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Jun 30, 2025
Arcturus Therapeutics Q2 2025 Earnings Report
Arcturus Therapeutics reported Q2 2025 revenue of $28.3M and a net loss of $9.18M, with significantly reduced operating expenses compared to last year.
Key Takeaways
For Q2 2025, Arcturus Therapeutics posted total revenue of $28.3M, driven mainly by strategic alliances and grant revenue, with a narrowed net loss of $9.18M. Operating expenses fell sharply due to reduced manufacturing costs and lower payroll, while the company maintained a strong cash position of $253.4M including restricted cash.
Total revenue was $28.3M, down from $49.9M in Q2 2024, mainly due to reduced CSL collaboration revenue.
Net loss narrowed to $9.18M from $17.22M a year ago, driven by lower operating expenses.
Research and development expenses decreased to $29.58M from $58.67M YoY.
Cash, cash equivalents, and restricted cash totaled $253.4M, with a runway into 2028.
Revenue by Segment
Forward Guidance
Arcturus expects to complete enrollment in its CF Phase 2 trial by year-end 2025 and align with regulators on OTC deficiency Phase 3 design in H1 2026. The company anticipates key regulatory milestones for KOSTAIVE in multiple regions during 2025–2026, with a cash runway into 2028.
Positive Outlook
- CF Phase 2 enrollment on track for completion by year-end 2025.
- Positive interim data for OTC deficiency Phase 2 studies.
- Regulatory alignment for OTC Phase 3 expected in H1 2026.
- KOSTAIVE regulatory filings progressing in UK, Japan, and U.S.
- Cash runway extended into 2028.
Challenges Ahead
- Revenue decline from CSL collaboration due to lower activity.
- Reduced manufacturing and clinical trial activity impacting revenue.
- Dependence on regulatory approvals for future revenue growth.
- Lower amortization of upfront payments from partners.
Historical Earnings Impact
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