Arcturus Therapeutics (NASDAQ:ARCT) Reports Mixed Q3 2025 Results, Extends Cash Runway to 2028

Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) reported its third-quarter 2025 financial results, revealing a mixed performance against analyst expectations. The company's key therapeutic programs showed progress, but its financial metrics and a shifting regulatory landscape painted a complex picture for investors.

Financial Performance Versus Estimates

The company's top and bottom-line results for the quarter ended September 30, 2025, fell short of Wall Street forecasts. While Arcturus managed to reduce its net loss year-over-year, it did not meet the specific revenue and earnings per share (EPS) figures anticipated by analysts.

• Revenue: The company reported total revenue of $17.2 million, which missed the analyst estimate of $21.6 million. This represents a significant decrease from the $41.7 million reported in the same quarter of 2024, which the company attributes to reduced activity and amortization from its collaboration with CSL.
• Earnings Per Share: Arcturus reported a net loss per share of $0.49. This figure was notably better than the analyst estimate of a $0.84 loss per share, indicating that while revenue was light, the company's cost management led to a smaller-than-expected loss.

Market Reaction and Financial Position

The market's immediate response to the earnings release was negative, with the stock trading down over 4% in after-hours activity. This sell-off appears to be primarily driven by the revenue miss and updates on the U.S. regulatory pathway for its COVID-19 vaccine, KOSTAIVE®.

From a balance sheet perspective, Arcturus maintains a solid cash position. The company reported cash, cash equivalents, and restricted cash of $237.3 million as of September 30, 2025. Management stated that, following planned cost reductions and a delay in its Phase 3 cystic fibrosis trial, its cash runway is extended into 2028, providing a buffer to advance its pipeline.

Pipeline and Operational Highlights

Beyond the financial figures, the earnings report provided several key updates on the company's clinical development programs:

• Cystic Fibrosis (CF): Interim data from the Phase 2 trial of ARCT-032 showed that the treatment was safe and well-tolerated. Importantly, it demonstrated a reduction in mucus burden in four out of six participants, a finding characterized as "encouraging" by an independent expert. A 12-week safety and efficacy study is planned for the first half of 2026.
• OTC Deficiency: The company continues to advance ARCT-810 and remains on track to align with regulators on a pivotal trial strategy in the first half of 2026.
• Vaccine Programs: The U.S. BLA filing for KOSTAIVE has been delayed indefinitely due to "sudden changes in regulatory requirements" from the FDA. However, partner Meiji Seika Pharma launched the JN.1 variant-updated version of the vaccine in Japan. Positive Phase 1 data was also reported for ARCT-2304, a pandemic influenza vaccine candidate.

Forward Outlook and Analyst Estimates

The press release did not provide specific quantitative financial guidance for the coming quarters or the full year. The company's strategy is focused on cost reduction to extend its financial runway and prioritizing its CF and OTC deficiency programs. This lack of a detailed financial outlook leaves investors to rely on existing analyst projections, which currently estimate a full-year 2025 sales figure of $96.2 million. For the upcoming fourth quarter, analysts are estimating sales of $19.6 million.

For a detailed breakdown of future earnings estimates and historical performance, more information can be viewed on the Arcturus Therapeutics earnings and estimates page.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial analysis, or a recommendation to buy or sell any security. The information presented is based on publicly available sources and should not be relied upon as the sole basis for an investment decision.