ARCT · Arcturus Therapeutics Holdings Inc.

Arcturus Therapeutics reported a net loss of $27.0 million for Q1 2026, compared to a net loss of $14.1 million in the same period last year. The wider loss was primarily driven by a significant decline in revenue, which fell to $2.1 million from $29.4 million, as the company pivots from infectious disease vaccine development toward rare disease clinical programs. Collaboration revenue dropped sharply due to lower revenue recognized under the CSL Seqirus partnership. Operating expenses decreased to $31.0 million from $46.2 million, reflecting lower R&D costs for LUNAR-COVID and BARDA programs, partially offset by higher manufacturing costs for LUNAR-OTC. The company ended the quarter with $211.4 million in cash and equivalents, providing a runway beyond Q2 2028. On the operational front, Arcturus initiated enrollment for its ARCT-032 cystic fibrosis Phase 2 study earlier than expected and received FDA guidance for the pediatric development of ARCT-810 for OTC deficiency, with an End of Phase 2 meeting planned for H2 2026. Additionally, the company appointed Dennis Mulroy as CFO, effective May 1, 2026, with a compensation package including a $520,000 base salary, 40% target bonus, and 100,000 stock options vesting over four years. These developments underscore Arcturus's strategic focus on rare disease therapeutics and its strengthened financial and leadership position.