US Market News
2月前
When Science Becomes an Asset: How Advancing Drug Pipelines Are Driving Real-Time Valuation in BiotechApril 20, 2026 9:00 AM
InvestorsHub NewsWireWhen Science Becomes an Asset: How Advancing Drug Pipelines Are Driving Real-Time Valuation in BiotechBioMedWire Editorial Coverage: Biotechnology is undergoing a quiet but profound transformation, one that is reshaping how investors understand value in a sector historically defined by long timelines and uncertain outcomes. As drug candidates advance closer to commercialization, scientific progress is no longer viewed solely as research expenditure but increasingly as a measurable financial asset. This shift is being reinforced by fair-value accounting under U.S. GAAP, which allows life sciences companies to reflect clinical progress, probability of success and commercialization timing as measurable balance sheet value. Leading companies, such as Oncotelic Therapeutics Inc. (OTCQB: OTLC) (Profile), are keenly aware of this evolution and are leveraging their expertise as pioneers in this space. Through its diversified pipeline and strategic holdings, including a 45% ownership stake in GMP Bio, which was recently measured at more than $1 billion enterprise value, the company exemplifies how advancing science can directly influence financial positioning. As the biotech sector increasingly aligns valuation with progress rather than revenue alone, Oncotelic provides a case study in how innovation is becoming a recognized asset class. Oncotelic joins an elite group of other key companies focused on advanced biotech platforms that target disease at the genetic or molecular level, including Sarepta Therapeutics Inc. (NASDAQ: SRPT), Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY), Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT) and Denali Therapeutics Inc. (NASDAQ: DNLI).The biotechnology sector is evolving from a model centered on long-term R&D investment into one where scientific advancement can be reflected as measurable financial value.As drug candidates advance through clinical development, their value increases significantly due to rising probabilities of success and proximity to commercialization.The rise of fair-value accounting in biotechnology is enabling companies to provide more transparent and timely representations of asset value.Institutional investors are increasingly recognizing clinical-stage biotech assets as investable opportunities, even in the absence of current revenue.Oncotelic Therapeutics operates directly within this convergence, combining oncology-focused drug development with AI-enabled platforms and strategic manufacturing exposure.Click here to view the custom infographic of the Oncotelic Therapeutics editorial.Scientific Progress Is Becoming Financial ValueThe biotechnology sector is evolving from a model centered on long-term R&D investment into one where scientific advancement can be reflected as measurable financial value. Historically, investors relied heavily on discounted cash-flow projections tied to eventual commercialization, often leaving a gap between innovation and valuation. However, the adoption of fair-value frameworks under U.S. GAAP is beginning to bridge that gap by allowing companies to reassess asset value as clinical milestones are achieved.Under Financial Accounting Standards Board guidance, particularly ASC 820, companies can measure the fair value of assets, including illiquid or early-stage investments, based on observable and unobservable inputs. This includes Level 3 assets, which are commonly used in biotech to value pipeline-stage programs and strategic investments. These frameworks allow companies to incorporate scientific progress, regulatory advancement and probability of success into financial reporting.Advisory firms such as Deloitte and PwC note that in life sciences, valuation can reflects forward-looking indicators such as clinical progress and expected commercialization potential, as GAAP fair-value frameworks require assets to be measured based on market participant assumptions about future economic benefits. This approach aligns financial reporting more closely with operational reality, particularly in sectors where revenue may lag innovation by years.This shift is particularly relevant for Oncotelic Therapeutics, which operates in a space where pipeline advancement is a primary driver of value. By aligning its financial reporting with the progression of its therapeutic programs and strategic investments, the company reflects the broader industry movement toward recognizing science itself as an asset.Pipeline Proximity Drives Valuation InflectionAs drug candidates advance through clinical development, their value increases significantly due to rising probabilities of success and proximity to commercialization. This phenomenon — often referred to as valuation inflection — is well documented across the biotech industry. Late-stage assets, particularly those approaching regulatory approval, tend to command a disproportionate share of enterprise value.According to McKinsey & Company, value creation in biopharma is heavily concentrated in late-stage assets, with companies generating the majority of returns as products progress toward approval and commercialization, reflecting reduced risk and clearer revenue visibility. Additional industry analysis shows that assets approaching commercialization drive significant increases in company valuation due to higher probability of success and expected market entry.This dynamic highlights a critical change in how investors assess biotech companies. Rather than focusing