986	994,372	801,104	714,057	576,809	501,278	235,930	2,423,844	681,563	1,032,792	884,018	891,677	1,013,281	1,398,813	2,001,827	1,911,489	1,342,000	1,083,560	1,160,510						846,580			490,892
accrued expenses	90,419,000	64,818,000	78,450,000	47,899,000	37,055,000	46,604,000	39,763,000	38,191,000	39,551,000	48,174,000	46,856,000	32,499,000	23,710,000	18,518,000	14,001,000	29,525,000	12,862,000	9,570,000	5,388,556	9,414,696	4,419,233	3,988,186	6,504,729	5,173,146	5,718,774	3,907,515	5,043,087	2,163,533	4,127,208	3,478,512	4,564,507	1,993,674	2,184,844	4,762,105	4,587,467	6,263,349	3,834,269	3,920,312	5,376,119	1,726,449	2,041,174	1,148,092	1,399,486	1,068,667	913,856	684,520	638,884	706,092	823,517	842,639	730,775	1,022,734	2,383,651	2,386,796	864,511	472,279	433,347	2,840,142	471,236	686,524	407,161	411,211	420,077	843,790	1,042,652	1,386,861	844,549	612,844	487,732	396,697	545,703	456,145	329,747	254,163	677,722	1,184,752	632,732	631,874
accrued payroll and benefits	26,895,000	19,298,000	16,613,000	15,795,000	13,741,000	8,777,000	17,963,000	4,434,000	5,494,000	4,094,000	12,251,000	2,648,000	3,765,000	2,968,000	9,773,000	3,648,000	2,859,000	2,753,000	8,060,854	1,991,001	1,616,090	2,993,682	4,955,887	1,427,855	967,674	1,629,871	3,937,605	1,147,780	918,226	1,936,024	3,399,679	1,034,569	765,292	2,150,014	3,969,706	1,129,460	1,395,004	1,419,423	3,824,062	884,373	1,272,001	2,175,484	3,268,506	611,092	732,131	678,035		811,046	1,222,573	1,067,763	1,127,219	1,051,079	1,159,624	637,691	195,649	227,696	171,847	171,213	191,425	204,911	168,536	239,781
lease liabilities	7,289,000	7,010,000	6,782,000	6,053,000	5,285,000	3,421,000	10,563,000	2,823,000	2,711,000	2,664,000	2,776,000	2,883,000	2,910,000	2,826,000	2,250,000	1,290,000	1,272,000	1,183,000	1,094,777	1,011,951	688,454	461,178
deferred revenue	2,399,000	22,979,000	43,268,000				866,000	16,905,000	29,839,000	66,281,000	74,099,000	84,288,000	97,869,000	108,652,000	111,055,000	150,934,000	144,879,000	6,744,000	19,291,075	26,274,362	33,174,765	54,034,129	77,769,629	75,681,868	90,889,801	124,925,638	600	943,200	1,565,000	1,875,001	5,269,741	13,283,006	21,169,191	25,584,181	2,569,792	26,042	65,625	109,375	103,125	71,875	65,625	109,375	103,125	71,875	65,625	109,375	103,125	71,875	65,625	109,375	37,500	71,875	69,792	101,042																37,999	98,570	378,645					31,250	68,750
credit facility	40,000,000	40,000,000	65,000,000
other liabilities	10,811,000	7,375,000	448,000	417,000	573,000	461,000	435,000	669,000																																					1,755,520
total current liabilities	195,487,000	194,530,000	220,541,000	96,714,000	65,175,000	63,723,000	105,456,000	70,227,000	87,151,000	122,009,000	138,850,000	128,212,000	138,857,000	137,032,000	146,536,000	195,434,000	167,188,000	25,094,000	40,681,433	42,783,141	53,333,497	73,695,268	97,070,679	87,087,065	101,812,390	134,611,773	12,364,951	7,127,120	9,123,879	13,716,249	18,701,048	20,319,614	27,551,628	36,998,092	25,643,794	14,840,268	14,058,345	12,328,014	15,900,571	9,532,488	13,210,361	11,497,665	11,847,024	8,250,096	10,482,540	9,018,408	8,725,020	6,677,866	7,164,026	6,077,978	5,327,888	5,815,416	6,375,521	5,060,024	2,581,949	2,159,704	2,494,934	7,901,951	4,276,246	5,140,251	2,279,634	2,579,789	2,344,238	3,409,782	4,448,743	4,859,962	3,726,299	2,555,455	2,293,532	2,283,394	2,896,375	2,940,122	1,146,210	1,015,244	2,920,234	1,728,638	2,589,236	1,456,502
long-term liabilities:
lease liabilities, net of current portion	104,112,000	105,690,000	107,529,000	112,040,000	113,632,000	115,157,000	104,608,000	79,911,000	80,070,000	79,470,000	78,800,000	78,231,000	22,698,000	22,489,000	23,295,000	22,854,000	22,528,000	19,685,000	20,043,178	20,359,726	14,178,735	14,377,723
liability related to the sale of future royalties	367,397,000	360,254,000	352,276,000	336,031,000	280,938,000	273,692,000	268,326,000	263,064,000	257,906,000	252,849,000
credit facility, net of current portion	214,883,000	200,332,000	208,927,000
total long-term liabilities	686,392,000	666,276,000	668,732,000	448,071,000	394,570,000	388,849,000	372,934,000	343,644,000	339,051,000	373,108,000	134,750,000	149,393,000	112,452,000	128,947,000	154,790,000	102,603,000	144,058,000	19,685,000	20,043,178	20,359,726	14,178,735	14,377,723	8,738,506	24,071,340	31,487,807	34,835,584	4,003,999	4,016,548	4,159,954	4,304,934	4,454,070	5,219,651	5,983,526	10,051,593	7,508,452	11,268,062	6,622,889	6,684,733	6,745,709	4,913,443	4,971,743	4,929,425	4,984,477	2,564,991	2,621,297	2,763,782	2,869,822	1,504,661	1,494,795	1,548,674	2,391,021	2,224,008	2,138,769	2,253,410	742,446	560,878	519,716						500,000	574,845	3,312,886	3,530,087	1,226,534
commitments and contingencies
noncontrolling interest and stockholders' equity:
common stock	231,000	230,000	230,000	217,000	217,000	200,000	200,000	199,000	199,000	199,000	198,000																																																					46,220	42,950	42,950	42,950	38,954	38,778	38,728	38,622	38,605	34,245	34,241	34,156	33,829	33,814	28,016
additional paid-in capital	2,139,725,000	2,120,130,000	2,106,864,000	1,786,304,000	1,768,866,000	1,320,356,000	1,300,395,000	1,281,393,000	1,260,310,000	1,239,178,000	1,219,213,000	1,189,113,000	1,115,373,000	1,080,035,000	1,053,386,000	1,017,949,000	996,645,000	978,655,000	965,410,146	948,532,470	936,353,920	922,050,595	664,086,155	657,136,601	652,411,876	647,142,565	582,902,694	578,642,206	574,963,592	516,577,723	514,037,301	512,032,168	510,318,940	508,303,137	493,844,909	436,071,308	431,061,481	428,838,629	426,873,358	423,182,550	420,696,539	393,464,197	391,164,558	388,558,305	381,966,576	259,369,442	193,514,766	187,282,068	151,573,260	149,976,199	145,917,968	139,943,181	136,487,707	136,318,592	127,476,435	121,649,155	121,288,591	120,157,693	119,716,834	118,780,923	114,181,556	113,440,515	110,070,327	105,012,634	99,179,335	98,484,060	97,756,126	89,899,453	88,361,112	87,373,256	84,672,783	83,972,459	62,799,848	62,311,692	59,113,369	62,259,035	59,962,209	39,126,687
accumulated other comprehensive income	6,443,000	5,357,000	4,390,000											-108,000	-69,000	62,000	102,000	198,000	18,433	-175,219	-629,114	-195,550	-391,624	-103,078	-71,906	-43,744	-21,564	-3,338	25,265	23,704	33,232	-18,386	-30,695	-185,159	7,449	-30,712	59,913	-90,607	-136,425	-65,947	-63,965
accumulated deficit	-1,627,154,000	-1,603,404,000	-1,428,163,000	-1,454,987,000	-1,284,194,000	-1,158,894,000	-1,026,030,000	-916,351,000	-813,405,000	-862,080,000	-820,755,000	-735,244,000	-663,198,000	-707,564,000	-644,692,000	-581,318,000	-551,394,000	-524,576,000	-503,844,193	-455,411,478	-441,800,265	-421,964,695	-419,290,967	-430,995,872	-451,331,581	-475,228,563	-487,265,816	-476,504,545	-460,898,527	-446,014,216	-432,815,338	-422,083,452	-416,563,710	-410,521,151	-398,435,043	-376,213,057	-356,792,315	-335,976,455	-316,712,041	-291,968,905	-276,032,853		-224,771,159	-202,340,717
treasury stock	-53,193,000
total arrowhead pharmaceuticals, inc. stockholders' equity	466,052,000						271,343,000				398,520,000								461,779,132	493,140,393	494,118,658	500,083,831	244,591,440	226,225,228	201,195,424	172,055,219	95,796,189	102,314,547	114,270,270	70,754,498	81,422,350	90,097,472	93,891,677	97,763,609	95,579,447	59,980,354	74,481,425
noncontrolling interest	37,364,000	-2,507,000	904,000	8,427,000	11,611,000	13,307,000	15,819,000	17,155,000	18,334,000	19,333,000	19,819,000	20,250,000								-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188	-555,188			-1,861,477	-1,821,297	-1,763,877	-1,651,001	-1,552,383	-1,370,301	-1,203,733	-916,665	-669,114	-420,232	-226,938	-56,523	136,974	-761,154	-967,406	-657,296	-399,210	-121,805
total noncontrolling interest and stockholders' equity	503,416,000						287,162,000				418,339,000
total liabilities, noncontrolling interest and stockholders' equity	1,385,295,000						765,552,000				691,939,000
