ARCT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$9.95

Market Cap

$283M

P/E (TTM)

-4.1

EPS (TTM)

$-2.40

Revenue (TTM)

$82M

Div Yield

—

ROE

-29.6%

Debt/Equity

—

52W Range

$6 – $24

ARCT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $82M

2018-12-31 → 2025-12-31

EPS $-2.40

2021-12-31 → 2025-12-31

Free Cash Flow $-75M

2019-12-31 → 2025-12-31

Margins -80.2%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

ARCT

Peer Median

P/E (TTM)

-4.1

—

P/S (TTM)

3.4

9.2

P/B

1.3

1.5

Price / FCF

-3.8

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

ARCT

Peer Median

Operating Margin

-93.0%

—

Net Profit Margin

-80.2%

-317.6%

ROA

-21.4%

-40.7%

ROE

-29.6%

-64.1%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

ARCT

Peer Median

Current Ratio

6.6

10.4

Quick Ratio

6.5

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

ARCT

Peer Median

Revenue YoY

-46.1%

—

Revenue CAGR 3Y

-26.4%

—

Revenue CAGR 5Y

53.8%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

ARCT

Peer Median

EPS (Diluted)

$-2.40

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

ARCT

Peer Median

ARCT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 18 analysts

Strong Buy 5 27.8%
Buy 9 50.0%
Hold 4 22.2%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

10 analysts · 2026-08-15

Median $20.00

Now $9.95

Low $8.00

High $40.00

Median target $20.00 +101.1%

Mean target $20.20 +103.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.30%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$-0.84	$-1.02	0.18%
March 31, 2026	$-0.95	$-1.11	0.16%
Dec. 31, 2025	$-1.03	$-0.73	-0.30%
Sept. 30, 2025	$-0.49	$-0.84	0.35%
June 30, 2025	$-0.34	$-0.91	0.57%
March 31, 2025	$-0.52	$-1.36	0.84%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
ARCT	$174M	-2.6	-46.1%	-80.2%	-29.6%	—
TARA	$286M	-4.0	—	—	-33.7%	—
AKBA	$427M	-80.5	47.5%	-2.3%	-17.3%	—
ALEC	$172M	-1.1	-79.1%	-679.2%	-280.7%	—
EBS	$644M	13.3	-28.8%	7.1%	9.9%	—
NBP	—	—	—	—	—	—
IMUX	—	-0.9	—	—	—	—
ORGO	$658M	34.5	17.0%	6.6%	13.9%	—
RNA	$10.91B	-14.5	72.1%	-3650.4%	-47.5%	—
NERV	$174M	-0.1	—	—	339.5%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 14

Annual Income Statement data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$82M	$152M	$167M	$206M	$12M	$10M	$21M	$16M
R&D Expense	$112M	$195M	$192M	$148M	$174M	$58M	$34M	$17M
SG&A Expense	$46M	$53M	$53M	$46M	$41M	$23M	$13M	$21M
Operating Expenses	$158M	$248M	$245M	$194M	$215M	$81M	$46M	$38M
Operating Income	$-76M	$-96M	$-78M	$12M	$-203M	$-72M	$-26M	$-22M
Other Non-op	$10M	$15M	$17M	$-420.0K	$-2M	$-361.0K	$-446.0K	$328.0K
Pretax Income	$-66M	$-81M	$-28M	$11M	$-204M	$-72M	$-26M	$-22M
Income Tax	·	$-4.0K	$2M	$1M	·	·	·	·
Net Income	$-66M	$-81M	$-30M	$9M	$-204M	$-72M	$-26M	$-22M
EPS (Basic)	$-2.40	$-3.00	$-1.12	$0.35	$-7.74	·	·	·
EPS (Diluted)	$-2.40	$-3.00	$-1.12	$0.35	$-7.74	·	·	·
Shares (Basic)	27,386,000	27,000,000	26,628,000	26,445,000	26,317,000	·	·	·
Shares (Diluted)	27,386,000	27,000,000	26,628,000	27,093,000	26,317,000	·	·	·
EBITDA	$-76M	$-96M	$-78M	$12M	$-203M	$-72M	$-26M	·

