Arrowhead (ARWR) received FDA approval for Redemplo to treat FCS. This is their first approved medicine and it allows for quarterly self-injections. They also announced a licensing agreement with Novartis, getting a $200M upfront payment with potential for $2B in milestones. They have $919M in cash which gives them runway into 2028, though they still posted a net loss for fiscal 2025. Management noted they don't expect major revenue from Redemplo in 2026 yet. Also, data for their obesity program has been delayed until early next year.