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Arrowhead Research ARWR Business Segments — Candidate costs

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Other financials

Income statement

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Revenue$73.7M-86.4%
Operating income-$141.3M-137%
Net income-$132.7M-136%
EPS (diluted)-$0.93-134%

Balance sheet

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Cash & equivalents$188.5M+1.5%
Total debt$107.9M-5.6%
Total equity$614.0M-10.1%
Total assets$2.3B+44.2%

Cash flow

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Operating cash flow$84.4M-81.6%
CapEx$2.6M-51.6%
Free cash flow$81.9M-82.0%

Valuation

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Market cap$12.28B+445%
Enterprise value$12.2B+446%
P/S19.7×+15.8×

Profitability

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Operating margin-35.7%+63.6pp
Net margin-48.4%+240pp
FCF margin1.8%+0.9pp

Returns & leverage

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Return on equity-46.4%+341pp
Debt / equity0.2×0.0×
Current ratio6.2×+1.1×

Where this comes from

Reported directly by Arrowhead Research in its filing.

Tagged under the XBRL concept arwr:ResearchAndDevelopmentExpenseCandidateCosts.

The source filing: Arrowhead Research’s 10-Q, filed May 7, 2026.

Filed
May 7, 2026, 4:05 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q1 2026
Accession
0000879407-26-000047
Line itemThree Months Ended March 31, 2026Three Months Ended March 31, 2025Six Months Ended March 31, 2026Six Months Ended March 31, 2025
Candidate costs$99,449$71,191$204,439$148,087
Discovery costs18,49814,80640,32627,742
Salaries33,54626,90763,58554,052
Facilities related7,5956,73715,69714,487
Total research and development expense, excluding non-cash expense$159,088$119,641$324,047$244,368
Stock compensation8,2977,88814,65515,437
Depreciation and amortization5,8685,57311,75410,299
Total research and development expense$173,253$133,102$350,456$270,104

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Arrowhead Research's business segments — candidate costs?
Arrowhead Research (ARWR) reported business segments — candidate costs of $99.45M in Q1 2026.
How has Arrowhead Research's business segments — candidate costs changed year-over-year?
Arrowhead Research's business segments — candidate costs increased by 39.7% year-over-year, from $71.19M to $99.45M.
What does business segments — candidate costs mean?
Represents the direct costs associated with the development and clinical advancement of specific therapeutic drug candidates. This includes expenses related to clinical trials, manufacturing of clinical supplies, and regulatory activities for the company's pipeline. It serves as a primary indicator of investment intensity in the company's core R&D portfolio.

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