Third quarter 2026
Filed Nov 5, 2026Arcturus Therapeutics Announces Third Quarter 2026 Financial Results and Pipeline Progress
Third-quarter revenue increased and net loss narrowed versus the comparable period last year, supported by the CSL Seqirus termination payment and deferred-revenue recognition. Nine-month revenue declined and nine-month net loss widened, while the company continued to fund its rare-disease pipeline from a cash balance of $184.8 million and stated cash runway through year end 2028.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenue, three months ended September 30, 2026GAAP | $16.85M | – | – |
| Grant revenue, three months ended September 30, 2026GAAP | $1.45M | – | – |
| Total revenue, three months ended September 30, 2026GAAP | $18.3M | – | – |
| Research and development expenses, three months ended September 30, 2026GAAP | $17M | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | $10.5M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $27.48M | – | – |
| Loss from operations, three months ended September 30, 2026GAAP | −$9.19M | – | – |
| Finance income, net, three months ended September 30, 2026GAAP | $1.77M | – | – |
| Other expense, three months ended September 30, 2026GAAP | −$2K | – | – |
| Net loss before income taxes, three months ended September 30, 2026GAAP | −$7.41M | – | – |
| Net loss, three months ended September 30, 2026GAAP | $7.4M | – | – |
| Net loss per share, basic and diluted, three months ended September 30, 2026GAAP | $(0.26) | – | – |
| Weighted-average shares outstanding, basic and diluted, three months ended September 30, 2026GAAP | 28.44M | – | – |
| Comprehensive loss, three months ended September 30, 2026GAAP | −$7.41M | – | – |
| Collaboration revenue, nine months ended September 30, 2026GAAP | $18.34M | – | – |
| Grant revenue, nine months ended September 30, 2026GAAP | $4.97M | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $23.3M | – | – |
| Research and development expenses, nine months ended September 30, 2026GAAP | $56M | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | $30.9M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $86.98M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$63.66M | – | – |
| Finance income, net, nine months ended September 30, 2026GAAP | $5.52M | – | – |
| Other expense, nine months ended September 30, 2026GAAP | −$26K | – | – |
| Provision for income taxes, nine months ended September 30, 2026GAAP | — | – | – |
| Net loss, nine months ended September 30, 2026GAAP | $58.2M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $(2.05) | – | – |
| Weighted-average shares outstanding, basic and diluted, nine months ended September 30, 2026GAAP | 28.43M | – | – |
| Comprehensive loss, nine months ended September 30, 2026GAAP | −$58.16M | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $184.8M | – | – |
| Total assets, September 30, 2026GAAP | $215.3M | – | – |
| Total liabilities, September 30, 2026GAAP | $46.59M | – | – |
| Total stockholders' equity, September 30, 2026GAAP | $168.7M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Pipeline milestones and cash runway outlook
- NoteARCT-032 (CF) Phase 2 enrollment is expected to be completed by year-end.
- NoteARCT-032 (CF) Phase 2 full data from Cohort 4 are planned for presentation in Q2 2027.
- NoteArcturus plans to initiate ARCT-2601 Phase 2 dosing in Q1 2027, with top-line data expected in H2 2027.
- NoteArcturus plans to submit an IND to the FDA for PKU in the second half of 2027.
- Notecash runway of over two years through year end 2028
- NoteKOSTAIVE® commercial activities in 2027.
What drove it
- Third-quarter revenue recognition included the $12.0 million termination payment and remaining deferred revenue upon termination of the CSL Seqirus collaboration.
- Reduced clinical and manufacturing activities, particularly across the LUNAR-COVID and BARDA programs, together with lower personnel and facilities costs, reduced research and development expenses.
- Nine-month revenue was affected by lower revenue recognized under the CSL Seqirus collaboration prior to its termination and lower BARDA grant revenue.
- ARCT-810 Phase 2 interim data at 0.3 mg/kg and 0.5 mg/kg showed meaningful biomarker activity and was generally safe and well tolerated.
- LUNAR 2.0™ demonstrated 38-fold greater potency than the key lipid in ARCT-810 in a non-human primate study based on human ornithine transcarbamylase expression.
Concerns
- Nine-month total revenue was $23.3 million, compared with $74.8 million in the comparable period last year.
- Nine-month net loss was $58.2 million, compared with a net loss of $36.7 million for the nine months ended September 30, 2025.
