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Arcturus Therapeutics (ARCT) Financials

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$6.48 -0.24 (-3.50%)
As of 03:06 PM Eastern
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Annual Income Statements for Arcturus Therapeutics

Annual Income Statements for Arcturus Therapeutics

This table shows Arcturus Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -22 -26 -72 -204 9.35 -30 -81 -66
Consolidated Net Income / (Loss)		 -22 -26 -72 -204 9.35 -30 -81 -66
Net Income / (Loss) Continuing Operations		 -22 -26 -72 -204 9.35 -30 -81 -66
Total Pre-Tax Income 		-22 -26 -72 -204 11 -28 -81 -66
Total Operating Income		 -22 -26 -72 -203 12 -78 -96 -76
Total Gross Profit		 16 21 9.54 12 206 167 152 82
Total Revenue		 16 21 9.54 12 206 167 152 82
Operating Revenue		 16 21 9.54 12 206 167 152 82
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 38 46 81 215 194 245 248 158
Selling, General & Admin Expense		 21 13 23 41 46 53 53 46
Research & Development Expense		 17 34 58 174 148 192 195 112
Total Other Income / (Expense), net		 0.03 -0.48 -0.62 -0.82 -1.53 50 15 10
Interest Expense		 - - - 0.00 0.00 -34 0.00 0.00
Other Income / (Expense), net		 0.33 -0.45 -0.36 -1.34 -1.02 16 15 10
Income Tax Expense		 - - - 0.00 1.30 1.84 -0.00 0.00
Basic Earnings per Share		 ($2.16) ($2.15) ($3.55) ($7.74) $0.35 ($1.12) ($3.00) ($2.40)
Weighted Average Basic Shares Outstanding		 10.07M 12.07M 20.31M 26.32M 26.45M 26.63M 27M 27.39M
Diluted Earnings per Share		 ($2.16) ($2.15) ($3.55) ($7.74) $0.35 ($1.12) ($3.00) ($2.40)
Weighted Average Diluted Shares Outstanding		 10.07M 12.07M 20.31M 26.32M 27.09M 26.63M 27M 27.39M
Weighted Average Basic & Diluted Shares Outstanding		 10.07M 12.07M 20.31M 26.32M 26.56M 26.92M 27.12M 28.42M

Quarterly Income Statements for Arcturus Therapeutics

This table shows Arcturus Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -16 -12 -27 -17 -6.90 -30 -14 -9.18 -13 -29 -27
Consolidated Net Income / (Loss)		 -16 -12 -27 -17 -6.90 -30 -14 -9.18 -13 -29 -27
Net Income / (Loss) Continuing Operations		 -16 -12 -27 -17 -6.90 -30 -14 -9.18 -13 -29 -27
Total Pre-Tax Income 		-15 -11 -26 -17 -7.12 -30 -14 -9.18 -13 -29 -27
Total Operating Income		 -19 -18 -30 -21 -11 -33 -17 -12 -17 -31 -29
Total Gross Profit		 45 31 38 50 42 23 29 28 17 7.20 2.06
Total Revenue		 45 31 38 50 42 23 29 28 17 7.20 2.06
Operating Revenue		 45 31 38 50 42 23 29 28 17 7.20 2.06
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 64 49 68 71 52 56 46 40 34 39 31
Selling, General & Admin Expense		 13 13 15 12 13 12 11 10 10 14 9.47
Research & Development Expense		 51 37 54 59 39 44 35 30 23 24 22
Total Other Income / (Expense), net		 3.99 6.83 3.96 3.76 3.62 3.38 2.75 2.44 3.06 2.22 1.97
Interest & Investment Income		 0.00 - - - - - 2.77 - - - 1.93
Other Income / (Expense), net		 3.99 6.83 3.96 3.76 3.62 3.38 -0.02 2.44 3.06 2.22 0.04
Basic Earnings per Share		 ($0.61) ($0.44) ($1.00) ($0.64) ($0.26) ($1.10) ($0.52) ($0.34) ($0.49) ($1.05) ($0.95)
Weighted Average Basic Shares Outstanding		 26.57M 26.63M 26.88M 26.97M 27.06M 27M 27.11M 27.13M 27.19M 27.39M 28.42M
Diluted Earnings per Share		 ($0.61) ($0.40) ($1.00) ($0.64) ($0.26) ($1.10) ($0.52) ($0.34) ($0.49) ($1.05) ($0.95)
Weighted Average Diluted Shares Outstanding		 26.57M 26.63M 26.88M 26.97M 27.06M 27M 27.11M 27.13M 27.19M 27.39M 28.42M
Weighted Average Basic & Diluted Shares Outstanding		 26.72M 26.92M 26.93M 27.04M 27.09M 27.12M 27.12M 27.15M 28.41M 28.42M 28.42M

