ARWRHIGH SIGNALFINANCIAL10-K

ARWR achieved a dramatic operational turnaround with revenue surging over 2000% and swinging from a $601M operating loss to $98M operating profit.

This represents a fundamental transformation in ARWR's business model, moving from a cash-burning development-stage company to one generating substantial revenue and positive operating cash flow. The 9.1% share count increase suggests some dilution occurred, but the massive improvement in operational metrics and balance sheet strength significantly outweighs this concern.

Comparing 2025-11-25 vs 2024-11-26View on EDGAR →
FINANCIAL ANALYSIS

ARWR delivered exceptional financial performance with revenue exploding from $727K to $16.1M (+2119%) while achieving positive operating income of $98.3M versus a prior year loss of $601.1M. Operating cash flow turned strongly positive at $179.6M compared to negative $462.9M previously, while stockholders' equity more than doubled to $466.1M, demonstrating both operational excellence and balance sheet strengthening. The company also reduced capital expenditures by 84% while growing total assets 21.5%, indicating improved capital efficiency alongside rapid business expansion.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+2119.3%
$727K$16.1M

Strong top-line growth of 2119.3% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
+151.3%
$185.4M$466.1M

Equity base grew 151.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+138.8%
-$462.9M$179.6M

Operating cash flow surged 138.8% — exceptional cash generation, highest quality earnings signal.

Operating Income
P&L
+116.4%
-$601.1M$98.3M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+99.7%
-$599.5M-$1.6M

Net income grew 99.7% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
+89.5%
$103.2M$195.5M

Current liabilities surged 89.5% — significant near-term obligations; verify ability to meet short-term debt.

Capital Expenditure
Cash Flow
-84%
$141.5M$22.7M

Capex reduced 84% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
+36.7%
$695.5M$950.6M

Current assets grew 36.7% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+28.5%
$143.6M$184.4M

Cash grew 28.5% — improving liquidity position supports investment and shareholder returns.

Total Assets
Balance Sheet
+21.5%
$1.1B$1.4B

Asset base grew 21.5% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-11-26
ADDED
As of November 19, 2025, 135,809,558 shares of the issuer s Common Stock were issued and outstanding.
MARKET FOR THE REGISTRANT S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 61 ITEM 6.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 62 ITEM 7A.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 73 ITEM 9A.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 74 ITEM 13.
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REMOVED
As of November 20, 2024, 124,434,442 shares of the issuer s Common Stock were issued and outstanding.
M ARKET FOR THE R EGISTRANT S C OMMON E QUITY, R ELATED S TOCKHOLDER M ATTERS AND I SSUER P URCHASES OF E QUITY S ECURITIES 61 I TEM 6.
M ANAGEMENT S D ISCUSSION AND A NALYSIS OF F INANCIAL C ONDITION AND R ESULTS OF O PERATIONS 62 I TEM 7A.
C HANGES IN AND D ISAGREEMENTS WITH A CCOUNTANTS ON A CCOUNTING AND F INANCIAL D ISCLOSURE 72 I TEM 9A.
D ISCLOSURE R EGARDING F OREIGN J URISDICTIONS T HAT P REVENT I NSPECTIONS 75 PART III I TEM 10.
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