Arcturus Therapeutics Holdings Inc.

NasdaqGM:ARCT Stock Report

Market Cap: US$193.8m

Arcturus Therapeutics Holdings Past Earnings Performance

Past criteria checks 0/6

Arcturus Therapeutics Holdings has been growing earnings at an average annual rate of 20.3%, while the Biotechs industry saw earnings growing at 36.2% annually. Revenues have been growing at an average rate of 16.9% per year.

Key information

20.28%

Earnings growth rate

22.09%

EPS growth rate

Biotechs Industry Growth17.04%
Revenue growth rate16.92%
Return on equity-41.11%
Net Margin-143.80%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Narrative Update Jun 16

ARCT: Future Returns Will Rely On Rare Disease Pipeline Execution And CFO Transition

Analysts have modestly raised their price target on Arcturus Therapeutics Holdings stock, pointing to a slightly lower discount rate and small adjustments to revenue, profit margin, and future P/E assumptions as support for the new $8.00 level. What’s in the News for Arcturus Therapeutics Holdings Arcturus Therapeutics Holdings appointed Dennis Mulroy as Chief Financial Officer, effective May 1, 2026, with the Board approving the appointment on April 15, 2026.
Narrative Update Jun 02

ARCT: Future Returns Will Depend On Rare Disease Pipeline Execution Reset

Analysts have trimmed Arcturus Therapeutics Holdings' consensus price targets, with cuts such as $66 to $21 and $72 to $25, alongside a modest move from $7 to $8. This reflects more conservative models after mixed execution and the removal of LUNAR-COVID economics, even as updated research still points to potential upside from ARCT-032 and ARCT-810 progress.
New Narrative May 22

Arcturus Therapeutics: Strategic opportunities beyond CSL

CSL has turned a promising collaboration into a significant liability. The pivot away from CSL towards new collaboration partners could multiply the market capitalization of Arcturus Therapeutics.
Narrative Update May 17

ARCT: Future Returns Will Hinge On Rare Disease Program Execution

Analysts updated their price targets on Arcturus Therapeutics to a tighter range around $8, reflecting revised models that trim COVID-related expectations while emphasizing ongoing progress in cystic fibrosis and ornithine transcarbamylase deficiency programs, along with mixed but generally constructive views on the stock's risk and reward profile. Analyst Commentary Street research around Arcturus Therapeutics has tightened around more conservative assumptions, with several bearish analysts trimming price targets and highlighting execution risk around key programs.
Analysis Article May 12

Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Consensus Forecasts Have Become A Little Darker Since Its Latest Report

As you might know, Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) recently reported its first-quarter numbers...
Narrative Update May 02

ARCT: CF And OTCD Pipeline Progress Will Support Future Share Price Upside

Analysts have adjusted their price targets on Arcturus Therapeutics to a lower range, now spanning roughly $8 to $25, as they recalibrate models following Q4 updates, remove the LUNAR COVID profit share, and balance ongoing execution questions with continued confidence in the ARCT-032 and ARCT-810 programs. Analyst Commentary Recent Street research shows that while price targets on Arcturus Therapeutics have moved to a lower band, some bullish analysts still see room for upside based on the company’s clinical pipeline and execution on key programs.
Narrative Update Apr 18

ARCT: Future Execution Risks Will Drive Sensitivity To Pipeline Milestones

Analysts have modestly adjusted the average price target on Arcturus Therapeutics Holdings, reflecting updated assumptions around program execution, mixed Q4 commentary, and the removal of certain COVID-related profit share contributions, while still citing ongoing interest in cystic fibrosis and ornithine transcarbamylase deficiency programs. Analyst Commentary Recent Street research on Arcturus Therapeutics Holdings reflects a mix of cautious and constructive views, with several firms recalibrating their models after the latest Q4 update.
Narrative Update Apr 02

ARCT: Fair Value View Balances Execution Concerns With Pipeline Progress

Analysts have raised the fair value estimate for Arcturus Therapeutics Holdings to $8.00 from $7.00, based on updated models that incorporate more conservative revenue expectations, higher projected profit margins and recent Street research that reduces longer term targets while still highlighting clinical progress in key programs. Analyst Commentary Recent Street research around Arcturus Therapeutics shows a mix of cautious and constructive views, with several firms revising their models after the latest quarterly update and pipeline commentary.
Narrative Update Mar 19

