Arcturus Therapeutics (ARCT)
NASDAQ:ARCT
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Arcturus Therapeutics
(NASDAQ:ARCT)
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Rating:50Neutral
Price Target:
$9.00
▲(1.69% Upside)
Action:ReiteratedDate:03/04/26
The score is held back primarily by weak operating performance and negative free cash flow despite a strong, low-leverage balance sheet. Earnings-call updates add moderate support through regulatory/program milestones and an extended cash runway, while technicals are only modestly improved and valuation is constrained by a negative P/E and no dividend.
Positive Factors
Balance Sheet Strength
Low leverage and sizable equity provide durable financial flexibility to fund multi-year R&D and absorb program timing variability without immediate dilutive financing. This structural cushion supports sustained development timelines and gives management optionality for partnerships or opportunistic investments.
Negative Factors
Weak Cash Generation
Multi‑year negative operating and free cash flow with increased burn in 2025 indicate structurally weak cash conversion. Sustained cash deficits require continued external funding, milestone timing, or deeper expense cuts to maintain programs and commercialization efforts over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Low leverage and sizable equity provide durable financial flexibility to fund multi-year R&D and absorb program timing variability without immediate dilutive financing. This structural cushion supports sustained development timelines and gives management optionality for partnerships or opportunistic investments.
Read all positive factors
Arcturus Therapeutics (ARCT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$235.91M
Dividend YieldN/A
Average Volume (3M)829.62K
Price to Earnings (P/E)―
Beta (1Y)2.22
Revenue Growth-51.43%
EPS Growth20.51%
CountryUS
Employees174
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.03
Shares Outstanding28,423,069
10 Day Avg. Volume934,920
30 Day Avg. Volume829,622
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.78
Price to Sales (P/S)2.50
P/FCF Ratio-2.26
Enterprise Value/Market Cap0.14
Enterprise Value/Revenue0.44
Enterprise Value/Gross Profit0.47
Enterprise Value/Ebitda-0.46
Forecast
1Y Price Target
$18.50Price Target Upside109.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)-4.04
Revenue Forecast (FY)$37.13M
Arcturus Therapeutics Business Overview & Revenue Model
Company Description
Arcturus Therapeutics Holdings Inc., an RNA medicines company, focuses on the development of vaccines for infectious, and liver and respiratory rare diseases in the United States. The company's development programs comprise LUNAR-OTC development p...
How the Company Makes Money
Arcturus primarily makes money through (1) collaboration and licensing revenue and (2) government or third-party funding tied to research and development activities; it may also generate (3) product revenue where it has commercialized products, an...
Arcturus Therapeutics Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: several program and platform positives (UK approval for Costave, ARCT-2304 durable immune responses, ARCT-032 advancing to a 12‑week Phase II, ARCT-810 moving toward pivotal discussions) alongside significant near-term financial and commercial challenges (material year-over-year revenue declines, reduced cash balance, ongoing CSL collaboration uncertainty, and early-stage clinical efficacy data in small cohorts). Management highlighted expense reductions and extended runway to Q2 2028, but commercial/regulatory clarity (especially in the U.S. for Costave) and larger clinical datasets are needed to materially de-risk the outlook.Positive Updates
UK Regulatory Approval for Costave
MHRA granted approval in January 2026 for Costave (self-amplifying mRNA COVID-19 vaccine) for individuals aged 18+, validating commercial/regulatory potential for the sa-mRNA platform.
Negative Updates
Significant Year-over-Year Revenue Decline
Annual revenue decreased by $70.3M year-over-year and quarterly revenue decreased by $15.6M, driven largely by reduced activity and fewer development milestones under the CSL collaboration as Costave moved to commercialization.
Read all updates
Q4-2025 Updates
Positive
Negative
UK Regulatory Approval for Costave
MHRA granted approval in January 2026 for Costave (self-amplifying mRNA COVID-19 vaccine) for individuals aged 18+, validating commercial/regulatory potential for the sa-mRNA platform.
