6
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
|
x |
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2013
|
¨ |
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 000-21898
ARROWHEAD RESEARCH CORPORATION
(Exact name of registrant as specified in its charter)
|
Delaware |
|
46-0408024 |
|
(State of incorporation) |
|
(I.R.S. Employer Identification No.) |
225 S. Lake Avenue, Suite 1050
Pasadena, California 91101
(626) 304-3400
(Address and telephone number of principal executive offices)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated |
|
¨ |
|
Accelerated filer |
|
¨ |
|
|
|
|
| |||
|
Non-accelerated filer |
|
¨ (Do not check if a smaller reporting company) |
|
Smaller reporting company |
|
x |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
The number of shares of the registrant’s common stock outstanding as of August 5, 2013 was 31,539,199.
Arrowhead Research Corporation and Subsidiaries
(A Development Stage Company)
|
|
(unaudited) June 30, 2013 |
|
|
September 30, 2012 |
| ||
|
ASSETS |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
29,025,930 |
|
|
$ |
3,377,288 |
|
|
Trade receivable |
|
— |
|
|
|
9,375 |
|
|
Other receivables |
|
267,560 |
|
|
|
9,930 |
|
|
Prepaid expenses and other current assets |
|
1,059,503 |
|
|
|
618,130 |
|
|
Short term investments |
|
4,058,003 |
|
|
|
106,500 |
|
|
Note receivable, net |
|
— |
|
|
|
2,446,113 |
|
|
TOTAL CURRENT ASSETS |
|
34,410,996 |
|
|
|
6,567,336 |
|
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT |
|
|
|
|
|
|
|
|
Computers, office equipment and furniture |
|
323,376 |
|
|
|
323,376 |
|
|
Research equipment |
|
3,346,789 |
|
|
|
3,319,027 |
|
|
Software |
|
69,623 |
|
|
|
69,623 |
|
|
Leasehold improvements |
|
2,749,409 |
|
|
|
2,749,409 |
|
|
|
|
6,489,197 |
|
|
|
6,461,435 |
|
|
Less: Accumulated depreciation and amortization |
|
(2,695,886 |
) |
|
|
(1,565,783 |
) |
|
PROPERTY AND EQUIPMENT, NET |
|
3,793,311 |
|
|
|
4,895,652 |
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS |
|
|
|
|
|
|
|
|
Patents and other intangible assets, net |
|
3,254,177 |
|
|
|
4,784,569 |
|
|
Derivative asset and other non-current assets |
|
30,011 |
|
|
|
280,261 |
|
|
TOTAL OTHER ASSETS |
|
3,284,188 |
|
|
|
5,064,830 |
|
|
TOTAL ASSETS |
$ |
41,488,495 |
|
|
$ |
16,527,818 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
Accounts payable |
$ |
1,061,944 |
|
|
$ |
877,986 |
|
|
Accrued expenses |
|
706,092 |
|
|
|
730,775 |
|
|
Accrued payroll and benefits |
|
811,046 |
|
|
|
1,127,219 |
|
|
Deferred revenue |
|
71,875 |
|
|
|
37,500 |
|
|
Derivative liabilities |
|
2,335,163 |
|
|
|
647,213 |
|
|
Capital lease obligation |
|
219,690 |
|
|
|
214,801 |
|
|
Notes payable |
|
925,649 |
|
|
|
100,000 |
|
|
Other current liabilities |
|
546,407 |
|
|
|
1,592,394 |
|
|
TOTAL CURRENT LIABILITIES |
|
6,677,866 |
|
|
|
5,327,888 |
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES |
|
|
|
|
|
|
|
|
Notes payable, net of current portion |
|
50,000 |
|
|
|
839,421 |
|
|
Capital lease obligation, net of current portion |
|
1,117,074 |
|
|
|
1,282,458 |
|
|
Other non-current liabilities |
|
337,587 |
|
|
|
269,142 |
|
|
TOTAL LONG-TERM LIABILITIES |
|
1,504,661 |
|
|
|
2,391,021 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Arrowhead Research Corporation stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 9,900 shares issued and outstanding |
|
10 |
|
|
|
— |
|
|
Common stock, $0.001 par value; 145,000,000 shares authorized; 31,306,318 and 13,579,185 shares issued and outstanding as of June 30, 2013 and September 30, 2012, respectively |
|
123,676 |
|
|
|
108,354 |
|
|
Additional paid-in capital |
|
187,282,068 |
|
|
|
145,917,968 |
|
|
Subscription receivable |
|
— |
|
|
|
(1,016,000 |
) |
|
Accumulated deficit during the development stage |
|
(152,448,785 |
) |
|
|
(134,997,680 |
