Q2 2024 Arcturus Therapeutics Holdings Inc Earnings Call Transcript
Key Points
- Arcturus Therapeutics Holdings Inc (ARCT) reported a significant increase in revenue for Q2 2024, reaching $49.9 million, up from $10.5 million in Q2 2023.
- The company remains on track for the commercial launch of its self-amplifying mRNA COVID-19 vaccine, Kostaive, in Japan in Q4 2024.
- Positive Phase 3 efficacy, immunogenicity, and safety data for Kostaive were published, showing 100% efficacy against severe COVID-19 in healthy individuals aged 18-59.
- The company has a strong cash position with $317.2 million in cash, cash equivalents, and restricted cash as of June 30, 2024.
- Arcturus Therapeutics Holdings Inc (ARCT) has expanded its pipeline with multiple ongoing clinical trials, including ARCT-032 for cystic fibrosis and ARCT-810 for OTC deficiency.
- Total operating expenses increased to $71 million for Q2 2024, up from $65.9 million in Q2 2023.
- The company reported a net loss of $17.2 million for Q2 2024, although this is an improvement from the $52.6 million loss in Q2 2023.
- There is uncertainty regarding the timing and approval of the Kostaive COVID-19 vaccine in Europe, with CSL providing commercial guidance.
- The manufacturing and commercial success of Kostaive in Japan is dependent on the approval of the ARCALIS manufacturing plant and subsequent sales by Meiji.
- The company has not provided specific guidance on the revenue recognition process for Kostaive, leading to some uncertainty about future financial performance.
Greetings and welcome to Arcturus Therapeutics second quarter 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Neda Safarzadeh, Vice President, Head of Investor Relations, Public Relations and Marketing. Thank you, Neda. You may begin.
Thank you, operator. Good afternoon and welcome to Arcturus fluidics, 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. Pad 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 statements within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance.
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