Arrowhead Pharmaceuticals, Inc. (ARWR): ANSOFF MATRIX ANÁLISE [JAN-2025 Atualizado]

Na paisagem em rápida evolução da medicina genética, os produtos farmacêuticos de Arrowhead surge como uma força pioneira, mapeando estrategicamente sua trajetória de crescimento através de uma matriz abrangente de Ansoff que promete revolucionar intervenções terapêuticas RNAi. Ao explorar meticulosamente a penetração do mercado, o desenvolvimento, a inovação de produtos e a diversificação estratégica, a empresa está pronta para transformar tratamentos de doenças raras e ultrapassar os limites da medicina genética de precisão. Sua abordagem multifacetada não apenas aborda os desafios atuais de assistência médica, mas também posiciona a ponta da seta na vanguarda dos avanços biotecnológicos inovadores que podem redefinir como entendemos e tratamos distúrbios genéticos complexos.

Arrowhead Pharmaceuticals, Inc. (ARWR) - ANSOFF MATRIX: Penetração de mercado

Expanda os esforços de marketing para o oleoduto terapêutico RNAi existente

A Arrowhead Pharmaceuticals relatou receita total de US $ 270,6 milhões para o ano fiscal de 2022. O oleoduto terapêutico RNAi direcionada a doenças raras inclui ARO-AAT para doença hepática da antitripsina alfa-1 e ARO-med para distúrbios cardiovasculares.

Terapia de pipeline	Indicação alvo	Estágio clínico	Potencial estimado de mercado
Aro-aat	Doença hepática	Fase 2	US $ 750 milhões
Aro-med	Cardiovascular	Fase 1/2	US $ 1,2 bilhão

Aumentar o envolvimento da equipe de vendas

No quarto trimestre 2022, a Arrowhead manteve uma equipe de vendas de 85 profissionais focados nos mercados de hepatologia e cardiovascular.

• A cobertura da equipe de vendas expandiu -se para 42 centros de tratamento importantes
• A rede de médicos -alvo aumentou 18% em 2022

Otimize estratégias de preços

O preço médio da RNAi Therapeutics varia entre US $ 150.000 e US $ 350.000 por paciente anualmente.

Categoria de terapia	Custo estimado de tratamento anual	Competitividade do mercado
Tratamentos de doenças raras	$250,000	Competitivo
Intervenções cardiovasculares	$180,000	Altamente competitivo

Aumente a visibilidade do ensaio clínico

Atualmente, a Arrowhead gerencia 7 ensaios clínicos ativos em várias áreas terapêuticas com investimento total de pesquisa de US $ 156,4 milhões em 2022.

• O recrutamento de pacientes aumentou 22% em comparação com o ano anterior
• Locais de ensaios clínicos expandidos para 38 locais globalmente

Fortalecer os relacionamentos do profissional de saúde

A Rede de Colaboração inclui 62 centros de tratamento e instituições de pesquisa principais em todo o mundo.

Tipo de relacionamento	Número de parcerias	Alcance geográfico
Instituições de pesquisa	24	América do Norte, Europa
Centros de tratamento	38	Global

Arrowhead Pharmaceuticals, Inc. (ARWR) - ANSOFF MATRIX: Desenvolvimento de mercado

Expansão internacional para mercados farmacêuticos europeus e asiáticos

No quarto trimestre 2022, a Arrowhead Pharmaceuticals registrou receita internacional de US $ 41,3 milhões, representando 32% da receita total da empresa. A penetração do mercado europeu focada em países -chave, incluindo Alemanha, Reino Unido e França.

Região	Potencial de mercado	Oportunidade terapêutica do RNAi
Europa	Mercado farmacêutico de US $ 152,6 bilhões	Potencial de crescimento de 37% nas tecnologias RNAi
Ásia-Pacífico	Mercado farmacêutico de US $ 364,5 bilhões	42% do mercado terapêutico emergente RNAi

Mercados emergentes com necessidades médicas não atendidas

Os mercados -alvo identificados com altas necessidades médicas não atendidas incluem:

• China: 1,4 bilhão de população, 18% de prevalência de doenças crônicas
• Índia: 1,38 bilhão de população, 14% de taxa de distúrbio genético raro
• Japão: mercado farmacêutico de US $ 120 bilhões, envelhecimento da população demográfica

Desenvolvimento de parcerias estratégicas

Os atuais investimentos em parceria internacional, totalizando US $ 87,4 milhões em instituições de pesquisa na Europa e na Ásia.

