Arrowhead Pharmaceuticals Inc
ARWRHealthcare|Biotechnology|USA
$59.50
-1.62 (-2.65%)
Tangible Book
$4.09
Graham Number
$11.87
Financials
Financial Snapshot
Market Cap
$8.33B
Enterprise Value
$609.6M
Revenue (TTM)
$1.09B
Net Income (TTM)
$202.3M
Cash & Equivalents
$948.7M
Net Cash/Share
$-0.87
Free Cash Flow (TTM)
$322.0M
Operating CF (TTM)
$339.3M
Debt/Equity
0.55
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $85.4M | $65.6M | $76.5M | $258.7M | $315.5M | $367.8M | $376.4M | $403.6M | $681.0M | $919.4M | $916.6M | |
| Operating Cash Flow | $-64.4M | $-23.9M | $-47.2M | $173.0M | $-95.8M | $171.3M | $-136.1M | $-153.9M | $-462.9M | $179.6M | $339.3M | |
| Free Cash Flow | $-68.3M | $-31.9M | $-48.6M | $161.0M | $-107.8M | $147.7M | $-188.9M | $-330.6M | $-604.3M | $156.9M | $322.0M | |
| Capital Expenditure | $-3.9M | $-7.9M | $-1.4M | $-12.0M | $-12.0M | $-23.6M | $-52.8M | $-176.7M | $-141.5M | $-22.7M | $-17.3M | |
| Financing Cash Flow | $55.1M | $12.1M | $60.0M | $66.4M | $257.9M | $11.3M | $65.2M | $253.1M | $870.5M | $74.0M | $38.6M |
R&D Spending
R&D (TTM)
$647.4M
R&D Intensity
59.3%
R&D Growth YoY
+6.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.0K | $31.4M | $16.1M | $168.8M | $88.0M | $138.3M | $243.2M | $240.7M | $3.6M | $829.4M | $1.09B | |
| R&D Expense | $62.1M | $50.9M | $53.0M | $81.0M | $128.9M | $206.3M | $297.3M | $353.2M | $505.9M | $607.2M | $647.4M | |
| R&D % of Revenue | 39315.2% | 162.1% | 328.1% | 48.0% | 146.5% | 149.2% | 122.2% | 146.7% | 14245.8% | 73.2% | 59.3% | |
| SG&A | $23.6M | $17.5M | $19.1M | $26.6M | $52.3M | $81.0M | $124.4M | $90.9M | $96.8M | $121.9M | $141.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158.0K | $31.4M | $16.1M | $168.8M | $88.0M | $138.3M | $243.2M | $240.7M | $3.6M | $829.4M | $1.09B | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $158.0K | $31.4M | $16.1M | $168.8M | $88.0M | $138.3M | $243.2M | $240.7M | $3.6M | $829.4M | $1.09B | |
| R&D | $62.1M | $50.9M | $53.0M | $81.0M | $128.9M | $206.3M | $297.3M | $353.2M | $505.9M | $607.2M | $647.4M | |
| SG&A | $23.6M | $17.5M | $19.1M | $26.6M | $52.3M | $81.0M | $124.4M | $90.9M | $96.8M | $121.9M | $141.0M | |
| Operating Income | $-79.7M | $-37.0M | $-55.9M | $61.2M | $-93.2M | $-149.0M | $-178.5M | $-205.0M | $-601.1M | $98.3M | $300.6M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-18.3M | $-32.4M | $-89.4M | $-90.2M | |
| Pretax Income | $-81.7M | $-34.4M | $-54.4M | $68.1M | $-84.6M | $-140.8M | $-172.7M | $-206.5M | $-612.5M | $51.5M | $254.9M | |
| Net Income | $-81.7M | $-34.4M | $-54.5M | $68.0M | $-84.6M | $-140.8M | $-176.1M | $-205.3M | $-599.5M | $-1.6M | $202.3M | |
| EPS (Diluted) | -1.34 | -0.47 | -0.65 | 0.69 | -0.84 | -1.36 | -1.67 | -1.92 | -5.00 | -0.01 | 1.53 | |
| EBITDA | $-76.4M | $-32.3M | $-51.2M | $65.6M | $-87.2M | $-132.6M | $-162.3M | $-175.7M | $-561.5M | $164.8M | $370.2M | |
