<SEC-DOCUMENT>0001193125-18-080897.txt : 20180423
<SEC-HEADER>0001193125-18-080897.hdr.sgml : 20180423
<ACCEPTANCE-DATETIME>20180313173432
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-080897
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20180313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROWHEAD PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0000879407
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				460408024
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		225 SOUTH LAKE AVENUE
		STREET 2:		SUITE 1050
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		626-304-3400

	MAIL ADDRESS:	
		STREET 1:		225 SOUTH LAKE AVENUE
		STREET 2:		SUITE 1050
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARROWHEAD RESEARCH CORP
		DATE OF NAME CHANGE:	20040112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERACTIVE GROUP INC
		DATE OF NAME CHANGE:	20020509

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERACTIVE INC
		DATE OF NAME CHANGE:	19940224
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TITLE>Response Letter</TITLE>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Ryan A. Murr</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Direct: +1 415.393.8373</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Fax: +1 415.374.8430</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">RMurr@gibsondunn.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOIA CONFIDENTIAL TREATMENT REQUEST </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTAIN PORTIONS OF THIS LETTER AS FILED VIA EDGAR HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION.
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED BY ARROWHEAD PHARMACEUTICALS, INC. WITH RESPECT TO THE OMITTED PORTIONS. OMITTED INFORMATION HAS BEEN REPLACED IN THIS LETTER AS FILED VIA EDGAR WITH A PLACEHOLDER IDENTIFIED BY THE MARK [***]. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;13, 2018 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>CONFIDENTIAL SUBMISSION VIA EDGAR
AND HAND DELIVERY</U> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Ms. Torney </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><I>Arrowhead Pharmaceuticals, Inc.</I> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Form <FONT STYLE="white-space:nowrap">10-K</FONT>
for the year ended September&nbsp;30, 2017 </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Filed December&nbsp;12, 2017 </I></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38042</FONT> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Torney: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Arrowhead Pharmaceuticals,
Inc. (the &#147;<U>Company</U>&#148;), we submit this supplemental letter in response to comments from the Staff of the Division of Corporation Finance (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the
&#147;<U>Commission</U>&#148;) received by letter dated February&nbsp;28, 2018 (the &#147;<U>Comment Letter</U>&#148;) regarding the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
September&nbsp;30, 2017, which was filed with the Commission on December&nbsp;12, 2017 (the &#147;<U>Annual Report</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Because of the
commercially sensitive nature of certain information contained herein, this submission is accompanied by the Company&#146;s request for confidential treatment for selected portions of this letter. The Company has filed a separate letter with the
Office of Freedom of Information and Privacy Act Operations in connection with the confidential treatment request, pursuant to Rule 83 of the Commission&#146;s Rules on Information and Requests, 17 C.F.R. &#167; 200.83. For the Staff&#146;s
reference, we have enclosed a copy of the Company&#146;s letter to the Office of Freedom of Information and Privacy Act Operations, as well as a copy of this correspondence, marked to show the portions redacted from the version filed via EDGAR and
for which the Company is requesting confidential treatment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Below are the Company&#146;s responses to the comments of the Staff. For your convenience,
this letter is formatted to reproduce your numbered comments in bold italicized text. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"><B><I><U>Consolidated Statements of Operations and Comprehensive Loss, page <FONT STYLE="white-space:nowrap">F-5</FONT></U></I></B> </TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>With respect to the line items, salaries and payroll-related costs, stock-based compensation and depreciation and amortization, please
tell us why each is not reflected, as applicable, within research and development and general and administrative expenses. Refer us to the authoritative literature supporting your presentation.</I></B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY ARROWHEAD PHARMACEUTICALS, INC </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has presented, separate from Research and Development expense and from General and Administrative
expense in its Statement of Operations, the amounts for salaries and payroll-related costs, stock-based compensation and depreciation&nbsp;&amp; amortization. The Company does provide a breakdown of salaries and payroll-related costs by
Research&nbsp;&amp; Development and General&nbsp;&amp; Administrative expenses within its Management Discussion and Analysis (MD&amp;A) section. Historically, the Company has not provided a breakdown of depreciation and amortization or stock-based
compensation costs by Research&nbsp;&amp; Development and General&nbsp;&amp; Administrative expenses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In future periodic filings, including the Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended September&nbsp;30, 2018, the Company proposes to remove from our Statement of Operations the line items (1)&nbsp;salaries and payroll-related costs (2)&nbsp;stock-based compensation,
and (3)&nbsp;depreciation and amortization, and include these data, as appropriate, within the captions of Research and Development and General and Administrative expenses. The Company will also provide a breakdown of each of these costs within
Research&nbsp;&amp; Development expenses and General&nbsp;&amp; Administrative expenses within its MD&amp;A section. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Note 2. Collaboration and License Agreement - Amgen, Inc., page <FONT STYLE="white-space:nowrap">F-12</FONT></I></B> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>Please address each of the following: </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>Provide us a schedule showing a description and amount for each milestone within the $617&nbsp;million in option payments, and
development, regulatory and sales milestone payments. In your description for each amount, indicate what has to be achieved in order for you to receive a payment, and the extent to which achievement is based on your versus Amgen&#146;s performance.
