Form 4: CEO Anzalone Exercises, Sells ARWR Stock

Arrowhead Pharmaceuticals CEO Christopher Anzalone exercised and sold shares of common stock totaling 51,726 shares under a 10b5-1 trading plan.

Summary

• Christopher Richard Anzalone, Chief Executive Officer and Director of Arrowhead Pharmaceuticals, Inc. (ARWR), reported transactions involving the company's common stock.
• On December 29, 2025, Mr. Anzalone exercised non-qualified stock options to acquire a total of 51,726 shares of common stock (35,181 shares and 16,545 shares) at an exercise price of $6.15 per share.
• Concurrently, Mr. Anzalone sold all 51,726 shares of common stock acquired from the option exercise.
• The shares were sold in two separate transactions: 35,181 shares at a weighted average price of $69.33 (ranging from $69.09 to $69.62) and 16,545 shares at a weighted average price of $68.69 (ranging from $68.10 to $69.08).
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Anzalone, as the stock options were approaching their expiration date.
• Following these transactions, Mr. Anzalone beneficially owns 3,805,926 shares of common stock, which includes shares underlying Restricted Stock Units still subject to vesting conditions.
• All derivative securities (stock options) beneficially owned by Mr. Anzalone after these transactions are now zero.

Sentiment

Score: 6

Explanation: The filing details a routine insider transaction for executive compensation, executed under a pre-arranged 10b5-1 plan due to options nearing expiration. This is generally considered neutral to slightly positive as it's a planned monetization of vested compensation, not necessarily indicative of management's view on future stock performance.

Positives

• The transactions were conducted under a pre-arranged 10b5-1 trading plan, indicating a planned and systematic approach to insider trading, which reduces concerns about opportunistic selling.
• The sale was primarily driven by stock options approaching their expiration date, a common and expected event for executive compensation.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market, although the context of expiring options mitigates this concern.

Risks

• No specific risks are mentioned in this Form 4 filing beyond the general market perception of insider sales.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing reports a routine insider transaction for an executive's compensation and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders may note the insider sale, but the context of a 10b5-1 plan and expiring options suggests it is a routine compensation event rather than a negative signal about the company's prospects.
• The CEO retains a significant beneficial ownership in the company, aligning his interests with shareholders.

Key Dates

Recommendation

The filing details a routine insider transaction where the CEO exercised expiring stock options and sold the acquired shares under a pre-arranged 10b5-1 trading plan. This is a common compensation event and does not provide new fundamental information to alter an investment recommendation. The CEO retains a significant beneficial ownership, indicating continued alignment with shareholder interests.

Keywords

Arrowhead Pharmaceuticals, ARWR, Insider Trading, Form 4, Stock Option Exercise, Stock Sale, 10b5-1 Plan, Christopher Anzalone, CEO