Arcturus Therapeutics Holdings Inc. (ARCT) 10-Year Financial Performance & Capital Metrics

ARCT •

HealthcareBiotechnologyRNA and Genome Editing Developers

AboutArcturus 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.Show more

Revenue $138M -12.3%
EBITDA -$92M -22.4%
Net Income -$81M -172.3%
EPS (Diluted) -3.00 -167.9%
Gross Margin 100%
EBITDA Margin -66.57% -39.6%
Operating Margin -69.13% -39.4%
Net Margin -58.49% -210.4%
ROE -31.16% -187.7%
ROIC -291.53% +16.9%
Debt/Equity 0.12 +9.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 46.1%
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y46.1%

3Y123.72%

TTM-35.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-6.49%

EPS CAGR

10Y-

5Y-

3Y-

TTM-35.16%

ROCE

10Y Avg-36.2%

5Y Avg-27.12%

3Y Avg-16.64%

Latest-30.57%

Peer Comparison

RNA and Genome Editing Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALNYAlnylam Pharmaceuticals, Inc.	44.07B	332.92	142.88	65.19%	8.45%	39.76%	1.06%	3.76
SLXNWSilexion Therapeutics Ltd.	63.6M	0.03	0.00			-132.54%
EDITEditas Medicine, Inc.	205.18M	2.20	-0.76	-58.64%	-430.84%	-14.85%		0.26
SGMOSangamo Therapeutics, Inc.	92.01M	0.43	-0.88	-67.2%	-331.28%	-17.44%		1.34
CAMPCAMP4 Therapeutics Corporation	210.49M	4.49	-1.69	86.29%	-14.04%	-133.54%		0.14
SLNSilence Therapeutics plc	256.95M	5.44	-1.71	70.47%	-252.16%	-84.61%		0.00
PEPGPepGen Inc.	202.89M	6.22	-2.18			-57.35%		0.16
ARCTArcturus Therapeutics Holdings Inc.	224.14M	8.23	-2.74	-12.27%	-72.48%	-29.71%		0.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.14M	20.38M	13M	15.75M	20.79M	9.54M	12.36M	205.75M	157.75M	138.39M
Revenue Growth %	-	232.06%	-36.23%	21.2%	31.97%	-54.12%	29.56%	1564.82%	-23.33%	-12.27%
Cost of Goods Sold+	51K	294K	410K	16.98M	0	55.95M	0	0	0	0
COGS % of Revenue	0.83%	1.44%	3.15%	107.8%	-	586.5%	-	-	-	-
Gross Profit+	6.09M	20.09M	12.59M	-1.23M	20.79M	-46.41M	12.36M	205.75M	157.75M	138.39M
Gross Margin %	99.17%	98.56%	96.85%	-7.8%	100%	-486.5%	100%	100%	100%	100%
Gross Profit Growth %	-	230.01%	-37.34%	-109.76%	1791.54%	-323.23%	126.63%	1564.82%	-23.33%	-12.27%
Operating Expenses+	19.7M	25.17M	23.49M	37.56M	46.3M	25.12M	215.21M	193.58M	235.95M	234.06M
OpEx % of Revenue	320.92%	123.48%	180.72%	238.46%	222.72%	263.31%	1741.33%	94.08%	149.58%	169.13%
Selling, General & Admin	4.99M	5.36M	7.57M	20.58M	12.66M	25.12M	41.45M	46.07M	52.87M	52.82M
SG&A % of Revenue	81.33%	26.28%	58.26%	130.65%	60.91%	263.31%	335.39%	22.39%	33.52%	38.17%
Research & Development	13.46M	18.39M	15.92M	16.98M	33.64M	57.85M	173.76M	147.75M	192.13M	195.16M
R&D % of Revenue	219.31%	90.23%	122.47%	107.8%	161.82%	606.42%	1405.94%	71.81%	121.8%	141.02%
Other Operating Expenses	1.25M	1.42M	-348K	0	0	-57.85M	0	-244K	-9.05M	-13.92M
Operating Income+	-19.7M	-25.17M	-10.49M	-21.81M	-25.51M	-71.52M	-202.85M	12.18M	-78.2M	-95.67M