| Shares Out. (M) | 61.05 | 73.90 | 83.64 | 98.61 | 100.72 | 103.75 | 105.43 | 106.75 | 119.78 | 133.76 | 140.71 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $85.4M | $24.8M | $30.1M | $221.8M | $143.6M | $184.4M | $108.0M | $110.9M | $76.2M | $88.7M | $71.4M | |
| Marketable Securities | $0.00 | $40.8M | $46.4M | $36.9M | $171.9M | $183.4M | $268.4M | $292.7M | $604.8M | $830.7M | $845.2M | |
| Total Current Assets | $90.5M | $67.9M | $78.8M | $265.2M | $322.4M | $384.6M | $405.3M | $416.5M | $695.5M | $950.6M | $1.17B | |
| Total Assets | $128.2M | $104.0M | $111.6M | $349.8M | $522.5M | $710.1M | $691.9M | $765.6M | $1.14B | $1.39B | $1.60B | |
| Total Current Liabilities | $25.6M | $18.7M | $12.4M | $97.1M | $40.7M | $146.5M | $138.8M | $105.5M | $103.2M | $195.5M | $347.4M | |
| Long-Term Debt | $2.5M | $2.3M | $2.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $393.2M | $214.9M | $163.1M | |
| Total Liabilities | $33.2M | $23.2M | $16.4M | $105.8M | $60.7M | $301.3M | $273.6M | $478.4M | $948.7M | $881.9M | $1.04B | |
| Stockholders' Equity | $95.6M | $81.4M | $95.8M | $244.6M | $461.8M | $408.8M | $398.5M | $271.3M | $185.4M | $466.1M | $568.4M | |
| Retained Earnings | $-398.4M | $-432.8M | $-487.3M | $-419.3M | $-503.8M | $-644.7M | $-820.8M | $-1.03B | $-1.63B | $-1.63B | $-1.60B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-64.4M | $-23.9M | $-47.2M | $173.0M | $-95.8M | $171.3M | $-136.1M | $-153.9M | $-462.9M | $179.6M | $339.3M | |
| Capital Expenditure | $-3.9M | $-7.9M | $-1.4M | $-12.0M | $-12.0M | $-23.6M | $-52.8M | $-176.7M | $-141.5M | $-22.7M | $-17.3M | |
| Free Cash Flow | $-68.3M | $-31.9M | $-48.6M | $161.0M | $-107.8M | $147.7M | $-188.9M | $-330.6M | $-604.3M | $156.9M | $322.0M | |
| Investing Cash Flow | $13.4M | $-48.6M | $-7.4M | $-47.7M | $-240.8M | $-141.7M | $-5.4M | $-96.2M | $-420.1M | $-129.3M | $-229.9M | |
| Financing Cash Flow | $55.1M | $12.1M | $60.0M | $66.4M | $257.9M | $11.3M | $65.2M | $253.1M | $870.5M | $74.0M | $38.6M | |
| Issuance of Stock | $52.2M | $12.4M | $56.6M | $60.5M | $250.5M | $0.00 | $0.00 | $0.00 | $429.3M | $241.4M | $288.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $392.0M | $10.3M | $10.3M | |
| Payments of Debt | $-218.0K | $-198.0K | $-209.0K | $-2.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-201.6M | $-268.3M | |
| Stock Based Comp. | $11.6M | $7.9M | $8.5M | $12.4M | $43.4M | $76.7M | $120.9M | $78.1M | $74.0M | $63.4M | $67.5M | |
| Net Change in Cash | $4.2M | $-60.5M | $5.3M | $191.7M | $-78.2M | $40.9M | $-76.4M | $2.9M | $-8.2M | $123.9M | $147.8M |
Dilution Tracker
Shares outstanding grew 35.6% over 5 years — significant dilution
Shares Outstanding
141M
5-Year Share Growth
+35.6%
Stock Issuance (TTM)
$288.2M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 61.05 | 73.90 | 83.64 | 98.61 | 100.72 | 103.75 | 105.43 | 106.75 | 119.78 | 133.76 | 140.71 | |