Balance Sheet 23

Annual Balance Sheet data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Cash & Equivalents	$231M	$237M	$292M	$392M	$370M	$463M	$71M	$37M
Receivables	$6M	$4M	$32M	$3M	$3M	$2M	$2M	$4M
Prepaid Expense	·	·	·	·	·	·	$720.0K	$546.0K
Other Current Assets	·	·	·	·	·	·	$38.0K	$92.0K
Current Assets	$241M	$306M	$387M	$403M	$379M	$468M	$74M	$42M
PP&E (Net)	$7M	$10M	$12M	$12M	$6M	$3M	$2M	$2M
PP&E (Gross)	$19M	$21M	$21M	$18M	$10M	$6M	$5M	$3M
Accum. Depreciation	$12M	$12M	$9M	$6M	$4M	$3M	$2M	$1M
Total Assets	$271M	$344M	$429M	$450M	$393M	$476M	$82M	$44M
Accounts Payable	$4M	$7M	$5M	$7M	$10M	$11M	$6M	$2M
Accrued Liabilities	$24M	$39M	$32M	$30M	$24M	$19M	$7M	$4M
Current Liabilities	$36M	$65M	$82M	$127M	$100M	$50M	$21M	$13M
Capital Leases	$21M	$25M	$26M	$30M	$5M	$4M	$5M	·
Other Non-current Liabilities	·	·	$497.0K	$3M	·	·	·	·
Total Liabilities	$57M	$103M	$151M	$180M	$165M	$80M	$56M	$31M
Long-term Debt	·	·	·	·	$15M	$15M	$15M	·
Total Debt	·	·	·	$61M	$63M	$15M	$15M	·
Common Stock	$28.0K	$27.0K	$27.0K	$27.0K	$26.0K	$26.0K	$15.0K	$214.0K
Paid-in Capital	$729M	$690M	$646M	$608M	$576M	$540M	$97M	$58M
Retained Earnings	$-515M	$-449M	$-368M	$-338M	$-347M	$-144M	$-72M	$-45M
Stockholders' Equity	$214M	$241M	$279M	$270M	$228M	$397M	$26M	$14M
Liabilities + Equity	$271M	$344M	$429M	$450M	$393M	$476M	$82M	$44M
Shares Outstanding	28,414,000	27,000,000	26,828,000	26,555,000	26,372,000	26,192,000	15,138,000	10,719,000

Cash Flow 13

Annual Cash Flow data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
D&A	$3M	$4M	$3M	$2M	$1M	$882.0K	$684.0K	$582.0K
Stock-based Comp	$25M	$38M	$35M	$31M	$29M	$7M	$2M	$1M
Operating Cash Flow	$-74M	$-60M	$-18M	$32M	$-135M	$-43M	$-6M	$-21M
CapEx	$230.0K	$648.0K	$3M	$8M	$3M	$2M	$818.0K	$1M
Investing Cash Flow	$-230.0K	$-648.0K	$-3M	$-8M	$-3M	$-2M	$-818.0K	$22M
Debt Issued	·	·	·	·	$47M	·	$5M	$10M
Net Debt Issued	·	·	·	·	$47M	·	$5M	·
Stock Issued	$12M	·	·	·	·	$424M	$21M	·
Net Stock Activity	$12M	·	·	·	·	$424M	$21M	·
Financing Cash Flow	$13M	$5M	$-24M	$-3M	$48M	$436M	$42M	$10M
Net Change in Cash	$-61M	$-55M	$-45M	$21M	$-90M	$392M	$35M	$12M
Taxes Paid	·	$1M	·	·	·	·	·	·
Free Cash Flow	$-75M	$-60M	$-21M	$24M	$-138M	$-45M	$-7M	·

Profitability 7

Annual Profitability data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Operating Margin	-93.0%	-62.8%	-46.9%	5.9%	-1641.3%	-749.8%	-122.7%	·
Net Margin	-80.2%	-53.1%	-17.8%	4.5%	-1648.0%	-756.4%	-125.0%	·
Pretax Margin	-80.2%	-53.1%	-16.7%	5.2%	-1648.0%	-756.4%	-125.0%	·
EBITDA Margin	-93.0%	-62.8%	-46.9%	5.9%	-1641.3%	-749.8%	-122.7%	·
ROA	-21.4%	-20.9%	-6.8%	2.2%	-46.9%	-25.8%	-41.1%	·
ROE	-29.6%	-32.2%	-10.6%	4.5%	-83.6%	-21.9%	-84.3%	·
ROIC	·	-39.7%	-29.9%	3.2%	·	·	·	·

Liquidity & Solvency 4

Annual Liquidity & Solvency data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Current Ratio	6.6	4.7	4.7	3.2	3.8	9.4	3.5	·
Quick Ratio	6.5	3.7	4.0	3.1	3.8	9.4	3.4	·
Debt / Equity	·	·	·	0.2	0.3	0.0	0.6	·
LT Debt / Equity	·	·	·	·	0.2	0.0	0.6	·

Efficiency 2

Annual Efficiency data for ARCT
Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018
Asset Turnover		0.3	0.4	0.4	0.5	0.0	0.0	0.3	·
Receivables Turnover		17.2	8.5	9.6	67.2	4.5	4.4	6.2	·

Per Share 5

Annual Per Share data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Book Value / Share	$7.53	$8.93	$10.38	$10.18	$8.65	$15.14	$1.70	·
Revenue / Share	$3.00	$5.64	$6.26	$7.60	·	·	·	·
Cash Flow / Share	$-2.71	$-2.21	$-0.68	$1.18	·	·	·	·
Cash / Share	$8.13	$8.78	$10.88	$14.76	$14.05	$17.67	$4.71	·
EPS (TTM)	$-2.40	$-3.00	$-1.12	$0.35	$-7.74	·	·	·

