Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 30,114	$ (609,693)	$ (209,275)
Adjustments to reconcile net income (loss) to net cash flow from operating activities:
Stock-based compensation	63,366	73,968	78,130
Depreciation and amortization	23,928	18,595	12,493
Accretion of note premiums/discounts	(5,789)	(3,244)	(2,017)
Non-cash interest expense on liability related to the sale of future royalties	26,036	23,035	18,326
Non-cash interest expense on credit facility	63,325	9,317	0
Non-cash gain on treasury stock received	(3,193)	0	0
Realized loss on investments	0	80	0
Changes in operating assets and liabilities:
Accounts receivable	(56,967)	0	1,410
Prepaid expenses and other current assets	(9,939)	(1,664)	11,603
Accounts payable	6,286	(5,536)	32,998
Accrued expenses	41,497	32,117	(14,965)
Deferred revenue	2,399	(866)	(129,183)
Operating lease, net	(4,605)	2,240	46,590
Other	3,094	(1,200)	0
Net cash provided by (used in) operating activities	179,552	(462,851)	(153,890)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	(22,666)	(141,469)	(176,737)
Purchases of investments	(796,258)	(720,947)	(246,141)
Proceeds from sales and maturities of investments	689,630	442,344	326,723
Net cash used in investing activities	(129,294)	(420,072)	(96,155)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercises of stock options	3,983	2,389	3,053
Proceeds from the issuance of common stock, net of offering costs	241,388	429,265	0
Proceeds from the sale of future royalties	0	50,000	250,000
Proceeds from the issuance of warrants	25,000	0	0
Payment of debt issuance costs	(5,000)	(3,134)	0
Proceeds from credit facility	0	392,000	0
Repayments of credit facility	(201,625)	0	0
Proceeds from Visirna credit agreement	10,260	0	0
Net cash provided by financing activities	74,006	870,520	253,053
Net increase (decrease) in cash, cash equivalents and restricted cash	124,264	(12,403)	3,008
Effect of exchange rate on cash, cash equivalents and restricted cash	(401)	4,197	(122)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
BEGINNING OF PERIOD	102,685	110,891	108,005
END OF PERIOD	226,548	102,685	110,891
Supplementary disclosure of cash flows:
Interest paid	(19)	0	0
Income taxes (refund) paid	814	(3,744)	0
Treasury stock received to settle accounts receivable	50,000	0	0
Supplementary disclosure of non-cash investing activities:
Capital expenditures included in accrued expenses	$ 277	$ 4,206	$ 14,044

ARROWHEAD PHARMACEUTICALS, INC. 10-K