Arcturus Therapeutics ended the second quarter of 2026 with the kind of income statement a clinical-stage biotech prints when its lead collaboration terminates: revenue of $3.0 million, down 90% from $28.3 million a year earlier, against a net loss of $23.8 million (a 159% wider loss on a 90% smaller top line), with diluted loss per share of $0.84 versus $0.34. Half-year revenue of $5.0 million collapsed 91% from $57.7 million in the first half of 2025, and the half-year net loss of $50.7 million was more than double the prior year's $23.3 million. The driver is the wind-down of the CSL Seqirus partnership that had been the engine of the collaboration line since 2022; that termination was finalized in the days after quarter-end, on August 3, 2026, alongside a $12.0 million cash payment to Arcturus and the release of $16.0 million of R&D-credit liabilities. The collaboration is no longer a windfall; it is a settlement, and the income statement will show it that way starting in the third quarter.
What is striking about the report is everything outside the income statement. Cash and cash equivalents were $191.5 million on June 30, 2026 (a $39.4 million draw versus the $230.9 million at year-end 2025, an annualized burn of roughly $79 million and consistent with management's stated "more than two and a half years of cash runway through year-end 2028"). Total liabilities were $52.5 million, with no debt outstanding; total stockholders' equity was $171.8 million. The company had just signed, on June 26, 2026, a strategic collaboration with Thermo Fisher Scientific that commits up to $40 million of clinical manufacturing services plus up to $40 million of contract research organization services in support of ARCT-032, the cystic fibrosis program. And the most consequential data events of the next two quarters are dated: the ARCT-032 Phase 3 decision is expected in the fourth quarter of 2026, and ARCT-810 (OTC deficiency) data plus a regulatory plan are expected this quarter.
The stock is being priced for this combination. Shares closed at $7.77 on August 13, 2026, down roughly 68% from a 52-week high of $24.17 touched in October 2025, and only modestly above the 52-week low of $5.50 set on July 24, 2026. Earnings day itself (August 6) closed at $6.08, a 2.9% slip from the prior session's $6.26, then the stock bounced 22% the next day on the CSL termination / Thermo Fisher headlines and has drifted up to the $7.77 reference. On a market capitalization of about $221 million, the equity trades at roughly 1.14x cash plus restricted cash, 1.29x book value, and a positive but small enterprise value of roughly $27 million - pricing the platform modestly above its own cash and the two Phase 2 catalysts at almost nothing. The risk is real: the $200 million sales-agreement shelf (December 2025 S-3) creates a dilution overhang that, fully drawn at the reference price, would be a near-doubling of the share count, and the company is still pre-revenue on a product basis. But the next twelve months carry two distinct clocks that the market is watching, and this report is being written with both running.