Arcturus Therapeutics at Leerink’s Conference: mRNA Innovations and Strategic Plans

On Wednesday, 12 March 2025, Arcturus Therapeutics (NASDAQ: ARCT) presented at Leerink’s Global Healthcare Conference 2025. The conference highlighted the company’s strategic focus on mRNA therapeutics and vaccines, including its approved COVID-19 vaccine, CoStave, and its pipeline targeting rare diseases. While optimistic about technological advancements and partnerships, Arcturus acknowledged challenges in a competitive landscape.

Key Takeaways

• Arcturus’ self-amplifying mRNA technology offers enhanced immunogenicity and lower doses compared to traditional mRNA vaccines.
• Initial sales of CoStave in Japan brought in $28 million, with future growth anticipated from European and US markets.
• The company is advancing Phase II trials for cystic fibrosis and ornithine transcarbamylase (OTC) deficiency, with interim data expected soon.
• Arcturus maintains a robust cash position of $300 million to support ongoing and planned clinical trials.
• Partnership with CSL and Meiji is crucial for expanding COVID-19 vaccine distribution.

Financial Results

• $28 million earned from initial COVID-19 vaccine sales in Japan, offset against 40% of development costs.
• Anticipated revenue growth in Europe and US over the next two to four years, subject to regulatory approvals.
• Decline in milestone revenues from CSL as they assume more development responsibilities.
• Cash reserves of $300 million provide financial stability for clinical trials.
• Increased burn rate expected this year as cystic fibrosis and OTC programs expand.

Operational Updates

• CoStave approved in 31 countries, with Japanese launch in December.
• Phase II trials for cystic fibrosis and OTC deficiency underway, with data updates expected in the second quarter.
• Technology transfer to CSL completed, enabling in-house development and manufacturing.
• LUNAR delivery technology explored for additional rare liver diseases.

Future Outlook

• Focus on expanding COVID-19 vaccine market presence in Europe and the US with CSL and Meiji.
• Advancement of cystic fibrosis program towards pivotal trials, contingent on Phase II data showing 3% FEV improvement.
• Continued development of OTC deficiency program, emphasizing biomarker strategy and regulatory engagement.
• Exploration of LUNAR technology’s potential for other rare liver diseases.

Q&A Highlights

• Arcturus strategically managing COVID-19 vaccine market with CSL for optimal market entry.
• $28 million from initial vaccine sales in Japan represents an order of 3.5 million doses from CSL.
• Company actively monitoring competitive landscape and adapting cystic fibrosis and OTC strategies based on data and regulatory feedback.
• Phase II trial design for cystic fibrosis includes transition to daily dosing and success criteria.

For more detailed insights, please refer to the full transcript below.

Full transcript - Leerink’s Global Healthcare Conference 2025:

Joseph Bain, CEO, Arcturus Therapeutics: Okay.

Lillian Nsongo, Analyst, South Learing: All right. Welcome back to the Nearing Global Healthcare Conference twenty twenty five. My name is Lillian Nsongo. I’m in South Learing covering Arcturus. And so today, we are hosting a discussion with Arcturus management team, including CEO, Joseph Bain and CFO, Andrew Sassi.

So thank you so much for joining us and for your time. So maybe can you provide an overview of Arcturus, its platform and the innovation it’s leading?

Joseph Bain, CEO, Arcturus Therapeutics: Sure. So Arcturus Therapeutics is a mRNA therapeutics and vaccines company. We have an approved vaccine product called CoStave that’s approved in 31 countries. It’s a COVID vaccine that we’re excited about. And we also have a therapeutics franchise, a liver and a lung franchise, each led by a flagship asset for cystic fibrosis and a rare liver disease called ornithine transcarbonylase deficiency.

So we have unique technologies that differentiate us from the field that help contribute to these products and these clinical candidates. And it’s good to be with you, and thanks for the invitation, Lily.

Lillian Nsongo, Analyst, South Learing: Of course. So obviously, there are different elements of the Arcturus story, right? So, obviously, you guys are pioneering the development of self amplifying mRNA, which has led to an approved COVID vaccine within a partnered franchise that focuses on prophylactic vaccines. And then there is the internal pipeline that is more focused on rare disease. So maybe starting first with the vaccine franchise.

So obviously, the first candidate approved was a COVID vaccine. Can you give us an overview of how you think about the COVID market and also a structure of the partnership and the economics for Arcturus?

