Arcturus Therapeutics Holdings Inc
ARCTHealthcare|Biotechnology|USA
$6.97
-0.19 (-2.65%)
Tangible Book
$6.73
Financials
Financial Snapshot
Market Cap
$198.1M
Enterprise Value
$187.4M
Revenue (TTM)
$42.4M
Net Income (TTM)
$-78.7M
Cash & Equivalents
—
Net Cash/Share
$5.54
Free Cash Flow (TTM)
$-58.7M
Operating CF (TTM)
$-58.6M
Debt/Equity
0.13
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$14.6M
Monthly Burn
$4.9M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $8.3M | $48.6M | $36.7M | $71.4M | $462.9M | $370.5M | $391.9M | $292.0M | $237.0M | $230.9M | $211.4M | |
| Operating Cash Flow | $-2.9M | $-460.0K | $-20.8M | $-6.4M | $-42.9M | $-135.0M | $32.0M | $-18.1M | $-59.7M | $-74.3M | $-58.6M | |
| Free Cash Flow | $-3.5M | $-711.0K | $-22.2M | $-7.3M | $-44.6M | $-138.4M | $24.3M | $-21.0M | $-60.4M | $-74.5M | $-58.7M | |
| Capital Expenditure | $-688.0K | $-251.0K | $-1.5M | $-818.0K | $-1.7M | $-3.4M | $-7.7M | $-2.9M | $-648.0K | $-230.0K | $-93.0K | |
| Financing Cash Flow | $6.0K | $7.0M | $10.2M | $41.9M | $436.1M | $48.0M | $-2.9M | $-24.1M | $5.4M | $13.4M | $-1.8M |
R&D Spending
R&D (TTM)
$98.8M
R&D Intensity
233.4%
R&D Growth YoY
-11.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.4M | $13.0M | $15.8M | $20.8M | $9.5M | $12.4M | $205.8M | $157.7M | $138.4M | $67.2M | $42.4M | |
| R&D Expense | $17.9M | $15.9M | $17.0M | $33.6M | $57.8M | $173.8M | $147.8M | $192.1M | $195.2M | $112.2M | $98.8M | |
| R&D % of Revenue | 88.0% | 122.5% | 107.8% | 161.8% | 606.4% | 1405.9% | 71.8% | 121.8% | 141.0% | 166.9% | 233.4% | |
| SG&A | $3.4M | $7.6M | $20.6M | $12.7M | $23.2M | $41.5M | $46.1M | $52.9M | $52.8M | $46.1M | $44.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $20.4M | $13.0M | $15.8M | $20.8M | $9.5M | $12.4M | $205.8M | $157.7M | $138.4M | $67.2M | $42.4M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $20.4M | $13.0M | $15.8M | $20.8M | $9.5M | $12.4M | $205.8M | $157.7M | $138.4M | $67.2M | $42.4M | |
| R&D | $17.9M | $15.9M | $17.0M | $33.6M | $57.8M | $173.8M | $147.8M | $192.1M | $195.2M | $112.2M | $98.8M | |
| SG&A | $3.4M | $7.6M | $20.6M | $12.7M | $23.2M | $41.5M | $46.1M | $52.9M | $52.8M | $46.1M | $44.2M | |
| Operating Income | $-1.0M | $-10.5M | $-21.8M | $-25.5M | $-71.5M | $-202.9M | $12.2M | $-78.2M | $-95.7M | $-76.3M | $-88.4M | |
| Interest Expense | $-295.0K | $-150.0K | $-186.0K | $-854.0K | $-831.0K | $-2.7M | $-3.0M | $-768.0K | $0.00 | $-9.0K | $-9.0K | |
| Pretax Income | $-1.5M | $-10.9M | $-21.8M | $-26.0M | $-72.1M | $-203.7M | $10.6M | $-27.9M | $-80.9M | $-65.8M | $-78.7M | |
| Net Income | $-1.6M | $-10.9M | $-21.8M | $-26.0M | $-72.1M | $-203.7M | $9.3M | $-29.7M | $-80.9M | $-65.8M | $-78.7M | |
