Arcturus Therapeutics Holdings Inc

arcturusrx.com

What Do They Do?

Develops mRNA vaccines for infectious diseases and RNA therapies for rare liver and respiratory diseases, working with pharmaceutical partners and government agencies.

How Do They Make Money?

Pharmaceutical partners pay upfront for licenses, make milestone payments when development or sales targets are met, and reimburse research work as it is performed; royalties are tied to vaccine sales. Government grants also contribute revenue.

revenue

Segment	Share	Revenue
Collaboration Revenue	82% FY2022: 100%
Grant Revenue	18% FY2022: 0.1%

Who Are Their Customers?

CSL Seqirus is a customer under a vaccine license and research collaboration; government agencies provide grant funding, including BARDA.

Do Revenues Turn Into Profits?

No. It lost $65.8M in FY2025.

Operating income, FY2025

−93% of revenue

▼ −20% (Loss) vs FY2024 (−$95.7M, −63%)

Net income, FY2025

−80% of revenue

▼ −19% (Loss) vs FY2024 (−$80.9M, −53%)

Free cash flow, FY2025

−91% of revenue

▲ +23% (Loss) vs FY2024 (−$60.4M, −40%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −90%; vs $28.3M in Q2 FY2025
Net income: ▲ +159% (Loss); vs −$9.2M in Q2 FY2025

Collaboration Revenue share of revenue vs 86.6% in Q2 FY2025

Aug 6, 2026 Ended CSL Seqirus collaboration and regained vaccine portfolio rights CSL Seqirus will make a one-time cash payment of $12 million, and Arcturus will be released from liabilities tied to an R&D credit valued at approximately $16 million.
Jul 2, 2026 Signed Thermo Fisher collaboration for ARCT-032 Thermo Fisher will provide Phase 3 manufacturing and research services and could receive exclusive commercial manufacturing rights after regulatory approval.
May 7, 2026 Appointed Dennis Mulroy as chief financial officer Dennis Mulroy became CFO effective May 1, 2026.

Growing. Revenue grew 6.6x in 4 years, from $12.4M in FY2021 to $82M in FY2025, about 61% a year.

Vaccines reached the market The older report described infectious-disease vaccines as clinical programs and detailed a new CSL partnership; the latest describes an approved self-amplifying COVID vaccine with sales in Japan.

Greater focus on rare diseases The older report presented infectious-disease vaccines and rare diseases as parallel areas; the latest foregrounds liver and respiratory rare-disease therapeutics, with vaccines in a partnered program.

Revenue over time

Collaboration Revenue Grant Revenue

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Genevant Sciences, Acuitas Therapeutics, Moderna, Vertex, Recode Therapeutics, Eloxx Pharmaceuticals, 4DMT, Spirovant, SalioGen, Splisense, Krystal Biotech, Sionna, Enterprise Therapeutics, Ultragenyx, iECURE, Bloomsbury Genetic Therapies, Pfizer, BioNTech, Sanofi, and Novavax

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