$ARWR
ARROWHEAD PHARMACEUTICALS, INC.

2014 Q4 Form 10-Q Financial Statement

#000156459015000557 Filed on February 09, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $170.8K $43.75K $43.75K
YoY Change 290.29% 0.0% -72.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.250M $9.160M $3.520M
YoY Change 105.97% 336.19% 85.26%
% of Gross Profit
Research & Development $17.74M $8.420M $3.133M
YoY Change 466.37% 104.37% 98.71%
% of Gross Profit
Depreciation & Amortization $300.0K $200.0K $403.4K
YoY Change -25.63% -50.0% -10.27%
% of Gross Profit
Operating Expenses $25.29M $20.23M $7.053M
YoY Change 258.51% 151.62% 41.94%
Operating Profit -$25.12M -$22.35M -$7.009M
YoY Change 258.31% 179.46% 45.72%
Interest Expense $237.4K -$70.00K $40.58K
YoY Change 485.09% -98.8% -505.78%
% of Operating Profit
Other Income/Expense, Net $2.540M $0.00 -$3.676M
YoY Change -169.09% -12642.13%
Pretax Income -$22.58M -$22.43M -$10.69M
YoY Change 111.27% 62.42% 123.52%
Income Tax $0.00 $10.00K
% Of Pretax Income
Net Earnings -$22.58M -$22.43M -$10.63M
YoY Change 112.41% 63.83% 130.34%
Net Earnings / Revenue -13221.25% -51274.14% -24293.28%
Basic Earnings Per Share
Diluted Earnings Per Share -$407.1K -$415.1K -$249.4K
COMMON SHARES
Basic Shares Outstanding 38.70M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.3M $177.3M $85.46M
YoY Change 70.05% 493.87% 2748.8%
Cash & Equivalents $104.0M $132.5M $59.71M
Short-Term Investments $41.34M $44.74M $25.75M
Other Short-Term Assets $4.600M $48.50K $700.0K
YoY Change 557.14% -47.08% 40.0%
Inventory
Prepaid Expenses $588.6K
Receivables $100.0K $0.00 $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $132.2M $154.8M $76.40M
YoY Change 73.04% 436.69% 1159.9%
LONG-TERM ASSETS
Property, Plant & Equipment $4.100M $3.873M $3.200M
YoY Change 28.12% 10.23% -27.71%
Goodwill
YoY Change
Intangibles $999.8K $1.013M $3.227M
YoY Change -69.02% -68.72%
Long-Term Investments $17.80M $23.10M $9.900M
YoY Change 79.8% 1258.82%
Other Assets $7.000M $0.00
YoY Change -100.0%
Total Long-Term Assets $29.90M $28.02M $16.30M
YoY Change 83.44% 230.15% 77.81%
TOTAL ASSETS
Total Short-Term Assets $132.2M $154.8M $76.40M
Total Long-Term Assets $29.90M $28.02M $16.30M
Total Assets $162.1M $182.8M $92.70M
YoY Change 74.87% 389.74% 508.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.000M $2.579M $600.0K
YoY Change 900.0% 115.02% -25.88%
Accrued Expenses $3.300M $1.399M $1.400M
YoY Change 135.71% 119.05% 66.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $300.0K $1.300M
YoY Change -84.62% -75.0% 8.33%
Total Short-Term Liabilities $11.50M $11.85M $9.000M
YoY Change 27.75% 35.78% 48.08%
LONG-TERM LIABILITIES
Long-Term Debt $700.0K $800.0K $1.000M
YoY Change -30.0% -27.27% -23.08%
Other Long-Term Liabilities $4.200M $255.2K $1.757M
YoY Change 138.99% 56.15% 548.65%
Total Long-Term Liabilities $4.900M $4.984M $2.764M
YoY Change 77.29% 73.69% 78.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.50M $11.85M $9.000M
Total Long-Term Liabilities $4.900M $4.984M $2.764M
Total Liabilities $15.90M $16.83M $10.00M
YoY Change 59.0% 45.16% 31.12%
SHAREHOLDERS EQUITY
Retained Earnings -$224.8M -$176.8M
YoY Change 35.29% 26.61%
Common Stock $391.3M
YoY Change 102.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $146.3M $166.5M $82.73M
YoY Change
Total Liabilities & Shareholders Equity $162.1M $182.8M $92.69M
YoY Change 74.88% 389.74% 508.57%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$22.58M -$22.43M -$10.63M
YoY Change 112.41% 63.83% 130.34%
Depreciation, Depletion And Amortization $300.0K $200.0K $403.4K
YoY Change -25.63% -50.0% -10.27%
Cash From Operating Activities -$24.20M -$10.90M -$7.000M
YoY Change 245.71% 101.85% 84.21%
INVESTING ACTIVITIES
Capital Expenditures $554.9K -$400.0K $116.2K
YoY Change 377.52% 300.0% 1131.22%
Acquisitions
YoY Change
Other Investing Activities $7.000M $5.000M
YoY Change -178.13%
Cash From Investing Activities -$4.500M $4.500M -$15.10M
YoY Change -70.2% -169.23% -15200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $60.00M
YoY Change 1363.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 200.0K 500.0K 62.80M
YoY Change -99.68% -75.0% 1803.03%
NET CHANGE
Cash From Operating Activities -24.20M -10.90M -7.000M
Cash From Investing Activities -4.500M 4.500M -15.10M
Cash From Financing Activities 200.0K 500.0K 62.80M
Net Change In Cash -28.50M -5.900M 40.70M
YoY Change -170.02% -40.4% -10275.0%
FREE CASH FLOW
Cash From Operating Activities -$24.20M -$10.90M -$7.000M
Capital Expenditures $554.9K -$400.0K $116.2K
Free Cash Flow -$24.75M -$10.50M -$7.116M
YoY Change 247.87% 98.11% 86.8%