Operating Margin %	-320.92%	-123.48%	-80.72%	-138.46%	-122.72%	-749.81%	-1641.33%	5.92%	-49.58%	-69.13%
Operating Income Growth %	40.45%	-27.76%	58.31%	-107.88%	-16.97%	-180.34%	-183.61%	106%	-742.24%	-22.33%
EBITDA+	-19.65M	-24.87M	-10.08M	-21.23M	-24.83M	-70.64M	-201.66M	13.7M	-75.25M	-92.13M
EBITDA Margin %	-320.09%	-122.03%	-77.57%	-134.76%	-119.43%	-740.56%	-1631.68%	6.66%	-47.7%	-66.57%
EBITDA Growth %	40.55%	-26.6%	59.47%	-110.56%	-16.96%	-184.51%	-185.47%	106.8%	-649.1%	-22.43%
D&A (Non-Cash Add-back)	51K	294K	410K	582K	684K	882K	1.19M	1.53M	2.96M	3.54M
EBIT	-1.65M	-1.24M	-10.75M	-21.3M	-25.14M	-71.52M	-202.85M	12.18M	-27.12M	-80.94M
Net Interest Income+	-250K	-286K	-61K	328K	-446K	-361K	-1.92M	-420K	16.59M	15.2M
Interest Income	1K	9K	89K	514K	408K	470K	753K	2.58M	17.36M	15.2M
Interest Expense	251K	295K	150K	186K	854K	831K	2.67M	3M	767K	0
Other Income/Expense	11K	-536K	-409K	26K	-478K	-624K	-822K	-1.53M	50.31M	14.72M
Pretax Income+	-19.4M	-24.53M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	10.64M	-27.89M	-80.94M
Pretax Margin %	-316.03%	-120.35%	-83.87%	-138.29%	-125.02%	-756.35%	-1647.98%	5.17%	-17.68%	-58.49%
Income Tax+	51K	73K	1K	212K	0	0	0	1.29M	1.83M	-4K
Effective Tax Rate %	100.26%	100.3%	100.01%	100%	100%	100%	100%	87.83%	106.58%	100%
Net Income+	-19.45M	-24.6M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	9.35M	-29.73M	-80.94M
Net Margin %	-316.86%	-120.71%	-83.87%	-138.29%	-125.02%	-756.35%	-1647.98%	4.54%	-18.84%	-58.49%
Net Income Growth %	40.77%	-26.5%	55.69%	-99.83%	-19.31%	-177.59%	-182.3%	104.59%	-417.95%	-172.3%
Net Income (Continuing)	-1.9M	-1.57M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	9.35M	-29.73M	-80.94M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-6.29	-6.25	-3.53	-2.16	-2.13	-3.55	-7.74	0.35	-1.12	-3.00
EPS Growth %	62.58%	0.64%	43.52%	38.81%	1.39%	-66.67%	-118.03%	104.52%	-420%	-167.86%
EPS (Basic)	-6.29	-6.25	-3.53	-2.16	-2.13	-3.55	-7.74	0.35	-1.12	-3.00
Diluted Shares Outstanding	3.09M	3.94M	3.09M	10.07M	12.07M	20.3M	26.32M	27.09M	26.63M	27M
Basic Shares Outstanding	3.09M	3.94M	3.09M	10.07M	12.07M	20.3M	26.32M	26.45M	26.63M	27M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	52.35M	51.3M	50.87M	41.83M	74.29M	467.79M	378.96M	403.33M	386.59M	305.98M
Cash & Short-Term Investments	50.68M	50.24M	48.57M	36.71M	71.35M	462.89M	370.49M	391.88M	292M	237.03M
Cash Only	16.66M	2.3M	24.96M	36.71M	71.35M	462.89M	370.49M	391.88M	292M	237.03M
Short-Term Investments	34.02M	47.94M	23.61M	0	0	0	0	0	0	0
Accounts Receivable	328K	3.63M	480K	4.48M	2.18M	2.13M	3.37M	2.76M	32.06M	3.97M
Days Sales Outstanding	19.5	65.06	13.48	103.83	38.26	81.31	99.44	4.9	74.19	10.48
Inventory	-116K	-521K	1.46M	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	1.3K	-	-	-	-	-	-	-
Other Current Assets	93K	111K	756K	0	0	0	0	8.69M	55M	64.98M
Total Non-Current Assets+	19.34M	269K	1.16M	2.37M	7.85M	8.67M	13.85M	47.05M	42.81M	38.09M
