What are the investment strengths of Arcturus Therapeutics Holdings Inc (ARCT)?

EV of 74.7M is 0.39x tangible book (191.4M) — any pipeline catalyst (partnership, approval) reprices equity sharply upward from a deeply discounted base. 211.4M cash with only 24M total debt (0.13 D/E) provides multi-year runway without immediate dilution, rare for a biotech burning 58.7M/yr.

What are the investment risks for Arcturus Therapeutics Holdings Inc (ARCT)?

Revenue collapsed 80% 3Y CAGR to 42.4M TTM with operating loss of -88.4M — no visible path to profitability and cash burn accelerating vs operating cash flow of -19.4M. R&D of 98.8M is 2.3x revenue with binary outcomes — pipeline failure would leave 262M market cap with no commercial asset and depleting cash.

Arcturus Therapeutics Holdings Inc

ARCT

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Arcturus Therapeutics Holdings Inc AI Insights

Informational only. Not investment advice.

As of 2026-05-08

Snapshot

Cash of 211.4M covers ~3.6 years of burn at TTM FCF of -58.7M, but revenue collapsed 80% 3Y CAGR — runway shrinking without new milestones.[Cash And Equivalents]
EV of 74.7M is 65% below tangible book of 191.4M — market pricing binary pipeline outcome, not asset value.[Enterprise Value]
R&D of 98.8M TTM is 2.3x revenue of 42.4M — classic pre-commercial biotech spending profile with no margin path near-term.[Research And Development]

Watch Triggers

Cash And Equivalents: Falls below 150M — At -58.7M FCF burn, crossing 150M triggers ~2.5yr runway and likely forces dilutive capital raise
Total Revenue: Quarterly revenue exceeds 20M (annualized >80M) — Would signal new partnership milestone or commercial traction, reversing 80% 3Y revenue decline
Research And Development: R&D exceeds 30M/quarter without revenue inflection — Accelerating spend without revenue shortens runway below 3 years, increasing dilution risk

Bull Case

EV of 74.7M is 0.39x tangible book (191.4M) — any pipeline catalyst (partnership, approval) reprices equity sharply upward from a deeply discounted base.

Enterprise ValueTangible Book ValueP/B Ratio

211.4M cash with only 24M total debt (0.13 D/E) provides multi-year runway without immediate dilution, rare for a biotech burning 58.7M/yr.

Cash And EquivalentsTotal DebtFree Cash Flow

Bear Case

Revenue collapsed 80% 3Y CAGR to 42.4M TTM with operating loss of -88.4M — no visible path to profitability and cash burn accelerating vs operating cash flow of -19.4M.

Total Revenue 3Y GrowthOperating IncomeCash Flow From Continuing Operating Activities

R&D of 98.8M is 2.3x revenue with binary outcomes — pipeline failure would leave 262M market cap with no commercial asset and depleting cash.

Research And DevelopmentMarket CapTotal Revenue

Bull vs Bear Balance

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Forward Thesis

Cash runway extends to ~2029 but revenue trajectory must inflect to avoid dilutive raise

1-3ymed

TTM FCF burn of -58.7M against 211.4M cash
Revenue down 80% 3Y CAGR signals partner milestone gaps
Debt/equity of 0.13 leaves borrowing capacity

Cash 211.4M vs FCF -58.7M TTMTotal Revenue 3Y Growth -80.3%Debt To Equity 0.13

EV/tangible book discount of 0.39x implies market sees >60% probability of value destruction

3-12mhigh

EV 74.7M vs tangible book 191.4M
P/B of 1.37 but P/S of 6.2x on shrinking revenue
Operating loss of -88.4M TTM widening

Enterprise Value 74.7M vs TBV 191.4MP/B Ratio 1.37 TTMOperating Income -88.4M TTM

Valuation Context

Caveats

ARCT Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$214.03M		—
Enterprise Value	$26.64M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$42.35M	-67.7%	—
Earnings Per Share (diluted) - TTM	$-2.83		—
Operating Margin - TTM	-209%	-146.1%	—
Net Margin - TTM	-186%	-133.8%	—
Free Cash Flow - TTM	$-58.67M		—
Return on Common Equity - TTM	-37.0%	-9.6%	—
Beta 5Y (Monthly)	unknown		—

