Company: ARWR
Filing Date: 2025-01-29
Form Type: ARS
Source: 0001628280-25-002866
Chunk: 112

Company: ARROWHEAD PHARMACEUTICALS, INC.
Filing Date: 2025-01-29
Form: ARS
Chunk 112
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. Performance Graph The following performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or Securities Exchange Act of 1934, each as amended, except to the extent that we specifically incorporate it by reference into such filing. The graph compares the cumulative 5-year total return to stockholders on the Company’s common stock relative to the cumulative total returns of the Nasdaq Composite Index and the Nasdaq Biotechnology Index. The Company selected the Nasdaq Biotechnology Index because it believes the index reflects the market conditions within the industry in which the Company primarily operates. The comparison of total return on investment, defined as the change in year-end stock price plus reinvested dividends, for each of the periods assumes that $100 was invested on September 30, 2019, in each of the Company’s common stock, the Nasdaq Composite Index and the Nasdaq Biotechnology Index, with investment weighted on the basis of market capitalization. 61

The comparisons in the following graph are based on historical data and are not intended to forecast the possible future performance of the Company’s common stock. COMPARISON OF CUMULATIVE TOTAL RETURN Arrowhead Pharmaceuticals, Inc. NASDAQ Biotechnology NASDAQ Composite 2019 2020 2021 2022 2023 2024 0 100 200 300 400 $100 investment in stock or index Ticker 2019 2020 2021 2022 2023 2024 Arrowhead Pharmaceuticals, Inc. ARWR $ 100.00 $ 152.80 $ 221.54 $ 117.28 $ 95.35 $ 68.74 NASDAQ Biotechnology Index ^NBI $ 100.00 $ 136.10 $ 162.58 $ 120.46 $ 126.41 $ 152.44 NASDAQ Composite Index ^IXIC $ 100.00 $ 139.61 $ 180.62 $ 132.21 $ 165.26 $ 227.38 ITEM 6. RESERVED 62

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OVERVIEW The Company develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, the Company’s therapies trigger