Form 4: CEO Sells ARWR Stock Under 10b5-1 Plan

Arrowhead Pharmaceuticals CEO Christopher Anzalone sold shares totaling 26,031 under a pre-arranged 10b5-1 trading plan in December 2025.

Summary

• Christopher Richard Anzalone, Chief Executive Officer and Director of Arrowhead Pharmaceuticals, Inc. (ARWR), reported the sale of common stock.
• A total of 26,031 shares were disposed of across five separate transactions.
• The sales occurred on December 19, 2025, and December 22, 2025.
• All sales were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Anzalone.
• Weighted average sale prices ranged from $66.52 to $69.03 per share, with reported weighted averages of $66.67, $68.01, $68.48, $68.33, and $68.85.
• Following these transactions, Mr. Anzalone's direct beneficial ownership of common stock decreased to 3,805,926 shares.

Sentiment

Score: 6

Explanation: The filing reports insider selling by the CEO. While insider selling can sometimes be viewed negatively, the disclosure that these sales were made under a pre-arranged 10b5-1 trading plan mitigates concerns that the sales are based on new, adverse non-public information. This makes the sentiment neutral to slightly positive, as it indicates planned liquidity management rather than a sudden loss of confidence.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which indicates the transactions were planned in advance and not based on new, non-public information, thereby reducing concerns about insider opportunism.

Negatives

• Insider selling, even under a 10b5-1 plan, reduces the direct equity stake of a key executive, which some investors may perceive as a slight negative regarding management's direct alignment with shareholder interests.

Risks

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

Future Outlook

No future outlook or guidance is provided in this Form 4 filing, as it is solely a report of insider transactions.

Management Comments

• "Shares were sold pursuant to a 10b5-1 trading plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended."
• "The reporting person undertakes to provide to Arrowhead Pharmaceuticals, Inc., any security holder of Arrowhead Pharmaceuticals, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote of this Form 4."

Industry Context

This Form 4 is a company-specific disclosure of insider transactions and does not provide broader industry context or trends.

Corporate Governance

Related Party Transactions

• The reported sales of common stock by Christopher Richard Anzalone, the CEO and a Director, constitute insider transactions, which are a specific type of related party dealing.

Stakeholder Impact

• Shareholders: May interpret the sales as a routine liquidity event due to the 10b5-1 plan, or as a slight reduction in management's direct alignment with shareholder interests.
• Regulatory Authorities: The filing ensures compliance with Section 16(a) of the Securities Exchange Act of 1934, providing transparency on insider holdings and transactions.

Key Dates

Recommendation

This Form 4 reports routine, pre-planned insider sales by the CEO under a 10b5-1 plan. While insider selling can sometimes be a bearish signal, the pre-arranged nature of these sales suggests they are for personal financial planning rather than a reaction to new, negative company developments. Therefore, this filing alone does not provide sufficient new information to warrant a change in investment recommendation. Investors should continue to evaluate ARWR based on its operational performance, pipeline, and broader market conditions.

Keywords

Arrowhead Pharmaceuticals, ARWR, Christopher Anzalone, CEO, Director, Form 4, Insider Trading, Stock Sale, 10b5-1 Plan, Beneficial Ownership