In This Article:
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Revenue: $41.7 million for Q3 2024, down from $45.1 million in Q3 2023.
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Operating Expenses: $52.4 million for Q3 2024, compared to $64.5 million in Q3 2023.
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Research and Development Expenses: $39.1 million for Q3 2024, down from $51.1 million in Q3 2023.
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Net Loss: $6.9 million or $0.26 per diluted share for Q3 2024, compared to $16.2 million or $0.61 per diluted share for Q3 2023.
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Cash, Cash Equivalents, and Restricted Cash: $294.1 million as of September 30, 2024.
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Commercial Milestone: $25 million received with the first sale of KOSTAIVE in Japan.
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Cash Runway: Expected to extend into Q1 of fiscal year 2027.
Release Date: November 07, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT) successfully launched its COVID-19 vaccine, KOSTAIVE, in Japan, marking the company's first commercial product.
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The company received a $25 million commercial milestone from the first sale of KOSTAIVE in Japan.
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Positive Phase 3 results were announced for ARCT-2303, demonstrating superior immune response compared to other vaccines.
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Arcturus Therapeutics Holdings Inc (NASDAQ:ARCT) has a strong financial position with cash, cash equivalents, and restricted cash totaling $294.1 million as of September 30, 2024.
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The company is on track to share interim Phase 2 proof of concept data for its cystic fibrosis and OTC deficiency programs in the first half of 2025.
Negative Points
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Revenues for Q3 2024 decreased slightly to $41.7 million from $45.1 million in the same period in 2023.
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Total operating expenses for Q3 2024 were $52.4 million, indicating a higher cost structure compared to revenues.
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The company reported a net loss of approximately $6.9 million for Q3 2024.
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There is uncertainty regarding the timing of revenue recognition from KOSTAIVE sales in Japan, with expectations pushed to 2025.
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The expansion of the Phase 2 clinical program for OTC deficiency into the United States has delayed interim data readouts to the first half of 2025.
Q & A Highlights
Q: Can you provide more details on the commercial launch of KOSTAIVE in Japan and expectations for the winter season going into 2025? A: Andrew Sassine, CFO, explained that Meiji, the number one flu vaccine company in Japan, plans to sell approximately 4.5 million vaccines this season. The initial shipment of 4 million doses has been made, and the remaining vaccines will be produced domestically by ARCALIS once approved. The full launch is expected by December, with more updates to come from Meiji and CSL.