$ARWR
ARROWHEAD PHARMACEUTICALS, INC.

2015 Q1 Form 10-Q Financial Statement

#000156459015003902 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $43.75K $43.75K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.440M $5.640M
YoY Change 31.91% 215.08%
% of Gross Profit
Research & Development $11.64M $5.216M
YoY Change 123.16% 145.48%
% of Gross Profit
Depreciation & Amortization $400.0K $395.8K
YoY Change 1.07% -11.81%
% of Gross Profit
Operating Expenses $29.68M $11.26M
YoY Change 163.64% 107.14%
Operating Profit -$29.63M -$11.21M
YoY Change 164.28% 108.01%
Interest Expense $198.1K $119.4K
YoY Change 65.94% -156.85%
% of Operating Profit
Other Income/Expense, Net $536.1K -$2.770M
YoY Change -119.35% 78.79%
Pretax Income -$28.68M -$13.98M
YoY Change 105.14% 101.49%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$28.68M -$13.94M
YoY Change 105.73% 106.31%
Net Earnings / Revenue -65563.41% -31868.62%
Basic Earnings Per Share
Diluted Earnings Per Share -$467.9K -$351.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.0M $194.7M
YoY Change -40.42% 5799.84%
Cash & Equivalents $96.45M $142.8M
Short-Term Investments $19.60M $51.85M
Other Short-Term Assets $327.4K $633.8K
YoY Change -48.35% 58.45%
Inventory
Prepaid Expenses $3.811M $643.0K
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $120.1M $161.9M
YoY Change -25.8% 4229.63%
LONG-TERM ASSETS
Property, Plant & Equipment $4.127M $3.290M
YoY Change 25.44% -18.01%
Goodwill
YoY Change
Intangibles $25.70M $3.213M
YoY Change 699.88%
Long-Term Investments $12.40M $34.00M
YoY Change -63.53%
Other Assets $0.00 $200.0K
YoY Change -100.0% -95.71%
Total Long-Term Assets $42.23M $40.72M
YoY Change 3.72% 369.13%
TOTAL ASSETS
Total Short-Term Assets $120.1M $161.9M
Total Long-Term Assets $42.23M $40.72M
Total Assets $162.4M $202.6M
YoY Change -19.87% 1531.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.936M $2.512M
YoY Change 96.54% 188.12%
Accrued Expenses $2.041M $913.9K
YoY Change 123.36% 10.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $1.300M
YoY Change -84.62% 18.18%
Total Short-Term Liabilities $13.20M $10.48M
YoY Change 25.92% 46.32%
LONG-TERM LIABILITIES
Long-Term Debt $700.0K $900.0K
YoY Change -22.22% -25.0%
Other Long-Term Liabilities $4.300M $1.756M
YoY Change 144.94% 544.99%
Total Long-Term Liabilities $5.000M $2.621M
YoY Change 90.75% 75.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.20M $10.48M
Total Long-Term Liabilities $5.000M $2.621M
Total Liabilities $17.60M $13.10M
YoY Change 34.31% 51.34%
SHAREHOLDERS EQUITY
Retained Earnings -$190.7M
YoY Change 30.29%
Common Stock $382.1M
YoY Change 151.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $144.8M $191.4M
YoY Change
Total Liabilities & Shareholders Equity $162.4M $202.6M
YoY Change -19.86% 1531.66%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$28.68M -$13.94M
YoY Change 105.73% 106.31%
Depreciation, Depletion And Amortization $400.0K $395.8K
YoY Change 1.07% -11.81%
Cash From Operating Activities -$16.40M -$7.700M
YoY Change 112.99% 71.11%
INVESTING ACTIVITIES
Capital Expenditures -$7.300M -$500.0K
YoY Change 1360.0%
Acquisitions
YoY Change
Other Investing Activities $16.10M -$26.40M
YoY Change -160.98% -2300.0%
Cash From Investing Activities $8.800M -$26.90M
YoY Change -132.71% -2341.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $112.6M
YoY Change 3117.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 117.6M
YoY Change -100.0% 3078.38%
NET CHANGE
Cash From Operating Activities -16.40M -7.700M
Cash From Investing Activities 8.800M -26.90M
Cash From Financing Activities 0.000 117.6M
Net Change In Cash -7.600M 83.00M
YoY Change -109.16% 20650.0%
FREE CASH FLOW
Cash From Operating Activities -$16.40M -$7.700M
Capital Expenditures -$7.300M -$500.0K
Free Cash Flow -$9.100M -$7.200M
YoY Change 26.39% 60.0%

Facts In Submission

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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>
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1700429
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
1700429
CY2015Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
15363152
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
CY2013Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
60000000
CY2015Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
944935
CY2013Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
123191
CY2014 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
54653
CY2014Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
68538
CY2013Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3071672
arwr Assets Acquired Finite Lived Intangible Assets
AssetsAcquiredFiniteLivedIntangibleAssets
24857214
CY2015Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24756722
CY2013Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
3240513
CY2014 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
2172387
CY2015Q1 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
150000000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.34
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
17.01
CY2014Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-2910116
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
arwr Term Of Exchange Rights
TermOfExchangeRights
P7Y
CY2013Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
1595273
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
CY2015Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1437011
CY2015Q1 arwr Facility And Equipment Rent Expense
FacilityAndEquipmentRentExpense
191000
arwr Facility And Equipment Rent Expense
FacilityAndEquipmentRentExpense
362000
CY2014Q1 arwr Facility And Equipment Rent Expense
FacilityAndEquipmentRentExpense
134000
CY2015Q1 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
114210
CY2015Q1 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
228420
CY2015Q1 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
228420
CY2015Q1 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
228420
CY2015Q1 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
95178
CY2015Q1 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
28872
CY2015Q1 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
865776
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
292119
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
596877
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
613664
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
637897
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
459633
CY2015Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2600190
CY2015Q1 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
0
CY2015Q1 us-gaap Purchase Obligation
PurchaseObligation
49700000
CY2015Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
29500000
CY2015Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
20200000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1039000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.46
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.73
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.98
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y2M12D
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
9160725
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4617497
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0155
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.019
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0185
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0226
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.54
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.08
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. Restricted stock unit awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets.
CY2015Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
191910
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2371561
CY2014 arwr Business Combination Fair Value Of Change In Contingent Consideration
BusinessCombinationFairValueOfChangeInContingentConsideration
-2375658

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