Arcturus Therapeutics Holdings Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Arcturus Therapeutics Holdings Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
15.8
20.8
9.54
12.4
206
167
152
82
Research and development
17
33.6
57.8
174
148
192
195
112
General and administrative
20.6
12.7
23.2
41.5
46.1
52.9
52.8
46.1
Operating expenses
37.6
46.3
81.1
215
194
245
248
158
Operating income
-21.8
-25.5
-71.5
-203
12.2
-78.2
-95.7
-76.3
Other non-operating income
0.33
-0.45
-0.36
-1.92
-0.42
16.6
15.2
10.1
Pre-tax income
-21.8
-26
-72.1
-204
10.6
-27.9
-80.9
-65.8
Income tax
1.3
1.84
-0
Net income
-21.8
-26
-72.1
-204
9.35
-29.7
-80.9
-65.8
EBITDA
-21.2
-24.8
-70.6
-202
13.7
-75.2
-92.1
-73.2
EPS, basic
-2.16
-2.15
-3.55
-7.74
0.35
-1.12
-3.00
-2.40
EPS, diluted
-2.16
-2.15
-3.55
-7.74
0.35
-1.12
-3.00
-2.40
Shares, basic (weighted)
10.1
12.1
20.3
26.3
26.4
26.6
27
27.4
Shares, diluted (weighted)
10.1
12.1
20.3
26.3
27.1
26.6
27
27.4
Balance sheet
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
36.7
71.4
463
370
392
292
237
231
Receivables
4.48
2.18
2.13
3.37
2.76
32.1
3.97
5.56
Other current assets
0.09
0.04
Total current assets
41.8
74.3
468
379
403
387
306
241
Property, plant and equipment
1.98
2.35
3.38
5.64
12.4
12.4
9.53
6.74
Lease right-of-use assets
5.13
5.18
5.62
32.5
28.5
26.7
21.1
Total assets
44.2
82.1
476
393
450
429
344
271
Accounts payable
2.4
5.79
10.8
10.1
7.45
5.28
7.19
4.24
Accrued liabilities
3.91
7.13
19.4
23.5
30.2
31.9
38.8
23.9
Deferred revenue
6.27
8.4
18.1
43.5
28.6
44.8
19.5
8.25
Short-term debt
1.25
22.5
60.7
Total current liabilities
12.6
21.3
49.5
99.5
127
82
65.5
36.4
Long-term debt
9.91
15
13.8
40.6
Lease liabilities
4.85
4.03
4.5
30.2
25.9
25
20.8
Other non-current liabilities
2.8
0.5
Total liabilities
30.6
56.4
79.9
165
180
151
103
57.2
Total debt
9.91
15.5
15.3
15.3
60.7
Paid-in capital
58.3
97.4
540
576
608
646
690
729
Retained earnings
-44.9
-71.7
-144
-347
-338
-368
-449
-515
Shareholders' equity
13.6
25.8
397
228
270
279
241
214
Total equity
13.6
25.8
397
228
270
279
241
214
Total liabilities and equity
44.2
82.1
476
393
450
429
344
271
Shares outstanding
10.7
15.1
26.2
26.4
26.6
26.8
27
28.4
Cash flow statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-21.8
-26
-72.1
-204
9.35
-29.7
-80.9
-65.8
Depreciation and amortization
0.58
0.68
0.88
1.19
1.53
2.96
3.54
3.03
Stock-based compensation
1.26
1.98
6.76
28.9
30.6
34.6
38
25.4
Change in receivables
-4
2.3
0.05
-1.24
0.6
-29.3
28.1
-1.59
Change in payables
0.58
3.16
4.81
-0.77
-3.11
-2.24
1.92
-2.96
Cash from operations
-20.8
-6.45
-42.9
-135
32
-18.1
-59.7
-74.3
Capital expenditures
-1.48
-0.82
-1.74
-3.41
-7.73
-2.9
-0.65
-0.23
Purchases of investments
-6.59
Cash from investing
22.1
-0.82
-1.74
-3.41
-7.73
-2.9
-0.65
-0.23
Debt issued
9.87
4.95
46.6
20
15
Debt repaid
-5
-47.4
-15
Stock issued
0.33
21.3
424
0.9
1.73
2.67
4.74
11.7
Cash from financing
10.2
41.9
436
48
-2.86
-24.1
5.42
13.4
Net change in cash
11.6
34.6
392
-90.4
21.4
-45.1
-55
-61.1
Free cash flow
-22.2
-7.26
-44.6
-138
24.3
-21
-60.4
-74.5
Interest paid
0.15
0.69
0.75
0.68
0.81
2.13
Income taxes paid
1.41
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $13.85 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Operating margin
-348.3%
Operating income / revenue.
EBITDA margin
-339.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-317.6%
Net income / revenue.
FCF margin
-248.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-247.6%
Cash from operations / revenue.
Return on equity (ROE)
-54.3%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-41.6%
Net income / average total assets.
R&D / revenue
295.5%
Research and development expense / revenue.
Stock-based pay / revenue
71.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.3%
Capital expenditures / revenue.
D&A / revenue
9.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-46.1%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-26.4%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
53.8%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
-11.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-7.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-11.6%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-21.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-15.6%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-10.7%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
1.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.4%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
6.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.88x
Current assets / current liabilities.
Quick ratio
5.76x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
5.71x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$1.03
Revenue / diluted weighted shares.
FCF per share
-$2.56
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$2.56
Cash from operations / diluted weighted shares.
Book value per share
$6.04
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
13.4x
Market cap / revenue.
P/B
2.29x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.29x
Market cap / tangible book value, when positive.
EV/Sales
6.88x
Enterprise value / revenue.
FCF yield
-18.5%
Free cash flow / market cap.
Earnings yield
-23.7%
Net income / market cap (the inverse of P/E).
What was Arcturus Therapeutics Holdings Inc.'s revenue in fiscal 2025?
Arcturus Therapeutics Holdings Inc. reported revenue of $82.0M for fiscal 2025, 46.1% lower than the year before.
Was Arcturus Therapeutics Holdings Inc. profitable in fiscal 2025?
No. It reported a net loss of $65.8M.
How much free cash flow did Arcturus Therapeutics Holdings Inc. generate in fiscal 2025?
Cash from operations of $74.3M minus capital expenditures of $230.0K left free cash flow of -$74.5M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.