Região	Instituições parceiras	Valor do investimento
Europa	7 universidades de pesquisa	US $ 42,6 milhões
Ásia	5 centros de pesquisa médica	US $ 44,8 milhões

Estratégia de aprovações regulatórias

Metas de submissão regulatória para 2023-2024:

• Agência Europeia de Medicamentos: 3 candidatos a drogas
• Administração Nacional de Produtos Médicos da China: 2 candidatos a drogas
• Japan Pharmaceuticals and Medical Disposition Agency: 2 candidatos a drogas

Foco em expansão geográfica

Identificou ambientes regulatórios favoráveis:

• Cingapura: US $ 10,5 bilhões no mercado de biotecnologia
• Coréia do Sul: Mercado farmacêutico de US $ 36,2 bilhões
• Austrália: US $ 22,7 bilhões de ecossistema de inovação em saúde

Arrowhead Pharmaceuticals, Inc. (ARWR) - ANSOFF MATRIX: Desenvolvimento de produtos

Invista em pesquisa para expandir aplicações terapêuticas RNAi

No ano fiscal de 2022, a Arrowhead Pharmaceuticals investiu US $ 217,4 milhões em pesquisa e desenvolvimento. Atualmente, a empresa possui 23 programas em desenvolvimento em várias áreas terapêuticas.

Área de foco de pesquisa	Número de programas	Investimento estimado
Doenças hepáticas	12	US $ 98,6 milhões
Doenças cardiovasculares	5	US $ 45,3 milhões
Oncologia	6	US $ 73,5 milhões

Desenvolva mecanismos de entrega RNAi de próxima geração

A plataforma de tecnologia proprietária de Arrowhead demonstrou 89% de eficiência de silenciamento de genes em estudos pré -clínicos.

• Taxa de sucesso do mecanismo de entrega atual: 76%
• Taxa de melhoria-alvo: 15-20% nos próximos 3 anos
• Investimento estimado em P&D em mecanismos de entrega: US $ 42,1 milhões

Avanços de medicina de precisão antecipada

A empresa identificou 14 alvos potenciais de doenças genéticas para estratégias de tratamento personalizadas.

Categoria de doença genética	Alvos em potencial	Estágio de desenvolvimento
Distúrbios genéticos raros	7	Pré -clínico
Doenças metabólicas herdadas	5	Clínica inicial
Condições genéticas neurológicas	2	Fase de descoberta

Aprimore os candidatos a drogas existentes

Arrowhead possui 6 candidatos a medicamentos atualmente submetidos a otimização de engenharia molecular.

• Ciclo de engenharia molecular média: 18 meses
• Custo estimado por otimização do candidato: US $ 3,2 milhões
• Melhoria projetada na eficácia do medicamento: 35-40%

Crie terapias combinadas inovadoras

A empresa está desenvolvendo 4 abordagens de terapia combinada usando tecnologias de plataforma RNAi.

Tipo de terapia	Número de abordagens	Valor potencial de mercado
Combinações de oncologia	2	US $ 450 milhões
Combinações de doenças metabólicas	1	US $ 280 milhões
Combinações cardiovasculares	1	US $ 320 milhões

Arrowhead Pharmaceuticals, Inc. (ARWR) - ANSOFF MATRIX: Diversificação

Explore possíveis aquisições em tecnologias de medicina genética complementares

A Arrowhead Pharmaceuticals reportou US $ 106,2 milhões em despesas de pesquisa e desenvolvimento para o ano fiscal de 2022. O orçamento de aquisição estratégica da empresa alocou US $ 45,3 milhões para possíveis investimentos em tecnologia.

Área de tecnologia	Faixa de investimento potencial	Ajuste estratégico
Silenciamento do gene rnai	US $ 25-35 milhões	Alto
Tecnologias de edição do CRISPR	US $ 15-22 milhões	Médio
Plataformas de entrega de mRNA	US $ 10-18 milhões	Médio-alto

Investigar oportunidades em domínios adjacentes de pesquisa de biotecnologia

O pipeline atual da Arrowhead inclui 15 programas de estágio clínico com custos estimados de desenvolvimento de US $ 78,6 milhões.