Property, Plant & Equipment	227K	240K	1.05M	1.98M	7.48M	8.56M	11.26M	44.96M	40.93M	36.2M
Fixed Asset Turnover	27.04x	84.93x	12.39x	7.98x	2.78x	1.11x	1.10x	4.58x	3.85x	3.82x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	19M	0	107K	288K	263K	0	515K	0	1.89M	0
Other Non-Current Assets	110K	29K	107K	107K	107K	107K	2.08M	2.09M	0	1.89M
Total Assets+	71.68M	51.57M	52.02M	44.2M	82.14M	476.46M	392.81M	450.39M	429.4M	344.07M
Asset Turnover	0.09x	0.40x	0.25x	0.36x	0.25x	0.02x	0.03x	0.46x	0.37x	0.40x
Asset Growth %	221.19%	-28.06%	0.88%	-15.04%	85.85%	480.03%	-17.55%	14.66%	-4.66%	-19.87%
Total Current Liabilities+	2.35M	4.34M	11.04M	12.58M	21.32M	49.52M	99.54M	126.98M	81.99M	65.49M
Accounts Payable	57K	3.36M	1.79M	2.4M	5.79M	10.77M	10.06M	7.45M	5.28M	7.19M
Days Payables Outstanding	407.94	4.17K	1.59K	51.54	-	70.29	-	-	-	-
Short-Term Debt	0	133K	0	0	0	1.25M	22.47M	60.66M	0	0
Deferred Revenue (Current)	0	4.18M	6.46M	6.27M	0	0	0	36.12M	47.34M	21.93M
Other Current Liabilities	1.02M	369K	981K	8.53M	10.35M	24.69M	46.26M	4.04M	18.5M	13.3M
Current Ratio	22.26x	11.82x	4.61x	3.33x	3.48x	9.45x	3.81x	3.18x	4.72x	4.67x
Quick Ratio	22.31x	11.94x	4.48x	3.33x	3.48x	9.45x	3.81x	3.18x	4.72x	4.67x
Cash Conversion Cycle	-	-	-280.3	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	3.42M	7.19M	17.98M	35.03M	30.38M	65.07M	53.09M	68.9M	37.6M
Long-Term Debt	0	0	0	9.91M	14.99M	13.85M	40.63M	0	0	0
Capital Lease Obligations	0	0	0	0	4.85M	4.03M	4.5M	30.22M	25.91M	25M
Deferred Tax Liabilities	0	0	26.61M	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	15K	0	8.07M	15.18M	12.51M	19.93M	2.8M	497K	0
Total Liabilities	2.35M	4.34M	18.23M	30.56M	56.35M	79.9M	164.6M	180.07M	150.89M	103.09M
Total Debt+	0	133K	0	9.91M	20.67M	20.75M	69.15M	94.75M	30.22M	28.55M
Net Debt	-16.66M	-2.17M	-24.96M	-26.8M	-50.68M	-442.14M	-301.35M	-297.13M	-261.79M	-208.48M
Debt / Equity	-	0.00x	-	0.73x	0.80x	0.05x	0.30x	0.35x	0.11x	0.12x
Debt / EBITDA	-	-	-	-	-	-	-	6.91x	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-21.68x	-	-
Interest Coverage	-78.48x	-85.31x	-69.95x	-117.26x	-29.87x	-86.07x	-75.86x	4.06x	-101.96x	-
Total Equity+	69.33M	47.23M	33.79M	13.64M	25.79M	396.55M	228.21M	270.31M	278.51M	240.98M
Equity Growth %	247.65%	-31.88%	-28.44%	-59.63%	89.06%	1437.5%	-42.45%	18.45%	3.03%	-13.48%
Book Value per Share	22.43	11.99	10.95	1.35	2.14	19.53	8.67	9.98	10.46	8.93
Total Shareholders' Equity	69.33M	47.23M	33.79M	13.64M	25.79M	396.55M	228.21M	270.31M	278.51M	240.98M
Common Stock	74K	74K	212K	214K	15K	26K	26K	27K	27K	27K
Retained Earnings	-71.02M	-95.62M	-23.09M	-44.87M	-71.67M	-143.82M	-347.49M	-338.14M	-367.87M	-448.81M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-111K	-6K	-3K	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-18.15M	-19.24M	-460K	-20.76M	-6.45M	-42.86M	-135.04M	31.99M	-18.1M	-59.75M
Operating CF Margin %	-295.67%	-94.4%	-3.54%	-131.78%	-31%	-449.32%	-1092.67%	15.55%	-11.47%	-43.17%