</I></B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please see below for a list of the milestones and what needs to be achieved to receive a payment for each. In both agreements, Amgen is wholly
responsible for clinical development and commercialization, and as such, the achievement of these milestones will be based solely upon Amgen&#146;s performance. All capitalized terms below are defined in each agreement, and the agreements were filed
as exhibits 10.18 and 10.19 to our Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended September&nbsp;30, 2016, filed on December&nbsp;14, 2016. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total
<FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement milestones = [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">ARO-AMG1</FONT> Agreement: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top">[***] - Option Exercise Fee and purchase of Third Tranche Shares. Consists of a [***] fee, and a $5&nbsp;million purchase of the Third Tranche Shares as defined in the Common Stock Purchase Agreement filed as Exhibit
10.1 to Amendment No.&nbsp;1 to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-214311).</FONT> This payment will be triggered if Amgen&#146;s elects to exercise its
Option to a worldwide, exclusive license to <FONT STYLE="white-space:nowrap">ARO-AMG1,</FONT> which the Company is currently developing. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">[***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total
<FONT STYLE="white-space:nowrap">ARO-AMG1</FONT> Agreement milestones = [***] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>Provide us an analysis with reference to
authoritative literature supporting your accounting treatment of the payments in the preceding bullet as disclosed in Note 1 within &#147;revenue recognition.&#148; </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY ARROWHEAD PHARMACEUTICALS, INC. </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company will first provide its accounting treatment for the
<FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement and associated payments, followed by the <FONT STYLE="white-space:nowrap">ARO-AMG1</FONT> Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement: </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement constitutes a multiple-element arrangement, as the Company has provided multiple deliverables to
Amgen. The Company has determined that the deliverables under the <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement include the license granted to clinically develop and commercialize <FONT STYLE="white-space:nowrap">ARO-LPA,</FONT> and the
oversight of certain of the development and manufacturing activities. Beyond these deliverables, Amgen is wholly responsible for clinical development and commercialization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company then referenced paragraph ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-25-25-5</FONT></FONT></FONT> in determining whether the deliverables shall be considered separate units of accounting. The Company determined that
the deliverables should not be considered separate units of accounting because neither the license nor the development and manufacturing activities have standalone value to Amgen. The deliverables are not sold separately by any vendor, and could not
be resold by Amgen on a standalone basis. The Company then referenced paragraph ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-25-25-6</FONT></FONT></FONT> which states that the allocation
of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With
regard to the arrangement consideration, the Company then examined ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-28-20</FONT></FONT> which provides the definition of a milestone, and ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-28-25-2</FONT></FONT></FONT> which distinguishes between substantive and <FONT STYLE="white-space:nowrap">non-substantive</FONT> milestones. The Company determined that all future
milestone payments listed in response 1 above do not meet the FASB definition of a milestone, given that they would be driven by Amgen&#146;s performance and not the Company&#146;s. The Company then referred to ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-25-30-1</FONT></FONT></FONT> which states that the arrangement consideration is limited to amounts that are fixed or determinable, other than for the potential effects of refund rights,
concessions, or performance bonuses. Given that the future milestone payments are all driven by Amgen&#146;s performance and are contingent in nature, none of these future payments are currently included in the Company&#146;s revenue recognition and
none will be until the milestone is achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, the Company then determined the period over which the performance obligations would be performed
and revenue will be recognized for the upfront $30&nbsp;million payment received in November 2016 and for the future milestone payments. Revenue is recognized using a proportional performance or straight-line method. The Company chose the