• Alvos terapêuticos da doença hepática: 6 programas
• Domínios de pesquisa de oncologia: 4 programas
• Plataformas de doenças cardiovasculares: 3 programas
• Pesquisa de doenças pulmonares: 2 programas

Desenvolva investimentos estratégicos de risco em plataformas terapêuticas emergentes

Em 2022, a Arrowhead comprometeu US $ 22,7 milhões a iniciativas de risco e investimento estratégico.

Categoria de investimento	Alocação	Potencial de retorno esperado
Startups de biotecnologia em estágio inicial	US $ 12,4 milhões	Alto risco/alto potencial
Plataformas terapêuticas avançadas	US $ 7,3 milhões	Risco moderado/retorno estável
Tecnologias emergentes de terapia genética	US $ 3 milhões	Especulativo/transformador

Considere a expansão para tecnologias de diagnóstico que apoiam estratégias de tratamento RNAi

O investimento em tecnologia de diagnóstico projetou US $ 8,9 milhões para o ano fiscal de 2023.

• Desenvolvimento de diagnóstico molecular: US $ 4,2 milhões
• Tecnologias de identificação de biomarcadores: US $ 2,7 milhões
• Plataformas de diagnóstico complementares: US $ 2 milhões

Crie iniciativas de pesquisa colaborativa com centros de pesquisa acadêmica e farmacêutica

Orçamento de colaboração de pesquisa de US $ 16,5 milhões alocados para 2023.

Tipo de colaboração	Investimento	Número de parcerias
Centros de pesquisa acadêmica	US $ 9,3 milhões	7 parcerias ativas
Colaborações de pesquisa farmacêutica	US $ 5,2 milhões	4 projetos em andamento
Redes de pesquisa internacionais	US $ 2 milhões	3 iniciativas globais

Arrowhead Pharmaceuticals, Inc. (ARWR) - Ansoff Matrix: Market Penetration

Maximize adoption of REDEMPLO® within the estimated 6,500 U.S. FCS patients is the immediate focus for market penetration efforts following the November 18, 2025, U.S. Food and Drug Administration approval. REDEMPLO® is the first and only FDA-approved siRNA medicine for people living with FCS. The commercial team had drug in channel a mere week after the approval date, targeting availability in the U.S. before the end of the year. This initial penetration leverages the drug's dosing schedule, which is a simple subcutaneous self-injection once every 3 months. The Phase 3 PALISADE study supported this, showing a median triglyceride reduction of -80% from baseline for the 25 mg dose versus -17% in the pooled placebo group.

Drive physician awareness centers on the unified One-REDEMPLO pricing model, set at a $60,000 per year WAC price across current and potential future indications. This pricing is designed to provide real value to patients and healthcare systems in this population. To support this, Arrowhead Pharmaceuticals, Inc. launched the Rely On REDEMPLO patient support program, which provides support services and resources for patients at each stage of the treatment journey, including financial assistance options for eligible patients. For context on the company's financial position supporting this launch, consider these fiscal year 2025 metrics:

Metric	Value (FY 2025)
Revenue	$829 million
Net Loss	$2 million
Net Loss (FY 2024)	$599 million
Operating Expenses	$731 million
Net Cash Provided by Operating Activities	$180 million
Cash and Investments (as of Sep 30, 2025)	$919 million
Market Capitalization	$6.47 billion

Increase market visibility through targeted rare disease patient advocacy and education is being executed via the launch of the Rely On REDEMPLO program. This program offers support services and resources to the FCS community. The company is also preparing for potential label expansion, with Phase III studies for Severe Hypertriglyceridemia (SHTG) ongoing, a population estimated to include approximately 750,000 patients in the US with fasting triglycerides greater than 880 milligrams per deciliter. The current FCS patient estimate is 6,500 people in the U.S.

Negotiate favorable formulary access for REDEMPLO® with major U.S. payers is supported by the company's strategy to allow time for payors to properly appreciate REDEMPLO's value, pending regulatory review and approval for expanded use. The quarterly dosing schedule, self-administered at home, is a key competitive advantage over a competitor whose drug launched at $595,000 annually and treated an estimated 400 to 450 patients worldwide in its first year, generating $32 million in Q3 revenue. Arrowhead Pharmaceuticals, Inc. is committed to a unified pricing model, which is important for payer discussions.

• REDEMPLO® is the first and only FDA-approved siRNA medicine for FCS.
• Dosing frequency is once every three months.
• The annual WAC price is set at $60,000.
• The company reported institutional ownership at 76.94%.
• The FDA approval was granted on November 18, 2025.

