Arcturus Therapeutics(ARCT) - 2023 Q4 - Annual Results

Revenue Performance - Arcturus reported revenue of $169.9 million for the year ended December 31, 2023, a decrease from $206.0 million in 2022, primarily due to the discontinuation of collaborations with Vinbiocare and Janssen[4] - Revenue from CSL in 2023 was $157.4 million, slightly increasing by $3.0 million compared to 2022[4] - Total revenue for 2023 was $169.933 million, a decrease of 17.5% from $205.999 million in 2022[17] - Collaboration revenue for 2023 was $160.882 million, down from $205.755 million in 2022, representing a decline of 22%[17] Operating Expenses - Total operating expenses for 2023 were $245.0 million, up from $193.8 million in 2022[5] - Research and development expenses increased to $192.1 million in 2023 from $147.8 million in 2022, driven by CSL and BARDA programs[6] - Research and development expenses increased to $192.133 million in 2023, up 30% from $147.751 million in 2022[17] - Operating expenses for the three months ended December 31, 2023, were $49.127 million, compared to $38.841 million for the same period in 2022[19] Net Income and Loss - The net loss for 2023 was approximately $26.6 million, or ($1.00) per diluted share, compared to a net income of $9.3 million, or $0.35 per diluted share in 2022[8] - Net loss for 2023 was $26.591 million, compared to a net income of $9.349 million in 2022[17] - Basic and diluted loss per share for 2023 was $(1.00), compared to earnings of $0.35 per share in 2022[17] - Net loss for the three months ended December 31, 2023, was $8.573 million, compared to a net income of $117.347 million for the same period in 2022[19] Cash and Assets - Cash, cash equivalents, and restricted cash were $348.9 million at December 31, 2023, down from $394.0 million at the end of 2022[9] - Total current assets decreased to $386.590 million as of December 31, 2023, from $403.333 million at the end of 2022[15] - Total liabilities decreased to $147.755 million as of December 31, 2023, from $180.075 million at the end of 2022[15] - Total assets decreased to $429.402 million as of December 31, 2023, from $450.387 million at the end of 2022[15] Future Developments - The cash runway has been extended to Q1 2027 due to disciplined cost management and progress in collaborations[2] - Kostaive® is anticipated to launch in Japan in 2024, marking a significant milestone as the world's first self-amplifying mRNA product approved for COVID-19[3] - ARCT-032 received Orphan Drug Designation from the U.S. FDA and the European Commission, with Phase 1b interim data expected in Q2 2024[2] - New vaccine discovery programs for Lyme Disease and Gonorrhea have been initiated based on the validation of LUNAR® and STARR® technologies[3]