) |
|
Total Arrowhead Research Corporation stockholders’ equity |
|
34,956,969 |
|
|
|
10,012,642 |
|
|
Noncontrolling interest |
|
(1,651,001 |
) |
|
|
(1,203,733 |
) |
|
TOTAL STOCKHOLDERS’ EQUITY |
|
33,305,968 |
|
|
|
8,808,909 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
41,488,495 |
|
|
$ |
16,527,818 |
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Arrowhead Research Corporation and Subsidiaries
(A Development Stage Company)
Consolidated Statements of Operations
(unaudited)
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
May 7, 2003 (Inception) |
| |||||
|
REVENUE |
$ |
43,750 |
|
|
$ |
47,917 |
|
|
$ |
246,516 |
|
|
$ |
103,125 |
|
|
$ |
4,385,350 |
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and payroll-related costs |
|
1,651,729 |
|
|
|
1,654,915 |
|
|
|
5,006,328 |
|
|
|
4,992,671 |
|
|
|
31,398,458 |
|
|
General and administrative expenses |
|
899,633 |
|
|
|
3,137,368 |
|
|
|
2,597,279 |
|
|
|
5,335,191 |
|
|
|
33,950,494 |
|
|
Research and development |
|
1,756,527 |
|
|
|
1,219,236 |
|
|
|
5,458,212 |
|
|
|
3,347,002 |
|
|
|
48,076,960 |
|
|
Stock-based compensation |
|
363,593 |
|
|
|
415,920 |
|
|
|
1,114,375 |
|
|
|
837,188 |
|
|
|
14,695,843 |
|
|
Depreciation and amortization |
|
454,086 |
|
|
|
423,414 |
|
|
|
1,352,448 |
|
|
|
1,301,806 |
|
|
|
8,761,734 |
|
|
Impairment expense |
|
1,308,047 |
|
|
|
— |
|
|
|
1,308,047 |
|
|
|
— |
|
|
|
1,308,047 | |
|
TOTAL OPERATING EXPENSES |
|
6,433,615 |
|
|
|
6,850,853 |
|
|
|
16,836,689 |
|
|
|
15,813,858 |
|
|
|
138,191,536 |
|
|
OPERATING LOSS |
|
(6,389,865 |
) |
|
|
(6,802,936 |
) |
|
|
(16,590,173 |
) |
|
|
(15,710,733 |
) |
|
|
(133,806,186 |
) |
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in income (loss) of unconsolidated affiliates |
|
(159,530 |
) |
|
|
(34,573 |
) |
|
|
(380,699 |
) |
|
|
(205,361 |
) |
|
|
(1,344,106 |
) |
|
Impairment of investment in unconsolidated affiliates |
|
— |
|
|
|
(1,455,775 |
) |
|
|
— |
|
|
|
(1,455,775 |
) |
|
|
(1,642,775 |
) |
|
Gain on purchase of Roche Madison |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,576,107 |
|
|
|
1,576,107 |
|
|
Gain (loss) on sale of fixed assets, net |
|
(39,949 |
) |
|
|
(876,277 |
) |
|
|
(76,388 |
) |
|
|
(909,761 |
) |
|
|
(1,282,853 |
) |
|
Realized and unrealized gain (loss) investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(58,091 |
) |
|
|
62,954 |
|
|
Interest income (expense), net |
|
(48,252 |
) |
|
|
14,436 |
|
|
|
(68,403 |
) |
|
|
27,326 |
|
|
|
2,682,041 |
|
|
Change in value of derivatives |
|
200,747 |
|
|
|
915,387 |
|
|
|
215,620 |
|
|
|
226,339 |
|
|
|
3,497,024 |
|
|
Gain on sale of stock in subsidiary |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,292,800 |
|
|
Other income (expense) |
|
259,221 |
|
|
|
— |
|
|
|
(997,976 |
) |
|
|
— |
|
|
|
(747,976 |
) |
|
TOTAL OTHER INCOME (EXPENSE) |
|
212,237 |
|
|
|
(1,436,802 |
) |
|
|
(1,307,846 |
) |
|
|
(799,216 |
) |
|
|
5,093,216 |
|
|
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
|
(6,177,628 |
) |
|
|
(8,239,738 |
) |
|
|
(17,898,019 |
) |
|
|
(16,509,949 |
) |
|
|
(128,712,970 |
) |
|
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
LOSS FROM CONTINUING OPERATIONS |
|
(6,177,628 |
) |
|
|
(8,239,738 |
) |
|
|
(17,898,019 |
) |
|
|
(16,509,949 |
) |
|
|
(128,712,970 |
) |
|
Income (loss) from discontinued operations |
|
— |
|
|
|
677 |
|
|
|
(354 |
) |
|
|
(25 |
) |
|
|
(47,546,996 |
) |
|
Gain on disposal of discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,708,588 |
|
|
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS |
|
— |
|
|
|
677 |
|
|
|
(354 |
) |
|
|
(25 |
) |
|
|
(42,838,408 |
) |
|
NET LOSS |
|
(6,177,628 |
) |
|
|
(8,239,061 |
) |
|
|
(17,898,373 |
) |
|
|
(16,509,974 |
) |
|
|
(171,551,378 |
) |
|
Net (income) loss attributable to noncontrolling interests |
|
98,618 |
|
|
|
