Arcturus Therapeutics Holdings Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a decline in total revenue and an increase in net losses compared to the previous fiscal period. Total revenue for Q3 2024 was $41.7 million, a decrease of 7.7% from $45.1 million in Q3 2023. For the nine months ended September 30, 2024, total revenue was $129.5 million, down 4.7% from $135.9 million in the same period last year. The decline in collaboration revenue, which fell from $43.4 million in Q3 2023 to $38.8 million in Q3 2024, contributed significantly to this decrease. However, grant revenue increased from $1.8 million in Q3 2023 to $2.9 million in Q3 2024.
Operating expenses for Q3 2024 were $52.4 million, down 18.7% from $64.5 million in Q3 2023, primarily due to a reduction in research and development expenses, which decreased by 23.4% to $39.1 million. Despite the reduction in expenses, the company reported a net loss of $6.9 million for Q3 2024, compared to a net loss of $16.2 million in Q3 2023. For the nine-month period, the net loss increased to $50.9 million from $18.0 million in the prior year.
As of September 30, 2024, Arcturus had cash and cash equivalents totaling $237.2 million, a decrease from $292.0 million at the end of 2023. Total current assets also declined to $330.8 million from $386.6 million. The accumulated deficit increased to $418.8 million from $367.9 million at the end of 2023, while total stockholders’ equity decreased to $261.9 million from $278.5 million.
Strategically, Arcturus achieved a significant milestone with the approval of its COVID-19 vaccine, KOSTAIVE (ARCT-154), in Japan, marking it as the world’s first approved self-amplifying RNA vaccine. The company also recognized a $25.0 million development milestone related to KOSTAIVE in Q3 2024. The collaboration with CSL Seqirus continues to be a key focus, with potential development milestones exceeding $1.3 billion and commercial milestones up to $3.0 billion based on net sales.
The company is actively addressing material weaknesses in its internal controls over financial reporting, particularly in information technology and revenue recognition. Management is implementing remediation activities expected to be completed in fiscal year 2024.
About Arcturus Therapeutics Holdings Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.