solely on current revenue or earnings, market participants increasingly evaluate the maturity and trajectory of pipeline assets. As a result, companies with strong late-stage programs can experience significant valuation increases even before generating commercial sales.For Oncotelic Therapeutics, this trend is particularly relevant, given the company's focus on advancing oncology therapeutics and its strategic positioning within high-value development pathways. As its programs progress and move closer to commercialization, the company's valuation profile reflects the broader industry shift toward pipeline-driven value creation.Fair-Value Accounting Gains Ground in BiotechThe rise of fair-value accounting in biotechnology is enabling companies to provide more transparent and timely representations of asset value. Under GAAP, Level 3 valuations are used to measure assets without observable market prices, relying on models that incorporate forward-looking assumptions such as expected cash flows and probability-weighted outcomes.The ASC 820 framework defines fair value as the exit price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. It provides a structured hierarchy for the subsequent measurement of complex, illiquid assets using market-participant assumptions and the best available information, aligning financial reporting with a current, market-based view of an asset's value.Oncotelic Therapeutics exemplifies this approach through the remeasurement of its stake in GMP Bio, which reflects an approximate $1 billion-plus enterprise value. This demonstrates how clinical and strategic progress can translate directly into balance sheet strength, reinforcing the concept of science as a financial asset.Institutional Capital Embraces Prerevenue BiotechInstitutional investors are increasingly recognizing clinical-stage biotech assets as investable opportunities, even in the absence of current revenue. This shift reflects a growing confidence in structured valuation methodologies that incorporate scientific progress, rather than relying solely on traditional financial metrics.Many biotechnology companies are valued primarily on the strength of their pipelines rather than their existing revenue streams, reflecting the long development timelines and lack of early-stage earnings typical of the sector. Instead, valuation is closely tied to scientific progress, with factors such as clinical development stage, probability of success and regulatory milestones serving as key drivers of equity value. This approach underscores that value creation in biotech often occurs well before commercialization, as investors increasingly rely on milestone-based and probability-adjusted models to assess future potential.Within this context, Oncotelic Therapeutics is positioned to benefit from growing institutional interest in pipeline-driven valuation. Its diversified portfolio and strategic investments align with the types of assets that are increasingly attracting capital in the biotech sector.AI, GMP and Commercial Readiness ConvergeAdvancements in AI-driven drug development and GMP-compliant manufacturing are accelerating timelines and improving scalability across the biotech industry. These technologies enable more efficient clinical development, better data analysis and streamlined production processes, reducing both time and cost to market.AI is increasingly being used to identify drug targets, optimize trial design and analyze complex datasets, improving the probability of success in clinical programs. At the same time, GMP-compliant manufacturing platforms are enabling more reliable and scalable production, which is critical as therapies move toward commercialization.Research indicates that data-driven approaches are becoming central to biopharma value creation, with AI and advanced analytics playing a key role in accelerating development timelines. These advancements enhance the reliability of valuation models by reducing uncertainty and improving execution. This convergence of AI, manufacturing and clinical development is reshaping how value is created and measured in biotech. Companies that can integrate these capabilities are better positioned to advance therapies efficiently while maintaining regulatory compliance.Oncotelic Therapeutics operates directly within this convergence, combining oncology-focused drug development with AI-enabled platforms and strategic manufacturing exposure. This integrated approach supports both scientific advancement and financial valuation, positioning the company within one of the most significant growth trends in the biotechnology sector.The biotechnology sector is entering a new phase in which scientific progress is no longer viewed solely as a cost center but as a measurable financial asset. As fair-value accounting, pipeline maturity and AI-driven development reshape the industry, the traditional gap between innovation and valuation is narrowing.Companies such as Oncotelic Therapeutics illustrate how this transformation is unfolding in real time, demonstrating that clinical advancement can materially strengthen financial positioning even before revenue generation begins. As investors increasingly focus on pipeline-driven value, the ability to translate science into measurable economic impact is becoming one of the defining characteristics of modern biotech.From Research Spend to Revenue-Ready AssetsA new wave of biotechnology innovation is increasingly blurring the line between scientific progress and financial value creation. As drug candidates targeting disease at the genetic and molecular level advance through clinical