Dilution profile // every instrument, one screen, from SEC filings

ARROWHEAD PHARMACEUTICALS, INC. (ARWR)

CIK 879407 · all EDGAR filings →

Overall dilution risk
HIGHworst of 4 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
Offering ability
HIGH$500M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
registered capacity, not remaining: amounts already taken down are not subtracted yet
Overhead supply
LOWwarrants = 0% of O/S
= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)
warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this
Historical dilution
MEDIUM+32% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
a reverse-split-sized cliff is in this window; read the chart
Cash need
LOWoperating cash flow positive
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2020-11-162026-07-30

Latest: 141.3M shares as of Jul 30, 2026 (10-Q). Share count fell from 71.8M to 10.5M between Aug 1, 2011 and Dec 15, 2011, a pattern consistent with a reverse split (roughly 1-for-7); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

TrancheWarrantsExercise priceTermNotes
Pre Funded Warrants1.6M$0.001

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 4, 2026. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 80,000 underlying shares, as reported Mar 31, 2018 (10-Q).

Reported exercise price: $0.001 (aggregate figure as tagged; individual tranches vary).

Rough fully diluted estimate: 141.3M = 141.3M O/S + 80,000 warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
Convertible Notes$700.0M$700.0M$87.070%~8.0M sh

If every note above converted at its tagged price: ~8.0M new shares on 141.3M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Aug 4, 2026. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding141.3MJul 30, 2026
+ Pre Funded Warrants (if exercised)1.6MJan 7, 2026
+ Convertible Notes (if fully converted)8.0MJan 31, 2026
Fully diluted estimate150.8M+6.8% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Registered offering capacity on live registrations: $500.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3ASRDec 11, 2025$500.0M registeredfiling →

Last 12 months: 4 executed · 1 registered.

EXECUTEDJan 9, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJan 9, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
MARKETINGJan 8, 2026Free-writing prospectus — offering being marketedFWP
MARKETINGJan 8, 2026Free-writing prospectus — offering being marketedFWP
EXECUTEDJan 7, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
EXECUTEDJan 7, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDDec 11, 2025Automatic shelf registration — effective immediately (large filers)S-3ASR
UPDATEMar 7, 2025Resale prospectus — existing holders registering to sell424B7
UPDATEDec 20, 2024Resale prospectus — existing holders registering to sell424B7
EXECUTEDJan 4, 2024Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5
REGISTEREDDec 5, 2022Automatic shelf registration — effective immediately (large filers)S-3ASR
EXECUTEDAug 5, 2020Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

Keep going: float checker · offering calendar · short-squeeze screener · full ARWR workspace