Annual Cash Flow Statements for Arcturus Therapeutics

This table details how cash moves in and out of Arcturus Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 12 35 392 -90 21 -45 -55 -61
Net Cash From Operating Activities		 -21 -6.45 -43 -135 32 -18 -60 -74
Net Cash From Continuing Operating Activities		 -21 -6.47 -43 -135 32 -18 -60 -74
Net Income / (Loss) Continuing Operations		 -22 -26 -72 -204 9.35 -30 -81 -66
Consolidated Net Income / (Loss)		 -22 -26 -72 -204 9.35 -30 -81 -66
Depreciation Expense		 0.58 0.68 0.88 1.19 1.53 2.96 3.54 3.03
Non-Cash Adjustments To Reconcile Net Income		 1.60 2.86 6.93 35 37 1.02 38 31
Changes in Operating Assets and Liabilities, net		 -1.16 16 21 33 -16 7.65 -21 -43
Net Cash From Investing Activities		 22 -0.82 -1.74 -3.41 -7.73 -2.90 -0.65 -0.23
Net Cash From Continuing Investing Activities		 22 -0.82 -1.74 -3.41 -7.73 -2.90 -0.65 -0.23
Purchase of Property, Plant & Equipment		 -1.48 -0.82 -1.74 -3.41 -7.73 -2.90 -0.65 -0.23
Net Cash From Financing Activities		 10 42 436 48 -2.86 -24 5.42 13
Net Cash From Continuing Financing Activities		 10 42 436 48 -2.86 -24 5.42 13
Repayment of Debt		 - - - 0.00 -5.00 -47 0.00 -15
Issuance of Debt		 9.87 4.95 0.00 47 0.00 20 0.00 15
Issuance of Common Equity		 0.00 37 433 0.52 0.41 0.61 0.68 12
Other Financing Activities, net		 0.33 0.14 2.73 0.90 1.73 2.67 4.74 1.11
Cash Interest Paid		 0.15 0.69 0.75 0.68 0.81 2.13 0.00 0.00
Cash Income Taxes Paid		 - - - - 0.00 0.00 1.41 0.00

Quarterly Cash Flow Statements for Arcturus Therapeutics

This table details how cash moves in and out of Arcturus Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -12 -20 -3.61 -28 -23 -0.15 -20 -20 -16 -4.45 -19
Net Cash From Operating Activities		 -32 -0.63 -5.56 -30 -24 -0.28 -35 -5.76 -17 -16 -19
Net Cash From Continuing Operating Activities		 -32 -0.63 -5.56 -30 -24 -0.28 -35 -5.76 -17 -16 -19
Net Income / (Loss) Continuing Operations		 -16 -12 -27 -17 -6.90 -30 -14 -9.18 -13 -29 -27
Consolidated Net Income / (Loss)		 -16 -12 -27 -17 -6.90 -30 -14 -9.18 -13 -29 -27
Depreciation Expense		 0.83 0.82 0.90 0.91 0.91 0.82 0.80 0.78 0.76 0.68 0.66
Non-Cash Adjustments To Reconcile Net Income		 12 5.54 11 10 12 9.74 6.68 8.28 3.72 13 3.85
Changes in Operating Assets and Liabilities, net		 -29 4.72 9.38 -24 -30 19 -29 -5.64 -8.19 -0.60 3.02
Net Cash From Investing Activities		 -0.98 -0.88 -0.24 -0.33 -0.08 - -0.14 - -0.18 0.09 0.03
Net Cash From Continuing Investing Activities		 -0.98 -0.88 -0.24 -0.33 -0.08 - -0.14 - -0.18 0.09 0.03
Purchase of Property, Plant & Equipment		 -0.98 -0.88 -0.24 -0.33 -0.08 - -0.14 - -0.18 0.09 0.00
Sale of Property, Plant & Equipment		 - - - - - - 0.00 - - - 0.03
Net Cash From Financing Activities		 22 -19 2.19 2.40 0.69 0.13 15 -15 1.23 12 0.02
Net Cash From Continuing Financing Activities		 22 -19 2.19 2.40 0.69 0.13 15 -15 1.23 12 0.02
Repayment of Debt		 - -20 0.00 - - - 0.00 -15 - - 0.00
Issuance of Debt		 20 - 0.00 - - - 15 - - - 0.00
Issuance of Common Equity		 0.61 - 0.00 - 0.68 - 0.00 - 0.59 12 0.00
Other Financing Activities, net		 1.23 1.34 2.19 2.40 0.01 0.13 0.20 0.27 0.64 - 0.02
Cash Interest Paid		 - 0.03 0.00 - - - 0.00 - - - 0.00

Annual Balance Sheets for Arcturus Therapeutics

This table presents Arcturus Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 44 82 476 393 450 429 344 271
Total Current Assets		 42 74 468 379 403 387 306 241
Cash & Equivalents		 37 71 463 370 392 292 237 231
Restricted Cash		 - - - - 0.00 55 55 0.00
Accounts Receivable		 4.48 2.18 2.13 3.37 2.76 32 3.97 5.56
Prepaid Expenses		 0.64 0.76 2.77 5.10 8.69 7.52 9.98 4.97
Plant, Property, & Equipment, net		 1.98 2.35 3.38 5.64 12 12 9.53 6.74
Total Noncurrent Assets		 0.40 5.50 5.29 8.21 35 30 29 23
Other Noncurrent Operating Assets		 0.11 5.24 5.29 7.70 35 30 29 23
Total Liabilities & Shareholders' Equity		 44 82 476 393 450 429 344 271
Total Liabilities		 31 56 80 165 180 151 103 57
Total Current Liabilities		 13 21 50 100 127 82 65 36
Accounts Payable		 2.40 5.79 11 10 7.45 5.28 7.19 4.24
Accrued Expenses		 3.91 7.13 19 24 30 32 39 24
Current Deferred Revenue		 6.27 8.40 18 43 29 45 20 8.25
Total Noncurrent Liabilities		 18 35 30 65 53 69 38 21
Noncurrent Deferred Revenue		 8.07 15 13 20 20 42 13 0.00
Other Noncurrent Operating Liabilities		 0.00 4.85 4.03 4.50 33 26 25 21
Total Equity & Noncontrolling Interests		 14 26 397 228 270 279 241 214
Total Preferred & Common Equity		 14 26 397 228 270 279 241 214
Total Common Equity		 14 26 397 228 270 279 241 214
Common Stock		 59 97 540 576 608 646 690 729
Retained Earnings		 -45 -72 -144 -347 -338 -368 -449 -515