Growth Rates 3

Annual Growth Rates data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Revenue YoY	-46.1%	-8.7%	-19.0%	1566.8%	29.6%	·	·	·
Revenue CAGR 3Y	-26.4%	131.0%	159.6%	·	·	·	·	·
Revenue CAGR 5Y	53.8%	·	·	·	·	·	·	·

Valuation (TTM) 14

Annual Valuation (TTM) data for ARCT
Metric	2025	2024	2023	2022	2021	2020	2019	2018
Revenue TTM	$82M	$152M	$167M	$206M	$12M	$10M	$21M	·
Net Income TTM	$-66M	$-81M	$-30M	$9M	$-204M	$-72M	$-26M	·
Market Cap	$174M	$458M	$846M	$450M	$976M	$1.14B	$165M	·
Enterprise Value	·	·	·	$119M	$669M	$688M	$108M	·
P/E	-2.6	-5.7	-28.2	48.5	-4.8	·	·	·
P/S	2.1	3.0	5.1	2.2	79.0	119.1	7.9	·
P/B	0.8	1.9	3.0	1.7	4.3	2.9	6.4	·
P / Tangible Book	0.8	1.9	3.0	1.7	4.3	2.9	·	·
P / Cash Flow	-2.3	-7.7	-46.7	14.1	-7.2	-26.5	-25.5	·
P / FCF	-2.3	-7.6	-40.3	18.6	-7.0	-25.5	-22.7	·
EV / EBITDA	·	·	·	9.8	-3.3	-9.6	-4.2	·
EV / FCF	·	·	·	4.9	-4.8	-15.4	-14.9	·
EV / Revenue	·	·	·	0.6	54.1	72.2	5.2	·
Earnings Yield	-39.1%	-17.7%	-3.5%	2.1%	-20.9%	·	·	·

Income Statement 14

Quarterly Income Statement data for ARCT
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$3M	$2M	$7M	$17M	$28M	$29M	$23M	$42M	$50M	$38M	$31M	$45M	$11M	$80M	$160M	$13M
R&D Expense	$18M	$22M	$24M	$23M	$30M	$35M	$44M	$39M	$59M	$54M	$37M	$51M	$53M	$52M	$27M	$38M
SG&A Expense	$11M	$9M	$14M	$10M	$10M	$11M	$12M	$13M	$12M	$15M	$13M	$13M	$13M	$14M	$12M	$12M
Operating Expenses	$29M	$31M	$39M	$34M	$40M	$46M	$56M	$52M	$71M	$68M	$49M	$64M	$66M	$66M	$39M	$50M
Operating Income	$-26M	$-29M	$-31M	$-17M	$-12M	$-17M	$-33M	$-11M	$-21M	$-30M	$-18M	$-19M	$-55M	$15M	$121M	$-37M
Other Non-op	$-59.0K	$35.0K	$2M	$3M	$-127.0K	$-21.0K	$3M	$4M	$4M	$4M	$7M	$4M	$3M	$2M	$1M	$-321.0K
Pretax Income	$-24M	·	$-29M	$-13M	$-9M	$-14M	$-30M	$-7M	$-17M	$-26M	$-11M	$-15M	$-52M	$51M	$119M	$-35M
Income Tax	$0	·	·	$0	$4.0K	$0	$-5.0K	$-217.0K	$-150.0K	$368.0K	$262.0K	$893.0K	$577.0K	$103.0K	$1M	$0
Net Income	$-24M	$-27M	$-29M	$-13M	$-9M	$-14M	$-30M	$-7M	$-17M	$-27M	$-12M	$-16M	$-53M	$51M	$117M	$-35M
EPS (Basic)	$-0.84	$-0.95	$-1.05	$-0.49	$-0.34	$-0.52	$-1.10	$-0.26	$-0.64	$-1.00	$-0.44	$-0.61	$-1.98	$1.91	$4.44	$-1.33
EPS (Diluted)	$-0.84	$-0.95	$-1.05	$-0.49	$-0.34	$-0.52	$-1.10	$-0.26	$-0.64	$-1.00	$-0.40	$-0.61	$-1.98	$1.87	$4.44	$-1.33
Shares (Basic)	28,423,000	28,421,000	-54,038,000	27,188,000	27,129,000	27,107,000	-53,908,000	27,062,000	26,967,000	26,879,000	-53,064,000	26,574,000	26,563,000	26,555,000	26,365,732	26,467
Shares (Diluted)	28,423,000	28,421,000	-54,038,000	27,188,000	27,129,000	27,107,000	-53,908,000	27,062,000	26,967,000	26,879,000	-53,658,000	26,574,000	26,563,000	27,149,000	27,013,732	26,467
EBITDA	$-26M	$-29M	·	$-17M	$-12M	$-17M	·	$-11M	$-21M	$-30M	·	$-19M	$-55M	$15M	·	$-37M

