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Dec 31, 2025
Arcturus Therapeutics Q4 2025 Earnings Report
Arcturus Therapeutics Q4 2025 Earnings Report
Key Takeaways
Arcturus reported a decrease in quarterly revenue to $7.2 million, primarily due to lower collaboration revenue from CSL. However, the company successfully reduced operating expenses and extended its cash runway into Q2 2028 while advancing its clinical pipeline for cystic fibrosis and OTC deficiency.
Cash runway extended into Q2 2028 with $232.8 million in cash, cash equivalents, and restricted cash.
ARCT-032 for cystic fibrosis cleared to proceed into a 12-week Phase 2 study starting H1 2026.
UK MHRA granted approval for KOSTAIVE®, the company's self-amplifying mRNA COVID-19 vaccine.
Quarterly net loss improved slightly to $29.1 million compared to $30.0 million in the prior year period.
Revenue by Segment
Forward Guidance
Arcturus expects to initiate a Phase 2 study for ARCT-032 in H1 2026 and anticipates a slight decrease in G&A expenses over the next twelve months.
Positive Outlook
- Cash runway extended into Q2 2028.
- Phase 2, 12-week CF study initiation planned for H1 2026.
- Type C regulatory meetings for ARCT-810 on track for H1 2026.
- G&A expenses expected to decrease slightly due to lower share-based compensation.
- Ongoing development of pandemic influenza vaccine under BARDA contract.
Challenges Ahead
- Revenue declines expected to persist relative to peak development milestones.
- Ongoing litigation against AbbVie and Capstan Therapeutics.
- Transition of COVID program to commercial phase reduces development-based milestone opportunities.
- Potential for clinical data not to be predictive of future results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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