Q1 2024 Arcturus Therapeutics Holdings Inc Earnings Call Transcript
Key Points
- Arcturus Therapeutics Holdings Inc (ARCT) remains on track to deliver the initial 4 million doses of its COVID-19 vaccine to Japan in Q3, supporting the upcoming vaccination season.
- The ARCT-2301 COVID-19 vaccine candidate showed superior immunogenicity and neutralizing antibody response compared to a conventional mRNA comparator in a Phase 3 study.
- Arcturus is expanding its vaccine platform globally, with a marketing authorization application filed with the European Medicines Agency for its COVID-19 vaccine.
- The ARCT-2138 quadrivalent seasonal influenza vaccine program is progressing well, with Phase 1 top-line data expected in Q3.
- Arcturus reported a revenue increase to $38 million in Q1 2024 from $30.9 million in Q4 2023, driven by increased activity across its CSL program.
- The company reported a net loss of approximately $26.8 million in Q1 2024, widening from a net loss of $11.7 million in the previous quarter.
- Total operating expenses increased to $68.4 million in Q1 2024 from $49.1 million in Q4 2023, primarily due to increased R&D expenses.
- The increase in R&D expenses was significant, rising to $53.6 million in Q1 2024 from $36.6 million in the previous quarter.
- Arcturus's cash, cash equivalents, and restricted cash slightly decreased to $345.3 million as of March 31, 2024, from $348.9 million on December 31, 2023.
- While the company is initiating commercialization of its COVID-19 vaccine, the full financial impact and revenue from this are not expected to be realized until Q4 2024.
Good afternoon, ladies and gentlemen, and welcome to the Arcturus Therapeutics First Quarter 2024 earnings call. At this time, all lines are in listen only mode. Following the presentation, we will conduct a question and answer session. (Operator Instructions) This call is being recorded on Wednesday, May 8, 2024. I would now like to turn the conference over to meta so far Zeta Vice President, Head of Investor Relations, Public Relations and Marketing of Arcturus Therapeutics. Please go ahead.
Thank you, operator, and good afternoon, and welcome to Arcturus Therapeutics quarterly financial update and pipeline progress call. today's call will be led by Joe Payne, our President and CEO; and Andy Sassine, our CFO; Dr. Padmanabh Chivukula, our CSO and COO, will join them for the Q&A session. Before we begin, I would like to remind everyone that statements made during this call regarding matters that are not historical facts are forward-looking
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