ARCT Arcturus Therapeutics Holdings Inc. - Common Stock
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 6, 2026
$13.03
· of 52w range
· above low
· to high
$5.5052w low
$24.1752w high
Market Cap (MRQ)
$370M
P/E (TTM)
-3.9
EPS (TTM)
$-3.33
Revenue (TTM)
$29M
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52W Range
$6–$24
Analyst Rating
BUY
Price Target
$23
P/E
-3.9
ROE
-46.3%
Net Profit Margin
-317.6%
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ARCT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$13.03
Market Cap (MRQ)
$370M
P/E (TTM)
-3.9
EPS (TTM)
$-3.33
Revenue (TTM)
$29M
ROE (TTM)
-46.3%
52W Range
$6–$24
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Stock splits
| Ex-date | Split | Type |
|---|---|---|
| Nov. 16, 2017 | 1-for-7 | Reverse |
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$82M2018-12-31 → 2025-12-31
EPS$-2.402021-12-31 → 2025-12-31
Free Cash Flow$-75M2019-12-31 → 2025-12-31
Net margin-317.6%2019-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | ARCT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -3.95Y avg ≈1.5 | ≈1.5 | · | · | |
| P/S (TTM) | 12.65Y avg ≈18.3 | ≈18.3 | 6.5 | Fair value | |
| P/B (MRQ) | 2.25Y avg ≈2.3 | ≈2.3 | 2.7 | Undervalued | |
| Price / FCF (TTM) | -5.15Y avg ≈-7.7 | ≈-7.7 | · | · | |
| Price / Cash Flow (TTM) | -5.15Y avg ≈-10.0 | ≈-10.0 | · | · | |
| Price / Tangible Book | 1.75Y avg ≈2.3 | ≈2.3 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | ARCT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | -348.3%5Y avg ≈-367.6% | ≈-367.6% | -246.3% | Weak | |
| EBITDA Margin | -93.0%5Y avg ≈-367.6% | ≈-367.6% | -245.4% | Weak | |
| Pretax Margin | -80.2%5Y avg ≈-358.6% | ≈-358.6% | -245.7% | Weak | |
| Net Profit Margin (TTM) | -317.6%5Y avg ≈-358.9% | ≈-358.9% | -459.6% | Weak | |
| ROA (TTM) | -35.0%5Y avg ≈-18.7% | ≈-18.7% | -30.6% | Top tier | |
| ROE (TTM) | -46.3%5Y avg ≈-30.3% | ≈-30.3% | -39.5% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | ARCT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 5.95Y avg ≈4.6 | ≈4.6 | 5.8 | In line | |
| Quick Ratio | 6.55Y avg ≈4.2 | ≈4.2 | 3.3 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | ARCT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -46.1%5Y avg ≈304.5% | ≈304.5% | · | · | |
| Revenue CAGR 3Y | -26.4%5Y avg ≈88.0% | ≈88.0% | · | · | |
| Revenue CAGR 5Y | 53.8% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | ARCT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.35Y avg ≈0.3 | ≈0.3 | 0.2 | Top tier | |
| Receivables Turnover | 17.25Y avg ≈21.4 | ≈21.4 | 7.9 | Top tier | |
| Revenue / Employee | ≈$773.9K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
26.1%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $-0.84 | $-1.02 | 17.5% |
| March 31, 2026 | May 11, 2026 | $-0.95 | $-1.11 | 14.4% |
| Dec. 31, 2025 | $-1.03 | $-0.73 | -41.6% | |
| Sept. 30, 2025 | $-0.49 | $-0.84 | 41.6% | |
| June 30, 2025 | $-0.34 | $-0.91 | 62.6% | |
| March 31, 2025 | $-0.52 | $-1.36 | 61.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 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
| Metric | Trend | 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
| Metric | Trend | 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
| Metric | Trend | 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
| Metric | Trend | 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
| 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
| Metric | Trend | 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
| Metric | Trend | 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)
| Metric | Trend | 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
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | · | 27,188,000 | 27,129,000 | 27,107,000 | · | 27,062,000 | 26,967,000 | 26,879,000 | · | 26,574,000 | 26,563,000 | 26,555,000 | · | 26,467 | |
| Shares (Diluted) | 28,423,000 | 28,421,000 | · | 27,188,000 | 27,129,000 | 27,107,000 | · | 27,062,000 | 26,967,000 | 26,879,000 | · | 26,574,000 | 26,563,000 | 27,149,000 | · | 26,467 | |
| EBITDA | $-26M | $-29M | · | $-17M | $-12M | $-17M | · | $-11M | $-21M | $-30M | · | $-19M | $-55M | $15M | · | $-37M |
Balance Sheet
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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
| 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
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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) | $-3.33 | $-2.83 | · | $-2.45 | $-2.22 | $-2.52 | · | $-2.30 | $-2.65 | $-3.99 | · | $3.72 | $3.00 | $4.16 | · | $-5.56 |
Valuation (TTM)
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $29M | $55M | · | $98M | $122M | $144M | · | $160M | $164M | $125M | · | $296M | $264M | $281M | · | $52M | |
| Net Income TTM | $-93M | $-79M | · | $-67M | $-60M | $-68M | · | $-63M | $-72M | $-107M | · | $99M | $80M | $111M | · | $-147M | |
| Market Cap | $191M | $219M | · | $502M | $353M | · | · | $629M | $658M | $909M | · | $683M | $762M | $637M | · | $393M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $391M | · | · | · | $215M | |
| P/E | -2.0 | -2.7 | · | -7.5 | -5.9 | -4.2 | · | -10.1 | -9.2 | -8.5 | · | 6.9 | 9.6 | 5.8 | · | -2.7 | |
| P/S | 6.5 | 4.0 | · | 5.1 | 2.9 | · | · | 3.9 | 4.0 | 7.3 | · | 2.3 | 2.9 | 2.3 | · | 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 | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 1.3 | · | · | · | 4.2 | |
| Earnings Yield | -49.5% | -36.7% | · | -13.3% | -17.1% | -23.8% | · | -9.9% | -10.9% | -11.8% | · | 14.6% | 10.5% | 17.4% | · | -37.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 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 |
| Metric | 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 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-75M | $-60M | $-21M | $24M | $-138M |
Institutional owners (13F) 148 filers · $183.0M total · As of Sept. 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.