ARCT: CF And OTCD mRNA Pipeline Progress Will Drive Future Upside

Analysts have reset their models on Arcturus Therapeutics Holdings, cutting the implied fair value estimate from about $72 to about $55 as they factor in more conservative profit margins, a slightly higher discount rate, removal of COVID-related upside, and a sharper focus on the cystic fibrosis and ornithine transcarbamylase deficiency pipelines. Analyst Commentary Recent Street research on Arcturus Therapeutics Holdings shows a wide range of fair value views, but several bullish analysts continue to see upside potential even after cutting price targets and removing COVID-related assumptions from their models.
Narrative Update Mar 04

ARCT: Elevated Future P/E Assumptions Will Pressure Execution Risk Outlook

Analysts have raised their price target on Arcturus Therapeutics Holdings to $7.00, reflecting updated assumptions around discount rates, revenue growth, margins and future P/E, supported by a recent bullish initiation from Roth Capital and similar research commentary from other firms. Analyst Commentary While some research has turned more constructive, you are also seeing a thread of caution in recent commentary on Arcturus Therapeutics Holdings.
Narrative Update Feb 18

ARCT: Bullish Coverage And Execution Risks Will Shape Fairly Valued Outlook

Analysts have raised their price target on Arcturus Therapeutics Holdings to $7.00, up from $7, citing a new bullish initiation that highlights the company’s fair value, long term revenue and margin assumptions, and expected future P/E as key supports for the revised view. Analyst Commentary While the new initiation frames US$7.00 as a reasonable reference point, bearish analysts continue to flag risks that could pressure the stock if execution does not line up with the assumptions behind that fair value, especially around long term revenue, margins, and the P/E that is being used in models.
Seeking Alpha Feb 12

Arcturus Therapeutics: Two Catalysts, One Runway, And A Stock Priced For Failure

Summary Arcturus Therapeutics now centers on ARCT-032 (cystic fibrosis) and ARCT-810 (OTC deficiency), with Covid assets as secondary cash support. ARCT is priced as a busted biotech with optionality; cash runway extends to 2028, but clinical and regulatory risks remain significant. ARCT-032’s 12-week trial and ARCT-810’s FDA alignment are key re-rating catalysts; both programs face pivotal data and regulatory endpoints. Market skepticism is reflected in ARCT’s sub-1 P/BV and low P/S multiples, but positive trial outcomes could drive rapid multiple expansion. Read the full article on Seeking Alpha
Narrative Update Feb 02

ARCT: Bullish Coverage And Higher Future P/E Will Frame Execution Risks

Analysts have lifted their price target on Arcturus Therapeutics Holdings, pointing to a fair value view of US$7.00 per share. This is supported by a slightly lower discount rate, a more conservative revenue growth outlook and a higher assumed future P/E multiple, with recent bullish Street research helping to justify the updated stance.
Narrative Update Jan 19

ARCT: Neutral Downgrade And Fair Value View Will Frame Execution Risks

Analysts reduced their fair value estimate for Arcturus Therapeutics Holdings from US$9.00 to US$7.00, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E following the recent downgrade to Neutral by Street research. Analyst Commentary Bearish analysts are signaling a more cautious stance on Arcturus Therapeutics Holdings, with the recent downgrade to Neutral framing the stock as more of a wait and see situation rather than a clear opportunity at current levels.
Narrative Update Jan 05

ARCT: Neutral Downgrade Will Set Up Potential Upside Repricing

Analysts have reduced their price target for Arcturus Therapeutics Holdings from US$42 to US$9, citing updated assumptions for the discount rate, revenue trends, and a lower forward P/E multiple, along with recent rating changes such as the downgrade to Neutral. Analyst Commentary Bearish analysts are signaling a more cautious stance on Arcturus Therapeutics Holdings, with the move to a Neutral rating reinforcing the cut in the price target from US$42 to US$9.
Narrative Update Dec 14

ARCT: Orphan mRNA Cystic Fibrosis Program Will Drive Future Upside

Analysts lowered their price target on Arcturus Therapeutics Holdings to 72 dollars from 128.81 dollars, reflecting a more cautious stance despite higher projected revenue growth and profit margins. They are reassessing valuation multiples and risk following recent rating actions.
Analysis Article Oct 28

The Market Doesn't Like What It Sees From Arcturus Therapeutics Holdings Inc.'s (NASDAQ:ARCT) Revenues Yet As Shares Tumble 52%

Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) shares have had a horrible month, losing 52% after a relatively...
Analysis Article Aug 29

Improved Revenues Required Before Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Stock's 32% Jump Looks Justified

Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) shareholders have had their patience rewarded with a 32% share...
Narrative Update Aug 15