247,551 |
|
|
|
447,268 |
|
|
|
697,727 |
|
|
|
19,266,553 |
|
|
NET LOSS ATTRIBUTABLE TO ARROWHEAD |
$ |
(6,079,010 |
) |
|
$ |
(7,991,510 |
) |
|
$ |
(17,451,105 |
) |
|
$ |
(15,812,247 |
) |
|
$ |
(152,284,825 |
) |
|
NET LOSS PER SHARE ATTRIBUTABLE TO ARROWHEAD SHAREHOLDERS—BASIC AND DILUTED: |
$ |
(0.23 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.92 |
) |
|
$ |
(1.48 |
) |
|
|
|
|
|
Weighted average shares outstanding—basic and diluted |
|
26,134,183 |
|
|
|
11,238,291 |
|
|
|
18,893,197 |
|
|
|
10,672,390 |
|
|
|
|
|
The accompanying notes are an integral part of these unaudited consolidated financial statements.
Arrowhead Research Corporation and Subsidiaries
(A Development Stage Company)
Consolidated Statement of Stockholders’ Equity
from inception through June 30, 2013
(unaudited)
|
|
Common Stock |
|
|
Preferred Stock |
|
|
Additional |
|
|
Subscription |
|
|
Accumulated Deficit |
|
|
Noncontrolling |
|
|
Totals |
| |||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
|
|
| |||||||||||||||||||
|
Initial Issuance of Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Common stock & warrants issued for cash @ $0.01 per unit |
|
300,000 |
|
|
$ |
3,000 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,000 |
|
|
Common stock & warrants issued for cash @ $10.00 per unit |
|
168,000 |
|
|
|
1,680 |
|
|
|
— |
|
|
|
— |
|
|
|
1,678,320 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,680,000 |
|
|
Stock issuance cost charged to additional paid-in capital |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(168,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(168,000 |
) |
|
Net loss for period from inception to September 30, 2003 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(95,238 |
) |
|
|
— |
|
|
|
(95,238 |
) |
|
Balance at September 30, 2003 |
|
468,000 |
|
|
$ |
4,680 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
1,510,320 |
|
|
$ |
— |
|
|
$ |
(95,238 |
) |
|
$ |
— |
|
|
$ |
1,419,762 |
|
|
Exercise of stock options |
|
7,500 |
|
|
|
75 |
|
|
|
— |
|
|
|
— |
|
|
|
14,925 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,000 |
|
|
Common stock & warrants issued for cash @ $10.00 per unit |
|
47,500 |
|
|
|
475 |
|
|
|
— |
|
|
|
— |
|
|
|
474,525 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
475,000 |
|
|
Common stock & warrants issued for marketable securities @ $10.00 per unit |
|
50,000 |
|
|
|
500 |
|
|
|
— |
|
|
|
— |
|
|
|
499,500 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
500,000 |
|
|
Stock issuance cost charged to additional paid-in capital |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(96,500 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(96,500 |
) |
|
Common stock and warrants issued for cash @ $15.00 per unit |
|
660,879 |
|
|
|
6,609 |
|
|
|
— |
|
|
|
— |
|
|
|
9,906,573 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,913,182 |
|
|
Common stock issued in reverse acquisition |
|
70,553 |
|
|
|
706 |
|
|
|
— |
|
|
|
— |
|
|
|
(151,175 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(150,469 |
) |
|
Common stock issued as a gift for $10.90 per share |
|
15,000 |
|
|
|
163 |
|
|
|
— |
|
|
|
— |
|
|
|
162,587 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
162,750 |
|
|
Common stock and warrants issued as stock issuance cost @ $15.00 per unit |
|
35,623 |
|
|
|
356 |
|
|
|
— |
|
|
|
— |
|
|
|
533,988 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
534,344 |
|
|
Stock issuance cost charged to additional paid-in capital |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(991,318 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(991,318 |
) |
|
Exercise of stock option @ $2.00 per share |
|
7,500 |
|
|
|
75 |
|
|
|
— |
|
|
|
— |
|
|
|
14,925 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,000 |
|
|
Exercise of stock options @ $10.00 per share |
|