Operating CF Growth %	35.93%	-6.02%	97.61%	-4413.04%	68.95%	-565.03%	-215.07%	123.69%	-156.57%	-230.11%
Net Income	-19.45M	-24.6M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	9.35M	-29.73M	-80.94M
Depreciation & Amortization	51K	61K	410K	582K	684K	882K	1.19M	1.53M	2.96M	3.54M
Stock-Based Compensation	2.37M	2.5M	2.17M	1.26M	1.98M	6.76M	28.91M	30.61M	34.65M	37.99M
Deferred Taxes	-2.37M	0	0	302K	25K	0	0	0	0	0
Other Non-Cash Items	2.37M	123K	498K	38K	873K	425K	5.9M	3.06M	-33.36M	471K
Working Capital Changes	-1.11M	2.68M	7.36M	-1.16M	15.98M	21.22M	32.63M	-12.56M	7.38M	-20.81M
Change in Receivables	-1.08M	-1.56M	3.15M	-4M	2.3M	54K	-1.24M	603K	-29.3M	28.09M
Change in Inventory	0	0	-306K	2.11M	1.55M	0	0	0	0	0
Change in Payables	-248K	471K	-1.54M	578K	3.15M	4.81M	-769K	-3.11M	-2.24M	1.92M
Cash from Investing+	-33.84M	4.88M	10.36M	22.13M	-818K	-1.74M	-3.41M	-7.73M	-2.9M	-648K
Capital Expenditures	-181K	-74K	-251K	-1.48M	-818K	-1.74M	-3.41M	-7.73M	-2.9M	-648K
CapEx % of Revenue	2.95%	0.36%	1.93%	9.38%	3.93%	18.26%	27.56%	3.75%	1.84%	0.47%
Acquisitions	0	-20.02M	29K	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-161K	20.02M	29K	23.61M	0	0	0	0	0	0
Cash from Financing+	66.47M	6K	7M	10.2M	41.91M	436.14M	48.02M	-2.86M	-24.09M	5.42M
Debt Issued (Net)	1.89M	0	5.65M	9.87M	4.95M	0	46.6M	-5M	-27.36M	0
Equity Issued (Net)	1000K	0	0	0	1000K	1000K	515K	411K	609K	682K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-66.45M	6K	1.35M	332K	15.68M	12.33M	902K	1.73M	2.67M	4.74M
Net Change in Cash	14.48M	-14.35M	16.89M	11.58M	34.64M	391.54M	-90.43M	21.41M	-45.09M	-54.98M
Free Cash Flow+	-18.33M	-19.32M	-711K	-22.24M	-7.26M	-44.6M	-138.45M	24.27M	-21M	-60.4M
FCF Margin %	-298.62%	-94.77%	-5.47%	-141.17%	-34.94%	-467.59%	-1120.23%	11.79%	-13.31%	-43.64%
FCF Growth %	35.47%	-5.38%	96.32%	-3027.71%	67.34%	-514.11%	-210.4%	117.53%	-186.54%	-187.6%
FCF per Share	-5.93	-4.91	-0.23	-2.21	-0.60	-2.20	-5.26	0.90	-0.79	-2.24
FCF Conversion (FCF/Net Income)	0.93x	0.78x	0.04x	0.95x	0.25x	0.59x	0.66x	3.42x	0.61x	0.74x
Interest Paid	0	0	0	0	0	751K	684K	813K	2.13M	0
Taxes Paid	1K	12K	35K	0	0	0	0	0	0	1.41M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-43.57%	-42.22%	-26.91%	-91.85%	-131.82%	-34.17%	-65.2%	3.75%	-10.83%	-31.16%
Return on Invested Capital (ROIC)	-41.95%	-38.63%	-29.21%	-	-	-	-	-	-350.72%	-291.53%
Gross Margin	99.17%	98.56%	96.85%	-7.8%	100%	-486.5%	100%	100%	100%	100%
Net Margin	-316.86%	-120.71%	-83.87%	-138.29%	-125.02%	-756.35%	-1647.98%	4.54%	-18.84%	-58.49%
Debt / Equity	-	0.00x	-	0.73x	0.80x	0.05x	0.30x	0.35x	0.11x	0.12x
Interest Coverage	-78.48x	-85.31x	-69.95x	-117.26x	-29.87x	-86.07x	-75.86x	4.06x	-101.96x	-
FCF Conversion	0.93x	0.78x	0.04x	0.95x	0.25x	0.59x	0.66x	3.42x	0.61x	0.74x
Revenue Growth	-	232.06%	-36.23%	21.2%	31.97%	-54.12%	29.56%	1564.82%	-23.33%	-12.27%

