Shares of Arcturus Therapeutics Holdings (NASDAQ: ARCT) soared by more than 25% in pre-market trading on Wednesday after the clinical messenger RNA medicines company swung to a profit in the fourth quarter with earnings of $4.33 per share versus a loss of $1.47 per diluted share in the same period last year.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Revenues surged 26.6% year-over-year to $160.3 million in Q4 and the company’s primary sources of revenues were from “license fees, consulting and related technology transfer fees, reservation fees and collaborative payments received from research and development arrangements with pharmaceutical and biotechnology partners.”
Andrew Sassine, CFO of Arcturus Therapeutics commented, “Within the first four months of our CSL collaboration, we successfully achieved multiple program objectives, triggering $90 million in milestone payments. Additionally, with the elimination of $33.3 million of non-recourse debt to Singapore, our cash runway now extends into the beginning of 2026.”
ARCT has tied up with CSL to develop mRNA vaccines.
ARCT stock has tanked by more than 45% in the past year.