Arcturus Therapeutics Reports $29.4 Million Revenue in Q1 2025, Down 23% Year-Over-Year

Arcturus Therapeutics Holdings Inc. reported a total revenue of $29.4 million for the first quarter of 2025, a decrease of 23% from $38.0 million in the same period of 2024. The decline was primarily attributed to a $6.9 million drop in collaboration revenue from its partnership with CSL Seqirus, reflecting fewer milestone achievements as the KOSTAIVE vaccine transitions from development to commercialization. Additionally, grant revenue from the Biomedical Advanced Research and Development Authority (BARDA) decreased by $1.7 million, contributing to the overall revenue decline.

The company's operating expenses also saw a significant reduction, totaling $46.2 million for the first quarter of 2025, down 32% from $68.4 million in the prior year. This decrease was driven by a 35% reduction in research and development expenses, which fell to $34.9 million, largely due to decreased manufacturing costs associated with the LUNAR-COVID and LUNAR-FLU programs. General and administrative expenses also decreased by 24% to $11.3 million, primarily due to lower share-based compensation costs. As a result, Arcturus reported a net loss of $14.1 million, an improvement from a net loss of $26.8 million in the first quarter of 2024.

In terms of operational developments, Arcturus has made significant strides in its collaboration with CSL Seqirus, particularly with the KOSTAIVE vaccine, which received marketing authorization in Japan in 2023 and began commercial sales in October 2024. The European Commission granted marketing authorization for KOSTAIVE in February 2025, further expanding its market reach. The company also reported achieving $15 million in development milestones during the quarter, reflecting progress in its strategic partnership.

As of March 31, 2025, Arcturus had cash and cash equivalents, including restricted cash, totaling $273.8 million, a decrease from $293.9 million at the end of 2024. The company drew down $15 million from its credit agreement with Wells Fargo during the quarter, which was subsequently repaid in April 2025. The total number of shares outstanding increased slightly to 27,121,603 as of May 6, 2025.

Looking ahead, Arcturus anticipates continued investment in its mRNA therapeutics pipeline, particularly in the LUNAR-CF and LUNAR-OTC programs. The company expects to incur additional losses as it seeks regulatory approvals and commercializes its products. Future capital requirements will depend on various factors, including the success of its collaboration agreements and the progress of its clinical trials. Arcturus remains focused on executing its strategic objectives while navigating the challenges of the biotechnology landscape.