Arcturus Therapeutics Holdings Inc. (ARCT) Stock

Arcturus Therapeutics Holdings Inc. (ARCT) is a Healthcare stock trading at $13.45 (as of 2026-08-21), with a market capitalization of $382.29M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Arcturus Therapeutics Holdings Inc., an RNA medicines company, focuses on the development of vaccines for infectious, and liver and respiratory rare diseases in the United States. The company's development programs comprise LUNAR-OTC development program for ornithine transcarbamylase (OTC) deficiency; and LUNAR-CF program for cystic fibrosis lung disease caused by mutations in cystic fibrosis transmembrane conductance regulator (CFTR) gene, as well as vaccine programs include LUNAR-COV19 and LUNAR-FLU. It has collaboration partnerships with Vinbiocare Biotechnology Joint Stock Company for the manufacture of COVID-19 vaccines; Janssen Pharmaceuticals, Inc. to develop nucleic acid-based therapeutic candidates for the treatment of hepatitis B virus; Ultragenyx Pharmaceutical, Inc. to develop mRNA therapeutic candidates for rare disease targets; CureVac AG to develop mRNA therapeutic and vaccine candidates for various indications; Singapore Economic Development Board and Duke-NUS Medical School to develop LUNAR-COV19 vaccine; and Millennium Pharmaceuticals, Inc. to discover siRNA medicines for the treatment of non-alcoholic steatohepatitis. The company was founded in 2013 and is headquartered in San Diego, California.

Understand Arcturus Therapeutics Holdings Inc.: how it makes money

Arcturus Therapeutics develops RNA medicines, including vaccines for infectious diseases and treatments for rare liver and respiratory conditions, and it earns revenue primarily through collaborations and grant programs (including strategic alliances and BARDA grants).

The profit model appears to be driven by collaboration and grant funding tied to ongoing development programs, while the company is still operating with large losses (shown by a deeply negative operating margin).

Business quality (Weak): High-level business description and multiple development program metrics are provided, but there is no clean, reportable segment breakdown, and total revenue is shown as 0.0B, limiting how much can be inferred about product-level economics.

Bull case

Phase 3 scale and progress: ARCT-154 Phase 3 Primary Study Size is listed as 16000, and Phase 3B enrollment completed is also listed as 16000.
Measurable immunogenicity signal in the provided metrics: Immunoglobulin G Seroconversion Rate for Arcturus Therapeutics at Day 28 is listed as 90 percent (and ARCT-021 is also listed as 90 percent at Day 28 for a single-shot dose).
Support from collaborations and grants: Collaboration Revenue is listed, and BARDA Grant Revenues and Revenues from Strategic Alliances and Collaborations are also listed, indicating external funding sources tied to development.

Bear case

Sustained operating losses: The latest period shows an operating margin of -1403.7 percent, which indicates continued heavy losses.
Revenue appears dependent on non-product sources: The provided revenue line items emphasize collaborations and grants (including BARDA), and the company’s total revenue is shown as 0.0B for the period, which makes revenue visibility more uncertain.
Execution risk in advancing multiple clinical programs: The business includes multiple development programs (LUNAR-OTC, LUNAR-CF, and vaccine programs such as LUNAR-COV19 and LUNAR-FLU), which increases the risk that timelines and outcomes can diverge from expectations.

Valuation — source: SEC EDGAR (first-party)
Price	$13.45
Market Cap	$382.29M
Price / Book	2.23
Price / Sales	15.78
FCF Yield	-35.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$82.03M
Net Margin	-80.2%
Revenue Growth (YoY)	-46.1%
EPS Growth (YoY)	-20.0%
FCF Growth (YoY)	23.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.64 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FEDERATED HERMES, INC. ($25.50M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Joseph E. Payne
Employees	174
Country	US
IPO Date	2013-05-22

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.