Quarterly Balance Sheets for Arcturus Therapeutics

This table presents Arcturus Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 458 419 389 371 332 309 282 245
Total Current Assets		 393 376 347 331 279 275 249 217
Cash & Equivalents		 312 288 260 237 217 196 180 211
Restricted Cash		 35 55 55 55 39 55 55 0.00
Accounts Receivable		 38 27 24 30 15 17 7.95 1.34
Prepaid Expenses		 8.13 5.34 7.59 8.44 8.77 5.83 5.89 4.16
Plant, Property, & Equipment, net		 13 12 11 10 8.87 8.09 7.42 6.08
Total Noncurrent Assets		 52 31 30 29 44 27 26 22
Other Noncurrent Operating Assets		 52 31 30 29 44 27 26 22
Total Liabilities & Shareholders' Equity		 458 419 389 371 332 309 282 245
Total Liabilities		 178 155 130 109 98 78 58 54
Total Current Liabilities		 88 115 92 69 49 47 32 34
Accounts Payable		 18 9.14 14 10 6.18 11 5.49 4.09
Accrued Expenses		 29 35 35 32 31 25 19 23
Current Deferred Revenue		 41 72 42 27 13 11 6.83 7.61
Total Noncurrent Liabilities		 90 39 38 39 49 32 26 20
Noncurrent Deferred Revenue		 42 12 11 13 9.63 8.77 4.22 0.00
Other Noncurrent Operating Liabilities		 28 28 27 26 24 23 22 20
Total Equity & Noncontrolling Interests		 280 264 259 262 234 231 225 191
Total Preferred & Common Equity		 280 264 259 262 234 231 225 191
Total Common Equity		 280 264 259 262 234 231 225 191
Common Stock		 636 659 670 681 697 703 710 733
Retained Earnings		 -356 -395 -412 -419 -463 -472 -486 -542