noncontrolling interest and stockholders’ equity:
stockholders’ equity		522,313,000
total noncontrolling interest and stockholders’ equity		519,806,000	684,225,000	338,974,000	495,405,000	173,714,000		381,985,000	465,106,000	396,372,000
total liabilities, noncontrolling interest and stockholders’ equity		1,380,612,000	1,573,498,000	883,759,000	955,150,000	626,286,000		795,856,000	891,308,000	891,489,000		751,782,000
total arrowhead pharmaceuticals, inc. stockholders’ equity			683,321,000	330,547,000	483,794,000	160,407,000		364,830,000	446,772,000	377,039,000
accumulated other comprehensive loss				-987,000	-1,095,000	-1,255,000	-3,222,000	-411,000	-332,000	-258,000	-136,000	-140,000	-107,000
held-to-maturity securities, at amortized cost
property and equipment							290,262,000	231,369,000	185,228,000	147,314,000	110,297,000	71,904,000	54,888,000	52,303,000	48,675,000	47,786,000	39,400,000	33,730,000	30,880,868	30,389,707	29,362,741	26,434,783	23,214,899	17,074,613	13,378,321	13,920,667	13,935,425	14,029,239	14,582,313	14,932,366	15,513,019	16,134,991	15,714,948	16,165,659	15,386,761	12,274,821	4,381,628	4,666,411	4,526,848	4,108,667	4,127,366	4,124,441	3,872,753	3,674,131	3,290,270	3,186,147	3,513,235	3,793,311	4,013,094	4,426,683	4,895,652	5,365,789	6,745,214	6,927,240	25,437	29,921
deferred revenue, net of current portion									1,075,000	40,789,000	55,950,000	71,162,000	89,754,000	106,458,000	131,495,000	79,749,000	121,530,000						5,035,142	22,258,994	29,732,938	33,171,402						625,000	1,250,000	5,180,115	2,500,000
short term investments								346,369,000	346,046,000	299,582,000		277,057,000	192,912,000	112,537,000	56,627,000	63,924,000	79,148,000	79,394,000	86,889,751	67,709,263	50,959,058	40,969,341		48,567,215	56,560,674	53,980,307	46,400,176	32,484,708	21,736,820	39,169,376	40,769,539	36,754,754	24,910,492			1,030,556	11,160,442	14,431,498	17,539,902	23,280,640	19,561,172	23,532,402	21,653,032	23,834,408	17,798,475	15,912,757	9,030,261	4,058,003
long-term investments								42,758,000	78,834,000	115,774,000	105,872,000												44,175,993
short-term investments											268,391,000												36,899,894
marketable securities													122,575,000	126,010,000	126,728,000	126,407,000	125,793,000	86,012,000	85,019,719																															56,008	106,500	108,965	78,680	71,828	634,585	1,177,708	2,253,030
current assets
cash and cash equivalents												139,439,000	86,408,000	91,587,000	184,434,000	325,981,000	372,377,000	139,921,000	143,582,667	219,322,617	256,650,727	461,032,249	221,804,128	188,331,747	161,639,208	189,772,981	30,133,213	27,995,386	69,805,117	11,531,345	24,838,567	38,383,135	61,718,971	102,105,569	85,366,448	43,616,543	50,300,847	62,165,088	81,214,354	87,252,813	96,447,301	103,991,231	132,510,610	138,349,733	142,847,860	59,713,424	19,114,444	29,025,930	3,313,483	2,931,032	3,377,288	2,282,641	3,595,112	6,773,126	7,507,389	4,316,308	4,789,599	5,466,804	6,847,162	8,983,445	2,593,044	3,809,596	2,020,224	1,909,185	3,557,340	7,636,842	10,093,585	13,823,480	19,522,301	25,424,317	24,120,097	3,421,278	21,591,701	28,266,834	28,020,304	16,688,051	16,584,747	19,105,345
long term investments												165,920,000	201,590,000	217,572,000	245,595,000	128,376,000	97,490,000	110,855,000	137,486,883	177,529,881	190,618,075	26,329,098		57,555,499	67,536,054	59,595,287		17,672,658
current liabilities
long-term liabilities
arrowhead pharmaceuticals, inc. stockholders’ equity:
common stock, 0.001 par value...												198,000	198,000	197,000	197,000	197,000	196,000	195,000	194,746	194,620	194,117	193,481	187,876	187,577	187,035	184,961	180,875	180,224	179,940	167,287	167,155	167,142	167,142	166,782	162,116	152,799	152,330	151,997	151,914	151,868	151,805		147,026	145,278			124,859	123,676	109,402	110,420	108,354	106,086	105,582		86,423	71,849	71,822	71,822	71,735	70,953	63,929	61,511	56,428
total arrowhead pharmaceuticals inc. stockholders' equity												453,927,000
total stockholders’ equity												474,177,000	452,266,000	372,560,000	408,822,000	436,890,000	445,549,000	454,472,000	461,779,132	492,585,205	493,563,470	499,528,643	244,036,252	225,670,040	200,640,236	171,500,031	95,241,001	101,759,359	113,715,082	70,199,310	80,867,162	89,542,284	93,336,489	97,208,421	95,024,259	59,425,166	73,926,237	92,368,392	109,621,634	130,744,394	144,196,354	145,709,671	165,985,255	185,807,789	189,537,557	80,910,287	25,734,789	33,305,968	3,760,504	7,604,479	8,808,909	8,448,603	11,566,686	15,748,910	12,564,168	10,569,252	12,222,075	7,287,812	8,078,296	9,455,819	5,478,569	6,549,475	4,857,936	3,714,023	406,071	5,000,075	12,302,609	13,100,219	19,063,864	23,770,773	26,303,968	33,176,218	24,476,795	30,162,444	30,671,206	37,624,672	41,199,625
liabilities and stockholders’ equity
total liabilities and stockholders’ equity													703,575,000	638,539,000	710,148,000	734,927,000	756,795,000	499,251,000	522,503,743	555,728,072	561,075,702	587,601,634	349,845,437	336,828,445	333,940,433	340,947,388	111,609,951	112,903,027	126,998,915	88,220,493	104,022,280	115,081,549	126,871,643	144,258,106	128,176,505	85,533,496	94,607,471	111,381,139	132,267,914	145,190,325	162,378,458	162,136,761	182,816,756	196,622,876	202,641,394	92,692,477	37,329,631	41,488,495	12,419,325	15,231,131	16,527,818	16,488,027	20,080,976	23,062,344	15,888,563	13,289,834	15,236,725	15,189,763	12,354,542	14,596,070	7,758,203	9,129,264	7,702,174	8,198,650	10,167,700	15,390,124	17,255,442	19,126,157	24,821,967	30,663,734	29,852,952	36,716,378	26,904,512	34,393,825	34,525,878	40,582,772	45,085,271
other current liabilities																	17,000	17,000	17,262	17,262	17,263	16,561	16,561				46,407	46,407	46,407	46,407	46,407	46,407	46,407	46,407	46,407	46,407	46,407	46,407	46,407	46,407	59,762	65,213	58,495	58,500	60,592	588,343	588,343	546,407	546,407	606,345	1,692,394	1,592,394	106,345
operating lease - right-of-use assets																18,450,000
arrowhead pharmaceuticals, inc. stockholders' equity:
deferred rent																							173,952	173,952	173,952	212,159	307,334	440,580	440,580	440,580	440,580	440,580	440,580	440,580	440,580	2,243,406
deferred rent, net of current portion																							3,703,364	1,812,346	1,754,869	1,664,182	1,702,801	1,657,899	1,744,863	1,834,392	1,929,052	2,016,113	2,102,408	2,188,703	2,274,997
note payable																											223,820	219,889	216,027	212,233	208,506	204,844	201,247	197,713	194,310	144,435																						500,000	500,000	500,000	500,000
note payable, net of current portion																											2,101,198	2,158,649	2,215,091	2,270,542	2,325,018	2,378,538	2,431,118	2,482,775	2,533,455																839,421	793,513	748,104	702,695
other non-current liabilities																											200,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000	200,000	329,760	336,427	342,453	346,996	350,798	253,321	255,206	1,752,822		1,757,384	1,758,709	337,587	272,179	270,931	269,142	93,731		106,345	135,660
restricted cash																								1,000,000
derivative liabilities																														20,445	695,114	83,113	146,178	118,795	1,602,626	1,068,552	955,193	1,325,128	1,301,604	1,724,468	1,619,755	1,790,559	4,173,943	4,018,719	4,936,530	5,097,442	4,096,363	2,335,163	2,535,910	1,490,584	647,213	869,766	1,643,403	1,010,883	944,980	958,451	1,653,810
preferred stock, 0.001 par value...																																			16	16	16	16	16	16	16		18				10	10						1
trade receivables																																		60,000								127,000
trade receivable																																			75,000											75,000	75,000			115,266	9,375		22,660
capital lease obligation																																				216,653	219,349	218,447	217,548	216,653	215,762	213,991	213,991	213,110	212,234	221,345	221,345	219,690	218,048	216,419	214,801	213,196	211,602	209,555						74,845	296,419