Balance Sheet 21

Quarterly Balance Sheet data for ARCT
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$191M	$211M	$231M	$180M	$196M	$217M	$237M	$237M	$260M	$288M	$292M	$312M	$323M	$328M	$392M	$238M
Receivables	$2M	$1M	$6M	$8M	$17M	$15M	$4M	$30M	$24M	$27M	·	$38M	$3M	$92M	·	$2M
Current Assets	$197M	$217M	$241M	$249M	$275M	$279M	$306M	$331M	$347M	$376M	·	$393M	$385M	$425M	·	$247M
PP&E (Net)	$5M	$6M	$7M	$7M	$8M	$9M	$10M	$10M	$11M	$12M	·	$13M	$13M	$13M	·	$11M
PP&E (Gross)	$18M	$19M	$19M	$19M	$21M	$21M	$21M	$21M	$21M	$21M	·	$21M	$20M	$19M	·	$17M
Accum. Depreciation	$13M	$13M	$12M	$12M	$13M	$13M	$12M	$11M	$10M	$9M	·	$8M	$7M	$6M	·	$5M
Total Assets	$224M	$245M	$271M	$282M	$309M	$332M	$344M	$371M	$389M	$419M	·	$458M	$431M	$471M	·	$294M
Accounts Payable	$4M	$4M	$4M	$5M	$11M	$6M	$7M	$10M	$14M	$9M	·	$18M	$14M	$19M	·	$18M
Accrued Liabilities	$23M	$23M	$24M	$19M	$25M	$31M	$39M	$32M	$35M	$35M	·	$29M	$29M	$32M	·	$26M
Current Liabilities	$34M	$34M	$36M	$32M	$47M	$49M	$65M	$69M	$92M	$115M	·	$88M	$90M	$90M	·	$76M
Capital Leases	$19M	$20M	$21M	$22M	$23M	$24M	$25M	$26M	$27M	$28M	·	$27M	$28M	$29M	·	$31M
Other Non-current Liabilities	·	·	·	·	·	·	·	·	·	·	·	$976.0K	$1M	$2M	·	$4M
Total Liabilities	$53M	$54M	$57M	$58M	$78M	$98M	$103M	$109M	$130M	$155M	·	$178M	$145M	$142M	·	$148M
Long-term Debt	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$13M
Total Debt	·	·	·	·	·	$15M	·	·	·	·	·	$20M	·	·	·	$60M
Common Stock	$28.0K	$28.0K	$28.0K	$27.0K	$27.0K	$27.0K	$27.0K	$27.0K	$27.0K	$27.0K	·	$27.0K	$27.0K	$27.0K	·	$26.0K
Paid-in Capital	$737M	$733M	$729M	$710M	$703M	$697M	$690M	$681M	$670M	$659M	·	$636M	$625M	$617M	·	$601M
Retained Earnings	$-565M	$-542M	$-515M	$-486M	$-472M	$-463M	$-449M	$-419M	$-412M	$-395M	·	$-356M	$-340M	$-287M	·	$-455M
Stockholders' Equity	$172M	$191M	$214M	$225M	$231M	$234M	$241M	$262M	$259M	$264M	$279M	$280M	$285M	$329M	$270M	$146M
Liabilities + Equity	$224M	$245M	$271M	$282M	$309M	$332M	$344M	$371M	$389M	$419M	·	$458M	$431M	$471M	·	$294M
Shares Outstanding	28,423,000	28,423,000	28,414,000	27,235,000	27,148,000	·	27,000,000	27,084,000	27,042,000	26,917,000	·	26,723,000	26,574,000	26,555,000	·	26,492,000

Cash Flow 8

Quarterly Cash Flow data for ARCT
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$600.0K	$658.0K	$624.0K	$800.0K	$800.0K	$801.0K	$840.0K	$900.0K	$900.0K	$904.0K	$879.0K	$800.0K	$700.0K	$578.0K	$503.0K	$400.0K
Stock-based Comp	$4M	$4M	$7M	$6M	$6M	$7M	$9M	$9M	$9M	$10M	$9M	$9M	$8M	$8M	$7M	$9M
Operating Cash Flow	$-20M	$-19M	$-16M	$-17M	$-6M	$-35M	$-284.0K	$-24M	$-30M	$-6M	$-629.0K	$-32M	$51M	$-36M	$160M	$-42M
CapEx	$0	$0	$-88.0K	$181.0K	$0	$137.0K	$0	$80.0K	$328.0K	$240.0K	$875.0K	$981.0K	$354.0K	$691.0K	$4M	$2M
Investing Cash Flow	$18.0K	$34.0K	$88.0K	$-181.0K	$0	$-137.0K	$0	$-80.0K	$-328.0K	$-240.0K	$-875.0K	$-981.0K	$-354.0K	$-691.0K	$-4M	$-2M
Financing Cash Flow	$0	$16.0K	$12M	$1M	$-15M	$15M	$134.0K	$693.0K	$2M	$2M	$-19M	$22M	$94.0K	$-27M	$-2M	$-1M
Net Change in Cash	$-20M	$-19M	$-4M	$-16M	$-20M	$-20M	$-150.0K	$-23M	$-28M	$-4M	$-20M	$-12M	$51M	$-64M	$154M	$-46M
Free Cash Flow	·	$-19M	·	·	·	$-35M	·	·	·	$-6M	·	·	·	$-37M	·	·

