Arcturus Therapeutics Reports 46% Revenue Decline and $74.3 Million Net Loss for Fiscal Year 2025

Arcturus Therapeutics Holdings Inc. reported a significant decline in revenue for the fiscal year ending December 31, 2025, with total revenues of $82.0 million, a decrease of 46% from $152.3 million in 2024. This decline was primarily attributed to a $72.2 million drop in collaboration revenue from its partnership with CSL Seqirus, which was impacted by reduced milestone achievements and lower commercial supply agreement revenues. However, grant revenue increased slightly to $14.8 million, reflecting ongoing support from government contracts, including a $63.2 million agreement with the Biomedical Advanced Research and Development Authority (BARDA) for pandemic influenza vaccine development.

Operating expenses also decreased, totaling $158.3 million in 2025, down 36% from $247.9 million in the previous year. Research and development expenses fell by 43% to $112.2 million, largely due to reduced costs associated with the LUNAR-COVID program as it transitioned to commercialization. General and administrative expenses decreased by 13% to $46.1 million, driven by lower share-based compensation and payroll costs. The company reported a net loss of $74.3 million for the year, compared to a loss of $59.7 million in 2024, contributing to an accumulated deficit of $514.6 million.

Strategically, Arcturus has made notable advancements in its product pipeline, particularly with its self-amplifying mRNA vaccine, KOSTAIVE, which received marketing approval in Japan and Europe. Sales began in Japan in October 2024, and the company is exploring further approvals in other markets. The company is also advancing its clinical programs for ARCT-032, targeting cystic fibrosis, and ARCT-810 for ornithine transcarbamylase deficiency, both of which have received orphan drug designations from the FDA and EMA.

As of December 31, 2025, Arcturus had approximately $232.8 million in cash and cash equivalents, which it expects will support operations through at least the next twelve months. However, the company anticipates needing additional capital to fund ongoing development and commercialization efforts. The financial outlook remains uncertain, with potential challenges stemming from regulatory hurdles, competition in the mRNA space, and the need for further funding to sustain operations and growth. The company is actively seeking to expand its partnerships and may pursue additional financing options to support its strategic initiatives.