straight-line basis for this agreement as it felt that this was the best estimate of the timing of effort required for the development and manufacturing activities. The Company determined the period of straight-line revenue recognition to be
November&nbsp;18, 2016 (the Hart-Scott-Rodino clearance date), through October&nbsp;31, 2017, which is the date where the development and manufacturing activities were substantially complete. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As such, the Company recognized $27.3&nbsp;million of the upfront $30&nbsp;million into revenue during the year ended September&nbsp;30, 2017, and the
remaining $2.7&nbsp;million was recognized during the three months ended December&nbsp;31, 2017. Given that the deliverables have been substantially completed and any future milestones achieved will be determined wholly by Amgen&#146;s performance,
any future milestone payments received will be recognized in their entirety in the period they are achieved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT STYLE="white-space:nowrap">ARO-AMG1</FONT> Agreement: </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">ARO-AMG1</FONT> Agreement constitutes a multiple-element arrangement, as the Company has provided multiple deliverables to
Amgen. The Company has determined that the deliverables under the <FONT STYLE="white-space:nowrap">ARO-AMG1</FONT> Agreement include the Option to license, the joint research committee and the development and manufacturing activities toward
achieving the Arrowhead Deliverable (as defined in the agreement). After exercising the Option to license, Amgen is wholly responsible for clinical development and commercialization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company then referenced paragraph ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-25-25-5</FONT></FONT></FONT> in determining whether the deliverables shall be considered separate units of accounting. The Company determined that
the deliverables should not be considered separate units of accounting because neither the Option to license, the joint research committee meetings, nor the development and manufacturing activities toward achieving the Arrowhead Deliverable have
standalone value to Amgen. The deliverables are not sold separately by any vendor, and could not be resold by Amgen on a standalone basis. The Company then referenced paragraph ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">605-25-25-6</FONT></FONT></FONT> which states that the allocation of arrangement </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY ARROWHEAD PHARMACEUTICALS, INC. </P>


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consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With regard to the arrangement consideration, the Company then examined ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-28-20</FONT></FONT> which provides the definition of a milestone, and ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-28-25-2</FONT></FONT></FONT> which distinguishes between substantive and <FONT STYLE="white-space:nowrap">non-substantive</FONT> milestones. The
Company determined that all future milestone payments listed in response 1 do not meet the FASB definition of a milestone, given that they would be driven by Amgen&#146;s performance and not the Company&#146;s. The Company then referred to ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-25-30-1</FONT></FONT></FONT> which states that the arrangement consideration is limited to amounts that are fixed or determinable, other than for the
potential effects of refund rights, concessions, or performance bonuses. Given that the future milestone payments are all driven by Amgen&#146;s performance and are contingent in nature, none of these future payments are currently included in the
Company&#146;s revenue recognition and none will be until the milestone is achieved. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Finally, the Company then determined the period over which the
performance obligations would be performed and revenue will be recognized. Revenue is recognized using a proportional performance or straight-line method. The Company chose the straight-line basis for this agreement as it felt that this was the best
estimate of the timing of effort required to complete the development and manufacturing activities necessary to achieve the Arrowhead Deliverable. The Company determined the period of straight-line revenue recognition to be October&nbsp;1, 2016
through September&nbsp;30, 2018. The due date for achieving the Arrowhead Deliverable is September&nbsp;28, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As such, the Company recognized
$2.5&nbsp;million of the upfront $5&nbsp;million into revenue during the year ended September&nbsp;30, 2017, and the remaining $2.5&nbsp;million will be recognized into revenue on a straight-line basis during the year ended September&nbsp;30, 2018.