Profitability 7

Quarterly Profitability data for ARCT
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-863.3%	-1403.7%	·	-96.3%	-41.0%	-57.3%	·	-25.8%	-42.4%	-80.0%	·	-42.8%	-526.4%	18.4%	·	-275.3%
Net Margin	-803.8%	-1308.3%	·	-78.4%	-32.4%	-47.9%	·	-16.6%	-34.5%	-70.5%	·	-35.9%	-499.6%	63.2%	·	-263.8%
Pretax Margin	-803.8%	·	·	-78.4%	-32.4%	-47.9%	·	-17.1%	-34.8%	-69.6%	·	-34.0%	-494.1%	63.3%	·	·
EBITDA Margin	-863.3%	-1403.7%	·	-96.3%	-41.0%	-57.3%	·	-25.8%	-42.4%	-80.0%	·	-42.8%	-526.4%	18.4%	·	-275.3%
ROA	-8.9%	-9.3%	·	-4.1%	-2.6%	-3.8%	·	-1.7%	-4.2%	-6.0%	·	-4.3%	-13.7%	12.5%	·	-9.7%
ROE	-11.8%	-12.7%	·	-5.5%	-3.8%	-5.7%	·	-2.5%	-6.3%	-9.0%	·	-7.6%	-23.1%	19.8%	·	-17.4%
ROIC	-14.9%	·	·	·	-5.0%	-6.8%	·	-4.0%	-8.1%	-11.7%	·	-6.8%	-19.6%	4.5%	·	·

Liquidity & Solvency 4

Quarterly Liquidity & Solvency data for ARCT
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	5.9	6.3	·	7.9	5.9	5.6	·	4.8	3.8	3.3	·	4.5	4.3	4.7	·	3.3
Quick Ratio	5.8	6.2	·	5.9	4.6	4.7	·	3.8	3.1	2.7	·	4.0	3.6	4.7	·	3.2
Debt / Equity	·	·	·	·	·	0.1	·	·	·	·	·	0.1	·	·	·	0.4
LT Debt / Equity	·	·	·	·	·	0.1	·	·	·	·	·	0.1	·	·	·	0.2

Efficiency 2

Quarterly Efficiency data for ARCT
Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.0	0.0	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.0	0.2	·	0.0
Receivables Turnover		0.3	0.3	·	0.9	1.4	1.4	·	1.2	3.7	0.6	·	2.2	4.2	1.7	·	6.6

Per Share 5

Quarterly Per Share data for ARCT
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$6.04	$6.73	·	$8.25	$8.51	·	·	$9.67	$9.56	$9.81	·	$10.48	$10.73	$12.40	·	$5.50
Revenue / Share	$0.10	$0.07	·	$0.63	$1.04	$1.08	·	$1.54	$1.85	$1.41	·	$1698.65	$396.00	$2957.20	·	$0.51
Cash Flow / Share	·	$-0.68	·	·	·	$-1.30	·	·	·	$-0.21	·	·	·	$-1321.26	·	·
Cash / Share	$6.74	$7.44	·	$6.62	$7.24	·	·	$8.76	$9.63	$10.71	·	$11.67	$12.17	$12.35	·	$8.97
EPS (TTM)	$-2.62	$-2.30	·	$-1.61	$-1.76	$-2.42	·	$-2.51	$-4.23	$-1.72	·	$-2.05	$-2.26	$-2.22	·	$-6.14

Valuation (TTM) 13

Quarterly Valuation (TTM) data for ARCT
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$50M	$77M	·	$117M	$149M	$159M	·	$175M	$144M	$174M	·	$149M	$131M	$126M	·	$52M
Net Income TTM	$-73M	$-64M	·	$-44M	$-47M	$-65M	·	$-67M	$-113M	$-45M	·	$-53M	$-59M	$-57M	·	$-147M
Market Cap	$191M	$219M	·	$502M	$353M	·	·	$629M	$658M	$909M	·	$683M	$762M	$637M	·	$393M
Enterprise Value	·	·	·	·	·	·	·	·	·	·	·	$391M	·	·	·	$215M
P/E	-2.6	-3.4	·	-11.4	-7.4	-4.4	·	-9.2	-5.8	-19.6	·	-12.5	-12.7	-10.8	·	-2.4
P/S	3.8	2.9	·	4.3	2.4	·	·	3.6	4.6	5.2	·	4.6	5.8	5.1	·	7.6
P/B	1.1	1.1	·	2.2	1.5	·	·	2.4	2.5	3.4	·	2.4	2.7	1.9	·	2.7
P / Tangible Book	1.1	1.1	·	2.2	1.5	·	·	2.4	2.5	3.4	·	2.4	2.7	1.9	·	2.7
P / Cash Flow	·	-11.3	·	·	·	·	·	·	·	-163.6	·	·	·	-17.7	·	·
P / FCF	·	-11.3	·	·	·	·	·	·	·	-156.8	·	·	·	-17.4	·	·
EV / EBITDA	·	·	·	·	·	·	·	·	·	·	·	-20.2	·	·	·	-5.8
EV / Revenue	·	·	·	·	·	·	·	·	·	·	·	2.6	·	·	·	4.2
Earnings Yield	-39.0%	-29.8%	·	-8.7%	-13.5%	-22.9%	·	-10.8%	-17.4%	-5.1%	·	-8.0%	-7.9%	-9.3%	·	-41.4%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$82M	$152M	$167M	$206M	$12M
Operating Margin %	-93.0%	-62.8%	-46.9%	5.9%	-1641.3%
Net Income	$-66M	$-81M	$-30M	$9M	$-204M
Diluted EPS	$-2.40	$-3.00	$-1.12	$0.35	$-7.74

