ARROWHEAD PHARMACEUTICALS, INC. SEC Filings

Arrowhead Pharmaceuticals’ Chief Financial Officer Daniel Joseph Apel reported an equity award of company stock. On January 6, 2026, he acquired 75,000 shares of common stock at a price of $0 per share, representing shares underlying restricted stock units. These RSUs will vest in four equal annual installments, meaning portions of the award become fully owned over four years if conditions are met. Following this grant, Apel beneficially owns 176,200 shares of common stock, which includes previously reported RSU-based holdings, some of which remain subject to vesting conditions.

Arrowhead Pharmaceuticals COO Patrick O'Brien reported several stock gifts and a new equity award. On January 6, 2026, he made multiple transactions coded "G" that transferred a total of 2,500 shares of common stock as a gift to relatives at a price of $0 per share, reducing his holdings stepwise in small blocks.

On the same date, he acquired 75,000 shares of common stock coded "A", representing shares underlying restricted stock units (RSUs) that will vest in four equal annual installments. After these transactions, he beneficially owned 547,408 shares of Arrowhead common stock directly, which includes previously reported RSUs, some of which remain subject to vesting conditions.

Arrowhead Pharmaceuticals is offering $200,000,000 of common stock in a primary public offering. The company has granted underwriters a 30-day option to buy up to an additional $30,000,000 of stock. Its shares trade on the Nasdaq Global Select Market under the symbol ARWR and it had 135,702,000 shares outstanding as of September 30, 2025.

Arrowhead is concurrently marketing $500,000,000 of convertible senior notes due 2032, with a $75,000,000 over-allotment option for the note underwriters. Together with existing cash, cash equivalents and short-term investments, the net proceeds from the equity and note offerings are expected to fund planned operations into fiscal year 2029, including commercialization of REDEMPLO, research and development, clinical trials and potential prepayment of a 15.0% term loan under its Credit Facility.

The company highlights that new investors may experience immediate and substantial dilution and that future equity or convertible debt issuance, including conversion of the notes, could further dilute existing stockholders and pressure the share price. The filing also details risks linked to higher leverage from the new notes, potential volatility from hedging and capped call transactions, and obligations to repurchase or settle the notes in cash or stock upon conversion or certain corporate events.

Arrowhead Pharmaceuticals is offering $500,000,000 of convertible senior notes due 2032, with underwriters holding an option to buy up to an additional $75,000,000 of notes. The notes pay semi-annual cash interest, mature on January 15, 2032, and are convertible into cash, Arrowhead common stock, or a combination, at the company’s election, subject to specified stock price and trading conditions, corporate events, redemption, or during a final free-conversion period before maturity.

The notes are senior unsecured obligations, ranking equally with other senior unsecured debt and effectively subordinated to secured borrowings and subsidiary liabilities. Concurrently, Arrowhead is separately offering $200,000,000 of common stock, plus a $30,000,000 over-allotment option. Net proceeds from the notes will fund capped call transactions, general corporate uses including R&D, commercialization and potential late-stage launches, and may be used in part to prepay a 15.0% Credit Facility, with the combined financings expected to fund operations into fiscal 2029.

Arrowhead Pharmaceuticals reported interim Phase 1/2a results for its RNAi obesity candidates ARO-INHBE and ARO-ALK7. A single 400 mg dose of ARO-INHBE in adults with obesity achieved a mean maximum reduction in serum Activin E of -85%, with a maximum observed reduction of -94%. As monotherapy, ARO-INHBE led by week 16 to a mean visceral fat reduction of -9.9%, a mean liver fat relative reduction of -38%, and an increase in total lean tissue of 3.6%, with two doses at week 24 achieving a -15.6% mean visceral fat reduction adjusted for placebo.

In obese patients with type 2 diabetes on tirzepatide, adding two 400 mg doses of ARO-INHBE roughly doubled weight loss at week 16 (-9.4% vs -4.8%) and produced larger fat reductions, including liver fat relative reduction of -76.7% vs -20%. ARO-INHBE was generally well tolerated, with mostly mild events and one serious limb abscess deemed unrelated. ARO-ALK7 showed adipocyte target silencing with mean adipose ALK7 mRNA reduction of -88% at 200 mg and a -14.1% placebo-adjusted visceral fat reduction at week 8, with a generally favorable safety profile and no serious adverse events.

Arrowhead Pharmaceuticals, Inc. director William Waddill reported open-market sales of company stock under a pre-arranged Rule 10b5-1 trading plan. On 12/19/2025, he sold 2,416 shares of common stock at a weighted average price of $66.66, with individual trades between $66.52 and $67.29. On the same date, he sold an additional 5,451 shares at a weighted average price of $68.01, with trades between $67.58 and $68.48, and 500 shares at a weighted average price of $68.53, with trades between $68.51 and $68.56. After these transactions, Waddill beneficially owned 56,563 shares of Arrowhead Pharmaceuticals common stock, including shares underlying previously reported restricted stock units that remain subject to vesting conditions.

Arrowhead Pharmaceuticals’ Chief Executive Officer and director Christopher Anzalone reported preset stock sales in December 2025. On December 19, 2025, he sold several blocks of Arrowhead common stock, including 3,979 shares at a weighted average price of $66.67, 8,147 shares at $68.01, and 1,319 shares at $68.48. On December 22, 2025, he sold additional blocks of 10,012 shares at a weighted average price of $68.33 and 2,574 shares at $68.85.

The filing states that all of these transactions were executed under a pre‑arranged Rule 10b5‑1 trading plan adopted by the reporting person. After these sales, Anzalone beneficially owns 3,805,926 shares of Arrowhead common stock directly, which includes shares underlying previously reported restricted stock units that continue to be subject to vesting conditions.

Arrowhead Pharmaceuticals director reports planned stock sales under a Rule 10b5-1 trading plan. On 12/19/2025, the reporting person sold three blocks of Arrowhead common stock: 3,090 shares at a weighted average price of $66.7, 6,083 shares at a weighted average price of $68.04, and 827 shares at a weighted average price of $68.48.

The filing states these sales were made under a pre‑established 10b5-1 trading plan adopted in accordance with securities regulations. After these transactions, the reporting person beneficially owns 33,600 shares of Arrowhead common stock, which includes shares underlying restricted stock units that remain subject to vesting conditions.

Arrowhead Pharmaceuticals reported an insider equity award for one of its directors. On 12/16/2025, the director received 7,819 shares of common stock through restricted stock units at a price of $0. These shares will vest in a single installment on the first anniversary of the grant date, conditioned on the director’s continued service with the company. Following this grant, the director beneficially owns 46,215 shares of Arrowhead Pharmaceuticals common stock in direct ownership.