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Arcturus Therapeutics Holdings Inc., a messenger RNA medicines company, focuses on the development of liver and respiratory rare disease therapeutics. Its technology platforms include STARR, a self-amplifying mRNA technology platform, and LUNAR, a lipid-mediated delivery system. The company also develops ARCT-032 (LUNAR-CF), an mRNA therapeutic candidate for cystic fibrosis that is in Phase 2 clinical development; and ARCT-810 (LUNAR-OTC), which is in Phase 2 clinical development to address ornithine transcarbamylase (OTC) deficiency. In addition, it develops KOSTAIVE, a self-amplifying RNA vaccine for COVID-19; ARCT-2138 (LUNAR-FLU), which is in Phase1 clinical trial for the treatment of seasonal influenza; and ARCT-2304 (LUNAR-H5N1) that is in Phase1 clinical trial for the treatment of Pandemic Influenza. Arcturus Therapeutics Holdings Inc. was founded in 2013 and is headquartered in San Diego, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $67M | $-63M | $-66M | $-75M | -30.7% | -51.4% | - |
| 2024 | $138M | $-77M | $-81M | $-60M | -33.6% | -12.3% | - |
| 2023 | $158M | $-24M | $-30M | $-21M | -10.7% | -23.3% | -417.9% |
| 2022 | $206M | $14M | $9M | $24M | 3.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 205.75 | 157.75 | 138.39 | 67.22 |
| Operating Expense | 193.58 | 235.95 | 234.06 | 143.48 |
| Operating Income | 12.18 | -78.20 | -95.67 | -76.26 |
| EBITDA | 13.70 | -24.16 | -77.40 | -62.75 |
| EBIT | 12.18 | -27.12 | -80.94 | -65.77 |
| Pretax Income | 10.64 | -27.89 | -80.94 | -65.78 |
| Tax Provision | 1.29 | 1.83 | 0 | 0 |
| Net Income | 9.35 | -29.73 | -80.94 | -65.78 |
| Net Income Common Stockholders | 9.35 | -29.73 | -80.94 | -65.78 |
| Total Expenses | 193.58 | 235.95 | 234.06 | 143.48 |
| Interest Expense | 3 | 0.77 | 0 | 0.01 |
| Interest Income | 2.58 | 17.36 | 15.20 | 10.10 |
| Research And Development | 147.75 | 192.13 | 195.16 | 112.21 |
| Selling General And Administration | 46.07 | 52.87 | 52.82 | 46.08 |
| Normalized EBITDA | 14.30 | -57.89 | -76.93 | -63.13 |
| Normalized Income | 9.87 | -56.37 | -80.47 | -66.17 |
| Basic EPS | 0.35 | -1 | -3 | -2.40 |
| Diluted EPS | 0.35 | -1 | -3 | -2.40 |
| Tax Effect Of Unusual Items | -0.07 | 7.08 | 0 | 0 |
| Tax Rate For Calcs | 0.12 | 0.21 | 0 | 0 |
| Total Unusual Items | -0.60 | 33.72 | -0.47 | 0.38 |
| Total Unusual Items Excluding Goodwill | -0.60 | 33.72 | -0.47 | 0.38 |
| Net Income From Continuing Operation Net Minority Interest | 9.35 | -29.73 | -80.94 | -65.78 |
| Reconciled Depreciation | 1.53 | 2.96 | 3.54 | 3.02 |
| Net Interest Income | -0.42 | 16.59 | 15.20 | 10.10 |
| Net Income From Continuing And Discontinued Operation | 9.35 | -29.73 | -80.94 | -65.78 |
| Total Operating Income As Reported | 12.18 | -78.20 | -95.67 | -76.26 |
| Diluted Average Shares | 27.09 | 26.63 | 27 | 27.39 |
| Basic Average Shares | 26.45 | 26.63 | 27 | 27.39 |
| Diluted NI Availto Com Stockholders | 9.35 | -29.73 | -80.94 | -65.78 |
| Net Income Including Noncontrolling Interests | 9.35 | -29.73 | -80.94 | -65.78 |
| Net Income Continuous Operations | 9.35 | -29.73 | -80.94 | -65.78 |
| Other Income Expense | -1.11 | 33.72 | -0.47 | 0.38 |
| Special Income Charges | 0 | 33.95 | 0 | 0 |
| Other Special Charges | 0 | -33.95 | 0 | 0 |
| Earnings From Equity Interest | -0.52 | 0 | 0 | 0 |
| Gain On Sale Of Security | -0.60 | -0.23 | -0.47 | 0.38 |
| Net Non Operating Interest Income Expense | -0.42 | 16.59 | 15.20 | 10.10 |
| Total Other Finance Cost | 0.42 | 0 | 0 | 0 |
| Interest Expense Non Operating | 3 | 0.77 | 0 | 0.01 |
| Interest Income Non Operating | 2.58 | 17.36 | 15.20 | 10.10 |
| Other Operating Expenses | -0.24 | -9.05 | -13.92 | -14.81 |
| General And Administrative Expense | 46.07 | 52.87 | 52.82 | 46.08 |
| Other Gand A | 46.07 | 52.87 | 52.82 | 46.08 |
| Operating Revenue | 205.75 | 157.75 | 138.39 | 67.22 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Arcturus Therapeutics Holdings Inc.this co. | ARCT | $239M | - | 1.12 | -30.7% | -0.45 |
| Codexis, Inc. | CDXS | $255M | - | 5.04 | -87.0% | -7.57 |
| Alector, Inc. | ALEC | $255M | - | 8.27 | -466.3% | -0.23 |
| Inhibikase Therapeutics, Inc. | IKT | $246M | - | 1.83 | -27.9% | -3.01 |
| 908 Devices Inc. | MASS | $243M |
| - |
| 1.64 |
| 13.6% |
| -6.49 |
| Carlsmed, Inc. | CARL | $240M | - | 2.38 | -30.0% | -4.74 |
| Nuvectis Pharma, Inc. | NVCT | $235M | - | 11.85 | -143.6% | - |
| Spok Holdings, Inc. | SPOK | $229M | 14.73 | 1.56 | 10.8% | 8.93 |
| Heron Therapeutics, Inc. | HRTX | $224M | - | 16.76 | -140.9% | -1425.96 |
| Peer Median | - | 14.73 | 3.71 | -58.5% | -4.74 | |