Arrowhead Pharmaceuticals, Inc.

Arrowhead's medicines use RNA interference, a process that reduces production of specific proteins. The company is building its REDEMPLO (plozasiran) commercial business while advancing other treatments. Collaboration and licensing payments also contribute to revenue.

The June financial baseline

Three months ended June 30, in millions of dollars.

Measure	2026	2025
Revenue	$75.3	$27.8
Net loss attributable to Arrowhead	-$194.3	-$175.2

Research and development expense was $198.2 million in the June quarter. Operating activities used $79.5 million over the first nine months of fiscal 2026. Licensing and collaboration receipts can make revenue and cash flow uneven between periods.

At June 30, the company's reported cash resources were approximately $1.567 billion, mainly securities. They excluded $35.1 million of cash reported separately for a group entity. The old credit facility appeared on the June balance sheet at $181.4 million, and convertible notes at $682.7 million.

What changed in November

The November 2 refinancing provides $400 million of fully funded principal and replaces payment-in-kind interest with quarterly cash interest. It also removes the old required repayments from product and licensing receipts, allowing Arrowhead to retain more of those proceeds.

Principal comes due on November 2, 2031. The new minimum cash requirement is $125 million in qualifying U.S. accounts subject to the lenders' first-priority security interest. The loan remains secured by substantially all borrower assets.

Read our analysis of the payoff, interest bill and new repayment terms.