Joseph Bain, CEO, Arcturus Therapeutics: Yes, the COVID market is very familiar to most people, before, during and after the pandemic, but a lot of considerable contraction in the opportunity post pandemic, but we saw some stabilization. That’s interesting to observe. Overall, the global market is probably exceeds $10,000,000,000 So it’s still an interesting market that we’re entering with our partner CSL in Europe and U. S. And also presently in Japan with Meiji.

So it’ll be interesting to track this market going forward, but we feel that it’s stabilized and definitely a significant market that we’re entering, that’s for sure.

Andrew Sassi, CFO, Arcturus Therapeutics: Yes, we’re encouraged by the fact that we have one of the best, I think, players in the flu market. CSL is number one, two compared to Sanofi global basis for the flu market. So we certainly have one of the top players that know how to commercialize this kind of product. And that’s from our perspective, fantastic. So trying to manage a global marketplace is quite enormous and challenging.

And we get paid royalties for revenue on Europe, on U. S. And the rest of the world. And so those total about a little over $3,000,000,000 which will help us fund our programs and our company through various stages of development. And so we’re very fortunate that we have that relationship in place.

And CSL has obviously been encouraged at being able to take a vaccine that has now appeared to show some superiority to the conventional mRNA. And so this is kind of exciting because now they have a potentially a better solution that has a smaller dose that has a longer duration that for all intents and purposes that broader coverage. So they’re kind of salivating at that opportunity and waiting for the right time to hit the market. The good news is that it’s a competitive situation. And so they’re strategically trying to be very coy about what they’re going to do.

And when the time is right, I think the rest of the market will figure out what their strategy is. So and so will we.

Lillian Nsongo, Analyst, South Learing: So you’ve talked about a little bit of the differentiation in terms of study that has demonstrated that?

Joseph Bain, CEO, Arcturus Therapeutics: Yes. There’s been multiple Phase three studies that are comparison studies to known approved conventional mRNA vaccines. And what we’ve consistently shown in each of these studies is that self amplifying mRNA is more immunogenic and it has it’s broadly immunogenics or it’s a broader spectrum of antibodies that is generated with the technology. And so the higher and broader spectrum of antibodies produces a longer lasting vaccine, and we’ve shown this and published on it in The Lancet, in peer reviewed publications that consistently shows a superior immune response and a broader spectrum and extended durability. We do this at a much lower dose level.

And so as we continue to track data, as we proceed to distribute this vaccine with our commercial partners into large numbers of people, then we’ll be able to continue to track the safety database. There’s going to be some obvious benefits to our lower dose technology. I think it makes sense to everybody that any dose related toxicology associated with the pandemic vaccines can be addressed with a lower dose technology. There’s a variety of things that we’ll be tracking as going forward on with respect to the safety database. But what’s immediately understood is higher immunogenicity, broader immunogenicity and extended time or durability of that immunogenicity.

And people want the implied protection and a longer lasting vaccine with this next generation technology provides that.

Lillian Nsongo, Analyst, South Learing: And so the vaccine launched in Japan in October of last year. Can you talk a little bit about the launch progression and how should we think about the timeline to recognition of profit share for Arcturus?

Andrew Sassi, CFO, Arcturus Therapeutics: Sure. They had a launch which started in December and part of that profit sharing occurred in a two tier kind of model that we have CSL had with Meiji. And we received we didn’t receive, but we’ve earned $28,000,000 as our share. And so the good news is that amount goes against the 40% of the development expenses related to the COVID vaccine. And so that enabled us to start earning revenue sooner rather than later once we achieve that 40%.

And we’ve kind of guided the market that, you know, it probably will not be this year, but maybe next year. And so, with respect to Japan, you know, they were anticipating selling around 4,000,000 doses and they recently brought down the guidance to less than two, you know, half of that. So, consequently, that’s one of the reasons why they probably won’t achieve the 40% of the development expenses. But the good news is that moving on to next year and of course with Europe coming online in The U. S.

In a couple of years, that should enable us to have a nice runway of growing revenue, in the next two, three, four years, right? So that we’re planning for that. And in a positive development, Meiji invested $20,000,000 in our manufacturing JV, our callus. And they didn’t have to do that, right? So I think that’s a positive sign that Meiji believed in the future of the vaccine and the opportunity in the manufacturing of this vaccine.