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	—	—	—	0.2	0.3
Current Ratio	6.6	4.7	4.7	3.2	3.8
Quick Ratio	6.5	3.7	4.0	3.1	3.8

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-75M	$-60M	$-21M	$24M	$-138M

Latest News Recent headlines mentioning this company

Arcutis Stock Up 65% as Director Sells 10,000 Shares Under 10b5-1 Plan. Here's What Investors Should Know Nasdaq · 4 months, 1 week ago
These Are the Only 3 Stocks That Cathie Wood Bought Last Week Nasdaq · 4 months, 3 weeks ago

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Institutional owners (13F) 148 filers · $152.4M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
26 (+1 vs prior Q)	8 (-14 vs prior Q)	51 (+4 vs prior Q)	38 (+3 vs prior Q)	+2.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
FEDERATED HERMES, INC.	$22,200,461	3,303,640	14.57%	Shares
ARK Investment Management LLC	$19,498,987	2,901,635	12.80%	Shares
Sumitomo Mitsui Trust Group, Inc.	$13,192,187	1,963,123	8.66%	Shares
Amova Asset Management Americas, Inc.	$13,135,069	1,960,458	8.62%	Shares
VANGUARD GROUP INC	$11,717,311	1,911,470	7.69%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$7,492,504	1,114,956	4.92%	Shares
TWO SIGMA INVESTMENTS, LP	$7,332,441	1,091,137	4.81%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$6,394,584	951,575	4.20%	Shares
AQR CAPITAL MANAGEMENT LLC	$4,446,893	661,740	2.92%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$4,351,274	647,511	2.86%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$4,002,697	595,496	2.63%	Shares
STATE STREET CORP	$3,827,699	569,598	2.51%	Shares
TWO SIGMA ADVISERS, LP	$3,132,694	511,043	2.06%	Shares
Empire Life Investments Inc.	$2,460,978	366,217	1.62%	Shares
MILLENNIUM MANAGEMENT LLC	$2,264,613	336,996	1.49%	Shares
BNP PARIBAS FINANCIAL MARKETS	$1,759,222	261,789	1.15%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$1,556,540	231,628	1.02%	Shares
Point72 Asset Management, L.P.	$1,556,231	231,582	1.02%	Shares
HEARTLAND ADVISORS INC	$1,473,696	219,300	0.97%	Shares
HAP Trading, LLC	$1,421,727	77,142	0.93%	Shares
DIMENSIONAL FUND ADVISORS LP	$1,347,541	200,527	0.88%	Shares
GOLDMAN SACHS GROUP INC	$1,206,065	179,474	0.79%	Shares
VANGUARD FIDUCIARY TRUST CO	$1,169,603	174,048	0.77%	Shares
BlackRock, Inc.	$1,091,268	162,391	0.72%	Shares
Jump Financial, LLC	$928,765	138,209	0.61%	Shares
D. E. Shaw & Co., Inc.	$879,608	130,894	0.58%	Shares
IQ EQ FUND MANAGEMENT (IRELAND) Ltd	$849,341	126,390	0.56%	Shares
Quantinno Capital Management LP	$577,080	85,875	0.38%	Shares
Belmont Capital, LLC	$520,400	40,000	0.34%	Shares
AMERICAN CENTURY COMPANIES INC	$439,226	65,361	0.29%	Shares
AMERIPRISE FINANCIAL INC	$438,627	65,272	0.29%	Shares
HSBC HOLDINGS PLC	$393,713	56,895	0.26%	Shares
Squarepoint Ops LLC	$337,700	50,253	0.22%	Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	$320,766	47,733	0.21%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$319,583	47,557	0.21%	Shares
Y-Intercept (Hong Kong) Ltd	$290,916	43,291	0.19%	Shares
WOLVERINE TRADING, LLC	$274,376	14,610	0.18%	Shares
ALLIANCEBERNSTEIN L.P.	$272,362	35,280	0.18%	Shares
nVerses Capital, LLC	$261,743	38,950	0.17%	Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	$245,280	36,500	0.16%	Shares
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	$228,816	34,050	0.15%	Shares