capital lease obligation, net of current portion																																				378,862	430,665	485,842	540,792	595,516	650,014	705,173	758,340	812,169	865,777	1,006,398	1,061,113	1,117,074	1,172,616	1,227,743	1,282,458	1,336,764	1,390,665	1,444,370
contingent consideration obligations																																				5,862,464	5,862,464	5,862,464	5,862,464	3,970,931	3,970,931	3,970,931	3,970,931
arrowhead research corporation stockholders' equity:
total arrowhead research corporation stockholders' equity																																						92,923,580	110,176,822	131,299,582	144,751,542	146,264,859	166,540,443	186,362,887	191,399,034	82,731,584	27,498,666									10,625,775
investments																																								1,085,282	12,361,068	17,806,499	23,088,346	26,284,862	34,048,359	9,867,857
notes payable																																											50,000	50,000	1,050,000	1,050,000	971,557	925,649	880,239	935,329												500,000	500,000
due to novartis																																									3,000,000
issued and outstanding as of december 31, 2014 and september 30, 2014, respectively																																										18
accumulated deficit during the development stage																																										-247,346,441			-190,711,800	-176,769,281	-166,140,969	-152,448,785	-146,369,775	-139,611,839	-134,997,680	-129,683,999	-121,692,489	-116,357,257	-113,871,752	-111,095,229	-109,275,312	-112,180,549	-110,742,867	-108,738,761	-108,367,706	-106,513,746	-104,968,819	-101,344,831	-98,816,214	-93,526,935	-85,496,467	-76,838,188	-69,336,026	-63,641,211	-58,407,437	-50,834,846	-38,357,298	-32,183,489	-28,476,319	-19,696,796	-15,722,648	-12,616,063
notes payable, net of current portion																																															50,000	50,000	50,000	50,000
non-controlling interest																																											-555,188	-555,098
patents and other intangible assets																																												3,199,523		3,226,850	3,240,513	3,254,177	4,636,339	4,710,454	4,784,569	4,685,063	2,675,478	2,749,593
issued and outstanding as of june 30, 2014 and september 30, 2013, respectively																																												21
issued and outstanding as of march 31, 2014 and september 30, 2013, respectively																																													21
shares issued and outstanding as of march 31, 2014 and september 30, 2013, respectively																																													144,237
other receivables																																														20,488	8,663	267,560		9,305	9,930	677,447	2,306,606	2,027,620	1,608,382	1,349,898	1,267,691	785,709	871,819	727,015	116,382	3,109	3,109	1,983	3,109	3,109	28,109	25,000	2,200	2,200	2,200	229,604	2,200	33,520	70,517		2,200	6,700
prepaid expenses and other current assets																																														689,954	615,351	1,059,503	426,398	460,922	618,130	432,379	456,603	301,334	110,818	204,642	271,062
computers, office equipment and furniture																																														323,376	323,376	323,376	323,376	323,376	323,376	508,613	502,508	502,508	285,266	285,266	281,473	335,784	335,784	374,991	374,991	374,991	374,991	374,991	575,036	575,036	571,616	531,453	629,092	626,339	614,213	590,749	561,986	548,919	544,823	502,912	459,002	400,551
research equipment																																														3,319,429	3,452,013	3,346,789	3,186,601	3,225,540	3,319,027	3,409,693	4,459,820	4,450,087	3,515	3,515	3,515	752,850	752,850	932,683	932,683	932,683	932,683	932,683	1,960,242	2,010,796	1,986,117	1,863,405	2,275,496	2,101,874	1,977,882	1,824,713	1,472,034	1,447,532	1,375,595	1,125,794	991,651	949,016
software																																														69,623	69,623	69,623	69,623	69,623	69,623	105,916	105,916	105,916	77,020	77,020	77,020	150,445	150,445	150,445	150,445	150,445	150,445	150,445	167,615	167,615	167,615	155,315	141,581	133,266	107,128	98,093	68,969	68,969	68,969	52,023	52,023	52,023
leasehold improvements																																														2,749,409	2,749,409	2,749,409	2,749,409	2,749,409	2,749,409	2,762,737	2,749,409	2,591,919			66,448	78,594	78,594	94,317	94,317	94,317	94,317	88,470	115,871	115,871	115,871	121,717	424,968	421,732
less: accumulated depreciation and amortization																																														-3,275,690	-3,081,186	-2,695,886	-2,315,915	-1,941,265	-1,565,783	-1,421,170	-1,072,439	-723,190	-340,364	-335,880	-396,308	-1,219,867	-1,176,404	-1,296,459	-1,214,306	-1,120,790	-1,025,392	-929,229	-1,914,774	-1,775,389	1,596,009	-1,412,188	-2,050,705	-1,857,186	-1,675,998	-1,493,821	-1,345,221	-1,214,692		-972,260	-829,617
total other assets																																														13,094,707	4,972,677	3,284,188	4,666,350	4,740,465	5,064,830	5,219,204	4,518,201	6,961,196	6,001,952	6,211,357	6,623,195	4,051,418	4,081,498	4,214,217	4,429,603	4,549,223	4,691,575	4,826,537	5,086,142	5,275,269	5,449,115	3,325,288	2,854,908	3,029,594	3,108,065	3,181,702	3,243,303	4,326,958	4,479,106	8,162,582	7,974,062	5,335,303
issued and outstanding as of december 31, 2013 and september 30, 2013, respectively																																														51
note receivable																																																		2,491,450	2,446,113	2,401,602	2,357,900	2,314,994	2,272,868	2,231,509	2,190,903
property and equipment - sum																																															6,594,421						7,817,653		365,801		428,456	1,317,673	1,317,673		1,552,436				2,818,764	2,869,318			3,471,137
derivative asset and other non-current assets																																															1,732,164	30,011	30,011	30,011	280,261
accrued salaries and payroll-related expenses																																															905,771
subscription receivable																																																		-1,500,000	-1,016,000	-1,000,000	-2,665,000	-3,897,500	-900,000							-317,000	-300,000
arrowhead research corporation stockholders’ equity:
total arrowhead research corporation stockholders’ equity																																																34,956,969	5,312,887	8,974,780	10,012,642	9,365,268	12,235,800	16,169,142	12,791,106		12,085,101	8,048,966	9,045,702	10,113,115	5,877,779	6,671,280
investment in nanotope inc., equity basis																																																					1,478,959	1,543,220	1,649,748	1,716,561	1,786,927	1,861,754	1,812,927	1,866,740	1,933,230	1,983,829	2,032,467		2,128,859	2,188,889	2,258,271
investment in leonardo biosystems inc., at cost																																																				187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000	187,000
rent deposit																																																				34,891	6,264	6,264				34,735	34,735	34,735	104,725	94,840	109,648	117,614	228,814	257,809	254,289	137,358	124,376	195,072	169,552	139,187	96,797	113,311	161,469	164,425	183,429	164,049
derivative asset																																																				312,250	170,500	160,125	161,125	284,625	606,250
common stock, 0.01 par value...																																																						105,306
trade receivable, net of allowance for doubtful accounts of 90,789 at september 30, 2010
patents																																																							1,731,211	1,791,662	1,852,115	1,967,929	2,046,836	2,125,742	2,204,648	2,283,554	2,362,460
net property and equipment																																																									32,148	97,806	141,269	255,977	338,130	431,646	527,044	617,360	903,990	1,093,929	1,245,210	1,259,702	1,420,432	1,426,025	1,439,459	1,428,978	1,167,013	1,259,973		1,078,168	997,749
arrowhead research corporation shareholders’ equity:
trade receivable, net of allowance for doubtful accounts of 89,589 at december 31, 2010 and 90,789 at september 30, 2010																																																										4,587,173
