Arrowhead Research Corp. (ARWR, Financial) filed Quarterly Report for the period ended 2009-03-31.
Arrowhead Research Corporation is a publicly-traded nanotechnology company commercializing new technologies in the areas of life sciences electronics and energy. Arrowhead is building value for shareholders through the progress of majority owned subsidiaries founded on nanotechnologies originally developed at universities. The company works closely with universities to source early stage deals and to generate rights to intellectual property covering promising new nanotechnologies. Currently Arrowhead has four subsidiaries commercializing nanotech products and applications including anti-cancer drugs RNAi therapeutics carbon-based electronics and compound semiconductor materials. Arrowhead Research Corp. has a market cap of $23.5 million; its shares were traded at around $0.55 with and P/S ratio of 18.1.
The Company generated revenues of $235,650 and $724,766 for the three months ended March 31, 2009 and 2008, respectively. The revenue for the three months ended March 31, 2009 consist of $7,500 from license fees from Unidym technology, $20,000 in collaboration fees from Calando, $117,715 in grants to Unidym to fund research and $90,435 from sales and delivery of CNTs and inks by Unidym. The prior year second quarter revenues consist of $557,471 in grants to Unidym to fund research and $167,295 from Unidyms sales and delivery of CNTs.
The Company generated revenues of $937,373 and $1,127,627 for the six months ended March 31, 2009, and 2008, respectively. The revenue for the six months ended March 31, 2009 consist of $457,500 from license fees from Unidym technology, $202,948 in grants to Unidym to fund research $20,000 in collaboration fees from Calando and $256,925 from sales and delivery of CNTs and inks by Unidym. The prior year six month revenues consist of $748,487 in grants to Unidym to fund research and $379,140 from Unidyms sales and delivery of CNTs.
Expenses incurred at Calando during the second quarter of fiscal 2009 include approximately $428,000 in salary and related expense, $1.1 million in clinical and preclinical research and development and consulting expenses and $312,000 in general and administrative expenses compared to approximately $860,000 in salary and related expense, $1.0 million in clinical and preclinical research, development and consulting expenses and $325,000 in general and administrative expenses in the same period in fiscal 2008. Calando has now stopped work on all preclinical candidates and has reduced headcount throughout the current year. Calando is actively pursuing partnership and licensing discussions with other pharmaceutical and biotech companies. Clinical and preclinical development of Calandos drug candidates are in the process of being concluded or have been ceased as a result of the limited cash resources available to Calando.
Unidyms cash consumed by operations was approximately $1.7 million in the second quarter. Unidyms continuing business development efforts include sampling films and inks to customers in the touch panel and LCD industries and continuing its joint development with Samsung. Product development efforts were focused on CNT inks and films as well as improving its processes for high quality CNT production. In December, Unidym took aggressive steps to reduce its cash consumption beginning in the fourth quarter of the prior fiscal year. Reductions in management headcount made during the first quarter of fiscal 2009 included the CFO, CTO, VP of Finance, Corporate Controller, Vice President of Sales and Marketing, Vice President of Business Development and Plant Controller position. The CEO was terminated in December 2008 and executive management responsibility was delegated by the Unidym board to Arrowhead personnel. In addition, several employees at Unidyms Texas facilities were put on unpaid furlough in November 2008 and terminated in December 2008 and January 2009. During the second quarter of fiscal 2009, the decision was made to close Unidyms Texas facility and the remaining employees in Texas were terminated. Expenses incurred in the second quarter of fiscal 2009 include approximately $955,000 in salaries and related expenses, approximately $565,000 in research and development expenses, and approximately $280,000 in general, administrative and consulting expenses. Comparable expenses incurred during the second quarter of fiscal 2008 included approximately $1,410,000 in salaries and related expenses, approximately $1,001,000 in research and development expenses, and approximately $611,000 in general, administrative and consulting expenses. Expenses are expected to decrease in the coming quarters as the streamlining and consolidating measures take effect.
Expenses incurred at Arrowhead corporate during the second quarter of fiscal 2009 include approximately $422,000 in salary and related expense, $31,000 in consulting expenses and $500,000 in general and administrative expenses. Expenses during the same period in the prior year were approximately $266,000 in salary and related expense, $69,000 in consulting expenses, $727,000 in general and administrative expenses and $150,000 in sponsored research.