Late-Stage Trials And Vaccine Partnerships Will Strengthen Market Potential

Analysts maintained an Overweight rating and reiterated a $47 price target for Arcturus Therapeutics Holdings, citing anticipated positive catalysts from the upcoming Phase 2 Cystic Fibrosis program readout in early Q3, while the consensus analyst price target remained unchanged at $70.89. Analyst Commentary Addition of an "upside 90-day catalyst watch" due to the upcoming Cystic Fibrosis program catalyst expected in early Q3.
Analysis Article Jul 31

Is Arcturus Therapeutics Holdings (NASDAQ:ARCT) Weighed On By Its Debt Load?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article May 04

Arcturus Therapeutics Holdings Inc.'s (NASDAQ:ARCT) Price Is Right But Growth Is Lacking After Shares Rocket 41%

Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) shareholders are no doubt pleased to see that the share price has...
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New Narrative Apr 26

KOSTAIVE Approval And Upcoming Vaccine Trials Will Open New Markets

European approval of the mRNA COVID-19 vaccine could significantly boost sales through broader market access in 31 countries.
Analysis Article Mar 20

Benign Growth For Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Underpins Stock's 26% Plummet

Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) shareholders won't be pleased to see that the share price has had a...
Analysis Article Mar 09

Analysts Have Lowered Expectations For Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) After Its Latest Results

Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) just released its latest yearly report and things are not looking...
Seeking Alpha Jan 28

Arcturus: Downgrading As mRNA Promise Meets Market Reality

Summary Arcturus Therapeutics Holdings Inc. stock is down 46% since Sept. 2023 coverage; mRNA sector faces headwinds with public skepticism (35% comfortable with technology) and challenges translating success beyond COVID-19 vaccines. ARCT-810 for OTCD (Phase 2 data 1H '25) must prove IV dosing every 2 weeks is worth better outcomes vs. current treatments; ammonia reduction key measure of success. ARCT-032 for CF (Phase 2 data 1H '25) targets a limited population ineligible for standard care; faces tough competition from Vertex's Trikafta (14% FEV1 improvement). Vaccine programs (COVID/flu) seem commercially challenged; late to market vs. Moderna/Pfizer with no clear differentiation in crowded space. $237M cash ($6.5M monthly burn) provides runway to 2027, but upcoming trial results in 1H '25 critical; downgrading to “sell” until clear differentiation emerges. Read the full article on Seeking Alpha
Seeking Alpha Nov 14

Arcturus: LUNAR-CF For CF Presses On With 1st Half Of 2025 Interim Data

Summary Interim results from phase 2 proof-of-concept study, using LUNAR-CF for treatment of patients with Cystic Fibrosis, expected 1st half of 2025. The global Cystic Fibrosis market size is projected to reach $62.57 billion by 2032. Interim results from phase 2 proof-of-concept study, using LUNAR-OTC for treatment of patients with OTC Deficiency, expected 1st half of 2025. CHMP opinion on KOSATIVE for Covid-19 expected December of 2025; Company has earned up to $462.1 million in milestone and upfront payments from CSL as of September 30th 2024. Read the full article on Seeking Alpha
Analysis Article Oct 04

Improved Revenues Required Before Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Stock's 28% Jump Looks Justified

Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) shareholders would be excited to see that the share price has had a...
Analysis Article Sep 06

Here's Why We're Not Too Worried About Arcturus Therapeutics Holdings' (NASDAQ:ARCT) Cash Burn Situation

Just because a business does not make any money, does not mean that the stock will go down. For example, although...
Seeking Alpha Aug 09

High-Risk, High-Reward: Arcturus Nears Commercialization Of Kostaive Vaccine

Summary Arcturus is close to launching the Kostaive COVID-19 vaccine in Japan, with ongoing work on variant protection and influenza vaccine. The company has been able to consistently derive research revenues, maintaining liquidity and avoiding debt, with potential for significant revenue from vaccine orders. Valuation suggests Arcturus may be undervalued compared to peers, with a revised model showing potential for significant revenue growth by 2026. Read the full article on Seeking Alpha
Seeking Alpha Jun 08

Arcturus: A Hidden Gem In The Biotech Sector

Summary Arcturus is a top pick in the biotech sector with a strong stock market performance. The company generates revenue from research and development partnerships, which helps conserve cash. The launch of the Kostaive vaccine and other programs are expected to drive revenue growth in the short and long term. Read the full article on Seeking Alpha
Analysis Article May 29

Arcturus Therapeutics Holdings Inc.'s (NASDAQ:ARCT) Share Price Boosted 45% But Its Business Prospects Need A Lift Too

Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) shareholders are no doubt pleased to see that the share price has...
Seeking Alpha Apr 23