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Arcturus Therapeutics Holdings Inc. (ARCT) 10-Year Financial Performance & Capital Metrics

ARCT •

HealthcareBiotechnologyRNA and Genome Editing Developers

Revenue $138M -12.3%
EBITDA -$92M -22.4%
Net Income -$81M -172.3%
EPS (Diluted) -3.00 -167.9%
Gross Margin 100%
EBITDA Margin -66.57% -39.6%
Operating Margin -69.13% -39.4%
Net Margin -58.49% -210.4%
ROE -31.16% -187.7%
ROIC -291.53% +16.9%
Debt/Equity 0.12 +9.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 46.1%
✓Trading at only 0.9x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y46.1%

3Y123.72%

TTM-35.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-6.49%

EPS CAGR

10Y-

5Y-

3Y-

TTM-35.16%

ROCE

10Y Avg-36.2%

5Y Avg-27.12%

3Y Avg-16.64%

Latest-30.57%

Peer Comparison

RNA and Genome Editing Developers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ALNYAlnylam Pharmaceuticals, Inc.	44.07B	332.92	142.88	65.19%	8.45%	39.76%	1.06%	3.76
SLXNWSilexion Therapeutics Ltd.	63.6M	0.03	0.00			-132.54%
EDITEditas Medicine, Inc.	205.18M	2.20	-0.76	-58.64%	-430.84%	-14.85%		0.26
SGMOSangamo Therapeutics, Inc.	92.01M	0.43	-0.88	-67.2%	-331.28%	-17.44%		1.34
CAMPCAMP4 Therapeutics Corporation	210.49M	4.49	-1.69	86.29%	-14.04%	-133.54%		0.14
SLNSilence Therapeutics plc	256.95M	5.44	-1.71	70.47%	-252.16%	-84.61%		0.00
PEPGPepGen Inc.	202.89M	6.22	-2.18			-57.35%		0.16
ARCTArcturus Therapeutics Holdings Inc.	224.14M	8.23	-2.74	-12.27%	-72.48%	-29.71%		0.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	6.14M	20.38M	13M	15.75M	20.79M	9.54M	12.36M	205.75M	157.75M	138.39M
Revenue Growth %	-	232.06%	-36.23%	21.2%	31.97%	-54.12%	29.56%	1564.82%	-23.33%	-12.27%
Cost of Goods Sold+	51K	294K	410K	16.98M	0	55.95M	0	0	0	0
COGS % of Revenue	0.83%	1.44%	3.15%	107.8%	-	586.5%	-	-	-	-
Gross Profit+	6.09M	20.09M	12.59M	-1.23M	20.79M	-46.41M	12.36M	205.75M	157.75M	138.39M
Gross Margin %	99.17%	98.56%	96.85%	-7.8%	100%	-486.5%	100%	100%	100%	100%
Gross Profit Growth %	-	230.01%	-37.34%	-109.76%	1791.54%	-323.23%	126.63%	1564.82%	-23.33%	-12.27%
Operating Expenses+	19.7M	25.17M	23.49M	37.56M	46.3M	25.12M	215.21M	193.58M	235.95M	234.06M
OpEx % of Revenue	320.92%	123.48%	180.72%	238.46%	222.72%	263.31%	1741.33%	94.08%	149.58%	169.13%
Selling, General & Admin	4.99M	5.36M	7.57M	20.58M	12.66M	25.12M	41.45M	46.07M	52.87M	52.82M
SG&A % of Revenue	81.33%	26.28%	58.26%	130.65%	60.91%	263.31%	335.39%	22.39%	33.52%	38.17%
Research & Development	13.46M	18.39M	15.92M	16.98M	33.64M	57.85M	173.76M	147.75M	192.13M	195.16M
R&D % of Revenue	219.31%	90.23%	122.47%	107.8%	161.82%	606.42%	1405.94%	71.81%	121.8%	141.02%
Other Operating Expenses	1.25M	1.42M	-348K	0	0	-57.85M	0	-244K	-9.05M	-13.92M
Operating Income+	-19.7M	-25.17M	-10.49M	-21.81M	-25.51M	-71.52M	-202.85M	12.18M	-78.2M	-95.67M
Operating Margin %	-320.92%	-123.48%	-80.72%	-138.46%	-122.72%	-749.81%	-1641.33%	5.92%	-49.58%	-69.13%