accrued severance																																																										23,500	23,500	23,500	23,500	23,500	23,500	23,500	250,000	250,000	250,000	250,000	250,000		495,000
derivative liability																																																										1,943,252	2,408,522	2,617,679
trade receivable, net of allowance for doubtful accounts of 90,789 at september 30, 2010 and 30,789 at september 30, 2009																																																											58,864
trade receivable, net of allowance for doubtful accounts of 90,789 at june 30, 2010 and 30,789 at september 30, 2009																																																												9,464
trade receivable, net of allowance for doubtful accounts of 90,789 at march 31, 2010 and 30,789 at september 30, 2009																																																													55,937
trade receivable, net of allowance for doubtful accounts of 30,789 at december 31, 2009 and september 30, 2009																																																														129,772
other prepaid expenses																																																														205,918	316,074	449,772	451,434	365,616	380,933	535,325	471,101	295,477	409,656	583,971	425,108	199,298	315,653	310,711	329,249	72,469
intangible and other assets
capital lease obligation—short term																																																														513,620
trade receivable, net of allowance for doubtful accounts of 30,789 at september 30, 2009 and 116,031 at september 30, 2008																																																															144,148
grant receivable, net of allowance for doubtful account of 0																																																																	50,982	139,669	54,436	37,929	408,570	130,445				3,697	3,697	34,377	40,000	30,000
payroll liabilities																																																															160,846	283,278	310,844	484,838	479,294	609,051	395,290	472,755	407,997	651,494	326,424	369,470	233,932	334,543	210,615	264,986
capital lease obligation - short term																																																															726,534				810,456
capital lease obligation - long term																																																																			726,534
minority interests																																																																				2,970,483	2,964,571	4,109,567	152,609	600,038	1,281,507	3,216,137	934,438	1,229,462	1,296,410	1,092,753
commitment and contingencies
trade receivable, net of allowance for doubtful account of 100,591 at june 30, 2009 and 116,031 at september 30, 2008																																																																393,813
patents, note 1.																																																																2,441,366	2,541,469	2,641,571	2,749,555	2,627,930	2,730,532	2,834,522	2,938,513	3,042,515	3,146,506	3,250,497	3,354,487	3,490,730	3,323,206
investment in nanotope inc., equity basis, note 4.																																																																2,080,557
capital lease obligation—short term, note 10.																																																																860,401	843,420	826,774
notes payable, note 6.																																																																500,000	2,516,467	2,516,467
capital lease obligation—long term, note 10.																																																																74,845	296,419	513,620
accrued severance, note 11.																																																																	500,000	500,000
unidym series c-1 preferred stock with liquidation preference and put option, note 7.																																																																500,000	2,000,000	2,000,000
commitment and contingencies, note 11.
stockholders’ equity, note 8.
preferred stock
trade receivable, net of allowance for doubtful account of 116,031 for 2009 and 2008																																																																	114,703	116,371
subscription receivable, note 16.																																																																		750,000
prepaid sponsored research, note 11.																																																																		9,319
trade receivable, net of allowance for doubtful account of 116,031 for 2008 and 45,659 for 2007																																																																			4,054
prepaid sponsored research, note 9.
other prepaid research																																																																							278,558	67,646	162,350	1,417	7,600	223,288	234,667	229,167
current assets of discontinued operation, note 5.
property and equipment of discontinued operation
accumulated depreciation and amortization of discontinued operation
non-current assets of discontinued operation
current liabilities of discontinued operation
accrued severance, note 9.																																																																			500,000
commitments and contingencies, note 9.
stockholders’ equity, note 6.
trade receivable, net of allowance for doubtful account of 56,031																																																																				94,427
prepaid sponsored research, note 8.																																																																				25,006
current assets of discontinued operations, note 5.
property and equipment of discontinued operations
minority investment in private company																																																																				560,000
non-current assets of discontinued operations
current liabilities of discontinued operations
accrued severance, note 8.																																																																				500,000
commitment and contingencies, note 8.
trade receivable, net of allowance for doubtful account of 46,031																																																																					83,950	270,546
prepaid sponsored research, note 7.																																																																					58,505	85,130	221,053	271,945
accrued severance, note 7.																																																																					500,000	500,000	500,000
commitment and contingencies, note 7.
stockholders’ equity, note 5.
accounts payable, note 1.																																																																						880,943	1,349,105	1,453,838	490,039	391,611		209,343	1,714,639
accured severance																																																																						495,000
trade receivable, net of allowance for doubtful account of 45,659																																																																							273,864
leasehold improvement																																																																							416,234	409,244	409,245	409,245	369,699	369,699	324,690	324,690
goodwill																																																																										963,150	963,150	4,507,427	4,467,427	1,762,150
preferred stock liability
marketable securities at fair market value - us treasury bills																																																																								27,372,602				13,945,260
trade receivable, net of allowance for doubtful accounts of 13,514																																																																								158,652
grant receivable, net of allowance for doubtful accounts of 0
prepaid sponsored research, note 6.																																																																									312,837	302,128	358,020	138,135	213,487
commitment and contingencies, note 6.
stockholders’ equity, note 4.
investments at fair market value
property & equipment
construction in progress
less: accumulated depreciation & amortization																																																																											-1,088,105			-700,118
net property & equipment																																																																											1,270,981			1,026,162
preferred stock liability, note 11																																																																											1,162,000
stockholders’ equity, par value .001 per share note 4.