WOLVERINE TRADING, LLC	$225,360	12,000	0.15%	Put option
Bank of New York Mellon Corp	$221,283	32,929	0.15%	Shares
RHUMBLINE ADVISERS	$214,271	31,887	0.14%	Shares
XTX Topco Ltd	$196,775	29,282	0.13%	Shares
DEUTSCHE BANK AG\	$194,840	28,994	0.13%	Shares
ALPS ADVISORS INC	$193,838	28,845	0.13%	Shares
Engineers Gate Manager LP	$193,321	28,768	0.13%	Shares
Brevan Howard Capital Management LP	$193,281	28,762	0.13%	Shares
TritonPoint Partners, LLC	$189,411	28,186	0.12%	Shares
Allspring Global Investments Holdings, LLC	$185,815	27,651	0.12%	Shares
Green Alpha Advisors, LLC	$182,052	27,091	0.12%	Shares
Schonfeld Strategic Advisors LLC	$176,835	26,315	0.12%	Shares
HAP Trading, LLC	$175,170	66,400	0.11%	Put option
MGO ONE SEVEN LLC	$166,575	24,788	0.11%	Shares
MERCER GLOBAL ADVISORS INC /ADV	$161,320	24,006	0.11%	Shares
Apollon Wealth Management, LLC	$157,470	23,433	0.10%	Shares
BANK OF AMERICA CORP /DE/	$151,207	22,501	0.10%	Shares
AlphaQuest LLC	$145,447	23,727	0.10%	Shares
RENAISSANCE TECHNOLOGIES LLC	$143,808	21,400	0.09%	Shares
Mariner, LLC	$138,132	20,555	0.09%	Shares
Walleye Capital LLC	$129,851	19,323	0.09%	Shares
FMR LLC	$129,642	19,292	0.09%	Shares
Freestone Capital Holdings, LLC	$125,362	18,655	0.08%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$122,976	18,300	0.08%	Put option
AXQ CAPITAL, LP	$122,821	18,277	0.08%	Shares
COMMONWEALTH EQUITY SERVICES, LLC	$119,220	17,741	0.08%	Shares
Abel Hall, LLC	$108,474	16,142	0.07%	Shares
Susquehanna Portfolio Strategies, LLC	$105,706	15,730	0.07%	Shares
MetLife Investment Management, LLC	$103,260	15,366	0.07%	Shares
Dynamic Technology Lab Private Ltd	$102,000	15,177	0.07%	Shares
JANE STREET GROUP, LLC	$100,867	15,010	0.07%	Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	$92,576	13,282	0.06%	Shares
DIVERSIFY WEALTH MANAGEMENT, LLC	$90,922	15,785	0.06%	Shares
Diversify Advisory Services, LLC	$90,922	15,785	0.06%	Shares
Formidable Asset Management, LLC	$90,324	11,700	0.06%	Shares
BARCLAYS PLC	$88,072	13,106	0.06%	Shares
Quadrature Capital Ltd	$87,864	13,075	0.06%	Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$82,932	12,341	0.05%	Shares
TWO SIGMA SECURITIES, LLC	$79,726	11,864	0.05%	Shares
Inscription Capital, LLC	$79,121	11,774	0.05%	Shares
Arax Advisory Partners	$78,698	11,711	0.05%	Shares
CITIGROUP INC	$77,146	11,480	0.05%	Shares
Walleye Capital LLC	$75,936	11,300	0.05%	Call option
JPMORGAN CHASE & CO	$75,770	11,110	0.05%	Shares
CWM, LLC	$71,981	9,324	0.05%	Shares
Jain Global LLC	$67,771	10,085	0.04%	Shares
Invesco Ltd.	$67,395	10,029	0.04%	Shares
RAYMOND JAMES FINANCIAL INC	$58,827	8,754	0.04%	Shares
Vanguard Global Advisers, LLC	$57,167	8,507	0.04%	Shares
NEW YORK STATE COMMON RETIREMENT FUND	$57,100	8,497	0.04%	Shares
Police & Firemen's Retirement System of New Jersey	$46,751	6,957	0.03%	Shares
China Universal Asset Management Co., Ltd.	$30,401	4,524	0.02%	Shares
NORTHERN TRUST CORP	$25,516	3,797	0.02%	Shares
NISA INVESTMENT ADVISORS, LLC	$22,176	3,300	0.01%	Shares
Nuveen Asset Management, LLC	$19,227	1,133	0.01%	Shares
MARSHALL WACE, LLP	$16,417	2,443	0.01%	Shares
Integrated Wealth Concepts LLC	$15,705	2,337	0.01%	Shares
Ameritas Investment Partners, Inc.	$15,570	2,317	0.01%	Shares
Legal & General Group Plc	$15,483	2,304	0.01%	Shares