Annual Metrics And Ratios for Arcturus Therapeutics

This table displays calculated financial ratios and metrics derived from Arcturus Therapeutics' official financial filings.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 15,125,293.00 24,493,084.00 26,360,521.00 26,492,869.00 26,723,332.00 - 28,412,537.00
DEI Adjusted Shares Outstanding		 0.00 15,125,293.00 24,493,084.00 26,360,521.00 26,492,869.00 26,723,332.00 - 28,412,537.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -1.72 -2.95 -7.73 0.35 -1.11 - -2.32
Growth Metrics		 - - - - - - - -
Revenue Growth		 0.00% 31.97% -54.12% 29.56% 1,566.79% -19.03% -8.69% -46.14%
EBITDA Growth		 0.00% -20.93% -180.92% -185.90% 106.25% -564.18% -31.44% 18.92%
EBIT Growth		 0.00% -20.84% -176.92% -184.05% 105.47% -654.20% -30.89% 18.73%
NOPAT Growth		 0.00% -16.97% -180.34% -183.61% 107.53% -611.84% -22.33% 20.29%
Net Income Growth		 0.00% -19.31% -177.59% -182.30% 104.59% -417.95% -172.30% 18.73%
EPS Growth		 0.00% 0.46% -65.12% -118.03% 104.52% -420.00% -167.86% 20.00%
Operating Cash Flow Growth		 0.00% 68.95% -565.03% -215.07% 123.69% -156.57% -230.11% -24.31%
Free Cash Flow Firm Growth		 0.00% 0.00% -6,153.70% -283.00% 92.89% -483.94% -78.96% -3.67%
Invested Capital Growth		 0.00% -129.31% -66.23% -55.50% 23.56% -12.44% 25.47% 66.85%
Revenue Q/Q Growth		 0.00% 0.00% -7.11% 40.40% 300.00% -43.69% -5.04% -15.95%
EBITDA Q/Q Growth		 0.00% 0.00% -39.34% -3.77% 108.77% -183.01% -31.54% 1.24%
EBIT Q/Q Growth		 0.00% 0.00% -38.98% -3.77% 107.64% -190.62% -29.76% 1.39%
NOPAT Q/Q Growth		 0.00% 0.00% -39.53% -3.34% 110.40% -188.99% -18.77% 2.67%
Net Income Q/Q Growth		 0.00% 0.00% -38.66% -3.85% 106.37% -129.93% -29.21% 1.39%
EPS Q/Q Growth		 0.00% 0.00% -56.39% -0.78% 106.30% -130.11% -30.43% 2.04%
Operating Cash Flow Q/Q Growth		 0.00% -38.01% 2.07% -36.16% 118.74% -112.68% 0.57% -27.33%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% -107.82% 95.60% -161.98% -15.75% -17.69%
Invested Capital Q/Q Growth		 0.00% 0.00% -69.04% 29.53% -88.78% -46.18% -68.42% -56.69%
Profitability Metrics		 - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -132.68% -121.58% -744.34% -1,642.50% 6.16% -35.30% -50.82% -76.51%
Operating Margin		 -138.46% -122.72% -749.81% -1,641.33% 5.91% -46.89% -62.81% -92.96%
EBIT Margin		 -136.37% -124.87% -753.59% -1,652.15% 5.42% -37.08% -53.14% -80.19%
Profit (Net Income) Margin		 -138.29% -125.02% -756.35% -1,647.98% 4.54% -17.82% -53.14% -80.19%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 87.83% 106.58% 100.00% 100.00%
Interest Burden Percent		 101.41% 100.12% 100.37% 99.75% 95.38% 45.10% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 12.17% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -159.69% -131.82% -34.17% -65.20% 3.75% -10.83% -31.16% -28.92%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -48.61% -41.09% -25.74% -46.98% 2.65% -14.06% -20.93% -21.39%
Return on Assets (ROA)		 -49.29% -41.14% -25.83% -46.86% 2.22% -6.76% -20.93% -21.39%
Return on Common Equity (ROCE)		 -159.69% -131.82% -34.17% -65.20% 3.75% -10.83% -31.16% -28.92%
Return on Equity Simple (ROE_SIMPLE)		 -159.69% -100.77% -18.19% -89.25% 3.46% 0.00% -33.59% 0.00%
Net Operating Profit after Tax (NOPAT)		 -15 -18 -50 -142 11 -55 -67 -53
NOPAT Margin		 -96.92% -85.91% -524.86% -1,148.93% 5.19% -32.82% -43.97% -65.08%
Net Nonoperating Expense Percent (NNEP)		 -24.06% -19.43% -8.76% -16.32% -0.42% 7.38% -4.37% -4.74%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 3.23% -19.66% -27.79% -24.95%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 130.65% 60.91% 243.39% 335.39% 22.36% 31.70% 34.68% 56.17%
R&D to Revenue		 107.80% 161.82% 606.42% 1,405.94% 71.72% 115.19% 128.13% 136.79%
Operating Expenses to Revenue		 238.46% 222.72% 849.81% 1,741.33% 94.09% 146.89% 162.81% 192.96%
Earnings before Interest and Taxes (EBIT)		 -21 -26 -72 -204 11 -62 -81 -66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -21 -25 -71 -203 13 -59 -77 -63
Valuation Ratios		 - - - - - - - -
Price to Book Value (P/BV)		 0.00 6.37 2.68 4.28 1.66 3.03 1.91 0.81
Price to Tangible Book Value (P/TBV)		 0.00 6.37 2.68 4.28 1.66 3.03 1.91 0.81
Price to Revenue (P/Rev)		 0.00 7.91 111.39 78.94 2.18 5.05 3.02 2.12
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 48.06 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 2.08% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 5.19 64.44 54.03 0.57 2.97 1.10 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 9.31 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 10.58 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 11.04 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 3.69 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - -
Debt to Equity		 0.73 0.58 0.04 0.28 0.22 0.00 0.00 0.00
Long-Term Debt to Equity		 0.73 0.58 0.03 0.18 0.00 0.00 0.00 0.00
Financial Leverage		 -1.99 -2.12 -1.19 -1.21 -1.28 -1.24 -1.23 -1.15
Leverage Ratio		 3.24 3.20 1.32 1.39 1.69 1.60 1.49 1.35
Compound Leverage Factor		 3.29 3.21 1.33 1.39 1.61 0.72 1.49 1.35
Debt to Total Capital		 42.08% 36.76% 3.67% 21.66% 18.33% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.30% 7.71% 18.33% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 42.08% 36.76% 3.36% 13.95% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 57.92% 63.24% 96.33% 78.34% 81.67% 100.00% 100.00% 100.00%
Debt to EBITDA		 -0.47 -0.59 -0.21 -0.31 4.78 0.00 0.00 0.00
Net Debt to EBITDA		 1.30 2.24 6.31 1.52 -26.11 0.00 0.00 0.00
Long-Term Debt to EBITDA		 -0.47 -0.59 -0.20 -0.20 0.00 0.00 0.00 0.00
Debt to NOPAT		 -0.65 -0.84 -0.30 -0.44 5.67 0.00 0.00 0.00
Net Debt to NOPAT		 1.77 3.17 8.94 2.17 -30.97 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -0.65 -0.84 -0.28 -0.29 0.00 0.00 0.00 0.00
Altman Z-Score		 0.00 0.51 8.13 1.49 1.72 2.92 1.35 -0.42
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - -
Current Ratio		 3.33 3.48 9.45 3.81 3.18 4.72 4.67 6.64
Quick Ratio		 3.28 3.45 9.39 3.76 3.11 3.95 3.68 6.50
Cash Flow Metrics		 - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -0.47 -30 -114 -8.08 -47 -84 -88
Operating Cash Flow to CapEx		 -1,404.60% -787.90% -2,460.45% -3,964.86% 414.10% -623.89% -9,220.22% -32,291.74%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - -
Asset Turnover		 0.36 0.33 0.03 0.03 0.49 0.38 0.39 0.27
Accounts Receivable Turnover		 3.52 6.24 4.43 4.50 67.20 9.58 8.45 17.20
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 7.98 9.62 3.33 2.74 22.82 13.43 13.87 10.09
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 103.83 58.47 82.34 81.10 5.43 38.11 43.18 21.22
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 103.83 58.47 82.34 81.10 5.43 38.11 43.18 21.22
Capital & Investment Metrics		 - - - - - - - -
Invested Capital		 -13 -31 -51 -80 -61 -68 -51 -17
Invested Capital Turnover		 -1.17 -0.94 -0.23 -0.19 -2.93 -2.58 -2.55 -2.41
Increase / (Decrease) in Invested Capital		 0.00 -17 -20 -28 19 -7.58 17 34
Enterprise Value (EV)		 0.00 108 615 668 118 496 168 -57
Market Capitalization		 0.00 164 1,063 976 449 843 460 174
Book Value per Share		 $1.35 $1.71 $16.19 $8.66 $10.20 $10.42 $8.90 $7.53
Tangible Book Value per Share		 $1.35 $1.71 $16.19 $8.66 $10.20 $10.42 $8.90 $7.53
Total Capital		 24 41 412 291 331 279 241 214
Total Debt		 9.91 15 15 63 61 0.00 0.00 0.00
Total Long-Term Debt		 9.91 15 14 41 0.00 0.00 0.00 0.00
Net Debt		 -27 -57 -448 -308 -331 -347 -292 -231
Capital Expenditures (CapEx)		 1.48 0.82 1.74 3.41 7.73 2.90 0.65 0.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -7.46 -18 -43 -69 -55 -42 -52 -26
Debt-free Net Working Capital (DFNWC)		 29 53 420 302 337 305 240 205
Net Working Capital (NWC)		 29 53 418 279 276 305 240 205
Net Nonoperating Expense (NNE)		 6.52 8.13 22 62 1.35 -25 14 12
Net Nonoperating Obligations (NNO)		 -27 -57 -448 -308 -331 -347 -292 -231
Total Depreciation and Amortization (D&A)		 0.58 0.68 0.88 1.19 1.53 2.96 3.54 3.03
Debt-free, Cash-free Net Working Capital to Revenue		 -47.34% -88.45% -454.73% -555.01% -26.64% -25.42% -33.84% -31.50%
Debt-free Net Working Capital to Revenue		 185.69% 254.78% 4,397.92% 2,442.74% 163.60% 182.62% 157.90% 249.99%
Net Working Capital to Revenue		 185.69% 254.78% 4,384.82% 2,260.89% 134.15% 182.62% 157.90% 249.99%
Earnings Adjustments		 - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.15) ($3.55) ($7.74) $0.35 ($1.12) ($3.00) ($2.40)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 15.14M 26.28M 26.38M 26.45M 26.63M 27M 27.39M
Adjusted Diluted Earnings per Share		 $0.00 ($2.15) ($3.55) ($7.74) $0.35 ($1.12) ($3.00) ($2.40)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 15.14M 26.28M 26.38M 27.09M 26.63M 27M 27.39M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($2.15) ($3.55) ($7.74) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 12.07M 20.31M 26.32M 26.56M 26.92M 27.12M 28.42M
Normalized Net Operating Profit after Tax (NOPAT)		 -15 -18 -50 -142 11 -55 -67 -53
Normalized NOPAT Margin		 -96.92% -85.91% -524.86% -1,148.93% 5.19% -32.82% -43.97% -65.08%
Pre Tax Income Margin		 -138.29% -125.02% -756.35% -1,647.98% 5.17% -16.72% -53.14% -80.19%
Debt Service Ratios		 - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Arcturus Therapeutics