| EPS (Diluted) | -0.77 | -3.53 | -2.16 | -2.15 | -3.55 | -7.74 | 0.35 | -1.12 | -3.00 | -2.40 | -2.81 | |
| EBITDA | $-947.0K | $-10.3M | $-21.0M | $-24.5M | $-70.4M | $-201.7M | $13.7M | $-24.2M | $-77.4M | $-62.7M | $-75.0M | |
| Shares Out. (M) | 2.03 | 3.09 | 10.07 | 12.07 | 20.30 | 26.32 | 27.09 | 26.63 | 27.00 | 27.39 | 28.42 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.3M | $25.0M | $36.7M | $71.4M | $462.9M | $370.5M | $391.9M | $292.0M | $237.0M | $230.9M | $211.4M | |
| Marketable Securities | $0.00 | $23.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $12.3M | $50.9M | $41.8M | $74.3M | $467.8M | $379.0M | $403.3M | $386.6M | $306.0M | $241.4M | $216.9M | |
| Total Assets | $13.7M | $52.0M | $44.2M | $82.1M | $476.5M | $392.8M | $450.4M | $429.4M | $344.1M | $271.1M | $245.4M | |
| Total Current Liabilities | $8.7M | $11.0M | $12.6M | $21.3M | $49.5M | $99.5M | $127.0M | $82.0M | $65.5M | $36.4M | $34.4M | |
| Long-Term Debt | $0.00 | $0.00 | $9.9M | $15.0M | $13.8M | $40.6M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $12.2M | $18.2M | $30.6M | $56.4M | $79.9M | $164.6M | $180.1M | $150.9M | $103.1M | $57.2M | $54.0M | |
| Stockholders' Equity | $1.6M | $33.8M | $13.6M | $25.8M | $396.6M | $228.2M | $270.3M | $278.5M | $241.0M | $214.0M | $191.4M | |
| Retained Earnings | $-12.2M | $-23.1M | $-44.9M | $-71.7M | $-143.8M | $-347.5M | $-338.1M | $-367.9M | $-448.8M | $-514.6M | $-541.6M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-2.9M | $-460.0K | $-20.8M | $-6.4M | $-42.9M | $-135.0M | $32.0M | $-18.1M | $-59.7M | $-74.3M | $-58.6M | |
| Capital Expenditure | $-688.0K | $-251.0K | $-1.5M | $-818.0K | $-1.7M | $-3.4M | $-7.7M | $-2.9M | $-648.0K | $-230.0K | $-93.0K | |
| Free Cash Flow | $-3.5M | $-711.0K | $-22.2M | $-7.3M | $-44.6M | $-138.4M | $24.3M | $-21.0M | $-60.4M | $-74.5M | $-58.7M | |
| Investing Cash Flow | $-688.0K | $10.4M | $22.1M | $-818.0K | $-1.7M | $-3.4M | $-7.7M | $-2.9M | $-648.0K | $-230.0K | $-59.0K | |
| Financing Cash Flow | $6.0K | $7.0M | $10.2M | $41.9M | $436.1M | $48.0M | $-2.9M | $-24.1M | $5.4M | $13.4M | $-1.8M | |
| Issuance of Stock | $0.00 | $477.0K | $0.00 | $21.3M | $423.8M | $515.0K | $411.0K | $609.0K | $682.0K | $12.3M | $11.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $5.7M | $9.9M | $4.9M | $0.00 | $46.6M | $0.00 | $20.0M | $0.00 | $15.0M | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-5.0M | $-47.4M | $0.00 | $-15.0M | $-15.0M | |
| Stock Based Comp. | $300.0K | $2.2M | $1.3M | $2.0M | $6.8M | $28.9M | $30.6M | $34.6M | $38.0M | $25.4M | $23.1M | |
| Net Change in Cash | $-3.5M | $16.9M | $11.6M | $34.6M | $391.5M | $-90.4M | $21.4M | $-45.1M | $-55.0M | $-61.1M | $-60.4M |
Dilution Tracker
Shares Outstanding
28M
