ARROWHEAD PHARMACEUTICALS, INC. — Form 10-Q
Filed August 4, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 23/100
What the filing says
Arrowhead granted Madrigal exclusive worldwide license to develop, manufacture, and commercialize Licensed Compounds (ARO-PNPLA3 and related RNAi molecules targeting PNPLA3) and Licensed Products. Madrigal will pay $25M upfront, clinical/regulatory/sales milestones (redacted amounts), and tiered royalties on net sales (redacted rates). Arrowhead retains rights to manufacture under certain conditions and to perform development work. Technology transfer, manufacturing transfer, and regulatory transition occur during defined periods with joint governance via JTC.
Why this rating
Licensing deal transfers non-core program; upfront $25M plus potential milestones support operations but represent <2% of $1.4B market cap; routine pharma partnering structure.
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