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Arrowhead Research Corp. has a market cap of $62.5 million; its shares were traded at around $0.8901 with and P/S ratio of 100.8. Arrowhead Research Corp. had an annual average earning growth of 41.9% over the past 10 years.Hedge Fund Gurus that owns ARWR: Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations: The Company recorded revenue of $4,995,000 during the three months ended December 31, 2010 as compared to revenue of $148,000 during the three months ended December 31, 2009. Revenue for the three months ended December 31, 2010 included $4.5 million related to three agreements with Samsung, as well as recurring revenue from the sales of CNTs and inks. Calando recognized revenue of $296,000 primarily as a result of grant revenue. Revenue for the three months ended December 31, 2009 related to the sales of CNTs and inks by Unidym. On January 18, 2011, Arrowhead’s ownership interest in Unidym was sold, therefore revenues from Unidym will cease in January 2011.
Professional/outside services include legal, accounting and other outside services retained by the Company and its subsidiaries. All periods include normally occurring legal and accounting expenses related to SEC compliance and other corporate matters. Professional/outside services expense was $647,000 during the three months ended December 31, 2010, compared to $421,000 in the comparable prior period. The increase in professional fees primarily related to a charge of $458,000 at Unidym related to services by a consultant to secure and negotiate Unidym’s two license agreements, and its intellectual property purchase and business cooperation agreements with Samsung, as well as certain attorney fees associated with that transaction. This increase was partially offset by decrease in professional services at Arrowhead from certain one-time charges related to tax and audit services in the prior quarter.
Outside labs and contract services expense was $104,000 during the three months ended December 31, 2010, compared to $49,000 in the comparable prior period. The increase of $55,000 was primarily related to outside lab costs at Calando primarily costs related to patient enrollment of clinical trials; during the prior quarter, Calando was not enrolling patients as its key assay was under redevelopment. Calando is engaged in patient recruitment, and as new patients are enrolled, we would expect that these costs continue to increase.
Licensing fees, royalty and milestones expense was $3.2 million during the three months ended December 31, 2010, compared to $3,000 in the comparable prior period. Licensing fees, royalty and milestones expenses during the three months ended December 31, 2010 were due to $2 million in licensing fees owed to the University of Texas M.D. Anderson Cancer Center related to a Patent and Technology License Agreement entered into in December 2010. Also, Unidym recorded $1.2 million in license fees due to certain universities necessary to consummate the agreements with Samsung in December 2010.
Facilities expense was $137,000 during the three months ended December 31, 2010, compared to $109,000 in the comparable prior period. Unidym experienced higher than average repairs and maintenance costs during the quarter.
Consulting expense was $231,000 during the three months ended December 31, 2010, compared to $101,000 in the comparable prior period. The increase in consulting expense is primarily related to $80,000 paid to the scientific founders of Ablaris as an upfront fee for their participation on the company’s scientific advisory board representing half of the annual fees expected to be paid to these advisors.
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