So, So they’re becoming more involved. They joined the board of our CALIF. We maintained a 38% share. So we’re very encouraged because that implies the healthy valuation for a 38%. And consequently, you know, we’re fortunate that we have the support of the Japanese government.

And I think that should, you know, be probably more prevalent in the near term.

Joseph Bain, CEO, Arcturus Therapeutics: And one thing to also to mention is that the launch of our vaccine in Japan was in a sixteen dose vial presentation. This is something that we did during the pandemic, makes sense. People were lined up for the vaccine at the time. So we had multiple doses in a vial. That’s not an ideal presentation for a commercial vaccine.

What’s more familiar in the Japanese market is a two dose vial presentation. It’s more familiar in the flu business there in Japan. It’s a unique vial presentation, but we’re just doing what our partners would like to see. They understand the market there for endemic vaccines from their flu experience. So we’ve had a formal application process for the two dose vial, and we anticipate that to be approved prior to the fall of twenty twenty five season.

So that should help.

Lillian Nsongo, Analyst, South Learing: So I want to come back to the 28,000,000 in the economics in Japan specifically. So can you kind of walk us through the number of those that represents the split that happens and how we get to that 28,000,000? And also, how much of that I mean, I know you haven’t disclosed specific numbers, but how much of the reimbursement does that represent? Are we halfway there through the reimbursement of the 40 of expense? Are we less than halfway?

Can you give us a rough estimate?

Andrew Sassi, CFO, Arcturus Therapeutics: Sure. What we are the $28,000,000 represents an order of 3,500,000 doses from CFL. So hopefully, you can kind of factor in what our share would have been, which is probably try to assume that MAGEA would get half and CFL and Arcturus would split the rest. So you can extrapolate the numbers and kind of figure out what the total revenues were from that initial purchase, right? And we’ve kind of articulated that the $28,000,000 represents at least a good portion of what we would have had to earn.

And so that’s why we are guiding toward next year before we achieve that hurdle, which is not too far off relatively speaking. And so we’re cheering on Meiji and hoping that they can create another level of order that will be similar with a two dose Lyle, which is their strategy for launching next year. And hopefully, they can take share in a market that’s been relatively stable historically, where an aging population in Japan, people over the age of 65, numbers in the 30,000,000 to 40,000,000 range. So that’s a really healthy target market for CFO and Meiji to approach on an annual basis. So we’re very encouraged by that and hopefully next year and the year after we’ll be able to start realizing some follow through revenues.

Does that help?

Lillian Nsongo, Analyst, South Learing: Absolutely. So thinking about the coming year. So as you mentioned, so one source of potential kind of revenue inflow would be through the realization of the profit share split for the cost a vaccine. But the majority of the historical revenues were generated through the milestone with the collaboration with CSL. So can you give us maybe a little walk through how to think about the cadence of those development milestone as well as commercial milestone for the coming years for the collaboration?

Andrew Sassi, CFO, Arcturus Therapeutics: Sure. On our last quarter call, we or the last annual call, we guided the market that the CSL revenues will decline going forward, because CSL is going to be taking a lot more of the development and manufacturing in house. But we transferred our technology to them in their CDMO. And so as a result, what we provided is that it’s going to decline going forward here. And that’s good news for us because managing those type of activities are quite challenging and much easier for a larger organization like CSL.

So we’re grateful for that. And so hopefully, that will help kind of galvanize the development decline. And of course, we did announce that we’re going to have earned some milestones from the European approval. And we’ll have more clarity on that in the first quarter call, which will be around May timeframe. And the good news is that we reiterated our guidance for the first quarter of twenty twenty seven.

And we have $300,000,000 of cash. And so we burned $55,000,000 last quarter. And we told the market that we’re going to burn more this year as we ramp up with CF and OTC. So even if you assume a midpoint somewhere around $75,000,000.80000000 dollars just for hypothetical purposes, You can tell that we’re relatively cautious about our guidance and we hope to be able to achieve that relatively easy with respect to the amount of cash we have and what we’re going to be burning with our internal program.

Joseph Bain, CEO, Arcturus Therapeutics: For the year.

Lillian Nsongo, Analyst, South Learing: Yes. So before we move on to the internal rare disease program, maybe one last question on the collaboration, the flu program. So obviously, the flu market is one that’s adjacent to the COVID one. You have assets for both of those that are within that partnership. Can you give us an update or at least when we should expect an update for the program?

