Arcturus Therape Financials
This page shows Arcturus Therape (ARCT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Arcturus remains a cash-funded R&D business, with commercial revenue still too small and volatile to carry its cost base.
Operating cash burn of-$74.3M nearly matched free cash burn of-$74.5M in FY2025, showing the deficit came from the operating model rather than from heavy reinvestment, with very little capex separating the two. That matters because revenue fell to$82.0M from$166.8M over two years, so the company is still funding research and overhead from prior capital rather than from a durable commercial base.
Expense flexibility was the main buffer in FY2025: R&D fell to
Balance-sheet pressure is currently about burn rate, not leverage: total liabilities were only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Arcturus Therape's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Arcturus Therape scores -0.24, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($203.5M) relative to total liabilities ($57.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Arcturus Therape passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Arcturus Therape generates $1.13 in operating cash flow (-$74.3M OCF vs -$65.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Arcturus Therape generated $82.0M in revenue in fiscal year 2025. This represents a decrease of 46.1% from the prior year.
Arcturus Therape's EBITDA was -$73.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.5% from the prior year.
Arcturus Therape reported -$65.8M in net income in fiscal year 2025. This represents an increase of 18.7% from the prior year.
Arcturus Therape earned $-2.40 per diluted share (EPS) in fiscal year 2025. This represents an increase of 20.0% from the prior year.
Cash & Balance Sheet
Arcturus Therape generated -$74.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 23.4% from the prior year.
Arcturus Therape held $230.9M in cash against $0 in long-term debt as of fiscal year 2025.
Arcturus Therape had 28M shares outstanding in fiscal year 2025. This represents an increase of 5.2% from the prior year.
Margins & Returns
Arcturus Therape's operating margin was -93.0% in fiscal year 2025, reflecting core business profitability. This is down 30.1 percentage points from the prior year.
Arcturus Therape's net profit margin was -80.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 27.0 percentage points from the prior year.
Arcturus Therape's ROE was -30.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.8 percentage points from the prior year.
Capital Allocation
Arcturus Therape invested $112.2M in research and development in fiscal year 2025. This represents a decrease of 42.5% from the prior year.
Arcturus Therape invested $230K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 64.5% from the prior year.
ARCT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1M-71.4% | $7.2M-58.0% | $17.2M-39.4% | $28.3M-3.7% | $29.4M+29.1% | $22.8M-45.4% | $41.7M-16.4% | $49.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $21.5M-12.0% | $24.5M+5.2% | $23.3M-21.3% | $29.6M-15.2% | $34.9M-20.3% | $43.8M+11.9% | $39.1M-33.3% | $58.7M |
| SG&A Expenses | $9.5M-32.5% | $14.0M+34.9% | $10.4M+0.6% | $10.3M-8.6% | $11.3M-8.6% | $12.4M-6.7% | $13.3M+7.8% | $12.3M |
| Operating Income | -$28.9M+7.6% | -$31.3M-89.6% | -$16.5M-42.1% | -$11.6M+31.0% | -$16.8M+49.6% | -$33.4M-211.0% | -$10.7M+49.2% | -$21.1M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | $4K | $0+100.0% | -$5K+97.7% | -$217K-44.7% | -$150K |
| Net Income | -$27.0M+7.3% | -$29.1M-116.2% | -$13.4M-46.5% | -$9.2M+34.8% | -$14.1M+53.1% | -$30.0M-334.7% | -$6.9M+59.9% | -$17.2M |
| EPS (Diluted) | $-0.95 | N/A | $-0.49-44.1% | $-0.34+34.6% | $-0.52 | N/A | $-0.26+59.4% | $-0.64 |
ARCT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $245.4M-9.5% | $271.1M-4.0% | $282.3M-8.7% | $309.3M-6.8% | $331.8M-3.6% | $344.1M-7.2% | $370.7M-4.6% | $388.6M |
| Current Assets | $216.9M-10.2% | $241.4M-3.1% | $249.2M-9.2% | $274.5M-1.5% | $278.8M-8.9% | $306.0M-7.5% | $330.8M-4.7% | $347.0M |
| Cash & Equivalents | $211.4M-8.5% | $230.9M+28.0% | $180.4M-8.2% | $196.5M-9.4% | $216.9M-8.5% | $237.0M-0.1% | $237.2M-8.9% | $260.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.3M-75.9% | $5.6M-30.0% | $8.0M-53.8% | $17.2M+18.1% | $14.6M+266.7% | $4.0M-86.8% | $30.2M+25.4% | $24.1M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $54.0M-5.4% | $57.2M-1.1% | $57.8M-26.1% | $78.2M-20.2% | $98.0M-4.9% | $103.1M-5.2% | $108.8M-16.3% | $130.0M |
| Current Liabilities | $34.4M-5.5% | $36.4M+14.8% | $31.7M-31.9% | $46.5M-5.9% | $49.4M-24.6% | $65.5M-5.7% | $69.5M-24.3% | $91.7M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $15.0M | N/A | N/A | N/A |
| Total Equity | $191.4M-10.6% | $214.0M-4.7% | $224.6M-2.8% | $231.1M-1.2% | $233.8M-3.0% | $241.0M-8.0% | $261.9M+1.3% | $258.6M |