This table displays calculated financial ratios and metrics derived from Arcturus Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 26,598,539.00 26,723,332.00 26,915,243.00 26,931,826.00 27,042,246.00 - 27,119,823.00 27,120,603.00 27,154,529.00 28,412,537.00 28,423,069.00
DEI Adjusted Shares Outstanding		 26,598,539.00 26,723,332.00 26,915,243.00 26,931,826.00 27,042,246.00 - 27,119,823.00 27,120,603.00 27,154,529.00 28,412,537.00 28,423,069.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.61 -0.44 -1.00 -0.64 -0.26 - -0.52 -0.34 -0.50 -1.02 -0.95
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 237.65% -80.75% -52.65% 373.99% -7.68% -26.22% -22.70% -43.24% -58.84% -68.39% -92.99%
EBITDA Growth		 58.39% -108.92% -246.12% 67.88% 57.19% -174.61% 37.19% 48.98% -104.33% 2.71% -75.98%
EBIT Growth		 56.53% -109.65% -256.47% 66.59% 53.55% -162.21% 36.30% 47.16% -88.88% 3.09% -71.52%
NOPAT Growth		 47.53% -110.53% -244.57% 61.85% 44.41% -82.76% 44.67% 45.02% -53.79% 6.25% -71.94%
Net Income Growth		 54.00% -109.98% -152.84% 67.24% 57.45% -156.30% 47.51% 46.68% -94.81% 3.09% -91.56%
EPS Growth		 54.14% -109.01% -153.48% 67.68% 57.38% -175.00% 48.00% 46.88% -88.46% 4.55% -82.69%
Operating Cash Flow Growth		 23.58% -100.39% 84.51% -159.33% 26.67% 54.85% -532.32% 80.91% 27.83% -5,613.73% 44.67%
Free Cash Flow Firm Growth		 101.00% -105.08% 202.23% -1,231.00% -2,354.49% -682.79% -242.16% 13.39% -29.13% -37.29% 91.80%
Invested Capital Growth		 -45.20% -12.44% -6,149.05% 39.18% 35.31% 25.47% 91.58% 64.03% 64.37% 66.85% -199.19%
Revenue Q/Q Growth		 329.13% -31.65% 23.20% 31.17% -16.42% -45.37% 29.06% -3.68% -39.40% -58.04% -71.36%
EBITDA Q/Q Growth		 71.70% 26.70% -140.31% 35.58% 62.28% -370.22% 45.03% 36.75% -51.07% -123.89% 0.57%
EBIT Q/Q Growth		 70.51% 25.34% -131.10% 34.34% 59.00% -321.49% 43.86% 34.81% -46.56% -116.26% 0.64%
NOPAT Q/Q Growth		 65.12% 5.40% -66.44% 30.53% 49.18% -211.02% 49.61% 30.96% -42.15% -89.60% 7.59%
Net Income Q/Q Growth		 69.13% 27.83% -129.07% 35.80% 59.90% -334.67% 53.09% 34.78% -46.49% -116.23% 7.27%
EPS Q/Q Growth		 69.19% 34.43% -150.00% 36.00% 59.38% -323.08% 52.73% 34.62% -44.12% -114.29% 9.52%
Operating Cash Flow Q/Q Growth		 -163.78% 98.06% -783.47% -442.42% 21.16% 98.80% -12,272.54% 83.62% -198.02% 5.39% -19.81%
Free Cash Flow Firm Q/Q Growth		 -76.49% -588.61% 1,240.09% -186.36% 53.13% -69.65% -107.05% 47.39% 30.12% -80.37% 87.64%
Invested Capital Q/Q Growth		 49.78% -46.18% -15.96% 28.55% 46.58% -68.42% 86.90% -205.19% 47.09% -56.69% -18.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 -32.13% -34.45% -67.20% -33.01% -14.90% -128.22% -54.61% -29.67% -73.96% -394.62% -1,370.11%
Operating Margin		 -42.79% -59.22% -80.01% -42.37% -25.76% -146.68% -57.27% -41.04% -96.27% -434.99% -1,403.74%
EBIT Margin		 -33.96% -37.09% -69.58% -34.83% -17.09% -131.82% -57.34% -32.42% -78.41% -404.10% -1,402.04%
Profit (Net Income) Margin		 -35.94% -37.94% -70.55% -34.53% -16.56% -131.80% -47.91% -32.44% -78.41% -404.04% -1,308.30%
Tax Burden Percent		 105.83% 102.29% 101.39% 99.14% 96.95% 99.98% 100.00% 100.04% 100.00% 99.99% 100.00%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 83.55% 100.00% 100.00% 100.00% 93.31%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 46.66% -10.83% -36.17% -26.47% -23.12% -31.16% -27.40% -24.58% -27.43% -28.92% -37.01%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -26.78% -14.06% -19.48% -13.93% -6.62% -51.92% -21.95% -11.35% -23.44% -107.76% -265.79%
Return on Assets (ROA)		 -28.34% -14.39% -19.75% -13.81% -6.42% -51.91% -18.34% -11.35% -23.44% -107.75% -248.02%
Return on Common Equity (ROCE)		 46.66% -10.83% -36.17% -26.47% -23.12% -31.16% -27.40% -24.58% -27.43% -28.92% -37.01%
Return on Equity Simple (ROE_SIMPLE)		 35.47% 0.00% -40.65% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -14 -13 -21 -15 -7.52 -23 -12 -8.13 -12 -22 -20
NOPAT Margin		 -29.95% -41.45% -56.00% -29.66% -18.04% -102.68% -40.09% -28.73% -67.39% -304.49% -982.62%
Net Nonoperating Expense Percent (NNEP)		 -1.07% 0.32% -1.65% -0.70% 0.20% -2.07% -0.79% -0.37% -0.72% -2.74% -2.97%
Return On Investment Capital (ROIC_SIMPLE)		 - -4.59% -8.06% -5.72% -2.87% -9.70% -4.73% -3.52% -5.15% -10.24% -10.58%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 29.63% 40.53% 39.07% 24.70% 31.86% 54.38% 38.51% 36.53% 60.63% 194.91% 459.24%
R&D to Revenue		 113.15% 118.68% 140.94% 117.67% 93.91% 192.30% 118.76% 104.52% 135.65% 340.07% 1,044.49%
Operating Expenses to Revenue		 142.79% 159.22% 180.01% 142.37% 125.76% 246.68% 157.27% 141.04% 196.27% 534.99% 1,503.74%
Earnings before Interest and Taxes (EBIT)		 -15 -11 -26 -17 -7.12 -30 -17 -9.18 -13 -29 -29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -15 -11 -26 -16 -6.21 -29 -16 -8.40 -13 -28 -28
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.43 3.03 3.44 2.54 2.40 1.91 1.23 1.53 2.23 0.81 1.15
Price to Tangible Book Value (P/TBV)		 2.43 3.03 3.44 2.54 2.40 1.91 1.23 1.53 2.23 0.81 1.15
Price to Revenue (P/Rev)		 2.29 5.05 7.30 4.00 3.91 3.02 2.00 2.89 5.13 2.12 4.01
Price to Earnings (P/E)		 6.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 14.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 1.19 2.97 4.54 2.08 2.09 1.10 0.33 0.83 2.72 0.00 0.15
Enterprise Value to EBITDA (EV/EBITDA)		 4.97 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 5.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 5.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 2.47 0.00 46.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.07 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.07 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 0.00 0.00
