Arrowhead Pharmaceuticals, Inc. (NASDAQ: ARWR) has released its financial results for the fiscal year ended September 30, 2024. The company reported a significant increase in revenue from $3.5 million in 2023 to $240.7 million in 2024. This marks a substantial improvement in the company's top-line performance.
In terms of operating expenses, Arrowhead reported a rise in research and development expenses from $353.2 million in 2023 to $505.9 million in 2024. General and administrative expenses also increased from $92.5 million in 2023 to $98.8 million in 2024.
The company reported an operating loss of $601.1 million in 2024, a significant increase from the operating loss of $205 million in 2023. The total other expense also rose to $11.4 million in 2024, compared to $1.5 million in 2023.
The net loss attributable to Arrowhead Pharmaceuticals, Inc. was $599.5 million in 2024, compared to a net loss of $205.3 million in 2023. The net loss per share attributable to Arrowhead Pharmaceuticals, Inc. * diluted also increased from $1.92 in 2023 to $5.00 in 2024.
Moving on to the financial position, the company's cash, cash equivalents, and restricted cash stood at $102.7 million in 2024, down from $110.9 million in 2023. However, investments increased to $578.3 million in 2024 from $292.7 million in 2023, resulting in total cash resources of $680.9 million in 2024, up from $403.6 million in 2023.
Arrowhead Pharmaceuticals, Inc.'s total assets rose to $1.14 billion in 2024 from $765.6 million in 2023. The company's credit facility amounted to $393.2 million in 2024, whereas there was no such facility in 2023.
In terms of equity, the total Arrowhead Pharmaceuticals, Inc. stockholders' equity decreased to $185.4 million in 2024 from $271.3 million in 2023. The company also reported a noncontrolling interest of $5.6 million in 2024, down from $15.8 million in 2023.
The company also highlighted its recent achievements, including the submission of a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for investigational plozasiran, the initiation of pivotal phase 3 studies, and the successful completion of regulatory requirements for its manufacturing and testing facility.
Arrowhead Pharmaceuticals, Inc. emphasized its focus on advancing and ultimately commercializing important new medicines using its proprietary TRIMTM technology. The company expressed confidence in its potential to impact the lives of millions of patients and to drive significant value for shareholders in the short-term, mid-term, and long-term. The market has reacted to these announcements by moving the company's shares 18.4% to a price of $24.92. For the full picture, make sure to review Arrowhead Pharmaceuticals's 8-K report.
