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1. Company Snapshot

1.a. Company Description

Arcturus Therapeutics Holdings Inc., an RNA medicines company, focuses on the development of vaccines for infectious, and liver and respiratory rare diseases in the United States.The company's development programs comprise LUNAR-OTC development program for ornithine transcarbamylase (OTC) deficiency; and LUNAR-CF program for cystic fibrosis lung disease caused by mutations in cystic fibrosis transmembrane conductance regulator (CFTR) gene, as well as vaccine programs include LUNAR-COV19 and LUNAR-FLU.It has collaboration partnerships with Vinbiocare Biotechnology Joint Stock Company for the manufacture of COVID-19 vaccines; Janssen Pharmaceuticals, Inc.


to develop nucleic acid-based therapeutic candidates for the treatment of hepatitis B virus; Ultragenyx Pharmaceutical, Inc.to develop mRNA therapeutic candidates for rare disease targets; CureVac AG to develop mRNA therapeutic and vaccine candidates for various indications; Singapore Economic Development Board and Duke-NUS Medical School to develop LUNAR-COV19 vaccine; and Millennium Pharmaceuticals, Inc.to discover siRNA medicines for the treatment of non-alcoholic steatohepatitis.


The company was founded in 2013 and is headquartered in San Diego, California.

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1.b. Last Insights on ARCT

Arcturus Therapeutics Holdings Inc.'s recent momentum can be attributed to its Q2 2025 earnings report, which revealed a narrower-than-expected loss and revenue beat. The company's cash position and operational progress also garnered attention. A "golden cross" technical indicator recently formed, suggesting a potential shift in the stock's trend. Citi added the stock to its 90-day catalyst watch, citing potential upside. The company's recent earnings conference call highlighted its financial and operational achievements.

1.c. Company Highlights

2. Arcturus Therapeutics' Q3 2025 Earnings: A Closer Look

Arcturus Therapeutics reported revenues of $17.2 million and $74.8 million for the three and nine months ended September 30, 2025, respectively, representing a decrease of $24.5 million and $54.7 million compared to the same period in 2024. The company's total operating expenses for the three months ended September 30, 2025, were $33.7 million, down from $52.4 million for the same period in 2024. The actual EPS for the quarter came out at -$0.49, beating estimates of -$0.79953. With a current P/S Ratio of 1.87, the market seems to be pricing in a certain level of revenue growth, although analysts estimate a decline of 22.9% for next year.

Publication Date: Nov -25

📋 Highlights
  • ARCT032 Phase II Interim Data:: 4/6 class one CF patients showed reduced mucus burden in CT scans after 28-day treatment with 10mg doses.
  • ARCT032 Dose Escalation:: 15mg daily dose trial (third cohort) ongoing, with top-line data expected Q1 2026 to assess safety and efficacy.
  • Financial Performance (2025 Q3):: Revenues fell to $17.2M (vs. $41.7M in 2024 Q3), while cash reserves stood at $237.3M as of 9/30/2025.
  • ARCT810 Program:: Positive Phase II data for OTC deficiency; regulatory meetings planned in 2026 to finalize pivotal trial strategy for pediatric/adult populations.
  • Costave Vaccine Expansion:: Meiji Seika Pharma launched JN1 XE variant vaccine in Japan; Phase III data confirmed ARCT2303’s co-administration safety with flu vaccines.

Financial Performance and Cash Position

The company's cash, cash equivalents, and restricted cash stood at $237.3 million as of September 30, 2025, down from $293.9 million on December 31, 2024. Arcturus continues to make progress across its mRNA therapeutics and vaccine pipeline, with a cash runway that is expected to capture the additional costs associated with expanding its trials.

mRNA Therapeutics Pipeline Progress

The company announced interim data from its ongoing Phase II clinical trial of ARCT032, a messenger RNA therapeutic candidate for cystic fibrosis, showing that treatment with inhaled ten milligram doses daily over twenty-eight days was generally safe and well tolerated. The company is also making progress with ARCT810, its messenger RNA therapeutic candidate for ornithine transcarbamylase deficiency, and is preparing for meetings with regulatory agencies in 2026 to discuss pivotal trial strategy for both pediatric and adult populations.

Valuation and Future Prospects

With a P/E Ratio of -3.44 and an EV/EBITDA of -0.23, the market seems to be pricing in a certain level of growth, although the company's current financial performance is negative. The ROE and ROIC are also negative, at -21.51% and -23.44%, respectively. As the company continues to progress with its pipeline, investors will be watching closely for updates on its mRNA therapeutics and vaccine programs.

