Arcturus Therapeutics(ARCT) - 2024 Q3 - Quarterly Results

Financial Performance - Arcturus reported revenue of $41.7 million for Q3 2024, a decrease of $3.5 million from $45.2 million in Q3 2023, primarily due to lower milestone achievements from the CSL agreement[13] - Total revenue for the three months ended September 30, 2024, was $41,673,000, a decrease of 7.5% compared to $45,140,000 for the same period in 2023[23] - Collaboration revenue for the nine months ended September 30, 2024, was $117,389,000, down 11.5% from $132,670,000 in the prior year[23] - Arcturus reported a net loss of approximately $6.9 million, or ($0.26) per diluted share, for Q3 2024, compared to a net loss of $16.2 million, or ($0.61) per diluted share, in Q3 2023[18] - Net loss for the three months ended September 30, 2024, was $6,903,000, compared to a net loss of $16,222,000 for the same period in 2023, representing a 57.5% improvement[23] Expenses - Research and development expenses for Q3 2024 were $39.1 million, down from $51.1 million in Q3 2023, driven by decreased manufacturing costs for the COVID program[16] - Total operating expenses for Q3 2024 were $52.4 million, a decrease from $64.5 million in Q3 2023[15] - Research and development expenses for the three months ended September 30, 2024, were $39,134,000, a decrease of 23.3% from $51,077,000 in the same period last year[23] Cash and Assets - Cash, cash equivalents, and restricted cash were $294.1 million as of September 30, 2024, down from $348.9 million on December 31, 2023[19] - Total current assets decreased to $330,821,000 as of September 30, 2024, from $386,590,000 at December 31, 2023, reflecting a decline of 14.5%[22] - Cash and cash equivalents were $237,178,000 as of September 30, 2024, down from $292,005,000 at December 31, 2023, a decrease of 18.8%[22] - Total liabilities decreased to $108,788,000 as of September 30, 2024, down from $150,889,000 at December 31, 2023, indicating a reduction of 28%[22] - The accumulated deficit increased to $(418,802,000) as of September 30, 2024, from $(367,866,000) at December 31, 2023[22] - Total stockholders' equity decreased to $261,866,000 as of September 30, 2024, down from $278,513,000 at December 31, 2023, a decline of 6%[22] Product Development and Milestones - The company achieved a $25 million commercial milestone with the first sale of KOSTAIVE® in Japan[6] - KOSTAIVE® demonstrated superior immunogenicity compared to the conventional mRNA vaccine COMIRNATY® for up to one year at one-sixth the dose[8] - The company expects to share interim Phase 2 proof-of-concept data for ARCT-032 and ARCT-810 in the first half of 2025[2] - The company anticipates another milestone related to potential European approval for KOSTAIVE® in Q1 2025[2] Future Outlook - The cash runway is expected to extend through the first quarter of fiscal year 2027 based on the current pipeline and programs[19]