Arcturus Therapeutics Holdings Inc.

Revenue was $3 million for the quarter and $5 million for the first six months of 2026, down from $28.3 million and $57.7 million in the comparable periods last year. R&D expense was $17.5 million in Q2 and $39 million year-to-date, versus $29.6 million and $64.5 million a year ago; G&A was $11 million in Q2 and $20.5 million year-to-date, versus $10.3 million and $21.7 million last year. Cash and cash equivalents were $191.5 million at June 30, 2026, down from $230.8 million at December 31, 2025. Management guided to a Q3 2026 readout for ARCT-810 Phase II data and regulatory direction, and a Q4 2026 decision on whether to advance ARCT-032 into Phase III. They also said the CSL termination agreement included a one-time $12 million cash payment and released Arcturus from liabilities with an aggregate value of about $16 million.

Joe Payne emphasized continued execution in rare disease and framed the vaccine-rights return as a strategic reset, saying Arcturus now has control of a validated sa-mRNA platform with global rights restored. He highlighted the CF program’s recruiting progress, the OTC program’s completed dosing milestone, and the opportunity to maximize vaccine value through commercialization and partnering. His tone was upbeat and confident, especially around the platform’s safety, manufacturability, and future utility.

Dennis Mulroy focused on the quarter’s financial cleanup and capital discipline. He noted lower revenue due to reduced CSL collaboration revenue as the agreement was terminated, while R&D spending declined because of lower salaries, benefits, and facilities costs; G&A was broadly stable aside from higher legal fees. He also stressed that the CSL settlement strengthened the balance sheet, and said Arcturus has a cash runway of more than 2.5 years through year-end 2028.

Analysts focused heavily on what data will matter for the OTC and CF programs, how the CF Phase III decision will be made, and whether any safety/tolerability issues would have surfaced by now. Management said ARCT-810 readout will include U.S. and European data plus FDA-requested supplementary data, and that success will be judged by the totality of biomarkers, safety, tolerability, quality-of-life, and functional measures rather than a single endpoint. For ARCT-032, they said enrollment is improving with ex-U.S. sites, the study is open-label with ongoing data access, and that anything serious would need to be disclosed; they plan to wait for a larger body of data before giving more detail on tolerability.