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Arcturus Therapeutics
(NASDAQ:ARCT)
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Rating:55Neutral
Price Target:
$13.00
▲(46.89% Upside)
Action:Reiterated
Date:09/24/26
The score is held down primarily by weak financial performance (large losses, declining revenue, and negative operating/free cash flow) despite low leverage. Offsetting this, technicals are constructive with positive momentum, and the latest updates highlight meaningful upcoming clinical catalysts and operational support (including Thermo Fisher), though near-term revenue and cash draw remain key risks.
Positive Factors
Validated sa-mRNA platform and vaccine rights
Regaining global rights to a validated sa-mRNA platform gives Arcturus greater control over future partnering and commercialization. Existing approvals across more than 30 countries and commercial-ready manufacturing could shorten development pathways and support broader strategic optionality.
Negative Factors
Deep losses and persistent cash burn
Large operating losses and negative cash generation mean Arcturus must continue funding development without a self-sustaining commercial base. Persistent burn can erode cash and constrain investment capacity unless revenue growth, partnering proceeds, or expense discipline improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Validated sa-mRNA platform and vaccine rights
Regaining global rights to a validated sa-mRNA platform gives Arcturus greater control over future partnering and commercialization. Existing approvals across more than 30 countries and commercial-ready manufacturing could shorten development pathways and support broader strategic optionality.
Read all positive factors
Arcturus Therapeutics (ARCT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$358.41M
Dividend Yield1.29%
Average Volume (3M)848.03K
Price to Earnings (P/E)―
Beta (1Y)2.29
Revenue Growth-82.95%
EPS Growth-49.04%
CountryUS
Employees109
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.33
Shares Outstanding28,423,069
10 Day Avg. Volume716,880
30 Day Avg. Volume848,032
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.78
Price to Sales (P/S)2.50
P/FCF Ratio-2.26
Enterprise Value/Market Cap0.06
Enterprise Value/Revenue0.94
Enterprise Value/Gross Profit1.13
Enterprise Value/Ebitda-0.27
Forecast
1Y Price Target
$21.29Price Target Upside140.52% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-3.4
Revenue Forecast (FY)$17.86M
Arcturus Therapeutics Business Overview & Revenue Model
Company Description
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 n...
How the Company Makes Money
Arcturus primarily makes money through (1) collaboration and licensing arrangements and (2) to a lesser extent, other operating revenues typical of clinical-stage biopharma companies; it may also generate interest income from its cash and investme...
Arcturus Therapeutics Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call presents a balanced mix of strategic, clinical, and financial developments. Positive operational milestones include completed enrollment for ARCT-810, continued ARCT-032 Phase II progress with international expansion, regained global rights to a validated sa-mRNA vaccine platform (KOSTAIVE) along with a $12M settlement, a Thermo Fisher manufacturing collaboration for CF, and a completed Phase I pandemic flu study with BARDA support and an accepted manuscript. Offsetting these positives are material near-term financial headwinds: revenue declined sharply year-over-year (~-89% quarter, ~-91% six months) as the CSL collaboration wound down, cash declined by ~17% in H1 2026, and Arcturus now bears the responsibility to commercialize or partner its vaccine portfolio. R&D spending decreased materially (~-40%) and G&A saw modest increases due to legal fees. Overall, strategic and clinical advances are meaningful but are balanced by significant revenue and cash impacts that require successful commercialization/partnering and upcoming data readouts to validate the company’s runway and prospects.Positive Updates
Regained Global Rights to sa-mRNA Platform and KOSTAIVE
Arcturus regained global rights to its sa-mRNA vaccine platform and commercial COVID vaccine KOSTAIVE, with the platform described as validated, approved in >30 countries (including Europe, Japan, and the U.K.), commercial-ready manufacturing, and lower COGS due to lower dose levels.
Negative Updates
Sharp Revenue Decline Year-over-Year
Revenue for the quarter was $3.0 million (vs. $28.3 million prior-year quarter), a decline of approximately -89.4% Q/QY; revenue for the six months was $5.0 million (vs. $57.7 million prior-year), a decline of approximately -91.3% Y/Y, primarily due to winding down of the CSL collaboration.
Read all updates
Q2-2026 Updates
Positive
Negative
Regained Global Rights to sa-mRNA Platform and KOSTAIVE
Arcturus regained global rights to its sa-mRNA vaccine platform and commercial COVID vaccine KOSTAIVE, with the platform described as validated, approved in >30 countries (including Europe, Japan, and the U.K.), commercial-ready manufacturing, and lower COGS due to lower dose levels.