Holders
148
Value held
$183.0M
New positions
23
Exited positions
8
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 23 (-7 vs prior Q) | 8 (-14 vs prior Q) | 55 (+8 vs prior Q) | 40 (+3 vs prior Q) | +365K |
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 | 12.13% | Shares |
| ARK Investment Management LLC | $19,498,987 | 2,901,635 | 10.65% | Shares |
| BlackRock, Inc. | $17,566,162 | 2,614,012 | 9.60% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $13,192,187 | 1,963,123 | 7.21% | Shares |
| Amova Asset Management Americas, Inc. | $13,135,069 | 1,960,458 | 7.18% | Shares |
| VANGUARD GROUP INC | $12,809,499 | 2,089,641 | 7.00% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $7,492,504 | 1,114,956 | 4.09% | Shares |
| TWO SIGMA INVESTMENTS, LP | $7,332,441 | 1,091,137 | 4.01% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,394,584 | 951,575 | 3.49% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $4,662,359 | 693,660 | 2.55% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $4,536,095 | 675,014 | 2.48% | Shares |
| JACOBS LEVY EQUITY MANAGEMENT, INC | $4,351,274 | 647,511 | 2.38% | Shares |
| STATE STREET CORP | $3,827,699 | 569,598 | 2.09% | Shares |
| UBS Group AG | $3,297,047 | 490,632 | 1.80% | Shares |
| TWO SIGMA ADVISERS, LP | $3,132,694 | 511,043 | 1.71% | Shares |
| D. E. Shaw & Co., Inc. | $2,636,646 | 392,358 | 1.44% | Shares |
| Empire Life Investments Inc. | $2,460,978 | 366,217 | 1.34% | Shares |
| MILLENNIUM MANAGEMENT LLC | $2,264,613 | 336,996 | 1.24% | Shares |
| GOLDMAN SACHS GROUP INC | $2,082,279 | 309,863 | 1.14% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $1,759,222 | 261,789 | 0.96% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1,556,540 | 231,628 | 0.85% | Shares |
| Point72 Asset Management, L.P. | $1,556,231 | 231,582 | 0.85% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,487,478 | 221,322 | 0.81% | Shares |
| HEARTLAND ADVISORS INC | $1,473,696 | 219,300 | 0.81% | Shares |
| HAP Trading, LLC | $1,421,727 | 77,142 | 0.78% | Shares |
| NORTHERN TRUST CORP | $1,374,765 | 204,578 | 0.75% | Shares |
| JPMORGAN CHASE & CO | $1,334,701 | 195,704 | 0.73% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,169,603 | 174,048 | 0.64% | Shares |
| Jump Financial, LLC | $928,765 | 138,209 | 0.51% | Shares |
| IQ EQ FUND MANAGEMENT (IRELAND) Ltd | $849,341 | 126,390 | 0.46% | Shares |
| Invesco Ltd. | $700,144 | 104,188 | 0.38% | Shares |
| MORGAN STANLEY | $654,568 | 97,406 | 0.36% | Shares |
| Quantinno Capital Management LP | $577,080 | 85,875 | 0.32% | Shares |
| Bank of New York Mellon Corp | $539,711 | 80,314 | 0.29% | Shares |
| Belmont Capital, LLC | $520,400 | 40,000 | 0.28% | Shares |
| MARSHALL WACE, LLP | $519,247 | 77,269 | 0.28% | Shares |
| Russell Investments Group, Ltd. | $510,070 | 75,903 | 0.28% | Shares |
| AMERICAN CENTURY COMPANIES INC | $439,226 | 65,361 | 0.24% | Shares |
| AMERIPRISE FINANCIAL INC | $438,694 | 65,282 | 0.24% | Shares |
| HSBC HOLDINGS PLC | $393,713 | 56,895 | 0.22% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $386,266 | 57,480 | 0.21% | Shares |
| Nuveen, LLC | $353,082 | 52,542 | 0.19% | Shares |
| Squarepoint Ops LLC | $337,700 | 50,253 | 0.18% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $319,583 | 47,557 | 0.17% | Shares |
| Y-Intercept (Hong Kong) Ltd | $290,916 | 43,291 | 0.16% | Shares |
| CITADEL ADVISORS LLC | $275,157 | 40,946 | 0.15% | Shares |
| WOLVERINE TRADING, LLC | $274,376 | 14,610 | 0.15% | Shares |
| ALLIANCEBERNSTEIN L.P. | $272,362 | 35,280 | 0.15% | Shares |
| nVerses Capital, LLC | $261,743 | 38,950 | 0.14% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $245,280 | 36,500 | 0.13% | Shares |
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.