600 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
5,994 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,000 |
|
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175,653 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
175,653 |
|
|
Net loss for the year ended September 30, 2004 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,528,954 |
) |
|
|
1,777,699 |
|
|
|
(751,255 |
) |
|
Balance at September 30, 2004 |
|
1,363,155 |
|
|
$ |
13,645 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
12,059,997 |
|
|
$ |
— |
|
|
$ |
(2,624,192 |
) |
|
$ |
1,777,699 |
|
|
$ |
11,227,149 |
|
|
|
Common Stock |
|
|
Preferred Stock |
|
|
Additional |
|
|
Subscription |
|
|
Accumulated Deficit |
|
|
Noncontrolling |
|
|
Totals |
| |||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
|
|
| |||||||||||||||||||
|
Exercise of warrants @ $15.00 per share |
|
1,381,289 |
|
|
$ |
13,813 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
20,705,522 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,719,335 |
|
|
Exercise of stock options @ $10.00 per share |
|
2,500 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
24,975 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25,000 |
|
|
Common stock issued to purchase Insert Therapeutics share @ $39.80 per share |
|
50,226 |
|
|
|
502 |
|
|
|
— |
|
|
|
— |
|
|
|
1,999,498 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
2,000,000 |
|
|
Common stock issued for services |
|
1,250 |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
49,988 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
50,000 |
|
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
508,513 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
508,513 |
|
|
Change in percentage of ownership in subsidiary |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
230,087 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
230,087 |
|
|
Net loss for the year ended September 30, 2005 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,854,918 |
) |
|
|
121,491 |
|
|
|
(6,733,427 |
) |
|
Balance at September 30, 2005 |
|
2,798,419 |
|
|
$ |
27,997 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
35,578,580 |
|
|
$ |
— |
|
|
$ |
(9,479,110 |
) |
|
$ |
1,899,190 |
|
|
$ |
28,026,657 |
|
|
Exercise of stock options |
|
11,579 |
|
|
|
116 |
|
|
|
— |
|
|
|
— |
|
|
|
341,421 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
341,537 |
|
|
Common stock issued @ $48.80 per share |
|
20,485 |
|
|
|
205 |
|
|
|
— |
|
|
|
— |
|
|
|
999,795 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,000,000 |
|
|
Common stock issued @ $38.40 per share |
|
1,500 |
|
|
|
15 |
|
|
|
— |
|
|
|
— |
|
|
|
57,585 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
57,600 |
|
|
Common stock and warrants issued @ $35.00 per unit |
|
559,000 |
|
|
|
5,590 |
|
|
|
— |
|
|
|
— |
|
|
|
19,539,410 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19,545,000 |
|
|
Common stock issued @ $59.10 per share |
|
2,536 |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
149,975 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
150,000 |
|
|
Common stock issued to purchase Calando Pharmaceuticals, Inc. @ $51.70 per share |
|
20,838 |
|
|
|
208 |
|
|
|
— |
|
|
|
— |
|
|
|
1,077,125 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,077,333 |
|
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,369,478 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,369,478 |
|
|
Net loss for the year ended September 30, 2006 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(18,997,209 |
) |
|
|
(964,752 |
) |
|
|
(19,961,961 |
) |
|
Balance at September 30, 2006 |
|
3,414,359 |
|
|
$ |
34,156 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
59,113,369 |
|
|
$ |
— |
|
|
$ |
(28,476,319 |
) |
|
$ |
934,438 |
|
|
$ |
31,605,644 |
|
|
Exercise of stock options |
|