Arrowhead Pharmaceuticals, Inc. (ARWR) - Ansoff Matrix: Market Development

Market development for Arrowhead Pharmaceuticals, Inc. (ARWR) centers on taking its validated RNA interference (RNAi) platform, now commercialized with REDEMPLO®, into broader indications and new geographic territories. This strategy relies heavily on the data generated from ongoing and planned Phase III studies.

The immediate next step for the SHTG indication is the planned filing of a supplemental New Drug Application (sNDA) for REDEMPLO®. You should anticipate this filing to occur in Q4 2026, contingent on the readout of the supporting Phase III trials: SHASTA-3, SHASTA-4, and MUIR-3, which are expected to report top-line data in Q3 2026. To build the safety database for this expansion, the SHASTA-3 and SHASTA-4 studies enrolled approximately 750 patients combined, while the MUIR-3 study added about 1,400 patients. This move targets a significantly larger patient pool than the initial indication.

The expansion into severe hypertriglyceridemia (SHTG) and mixed hyperlipidemia (MH) is key to realizing the full potential of plozasiran, which is branded as REDEMPLO®. The combined addressable market across FCS, SHTG, and MH represents a significant opportunity, estimated at about 3.5 million patients in the United States. This contrasts sharply with the initial focus on Familial Chylomicronemia Syndrome (FCS), which affects an estimated 6,500 people in the U.S.. The unified pricing strategy of an annual Wholesale Acquisition Cost (WAC) of $60,000 for REDEMPLO® is intended to apply across these indications, though management does not expect REDEMPLO sales to materially affect fiscal year 2026 financials.

Here's a quick look at the primary market expansion targets for REDEMPLO®:

Market Expansion Target	Indication	Estimated US Population Size	Key Regulatory/Data Timeline
SHTG Expansion	Severe Hypertriglyceridemia	Approximately 1 million high-risk patients within the 3.5 million total spectrum	sNDA filing expected in Q4 2026
MH Expansion	Mixed Hyperlipidemia	Part of the 3.5 million total spectrum	MUIR-3 Phase III study readout in Q3 2026
Geographic Expansion	Greater China	N/A (Regional Focus)	NDA for FCS accepted in January 2025

Geographically, Arrowhead Pharmaceuticals, Inc. is actively supporting its partner, Sanofi, in the Greater China region. This effort stems from an asset purchase agreement where Sanofi acquired the rights to develop and commercialize plozasiran there. The financial structure of this deal involved an upfront payment of $130 million to Visirna Therapeutics (Arrowhead's majority-owned subsidiary), with an additional potential of up to $265 million in regulatory milestones upon approval across various indications in mainland China. Visirna already submitted a New Drug Application (NDA) for FCS to the National Medical Products Administration (NMPA) in January 2025.

For other major global markets, specifically Europe, the groundwork for market entry is in place:

• REDEMPLO® has been granted Orphan Medicinal Product Designation by the European Medicines Agency for the treatment of patients with FCS.
• Plozasiran has been submitted to additional global regulatory authorities for review and marketing authorization beyond the U.S..
• The efficacy and safety data from the PALISADE Phase III study were presented at the European Society of Cardiology (ESC) Congress 2024.

The company's fiscal year 2025 revenue totaled $829 million, largely driven by collaboration milestones, which helps fund these expansive clinical and commercial efforts, supporting a cash runway into fiscal year 2028. Finance: draft 13-week cash view by Friday.

Arrowhead Pharmaceuticals, Inc. (ARWR) - Ansoff Matrix: Product Development

You're looking at the next wave of Arrowhead Pharmaceuticals, Inc.'s growth, moving from early-stage research to commercial reality. The focus here is on taking existing and new assets through clinical development and toward market access, which is a critical shift for the company.

Advance zodasiran (ARO-ANG3) into commercial launch for homozygous familial hypercholesterolemia (HoFH).

The development for zodasiran (ARO-ANG3), which targets ANGPTL3 for HoFH, is deep into late-stage testing. The YOSEMITE Phase 3 study is designed to enroll approximately 60 subjects over the age of 12. These subjects receive 4 quarterly doses of 200 mg zodasiran or placebo. The primary endpoint measures the % change from baseline in fasting LDL-C at month 12. Arrowhead Pharmaceuticals, Inc. expects this study to be fully enrolled in 2026, with study completion in 2027, aiming for an NDA filing by the end of 2027 and a potential launch in 2028. Phase 2 GATEWAY study results, presented at the European Atherosclerosis Society, showed robust and durable reductions in LDL-C. Analyst consensus from 2023 forecasted zodasiran sales reaching $399m by 2029.