other receiviables																																																																												2,200
deferred compensation																																																																												-4,971,396	-3,073,750	-3,207,749
marketable securities at fair market value—us treasury bills																																																																													18,709,110
prepaid sponsored research, note 6																																																																														75,000
patents, note 1																																																																														3,409,104
liabilities and shareholders’ equity
commitment and contingencies, note 6
shareholders’ equity, note 4
total shareholders’ equity																																																																														23,330,891
total liabilities and shareholders’ equity																																																																														25,880,146

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2013-09-30	2013-05-07	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-30	2006-09-30	2006-06-30	2006-03-31	2005-12-31

cash flows from operating activities:
net income	16,121,000	-178,652,000									-72,046,000	44,366,000	-62,872,000	-63,374,000	-29,924,000	-26,818,000	-20,732,000	-48,432,715	-13,611,213	-19,835,570	-2,673,728	11,704,905	20,335,709	23,896,982	12,037,253								-12,086,108		-19,420,742	-20,815,860	-19,264,414	-24,743,136	-15,936,052	-28,686,412	-22,575,282	-22,430,532	-11,626,449		-10,685,732	-6,940,018	-4,780,727	-5,600,749	-8,239,061	-5,584,114	-2,686,799	-2,946,938	-2,013,414						-1,816,429	-3,460,028				-8,658,278			-5,233,774	-7,572,591	-12,477,548	-6,173,809	-3,707,170	-8,779,523	-3,974,148	-3,106,585	-3,136,953
adjustments to reconcile net income to net cash flow from operating activities:
stock-based compensation	19,087,000	13,043,000	17,050,000	17,750,000	19,694,000	18,181,000	19,947,000	20,612,000	19,390,000	29,196,000	33,390,000	33,803,000	24,504,000	34,622,000	18,549,000	15,358,000	8,144,000	15,873,325	10,046,208	12,971,703	4,491,752	5,116,448	1,957,993	2,601,348	2,717,534	2,636,488	2,268,765	1,456,813	2,092,541	2,009,694	1,713,228	1,744,231	2,424,442	4,047,849	2,750,785	2,416,839	2,380,343	3,526,888	2,486,074	2,205,079	2,014,856	1,937,909	2,038,682	421,896	521,138	355,107	395,675	404,216	415,920	169,390	251,878	297,970	346,707	334,577	397,667	542,792	-9,651,628	10,388,913	302,072	697,399	555,562	695,275	727,934	617,384	1,028,516	851,906	689,591	683,717	526,855
depreciation and amortization	6,386,000	6,223,000	4,782,000	4,525,000	4,263,000	3,859,000	3,276,000	2,669,000	2,689,000	2,660,000	2,594,000	2,594,000	2,573,000	2,504,000	1,997,000	1,918,000	1,848,000	1,774,391	1,536,401	1,371,588	1,259,884	1,082,375	1,003,450	1,175,967	1,177,352	1,228,395	1,176,241	1,153,466	1,141,173	1,154,525	1,162,660	1,187,644	1,185,611	843,584	818,200	803,912	794,349	855,551	741,058	449,559	290,039	270,417	276,054	398,964	403,405	448,765	449,597	447,169	423,415	423,947	454,444	64,936	66,472	14,199	122,370	146,904	-4,576,586	4,910,067	174,304	202,080	265,672	239,487	287,365	283,645	267,048	297,510	285,178	286,179	252,591				229,469
accretion of note premiums/discounts
non-cash interest expense on liability related to the sale of future royalties	7,143,000	7,978,000	5,093,000	7,245,000	5,367,000	5,262,000	5,158,000	5,057,000	2,849,000
non-cash interest expense on credit facility	14,551,000	16,405,000
non-cash gain on treasury stock received
realized loss on investments
changes in operating assets and liabilities:
accounts receivable	-47,126,000	-7,476,000				1,246,000	68,188,000	-29,867,000	-38,157,000	-1,171,000	1,078,000	-1,167,000	10,105,000	-9,583,000	283,000	8,048,000	-8,157,000	20,846,891	-20,426,793	79,527	-683,937	1,382,750	11,378,229	-10,253,761	-2,841,204	-312,400	1,312	133,644	-82,134	869,516	-356,488	-520,825	15,000																																			0
prepaid expenses and other current assets				-895,000	-1,748,000	-16,310,000	7,604,000	9,780,000	10,529,000	-10,415,000	-962,000	-6,733,000	-1,181,000	2,535,000	-682,000	980,000	-3,193,000	475,823	-909,807	-1,331,140	1,377,660	-1,317,285	-952,943	-1,319,375	-120,912	-537,087	-369,309	1,254,785	-29,223	-362,042	652,444	1,497,086	1,027,021	-133,308	-245,586
accounts payable	-15,376,000	23,379,000	11,187,000	4,061,000	-12,463,000	27,997,000	-1,687,000	8,760,000	-2,072,000	-3,026,000	-4,709,000	6,535,000	-5,389,000	-580,000	4,738,000	472,000	-2,002,000	2,755,041	-9,343,823	1,216,159	4,551,611	3,019,679	568,054	125,601	1,130,491	640,366	355,300	-3,896,615	1,630,533	843,092	635,533	-340,607	-4,648,013	1,641,138	-1,597,128	2,253,576	257,216	169,444	-74,021	-1,013,092	3,415,473	421,346	-321,018	137,688	-610,284	62,180	-68,459	-116,387	183,768	87,047	137,448	75,525	253,565	-1,917,244	1,745,233	-351,228	-232,509	373,623	-121,604	-385,262	-603,283	90,337	569,489	-203,551	-45,459	279,566	-468,162	-102,339	963,708	98,421	-454,871	632,965	-666,122	384,573	18,949
accrued expenses	33,541,000	-10,965,000	13,097,000	-419,000	408,000	17,117,000	-4,803,000	-20,076,000	-7,203,000	16,037,000	-1,986,000	5,989,000	-2,290,000	-4,160,000	11,411,000	3,397,000	-1,126,000	2,043,713	5,370,374	-1,210,896	-4,213,695	5,927,314	-1,136,584	1,149,061	-3,489,712	5,669,379	-1,734,121	-368,049	-2,550,703	4,936,050	78,106	-3,564,937	-1,850,996	3,856,467	-624,946	-157,851	-3,945,503	6,590,817	-712,583	-116,775	-1,325,675	3,018,404	184,320	-67,212	56,648	87,377	111,865	-327,748	115,330	-9,996	408,783	543,901	94,486	-2,554,449	2,368,905	-215,289	248,822	26,491	-8,866	-429,560	-95,079	-344,209	542,312	-293,361	195,809	91,035	-149,006	89,558	126,398	75,585	-423,560	-507,029	552,018	-4,501	372,694
deferred revenue	-20,580,000	-20,289,000	0	0	-866,000	-16,039,000	-14,009,000	-76,156,000	-22,979,000	-25,401,000	-32,174,000	-27,487,000	-27,439,000	11,866,000	-35,726,000	259,665,000	-12,547,000	-6,983,287	-6,900,403	-20,859,364	-28,770,642	-15,136,090	-22,681,877	-37,474,302	158,096,440	-942,600	-621,800	-310,000	-3,394,740	-8,638,265	-8,511,185	-8,345,105	25,652,536																															0	0	-37,999	-60,571	-280,075				-259,463	228,213	-37,500	-37,500
operating lease	-1,188,000	-1,162,000	-537,000	621,000	3,796,000
other	-34,000	-41,000								-3,607,000	2,682,000	68,000	922,000	1,929,000	-205,000	358,000	-855,000	924,235	578,371	-227,708	953,189	1,642,983	-297,283	25,105	-265,842	-102,290	-115,569	-240,341	43,907	-9,831	-125,469	96,019	-235,471	106,894	-166,031	147,491	42,789	-72,024	-2,786
net cash from operating activities	20,491,000	-154,720,000	-115,418,000	-92,377,000	-117,840,000	-25,257,000	-21,446,000	-31,671,000	-75,516,000	-68,667,000	-68,847,000	62,730,000	-61,347,000	-24,117,000	-29,610,000	263,873,000	-38,922,000	-10,850,025	-33,427,150	-27,583,937	-23,530,458	13,809,906	10,526,762	-19,586,508	168,284,763	-2,680,318	-14,409,165	-15,443,454	-14,690,480	-9,203,474	-10,409,632	-14,326,057	10,000,191	-10,181,379	-18,350,203	-14,747,835	-21,148,069	-12,020,234	-13,117,797	-16,369,578	-24,200,006																														-5,090,439				-3,188,513
capital expenditures	0	-2,364,000	-14,449,000	-34,075,000	-68,656,000	-63,907,000	-46,605,000	-27,314,000	-38,911,000	-32,711,000	-9,536,000	-4,752,000	-5,778,000	-8,199,000	-3,931,000	-7,166,000	-4,271,000	-1,884,352	-2,138,260	-3,609,386	-4,319,714	-7,830,940	-3,223,497	-209,301	-737,487	-709,473	-198,060	-378,305	-135,414	-107,444	-1,157,596	-1,356,505	-5,296,653	-2,712,489	-647,114	-94,022	-406,612	-834,961	-283,588	-297,118	-554,945																														-115,579				-96,644
free cash flows	20,491,000	-157,084,000	-129,867,000	-126,452,000	-186,496,000	-89,164,000	-68,051,000	-58,985,000	-114,427,000	-101,378,000	-78,383,000	57,978,000	-67,125,000	-32,316,000	-33,541,000	256,707,000	-43,193,000	-12,734,377	-35,565,410	-31,193,323	-27,850,172	5,978,966	7,303,265	-19,795,809	167,547,276	-3,389,791	-14,607,225	-15,821,759	-14,825,894	-9,310,918	-11,567,228	-15,682,562	4,703,538	-12,893,868	-18,997,317	-14,841,857	-21,554,681	-12,855,195	-13,401,385	-16,666,696	-24,754,951																														-5,206,018				-3,285,157
cash flows from investing activities:
purchases of property, plant and equipment
purchases of investments	-21,642,000	-96,724,000	-118,629,000			-12,157,000	-41,456,000	-81,329,000	-111,199,000	0	-75,000,000	-82,516,000	-65,875,000	-145,508,000	-55,195,000
proceeds from sales and maturities of investments	101,750,000	240,478,000	140,027,000	75,120,000	133,495,000				69,416,000
net cash from investing activities	72,619,000	141,390,000	6,949,000	-268,937,000	64,839,000	30,509,000	-9,905,000	-36,065,000	-80,694,000	36,445,000	61,278,000	-69,755,000	-33,385,000	-118,245,000	-19,541,000	-34,050,000	30,158,000	-65,894,401	-6,033,806	-178,129,843	9,280,286	16,829,060	14,398,503	-11,217,301	-67,756,269	3,247,016	-28,854,640	16,815,695	1,356,966	-4,218,751	-12,926,204	-26,202,610	-5,296,653	-1,712,489	9,460,886	3,105,978	2,593,388	5,844,843	3,976,784	8,798,882	-4,499,671																					50,554	671,900		1,956,119	-187,926	6,846,143	-192,658	-410,565	-37,569	5,020,767	14,582,756	3,686,165	-18,633,784	-177,159