development in 2026, progress is no longer viewed solely as research expenditure but as a measurable and evolving asset. Recent updates across the sector highlight how advancements in RNA interference, gene therapy and targeted delivery platforms are not only improving clinical outcomes but also enhancing the underlying value of biotech pipelines.Sarepta Therapeutics Inc. (NASDAQ: SRPT) announced approval of its clinical trial application for SRP-1005, its investigational treatment for Huntington's disease. Sarepta expects to initiate this first-in-human clinical trial of SRP-1005 (formerly ARO-HTT) in the second quarter of 2026. SRP-1005 is an investigational small interfering RNA ("siRNA") therapeutic. INSIGHTT is a phase 1, multicenter, dose-escalation study that will evaluate the safety and tolerability of subcutaneous dosing of SRP-1005 in approximately 24 participants.Alnylam Pharmaceuticals Inc. (NASDAQ: ALNY) reported new clinical and real-world data from its cardiovascular ("CV") portfolio. The data was presented at the American College of Cardiology's Annual Scientific Session and Expo ("ACC.26"). The new data continues to support the benefits of vutrisiran in transthyretin amyloid cardiomyopathy (ATTR-CM), as well as the potential of zilebesiran for hypertension, underscoring the versatility of RNAi therapeutics across cardiovascular diseases.Arcturus Therapeutics Holdings Inc. (NASDAQ: ARCT) is advancing a suite of messenger RNA ("mRNA")–based therapies. The company's Q4 update highlights progress in both rare diseases and vaccine platforms, including its lead candidate, ARCT-032, an inhaled mRNA therapy for cystic fibrosis, which has demonstrated favorable safety and tolerability and is advancing into a phase 2 clinical study expected to begin in 2026. In addition, the update noted advancement with its ARCT-810 program for ornithine transcarbamylase ("OTC") deficiency, a rare genetic disorder, with ongoing regulatory interactions aimed at supporting future pivotal studies.Denali Therapeutics Inc. (NASDAQ: DNLI) is making significant progress in 2026 with its TransportVehicle(TM) platform. The platform is designed to enable the delivery of biologics across the blood-brain barrier, one of the most persistent challenges in treating neurological diseases. The company has outlined 2026 as a pivotal year, with plans to deliver its first TransportVehicle-enabled medicine to patients and advance two TV-enabled programs into clinical studies for Alzheimer's disease and a program for Pompe disease.These latest developments underscore a broader industry transition from discovery to execution, where scientific innovation is increasingly quantified in financial terms. As genetic and molecular therapies move closer to commercialization, the ability to demonstrate clinical efficacy, scalability and delivery precision is translating into tangible asset value within company pipelines. This convergence of science and finance is reshaping how biotechnology is evaluated, positioning advanced therapeutic platforms not just as research initiatives, but as structured, value-generating assets.For further information about Oncotelic Therapeutics Inc., visit the Oncotelic Therapeutics profile.About BioMedWireBioMedWire ("BMW") is a specialized communications platform with a focus on the latest developments in the Biotechnology (BioTech), Biomedical Sciences (BioMed) and Life Sciences sectors. It is one of 75+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today's market, BMW brings its clients unparalleled recognition and brand awareness.BMW is where breaking news, insightful content and actionable information converge.To receive SMS alerts from BioMedWire, "Biotech" to 888-902-4192 (U.S. Mobile Phones Only)For more information, please visit https://www.BioMedWire.comDISCLAIMER: BioMedWire (BMW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. The commentary, views and opinions expressed in this release by BMW are solely those of BMW. Readers of this Article and content agree that they cannot and will not seek to hold liable BMW for any investment decisions by their readers or subscribers. BMW is a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.The Article and content related to the profiled company represent the personal and subjective views of the Author and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, BMW, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.BMW HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and BMW undertakes no obligation to update such statements.Please see full terms of use and disclaimers on the BioMedWire website applicable to all content provided by BMW, wherever published or re-published: https://www.BioMedWire.com/DisclaimerBioMedWire
Austin, Texas
www.BioMedWire.com
512.354.7000 Office
Editor@BioMedWire.comBioMedWire is powered by IBN
Original: When Science Becomes an Asset: How Advancing Drug Pipelines Are Driving Real-Time Valuation in Biotech
US Market News
3月前
Arcturus Therapeutics Announces Fourth Quarter and Fiscal Year 2025 Financial Results and Pipeline ProgressMarch 3, 2026 4:01 PM
Business Wire
ARCT-032 (CF) Phase 2 third cohort (28 days, 15 mg) generally safe and well tolerated
ARCT-032 permitted to proceed into 12-week Phase 2 study; dosing to begin H1 2026
Cash runway extended into Q2 2028
Investor conference call at 4:30 p.m. ET today
Arcturus Therapeutics Holdings Inc. (the “Company”, “Arcturus”, Nasdaq: ARCT), a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics, today announced its financial results for the fourth quarter and fiscal year 2025, and provided corporate updates.
