Company: ARWR
Filing Date: 2025-12-11
Form Type: S-3ASR
Source: 0001193125-25-314755
Chunk: 33

Company: ARROWHEAD PHARMACEUTICALS, INC.
Filing Date: 2025-12-11
Form: S-3ASR
Chunk 33
---
 purposes. However, we have not determined the
specific allocation of the net proceeds among these potential uses. Our management will have broad discretion over the use and investment of the net proceeds from this offering, and, accordingly, investors in this offering will need to rely upon the
judgment of our management with respect to the use of proceeds, with only limited information concerning our specific intentions. These proceeds could be applied in ways that do not improve our operating results or increase the value of your
investment.

You may experience immediate and substantial dilution in the net tangible book value per share of the common stock you purchase in the offering. In addition, we may issue additional equity or convertible debt securities in the future, which may result in additional dilution to you.

The offering price per share in this offering may exceed the pro forma net tangible book value per share of our common stock outstanding as of
September 30, 2025. Assuming that an aggregate of 7,264,274 shares of our common stock are sold at a price of $68.83 per share, the last reported sale price of our common stock on Nasdaq on December 9, 2025, for aggregate gross proceeds of
approximately $500,000,000, and after deducting commissions and estimated aggregate offering expenses payable by us, you would experience immediate dilution of $61.94 per share, representing the difference between our pro forma as adjusted net
tangible book value per share as of September 30, 2025, after giving effect to this offering and the assumed offering price. The exercise of outstanding stock options could result in further dilution of your investment. See the section titled
“Dilution” below for a more detailed illustration of the dilution you may incur if you participate in this offering. In addition, to the extent we need to raise additional capital in the future and we issue additional shares of
common stock or securities convertible or exchangeable for shares of our common stock, our then existing stockholders may experience dilution and the new securities may have rights senior to those shares of our common stock offered in this offering.

Sales of our common stock in this offering, or the perception that such sales may occur, could cause the market price of our common stock to fall.

We may issue and sell shares of our common stock for aggregate gross proceeds of up to $500,000,000 from time to time in
connection with this offering. The actual number of shares of common stock that may be issued and sold in this offering,