Operating Income Growth %	40.45%	-27.76%	58.31%	-107.88%	-16.97%	-180.34%	-183.61%	106%	-742.24%	-22.33%
EBITDA+	-19.65M	-24.87M	-10.08M	-21.23M	-24.83M	-70.64M	-201.66M	13.7M	-75.25M	-92.13M
EBITDA Margin %	-320.09%	-122.03%	-77.57%	-134.76%	-119.43%	-740.56%	-1631.68%	6.66%	-47.7%	-66.57%
EBITDA Growth %	40.55%	-26.6%	59.47%	-110.56%	-16.96%	-184.51%	-185.47%	106.8%	-649.1%	-22.43%
D&A (Non-Cash Add-back)	51K	294K	410K	582K	684K	882K	1.19M	1.53M	2.96M	3.54M
EBIT	-1.65M	-1.24M	-10.75M	-21.3M	-25.14M	-71.52M	-202.85M	12.18M	-27.12M	-80.94M
Net Interest Income+	-250K	-286K	-61K	328K	-446K	-361K	-1.92M	-420K	16.59M	15.2M
Interest Income	1K	9K	89K	514K	408K	470K	753K	2.58M	17.36M	15.2M
Interest Expense	251K	295K	150K	186K	854K	831K	2.67M	3M	767K	0
Other Income/Expense	11K	-536K	-409K	26K	-478K	-624K	-822K	-1.53M	50.31M	14.72M
Pretax Income+	-19.4M	-24.53M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	10.64M	-27.89M	-80.94M
Pretax Margin %	-316.03%	-120.35%	-83.87%	-138.29%	-125.02%	-756.35%	-1647.98%	5.17%	-17.68%	-58.49%
Income Tax+	51K	73K	1K	212K	0	0	0	1.29M	1.83M	-4K
Effective Tax Rate %	100.26%	100.3%	100.01%	100%	100%	100%	100%	87.83%	106.58%	100%
Net Income+	-19.45M	-24.6M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	9.35M	-29.73M	-80.94M
Net Margin %	-316.86%	-120.71%	-83.87%	-138.29%	-125.02%	-756.35%	-1647.98%	4.54%	-18.84%	-58.49%
Net Income Growth %	40.77%	-26.5%	55.69%	-99.83%	-19.31%	-177.59%	-182.3%	104.59%	-417.95%	-172.3%
Net Income (Continuing)	-1.9M	-1.57M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	9.35M	-29.73M	-80.94M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-6.29	-6.25	-3.53	-2.16	-2.13	-3.55	-7.74	0.35	-1.12	-3.00
EPS Growth %	62.58%	0.64%	43.52%	38.81%	1.39%	-66.67%	-118.03%	104.52%	-420%	-167.86%
EPS (Basic)	-6.29	-6.25	-3.53	-2.16	-2.13	-3.55	-7.74	0.35	-1.12	-3.00
Diluted Shares Outstanding	3.09M	3.94M	3.09M	10.07M	12.07M	20.3M	26.32M	27.09M	26.63M	27M
Basic Shares Outstanding	3.09M	3.94M	3.09M	10.07M	12.07M	20.3M	26.32M	26.45M	26.63M	27M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	52.35M	51.3M	50.87M	41.83M	74.29M	467.79M	378.96M	403.33M	386.59M	305.98M
Cash & Short-Term Investments	50.68M	50.24M	48.57M	36.71M	71.35M	462.89M	370.49M	391.88M	292M	237.03M
Cash Only	16.66M	2.3M	24.96M	36.71M	71.35M	462.89M	370.49M	391.88M	292M	237.03M
Short-Term Investments	34.02M	47.94M	23.61M	0	0	0	0	0	0	0
Accounts Receivable	328K	3.63M	480K	4.48M	2.18M	2.13M	3.37M	2.76M	32.06M	3.97M
Days Sales Outstanding	19.5	65.06	13.48	103.83	38.26	81.31	99.44	4.9	74.19	10.48
Inventory	-116K	-521K	1.46M	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	1.3K	-	-	-	-	-	-	-
Other Current Assets	93K	111K	756K	0	0	0	0	8.69M	55M	64.98M
Total Non-Current Assets+	19.34M	269K	1.16M	2.37M	7.85M	8.67M	13.85M	47.05M	42.81M	38.09M
Property, Plant & Equipment	227K	240K	1.05M	1.98M	7.48M	8.56M	11.26M	44.96M	40.93M	36.2M
Fixed Asset Turnover	27.04x	84.93x	12.39x	7.98x	2.78x	1.11x	1.10x	4.58x	3.85x	3.82x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	19M	0	107K	288K	263K	0	515K	0	1.89M	0
