ARCT earnings analysis
What we found in ARCT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Arcturus Therapeutics reported Q1 2026 results with a revenue of $2.06 million, a stark decline of 93% compared to $29.38 million in the previous year, significantly missing expectations. Despite the challenging revenue environment, the company achieved an EPS loss of $0.95, slightly better than the expected loss of $1.04.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline of 93%
- Revenue fell to $2.06 million from $29.38 million YoY, a 93% decrease.
- Improved EPS Loss
- Reported EPS loss was $0.95 compared to an estimate of $1.04, beating expectations.
- Decreased Operating Expenses
- Total operating expenses decreased by 33% to $30.99 million from $46.21 million YoY.
- Reduced Cash Burn
- Operating cash flow loss decreased from $35.14 million in Q1 2025 to $19.44 million in Q1 2026.
- Strong Cash Position
- As of March 31, 2026, the cash balance was $213.4 million, bolstered by previous agreements.
- Ongoing Clinical Trials
- The company continues to progress with Phase 2 trials for LUNAR-CF and LUNAR-OTC.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Major Revenue Drop
- Total revenue has plummeted by $27.3 million compared to last year, primarily due to reduced collaboration revenue.
- Negative Profitability Trends
- The company continues to incur significant losses, reporting a net loss that necessitates future capital raises.
- Regulatory and Market Risks
- Ongoing geopolitical concerns and regulatory headwinds could adversely impact operations and clinical trials.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.95
What they said about what is next.
Management stated that they expect to have a cash runway extending beyond Q2 2028.
The filing reads worse than the one before it.
What came before.
- 10-K · March 3, 2026
- Arcturus reports material commercialization progress (KOSTAIVE approvals in Japan, EC and UK and sales beginning October 2024) and advancing Phase 2 programs in CF (ARCT-032) and OTC deficiency (ARCT-810). Financially,…
- 10-Q · August 11, 2025
- Arcturus reported Q2 revenue of $28,301,000, down from $49,859,000 in the year‑ago quarter, while loss from operations narrowed to $(11,616,000) from $(21,126,000). GAAP net loss per share improved to $(0.34) from…
- 10-Q · May 12, 2025
- Arcturus reported Q1 2025 revenue of $29.382M and an improved net loss of $14.076M (EPS -$0.52), driven by milestone recognition under the CSL Seqirus collaboration and sharply lower R&D and operating spend.…
- 10-Q · November 7, 2024
- Arcturus Therapeutics reported third-quarter revenue of $41,673,000, showing a decrease of 7.5% compared to $45,140,000 in Q3 2023. The net loss per share narrowed to $(0.26), an improvement from $(0.61) year-over-year,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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