Company: ARWR
Filing Date: 2025-12-11
Form Type: S-3ASR
Source: 0001193125-25-314755
Chunk: 36

Company: ARROWHEAD PHARMACEUTICALS, INC.
Filing Date: 2025-12-11
Form: S-3ASR
Chunk 36
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30, 2025. Our historical net tangible book value at September 30, 2025 was $496,555,000 or approximately $3.66 per share of our common stock. After giving effect to the sale of our common stock in the aggregate amount of $500,000,000 in this offering, at an assumed offering price of $68.83 per share, the last reported sale price of our common stock on Nasdaq on December 9, 2025, and after deducting estimated offering expenses and commissions payable by us, our adjusted net tangible book value as of September 30, 2025 would have been approximately $984,989,750, or approximately $6.89 per share of our common stock. This represents an immediate increase in the net tangible book value of $3.23 per share of our common stock to our existing stockholders and an immediate dilution in net tangible book value of approximately $61.94 per share of our common stock to new investors. The following table illustrates per share dilution:

| Assumed offering price per share                                                            |     |   |      |     | $ | 68.83 |
| Net tangible book value per share as of September 30, 2025                                  |     | $ | 3.66 |     |   |       |
| Increase in net tangible book value per share attributable to this offering                 |     | $ | 3.23 |     |   |       |
| Adjusted net tangible book value per share as of September 30, 2025, after giving effect to 
 this offering                                                                               |     |   |      |     | $ |  6.89 |
| Dilution per share to new investors purchasing shares in this offering                      |     |   |      |     | $ | 61.94 |

The table above assumes for illustrative purposes 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 $500,000,000. The shares sold in this offering, if any, will be sold from time to time at various prices. An increase of $1.00 per share in the price at which the shares are sold from the assumed offering price of $68.83 per share shown in the table above, assuming all of our common stock in the aggregate amount of $