18,616 |
|
|
|
186 |
|
|
|
— |
|
|
|
— |
|
|
|
434,541 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
434,727 |
|
|
Common stock and warrants issued @ $57.80 per unit |
|
284,945 |
|
|
|
2,849 |
|
|
|
— |
|
|
|
— |
|
|
|
15,149,366 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,152,215 |
|
|
Arrowhead’s increase in proportionate share of Insert Therapeutics’ equity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,401,394 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,401,394 |
|
|
Common stock issued for purchase of Carbon Nanotechnologies, Inc. @ $37.70 per share |
|
143,122 |
|
|
|
1,431 |
|
|
|
— |
|
|
|
— |
|
|
|
5,398,569 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,400,000 |
|
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,175,544 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,175,544 |
|
|
Net loss for the year ended September 30, 2007 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(29,931,118 |
) |
|
|
(781,829 |
) |
|
|
(30,712,947 |
) |
|
Balance at September 30, 2007 |
|
3,861,042 |
|
|
$ |
38,622 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
84,672,783 |
|
|
$ |
— |
|
|
$ |
(58,407,437 |
) |
|
$ |
152,609 |
|
|
$ |
26,456,577 |
|
|
|
Common Stock |
|
|
Preferred Stock |
|
|
Additional |
|
|
Subscription |
|
|
Accumulated Deficit |
|
|
Noncontrolling |
|
|
Totals |
| |||||||||||||||
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
|
|
|
| |||||||||||||||||||
|
Exercise of stock options |
|
10,536 |
|
|
$ |
106 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
289,921 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
290,027 |
|
|
Common stock and warrants issued at approximately $18.00 per unit |
|
386,399 |
|
|
|
3,867 |
|
|
|
— |
|
|
|
— |
|
|
|
6,956,718 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,960,585 |
|
|
Arrowhead’s increase in proportionate share of Unidym’s equity |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,720,962 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,720,962 |
|
|
Common stock issued @ $27.20 per share to Rice University |
|
5,000 |
|
|
|
50 |
|
|
|
— |
|
|
|
— |
|
|
|
135,950 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
136,000 |
|
|
Common stock issued @ $28.30 per share to purchase shares of Unidym, Inc. |
|
7,055 |
|
|
|
71 |
|
|
|
— |
|
|
|
— |
|
|
|
199,929 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
200,000 |
|
|
Common stock issued @ $29.50 per share to purchase MASA Energy, LLC |
|
10,505 |
|
|
|
105 |
|
|
|
— |
|
|
|
— |
|
|
|
309,895 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
310,000 |
|
|
Common stock issued @ $21.90 per share to Unidym for the acquisition of Nanoconduction |
|
11,416 |
|
|
|
114 |
|
|
|
— |
|
|
|
— |
|
|
|
249,886 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
250,000 |
|
|
Common stock issued @ $21.80 per share |
|
1,500 |
|
|
|
15 |
|
|
|
— |
|
|
|
— |
|
|
|
32,685 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32,700 |
|
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,187,397 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,187,397 |
|
|
Net loss for the year ended September 30, 2008 |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(27,089,030 |
) |
|
|
(152,609 |
) |
|
|
(27,241,639 |
) |
|
Balance at September 30, 2008 |
|
4,293,452 |
|
|
$ |
42,950 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
97,756,126 |
|
|
$ |
— |
|
|
$ |
(85,496,467 |
) |
|
$ |
— |
|
|
$ |
12,302,609 |
|
|
Common Stock issued @ $5.50 per share to Unidym stockholder in exchange for Unidym’s shares |
|
205,839 |
|
|
|
2,059 |
|
|
|
— |
|
|
|
— |
|
|
|
1,131,617 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,133,676 |
|
|
Common Stock issued @ $5.20 per share to TEL Ventures in exchange for Unidym’s shares |
|
222,222 |
|
|
|
2,222 |
|
|
|
— |
|
|
|||||||||||||||||||||||