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Sep 30
Arcturus Therapeutics Q3 2025 Earnings Report
Arcturus reported a widened net loss in Q3 2025 amid declining collaboration revenue, while continuing advancement in its CF and OTC programs.
Key Takeaways
Arcturus Therapeutics posted a net loss of $13.45 million for Q3 2025, reflecting lower collaboration revenues as KOSTAIVE progresses toward commercialization. However, the company maintained a solid cash position and reported progress in its pipeline, including ARCT-032 for cystic fibrosis.
Total revenue for Q3 2025 was $17.15 million, down from $41.67 million in Q3 2024.
Net loss widened to $13.45 million, or ($0.49) per share.
Cash, cash equivalents, and restricted cash totaled $237.25 million as of September 30, 2025.
Research and development expenses decreased to $23.27 million in Q3 2025 from $39.13 million a year ago.
Arcturus Therapeutics
Arcturus Therapeutics
Arcturus Therapeutics Revenue by Segment
Revenue by Segment
Collaboration Revenue
CapyFin.comGrant Revenue
CapyFin.com Forward Guidance
Arcturus plans further cost reductions in Q4 2025 to extend its cash runway into 2028 while prioritizing development of ARCT-032 and ARCT-810.
Positive Outlook
- Cash runway expected to extend into 2028.
- Continued support from CSL for KOSTAIVE commercialization in Asia and Europe.
- ARCT-032 Phase 2 expansion study planned for H1 2026.
- Regulatory alignment on pivotal ARCT-810 trial expected in H1 2026.
- Cost controls helping reduce general and administrative expenses.
Challenges Ahead
- U.S. BLA filing for KOSTAIVE delayed indefinitely due to regulatory changes.
- Q3 revenue declined significantly year-over-year.
- R&D spending remains high despite cuts.
- Operating losses persist amid lower collaboration activity.
- Uncertainty remains around timing of pivotal trials and approvals.