Arcturus Therapeutics Reports 93% Revenue Decline and Increased Net Loss in Q1 2026

Arcturus Therapeutics Holdings Inc. reported a significant decline in financial performance for the first quarter of 2026, with total revenue of $2.1 million, a decrease of 93% from $29.4 million in the same period of 2025. The drop was primarily attributed to a substantial reduction in collaboration revenue, which fell to $610,000 from $25.5 million, and a decrease in grant revenue from $3.9 million to $1.5 million. The company’s net loss for the quarter was $27.0 million, compared to a net loss of $14.1 million in the prior year, resulting in a net loss per share of $0.95, up from $0.52.

Operating expenses also decreased, totaling $31.0 million for the quarter, down 33% from $46.2 million in the previous year. Research and development expenses were $21.5 million, a 38% reduction from $34.9 million, largely due to lower manufacturing costs associated with the LUNAR-COVID program and decreased clinical trial expenses. General and administrative expenses also saw a decline, totaling $9.5 million, down from $11.3 million, primarily due to reduced share-based compensation and payroll costs.

In terms of strategic developments, Arcturus continues to advance its clinical pipeline, particularly with its mRNA therapeutic candidates for rare diseases. The company is conducting Phase 2 clinical trials for its LUNAR-CF and LUNAR-OTC programs, which target cystic fibrosis and ornithine transcarbamylase deficiency, respectively. Additionally, the company has partnered with CSL Seqirus for the development and commercialization of its self-amplifying mRNA vaccine, KOSTAIVE, which has received marketing authorization in Japan and the UK.

As of March 31, 2026, Arcturus reported cash and cash equivalents of $211.4 million, down from $230.9 million at the end of 2025. The company anticipates that its current cash position will be sufficient to meet its operational needs for at least the next twelve months, although it expects to continue incurring losses as it advances its product candidates. Looking ahead, Arcturus plans to seek additional capital through equity or debt financing to support its ongoing development efforts and operational activities. The company remains focused on achieving regulatory approvals and commercializing its products to transition towards profitability.