- Third-quarter revenue growth was primarily driven by a $12.0 million termination payment and remaining deferred revenue upon termination of the CSL Seqirus collaboration.
- Cash and cash equivalents declined by $46.1 million from December 31, 2025 to September 30, 2026.
- ARCT-032, ARCT-2601 and PKU milestones remain forward-looking plans subject to the risks described by the company.
What to watch
- Completion of ARCT-032 Phase 2 enrollment by year-end and presentation of Cohort 4 full data in Q2 2027.
- Timing of the ARCT-032 decision to proceed into Phase 3 and the associated significant contributions from Thermo Fisher Scientific.
- Initiation of ARCT-2601 Phase 2 dosing in Q1 2027 and anticipated top-line data in H2 2027.
- Submission of an IND to the FDA for PKU in the second half of 2027.
- KOSTAIVE® commercial sales in Japan for the 2026/2027 season and preparation for commercial activities in the EU and UK in 2027.
Balance sheet and cash flow
- Cash and cash equivalents were $184.8 million as of September 30, 2026, and $230.9 million on December 31, 2025, for a decrease of $46.1 million.
- The decrease was primarily driven by cash used related to ongoing clinical development activities, including the continued advancement of the Company's cystic fibrosis and OTC deficiency programs, partially offset by the $12.0 million payment received from CSL Seqirus under the termination and settlement agreement.
- Non-current restricted cash was $2,028 (in thousands) at September 30, 2026.
- Operating lease liabilities, net of current portion, were $18,244 (in thousands) at September 30, 2026.
Analysis
Arcturus reported third-quarter total revenue of $18.3 million, compared with $17.2 million in the comparable period last year, while net loss narrowed to $7.4 million from $13.4 million. The revenue increase was primarily driven by recognition of the $12.0 million CSL Seqirus termination payment and remaining deferred revenue following termination of that collaboration, partially offset by lower grant revenue. Collaboration revenue was $16,852 (in thousands) and grant revenue was $1,445 (in thousands).
Cost discipline was evident in research and development expense of $17.0 million, compared with $23.3 million in the comparable quarter last year. The company attributed the reduction to lower clinical and manufacturing activity, particularly across LUNAR-COVID and BARDA programs, as well as lower personnel and facilities costs. General and administrative expense was comparatively stable at $10.5 million versus $10.4 million. Total operating expenses were $27,482 (in thousands), and loss from operations was $(9,185) (in thousands).
The nine-month figures show the dependence of the third-quarter revenue result on the CSL Seqirus termination-related recognition. Nine-month total revenue was $23.3 million versus $74.8 million in the comparable period last year, reflecting lower CSL Seqirus collaboration revenue before termination and lower BARDA grant revenue. Nine-month net loss was $58.2 million versus $36.7 million, even as nine-month research and development expense declined to $56.0 million from $87.7 million.
Cash and cash equivalents were $184.8 million at September 30, 2026, versus $230.9 million on December 31, 2025. The company cited ongoing clinical development spending, partly offset by the $12.0 million CSL Seqirus payment, and stated cash runway of over two years through year end 2028. Pipeline attention centers on expected ARCT-032 enrollment completion by year-end and Phase 2 data in Q2 2027, ARCT-2601 Phase 2 dosing planned for Q1 2027 with top-line data expected in H2 2027, and a planned PKU IND submission in the second half of 2027.
Management, verbatim
The third quarter marked a pivotal step forward for our liver therapeutics franchise, with encouraging ARCT-810 Phase 2 results and the introduction of LUNAR 2.0™, our next-generation mRNA delivery platform, which demonstrated a 38-fold improvement over the key lipid in ARCT-810 in non-human primates.
Joseph Payne, President & CEO of Arcturus
We continue to maintain a strong balance sheet and cash runway of over two years through year end 2028, allowing our company to reach important clinical and regulatory milestones for its rare disease pipeline.
Dennis Mulroy, Chief Financial Officer of Arcturus
Not in the filing
stated, not guessed- Non-GAAP financial metrics were not reported.
- Gross profit and gross margin were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Share repurchases and dividends were not reported.
- Formal financial guidance for revenue, gross margin, operating expenses, or tax rate was not reported.
- Prior-quarter comparisons were not reported.
- Percentage year-over-year changes were not reported for the financial statement line items.
- No reportable operating-segment revenue was disclosed.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.