Financial Leverage		 -1.19 -1.24 -1.13 -1.28 -1.14 -1.23 -1.17 -1.16 -1.08 -1.15 -1.06
Leverage Ratio		 1.76 1.60 1.50 1.51 1.53 1.49 1.51 1.43 1.34 1.35 1.36
Compound Leverage Factor		 1.76 1.60 1.50 1.51 1.53 1.49 1.26 1.43 1.34 1.35 1.27
Debt to Total Capital		 6.67% 0.00% 0.00% 0.00% 0.00% 0.00% 6.03% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 6.67% 0.00% 0.00% 0.00% 0.00% 0.00% 6.03% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 93.33% 100.00% 100.00% 100.00% 100.00% 100.00% 93.97% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.28 0.00 0.00 0.00 0.00 0.00 -0.22 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 -4.61 0.00 0.00 0.00 0.00 0.00 3.54 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.28 0.00 0.00 0.00 0.00 0.00 -0.22 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.33 0.00 0.00 0.00 0.00 0.00 -0.26 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 -5.31 0.00 0.00 0.00 0.00 0.00 4.18 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.33 0.00 0.00 0.00 0.00 0.00 -0.26 0.00 0.00 0.00 0.00
Altman Z-Score		 2.54 3.30 3.04 2.60 3.10 1.84 0.90 1.75 3.90 0.03 0.07
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.49 4.72 3.26 3.78 4.76 4.67 5.64 5.90 7.86 6.64 6.31
Quick Ratio		 3.99 3.95 2.73 3.10 3.85 3.68 4.69 4.59 5.94 6.50 6.19
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1.07 -5.21 59 -51 -24 -41 -85 -44 -31 -56 -6.93
Operating Cash Flow to CapEx		 -3,303.36% -71.89% -2,315.42% -9,189.63% -29,705.00% 0.00% -25,648.18% 0.00% -9,475.69% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.79 0.38 0.28 0.40 0.39 0.39 0.38 0.35 0.30 0.27 0.19
Accounts Receivable Turnover		 14.71 9.58 2.08 12.19 4.69 8.45 6.90 5.92 5.12 17.20 6.88
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 24.62 13.43 10.21 13.71 13.91 13.87 13.93 12.67 10.99 10.09 7.32
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 24.81 38.11 175.19 29.94 77.85 43.18 52.88 61.70 71.34 21.22 53.09
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 24.81 38.11 175.19 29.94 77.85 43.18 52.88 61.70 71.34 21.22 53.09
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -47 -68 -79 -57 -30 -51 -6.69 -20 -11 -17 -20
Invested Capital Turnover		 -7.49 -2.58 -3.19 -2.18 -4.16 -2.55 -3.34 -3.17 -4.75 -2.41 -4.10
Increase / (Decrease) in Invested Capital		 -15 -7.58 -81 37 17 17 73 36 20 34 -13
Enterprise Value (EV)		 353 496 566 340 335 168 47 101 265 -57 8.05
Market Capitalization		 680 843 909 656 628 460 287 353 500 174 219
Book Value per Share		 $10.53 $10.42 $9.81 $9.60 $9.68 $8.90 $8.62 $8.52 $8.27 $7.53 $6.73
Tangible Book Value per Share		 $10.53 $10.42 $9.81 $9.60 $9.68 $8.90 $8.62 $8.52 $8.27 $7.53 $6.73
Total Capital		 300 279 264 259 262 241 249 231 225 214 191
Total Debt		 20 0.00 0.00 0.00 0.00 0.00 15 0.00 0.00 0.00 0.00
Total Long-Term Debt		 20 0.00 0.00 0.00 0.00 0.00 15 0.00 0.00 0.00 0.00
Net Debt		 -327 -347 -343 -315 -292 -292 -240 -251 -235 -231 -211
Capital Expenditures (CapEx)		 0.98 0.88 0.24 0.33 0.08 0.00 0.14 0.00 0.18 -0.09 -0.03
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -41 -42 -83 -60 -31 -52 -26 -23 -18 -26 -29
Debt-free Net Working Capital (DFNWC)		 306 305 260 255 261 240 229 228 218 205 183
Net Working Capital (NWC)		 306 305 260 255 261 240 229 228 218 205 183
Net Nonoperating Expense (NNE)		 2.70 -1.08 5.53 2.43 -0.61 6.63 2.30 1.05 1.89 7.16 6.71
Net Nonoperating Obligations (NNO)		 -327 -347 -343 -315 -292 -292 -240 -251 -235 -231 -211
Total Depreciation and Amortization (D&A)		 0.83 0.82 0.90 0.91 0.91 0.82 0.80 0.78 0.76 0.68 0.66
Debt-free, Cash-free Net Working Capital to Revenue		 -13.95% -25.42% -66.68% -36.64% -19.21% -33.84% -18.14% -19.23% -18.30% -31.50% -52.75%
Debt-free Net Working Capital to Revenue		 103.16% 182.62% 209.08% 155.79% 162.94% 157.90% 159.65% 186.69% 222.85% 249.99% 333.60%
Net Working Capital to Revenue		 103.16% 182.62% 209.08% 155.79% 162.94% 157.90% 159.65% 186.69% 222.85% 249.99% 333.60%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.61) ($0.44) ($1.00) ($0.64) ($0.26) ($1.10) ($0.52) ($0.34) ($0.49) ($1.05) ($0.95)
Adjusted Weighted Average Basic Shares Outstanding		 26.57M 26.63M 26.88M 26.97M 27.06M 27M 27.11M 27.13M 27.19M 27.39M 28.42M
Adjusted Diluted Earnings per Share		 ($0.61) ($0.40) ($1.00) ($0.64) ($0.26) ($1.10) ($0.52) ($0.34) ($0.49) ($1.05) ($0.95)
Adjusted Weighted Average Diluted Shares Outstanding		 26.57M 26.63M 26.88M 26.97M 27.06M 27M 27.11M 27.13M 27.19M 27.39M 28.42M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 26.72M 26.92M 26.93M 27.04M 27.09M 27.12M 27.12M 27.15M 28.41M 28.42M 28.42M
Normalized Net Operating Profit after Tax (NOPAT)		 -14 -13 -21 -15 -7.52 -23 -12 -8.13 -12 -22 -20
Normalized NOPAT Margin		 -29.95% -41.45% -56.00% -29.66% -18.04% -102.68% -40.09% -28.73% -67.39% -304.49% -982.62%
Pre Tax Income Margin		 -33.96% -37.09% -69.58% -34.83% -17.09% -131.82% -47.91% -32.42% -78.41% -404.10% -1,308.30%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Arcturus Therapeutics (NASDAQ: ARCT) continues to look like a cash-rich biotech, but its latest quarterly results show the familiar challenge for development-stage drug companies: meaningful revenue, heavy R&D spending, and persistent losses. The big positive is that the balance sheet remains strong, while the biggest concern is the ongoing cash burn.