Other Non-Current Assets	110K	29K	107K	107K	107K	107K	2.08M	2.09M	0	1.89M
Total Assets+	71.68M	51.57M	52.02M	44.2M	82.14M	476.46M	392.81M	450.39M	429.4M	344.07M
Asset Turnover	0.09x	0.40x	0.25x	0.36x	0.25x	0.02x	0.03x	0.46x	0.37x	0.40x
Asset Growth %	221.19%	-28.06%	0.88%	-15.04%	85.85%	480.03%	-17.55%	14.66%	-4.66%	-19.87%
Total Current Liabilities+	2.35M	4.34M	11.04M	12.58M	21.32M	49.52M	99.54M	126.98M	81.99M	65.49M
Accounts Payable	57K	3.36M	1.79M	2.4M	5.79M	10.77M	10.06M	7.45M	5.28M	7.19M
Days Payables Outstanding	407.94	4.17K	1.59K	51.54	-	70.29	-	-	-	-
Short-Term Debt	0	133K	0	0	0	1.25M	22.47M	60.66M	0	0
Deferred Revenue (Current)	0	4.18M	6.46M	6.27M	0	0	0	36.12M	47.34M	21.93M
Other Current Liabilities	1.02M	369K	981K	8.53M	10.35M	24.69M	46.26M	4.04M	18.5M	13.3M
Current Ratio	22.26x	11.82x	4.61x	3.33x	3.48x	9.45x	3.81x	3.18x	4.72x	4.67x
Quick Ratio	22.31x	11.94x	4.48x	3.33x	3.48x	9.45x	3.81x	3.18x	4.72x	4.67x
Cash Conversion Cycle	-	-	-280.3	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	3.42M	7.19M	17.98M	35.03M	30.38M	65.07M	53.09M	68.9M	37.6M
Long-Term Debt	0	0	0	9.91M	14.99M	13.85M	40.63M	0	0	0
Capital Lease Obligations	0	0	0	0	4.85M	4.03M	4.5M	30.22M	25.91M	25M
Deferred Tax Liabilities	0	0	26.61M	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	15K	0	8.07M	15.18M	12.51M	19.93M	2.8M	497K	0
Total Liabilities	2.35M	4.34M	18.23M	30.56M	56.35M	79.9M	164.6M	180.07M	150.89M	103.09M
Total Debt+	0	133K	0	9.91M	20.67M	20.75M	69.15M	94.75M	30.22M	28.55M
Net Debt	-16.66M	-2.17M	-24.96M	-26.8M	-50.68M	-442.14M	-301.35M	-297.13M	-261.79M	-208.48M
Debt / Equity	-	0.00x	-	0.73x	0.80x	0.05x	0.30x	0.35x	0.11x	0.12x
Debt / EBITDA	-	-	-	-	-	-	-	6.91x	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-21.68x	-	-
Interest Coverage	-78.48x	-85.31x	-69.95x	-117.26x	-29.87x	-86.07x	-75.86x	4.06x	-101.96x	-
Total Equity+	69.33M	47.23M	33.79M	13.64M	25.79M	396.55M	228.21M	270.31M	278.51M	240.98M
Equity Growth %	247.65%	-31.88%	-28.44%	-59.63%	89.06%	1437.5%	-42.45%	18.45%	3.03%	-13.48%
Book Value per Share	22.43	11.99	10.95	1.35	2.14	19.53	8.67	9.98	10.46	8.93
Total Shareholders' Equity	69.33M	47.23M	33.79M	13.64M	25.79M	396.55M	228.21M	270.31M	278.51M	240.98M
Common Stock	74K	74K	212K	214K	15K	26K	26K	27K	27K	27K
Retained Earnings	-71.02M	-95.62M	-23.09M	-44.87M	-71.67M	-143.82M	-347.49M	-338.14M	-367.87M	-448.81M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-111K	-6K	-3K	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-18.15M	-19.24M	-460K	-20.76M	-6.45M	-42.86M	-135.04M	31.99M	-18.1M	-59.75M
Operating CF Margin %	-295.67%	-94.4%	-3.54%	-131.78%	-31%	-449.32%	-1092.67%	15.55%	-11.47%	-43.17%
Operating CF Growth %	35.93%	-6.02%	97.61%	-4413.04%	68.95%	-565.03%	-215.07%	123.69%	-156.57%	-230.11%
Net Income	-19.45M	-24.6M	-10.9M	-21.79M	-25.99M	-72.15M	-203.67M	9.35M	-29.73M	-80.94M
Depreciation & Amortization	51K	61K	410K	582K	684K	882K	1.19M	1.53M	2.96M	3.54M