“Arcturus continues to progress its rare disease therapeutic portfolio. We look forward to aligning with regulators on our clinical development strategy for the ornithine transcarbamylase (OTC) deficiency program, and to initiating our Phase 2, 12-week cystic fibrosis (CF) study in the first half of 2026,” said Joseph Payne, President & CEO of Arcturus. “We remain firmly committed to advancing our once-daily inhaled mRNA therapy for people with cystic fibrosis Class I mutations.”
Recent Corporate Highlights
Arcturus’ ARCT-032, a once-daily inhaled mRNA therapeutic candidate for CF, is on track to initiate a new 12-week Phase 2 clinical study in H1 2026 enrolling up to 20 Class I CF participants in the U.S. and abroad. The study will assess safety and early clinical benefits, including potential lung function improvements (ppFEV1, LCI), alongside validated quality-of-life outcomes and high-resolution computed tomography (HRCT) imaging.
Arcturus has completed once-daily dosing of 15 mg of ARCT-032 over 28 days in the third dosing cohort, among four Class I adults with CF, and observed no safety or tolerability issues in this higher dosing cohort.
The safety review committee has reviewed all data from the first three 28-day study cohorts (5, 10, 15 mg) and permitted the program to proceed into the Phase 2, 12-week study.
Arcturus’ ARCT-810 program, an mRNA therapeutic candidate for ornithine transcarbamylase (OTC) deficiency, is broadening its development strategy to address the needs of both adults with late-onset disease and young children affected by the most severe forms of OTC deficiency. The Company is actively engaged in complementary regulatory interactions and strategic planning to support pivotal studies across pediatric and adult populations, including those for whom liver transplantation remains the only current option for survival beyond early childhood. The scheduled Type C regulatory meetings with health authorities, along with the associated feedback, remain on track for the first half of 2026.
In January 2026, the UK Medicines and Healthcare products Regulatory Agency (MHRA) granted approval for KOSTAIVE®, a self-amplifying mRNA (sa-mRNA) COVID-19 vaccine, for use in individuals aged 18 and older.
Arcturus continues to develop a self-amplifying mRNA pandemic influenza (A/H5N1) vaccine under its ongoing contract with BARDA. Recent data from an eight-month follow-up period after the first vaccination indicate that all three tested dose levels (1.5, 5, and 12 mcg) elicit a durable immune response against the vaccine's hemagglutinin and neuraminidase components. The data also supports the sa-mRNA platform's ability to induce meaningful cell-mediated immunity. All tested vaccine doses were well tolerated and did not raise safety concerns.
Arcturus’ lawsuit against AbbVie Inc., and Capstan Therapeutics, Inc.—filed on September 23, 2025, in the U.S. District Court for the Southern District of California—remains ongoing.
Financial Results for the Fourth Quarter and Fiscal Year 2025
Revenue in conjunction with strategic alliances and collaborations:
Arcturus’ primary revenue streams include license fees, consulting and related technology transfer fees, reservation fees and collaborative payments received from research and development arrangements with pharmaceutical and biotechnology partners. Revenue for the fourth quarter and fiscal year 2025, was $7.2 million and $82.0 million, respectively, representing decreases of $15.6 million and $70.3 million compared to the same periods in 2024. These declines were driven by reductions in revenue from the CSL collaboration, reflecting lower supply agreement activity and a reduced number of development-based milestone achievements as KOSTAIVE® was commercialized.
Operating expenses:
Operating expenses for the fourth quarter and fiscal year 2025 amounted to $38.5 million and $158.3 million, respectively, representing decreases of $17.7 million and $89.7 million compared with the same periods in 2024.
Research and development expenses:
Research and development expenses consist primarily of external manufacturing costs, in vivo research studies and clinical trials performed by contract research organizations, clinical and regulatory consultants, personnel-related expenses, facility-related expenses and laboratory supplies related to conducting research and development activities. Research and development expenses were $24.5 million for the fourth quarter of 2025, compared with $43.8 million for the same period in 2024. The decrease was primarily driven by lower manufacturing costs for the LUNAR-COVID, LUNAR-FLU, and LUNAR-CF programs, as well as reduced clinical trial expenses for LUNAR-COVID and LUNAR-CF. Lower payroll and employee benefits further contributed to the decrease. These reductions were partially offset by higher facilities and equipment costs due to lease impairment in the current period.