Accelerate clinical trials for ARO-DIMER-PA for the mixed hyperlipidemia market.

ARO-DIMER-PA is the first clinical candidate leveraging the TRiM platform to target two genes simultaneously, aiming at the large mixed hyperlipidemia market, estimated at approximately 20 million people in the U.S. The company has filed for regulatory clearance to start a Phase 1/2a trial. This study will evaluate safety, tolerability, pharmacokinetics, and pharmacodynamics in up to 78 adult subjects. The goal is to silence both the PCSK9 and APOC3 genes. Arrowhead Pharmaceuticals, Inc. anticipates yielding important insights into its potential in 2026, with the first clinical proof-of-concept data expected in the second half of 2026.

The pipeline progression for this cardiometabolic focus is detailed below:

Candidate	Target Indication	Current/Planned Stage	Key Feature
Zodasiran (ARO-ANG3)	HoFH	Phase 3 (YOSEMITE)	Reduces ANGPTL3 expression
ARO-DIMER-PA	Mixed Hyperlipidemia	Filed CTA for Phase 1/2a	Dual functional RNAi targeting PCSK9 and APOC3
REDEMPLO (plozasiran)	FCS (Adults)	FDA Approved (November 2025)	First FDA-approved siRNA medicine for FCS

Leverage the proprietary TRiM™ platform to develop next-generation siRNA molecules for liver targets.

The proprietary Targeted RNAi Molecule (TRiM™) platform is central to this product development. REDEMPLO (plozasiran) is the first medicine leveraging this platform to gain FDA approval. The platform's capability has expanded beyond its initial optimization for hepatocyte delivery. The improved Hepatic Dimer Platform demonstrated equivalent or better knockdown of two separate target genes with longer duration in non-human primates compared to a monomer mixture. The TRiM™ platform now has the potential to address seven different cell types, including Liver, Solid Tumors, Lung, CNS, Skeletal Muscle, and Adipose.

Initiate pediatric studies for REDEMPLO® to expand the approved patient population.

REDEMPLO (plozasiran) received FDA approval in November 2025 for adults with Familial Chylomicronemia Syndrome (FCS), a disease affecting an estimated 6,500 people in the U.S. The recommended dose is 25 milligrams administered subcutaneously once every three months. The annual list price is set at $60,000. In the pivotal Phase 3 PALISADE trial, the 25 mg dose achieved a median triglyceride reduction of 80% from baseline versus 17% for placebo. Arrowhead Pharmaceuticals, Inc. expects data readouts for pediatric studies for REDEMPLO in 2026. Furthermore, data readouts for the SHASTA-3, SHASTA-4, and MUIR-3 Phase 3 studies, supporting an sNDA for severe hypertriglyceridemia (sHTG), are expected in Q3 2026, with an sNDA filing planned for Q4 2026.

Progress other cardiometabolic candidates from the pipeline (e.g., ARO-ANG3) toward Phase 3.

Beyond the immediate focus on zodasiran (ARO-ANG3) for HoFH, Arrowhead Pharmaceuticals, Inc. is advancing other cardiometabolic programs into early clinical stages. The obesity program includes two candidates, ARO-INHBE and ARO-ALK7, which both started Phase I/IIa first-in-human dose escalating studies. ARO-INHBE began enrolling in December 2024, and ARO-ALK7 initiated in May 2025. Both studies include a Part 2 component to assess multiple doses in combination with tirzepatide. Initial, early datasets for these 2 obesity candidates are expected by the end of 2025, with early clinical data anticipated in 2026. The company is on track to meet its "20 in '25" goal, aiming to have 20 individual drug candidates in clinical studies or at market by the end of 2025, with 9 of those being partnered.

• The company reported total cash resources of $781.5 million as of September 30, 2025, up from $681.0 million a year earlier.
• Fiscal year 2025 revenue reached $829.4 million, a significant increase from $3.6 million in fiscal 2024.
• Fiscal year 2025 net loss narrowed to $2 million (or $0.01 per share), compared to a loss of $599.5 million (or $5.00 per share) in 2024.
• Operating expenses for 2025 totaled $731 million.
• Cash and investments stood at $919 million as of September 30, 2025.

