Arcturus Therapeutics(ARCT) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for Q1 2025 were $29.4 million, down from $38.0 million in Q1 2024, primarily due to lower milestone revenues from the CSL collaboration[5] - The net loss for Q1 2025 was approximately $14.1 million, or ($0.52) per diluted share, compared to a net loss of $26.8 million, or ($1.00) per diluted share in Q1 2024[9] - Total revenue for Q1 2025 was $29.382 million, a decrease of 22.7% from $38.012 million in Q4 2024[18] - Collaboration revenue decreased to $25.477 million in Q1 2025 from $32.598 million in Q4 2024, representing a decline of 21.7%[18] - Grant revenue for Q1 2025 was $3.905 million, down from $5.414 million in Q4 2024, a decrease of 28.0%[18] - Net loss for Q1 2025 was $14.076 million, an improvement from a net loss of $26.817 million in Q4 2024[18] - Net loss per share for Q1 2025 was $0.52, compared to $1.00 in Q4 2024[18] - Comprehensive loss for Q1 2025 was $14.076 million, consistent with the net loss[18] Operating Expenses - Total operating expenses decreased to $46.2 million in Q1 2025 from $68.4 million in Q1 2024[6] - General and administrative expenses were $11.3 million in Q1 2025, compared to $14.9 million in Q1 2024, attributed to reduced share-based compensation costs[8] - Total operating expenses were $46.208 million in Q1 2025, down 32.5% from $68.424 million in Q4 2024[18] - Research and development expenses were $34.9 million in Q1 2025, down from $53.6 million in the same period last year, driven by lower manufacturing costs[7] - Research and development expenses decreased to $34.893 million in Q1 2025 from $53.573 million in Q4 2024, a reduction of 34.8%[18] Cash and Financial Position - Cash, cash equivalents, and restricted cash totaled $273.8 million as of March 31, 2025, down from $293.9 million on December 31, 2024[10] - The cash runway is expected to extend into 2028 following the re-allocation of resources to the therapeutics pipeline[2] - The company reported a net finance income of $2.771 million in Q1 2025, down from $4.016 million in Q4 2024[18] Clinical Development - Enrollment in the Phase 2 cystic fibrosis study (ARCT-032) is expected to be completed by year-end 2025, with interim data anticipated in mid-2025[3] - The company received initial milestone payment from CSL related to the EU approval of KOSTAIVE®, a self-amplifying mRNA COVID-19 vaccine[4] - The company expects to file for regulatory approval of KOSTAIVE in the UK in Q2 2025 and in the US in Q3 2025[4] Shareholder Information - Weighted-average shares outstanding increased to 27.107 million in Q1 2025 from 26.879 million in Q4 2024[18]