Joseph Bain, CEO, Arcturus Therapeutics: For the seasonal flu program or the bird flu program?

Lillian Nsongo, Analyst, South Learing: The seasonal flu program.

Joseph Bain, CEO, Arcturus Therapeutics: Okay. The seasonal flu program, we have a lot of activities associated with CSL, our partner. The flu program and the flu business is very important to CSL. Of all the programs we’re working with them, this is the one that we defer to them to guide on with respect to strategy. And it’s just because there’s a lot of opportunities in the flu pertaining to not only the flu shot itself, but how it could be subsequently combined with other infectious diseases.

And so it’s just inappropriate for us to guide specifics around that. They’ve asked us to not to be open and disclose all the details with respect to strategy around the flu shot. So I can’t really effectively answer that question, but encourage people to talk to CSL. Anything else to add, Andy? I don’t know if that’s accurate.

Andrew Sassi, CFO, Arcturus Therapeutics: No, no, it’s pretty much spot on and they’re the number one, two player in the market. So obviously, they don’t want us to share their strategy and that makes a lot of sense.

Lillian Nsongo, Analyst, South Learing: All right. So moving on into the rare disease pipeline, so starting with the cystic fibrosis program. So maybe can you give us a I mean, there is increasing competition in this space, especially as it relates to modulator non eligible patients. There are a lot of different strategies that are in development. So can you give us an overview of your approach and how it’s differentiated from other competitors?

Joseph Bain, CEO, Arcturus Therapeutics: Sure. So there’s a lot of approaches to CF that are being pursued. You’re referring to like gene editing, gene therapy and transient mRNA therapeutics. It’s our strong view that a transient mRNA approach is most appropriate for what can be considered a transient organ like the lung or the liver. These organs that are regenerative, that recycle, I think it’s important that dosing is more frequent, more regular, chronically dosed and adjustable dosing is also very important in these areas because there’s now approaching thousands of different versions of cystic fibrosis.

So it’s important that you have a transient attenuatable dosing. So I think we fit very well there. Within the inhaled mRNA community, we are differentiated from the others because we have our delivery technology that’s chemically different and has been proven in preclinical models to be differentiated. So I think we have a very clear and different lipid nanoparticle technology that we’re investigating in our Phase II trial here. With respect to other differences, we’ve modified our mRNA construct to improve expression, and we think that that could be a differentiating feature.

And also what’s also very important on the toxicology side of the equation is purification and how you manufacture and purify the construct is very important, especially for inhaled therapeutics and to compromise lungs of CF patients. It’s important that those impurities are controlled. And we have a proprietary and trade secret aspects to our manufacturing processes that set us apart, I think, and they’re different. So from an efficacy perspective, we focus on the delivery technology that’s different, and we’ve showcased that preclinical animal models. From a toxicology perspective, it’s the purification technology.

And then there’s other interesting elements to our innovation that includes the design of the molecule that could be also considered to be different in a good way. But if you couple all that together, that’s a significant amount of differences that we’re hoping will prove to be fruitful in the data we’re collecting in this Phase two study.

Lillian Nsongo, Analyst, South Learing: So digging into the Phase two study. So for that study, you moved on from initially so I think in the Phase one study, patients were receiving two dose four days apart, if I’m not mistaken. And so for the Phase two, you’re moving into daily dosing. Can you talk about that transition, the reason that led you to decide on that?

Joseph Bain, CEO, Arcturus Therapeutics: Yes. So daily dosing is simply because the CFTR transporter that we’re expressing that we’re making with this mRNA molecule does not last very long and only has a twelve hour half life. So it makes sense, I think, for the best to increase likelihood of success in a Phase II trial, we believe that daily dosing is the best path forward there just due to the half life of CFTR. We may adjust that going forward and we have the flexibility to do that to adjust it to every other day dosing, but think that the best shot on goal is daily dosing just because of the PK associated with the half life of CFTR. The dose levels that we’re pursuing in our multiple ascending dose was guided by the 39 subjects of data that we’ve collected to date in our Phase I and Phase Ib and that we’ve shared publicly.