Read all positive updates
Company Guidance
Management guided to near‑term clinical and corporate milestones: a decision on whether to proceed to Phase III for ARCT‑032 (inhaled CF mRNA) is expected in Q4 2026 based on Phase II data (cohort 4: 10 mg daily inhalation for 12 weeks; >50 participants dosed to date, prior dosing up to 15 mg ×28 days) with enrollment expanded to the U.S., Israel and Turkey (Class I/null mutation prevalence ~30–40% in Turkey/Israel vs ~10% in the U.S.); ARCT‑810 (OTC deficiency) has completed Phase II enrollment and dosing (five doses over ~12 weeks) with Phase II data and the regulatory path to be disclosed in Q3 2026 and an End‑of‑Phase‑II discussion planned; the company regained global rights to KOSTAIVE/sa‑mRNA (CSL Seqirus paid $12M and released ≈$16M of liabilities), noting platform approvals in >30 countries (Europe, Japan, U.K.) and a “clear” U.S. path, and said Thermo Fisher will provide manufacturing/clinical support if CF advances to late‑stage development; financials/guidance included cash & cash equivalents of $191.5M as of 6/30/2026 (down from $230.8M on 12/31/2025, ≈$39.4M decrease), revenues of $3M and $5M for the three‑ and six‑month periods ended 6/30/2026 (vs. $28.3M and $57.7M prior year), R&D expense of $17.5M and $39.0M (vs. $29.6M and $64.5M), G&A of $11.0M and $20.5M (vs. $10.3M and $21.7M), and a stated cash runway of >2.5 years through year‑end 2028.Arcturus Therapeutics Financial Statement Overview
Summary
Income Statement
27
Negative
Balance Sheet
60
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 23.80M | 67.22M | 138.39M | 157.75M | 205.75M | 12.36M |
| Gross Profit | 19.80M | 64.20M | 138.39M | 157.75M | 205.75M | 12.36M |
| EBITDA | -82.27M | -62.76M | -77.40M | -24.16M | 15.17M | -199.81M |
| Net Income | -93.28M | -65.78M | -80.94M | -29.73M | 9.35M | -203.67M |
Balance Sheet | ||||||
| Total Assets | 224.31M | 271.15M | 344.07M | 429.40M | 450.39M | 392.81M |
| Cash, Cash Equivalents and Short-Term Investments | 191.48M | 230.91M | 237.03M | 292.00M | 391.88M | 370.49M |
| Total Debt | 22.93M | 25.00M | 28.55M | 30.22M | 94.75M | 69.15M |
| Total Liabilities | 52.50M | 57.16M | 103.09M | 150.89M | 180.07M | 164.60M |
| Stockholders Equity | 171.81M | 213.99M | 240.98M | 278.51M | 270.31M | 228.21M |
Cash Flow | ||||||
| Free Cash Flow | -73.05M | -74.27M | -60.40M | -21.00M | 24.27M | -138.45M |
| Operating Cash Flow | -72.73M | -74.27M | -59.75M | -18.10M | 31.99M | -135.04M |
| Investing Cash Flow | -41.66K | -230.00K | -648.00K | -2.90M | -7.73M | -3.41M |
| Financing Cash Flow | 12.93M | 13.38M | 5.42M | -24.09M | -2.86M | 48.02M |
Arcturus Therapeutics Technical Analysis
Negative
8.85
Price Trends
12.68
Negative
9.78
Positive
8.70
Positive
Market Momentum
-0.10
Positive
44.93
Neutral
33.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARCT, the sentiment is Negative. The current price of 8.85 is below the 20-day moving average (MA) of 14.12, below the 50-day MA of 12.68, and above the 200-day MA of 8.70, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 44.93 is Neutral, neither overbought nor oversold. The STOCH value of 33.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ARCT.
Arcturus Therapeutics Risk Analysis
Arcturus Therapeutics disclosed 63 risk factors in its most recent earnings report. Arcturus Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Arcturus Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $358.41M | -3.79 | -46.54% | 1.29% | -82.95% | -49.04% | |
52 Neutral | $223.70M | -3.67 | -68.44% | ― | 19.49% | -4.53% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $599.79M | -2.53 | -106.94% | ― | ― | ― | |
47 Neutral | $422.35M | -3.68 | -196.63% | ― | 20.83% | 73.89% | |
47 Neutral | $137.98M | -0.94 | -114.26% | ― | -62.08% | -2.62% | |
45 Neutral | $316.39M | -9.26 | -28.41% | 0.12% | ― | 14.04% |
* Healthcare Sector Average
ARCT
Arcturus Therapeutics
12.61
-6.78
-34.97%
PRQR
ProQR
1.62
-0.67
-29.26%
BNTC
Benitec Biopharma
9.07
-5.93
-39.53%
EDIT
Editas Medicine
2.75
-0.81
-22.75%
KRRO
Korro Bio
9.37
-36.34
-79.50%
SLN
Silence Therapeutics
9.65
4.15
75.45%
Arcturus Therapeutics Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Arcturus Showcases Phase 2 ARCT-810 Data, mRNA Advances
Positive
Sep 23, 2026
On September 23, 2026, Arcturus Therapeutics presented an overview of Phase 2 clinical data for its investigational therapy ARCT-810 and provided an update on its mRNA delivery platform. The company also issued a press release summarizing these ma...
Business Operations and StrategyProduct-Related Announcements
Arcturus Therapeutics Highlights ARCT-810 Progress at Metabolic Symposium
Positive
Aug 25, 2026
On August 25, 2026, Arcturus Therapeutics will present a poster on ARCT-810, its mRNA therapy candidate for ornithine transcarbamylase deficiency, at the 2026 Annual Symposium of the Society for the Study of Inborn Errors of Metabolism in Helsinki...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.