Research and development expenses were $112.2 million for fiscal year 2025, compared with $195.2 million for fiscal year 2024. The decrease was primarily driven by lower manufacturing and clinical costs related to the LUNAR-COVID program, reflecting the program’s transition from a development program to the commercial phase. Additional decreases relate to lower manufacturing costs for the LUNAR-CF and LUNAR-FLU programs, as well as lower clinical costs associated with the LUNAR-OTC program. These reductions were partially offset by higher clinical costs for Phase 2 of the LUNAR-CF program. Additional decreases resulted from lower payroll and benefits expenses following the operational restructuring.
General and Administrative Expenses:
General and administrative expenses primarily consist of salaries and related benefits for executive, administrative, legal and accounting functions and professional fees for legal and accounting services. General and administrative expenses for the fourth quarter of 2025 were $14.0 million compared with $12.4 million for the same period in 2024. The increase in fourth quarter expenses relates to the acceleration of employee stock options.
General and administrative expenses for fiscal year 2025 were $46.1 million compared with $52.8 million for fiscal year 2024. The decrease was primarily due to reduced share-based compensation expense as well as reduced payroll and benefits. We expect general and administrative expenses to continue to decrease slightly during the next twelve months driven by lower share-based compensation costs.
Net Loss:
For the fourth quarter of 2025, Arcturus reported a net loss of $29.1 million, or ($1.03) per diluted share, compared with a net loss of $30.0 million, or ($1.11) per diluted share for the same period in 2024. For fiscal year 2025, Arcturus reported a net loss of $65.8 million, or ($2.40) per diluted share, compared with a net loss of $80.9 million, or ($3.00) per diluted share for fiscal year 2024.
Cash Position and Balance Sheet:
Cash, cash equivalents and restricted cash were $232.8 million as of December 31, 2025, and $293.9 million as of December 31, 2024. Through disciplined execution and a strategic refocus on existing rare disease clinical programs in fiscal year 2025, Arcturus has extended its cash runway into the second quarter of 2028.
Arcturus Therapeutics Fourth Quarter and Fiscal Year 2025 Earnings Conference Call
Tuesday, March 3, 2026 @4:30 p.m. ET
Domestic: 1-800-274-8461
International: 1-203-518-9814
Conference ID: ARCTURUS
Webcast: Link
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, are forward-looking statements, including those regarding strategy, future operations, the likelihood of success of the Company’s pipeline (including ARCT-032 and ARCT-810) and partnered programs (including the COVID-19 and flu programs partnered with CSL Seqirus), the likelihood that clinical data, including interim data, will be predictive of future clinical results, the likelihood of and timing for achieving alignment with regulators on the clinical strategy for ARCT-810, plans to broaden the development strategy for ARCT-810, the timing for Type C regulatory meetings for ARCT-810 and feedback therefrom, the likelihood of initiation, and size, scope, and timing, of a Phase 2, 12-week study for ARCT-032, the ongoing development of a self-amplifying mRNA pandemic influenza vaccine under its contract with BARDA, the likelihood that general and administrative expenses will continue to decrease slightly, its current cash position and expected cash burn and runway, and the impact of general business and economic conditions. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements, including those discussed under the heading "Risk Factors" in Arcturus’ most recent Annual Report on Form 10-K, and in subsequent filings with, or submissions to, the SEC, which are available on the SEC’s website at www.sec.gov. Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.
About Arcturus
Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics with enabling technologies: (i) LUNAR® lipid-mediated delivery, (ii) STARR® mRNA technology (sa-mRNA) and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus developed KOSTAIVE®, the first self-amplifying messenger RNA (sa-mRNA) COVID vaccine in the world to be approved. Arcturus has an ongoing global collaboration with CSL Seqirus, U.S. BARDA for pandemic flu and a joint venture in Japan, ARCALIS, focused on the manufacture of mRNA vaccines and therapeutics. Arcturus’ pipeline includes RNA therapeutic candidates to potentially treat cystic fibrosis (CF) and ornithine transcarbamylase (OTC) deficiency along with its partnered mRNA vaccine programs for SARS-CoV-2 (COVID-19) and influenza. Arcturus’ versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA (siRNA), circular RNA, antisense RNA, self-amplifying RNA, DNA, and gene editing therapeutics. Arcturus' technologies are covered by its extensive patent portfolio (over 500 patents and patent applications in the U.S., Europe, Japan, China, and other countries). For more information, visit www.ArcturusRx.com. Please connect with us on X and LinkedIn.
