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Sep 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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