Arcturus Therapeutics' ARCT-032: Might Be The Next Breakthrough In Cystic Fibrosis

Summary Arcturus Therapeutics' ARCT-032 gene therapy for cystic fibrosis has been designated as an "orphan drug" in the U.S. and Europe. The therapy has the potential to generate significant revenues, similar to Vertex Pharmaceuticals' Trikafta treatment. ARCT's financial status is currently unstable, but the company has the potential to become profitable with the success of ARCT-032 and other therapies. Read the full article on Seeking Alpha
Analysis Article Apr 09

Arcturus Therapeutics Holdings (NASDAQ:ARCT) Is In A Strong Position To Grow Its Business

Just because a business does not make any money, does not mean that the stock will go down. For example, although...
Analysis Article Feb 06

Arcturus Therapeutics Holdings Inc.'s (NASDAQ:ARCT) Price Is Right But Growth Is Lacking

With a price-to-sales (or "P/S") ratio of 3.2x Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) may be sending very...
Seeking Alpha Jan 31

Arcturus: H1 2024 Rare Disease Drug Data On Deck

Summary Arcturus Therapeutics Holdings Inc. interim results from the phase 1b study, using ARCT-032 for the treatment of patients with Cystic Fibrosis, are expected in the 1st half of 2024. The global Cystic Fibrosis market is projected to grow to $12.9 billion by 2030. Interim results from the phase 2 study, using ARCT-810 for the treatment of patients with OTC Deficiency, are expected in the 1st half of 2024. Received approval with partner CSL in Japan for ARCT-154 as the first self-amplifying mRNA vaccine for adults with COVID-19. Read the full article on Seeking Alpha
Analysis Article Jan 11

Does Arcturus Therapeutics Holdings (NASDAQ:ARCT) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article Dec 14

Are Investors Undervaluing Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) By 46%?

Key Insights Arcturus Therapeutics Holdings' estimated fair value is US$47.95 based on 2 Stage Free Cash Flow to Equity...
Analysis Article Sep 14

Arcturus Therapeutics Holdings Inc.'s (NASDAQ:ARCT) Shares Lagging The Industry But So Is The Business

Arcturus Therapeutics Holdings Inc.'s ( NASDAQ:ARCT ) price-to-sales (or "P/S") ratio of 2.9x might make it look like a...
Analysis Article Aug 08

Some Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) Analysts Just Made A Major Cut To Next Year's Estimates

Today is shaping up negative for Arcturus Therapeutics Holdings Inc. ( NASDAQ:ARCT ) shareholders, with the analysts...

Revenue & Expenses Breakdown

How Arcturus Therapeutics Holdings makes and spends money. Based on latest reported earnings, on an LTM basis.


Earnings and Revenue History

NasdaqGM:ARCT Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 2655-79440
31 Dec 2582-66460
30 Sep 2598-67440
30 Jun 25122-60470
31 Mar 25144-68490
31 Dec 24152-81530
30 Sep 24160-63530
30 Jun 24164-72530
31 Mar 24125-107540
31 Dec 23167-30530
30 Sep 2329699520
30 Jun 2326480510
31 Mar 23281111490
31 Dec 222069460
30 Sep 2252-147470
30 Jun 2241-165450
31 Mar 2215-198440
31 Dec 2112-204410
30 Sep 219-196420
30 Jun 219-163360
31 Mar 219-119310
31 Dec 2010-72250
30 Sep 2010-52180
30 Jun 2011-38170
31 Mar 2019-29160
31 Dec 1921-26140
30 Sep 1925-1670
30 Jun 1926-1370
31 Mar 1918-22120
31 Dec 1816-22130
30 Sep 1810-26210
30 Jun 1810-25190
31 Mar 1812-16120
31 Dec 1713-1180
31 Dec 1620-230
31 Dec 156-230

Quality Earnings: ARCT is currently unprofitable.

Growing Profit Margin: ARCT is currently unprofitable.


Free Cash Flow vs Earnings Analysis


Past Earnings Growth Analysis

Earnings Trend: ARCT is unprofitable, but has reduced losses over the past 5 years at a rate of 20.3% per year.

Accelerating Growth: Unable to compare ARCT's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: ARCT is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (54.5%).


Return on Equity

High ROE: ARCT has a negative Return on Equity (-41.11%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/26 23:06
End of Day Share Price 2026/06/26 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Arcturus Therapeutics Holdings Inc. is covered by 22 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Huidong WangBarclays
Mayank MamtaniB. Riley Securities, Inc.
Thomas ShraderBTIG