| YoY Change % | — | 21.0% | 13.2% | 17.9% | 2.1% | 3.0% | 1.6% | 1.3% | 12.2% | 11.7% | 5.2% | |
| Stock Issuance | $52.2M | $12.4M | $56.6M | $60.5M | $250.5M | $0.00 | $0.00 | $0.00 | $429.3M | $241.4M | $288.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $11.6M | $7.9M | $8.5M | $12.4M | $43.4M | $76.7M | $120.9M | $78.1M | $74.0M | $63.4M | $67.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -50438.0% | -117.8% | -346.5% | 36.3% | -105.9% | -107.8% | -73.4% | -85.2% | -16927.1% | 11.9% | 27.6% | |
| Net Margin % | -51723.4% | -109.5% | -337.3% | 40.3% | -96.1% | -101.9% | -72.4% | -85.3% | -16882.4% | -0.2% | 18.5% | |
| EBITDA Margin % | -48374.7% | -102.9% | -317.4% | 38.9% | -99.1% | -95.9% | -66.7% | -73.0% | -15812.8% | 19.9% | 33.9% | |
| FCF Margin % | -43219.6% | -101.4% | -301.4% | 95.4% | -122.5% | 106.8% | -77.7% | -137.3% | -17018.3% | 18.9% | 29.5% | |
| ROE % | -79.4% | -38.8% | -61.5% | 39.9% | -23.9% | -32.4% | -43.6% | -61.3% | -262.5% | -0.5% | 44.1% | |
| ROA % | -62.8% | -29.6% | -50.5% | 29.5% | -19.4% | -22.9% | -25.1% | -28.2% | -62.9% | -0.1% | 14.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)38.89
Historical35.98 / 71.96 / 480.78
Industry Med.27.95
P/S7.47
Historical2.63 / 25.45 / 2450.00
Industry Med.9.84
P/B14.37
Historical0.91 / 9.40 / 49.55
Industry Med.2.92
EV/EBITDA20.86
Historical-167.89 / -13.08 / 700.67
Industry Med.12.92
EV/Revenue7.08
Historical-17.01 / 21.62 / 2477.37
Industry Med.8.79
P/FCF24.51
Historical9.69 / 34.51 / 63.04
Industry Med.35.03
Intrinsic Value Models
Tangible Book
$4.09
Net Current Assets
$1.010
Graham Number
$11.87
Median P/S Value
$242.81
Net-Net Working Capital
$0.33
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | 40.84 | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 39.07 | |
| PS Ratio | 2450.00 | 10.19 | 99.33 | 16.46 | 49.27 | 46.83 | 14.33 | 11.92 | 645.67 | 5.56 | 7.50 | |
| PB Ratio | 5.36 | 3.98 | 17.72 | 11.00 | 9.55 | 15.93 | 8.79 | 10.62 | 12.99 | 10.04 | 14.44 | |
| EV/EBITDA | -5.62 | -8.05 | -31.65 | 37.06 | -47.17 | -46.55 | -19.88 | -14.86 | -4.00 | 25.27 | 20.96 | |
| EV/Revenue | 2718.02 | 8.28 | 100.48 | 14.41 | 46.75 | 44.62 | 13.27 | 10.85 | 632.04 | 5.02 | 7.11 |
Analyst Estimates & Quality
Altman Z-Score
5.55
Safe
Piotroski F-Score
6
Moderate
Beneish M-Score
384.78
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $451M | $321M | $542M |
| Net Income | $-503M | $-603M | $-444M |
| EPS | -3.45 | -4.19 | -2.97 |
| Book Value per Share | 3.84 | 5.14 | 2.67 |
| Operating Cash Flow per Share | -2.36 | -1.13 | 0.00 |
| Operating CF | $-332.07M | $-159.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovery, development, manufacturing and commercialization of RNA interference (RNAi) therapeutics | $829.4M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $829.4M |