We’ve got a nice safety database building considering this is a rare disease. And we feel confident that the doses that we’ve selected for our Phase II trial should be safe and well tolerated. So the last remaining question is, can we see some improvements in lung function after twenty eight daily doses? Relative to our Phase Ib study, which was only two administrations, we did see some promising early teasing amounts of data there, but it was a safety study. What’s different is this is twenty eight doses over twenty eight days, and that’s going to be a lot more drug onboarded, a lot more CFTR potentially expressed and built in the lungs and in the cells of these recipients.

So we’re giving ourselves the best chance possible to see something. And we hope to see an improvement in lung function as measured by FEV.

Lillian Nsongo, Analyst, South Learing: So can you provide us an update of enrollment since you’ve initiated the study? And also the type of data or the breadth of data that we should expect that the upcoming readout next quarter?

Joseph Bain, CEO, Arcturus Therapeutics: Yes, we initiated dosing in December. And so that can imply that we’re we’ve continued the study without suspending any activity. So I believe that’s a positive update there. With respect to the amount of sites that we’re engaging, the approximate number is 13. This is accessible on clinicaltrials.gov.

There’s some updates there. But also the CF Foundation does an excellent job providing transparency to all the trials that are going on in the CF space, not just us, but the entire competitive field, frankly. So I encourage people to look to the CF Tracker, it’s called, by the CF Foundation. And there you’ll see that we have 13 sites that we’re engaging at different levels and different stages in the process of activation. And the total number of patients that we’re recruiting for this Phase II study is 12, and this number is relatively small.

But it also showcase it shows what we’ve negotiated already with the FDA that this is a sufficient number for us to advance to the next stage in development. We have the flexibility to improve to increase that number from 12 to higher. But given the fact that we’re in the process of engaging around 13 sites, we think that we have sufficient number of sites to support this effort that we’re doing.

Lillian Nsongo, Analyst, South Learing: And so for the upcoming readout, should we expect data for the first cohort? Do you anticipate also having patient in the second cohort that may already be through that twenty eighth day of treatment?

Joseph Bain, CEO, Arcturus Therapeutics: Yes, it’s a multiple ascending dose study. That’s right. So there’s multiple cohorts. What we said on our recent call was that we intend to share data that has multiple dose levels involved and multiple subjects at each dose level. So any other detail than that we haven’t provided, but that’s what we mean by an interim data cut.

It is likely, highly likely, it won’t include all 12 subjects. So it will be a subset of that, but it will involve multiple doses, multiple subjects. And so if we it gives us the opportunity to show not only some sort of FEV proof of concept, but also a potential dose response, which would be received positively.

Lillian Nsongo, Analyst, South Learing: And where do you see the bar for success for the interim readouts?

Joseph Bain, CEO, Arcturus Therapeutics: The bar that we’re communicating right now is 3% FEV as a minimum. But this wasn’t determined by us. This was determined by the field, the modulator space. There’s just a copious amount of trials that have been done in the modulator space for CF for cystic fibrosis. And the very first successful modulator had approximately 2.6%, two point seven % FEV improvement.

And so because of that precedent, us and others and competitors have been communicating that the threshold of three percent is what’s needed to continue the program forward to advance it. That’s a relatively low bar. We do appreciate that. But nonetheless, we’re first movers in this new inhaled mRNA therapeutic space. If we hit that mark, that will be viewed positively to continue the program.

And something I like to emphasize, not just to the mathematicians and statisticians that are looking at how you power a Phase three study, But if you look past the math and look at the customer, what does the customer want? The customer is folks that do not respond to modulators. This is eighteen percent of the CF community. And when you engage these people and talk to these folks, you understand that their lungs continuously deteriorate. And when you hear from them, what they want is that to stop.

They want the deterioration to discontinue and that to be reversed and to have elevated lung function. So the customer just simply wants a positive FEV result, whatever that number is, whether it’s one percent or twenty one percent. So the customer wants that to see that corrected. But the mathematician going back to what we would like to see to know what’s needed statistically to power a Phase three study is that minimum threshold of three percent.

Lillian Nsongo, Analyst, South Learing: So maybe another way of phrasing those two groups of very important people, right? So you have the patients and then you have the regulators. Yes. So before getting to the patients, obviously, you have to get to the regulators, right? Of course.

Yes. And in that regard, what do you see as the next step following this Phase II study? So how should we think about potential pivotal design?