| Retained Earnings | -$541.6M-5.2% | -$514.6M-6.0% | -$485.5M-2.8% | -$472.1M-2.0% | -$462.9M-3.1% | -$448.8M-7.2% | -$418.8M-1.7% | -$411.9M |
ARCT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.4M-19.8% | -$16.2M+5.4% | -$17.2M-198.0% | -$5.8M+83.6% | -$35.1M-12272.5% | -$284K+98.8% | -$23.8M+21.2% | -$30.1M |
| Capital Expenditures | $0+100.0% | -$88K-148.6% | $181K | $0-100.0% | $137K | $0-100.0% | $80K-75.6% | $328K |
| Free Cash Flow | -$19.4M-19.2% | -$16.3M+5.9% | -$17.3M-201.2% | -$5.8M+83.7% | -$35.3M-12320.8% | -$284K+98.8% | -$23.8M+21.7% | -$30.5M |
| Investing Cash Flow | $34K-61.4% | $88K+148.6% | -$181K | $0+100.0% | -$137K | $0+100.0% | -$80K+75.6% | -$328K |
| Financing Cash Flow | $16K-99.9% | $11.7M+854.1% | $1.2M+108.3% | -$14.7M-196.9% | $15.2M+11239.6% | $134K-80.7% | $693K-71.2% | $2.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ARCT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -1403.7%-968.8pp | -435.0%-338.7pp | -96.3%-55.2pp | -41.0%+16.2pp | -57.3%+89.4pp | -146.7%-120.9pp | -25.8%+16.6pp | -42.4% |
| Net Margin | -1308.3%-904.3pp | -404.0%-325.6pp | -78.4%-46.0pp | -32.4%+15.5pp | -47.9%+83.9pp | -131.8%-115.2pp | -16.6%+18.0pp | -34.5% |
| Return on Equity | -14.1%-0.5pp | -13.6%-7.6pp | -6.0%-2.0pp | -4.0%+2.0pp | -6.0%+6.4pp | -12.5%-9.8pp | -2.6%+4.0pp | -6.7% |
| Return on Assets | -11.0%-0.3pp | -10.7%-6.0pp | -4.8%-1.8pp | -3.0%+1.3pp | -4.2%+4.5pp | -8.7%-6.9pp | -1.9%+2.6pp | -4.4% |
| Current Ratio | 6.31-0.3 | 6.64-1.2 | 7.86+2.0 | 5.90+0.3 | 5.64+1.0 | 4.67-0.1 | 4.76+1.0 | 3.78 |
| Debt-to-Equity | 0.28+0.0 | 0.270.0 | 0.26-0.1 | 0.34+0.3 | 0.06-0.4 | 0.43+0.0 | 0.42-0.1 | 0.50 |
| FCF Margin | -943.3%-716.6pp | -226.7%-125.6pp | -101.1%-80.7pp | -20.3%+99.7pp | -120.1%-118.8pp | -1.3%+56.0pp | -57.2%+3.9pp | -61.1% |
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Frequently Asked Questions
What is Arcturus Therape's annual revenue?
Arcturus Therape (ARCT) reported $82.0M in total revenue for fiscal year 2025. This represents a -46.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Arcturus Therape's revenue growing?
Arcturus Therape (ARCT) revenue declined by 46.1% year-over-year, from $152.3M to $82.0M in fiscal year 2025.
Is Arcturus Therape profitable?
No, Arcturus Therape (ARCT) reported a net income of -$65.8M in fiscal year 2025, with a net profit margin of -80.2%.
What is Arcturus Therape's EBITDA?
Arcturus Therape (ARCT) had EBITDA of -$73.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Arcturus Therape's operating margin?
Arcturus Therape (ARCT) had an operating margin of -93.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Arcturus Therape's net profit margin?
Arcturus Therape (ARCT) had a net profit margin of -80.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arcturus Therape's return on equity (ROE)?
Arcturus Therape (ARCT) has a return on equity of -30.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arcturus Therape's free cash flow?
Arcturus Therape (ARCT) generated -$74.5M in free cash flow during fiscal year 2025. This represents a -23.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Arcturus Therape's operating cash flow?
Arcturus Therape (ARCT) generated -$74.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Arcturus Therape's total assets?
Arcturus Therape (ARCT) had $271.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arcturus Therape's capital expenditures?
Arcturus Therape (ARCT) invested $230K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arcturus Therape spend on research and development?
Arcturus Therape (ARCT) invested $112.2M in research and development during fiscal year 2025.
What is Arcturus Therape's current ratio?
Arcturus Therape (ARCT) had a current ratio of 6.64 as of fiscal year 2025, which is generally considered healthy.
What is Arcturus Therape's debt-to-equity ratio?
Arcturus Therape (ARCT) had a debt-to-equity ratio of 0.27 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arcturus Therape's return on assets (ROA)?
Arcturus Therape (ARCT) had a return on assets of -24.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arcturus Therape's cash runway?
Based on fiscal year 2025 data, Arcturus Therape (ARCT) had $230.9M in cash against an annual operating cash burn of $74.3M. This gives an estimated cash runway of approximately 37 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Arcturus Therape's Altman Z-Score?
Arcturus Therape (ARCT) has an Altman Z-Score of -0.24, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Arcturus Therape's Piotroski F-Score?
Arcturus Therape (ARCT) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arcturus Therape's earnings high quality?
Arcturus Therape (ARCT) has an earnings quality ratio of 1.13x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Arcturus Therape?
Arcturus Therape (ARCT) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.