Finance: finalize the 2026 cash flow projection incorporating REDEMPLO commercial ramp by next Tuesday.

Arrowhead Pharmaceuticals, Inc. (ARWR) - Ansoff Matrix: Diversification

You're looking at how Arrowhead Pharmaceuticals, Inc. (ARWR) is pushing beyond its established liver-focused RNAi (RNA interference) franchise into new markets and modalities. This diversification is heavily funded by non-core asset monetization, which is a smart way to finance expansion without immediately tapping shareholders.

The move into the Central Nervous System (CNS) market is concrete, marked by the global collaboration with Novartis for ARO-SNCA, a therapy targeting synucleinopathies like Parkinson's Disease. This deal, announced on September 2, 2025, provided Arrowhead Pharmaceuticals, Inc. with an immediate cash injection. The upfront payment was $200 million. Furthermore, Arrowhead Pharmaceuticals, Inc. stands to receive up to $2 billion in potential milestone payments plus tiered royalties on commercial sales up to the low double digits. Preclinical work supporting this move showed the TRiM™ platform achieved impressive delivery to the CNS, including deep brain regions, following subcutaneous administration.

Investment in R&D is clearly scaling up to support this platform expansion. Total operating expenses for fiscal year 2025 reached approximately $731 million, up from $605 million in fiscal year 2024, representing an increase of $126 million. Research and development (R&D) expenses were a major driver, with Q3 2025 R&D spend alone hitting $162.37 million. This aggressive spending is aimed at broadening the TRiM™ platform's reach. For instance, ARO-MAPT, filed for a Phase 1/2 clinical trial for tauopathies, demonstrated blood-brain-barrier penetration in preclinical studies, showing the platform's potential beyond the liver. Arrowhead Pharmaceuticals, Inc. is aiming to have 20 clinical assets in studies by the end of 2025.

The strategy to initiate wholly-owned programs in new therapeutic areas is visible in their pulmonary pipeline. Arrowhead Pharmaceuticals, Inc. has started Phase 1/2a clinical trials for ARO-MUC5AC and ARO-RAGE, targeting muco-obstructive and inflammatory pulmonary diseases. The ARO-MUC5AC study (NCT05292950) is designed to assess safety and tolerability in up to 42 normal healthy volunteers and up to 16 patients with asthma. The primary completion date for this trial was November 12, 2024, with a required reporting date set for November 12, 2027.

Monetizing non-core assets through deals similar to the Novartis agreement is a key financial pillar for this diversification. This strategy provided significant, non-dilutive capital. Here's a look at the recent non-core deal structures that provided upfront payments:

Partner/Buyer	Asset Focus	Upfront Payment Received	Maximum Potential Milestones (Excl. Royalties)
Novartis	ARO-SNCA (CNS) + additional targets	$200 million	Up to $2 billion
Sanofi (via Visirna Therapeutics)	Four cardiometabolic candidates (Greater China)	$130 million	Up to $265 million (for plozasiran)
Sarepta Therapeutics	ARO-DM1 (Milestone 1)	$100 million (paid as $50 million cash + $50 million stock)	Second milestone of $200 million expected by end of 2025

The Sarepta deal is notable because the first $100 million milestone was satisfied by Arrowhead Pharmaceuticals, Inc. electing to receive approximately $50 million in stock and $50 million in cash, with the shares placed into treasury to reduce outstanding shares. Arrowhead Pharmaceuticals, Inc. also earned a $200 million milestone payment from Sarepta in late 2025, with cash expected in January 2026.

Regarding broadening the therapeutic modality base, while the search results confirm heavy investment in expanding the TRiM™ platform's delivery capabilities (like to the CNS), there is no specific, verifiable financial or statistical data on the exploration of acquisition of complementary, non-RNAi technology to report right now. The focus remains on leveraging the existing RNAi platform.

• The Novartis deal secures entry into the CNS market for Parkinson's Disease.
• The Sanofi deal provided $130 million upfront for Greater China cardiometabolic assets.
• Fiscal year 2025 saw total operating expenses rise to $731,102 (in thousands).
• The ARO-MUC5AC pulmonary program entered Phase 1/2a trials.
• Cash and investments totaled $919 million as of September 30, 2025.

Finance: finalize the cash impact analysis of the Q4 2025 Sarepta milestone by next Tuesday.