Avoro Life Sciences Fund Holds 11.52M ARWR Shares, Includes 917K Warrants

Rhea-AI Filing Summary

Avoro Capital Advisors LLC and Behzad Aghazadeh report beneficial ownership of 11,517,441 shares of Arrowhead Pharmaceuticals common stock, representing 8.3% of the outstanding class. The reported position includes 917,441 shares issuable upon exercise of warrants and the percentage is calculated on an aggregate of 138,100,435 shares outstanding as disclosed in the company's quarterly report.

The filing states Avoro holds sole voting and sole dispositive power over these shares and that the holdings are held for investment purposes on behalf of Avoro Life Sciences Fund LLC. The filing notes the report should not be construed as an admission of beneficial ownership for Section 13 purposes.

Positive

• Material stake reported: 11,517,441 shares, representing 8.3% of the class
• Sole voting and dispositive power: Reporting persons state exclusive control over vote and disposition
• Includes warrants: Position incorporates 917,441 shares issuable upon exercise of warrants

Negative

• None.

Insights

Financial Analyst

TL;DR: Avoro reports a material passive stake—8.3%—in Arrowhead, held with sole voting/dispositive power; position is investment-oriented.

Avoro's reported 11.52 million-share position is above the 5% threshold that typically draws investor attention and could affect float and shareholder composition. The inclusion of 917,441 warrant-derived shares is important because the reported percentage assumes their exercise, which modestly increases the effective stake. The filing identifies the economic owner as Avoro Life Sciences Fund LLC and names Behzad Aghazadeh as portfolio manager, indicating centralized investment decision-making.

Corporate Governance Expert

TL;DR: This is a significant disclosure for governance monitoring but shows no assertion of control or group action.

The Schedule 13G/A confirms sole voting and dispositive power by Avoro over the reported shares, which simplifies engagement channels for activist or governance-related outreach. The filing explicitly states the securities were acquired and are held in the ordinary course of business for investment purposes and disclaims intent to influence control, which keeps this filing within passive investor norms rather than an active control pursuit.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

ARROWHEAD PHARMACEUTICALS, INC.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

04280A100

(CUSIP Number)

06/30/2025

(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)

SCHEDULE 13G

CUSIP No. 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 11,517,441.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 11,517,441.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,517,441.00

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)

8.3 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Includes 917,441 shares of Common Stock (as defined in Item 2(a)) issuable upon exercise of warrants.

SCHEDULE 13G

CUSIP No. 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 11,517,441.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 11,517,441.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

11,517,441.00

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)

8.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Includes 917,441 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 138,100,435 shares of Common Stock outstanding as of May 1, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 12, 2025, and assumes the exercise of warrants reported herein.
(b)	Percent of class: 8.3%
(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.
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). Avoro Life Sciences Fund LLC has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of the shares of Common Stock.
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 Financial Officer & Chief Compliance Officer
Date:	08/14/2025

Behzad Aghazadeh

Signature:	/s/ Behzad Aghazadeh
Name/Title:	Behzad Aghazadeh, Individually
Date:	08/14/2025

FAQ

How many Arrowhead (ARWR) shares does Avoro report owning?

Avoro reports beneficial ownership of 11,517,441 shares of Arrowhead common stock.

What percentage of ARWR does the reported holding represent?

The reported position represents 8.3% of Arrowhead's outstanding common stock (based on 138,100,435 shares).

Does the filing include shares from warrants for ARWR?

Yes. The reported amount includes 917,441 shares issuable upon exercise of warrants.

Who is the economic owner or fund on whose behalf the stake is held?

The shares are held for investment purposes on behalf of Avoro Life Sciences Fund LLC.

Does Avoro claim intent to influence control of Arrowhead (ARWR)?

No. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.