Arcturus Therapeutics Holdings Inc. is a biotechnology company focused on RNA-based medicines, developing a pipeline of vaccines for infectious diseases alongside treatments ...
Arcturus Therapeutics Holdings Inc., founded in 2013 and headquartered in San Diego, California, is a biotechnology company specializing in RNA-based medicines. The company leverages its proprietary LUNAR® lipid nanoparticle delivery technology to develop mRNA therapeutics and vaccines. Its pipeline includes LUNAR-OTC for ornithine transcarbamylase deficiency, LUNAR-CF for cystic fibrosis, and ...Arcturus Therapeutics Holdings Inc., founded in 2013 and headquartered in San Diego, California, is a biotechnology company specializing in RNA-based medicines. The company leverages its proprietary LUNAR® lipid nanoparticle delivery technology to develop mRNA therapeutics and vaccines. Its pipeline includes LUNAR-OTC for ornithine transcarbamylase deficiency, LUNAR-CF for cystic fibrosis, and vaccine candidates LUNAR-COV19 (COVID-19) and LUNAR-FLU. Arcturus has established strategic collaborations with major entities such as Janssen Pharmaceuticals, Ultragenyx, CureVac, and the Singapore Economic Development Board, among others. As a clinical-stage company, it focuses on addressing unmet medical needs in rare diseases and infectious diseases. Financially, the company has a market cap of approximately $199.5 million, with a negative net profit margin and significant R&D expenditure. Its employee count is around 111, and it continues to advance its pipeline while managing cash burn, with a strong current ratio of 5.879. The leadership, under CEO Joseph E. Payne, aims to commercialize innovative mRNA medicines, and the company has received FDA Orphan Drug status for some candidates. Despite challenges, Arcturus remains committed to its mission of developing transformative therapies.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$67.2M
-51.4%
+385.1%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-65.8M
+18.7%
+11.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+95.5%
-4.5%
+1370.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-111.5%
-61.3%
+82.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-97.9%
-67.3%
+81.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-74.3M
-23.0%
-2.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-110.5%
-153.2%
+78.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
11.7%
-1.4%
+6.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
6.64x
+42.1%
-6.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello and welcome everyone joining today's Arcturus Therapeutics Second Quarter 2026 Earnings Call. [Operator Instructions] Please note this call is being recorded and we are standing by should you need any assistance. It is now my pleasure to turn the meeting over to Neda Safarzadeh, Vice President, Head of Investor Relations.
Neda Safarzadeh: Thank you, operator. Good afternoon and welcome to Arcturus Therapeutics quarterly financial update and pipeline progress call. Today's call will be led by Joe Payne, our President and CEO; Dr. Alan Cohen, our Chief Medical Officer; and Dennis Mulroy, our Chief Financial Officer. Dr. Pad Chivukula, our CSO and COO, will join them for the Q&A session. Before we begin, I would like to remind everyone that the statements made during this call regarding matters that are not historical facts are forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties, and assumptions that may cause actual results, performance, and achievements to differ materially from those expressed or implied by the statement. Please see the forward-looking statement disclaimer on the company's press release issued earlier today, as well as the risk factor section in our most recent Form 10-K and in subsequent filings with the SEC. In addition, any forward-looking statements represent our views only as of the date such statements are made. Arcturus specifically disclaims any obligation to update such statements. And with that, I will now turn the call over to Joe.
Joseph Payne: Thank you, Neda, and it's good to be with you again, everybody. The second quarter of 2026 was marked by continued execution across our rare disease pipeline and important strategic developments for Arcturus' vaccine franchise. Today, I'll provide updates on our rare disease programs, ARCT-032 and ARCT-810, and summarize today's good news regarding our vaccine enterprise. I will then turn the call over to Alan for additional clinical updates and to Dennis to review our financial results. Starting with ARCT-032, our inhaled mRNA therapeutic candidate for CF. During the quarter, our Phase II study continued to advance on schedule with active screening and enrollment ongoing across sites in the United States, Israel, and Turkey. These international sites are important for our recruitment strategy, given the higher prevalence of individuals living with Class I CF in Israel and Turkey. As a reminder, cohort 4 is evaluating 10 milligrams of ARCT-032 administered daily by inhalation over a 12-week treatment period. The study is monitoring for safety and evidence of early clinical benefit, including pulmonary function measures such as percent predicted FEV1 and lung clearance index, or LCI. In addition, quality of life measures and high-resolution CT imaging data are being collected. The …