Company insiders 17 insiders · 8 officers · 11 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Joseph E Payne | President and CEO | Dec. 17, 2025 A | 1,480,097 | 0 | 0 | $0 |
| Dennis Mulroy | Chief Financial Officer | May 1, 2026 A | · | 0 | 0 | $0 |
| Andy Sassine | Chief Financial Officer | Aug. 15, 2025 P | 221,764 | 0 | 0 | $0 |
| Pad Chivukula | Chief Scientific Officer & COO | Dec. 17, 2025 A | 435,334 | 0 | 0 | $0 |
| Joseph Roberts | Controller | Dec. 17, 2025 A | · | 0 | 0 | $0 |
| Lance Kurata | Chief Legal Officer | Dec. 17, 2025 A | · | 0 | 0 | $0 |
| Keith C Kummerfeld | Senior Vice President of Finance (Principal Accounting Officer) | Dec. 15, 2023 A | 950 | 0 | 0 | $0 |
| Steven George Hughes | Chief Development Officer | Dec. 18, 2020 A | · | 0 | 0 | $0 |
| Jing L. Marantz | Director | June 5, 2026 A | 3,131 | 0 | 0 | $0 |
| John Markels | Director | June 5, 2026 A | 3,131 | 0 | 0 | $0 |
| Moncef Slaoui | Director | June 5, 2026 A | · | 0 | 0 | $0 |
| Magda Marquet | Director | June 5, 2026 A | 3,131 | 0 | 0 | $0 |
| Edward W Holmes | Director | June 5, 2026 A | 3,131 | 0 | 0 | $0 |
| James F Barlow | Director | June 5, 2026 A | 13,131 | 0 | 0 | $0 |
| FARRELL PETER C | Director | June 5, 2026 A | 55,741 | 0 | 0 | $0 |
| Ultragenyx Pharmaceutical Inc. | Director | Aug. 11, 2021 S | 1,400,000 | 0 | 0 | $0 |
| Karah Herdman Parschauer | Director | June 18, 2021 A | · | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 19 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 | 1.01% | 2,741,123 NS | July 31, 2026 | N-PORT |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.34% | 103,526 SH | Oct. 2, 2026 | Daily |
| IWC · iShares Trust | 0.09% | 91,378 SH | Sept. 11, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.05% | 90,471 SH | Oct. 2, 2026 | Daily |
| IBB · iShares Trust | 0.03% | 202,701 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.03% | 2,039 SH | Oct. 2, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 699,366 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.01% | 153,611 SH | Aug. 19, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.01% | 23,343 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 12,811 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 9,028 SH | Sept. 11, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.00% | 14,428 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 24,073 NS | July 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 3,714 NS | July 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 293,104 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 797,154 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,156 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.00% | 71,680 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 252,542 SH | Sept. 11, 2026 | Daily |
ARCT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 18 analysts
BUY
Median target
$20.00
+53.5%
5 27.8%
Strong Buy
9 50.0%
Buy
4 22.2%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
10 analysts · 2026-10-03Mean target $23.20 +78.1%
Now
Current price $13.03
Low$9.00
Mean$23.20
High$41.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| ARCT | $174M | -2.6 | -46.1% | -80.2% | -29.6% | · |
| XFOR | $364M | -2.1 | 150.0% | -1218.5% | -83.2% | · |
| RCEL | $105M | -2.0 | 11.5% | -67.8% | 328.9% | 82.1% |
| ENTA | $256M | -3.1 | -3.4% | -125.4% | -103.5% | · |
| FENC | $263M | -22.6 | -6.1% | -21.8% | -69.6% | · |
| CYPH | $97M | 16.6 | · | · | 6.1% | · |
| SRZN | · | · | · | · | · | · |
| ZNTL | $93M | -0.7 | · | · | -49.5% | · |
| OCGN | $422M | -5.6 | 8.8% | -1537.4% | 1488.8% | · |
Latest News Recent headlines mentioning this company
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Source: SEC 10-Q filed Aug 6, 2026