Arcturus Therapeutics (ARCT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $18.3M and net loss was $7.4M; revenue included $16.8M recognized under the CSL Seqirus termination agreement.

• Clinical programs advanced in CF and OTC deficiency; LUNAR 2.0 and the myNEO acquisition expanded platform and discovery capabilities.

• CSL collaboration ended in August, restoring strategic control of the vaccine portfolio while Japan commercialization arrangements continued for the 2026–2027 season.

Financial highlights

• Q3 revenue was $18.3M vs. $17.2M YoY; collaboration revenue was $16.9M vs. $14.2M and grant revenue was $1.4M vs. $3.0M.

• 9M revenue was $23.3M vs. $74.8M; collaboration revenue was $18.3M vs. $64.1M and grant revenue was $5.0M vs. $10.7M, primarily reflecting the ended CSL collaboration and lower BARDA revenue.

• Q3 R&D expense was $17.0M vs. $23.3M and G&A was $10.5M vs. $10.4M; Q3 operating expenses were $27.5M vs. $33.7M.

• 9M R&D expense was $56.0M vs. $87.7M and G&A was $30.9M vs. $32.1M, reflecting lower clinical, manufacturing, personnel and facility costs.

• Q3 net loss was $7.4M vs. $13.4M; 9M net loss was $58.2M vs. $36.7M.

Outlook and guidance

• ARCT-032 Cohort 4 enrollment is expected to finish by year-end 2026; Phase 2 data are planned for Q2 2027, with a Phase 3 decision expected before the full presentation.

• ARCT-2601 Phase 2 dosing is planned for Q1 2027 within the amended ARCT-810 study; top-line OTC data are expected in H2 2027.

• A Phase 3 CF discussion with FDA is likely in H2 2027; a late-2027 study start remains speculative and depends on data and agency discussions.

• A PKU program IND filing is planned for H2 2027; final GLP-tox studies are being prepared for the ARCT-2601 IND filing.

• KOSTAIVE commercial activities in Europe and the U.K. may be explored in 2027; a U.S. partner is expected to be pursued.