Overview

• mRNA therapeutics developer's Q1 revenue fell sharply yr/yr as collaboration revenue declined

• Net loss widened in Q1 compared to prior year

• Operating expenses declined, mainly due to lower LUNAR-COVID program costs

Outlook

• Company says cash runway extends beyond Q2 2028

• Arcturus plans End of Phase 2 meeting for OTC deficiency program in H2 2026

• Company is preparing for clinical and regulatory milestones in rare disease pipeline

Result Drivers

• REVENUE DECLINE - Lower revenue recognized under CSL collaboration as company pivots from infectious disease vaccine development to rare disease clinical programs

• LOWER LUNAR-COVID COSTS - Decrease in operating expenses mainly due to lower manufacturing and clinical trial costs related to LUNAR-COVID program, as well as reduced payroll and benefits costs

• HIGHER LUNAR-OTC COSTS - Increased manufacturing costs related to LUNAR-OTC partially offset overall expense reductions

Company press release: ID:nBw5QGySDa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Collaboration Revenue		$610,000
Q1 Net Income		-$26.96 mln
Q1 Basic EPS		-$0.95
Q1 Operating Expenses		$30.99 mln
Q1 Operating Income		-$28.93 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Arcturus Therapeutics Holdings Inc is $20.50, about 124.5% above its May 6 closing price of $9.13

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