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,…
Earnings analysis · 10-Q
ARCT earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.95
What stood out
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Revenue Decline of 93%
Revenue fell to $2.06 million from $29.38 million YoY, a 93% decrease.
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Improved EPS Loss
Reported EPS loss was $0.95 compared to an estimate of $1.04, beating expectations.
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Decreased Operating Expenses
Total operating expenses decreased by 33% to $30.99 million from $46.21 million YoY.
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Reduced Cash Burn
Operating cash flow loss decreased from $35.14 million in Q1 2025 to $19.44 million in Q1 2026.
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Strong Cash Position
As of March 31, 2026, the cash balance was $213.4 million, bolstered by previous agreements.
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Ongoing Clinical Trials
The company continues to progress with Phase 2 trials for LUNAR-CF and LUNAR-OTC.
What to watch
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Major Revenue Drop
Total revenue has plummeted by $27.3 million compared to last year, primarily due to reduced collaboration revenue.
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Negative Profitability Trends
The company continues to incur significant losses, reporting a net loss that necessitates future capital raises.
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Regulatory and Market Risks
Ongoing geopolitical concerns and regulatory headwinds could adversely impact operations and clinical trials.
Management's outlook
Management stated that they expect to have a cash runway extending beyond Q2 2028.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.