Joseph Bain, CEO, Arcturus Therapeutics: Good question. So it depends largely on the degree of success in our Phase II study. So the higher the FEV number, the lower the amount of participants that would be required in a Phase III study. We’d have to discuss this and agree upon with the FDA on the exact number. But if you look at historical precedents in the modulator space, usually with a three percent FEV, you’re looking at hundreds of patients.

If you increase that FEV to, let’s say, five percent, you could reduce that number to about 50 subjects. But that exact number would have to be negotiated tightly with the FDA. But the precedent suggests that you can adjust that number accordingly based on FEV. With respect to placebo control, that takes into consideration the patient feedback, not just the FEV number. If you have patients that are feeling a lot better and respond very well in Phase II and a reasonably high FEV number, then you have leverage to negotiate with the FDA with respect to placebo.

Like it would be unethical to give a placebo, for example, if everyone responds very well to the drug versus something that’s modestly working, we may have to implement a placebo and to what degree we’ll be able to provide. We have placebo strategies that we’ve speculated on, but we can’t provide details until we see the details of the Phase II study.

Lillian Nsongo, Analyst, South Learing: All right. And in the time we have left, I also want to make sure we also spend some time talking about the second Phase II program within the rare disease pipeline, Urartic deficiency program for Urartic Disorder. Can you give us an overview of the market opportunity there?

Joseph Bain, CEO, Arcturus Therapeutics: The market opportunity, some analysts have communicated it’s a $1,000,000,000 market opportunity. OTC deficiency is annually. OTC deficiency is the number one urea cycle disorder. This is a very commercially meaningful program for a company of our size for sure. So there’s 10,000 subjects prevalence and growing just in The U.

S. And Europe. So that’s a fairly large number. The you can look to the ammonia scavenger field. They don’t have a large penetration into those 10,000 folks, but with the small numbers and they’re charging over $1,000,000 per patient.

So you can see that it’s a very meaningful commercial opportunity. But the short answer is it’s about $1,000,000,000 is what some analysts are saying.

Andrew Sassi, CFO, Arcturus Therapeutics: Just to add to that, what’s important here is that the challenge in the industry had been getting the mRNA into the liver safely. And Arcturus had developed a technology called LUNAR. It’s an LNP that’s biodegradable. And that has enabled us so far to safely intravenously inject over 40 patients. And now we’re going to zero point five mgkg per kilo.

And that’s a pretty substantial dose increase from our European trial at 0.3. So what I’m trying to convey here is that if we’re able to successfully get into the liver and get out in a reasonable timeframe without toxicity issue, then that could open up the door to an additional 39 other rare liver disease indication. So it’s not just the OTC potential market that the ability now to get into the liver safely and effectively and deliver additional therapeutic opportunities. So hopefully that can summarize the total opportunity for us.

Lillian Nsongo, Analyst, South Learing: Absolutely. And so you’ll be sharing an update for the program. So for both the European study and as well as the extended U. S. Study, can you give us an overview briefly of what we will be seeing at the update?

Joseph Bain, CEO, Arcturus Therapeutics: Yes. The update is not only some biological proof of concept, but people are also going to look at our biomarker strategy. Right now in the field of OTC deficiency, there isn’t a very clear biomarker strategy because ammonia historically was the biomarker tract, but now everyone’s on ammonia scavengers. And so what is our biomarker strategy going to be? Is it going to be a cumbersome Phase III trial or something more focused and biomarker driven?

So what we plan to share at this next update is not only some data that establishes proof of concept, but what’s our biomarker strategy going forward into some what’s the pivotal trial going to look like, that kind of stuff.

Lillian Nsongo, Analyst, South Learing: Are those discussion you’re currently having with regulators?

Joseph Bain, CEO, Arcturus Therapeutics: Yes. The regulatory agencies understand what our biomarker strategy is right now. They’re excited to see the data, so are we. But if that data is positive, it increases the likelihood that we can use that sort of biomarker strategy to be a key endpoint in our pivotal study.

Lillian Nsongo, Analyst, South Learing: And the data will be shared in the second quarter as well, right?

Joseph Bain, CEO, Arcturus Therapeutics: Yes, that’s our intent.

Lillian Nsongo, Analyst, South Learing: All right. Well, we look forward to both updates in terms of CF as well as OTC deficiency. And we are at the top of our time. So thank you so much for your time.

Joseph Bain, CEO, Arcturus Therapeutics: Yes, thanks again, Lily.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.