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SAN DIEGO - Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) reported a fourth quarter loss of $1.03 per share and revenue of $7.2 million, as the messenger RNA medicines company’s collaboration revenue declined significantly from the prior year period. Shares fell 5.4% following the results.
Revenue for the fourth quarter fell 68% YoY from $22.8 million in the same period last year, driven primarily by reduced revenue from the CSL collaboration as KOSTAIVE transitioned from development to commercialization. For fiscal year 2025, total revenue reached $82.0 million, down $70.3 million compared to fiscal year 2024. The company’s net loss for the quarter was $29.1 million, compared to a net loss of $30.0 million in the fourth quarter of 2024.
"Arcturus continues to progress its rare disease therapeutic portfolio. We look forward to aligning with regulators on our clinical development strategy for the ornithine transcarbamylase (OTC) deficiency program, and to initiating our Phase 2, 12-week cystic fibrosis (CF) study in the first half of 2026," said Joseph Payne, President & CEO of Arcturus.
The company reported positive developments for its ARCT-032 cystic fibrosis program, completing 28-day dosing of 15 mg in the third cohort with no safety or tolerability issues. The safety review committee permitted the program to proceed into a Phase 2, 12-week study planned for the first half of 2026, enrolling up to 20 Class I CF participants.
Operating expenses for the fourth quarter totaled $38.5 million, down from $56.2 million in the prior year period, primarily due to lower manufacturing and clinical trial costs. For fiscal year 2025, operating expenses decreased to $158.3 million from $248.0 million in fiscal year 2024.
Arcturus reported cash, cash equivalents and restricted cash of $232.8 million as of December 31, 2025, extending its cash runway into the second quarter of 2028.
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