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Arrowhead Research Corporation is a publicly-traded nanotechnology company commercializing new technologies in the areas of life sciences electronics and energy. Arrowhead is building value for shareholders through the progress of majority owned subsidiaries founded on nanotechnologies originally developed at universities. The company works closely with universities to source early stage deals and to generate rights to intellectual property covering promising new nanotechnologies. Currently Arrowhead has four subsidiaries commercializing nanotech products and applications including anti-cancer drugs RNAi therapeutics carbon-based electronics and compound semiconductor materials. Arrowhead Research Corp. has a market cap of $23.5 million; its shares were traded at around $0.55 with and P/S ratio of 18.1.
Highlight of Business Operations:
The Company had a consolidated net loss of approximately $5.3 million and $13.3 million for the three month and six month periods ended March 31, 2009, respectively, versus a consolidated net loss of $5.7 and $10.9 during the same three month and six month periods in the prior year. The decrease in the quarterly loss resulted primarily from a $2.1 million decrease in operating expenses compared to the same quarter in the prior year. The approximately $2.1 million decrease in operating expenses is partially offset by a $500,000 decrease in revenues and a $1.1 million reduction in the portion of the operating loss allocable to minority interests compared to the prior year.The Company generated revenues of $235,650 and $724,766 for the three months ended March 31, 2009 and 2008, respectively. The revenue for the three months ended March 31, 2009 consist of $7,500 from license fees from Unidym technology, $20,000 in collaboration fees from Calando, $117,715 in grants to Unidym to fund research and $90,435 from sales and delivery of CNTs and inks by Unidym. The prior year second quarter revenues consist of $557,471 in grants to Unidym to fund research and $167,295 from Unidyms sales and delivery of CNTs.
The Company generated revenues of $937,373 and $1,127,627 for the six months ended March 31, 2009, and 2008, respectively. The revenue for the six months ended March 31, 2009 consist of $457,500 from license fees from Unidym technology, $202,948 in grants to Unidym to fund research $20,000 in collaboration fees from Calando and $256,925 from sales and delivery of CNTs and inks by Unidym. The prior year six month revenues consist of $748,487 in grants to Unidym to fund research and $379,140 from Unidyms sales and delivery of CNTs.
Expenses incurred at Calando during the second quarter of fiscal 2009 include approximately $428,000 in salary and related expense, $1.1 million in clinical and preclinical research and development and consulting expenses and $312,000 in general and administrative expenses compared to approximately $860,000 in salary and related expense, $1.0 million in clinical and preclinical research, development and consulting expenses and $325,000 in general and administrative expenses in the same period in fiscal 2008. Calando has now stopped work on all preclinical candidates and has reduced headcount throughout the current year. Calando is actively pursuing partnership and licensing discussions with other pharmaceutical and biotech companies. Clinical and preclinical development of Calandos drug candidates are in the process of being concluded or have been ceased as a result of the limited cash resources available to Calando.
Unidyms cash consumed by operations was approximately $1.7 million in the second quarter. Unidyms continuing business development efforts include sampling films and inks to customers in the touch panel and LCD industries and continuing its joint development with Samsung. Product development efforts were focused on CNT inks and films as well as improving its processes for high quality CNT production. In December, Unidym took aggressive steps to reduce its cash consumption beginning in the fourth quarter of the prior fiscal year. Reductions in management headcount made during the first quarter of fiscal 2009 included the CFO, CTO, VP of Finance, Corporate Controller, Vice President of Sales and Marketing, Vice President of Business Development and Plant Controller position. The CEO was terminated in December 2008 and executive management responsibility was delegated by the Unidym board to Arrowhead personnel. In addition, several employees at Unidyms Texas facilities were put on unpaid furlough in November 2008 and terminated in December 2008 and January 2009. During the second quarter of fiscal 2009, the decision was made to close Unidyms Texas facility and the remaining employees in Texas were terminated. Expenses incurred in the second quarter of fiscal 2009 include approximately $955,000 in salaries and related expenses, approximately $565,000 in research and development expenses, and approximately $280,000 in general, administrative and consulting expenses. Comparable expenses incurred during the second quarter of fiscal 2008 included approximately $1,410,000 in salaries and related expenses, approximately $1,001,000 in research and development expenses, and approximately $611,000 in general, administrative and consulting expenses. Expenses are expected to decrease in the coming quarters as the streamlining and consolidating measures take effect.
Expenses incurred at Arrowhead corporate during the second quarter of fiscal 2009 include approximately $422,000 in salary and related expense, $31,000 in consulting expenses and $500,000 in general and administrative expenses. Expenses during the same period in the prior year were approximately $266,000 in salary and related expense, $69,000 in consulting expenses, $727,000 in general and administrative expenses and $150,000 in sponsored research.
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