<SEC-DOCUMENT>0000902664-25-003580.txt : 20250814
<SEC-HEADER>0000902664-25-003580.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814070730
ACCESSION NUMBER:		0000902664-25-003580
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARROWHEAD PHARMACEUTICALS, INC.
		CENTRAL INDEX KEY:			0000879407
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				460408024
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-48710
		FILM NUMBER:		251214261

	BUSINESS ADDRESS:	
		STREET 1:		177 E COLORADO BLVD
		STREET 2:		SUITE 700
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91105
		BUSINESS PHONE:		626-696-4702

	MAIL ADDRESS:	
		STREET 1:		177 E COLORADO BLVD
		STREET 2:		SUITE 700
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91105

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Avoro Capital Advisors LLC
		CENTRAL INDEX KEY:			0001633313
		ORGANIZATION NAME:           	
		EIN:				271007403
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		110 GREENE STREET
		STREET 2:		SUITE 800
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10012
		BUSINESS PHONE:		212-937-4975

	MAIL ADDRESS:	
		STREET 1:		110 GREENE STREET
		STREET 2:		SUITE 800
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10012

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	venBio Select Advisor LLC
		DATE OF NAME CHANGE:	20150210
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000902664-24-006530</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Avoro Capital Advisors LLC -->
          <cik>0001633313</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000879407</issuerCik>
        <issuerName>ARROWHEAD PHARMACEUTICALS, INC.</issuerName>
        <issuerCusip>04280A100</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>177 E COLORADO BLVD</com:street1>
          <com:street2>SUITE 700</com:street2>
          <com:city>PASADENA</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>91105</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Avoro Capital Advisors LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>11517441.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>11517441.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>11517441.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.3</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Includes 917,441 shares of Common Stock (as defined in Item 2(a)) issuable upon exercise of warrants.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Behzad Aghazadeh</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>11517441.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>11517441.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>11517441.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.3</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Includes 917,441 shares of Common Stock issuable upon exercise of warrants.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>ARROWHEAD PHARMACEUTICALS, INC.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>177 E. Colorado Blvd, Suite 700, Pasadena, CA 91105</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by: (i) Avoro Capital Advisors LLC, a Delaware limited liability company ("Avoro"), which provides investment advisory and management services and has acquired the shares of common stock, par value $0.001 per share ("Common Stock") and the shares of Common Stock underlying warrants of Arrowhead Pharmaceuticals, Inc., a Delaware corporation (the "Company"), solely for investment purposes on behalf of Avoro Life Sciences Fund LLC, a Delaware limited liability company, and (ii) Behzad Aghazadeh ("Dr. Aghazadeh," and together with Avoro, the "Reporting Persons"), who serves as the portfolio manager and controlling person of Avoro.

The filing of this statement should not be construed as an admission that any Reporting Person is, for purposes of Section 13 of the Act, the beneficial owner of the securities reported herein.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the business office of each of the Reporting Persons is 110 Greene Street, Suite 800, New York, NY 10012.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Avoro is a Delaware limited liability company.  Dr. Aghazadeh is a United States citizen.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 138,100,435 shares of Common Stock outstanding as of May 1, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, filed with the Securities and Exchange Commission on May 12, 2025, and assumes the exercise of warrants reported herein.</amountBeneficiallyOwned>
        <classPercent>8.3%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See Item 2(a). Avoro Life Sciences Fund LLC has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, more than 5% of the shares of Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Avoro Capital Advisors LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Scott Epstein</signature>
        <title>Scott Epstein, Chief Financial Officer &amp; Chief Compliance Officer</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Behzad Aghazadeh</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Behzad Aghazadeh</signature>
        <title>Behzad Aghazadeh, Individually</title>
        <date>08/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