cash flows from financing activities:
proceeds from the exercises of stock options	507,000	223,000	387,000	1,512,000	267,000	821,000	1,136,000	520,000	576,000	855,000	600,000	1,846,000	1,885,000	815,000	2,755,000	2,633,000	5,102,000	1,004,476	2,132,846	1,330,023	3,001,554
proceeds from the issuance of common stock, net of offering costs			0
proceeds from the sale of future royalties						0	0	0	250,000,000
proceeds from the issuance of warrants	0	0
payment of debt issuance costs
proceeds from the issuance of common stock	0	0																0	0	2,235	250,476,739	10	0	0	60,521,729	0	0			0	-272,818	191,937	12,500,000
proceeds from credit facility
repayments of credit facility	0	-50,000,000
proceeds from visirna credit agreement	3,162,000
net cash from financing activities	3,669,000	-42,679,000	50,387,000	430,777,000	267,000	152,000	1,805,000	520,000	250,576,000	855,000	60,600,000	1,846,000	1,885,000	815,000	2,755,000	2,633,000	5,102,000	1,004,476	2,132,846	1,332,258	253,478,293	1,833,415	2,767,274	2,670,036	59,111,274	1,571,129	1,454,074	56,901,531	26,292	-122,343	0	142,069	12,035,583	53,643,773	2,205,013	-222,384	-494,585	136,932	-53,475	26,766	180,298																			2,550,281	-204,593	-200,555	4,319,871	15,842,874	0	0	290,027	16,625	15,250,115	4,000	316,202	1,304,058	33,479	19,545,000	4,000
net increase in cash, cash equivalents and restricted cash	96,779,000	-56,009,000		69,463,000	-52,734,000			-67,216,000	94,366,000
effect of exchange rate on cash, cash equivalents and restricted cash	-24,000	93,000	-223,000	26,000	58,000	153,000	-79,000	-74,000	-122,000
cash, cash equivalents and restricted cash:
beginning of period	0	0	0	0	110,891,000		0	0	108,005,000
end of period	96,755,000	-55,916,000	-58,305,000	69,489,000	58,215,000	5,557,000	-29,625,000	-67,290,000	202,249,000
supplementary disclosure of cash flows:
interest paid	0	0																				0	0	0	-27,437	-41,952	-42,892	-43,815	-44,722	-45,614	-46,489	-47,349	-48,195	-2,381	-3,109	-8,851	3,054	3,276	3,498	3,717	3,938	4,157	4,373	9,905	9,496	10,714	11,114			12,553	10,300	0	0			499	-94,056	107,344	13,118	11,917	24,086	24,140	28,124
income taxes (refund) paid
treasury stock received to settle accounts receivable
supplementary disclosure of non-cash investing activities:
capital expenditures included in accrued expenses	-69,000	-12,000	-356,000	-4,025,000	11,290,000
adjustments to reconcile net income to net cash flow from operating activities
amortization of note premiums/discounts		-1,757,000	6,990,000	1,731,000	-835,000	-987,000	-948,000	-772,000	690,000		1,684,000	609,000	-280,000		-51,000
prepaid expenses and other assets		-1,406,000
purchases of property and equipment		-2,364,000	-14,449,000	-34,075,000	-68,656,000	-63,907,000	-46,605,000	-27,314,000	-38,911,000	-32,711,000	-9,536,000	-4,752,000	-5,778,000	-8,199,000	-3,931,000	-7,166,000	-4,271,000	-1,884,352	-2,138,260	-3,609,386	-4,319,714	-7,830,940	-3,223,497	-209,301	-737,487	-709,473	-198,060	-378,305	-135,414	-107,444	-1,157,596	-1,356,505	-5,296,653	-2,712,489	-647,114	-94,022	-406,612	-834,961	-283,588	-297,118	-554,945	-465,375	-644,215		-116,215
proceeds from the sales of future royalties
payments of debt issuance costs		0
income taxes paid		0	-48,000																				0											0	0
supplemental disclosure of non-cash investing activities:
net loss					-135,376,000	-111,015,000			-41,811,000																	-10,761,271	-15,606,018	-14,884,311	-13,198,878	-10,731,886	-5,519,742																								-1,231,430							-5,289,279	-8,030,468
adjustments to reconcile net loss to net cash flow from operating activities
realized gain on investments			0	0	-80,000
net decrease in cash, cash equivalents and restricted cash
supplemental disclosure of noncash investing activities:
income taxes (paid) refunded					-999,000
adjustments to reconcile net loss to net cash flow from operating activities:
net loss from investments
proceeds from investment in joint venture										0
beginning or period
supplementary disclosures:
unrealized losses on marketable securities											1,602,000
operating lease liabilities							-47,000	646,000	559,000
proceeds from maturities of investments							78,156,000
proceeds from additional tenant improvement allowance
amortization of note premiums																	-302,000	-127,442	233,535	241,764	177,448	386,827	352,014	486,866	-156,637	-199,298	236,034	238,556	107,783	96,522	-75,654			30,556	21,886	71,057	108,403	165,410	276,750
proceeds from sale of investments										69,156,000	145,814,000	17,513,000	38,268,000	35,462,000	39,585,000																																	0	0	0	509,009	404,380	540,611							0	0	0	700,000									-1	1	0	80,145
net increase in cash and cash equivalents
effect of exchange rate on cash and cash equivalents
cash and cash equivalents at beginning of period										0	0	0	184,434,000	0	0	0	143,583,000	0	0	0	221,804,128
cash and cash equivalents at end of period										-31,434,000	53,031,000	-5,179,000	91,587,000	-141,547,000	-46,396,000	232,456,000	139,921,000	-75,739,950	-37,328,110	-204,381,522	461,032,249
net increase in cash											53,031,000	-5,179,000	-92,847,000	-141,547,000	-46,396,000	232,456,000	-3,662,000	-75,739,950	-37,328,110	-204,381,522	239,228,121		27,692,539	-28,133,773	159,639,768	2,137,827	-41,809,731	58,273,772	-13,307,222	-13,544,568	-23,335,836	-40,386,598	16,739,121	41,749,905	-6,684,304	-11,864,241	-19,049,266	-6,038,459	-9,194,488	-7,543,930	-28,519,379	-5,839,123	-4,498,127	-9,911,486	40,598,980	382,451	-446,256		-1,312,471	-3,178,014	-734,263	3,191,081	-473,291	-677,205	-1,380,358	-2,136,283	4,370,177	803,672	1,789,372	111,039	-1,648,155	-4,079,502	-2,456,743	-3,729,895	-5,698,821	-5,902,016	1,304,220	-6,673,783	9,202,179	-6,675,133	246,530	11,332,253	103,304	-2,520,598	-3,361,671
principal payments on notes payable																						0	0	-1	-2,415,149	-53,520	-52,580	95,384	-197,790
income taxes (paid)/refunded
proceeds from sale of marketable securities																	34,429,000		9,545,320	6,002,967	13,600,000	24,660,000	17,622,000	9,987,000	2,252,219	8,865,000	13,500,000	17,194,000	6,510,420	958,753				1,000,000	10,108,000	3,200,000	3,000,000	6,679,804	7,260,372	9,096,000	3,054,774	5,000,296	1,580,586		4,045,956
change in value of derivatives																										0	0	18,598	-450,739	629,151	-63,065	27,383	-1,483,831	534,074	113,359	-369,935	23,524	-422,864	104,713	-168,974	-2,382,142	321,324	-758,468	5,516,009	3,519,579	29,402	-44,275	-160,553	-915,387	622,144	66,904	110,029	-373,734
payment of taxes for net share settled restricted stock unit issuances
purchases of marketable securities																			-13,440,866			0	0	-20,995,000	-69,271,001	-4,908,511	-42,156,580	0	-5,018,040	-5,070,060	-15,058,571
payments of taxes for net share settled restricted stock unit issuances																										0	0			-21,698	0	0	-417,140	0	0	-193,653	-440,534
proceeds from the exercises of warrants and stock options																						1,833,405	2,767,274	2,670,037	1,004,694	1,624,649	1,506,654	275,779	224,082	0
income tax credits refunded																														0	0			0	0
income tax paid																										0	0			0	0																													0	0	0	4,800	0	0	0	4,800				3,200			0	7,900
cash and restricted cash at beginning of period
cash and restricted cash at end of period
cash at beginning of period																								0	30,133,213	0	0	0	24,838,567	0	0	0	85,366,448	0	0	0	81,214,354	0	0	0	132,510,610	0	0	0	19,114,444	0	3,377,288	0	0	0	7,507,389	0	0	0	6,847,162	0			2,020,224	0	0	0	10,093,585	0	0	0	24,120,097	0	0	0	28,020,304	0	0	0	22,467,016
cash at end of period																								-28,133,773	189,772,981	2,137,827	-41,809,731	58,273,772	11,531,345	-13,544,568	-23,335,836	-40,386,598	102,105,569	41,749,905	-6,684,304	-11,864,241	62,165,088	-6,038,459	-9,194,488	-7,543,930	103,991,231	-5,839,123	-4,498,127	-9,911,486	59,713,424	382,451	2,931,032	1,094,647	-1,312,471	-3,178,014	6,773,126	3,191,081	-473,291	-677,205	5,466,804	-2,136,283	6,390,401	-1,216,552	3,809,596	111,039	-1,648,155	-4,079,502	7,636,842	-3,729,895	-5,698,821	-5,902,016	25,424,317	-6,673,783	9,202,179	-6,675,133	28,266,834	11,332,253	103,304	-2,520,598	19,105,345
contingent consideration - fair value adjustments
noncash impairment expense																																												0
property and equipment purchased through tenant improvement allowance financing																																		0
property and equipment expenditures included in accounts payable and accrued expenses																																	-1,041,276
loss on disposal of fixed assets																																																169,616
acquired-in-process research and development
proceeds from sale of fixed assets																																						0	0	0	500			179,010		8,036	121,418	265,275	18,509											-23,636
cash paid for acquisitions																																						0	-3,000,000
common stock issued to novartis for asset acquisition																																							0