Company insiders 17 insiders · 8 officers · 11 directors

Insider	Role	Last activity	Shares owned	Buys 12m	Net 12m
Joseph E Payne	President and CEO	Dec. 17, 2025 A	1,480,097	0	$0
Dennis Mulroy	Chief Financial Officer	May 1, 2026 A	—	0	$0
Andy Sassine	Chief Financial Officer	Aug. 15, 2025 P	221,764	2	$41,002
Pad Chivukula	Chief Scientific Officer & COO	Dec. 17, 2025 A	435,334	0	$0
Joseph Roberts	Controller	Dec. 17, 2025 A	—	0	$0
Lance Kurata	Chief Legal Officer	Dec. 17, 2025 A	—	0	$0
Keith C Kummerfeld	Senior Vice President of Finance (Principal Accounting Officer)	Dec. 15, 2023 A	950	0	$0
Steven George Hughes	Chief Development Officer	Dec. 18, 2020 A	—	0	$0
Jing L. Marantz	Director	June 5, 2026 A	3,131	0	$0
John Markels	Director	June 5, 2026 A	3,131	0	$0
Moncef Slaoui	Director	June 5, 2026 A	—	0	$0
Magda Marquet	Director	June 5, 2026 A	3,131	0	$0
Edward W Holmes	Director	June 5, 2026 A	3,131	0	$0
James F Barlow	Director	June 5, 2026 A	13,131	0	$0
FARRELL PETER C	Director	June 5, 2026 A	55,741	0	$0
Ultragenyx Pharmaceutical Inc.	Director	Aug. 11, 2021 S	1,400,000	0	$0
Karah Herdman Parschauer	Director	June 18, 2021 A	—	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 1 position

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Ultragenyx Pharmaceutical Inc. ×5 filings	Oct. 26, 2021	—	Initial filing	—	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 30 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
ARKG · ARK ETF Trust	1.96%	2,809,043 NS	April 30, 2026	N-PORT
SBIO · ALPS ETF Trust	0.14%	29,289 NS	May 31, 2026	N-PORT
IWC · iShares Trust	0.04%	90,153 SH	Aug. 8, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.02%	92,163 SH	Aug. 8, 2026	Daily
AVSC · AMERICAN CENTURY ETF TRUST	0.02%	56,780 NS	May 31, 2026	N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust …	0.01%	1,526 SH	Aug. 8, 2026	Daily
IBB · iShares Trust	0.01%	189,898 SH	Aug. 8, 2026	Daily
BIB · ProShares Trust	0.01%	1,052 NS	May 31, 2026	N-PORT
IWN · iShares Trust	0.01%	251,572 SH	Aug. 8, 2026	Daily
GSSC · Goldman Sachs ETF Trust	0.01%	12,950 NS	May 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.01%	153,611 SH	Aug. 8, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.01%	23,343 SH	Aug. 8, 2026	Daily
RSSL · Global X Funds	0.01%	11,122 NS	April 30, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.01%	94,563 NS	April 30, 2026	N-PORT
IWM · iShares Trust	0.01%	697,947 SH	Aug. 8, 2026	Daily
ITWO · ProShares Trust	0.01%	1,247 NS	May 31, 2026	N-PORT
SCHA · SCHWAB STRATEGIC TRUST	0.00%	131,117 NS	May 31, 2026	N-PORT
UWM · ProShares Trust	0.00%	976 NS	May 31, 2026	N-PORT
URTY · ProShares Trust	0.00%	985 NS	May 31, 2026	N-PORT
HDG · ProShares Trust	0.00%	25 NS	May 31, 2026	N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.00%	730 NS	May 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	24,073 NS	April 30, 2026	N-PORT
SCHB · SCHWAB STRATEGIC TRUST	0.00%	25,985 NS	May 31, 2026	N-PORT
AVUS · AMERICAN CENTURY ETF TRUST	0.00%	6,635 NS	May 31, 2026	N-PORT
IWV · iShares Trust	0.00%	8,928 SH	Aug. 8, 2026	Daily
DFAU · Dimensional ETF Trust	0.00%	3,714 NS	April 30, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.00%	293,104 SH	Aug. 8, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	797,154 SH	Aug. 8, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	2,156 SH	Aug. 8, 2026	Daily
VHT · VANGUARD WORLD FUND	0.00%	71,680 SH	Aug. 8, 2026	Daily

ARCT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

ARCT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

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10-Year Performance Revenue, net income, margins and EPS trends

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Financial Health Debt, liquidity, solvency — balance sheet strength

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

ARCT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

12-Month Price Target

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Latest News Recent headlines mentioning this company

My Metrics Your personal watchlist — selected rows from Full Fundamentals

Institutional owners (13F) 148 filers · $152.4M total · As of June 30, 2026

Company insiders 17 insiders · 8 officers · 11 directors

Activists & 5%+ owners 1 position

ETF ownership Held by 30 ETFs