Investment Thesis
Arcturus Therapeutics is a pre-revenue pharmaceutical company burning significant cash despite maintaining a strong balance sheet with $230.9M in cash. The company is unprofitable with negative operating margins of -93% and deteriorating cash flows, requiring careful monitoring of cash runway and clinical trial progress to justify continued investment.
ARCT Strengths
- Substantial cash position of $230.9M provides runway for development activities
- Strong balance sheet with low debt-to-equity ratio of 0.07x and excellent liquidity (current ratio 6.64x)
- Improving net loss trajectory year-over-year despite revenue decline, suggesting cost control efforts
ARCT Risks
- Severe revenue decline of 46.1% YoY indicates significant commercial challenges or product disappointments
- Massive negative operating cash flow of -$74.3M annually with negative FCF margin of -90.8% unsustainable long-term
- Operating margin of -93% and net margin of -80.2% demonstrate the company remains deeply unprofitable with no clear path to profitability
Key Metrics to Watch
- Quarterly cash burn rate and cash runway remaining
- Revenue trajectory and any new product commercialization success
- Operating expense trends and timing to profitability milestones
ARCT Financial Metrics
ARCT Profitability Ratios
ARCT Balance Sheet & Liquidity
ARCT 5-Year Financial Trend
5-Year Trend Summary: Arcturus Therapeutics Holdings Inc.'s revenue has grown significantly by 702% over the 5-year period, indicating strong business expansion. The most recent EPS of $-1.12 indicates the company is currently unprofitable.
ARCT Growth Metrics (YoY)
ARCT Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $17.2M | -$6.9M | $-0.26 |
| Q2 2025 | $28.3M | -$9.2M | $-0.34 |
| Q1 2025 | $29.4M | -$14.1M | $-0.52 |
| Q3 2024 | $41.7M | -$6.9M | $-0.26 |
| Q2 2024 | $10.5M | -$1.8M | $-0.07 |
| Q1 2024 | $38.0M | -$26.8M | $-1.00 |
| Q3 2023 | $13.4M | -$16.2M | $-0.61 |
| Q2 2023 | $10.5M | -$1.8M | $-0.07 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ARCT Capital Allocation
ARCT SEC Filings
Access official SEC EDGAR filings for Arcturus Therapeutics Holdings Inc. (CIK: 0001768224)