principal payments on capital leases and notes payable																															0	-49,868	-47,277	-54,725	-54,498	-54,275	-54,051		-53,608	-3,386	-103,168
computers, office equipment and furniture																																	601,159		26,092	6,140	413,565				374,535
research equipment																																	8,729,818		435,343	79,931	6,783,831				5,010,151
software																																	107,871		11,140	0	110,428				69,623
leasehold improvements																																	12,000,074		7,813,711	7,951	3,167,053				3,117,537
total gross fixed assets																																	21,438,922		8,286,286	94,022	10,474,877				8,571,846
less: accumulated depreciation and amortization																																	-5,273,263		-393,093	-378,805	-5,808,466				-4,447,405
property and equipment																																	16,165,659		7,893,193	-284,783	4,666,411				4,124,441					0	7,215,206	0			7,215,206																	0
net loss attributable to non-controlling interests
net loss attributable to arrowhead																																																						2,905,237	-1,437,682
gain on debt extinguishment
noncash gain on equity investment
non-controlling interest																																										-90
purchase of marketable securities																																										0	0		-19,075,306
proceeds from the exercise of warrants and stock options																																		1,467,065	2,259,511			190,761	133	30,152	283,466	504,039
common stock issued to galloway limited in settlement of services agreement
(gain) loss on disposal of fixed assets																																								-45,576	26,381	0	0		53,562	54,932	-18,493
receivables																																					-1,054,719				-127,000	0	0			115,266	-105,891	-6,295	19,580	-22,660	172,230				-4,528,308	-49,401	307,843	-187,536	14,376	248,539	-227,002	90,355	-172,550	73,866	333,415	-91,529	-127,127	109,197	-383,061	35,017	36,997	-37,637	5,623	-5,500	-3,252
prepaid expenses																																					-490,057				-3,874,051	111,436	-57,640	486,086	-74,455	34,525	157,208	-185,749	32,559	-155,271	-30,070	93,820	47,954	-99,482	56,714
net income attributable to non-controlling interests
net income attributable to arrowhead																																						-24,743,136	-15,936,052	-28,686,412	-22,575,282	-22,430,442	-11,628,917		-10,628,312	-6,757,936	-4,614,159	-5,313,681	-7,991,510	-5,335,232	-2,485,505								-1,544,927
income from discontinued operations
acquired in-process research and development																																						0	0
noncash gain in equity investment
other receivables																																						-168,695	-340,895	-269,994	-9,506	492,119	93,374	0	-11,825			-2,111,702	1,871,747	-278,986	-419,238	-258,483	-82,208	-481,672	86,110	-144,804												0
other current assets																																						2,899,876	320,750							-201,877	-12,441	23,433			-1	1			96,363	-45,883
principal payments on capital leases																																										31,772	-52,730		-54,715	-53,497	-53,098	-52,701	-52,307	-51,658	-39,940
proceeds from issuance of common stock and preferred stock																																										-49
cash flows from discontinued operations:
operating cash flows																																														-336	-18	-55	677	-482	-420	-355	-56,959			18,095	7,560,918	-7,565,904	-15,767
investing cash flows																																																								0	-359,375	359,375	430,000
financing cash flows
net cash from discontinued operations:																																														-336	-18				-420	-355	-56,959			18,095	7,201,543	-7,206,529	414,233
3,321,383 shares of common stock issued to novartis for asset acquisition
131,579 shares of common stock issued to galloway limited in settlement of services agreement
239,894 shares of common stock issued to roche for stock and asset acquisition
intangible assets - patents
intangible assets – license
acquired in-process research and development - pre-clinical candidates
total purchase consideration																																														0	5,268,814	84,935			5,183,879
amortization/accretion of note premiums/discounts																																									347,703
other liabilities																																									-802	98,737	209,849		-222,811	12,308	14,208															-173,994	5,544	-129,757	228,261	-322,465	64,758	751,502	325,071	-43,046	135,538	158,852	-135,535	-54,371	83,656
other investing activities																																									-7,000,000
cash flows from operating activities of continuing operations:
net (income) loss attributable to non-controlling interests																																										90
(income) income from discontinued operations																																														336	18	55			220
realized and unrealized (gain) loss on investments																																																0			58,091
charge for bad debt allowance
(gain) loss on purchase of roche madison																																																0			-1,576,107
non-cash gain in equity investment																																										0
non-cash impairment expense																																																187,000
equity in income of unconsolidated affiliates																																														157,612	63,557		34,573	64,261	106,527
other assets																																										-1,885
net cash from operating activities of continuing operations																																										-10,919,806	-9,776,513		-7,022,332	-4,466,764	-3,837,586	-4,587,800	-3,889,848	-4,157,086	-2,705,356	-1,662,944	-967,034	-3,602,378	-1,423,637	-2,531,027	84,112,188	-87,659,937	-1,617,843
cash flows from investing activities of continuing operations:
cash transferred in acquisitions/divestitures
net cash from investing activities of continuing operations																																										4,544,921	936,371		-15,145,565	1,146,188	111,979	178,364	-76,052	-201,288	539,620	404,380	536,817
cash flows from financing activities of continuing operations:
proceeds from sale of stock in subsidiary																																																		0	8,000	-226				300,000	-18,275,168			0	0	0	2,000,000	1	2,000,000	-3,000,000	10,013,897
net cash from financing activities of continuing operations																																										535,762	4,342,015	2,002,874	62,766,877	3,703,363	3,279,369	5,504,138	2,652,752	1,180,842	1,431,893	4,450,000	13,885	1,719,157	43,279	319,056	-90,594,882	99,321,466	2,992,982
amortization (accretion) of note discounts																																											146,979		28,443	36,359	572	30,023			3,783
amortized cost
commercial notes
total
net (income) loss attributable to noncontrolling interests
(gain) income from sale of subsidiary
stock issued for professional services
purchased in-process research and development
gain on sale of stock in subsidiary
noncontrolling interest																																													-57,420	-182,082	-166,568	-287,068	-247,551	-248,882	-201,294	-170,415	-193,497	-205,854	206,252	-310,110	15,975,185	-16,576,563	-271,502
purchase of masa energy, llc																																																																0
minority equity investment
cash paid for interest in insert																																																																				0	0	0	-5,150,000
cash obtained from interest in insert																																																																				0	0	0	5,150,000
proceeds from sale of subsidiaries
payment for patents																																																																										43,217	-160,660
restricted cash
proceeds from issuance of common stock, preferred stock and warrants																																													62,821,592
proceeds from issuance of calando debt
taxes paid																																																				0	0	0	742,500
net loss attributable to noncontrolling interests
loss from discontinued operations																																																						-5,358,760	-2,953
realized and unrealized loss on investments
loss from sale of subsidiary
loss on purchase of roche madison
contingent consideration – fair value adjustments
amortization of note discounts
trade receivables
principal payments on capital lease obligations
purchase of property and equipment																																														-22,029	-9,439	-86,911	-115,559	-207,816	-69,424	0	-3,794							0	-12,145	0	-28,100	-175,175	-153,256	-187,926	-167,754	-192,658	-410,565				-223,062
proceeds from issuance of common stock and warrants																																														3,756,860	3,332,467	5,556,839	2,705,059	1,232,500	1,463,833	4,450,226	-1,705,273	1,719,157	43,279	93,901	-70,532,139	79,397,498	3,205,896					6,968,986	0	0	290,027	16,625	15,250,115				33,479
net (income) loss attributable to nonconrolling interests																																													57,420		166,568				201,294
write down of note receivable
purchase of marketable securities - us treasury bills
proceeds from sale of marketable securities - us treasury bills