If the Arrowhead Deliverable is achieved, Amgen then has one year to determine whether it will exercise its Option to license the <FONT STYLE="white-space:nowrap">ARO-AMG1</FONT> candidate. The fee associated with exercising the Option and all
future milestones achieved thereafter will be determined wholly by Amgen&#146;s performance. As such, any future milestone payments received (including the Option Exercise Fee) will be recognized in their entirety in the period they are achieved.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>Provide us analysis with reference to authoritative literature supporting your accounting for the January 2017 separate services
agreement with Amgen as a separate agreement and not as one <FONT STYLE="white-space:nowrap">in-substance</FONT> arrangement with the September</I></B><B><I></I></B><B><I>&nbsp;28, 2016 agreements.</I></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company acknowledges ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">605-25-25-3</FONT></FONT></FONT> which states that separate contracts with the same entity or related parties that are entered into at or near the
same time are presumed to have been negotiated as a package and shall, therefore, be evaluated as a single arrangement in considering whether there are one or more units of accounting. However, the Company feels that in substance, the January 2017
separate services agreement (the &#147;<U>Services Agreement</U>&#148;) and associated deliverables should be treated accounted for separately from the <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement for the following reasons: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">1)</TD>
<TD ALIGN="left" VALIGN="top">The Services Agreement was entered into based upon Amgen&#146;s request for our additional services (i.e. it was not a requirement in the <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement for Amgen to utilize
our services). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">2)</TD>
<TD ALIGN="left" VALIGN="top">Critical terms of the Services Agreement, including pricing, were not defined in the <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement and the pricing for each service delivered under the Services Agreement has
no dependence upon the payments contemplated in the <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">3)</TD>
<TD ALIGN="left" VALIGN="top">Amgen has the right to arrange for comparable services with another vendor. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">4)</TD>
<TD ALIGN="left" VALIGN="top">Each of the services delivered under the Services Agreement pertain to deliverables beyond the original scope of the <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> Agreement. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">5)</TD>
<TD ALIGN="left" VALIGN="top">The services delivered under the Services Agreement are single performance obligations. </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As such, we believe
that in substance, the Services Agreement should be accounted for as a separate agreement, and not as one <FONT STYLE="white-space:nowrap">in-substance</FONT> arrangement with the <FONT STYLE="white-space:nowrap">ARO-LPA</FONT> and <FONT
STYLE="white-space:nowrap">ARO-AMG1</FONT> Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B><I>Justify for us pursuant to ASC
<FONT STYLE="white-space:nowrap">605-25</FONT> your policy in Note 1 under &#147;revenue recognition&#148; whereby you indicate that standalone value requires &#147;that a value can be determined.&#148; </I></B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY ARROWHEAD PHARMACEUTICALS, INC. </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g507634pic04.jpg" ALT="LOGO">
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In future periodic filings, including the Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal
year ended September&nbsp;30, 2018, the Company proposes to revise its future disclosures in Note 1 as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;The Company recognizes upfront
license payments as revenue upon delivery of the license only if the license <B><U>is determined to be a separate unit of accounting from the other undelivered performance obligations. </U></B><STRIKE>has</STRIKE> <STRIKE>standalone value from any
undelivered performance obligations and that value can be determined</STRIKE>.&nbsp;The undelivered performance obligations typically include manufacturing or development services or research and/or steering committee services. <STRIKE>If the fair
value of the undelivered performance obligations can be determined, then these obligations would be accounted for separately.</STRIKE> If the license is not considered to have standalone value, then the license and other undelivered performance
obligations would be accounted for as a single unit of accounting.&nbsp;In this case, the license payments and payments for performance obligations are recognized as revenue over the estimated period of when the performance obligations are performed
or deferred indefinitely until the undelivered performance obligation is determined.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In responding to the Staff&#146;s comments,
the Company acknowledges that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We appreciate the opportunity to respond to the Staff&#146;s comments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Ryan A. Murr </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ryan A. Murr </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Christopher Anzalone, Arrowhead Pharmaceuticals, Inc. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONFIDENTIAL TREATMENT
REQUESTED BY ARROWHEAD PHARMACEUTICALS, INC. </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
