Company: ARWR
Filing Date: 2025-01-29
Form Type: ARS
Source: 0001628280-25-002866
Chunk: 102

Company: ARROWHEAD PHARMACEUTICALS, INC.
Filing Date: 2025-01-29
Form: ARS
Chunk 102
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, and the sale of a limited number of shares could cause the price to fall sharply. Although our common stock is listed for trading on the Nasdaq Global Select Market, at various times our securities are relatively thinly traded. Investor trading patterns could serve to exacerbate the volatility of the price of our stock. For example, mandatory sales of our common stock by institutional holders could be triggered if an investment in our common stock no longer satisfies their investment standards and guidelines. It may be difficult to sell shares of our common stock quickly without significantly depressing the value of the stock. Unless we are successful in developing continued investor interest in our stock, sales of our stock could result in major fluctuations in the price of the stock. 54

Our common stock price has fluctuated significantly over the last several years and may continue to do so in the future, without regard to our results of operations and prospects. Because we are still a clinical-stage pharmaceutical company and have not yet commercialized a drug, there are few objective metrics by which our progress may be measured. Consequently, we expect that the market price of our common stock will continue to fluctuate significantly. We may not continue to generate substantial revenue from the license or sale of our technology for several years, if at all. In the absence of product revenue as a measure of our operating performance, we anticipate that investors and market analysts will assess our performance by considering factors such as: • Announcements of developments related to our business; • Our ability to enter into or extend investigation phase, development phase, commercialization phase and other agreements with new and/or existing partners; • Announcements regarding the status of any or all of our collaborations or products, including clinical trial results; • Market perception and/or investor sentiment regarding our technology; • Announcements of actions taken by regulatory authorities, such as the U.S. Food and Drug Administration; • Announcements regarding developments in the RNA interference, antisense technologies, gene editing technologies or biotechnology fields in general; • Announcements regarding clinical trial results with our products or competitors’ products; • Market perception and/or announcements regarding other companies developing products in the field of biotechnology generally or specifically RNA interference; • The issuance of competitive patents or disallowance or loss of our patent rights; • The addition or departure of key executives; and • Variations in our operating results. We will not have control over many of these factors but expect that they may influence our stock price. As a result, our stock price may be volatile and such volatility could result in the loss of all or part