Q3 2024 Arcturus Therapeutics Holdings Inc Earnings Call Transcript
Key Points
- Arcturus Therapeutics Holdings Inc (ARCT) successfully launched its COVID-19 vaccine, KOSTAIVE, in Japan, marking the company's first commercial product.
- The company received a $25 million commercial milestone from the first sale of KOSTAIVE in Japan.
- Positive Phase 3 results were announced for ARCT-2303, demonstrating superior immune response compared to other vaccines.
- Arcturus Therapeutics Holdings Inc (ARCT) has a strong financial position with cash, cash equivalents, and restricted cash totaling $294.1 million as of September 30, 2024.
- The company is on track to share interim Phase 2 proof of concept data for its cystic fibrosis and OTC deficiency programs in the first half of 2025.
- Revenues for Q3 2024 decreased slightly to $41.7 million from $45.1 million in the same period in 2023.
- Total operating expenses for Q3 2024 were $52.4 million, indicating a higher cost structure compared to revenues.
- The company reported a net loss of approximately $6.9 million for Q3 2024.
- There is uncertainty regarding the timing of revenue recognition from KOSTAIVE sales in Japan, with expectations pushed to 2025.
- The expansion of the Phase 2 clinical program for OTC deficiency into the United States has delayed interim data readouts to the first half of 2025.
(Operator Instructions)
Good day, everyone and welcome to today's Arcturus Therapeutics third-quarter 2024 earnings conference call. (Operator Instructions) Please note this call may be recorded, and I will be standing by if you should need any assistance.
It is now my pleasure to turn the conference over to Neda Safarzadeh, Vice President, Head of Investor Relations, Public Relations and Marketing. Please go ahead.
Thank you, operator. 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 Pad Chivukula, our CSO and COO will join them for the Q&A station.
Before we begin, I would like to remind everyone that the statements made during this call regarding matters that are not historical facts or forward-looking statements within the safe harbor provisions of
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