  • Strong cash position: ARCT ended Q1 2026 with $211.4 million in cash and equivalents, which provides a sizable cushion despite continued losses.
  • Low debt burden: The company reported no short-term debt and no long-term debt on the latest balance sheet, reducing balance-sheet risk.
  • Equity remains solid: Total common equity was $191.4 million in Q1 2026, indicating the company still has a meaningful capital base.
  • Revenue stayed positive: Q1 2026 revenue was $2.1 million, showing the company is still generating some top-line activity even though this is down sharply from prior quarters.
  • Other income helped results: ARCT generated $2.0 million in net other income in Q1 2026, which partially offset operating losses.
  • Cash burn is still high: Operating cash flow was negative $19.4 million in Q1 2026, so the company is still consuming cash at a significant rate.
  • R&D remains the main expense: Research and development spending was $21.5 million in Q1 2026, reinforcing that ARCT is still investing heavily in pipeline development.
  • Share count has been fairly stable: Weighted average diluted shares were 28.4 million in Q1 2026, suggesting dilution was limited in the latest quarter.
  • Deferred revenue and liabilities are manageable, but notable: Current liabilities were $34.4 million and total liabilities were $54.0 million, which are not alarming relative to cash, but still matter given the ongoing losses.
  • Losses remain substantial: Q1 2026 net loss was $26.9 million, or $0.95 per share, showing profitability is still far away.
  • Revenue fell sharply year over year: Revenue declined from $29.4 million in Q1 2025 to $2.1 million in Q1 2026, a steep drop that pressures the income statement.
  • Operating income was deeply negative: Q1 2026 operating loss came in at $28.9 million, reflecting a cost structure that is still much larger than revenue.
  • Cash balance is lower than a year ago: Cash and equivalents fell from $217.0 million in Q1 2025 to $211.4 million in Q1 2026, while the company continues to burn cash.

