Arcturus Therapeutics Holdings Inc.
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Range $25 – $25
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About the company
Arcturus Therapeutics Holdings Inc. is a biotechnology company focused on RNA-based medicines, developing a pipeline of vaccines for infectious diseases alongside treatments for rare liver and respiratory conditions across the United States. Its notable development programs encompass LUNAR-OTC, designed for ornithine transcarbamylase (OTC) deficiency, and LUNAR-CF, targeting cystic fibrosis lung disease caused by specific CFTR gene mutations.
- CEO
- Joseph E. Payne
- IPO
- 2013
- Employees
- 109
- HQ
- San Diego, CA, US
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- Market Cap
- $312.37M
- P/E
- -3.30
- Fwd P/E
- 21.00
- PEG
- 0.09
- P/S
- 13.12
- P/B
- 1.82
- EV/EBITDA
- -1.73
- Div Yield
- 0.00%
- Gross Margin
- 83.19%
- Op Margin
- -433.36%
- Net Margin
- -391.90%
- ROE
- -46.54%
- ROIC
- -52.96%
Latest fiscal year · YoY change
- Revenue
- $67.22M-51.4%
- Gross Profit
- $64.20M-53.6%
- Op Income
- $-74,955,000
- Net Income
- $-65,783,000+18.7%
- EPS
- $-2.40+20.0%
- OCF Growth
- -24.3%
- FCF Growth
- -23.0%
- 52W High
- $24.17
- 52W Low
- $5.50
- 50D MA
- $6.86
- 200D MA
- $7.36
- Beta
- 2.27
- RSI (14)
- 84
- Avg Volume
- 577.67K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Arcturus reported a small Q2 revenue base as it advanced its rare disease pipeline, completed ARCT-810 dosing, kept ARCT-032 on track for a Q4 Phase III decision, and regained global rights to its vaccine platform.· August 6, 2026
- ARCT-032 CF study stayed on schedule, with enrollment expanded to Israel and Turkey to improve recruitment for Class I/null-mutation patients.
- ARCT-810 OTC study completed enrollment and dosing; management expects Phase II data and a regulatory-path update in Q3 2026.
- Arcturus regained global rights to KOSTAIVE and its broader sa-mRNA vaccine portfolio after ending its CSL Seqirus collaboration.
- Management said the CF Phase III decision remains targeted for Q4 2026 and would trigger additional contributions from Thermo Fisher.
- Cash and cash equivalents were $191.5 million at June 30, 2026, and management said cash runway extends more than 2.5 years through year-end 2028.
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.
The call presented multiple visible catalysts: ARCT-810 data and a regulatory update in Q3, a CF Phase III decision in Q4, and a larger strategic role for the vaccine franchise after rights reverted to Arcturus. Management sounded confident that the CF platform’s safety/tolerability and manufacturing advantages differentiate it, and said the vaccine platform is already validated, commercially ready, and attractive for partnering.
Revenue dropped sharply because the CSL collaboration was winding down, and the company is still dependent on clinical progress rather than product sales for value creation. The OTC and CF programs remain data-dependent, with management withholding specifics until later readouts, and the CF Phase III decision still hinges on whether the collected data are sufficient. The vaccine portfolio now sits fully back with Arcturus, but management offered limited detail on near-term monetization outside of partnerships and selective commercialization efforts.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 92.0%
- Shares Outstanding
- 28.42M
- Float Shares
- 26.15M
of shares held by institutions
130 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Federated Hermes, Inc. | 3.30M | 0 |
| Ark Investment Management LLC | 2.90M | ▲ 132.12K |
| Blackrock, Inc. | 2.61M | ▲ 731 |
| Vanguard Group Inc | 2.09M | ▲ 204.04K |
| Sumitomo Mitsui Trust Group, Inc. | 1.96M | ▼ 325.81K |
| Nikko Asset Management Americas, Inc. | 1.96M | ▼ 328.48K |
| Vanguard Capital Management LLC | 1.11M | ▲ 7.94K |
| Two Sigma Investments, LP | 1.09M | ▲ 9.35K |
| Geode Capital Management, LLC | 693.66K | ▲ 32.73K |
| Aqr Capital Management LLC | 675.01K | ▲ 513.74K |
| Jacobs Levy Equity Management, Inc | 647.51K | ▲ 448.78K |
| State Street Corp | 569.60K | ▲ 25.73K |
Held by 135 ETFs
Biggest fund positions in ARCT by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 5, 26 | HOLMES EDWARD W | other | 15,000 |
| Jun 5, 26 | FARRELL PETER C | other | 15,000 |
| Jun 5, 26 | BARLOW JAMES F | other | 15,000 |
| Jun 5, 26 | Markels John | other | 15,000 |
| Jun 5, 26 | Slaoui Moncef | other | 15,000 |
| Jun 5, 26 | Marquet Magda | other | 15,000 |
| Jun 5, 26 | Marantz Jing L. | other | 15,000 |
| May 1, 26 | MULROY DENNIS | other | 100,000 |
| May 1, 26 | MULROY DENNIS | other | 0 |
| Dec 17, 25 | Roberts Joseph | other | 10,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our ARCT coverage
Recent articles, reports, and earnings notes.
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Arcturus Therapeutics Eyes Phase III CF Call, OTC Data as Vaccine Funds Pipeline
marketbeat.com · Aug 11
Arcturus Therapeutics Holdings Inc. (ARCT) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 7
Arcturus Therapeutics (ARCT) Reports Q2 Loss, Beats Revenue Estimates
zacks.com · Aug 6
Arcturus Therapeutics Q2 Earnings Call Highlights
marketbeat.com · Aug 6
Arcturus Therapeutics Announces Second Quarter 2026 Financial Results and Pipeline Progress
businesswire.com · Aug 6
Arcturus Therapeutics to Report Second Quarter Financial Results and Provide Corporate Update on Aug 6, 2026
businesswire.com · Jul 28
Financial Review: Arcturus Therapeutics (NASDAQ:ARCT) vs. Zenas BioPharma (NASDAQ:ZBIO)
defenseworld.net · Jul 28
Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Receives $24.25 Consensus Target Price from Analysts
defenseworld.net · Jul 26
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