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Segments

By segment

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Operating Segment$173.25M+30.2%

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 us-gaap:ResearchAndDevelopmentExpense.

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
Revenue$73,737$542,709$337,770$545,209
Operating expenses:
Research and development173,253133,102350,456270,104
Selling, general and administrative41,74428,40587,76555,315
Total operating expenses214,997161,507438,221325,419
Operating (loss) income(141,260)381,202(100,451)219,790
Other income (expense):
Interest income16,8699,61526,56017,217

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Arrowhead Research's R&D?
Arrowhead Research (ARWR) reported R&D of $173.25M in Q1 2026.
How has Arrowhead Research's R&D changed year-over-year?
Arrowhead Research's R&D increased by 30.2% year-over-year, from $133.1M to $173.25M.
What is the long-term trend for Arrowhead Research's R&D?
Over 4 years (2021 to 2025), Arrowhead Research's R&D has grown at a 31.0% compound annual growth rate (CAGR), from $206.34M to $607.16M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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