Facts In Submission

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CY2014Q4 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:12pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Concentration of Credit Risk&#8212;The Company maintains several bank accounts for its operations at two financial institutions. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account. Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. </p></div>
CY2014Q4 arwr Net Cash Invested In Fixed Income Investments
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3100000
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0
CY2014Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
0
CY2014Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2014Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
374535
CY2014Q4 arwr Research Equipment
ResearchEquipment
5010151
CY2014Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
69623
CY2014Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
3117537
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8571846
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4447405
CY2014Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
579833
CY2014Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
40759068
CY2014Q4 us-gaap Marketable Securities
MarketableSecurities
41338901
CY2014Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
407523
CY2014Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
44333855
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
175100
CY2014Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13664
CY2013Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13664
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
41900
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
13000
CY2014Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
0
CY2013Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
3117322
CY2014 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
2172387
CY2014Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
944935
CY2014Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
944935
CY2013Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
123191
CY2014Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
68538
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
54874
CY2013Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
3240513
CY2014 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
2172387
CY2014Q4 arwr Threshold Percentage Of Common Stock Ownership Upon Preferred Stock Conversion
ThresholdPercentageOfCommonStockOwnershipUponPreferredStockConversion
0.0999
CY2013Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3071672
CY2013Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
5.86
CY2013Q4 arwr Conversion Price Per Share
ConversionPricePerShare
5.86
CY2013Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
60000000
CY2014Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
6325000
CY2014Q1 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
18.95
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
112600000
CY2014Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1437011
CY2014Q4 arwr Facility And Equipment Rent Expense
FacilityAndEquipmentRentExpense
171500
CY2013Q4 arwr Facility And Equipment Rent Expense
FacilityAndEquipmentRentExpense
145000
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
171315
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
228420
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
228420
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
228420
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
95178
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
152582
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
454863
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
32589
CY2014Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
919164
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
436532
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0190
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0161
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0185
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.69
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2744603
CY2014Q4 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
0
CY2014Q4 us-gaap Purchase Obligation
PurchaseObligation
43100000
CY2014Q4 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
31600000
CY2014Q4 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
11500000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1039000
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.66
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.06
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
At vesting each RSU will be exchanged for one share of the Company’s Common Stock. The RSUs issued during the three months ended December 31, 2014 vest in equal annual installments over three years from the date of grant.
CY2014Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2179651
CY2013Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-3507496
CY2014Q4 arwr Term Of Exchange Rights
TermOfExchangeRights
P7Y
CY2013Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1595273
CY2014 arwr Business Combination Fair Value Of Change In Contingent Consideration
BusinessCombinationFairValueOfChangeInContingentConsideration
-2375658

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