ARROWHEAD PHARMACEUTICALS, INC. Q4 FY2024 earnings call

• Partnership with Sarepta is transformational, returning balance to the business model, providing capital, and focusing on cardiometabolic pipeline.
• Progress with plozasiran: NDA submitted for FCS, Phase-3 studies in SHTG and mixed hyperlipidemia ongoing.
• Focus on cardiometabolic programs: plozasiran, zodasiran, ARO-INHBE, ARO-ALK7, etc.
• Decided not to pursue ARO-MUC5AC due to biomarker limitations.
• Manufacturing component of Sarepta deal helps with excess capacity.

In fiscal 2024, revenue was $3.6 million. Net loss was $599.5 million or $5 per share. The Sarepta deal brought $500 million upfront cash, $325 million equity investment, and up to $350 million in near-term payments. Cash and investments totaled $681 million at September 30, 2024, compared to $403.6 million in 2023.

• Expect cash burn in fiscal 2025 to be $500 million to $550 million, similar in 2026 with G&A costs around $65 million.
• Cash balance expected to be ~$1 billion at end of 2025 and between $600 million and $650 million at end of 2026.
• Cash runway extends into 2028.

• Forward-looking statements subject to risks and uncertainties from SEC filings.
• HSR risk related to the Sarepta deal.

Q: Follow-up on paying down debt through BD cash flow and $300 million near-term milestone for DM1 enrollment?

A: Will pay down debt through Sarepta and other agreements, $300 million near-term milestone related to DM1 program based on patient dosing cohorts, on track to reach over first three quarters of 2025.

Q: Expansion on cardiomyocyte targets and TFR ligand-based approach?

A: Can't give specific guidance on cardiomyocyte targets, TFR ligand-based approach details in October webinar, structurally TFR targeted but specifics not disclosed.