Stock-Based Compensation	2.37M	2.5M	2.17M	1.26M	1.98M	6.76M	28.91M	30.61M	34.65M	37.99M
Deferred Taxes	-2.37M	0	0	302K	25K	0	0	0	0	0
Other Non-Cash Items	2.37M	123K	498K	38K	873K	425K	5.9M	3.06M	-33.36M	471K
Working Capital Changes	-1.11M	2.68M	7.36M	-1.16M	15.98M	21.22M	32.63M	-12.56M	7.38M	-20.81M
Change in Receivables	-1.08M	-1.56M	3.15M	-4M	2.3M	54K	-1.24M	603K	-29.3M	28.09M
Change in Inventory	0	0	-306K	2.11M	1.55M	0	0	0	0	0
Change in Payables	-248K	471K	-1.54M	578K	3.15M	4.81M	-769K	-3.11M	-2.24M	1.92M
Cash from Investing+	-33.84M	4.88M	10.36M	22.13M	-818K	-1.74M	-3.41M	-7.73M	-2.9M	-648K
Capital Expenditures	-181K	-74K	-251K	-1.48M	-818K	-1.74M	-3.41M	-7.73M	-2.9M	-648K
CapEx % of Revenue	2.95%	0.36%	1.93%	9.38%	3.93%	18.26%	27.56%	3.75%	1.84%	0.47%
Acquisitions	0	-20.02M	29K	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-161K	20.02M	29K	23.61M	0	0	0	0	0	0
Cash from Financing+	66.47M	6K	7M	10.2M	41.91M	436.14M	48.02M	-2.86M	-24.09M	5.42M
Debt Issued (Net)	1.89M	0	5.65M	9.87M	4.95M	0	46.6M	-5M	-27.36M	0
Equity Issued (Net)	1000K	0	0	0	1000K	1000K	515K	411K	609K	682K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-66.45M	6K	1.35M	332K	15.68M	12.33M	902K	1.73M	2.67M	4.74M
Net Change in Cash	14.48M	-14.35M	16.89M	11.58M	34.64M	391.54M	-90.43M	21.41M	-45.09M	-54.98M
Free Cash Flow+	-18.33M	-19.32M	-711K	-22.24M	-7.26M	-44.6M	-138.45M	24.27M	-21M	-60.4M
FCF Margin %	-298.62%	-94.77%	-5.47%	-141.17%	-34.94%	-467.59%	-1120.23%	11.79%	-13.31%	-43.64%
FCF Growth %	35.47%	-5.38%	96.32%	-3027.71%	67.34%	-514.11%	-210.4%	117.53%	-186.54%	-187.6%
FCF per Share	-5.93	-4.91	-0.23	-2.21	-0.60	-2.20	-5.26	0.90	-0.79	-2.24
FCF Conversion (FCF/Net Income)	0.93x	0.78x	0.04x	0.95x	0.25x	0.59x	0.66x	3.42x	0.61x	0.74x
Interest Paid	0	0	0	0	0	751K	684K	813K	2.13M	0
Taxes Paid	1K	12K	35K	0	0	0	0	0	0	1.41M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-43.57%	-42.22%	-26.91%	-91.85%	-131.82%	-34.17%	-65.2%	3.75%	-10.83%	-31.16%
Return on Invested Capital (ROIC)	-41.95%	-38.63%	-29.21%	-	-	-	-	-	-350.72%	-291.53%
Gross Margin	99.17%	98.56%	96.85%	-7.8%	100%	-486.5%	100%	100%	100%	100%
Net Margin	-316.86%	-120.71%	-83.87%	-138.29%	-125.02%	-756.35%	-1647.98%	4.54%	-18.84%	-58.49%
Debt / Equity	-	0.00x	-	0.73x	0.80x	0.05x	0.30x	0.35x	0.11x	0.12x
Interest Coverage	-78.48x	-85.31x	-69.95x	-117.26x	-29.87x	-86.07x	-75.86x	4.06x	-101.96x	-
FCF Conversion	0.93x	0.78x	0.04x	0.95x	0.25x	0.59x	0.66x	3.42x	0.61x	0.74x
Revenue Growth	-	232.06%	-36.23%	21.2%	31.97%	-54.12%	29.56%	1564.82%	-23.33%	-12.27%

Arcturus Therapeutics Holdings Inc. (ARCT) 10-Year Financial Performance & Capital Metrics

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Arcturus Therapeutics Holdings Inc. (ARCT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare ARCT vs Peers

vs ALNY

vs IONS

Compare Top 5

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Deep Dive Analysis

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Financial Ratios