Short answer
ARROWHEAD PHARMACEUTICALS, INC. (ARWR) filed its fiscal 2025 10-K annual report with the SEC on Nov 25, 2025. It reported revenue of $829M (+23258.2% year over year) and net income of −$2M.
- Top risk flagged: Regulatory risk from FDA clinical trial authorizations for ARO-DM1 affecting milestone payments ($100M milestone triggered Nov 2025)
FY2025 key financial metrics · XBRL
- Revenue
- $829M
- +23258.2% YoY
- Net income
- −$2M
- +99.7% YoY
- Operating margin
- 11.9%
- +16938.9 pp YoY
- EPS (diluted)
- −$0.01
- +99.8% YoY
- ROE
- -0.3%
- +322.9 pp YoY
- Operating cash flow
- $180M
- +138.8% YoY
Source: XBRL data from the ARROWHEAD PHARMACEUTICALS, INC. (ARWR) FY2025 10-K on SEC EDGAR. USD.
ARROWHEAD PHARMACEUTICALS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: RNA interference (RNAi) therapeutics silencing disease-causing genes via proprietary TRiM delivery platform
- New commercial product: REDEMPLO® (plozasiran) FDA approved in 2025 for Familial Chylomicronemia Syndrome (FCS)
- Strategic shift: Building commercial infrastructure for rare FCS and expansion to severe hypertriglyceridemia (sHTG) market with Phase 3 trials underway
- Notable metric: 18 wholly-owned RNAi drug candidates in clinical trials from Phase 1 to Phase 3, plus multiple new candidates annually in discovery pipeline
- Unique fact: Entered global licensing and collaboration agreements in 2024-2025 with Sarepta for rare disease RNAi therapies and Novartis for Parkinson’s-related program
Management Discussion & Analysis
- Cash, cash equivalents, short-term investments sufficient for near-term needs as of Sept 30, 2025
- Capital expenditures $12.5M in 2025, $136.9M in 2024 for manufacturing facility build-out; $0.1M more expected
- Operating lease obligations $111.4M total, $7.3M due within 12 months
- Secured term loan facility $500M; $400M funded, $100M optional; $106.7M prepayments including $66.7M in Nov 2025
- Commitments for clinical, manufacturing, business agreements $665.5M as of Sept 30, 2025; many cancellable
Risk Factors
- Regulatory risk from FDA clinical trial authorizations for ARO-DM1 affecting milestone payments ($100M milestone triggered Nov 2025)
- Geopolitical risk limited; primary macro exposure through $500M upfront from Sarepta and $200M from Novartis licensing agreements in FY 2025
- Operational risk in R&D pipeline dependency on clinical enrollment targets for multiple RNAi therapeutics, critical for milestone payments up to $250M
- Competitive risk from Sarepta collaboration, potential market disruption due to Sarepta's vested interest and shared RNAi therapeutic platforms
- Financial risk from $500M senior secured Credit Facility with $201.6M repayments in FY 2025, indicating leverage and refinancing requirements
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