current assets																																														0	432,709	0			432,709
intangible assets																																														0	1,174,935	84,935			1,090,000																	4,200,000
other noncurrent assets																																														0	6,264	0			6,264
current liabilities																																														0	-414,122	0			-414,122
noncurrent liabilities																																														0	-1,570,072	0			-1,570,072
gain on purchase																																														0	-1,576,106	0			-1,576,106
deposits																																																								0	181,698	-121,593	14,808	7,966	111,200	28,995	-3,520	-116,931	-25,000	70,696	-25,520	-30,365	-42,390	16,514	48,158	2,956	19,004	-19,380	-53,670
purchase of marketable securities—us treasury bills
notes payable
proceeds from sale of marketable securities—us treasury bills
equity in (income)loss of unconsolidated affiliates
cash transferred in acquisition/divestitures																																																0	20,998	0	100,035
proceeds from issuance of stock in subsidiary																																																0
net increase(decrease) in cash
stock issued as gift
stock issued for in-process research and development																																																												630,982				0
purchased in-process research and development - nanoconduction
accrued severance and other liabilities																																																	-106,463	490,683	346,551	-32,047	32,349	35,661	-20,212	-13,486	-891,660	856,790	78,935	604,068
net cash from discontinued operations																																																	677
cash paid for interest
cash paid for income taxes
loss on sale/donation of fixed assets																																																												-3,375
purchased in-process research and development—nanoconduction
gain on renegotiation of accrued severance
net loss attributable to nonconrolling interests																																																						205,854	-206,252
non-cash loss from equity investment																																																						74,826	-48,826							60,030	69,382
cash transferred in sale of subsidiary																																																				0	0
non-cash (gain) income from equity investment
non-current assets
liabilities
equity
realized and unrealized loss on investment																																																														0	-700,000
amortization of note discount
gain from sale of subsidiary																																																																0
stock issued as gift to caltech
stock issued as gift to rice university																																																																0	0
change in percentage of ownership in subsidiary
change in value of derivative liability																																																							-465,270
cash paid for interest in calando																																																												0												-2,109,332	-890,668
cash paid for interest in unidym																																																												-1,037,003	-875,000			0	-2,000,000	0	-3,000,000
cash obtained from interest in calando																																																												0												3,000,000	0
cash obtained from interest in unidym																																																												1,037,003	875,000			0	2,000,000
proceeds from sale of subsidiary																																																																0
net cash from (used) in investing activities of continuing operations
plus: net loss attributable to noncontrolling interests
loss from discontinued operation
realized and unrealized gain on investment
decrease of cash flow from:
other prepaid expenses																																																								97,904	206,658	-337,740	110,156	133,698	1,661	-85,817	15,317	156,126	-68,434	-175,625	114,178	174,318	-158,774	-225,902	116,356	-4,942	18,538	-256,780	72,516
cash paid for interest in nanotechnica
cash paid for interest in aonex																																																																								0	0
cash paid/obtained for interest in tego
cash obtained from interest in nanotechnica
cash obtained from interest in aonex																																																																								0	0
cash paid/obtained from interest in tego
payments of capital leases																																																								-74,845	728,892	-1,167,667	-212,914	-208,712	-204,593	-200,555	-196,596
plus: net income attributable to noncontrolling interests
(income)/income from discontinued operation
change in value of derivative liabillity
non-cash income from equity investment																																																											48,638	48,090
increase of cash flow from:
exercise prices
5.04																																																											1,397,500								1,397,500			0	1,397,500
7.06																																																											712,362								712,362
2.00																																																											3,863,989
0.50																																																											9,684,522
0.51																																																											5,083,430
1.65
total warrants outstanding
prepaid research expense																																																															-9,319	25,006	33,499	26,625	414,481	-160,020	135,596	-171,642	62,075	-4,197	86,731	-143,987	-212,501
plus: net income attributable to nonconrolling interests																																																											271,502
income from discontinued operation																																																											-414,233
realized and unrealized (gain) loss on investment																																																												0													-124,549
minority interests																																																																-2,970,483	-1,994,088	-1,144,995	-1,335,976	-3,683,681	-681,467	-1,934,532	-453,352	285,644	-221,298	-584,499	-796,437
gain on negotiation of accrued expenses
change in operating assets and liabilities
preferred stock liability																																																																				0	0	0	-1,162,000
net cash from (used) in investing activities																																																												-23,636
proceeds of issuance of calando debt																																																												0	0	0	2,516,467
•
purchased-in-process research and development—nanoconduction
net cash (used) in operating activities
cash paid for interest in tego																																																													0	0	1,700,000	0	100,000	0	-2,500,000
cash obtained from interest in tego																																																													0	0	-1,700,000	0	-100,000	0	2,500,000
subscription receivable																																																															-750,000
sale of property and equipment
purchased-in-process research and development - nanoconduction
net cash provided (used) in operating activities																																																															-7,448,514	-8,383,697	-7,654,940	-5,714,090	-5,831,950	-6,497,750	-5,637,371				-3,616,340
decrease/increase in:
net cash (used) in investing activities
cash and cash equivalents																																																																				0
rent deposit and other assets																																																																				0
total assets acquired
liabilities assumed
consideration transferred
series b preferred share of unidym
series a preferred share of unidym
goodwill expensed to in-process research & development																																																																					0
cni purchase expensed to in-process research & development
impairment of goodwill
proceeds from sale of marketable securities -us treasury bills
proceeds from sale of insert therapeutic’s stocks																																																																					0	0	5,136,346
total assets
stockholders equity
goodwill impaired
proceeds from sale of investments payment for patents
realized (gain) loss on investment																																																																											-3,266
compensation expense related to stock option issuance																																																																							480,812	371,939	365,776	352,986	278,777
depreciation & amortization																																																																							230,578				228,474
purchase of property & equipment																																																																							-115,579				-96,644
cash obtained from interest in nanopolaris
proceeds from issuance of common stock & warrants																																																																							316,202				4,000
exercise price
loss on disposal of assets
realized/unrealized (gain) loss on investment
purchase of marketable securities – us treasury bills
proceed from sale of marketable securities – us treasury bills
cash paid for interest in nanopolaris

Arrowhead Pharmaceuticals, Inc(NASDAQ:ARWR)

Arrowhead Pharmaceuticals, Inc
(NASDAQ:ARWR)