Read all positive updates
Company Guidance
Management guided that ARCT‑032 Phase II (12‑week) is on track to initiate dosing in H1 2026 and will enroll up to ~20 Class I CF patients across U.S., Europe and the Middle East with endpoints including percent predicted FEV1 (spirometry), lung clearance index by multiple breath washout, CFQ‑R and EQ‑5D‑5L quality‑of‑life measures and serial HRCT assessments (airway wall thickness, air trapping, mucus plugging); prior cohorts showed early signals at 10 mg and a 15 mg cohort (4 Class I adults dosed once daily for 28 days) had no safety concerns (Arcturus has previously dosed up to 27 mg). For ARCT‑810 (OTC deficiency) Type C regulatory meetings are scheduled in H1 2026 to align adult and severe pediatric pivotal strategies. Partnered Costave (sa‑mRNA COVID vaccine) received MHRA approval in Jan 2026 for ≥18, and ARCT‑2304 (BARDA‑funded A/H5N1) completed Phase I in 212 young and 80 older adults across 1.5/5/12 µg doses with durable 8‑month immune responses and no safety signals. Financially, annual revenue declined $70.3M (quarterly -$15.6M), R&D decreased $83.0M annually (-$19.3M qtr), G&A decreased $6.7M annually (qtr +$1.6M), cash and equivalents were $232.8M at 12/31/2025 (vs. $293.9M at 12/31/2024) and the cash runway was extended into Q2 2028, with management expecting continued G&A reductions over the next 12 months due to lower share‑based compensation.Arcturus Therapeutics Financial Statement Overview
Summary
Income Statement
41
Neutral
Balance Sheet
72
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 67.22M | 138.39M | 157.75M | 205.75M | 12.36M |
| Gross Profit | 64.20M | 138.39M | 157.75M | 205.75M | 12.36M |
| EBITDA | -71.93M | -77.40M | -24.16M | 13.70M | -201.66M |
| Net Income | -65.78M | -80.94M | -29.73M | 9.35M | -203.67M |
Balance Sheet | |||||
| Total Assets | 271.15M | 344.07M | 429.40M | 450.39M | 392.81M |
| Cash, Cash Equivalents and Short-Term Investments | 230.91M | 237.03M | 292.00M | 391.88M | 370.49M |
| Total Debt | 25.00M | 28.55M | 30.22M | 94.75M | 69.15M |
| Total Liabilities | 57.16M | 103.09M | 150.89M | 180.07M | 164.60M |
| Stockholders Equity | 213.99M | 240.98M | 278.51M | 270.31M | 228.21M |
Cash Flow | |||||
| Free Cash Flow | -74.27M | -60.40M | -21.00M | 24.27M | -138.45M |
| Operating Cash Flow | -74.27M | -59.75M | -18.10M | 31.99M | -135.04M |
| Investing Cash Flow | -230.00K | -648.00K | -2.90M | -7.73M | -3.41M |
| Financing Cash Flow | 13.38M | 5.42M | -24.09M | -2.86M | 48.02M |
Arcturus Therapeutics Technical Analysis
Positive
8.85
Price Trends
7.60
Positive
7.28
Positive
11.26
Negative
Market Momentum
0.41
Negative
68.42
Neutral
72.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ARCT, the sentiment is Positive. The current price of 8.85 is above the 20-day moving average (MA) of 7.84, above the 50-day MA of 7.60, and below the 200-day MA of 11.26, indicating a neutral trend. The MACD of 0.41 indicates Negative momentum. The RSI at 68.42 is Neutral, neither overbought nor oversold. The STOCH value of 72.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ARCT.
Arcturus Therapeutics Risk Analysis
Arcturus Therapeutics disclosed 62 risk factors in its most recent earnings report. Arcturus Therapeutics reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Arcturus Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $563.83M | 0.72 | 240.83% | ― | 64.15% | 1947.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $235.91M | -1.44 | -29.13% | ― | -51.43% | 20.51% | |
48 Neutral | $658.16M | -9.53 | -14.25% | ― | -0.30% | 56.14% | |
48 Neutral | $322.36M | -12.74 | -43.61% | ― | -100.00% | -20.71% | |
47 Neutral | $1.33B | -13.39 | -42.90% | ― | ― | 13.36% | |
45 Neutral | $5.95B | -8.47 | -34.48% | ― | ― | 41.14% |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.