Arcturus Therapeutics(ARCT) - 2024 Q4 - Annual Results

Revenue Performance - For Q4 2024, Arcturus reported revenue of $22.8 million, a decrease of 26.2% from $30.9 million in Q4 2023, attributed to lower milestone achievements from the CSL agreement[5] - For the full year 2024, revenue was $152.3 million, down 8.7% from $166.8 million in 2023, with decreased milestone achievements offset by increased BARDA revenue[6] - Total revenue for 2024 was $152.31 million, a decrease of 8.4% from $166.80 million in 2023[18] - Collaboration revenue decreased to $138.39 million in 2024, down 12.2% from $157.75 million in 2023[18] Operating Expenses - Total operating expenses for Q4 2024 were $56.2 million, up 14.4% from $49.1 million in Q4 2023, while total operating expenses for the year were $248.0 million, slightly up from $245.0 million in 2023[7] - Total operating expenses for 2024 were $247.98 million, an increase of 1.2% from $245.00 million in 2023[18] Research and Development - Research and development expenses for Q4 2024 were $43.8 million, an increase of 19.7% from $36.6 million in Q4 2023, driven by higher clinical trial costs[8] - Research and development expenses increased to $195.16 million in 2024, up 1.6% from $192.13 million in 2023[18] Net Loss and Earnings - Arcturus reported a net loss of approximately $30.0 million, or ($1.11) per diluted share, for Q4 2024, compared to a net loss of $11.7 million, or ($0.44) per diluted share, in Q4 2023[10] - Net loss for 2024 was $80.94 million, compared to a net loss of $29.73 million in 2023[18] - Basic and diluted loss per share for 2024 was $3.00, compared to a loss of $1.12 per share in 2023[18] - The company reported a comprehensive loss of $80.94 million for 2024, compared to a comprehensive loss of $29.73 million in 2023[18] Assets and Liabilities - The company had cash, cash equivalents, and restricted cash of $293.9 million as of December 31, 2024, down from $348.9 million on December 31, 2023[11] - Total assets decreased to $344.07 million in 2024, down 20% from $429.40 million in 2023[17] - Total liabilities decreased to $103.09 million in 2024, down 31.5% from $150.89 million in 2023[17] - Stockholders' equity decreased to $240.98 million in 2024, down 13.5% from $278.51 million in 2023[17] Future Expectations and Developments - Arcturus expects to provide interim data from the Phase 2 studies of ARCT-032 and ARCT-810 by the end of Q2 2025[2] - KOSTAIVE® received European Commission approval in February 2025, valid in all 27 EU member states and 3 EEA countries, based on positive clinical data[4] - The company initiated the Phase 1 study of ARCT-2304 for H5N1 pandemic influenza in December 2024, with interim data expected in H2 2025[4] - Arcturus anticipates a cash runway extending until the end of Q1 2027, supported by future milestone payments from CSL[11]