Operational Highlights and Guidance

The company's COVID-19 vaccine program has also shown positive results, with its Japanese partner, Meiji Seika Pharma, launching the two-dose vial of Costave updated for the JN1 variant XE in Japan. The company's guidance on its cash runway and the additional costs associated with expanding its trials will be closely watched by investors. As Joseph E. Payne mentioned, "the company is prioritizing safety and tolerability" in its trials, which is a positive sign for investors.

3. NewsRoom

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Arcturus Therapeutics (NASDAQ:ARCT) Stock Price Passes Below 200 Day Moving Average – Should You Sell?

Dec -03

Source: defenseworld.net

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ARCT Stock Plunges 59% in Three Months: Here's What You Need to Know

Dec -01

Source: zacks.com

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Brokerages Set Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Target Price at $36.00

Nov -18

Source: defenseworld.net

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Arcturus Therapeutics Holdings Inc. (ARCT) Q3 2025 Earnings Call Transcript

Nov -11

Source: seekingalpha.com

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Arcturus Therapeutics (ARCT) Reports Q3 Loss, Beats Revenue Estimates

Nov -10

Source: zacks.com

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INVESTIGATION ALERT: Edelson Lechtzin LLP Announces Investigation of Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT) and Encourages Investors with Substantial Losses to Contact the Firm

Nov -10

Source: prnewswire.com

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INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Arcturus Therapeutics Holdings Inc. - ARCT

Oct -28

Source: prnewswire.com

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Brokerages Set Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Price Target at $50.57

Oct -24

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.10%)

6. Segments

Nucleic Acid-focused Technology

Expected Growth: 12.1%

Growing demand for RNA-based therapeutics, increasing prevalence of genetic disorders, and advancements in nucleic acid-focused technology drive the market growth.

7. Detailed Products

LUNAR-OTC

A mRNA-based vaccine candidate for COVID-19

ARCT-021

A mRNA-based vaccine candidate for COVID-19

ARCT-810

A mRNA-based vaccine candidate for ornithine transcarbamylase (OTC) deficiency

ARCT-032

A mRNA-based vaccine candidate for Hepatitis B

ARCT-024

A mRNA-based vaccine candidate for HIV

STARR mRNA Technology

A proprietary mRNA technology platform for vaccine development

8. Arcturus Therapeutics Holdings Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Arcturus Therapeutics Holdings Inc. operates in a highly competitive industry, and there are several substitutes available in the market. However, the company's strong brand recognition and customer loyalty help to mitigate the threat of substitutes.

Bargaining Power Of Customers

Arcturus Therapeutics Holdings Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Arcturus Therapeutics Holdings Inc. relies on a few key suppliers for raw materials and equipment. While the company has some bargaining power due to its size and reputation, suppliers still have some leverage due to the specialized nature of the products.

Threat Of New Entrants

The biotechnology industry is highly competitive, and new entrants can easily disrupt the market. Arcturus Therapeutics Holdings Inc. faces a high threat of new entrants due to the relatively low barriers to entry and the attractiveness of the market.

Intensity Of Rivalry

The biotechnology industry is highly competitive, and Arcturus Therapeutics Holdings Inc. faces intense rivalry from established players. The company must continually innovate and differentiate itself to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.79%
Debt Cost 3.95%
Equity Weight 90.21%
Equity Cost 17.22%
WACC 15.92%
Leverage 10.85%

11. Quality Control: Arcturus Therapeutics Holdings Inc. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Cidara Therapeutics

A-Score: 4.2/10

Value: 6.8

Growth: 3.2

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

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Arcturus Therapeutics

A-Score: 4.2/10

Value: 8.4

Growth: 6.3

Quality: 4.2

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

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ImmuCell

A-Score: 4.2/10

Value: 4.6

Growth: 3.0

Quality: 4.7

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

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Zevra Therapeutics

A-Score: 3.9/10

Value: 4.6

Growth: 4.0

Quality: 5.8

Yield: 0.0

Momentum: 6.5

Volatility: 2.3

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Verrica Pharmaceuticals

A-Score: 3.4/10

Value: 9.0

Growth: 3.7

Quality: 6.0

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

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Orgenesis

A-Score: 2.9/10

Value: 7.7

Growth: 4.2

Quality: 5.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.13$

Current Price

7.13$

Potential

-0.00%

Expected Cash-Flows