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Arrowhead Research ARWR Business Segments — Discovery costs

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HHHOperating Assets Segment — Operating 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:ResearchAndDevelopmentExpenseDiscoveryCosts.

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 — discovery costs?
Arrowhead Research (ARWR) reported business segments — discovery costs of $18.5M in Q1 2026.
How has Arrowhead Research's business segments — discovery costs changed year-over-year?
Arrowhead Research's business segments — discovery costs increased by 24.9% year-over-year, from $14.81M to $18.5M.
What does business segments — discovery costs mean?
Captures the expenditures associated with early-stage research activities aimed at identifying and validating new therapeutic targets. This includes pre-clinical research, laboratory experimentation, and the initial exploration of genetic mechanisms. It reflects the company's commitment to long-term pipeline replenishment.

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