ARCTURUS THERAPEUTICS HOLDINGS INC. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
As of December 31,
(in thousands, except per share data)
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
230,909
$
237,028
Restricted cash
—
55,000
Accounts receivable
5,564
3,974
Prepaid expenses and other current assets
4,973
9,977
Total current assets
241,446
305,979
Property and equipment, net
6,736
9,531
Operating lease right-of-use asset
21,081
26,674
Non-current restricted cash
1,885
1,885
Total assets
$
271,148
$
344,069
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
4,235
$
7,194
Accrued liabilities
23,898
38,781
Deferred revenue
8,246
19,514
Total current liabilities
36,379
65,489
Deferred revenue, net of current portion
—
12,604
Operating lease liability, net of current portion
20,784
24,998
Total liabilities
57,163
103,091
Stockholders’ equity:
Common stock: $0.001 par value; 60,000 shares authorized; issued and outstanding shares were 28,414 at December 31, 2025 and 27,000 at December 31, 2024
28
27
Additional paid-in capital
728,547
689,758
Accumulated deficit
(514,590
)
(448,807
)
Total stockholders’ equity
213,985
240,978
Total liabilities and stockholders’ equity
$
271,148
$
344,069
ARCTURUS THERAPEUTICS HOLDINGS INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Year Ended December 31,
(in thousands, except per share data)
2025
2024
2023
Revenue:
Collaboration revenue
$
67,221
$
138,389
$
157,748
Grant revenue
14,810
13,921
9,051
Total revenue
82,031
152,310
166,799
Operating expenses:
Research and development, net
112,212
195,156
192,133
General and administrative
46,079
52,823
52,871
Total operating expenses
158,291
247,979
245,004
Loss from operations
(76,260
)
(95,669
)
(78,205
)
Gain (loss) from foreign currency
382
(471
)
(229
)
Finance income, net
10,095
15,195
16,591
Gain on debt extinguishment
—
—
33,953
Net loss before income taxes
(65,783
)
(80,945
)
(27,890
)
(Benefit) provision for income taxes
—
(4
)
1,835
Net loss
(65,783
)
(80,941
)
(29,725
)
Net loss per share, basic and diluted
$
(2.40
)
$
(3.00
)
$
(1.12
)
Weighted-average shares outstanding, basic and diluted
27,386
27,000
26,628
Comprehensive loss
$
(65,783
)
$
(80,941
)
$
(29,725
)
ARCTURUS THERAPEUTICS HOLDINGS INC. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
Three Months Ended
December 31,
(in thousands, except per share data)
2025
2024
Revenue:
Collaboration revenue
$
3,081
$
21,000
Grant revenue
4,115
1,766
Total revenue
7,196
22,766
Operating expenses:
Research and development, net
24,476
43,780
General and administrative
14,027
12,380
Total operating expenses
38,503
56,160
Loss from operations
(31,307
)
(33,394
)
Gain from foreign currency
701
171
Finance income, net
1,523
3,214
Net loss before income taxes
(29,083
)
(30,009
)
Benefit for income taxes
(4
)
(4
)
Net loss
$
(29,079
)
$
(30,005
)
Net loss per share, basic and diluted
$
(1.03
)
$
(1.11
)
Weighted-average shares outstanding, basic and diluted
28,112
27,000
Comprehensive loss
$
(29,079
)
$
(30,005
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303197744/en/
Arcturus Therapeutics
Public Relations & Investor Relations
Neda Safarzadeh
VP, Head of IR/PR/Marketing
(858) 900-2682
IR@ArcturusRx.com
Original: Arcturus Therapeutics Announces Fourth Quarter and Fiscal Year 2025 Financial Results and Pipeline Progress
Hot Features
プレミアム
登録してリアルタイムのアラート、カスタムポートフォリオ、市場の動きを入手してください。
BottomBounce
1年前
Monksdream
2年前
IOUBLOKE1
4年前
Atown62
5年前
lecorb
5年前
ClayTrader
5年前
whytestocks
6年前
TFMG
6年前
メールアドレスで登録