Looking at the longer trend, ARCT’s revenue has been volatile and generally weaker over the past year, while operating losses have remained persistent. In 2024, quarterly revenue ranged from about $22.8 million to $49.9 million, but by 2025 and into early 2026, revenue dropped materially. At the same time, quarterly operating expenses remained elevated, driven mostly by R&D.

From an investor perspective, the key question is not near-term profitability, but how long the current cash position can support ongoing pipeline work. The balance sheet still gives Arcturus flexibility, and the absence of debt is a plus. However, unless revenue improves or expenses come down, the company will likely keep relying on its cash reserves to fund operations.

07/14/26 03:07 PM ETAI Generated. May Contain Errors.

Arcturus Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Arcturus Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Arcturus Therapeutics' net income appears to be on an upward trend, with a most recent value of -$65.78 million in 2025, rising from -$21.79 million in 2018. The previous period was -$80.94 million in 2024. Check out Arcturus Therapeutics' forecast to explore projected trends and price targets.

Arcturus Therapeutics' total operating income in 2025 was -$76.26 million, based on the following breakdown:
  • Total Gross Profit: $82.03 million
  • Total Operating Expenses: $158.29 million

Over the last 7 years, Arcturus Therapeutics' total revenue changed from $15.75 million in 2018 to $82.03 million in 2025, a change of 420.7%.

Arcturus Therapeutics' total liabilities were at $57.16 million at the end of 2025, a 44.6% decrease from 2024, and a 87.1% increase since 2018.

In the past 7 years, Arcturus Therapeutics' cash and equivalents has ranged from $36.71 million in 2018 to $462.90 million in 2020, and is currently $230.91 million as of their latest financial filing in 2025.

Over the last 7 years, Arcturus Therapeutics' book value per share changed from 1.35 in 2018 to 7.53 in 2025, a change of 455.9%.


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Financial statements for NASDAQ:ARCT last updated on 7/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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