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SAN DIEGO - Arcturus Therapeutics Holdings Inc. (NASDAQ:ARCT) reported first quarter 2025 financial results that missed expectations, despite which shares were up 7% in after-hours trading on Monday.
The mRNA medicines company posted revenue of $29.4 million for the quarter. However, Arcturus reported a net loss of $14.1 million, or $0.52 per share, compared to a loss of $26.8 million, or $1.00 per share, in the same period last year.
Revenue decreased from $38.0 million in Q1 2024, primarily due to lower milestone payments from the CSL (OTC:CSLLY) collaboration as the KOSTAIVE COVID-19 vaccine transitions to commercial phase.
"We are delighted with enrollment in our cystic fibrosis program, and the company is working diligently to provide meaningful Phase 2 interim data mid-year," said Joseph Payne, President & CEO of Arcturus.
The company expects to complete enrollment for its Phase 2 cystic fibrosis study by year-end, with interim data from the first two cohorts anticipated in mid-2025. Arcturus also plans to provide interim Phase 2 data for its ornithine transcarbamylase (OTC) deficiency program in Q2 2025.
Arcturus ended the quarter with $273.8 million in cash and equivalents. The company said its cash runway now extends into 2028 after reallocating resources to focus on its mRNA therapeutics pipeline.
Research and development expenses decreased to $34.9 million from $53.6 million YoY, driven by lower manufacturing costs for certain programs. General and administrative expenses also declined to $11.3 million from $14.9 million.
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