5-Year Share Growth
+8.0%
Stock Issuance (TTM)
$11.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.03 | 3.09 | 10.07 | 12.07 | 20.30 | 26.32 | 27.09 | 26.63 | 27.00 | 27.39 | 28.42 | |
| YoY Change % | — | 51.9% | 226.2% | 19.9% | 68.2% | 29.6% | 2.9% | -1.7% | 1.4% | 1.4% | 3.8% | |
| Stock Issuance | $0.00 | $477.0K | $0.00 | $21.3M | $423.8M | $515.0K | $411.0K | $609.0K | $682.0K | $12.3M | $11.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $300.0K | $2.2M | $1.3M | $2.0M | $6.8M | $28.9M | $30.6M | $34.6M | $38.0M | $25.4M | $23.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -4.9% | -80.7% | -138.5% | -122.7% | -749.8% | -1641.3% | 5.9% | -49.6% | -69.1% | -113.4% | -208.6% | |
| Net Margin % | -7.7% | -83.9% | -138.3% | -125.0% | -756.3% | -1648.0% | 4.5% | -18.8% | -58.5% | -97.9% | -185.8% | |
| EBITDA Margin % | -4.6% | -79.6% | -133.4% | -117.6% | -738.4% | -1631.7% | 6.7% | -15.3% | -55.9% | -93.3% | -177.1% | |
| FCF Margin % | -17.4% | -5.5% | -141.2% | -34.9% | -467.6% | -1120.2% | 11.8% | -13.3% | -43.6% | -110.8% | -138.5% | |
| ROE % | -4.4% | -61.6% | -91.8% | -131.8% | -34.2% | -65.2% | 3.8% | -10.8% | -31.2% | -28.9% | -35.9% | |
| ROA % | -3.7% | -33.2% | -45.3% | -41.1% | -25.8% | -46.9% | 2.2% | -6.8% | -20.9% | -21.4% | -27.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 8.55 / 64.62
Industry Med.27.51
P/S4.48
Historical0.85 / 4.39 / 183.02
Industry Med.9.49
P/B1.04
Historical0.67 / 2.70 / 52.03
Industry Med.2.93
EV/EBITDA-0.14
Historical-64.68 / -3.26 / 24.98
Industry Med.13.02
EV/Revenue0.25
Historical-1.11 / 2.98 / 222.29
Industry Med.8.59
P/FCF—
Historical3.94 / 19.88 / 104.61
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$6.73
Net Current Assets
$5.730
Median P/S Value
$6.94
Net-Net Working Capital
$5.57
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | 48.46 | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 1.47 | 1.89 | 2.89 | 6.31 | 92.30 | 78.74 | 2.23 | 5.32 | 3.31 | 2.50 | 4.48 | |
| PB Ratio | 36.75 | 2.51 | 3.56 | 6.38 | 2.87 | 4.28 | 1.67 | 3.04 | 1.90 | 0.81 | 1.04 | |
| EV/EBITDA | -52.46 | -3.50 | -1.04 | -4.66 | -9.85 | -3.35 | 11.18 | -24.17 | -3.23 | 0.51 | -0.14 | |
| EV/Revenue | 2.44 | 2.78 | 1.38 | 5.48 | 72.76 | 54.59 | 0.74 | 3.70 | 1.80 | -0.47 | 0.25 |
Analyst Estimates & Quality
Altman Z-Score
-0.88
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
-4.74
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $23.11M | $35.29M | $42.27M |
| Net Income | $-111.87M | $-128.48M | $-112.08M |
| EPS | -3.90 | -4.08 | -3.64 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Discovery, development and commercialization of messenger RNA medicines | $82.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $82.0M |