Avoro Capital discloses 9.64% Arrowhead Pharmaceuticals (ARWR) stake including warrants

Rhea-AI Filing Summary

Arrowhead Pharmaceuticals, Inc. reported that investment firm Avoro Capital Advisors LLC and its controlling person Behzad Aghazadeh beneficially own 13,823,383 shares of Common Stock, including 2,467,828 shares issuable upon exercise of warrants. Based on 140,857,021 shares of Common Stock outstanding as of May 1, 2026, this represents 9.64% of Arrowhead’s outstanding Common Stock, assuming the warrants are exercised.

The reporting persons state they hold sole voting and sole dispositive power over all 13,823,383 shares, with no shared voting or dispositive power. The position is held for investment purposes on behalf of Avoro Life Sciences Fund LLC, and the filers note that this report does not constitute an admission of beneficial ownership for legal purposes.

Key Figures

Beneficially owned shares: 13,823,383 shares Ownership percentage: 9.64% Shares outstanding baseline: 140,857,021 shares +3 more

6 metrics

Beneficially owned shares 13,823,383 shares Total Arrowhead Common Stock reported as beneficially owned by the reporting persons

Ownership percentage 9.64% Portion of Arrowhead Common Stock outstanding, assuming warrant exercise

Shares outstanding baseline 140,857,021 shares Arrowhead Common Stock outstanding as of May 1, 2026, used for ownership calculation

Shares issuable via warrants 2,467,828 shares Common Stock issuable upon exercise of warrants included in beneficial ownership

Sole voting power 13,823,383 shares Number of shares over which the reporting persons have sole voting power

Sole dispositive power 13,823,383 shares Number of shares over which the reporting persons have sole dispositive power

Key Terms

beneficial owner, Schedule 13G, sole voting power, sole dispositive power, +1 more

5 terms

beneficial owner regulatory

"should not be construed as an admission that any Reporting Person is, for purposes of Section 13 of the Act, the beneficial owner"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

Schedule 13G regulatory

"for purposes of Section 13 of the Act, the beneficial owner of the securities reported herein"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

sole voting power financial

"Sole Voting Power 13,823,383.00 6 | Shared Voting Power 0.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power financial

"Sole Dispositive Power 13,823,383.00 8 | Shared Dispositive Power 0.00"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

Investment Company Act of 1940 regulatory

"A listing of the shareholders of an investment company registered under the Investment Company Act of 1940"

A U.S. federal law that sets the rulebook for pooled investment vehicles such as mutual funds, exchange-traded funds and similar money managers, requiring them to register with regulators, disclose holdings and fees, limit conflicts of interest, and follow governance standards. It matters to investors because these protections and transparency rules act like a referee and scoreboard, helping people compare funds, trust that managers follow fair practices, and spot hidden costs or risks.

FAQ

How much of Arrowhead Pharmaceuticals (ARWR) does Avoro Capital Advisors own?

Avoro Capital Advisors and Behzad Aghazadeh report beneficial ownership of 13,823,383 Arrowhead shares, representing 9.64% of the common stock, based on 140,857,021 shares outstanding as of May 1, 2026 and assuming warrant exercise.

Does the 9.64% Arrowhead (ARWR) stake include warrants held by Avoro?

Yes. The 9.64% beneficial ownership includes 2,467,828 shares of Arrowhead Common Stock issuable upon exercise of warrants. The total reported 13,823,383 shares combines currently owned stock and warrant shares.

Who are the reporting persons in this Arrowhead (ARWR) Schedule 13G/A?

The filing is made by Avoro Capital Advisors LLC and Behzad Aghazadeh. Avoro is an investment adviser, and Dr. Aghazadeh is described as the portfolio manager and controlling person of Avoro for the reported holdings.

What voting power does Avoro report over its Arrowhead (ARWR) shares?

The reporting persons disclose sole voting power over 13,823,383 shares of Arrowhead Common Stock and no shared voting power. They also report sole dispositive power over the same number of shares, with no shared dispositive power.

On what share count is Avoro’s 9.64% Arrowhead (ARWR) ownership based?

The 9.64% figure is calculated using 140,857,021 Arrowhead shares outstanding as of May 1, 2026, as disclosed in Arrowhead’s Form 10-Q, and it assumes exercise of the warrants held by the reporting persons.

For whose benefit does Avoro hold its Arrowhead (ARWR) position?

Avoro states it acquired Arrowhead Common Stock and the warrant shares solely for investment purposes on behalf of Avoro Life Sciences Fund LLC, a Delaware limited liability company it advises and manages.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 09:01 AM Accepted by SEC EDGAR 08/14/2026 - 09:00 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Arrowhead Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

04280A100

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 04280A100

1

Names of Reporting Persons

Avoro Capital Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,823,383.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,823,383.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,823,383.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.64 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Includes 2,467,828 shares of Common Stock (as defined in Item 2(a)) issuable upon exercise of warrants.

SCHEDULE 13G

CUSIP Number(s): 04280A100

1

Names of Reporting Persons

Behzad Aghazadeh

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,823,383.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 13,823,383.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

13,823,383.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.64 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Includes 2,467,828 shares of Common Stock issuable upon exercise of warrants.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Arrowhead Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 177 E. Colorado Blvd, Suite 700, Pasadena, CA 91105
Item 2.
(a)	Name of person filing: This statement is filed by: (i) Avoro Capital Advisors LLC, a Delaware limited liability company ("Avoro"), which provides investment advisory and management services and has acquired the shares of common stock, par value $0.001 per share ("Common Stock") and the shares of Common Stock underlying warrants of Arrowhead Pharmaceuticals, Inc., a Delaware corporation (the "Company"), solely for investment purposes on behalf of Avoro Life Sciences Fund LLC, a Delaware limited liability company, and (ii) Behzad Aghazadeh ("Dr. Aghazadeh," and together with Avoro, the "Reporting Persons"), who serves as the portfolio manager and controlling person of Avoro. The filing of this statement should not be construed as an admission that any Reporting Person is, for purposes of Section 13 of the Act, the beneficial owner of the securities reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 110 Greene Street, Suite 800, New York, NY 10012.
(c)	Citizenship: Avoro is a Delaware limited liability company. Dr. Aghazadeh is a United States citizen.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 04280A100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 140,857,021 shares of Common Stock outstanding as of May 1, 2026 as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, filed with the Securities and Exchange Commission on May 7, 2026, and assumes the exercise of warrants reported herein.
(b)	Percent of class: 9.64%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Avoro Capital Advisors LLC

Signature:	/s/ Scott Epstein
Name/Title:	Scott Epstein, Chief Operating Officer and Chief Compliance Officer
Date:	08/14/2026

Behzad Aghazadeh

Signature:	/s/ Behzad Aghazadeh
Name/Title:	Behzad Aghazadeh, Individually
Date:	08/14/2026