ARCT Dividend History

No dividends

ARCT Stock Splits

1 stock split

11/16/177:1 split

ARCT SEC Filings

Filing Date	Report Date	Report Type	Filing Link
05/07/26	03/31/26	10-Q	0001193125-26-211943
03/03/26	12/31/25	Unknown	0001193125-26-088391
11/12/25	09/30/25	10-Q	0001193125-25-275758
08/11/25	06/30/25	10-Q	0000950170-25-106560
05/12/25	03/31/25	10-Q	0000950170-25-069210
03/06/25	12/31/24	10-K	0000950170-25-034787
11/07/24	09/30/24	10-Q	0000950170-24-123469
08/05/24	06/30/24	10-Q	0000950170-24-090905
05/08/24	03/31/24	10-Q	0000950170-24-055702
03/14/24	12/31/23	10-K	0000950170-24-031156
11/14/23	09/30/23	10-Q	0000950170-23-063778
08/07/23	06/30/23	10-Q	0000950170-23-039149
05/09/23	03/31/23	10-Q	0000950170-23-019773
03/29/23	12/31/22	10-K	0000950170-23-010380
11/09/22	09/30/22	10-Q	0000950170-22-023969
08/09/22	06/30/22	10-Q	0000950170-22-016043
05/09/22	03/31/22	10-Q	0000950170-22-008524
03/01/22	12/31/21	10-K	0001564590-22-007832
11/09/21	09/30/21	10-Q	0001564590-21-055372
08/10/21	06/30/21	10-Q	0001564590-21-042750
05/10/21	03/31/21	10-Q	0001564590-21-026113
03/01/21	12/31/20	10-K	0001564590-21-009872
11/09/20	09/30/20	10-Q	0001564590-20-052527
08/10/20	06/30/20	10-Q	0001564590-20-038980
05/08/20	03/31/20	10-Q	0001564590-20-023633
03/16/20	12/31/19	10-K	0001564590-20-011037
11/08/19	09/30/19	10-Q	0001564590-19-042017
08/14/19	06/30/19	10-Q	0001564590-19-032166
05/13/19	03/31/19	10-Q	0001564590-19-018656
03/18/19	12/31/18	10-K	0001564590-19-008092
11/07/18	09/30/18	6-K	0000950123-18-010601
10/01/18	06/30/18	6-K	0001564590-18-023735
05/13/19	03/31/18	10-Q	0001564590-19-018656
05/14/18	12/31/17	20-F	0001564590-18-013460
11/09/17	09/30/17	6-K	0001144204-17-057469
08/11/17	06/30/17	6-K	0001144204-17-042227
05/30/17	03/31/17	6-K	0001144204-17-029950
04/28/17	12/31/16	20-F	0001144204-17-023306
11/15/16	09/30/16	6-K	0001144204-16-134563
08/30/16	06/30/16	6-K	0001144204-16-121868
05/18/16	03/31/16	6-K	0001144204-16-103418
03/04/16	12/31/15	20-F	0001144204-16-086094
11/12/15	09/30/15	6-K	0001144204-15-064685
08/13/15	06/30/15	6-K	0001144204-15-048716
05/18/16	03/31/15	6-K	0001144204-16-103418
02/27/15	12/31/14	20-F	0001144204-15-012776
11/17/14	09/30/14	6-K	0001144204-14-069033
01/08/15	06/30/14	6-K	0001144204-15-001397
05/15/14	03/31/14	6-K	0001144204-14-030907
03/28/14	12/31/13	20-F	0001144204-14-018739
11/07/13	09/30/13	6-K	0001144204-13-059446
08/06/13	06/30/13	6-K	0001144204-13-043221
08/11/14	06/30/13	6-K	0001144204-14-048246
05/15/14	03/31/13	6-K	0001144204-14-030907
05/22/13	12/31/12	424B4	0001144204-13-031138
11/07/13	09/30/12	6-K	0001144204-13-059446
08/06/13	06/30/12	6-K	0001144204-13-043221