$ARWR
ARROWHEAD PHARMACEUTICALS, INC.

2019 Q2 Form 10-Q Financial Statement

#000156459019028760 Filed on August 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q3 2018 Q2
Revenue $42.70M $11.26M $727.4K
YoY Change 5769.96% 29.16% -92.21%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.810M $6.430M $4.590M
YoY Change 4.79% -32.53% -34.33%
% of Gross Profit
Research & Development $19.29M $15.99M $12.05M
YoY Change 60.1% 93.12% 74.38%
% of Gross Profit
Depreciation & Amortization $578.3K $1.200M $751.1K
YoY Change -23.0% 0.0% -31.72%
% of Gross Profit
Operating Expenses $24.10M $22.42M $16.65M
YoY Change 44.78% 18.25% 10.56%
Operating Profit $18.60M -$11.17M -$15.92M
YoY Change -216.81% 8.96% 178.6%
Interest Expense $1.740M $400.0K $313.7K
YoY Change 454.65% -183.33% 138.81%
% of Operating Profit 9.36%
Other Income/Expense, Net $1.740M $10.00K $313.7K
YoY Change 454.65%
Pretax Income $20.34M -$10.76M -$15.61M
YoY Change -230.31% 0.28% 182.73%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $20.34M -$10.76M -$15.61M
YoY Change -230.31% 0.26% 182.73%
Net Earnings / Revenue 47.63% -95.6% -2145.53%
Basic Earnings Per Share $0.21 -$0.12 -$0.18
Diluted Earnings Per Share $0.21 -$0.12 -$0.18
COMMON SHARES
Basic Shares Outstanding 94.94M 87.63M
Diluted Shares Outstanding 98.88M

Balance Sheet

Concept 2019 Q2 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $236.9M $76.50M $60.50M
YoY Change 291.57% 16.62% -19.44%
Cash & Equivalents $188.3M $30.13M $28.00M
Short-Term Investments $48.60M $46.40M $32.50M
Other Short-Term Assets $1.492M $640.1K $1.400M
YoY Change 6.58% -52.92% -22.22%
Inventory
Prepaid Expenses $3.103M $1.268M
Receivables $2.044M $327.4K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $244.5M $78.77M $61.90M
YoY Change 295.05% 16.0% -20.54%
LONG-TERM ASSETS
Property, Plant & Equipment $17.07M $13.94M $14.00M
YoY Change 21.96% -10.17% -13.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $57.60M $17.70M
YoY Change 225.42%
Other Assets $200.0K $141.9K $100.0K
YoY Change 100.0% 0.0% -50.0%
Total Long-Term Assets $92.26M $32.84M $51.00M
YoY Change 80.9% -9.08% 37.1%
TOTAL ASSETS
Total Short-Term Assets $244.5M $78.77M $61.90M
Total Long-Term Assets $92.26M $32.84M $51.00M
Total Assets $336.8M $111.6M $112.9M
YoY Change 198.32% 7.29% -1.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M $2.806M $2.200M
YoY Change 109.09% -31.16% -31.25%
Accrued Expenses $6.600M $5.043M $3.300M
YoY Change 100.0% 10.48% 10.0%
Deferred Revenue $75.68M $600.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $200.0K $200.0K
YoY Change -100.0% 0.0% 0.0%
Total Short-Term Liabilities $87.09M $12.36M $7.100M
YoY Change 1126.58% -33.88% -65.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.100M $2.200M
YoY Change -100.0% -8.7% -8.33%
Other Long-Term Liabilities $24.10M $200.0K $1.900M
YoY Change 1168.42% -90.48% -32.14%
Total Long-Term Liabilities $24.07M $4.004M $4.100M
YoY Change 487.11% -9.0% -21.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.09M $12.36M $7.100M
Total Long-Term Liabilities $24.07M $4.004M $4.100M
Total Liabilities $111.2M $16.37M $10.60M
YoY Change 948.66% -27.57% -57.6%
SHAREHOLDERS EQUITY
Retained Earnings -$431.0M -$487.3M
YoY Change 12.58%
Common Stock $657.3M $583.1M $180.2K
YoY Change 364626.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $226.2M $95.80M $102.3M
YoY Change
Total Liabilities & Shareholders Equity $336.8M $111.6M $112.9M
YoY Change 198.34% 7.29% -1.91%

Cashflow Statement

Concept 2019 Q2 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $20.34M -$10.76M -$15.61M
YoY Change -230.31% 0.26% 182.73%
Depreciation, Depletion And Amortization $578.3K $1.200M $751.1K
YoY Change -23.0% 0.0% -31.72%
Cash From Operating Activities $10.50M -$2.700M -$14.40M
YoY Change -172.92% -70.65% 38.46%
INVESTING ACTIVITIES
Capital Expenditures -$3.300M -$700.0K -$200.0K
YoY Change 1550.0% 600.0% -81.82%
Acquisitions
YoY Change
Other Investing Activities $17.60M $4.000M -$28.70M
YoY Change -161.32% -197.56% 143.22%
Cash From Investing Activities $14.40M $3.300M -$28.90M
YoY Change -149.83% -178.57% 124.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.700M 1.600M 1.500M
YoY Change 80.0% -1700.0%
NET CHANGE
Cash From Operating Activities 10.50M -2.700M -14.40M
Cash From Investing Activities 14.40M 3.300M -28.90M
Cash From Financing Activities 2.700M 1.600M 1.500M
Net Change In Cash 27.60M 2.200M -41.80M
YoY Change -166.03% -116.3% 79.4%
FREE CASH FLOW
Cash From Operating Activities $10.50M -$2.700M -$14.40M
Capital Expenditures -$3.300M -$700.0K -$200.0K
Free Cash Flow $13.80M -$2.000M -$14.20M
YoY Change -197.18% -78.02% 52.69%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk&#8212;The Company maintains several bank accounts primarily at two financial institutions for its operations. These accounts are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per institution. 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>
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CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4993847
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3669243
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.14
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.18
CY2019Q2 arwr Research Equipment Gross
ResearchEquipmentGross
12563670
CY2019Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
145802
CY2019Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
15201480
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28498996
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
23740787
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11424383
CY2019Q2 us-gaap Depreciation
Depreciation
578342
CY2019Q2 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
106122714
CY2019Q2 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
1145937
CY2019Q2 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
84678
CY2019Q2 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
107183973
CY2018Q3 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
46400176
CY2018Q3 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Loss
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss
429050
CY2018Q3 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
45971126
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1275322
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
425107
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
418500
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
324600
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1189800
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
954900
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1521451
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2256379
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2521446
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2590558
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
13495719
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
23318048
CY2019Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
8.11
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.18
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.60
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.46
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y10M24D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
94374779
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
73523229
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 Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.021
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.031
CY2019Q2 us-gaap Purchase Obligation
PurchaseObligation
53800000
CY2019Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
11500000
CY2019Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
42300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.028
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.10
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.21
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
At vesting, each outstanding RSU will be exchanged for one share of the Company’s Common Stock. RSU recipients may elect to net share settle upon vesting, in which case the Company pays the employee’s income taxes due upon vesting and withholds a number of shares of Common Stock of equal value. RSU awards generally vest subject to the satisfaction of service requirements or the satisfaction of both service requirements and achievement of certain performance targets.
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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