Arcturus Therapeutics (ARCT) Q4 2025 earnings summary

Executive summary

• Advanced ARCT-032 (CF) to a 12-week phase II study starting in H1 2026, with 15 mg dose showing no safety concerns.

• ARCT-810 (OTC deficiency) expanded to both adult and pediatric populations, with regulatory meetings scheduled for H1 2026.

• KOSTAIVE, the partnered COVID-19 vaccine, approved in the UK for adults in January 2026; U.S. progress remains uncertain.

• ARCT-2304, a pandemic flu vaccine candidate, demonstrated durable immune response and strong safety in phase I and BARDA partnership.

Financial highlights

• Fiscal year 2025 revenue was $82.0 million, down $70.3 million year-over-year, mainly due to lower CSL collaboration activity and milestone achievements.

• Q4 2025 revenue was $7.2 million, down $15.6 million from Q4 2024.

• Operating expenses for 2025 were $158.3 million, down $89.7 million year-over-year.

• Net loss for 2025 was $65.8 million ($2.40 per share), improved from $80.9 million ($3.00 per share) in 2024.

• Cash, cash equivalents, and restricted cash were $232.8 million at year-end 2025, down from $293.9 million at year-end 2024.

Outlook and guidance

• Cash runway extended into Q2 2028 through disciplined execution and strategic focus on rare disease programs.

• General and administrative expenses expected to decrease over the next 12 months.

• 12-week phase II ARCT-032 study to initiate in H1 2026, targeting up to 20 CF patients with Class 1 mutations.

• Regulatory feedback for ARCT-810 expected in H1 2026 to clarify pivotal trial design for both adults and children.

• Multiple near-term milestones anticipated for both therapeutic programs.