ARCT - Arcturus Therapeutics up 21% after hours on quarterly beats cash runway extension
2023-03-28 18:08:06 ET
- A combination of quarterly results beating on the top and bottom lines and an extension of its cash runway into 2026 has propelled Arcturus Therapeutics ( NASDAQ: ARCT ) ~21% higher in after-hours trading.
- The runway extension is due to the elimination of $33.3M in non-recourse debt to Singapore.
- In Q4 2022 , Arcturus ( ARCT ) swung to net income of ~$117.3M from a net loss of ~$38.7M in the year-ago period ($4.33 per share diluted vs. -$1.47).
- Arcturus ( ARCT ) was helped in the quarter by ~$160M in collaboration revenue due to its partnership with CSL Seqirus. The companies are developing mRNA vaccines together.
- The company ended 2022 with cash and cash equivalents of $391.9M, compared to $370.5M at the end of of 2021.
- Read why Seeking Alpha contributor Nelson Alves initiated Arcturus ( ARCT ) with a buy.
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Arcturus Therapeutics up 21% after hours on quarterly beats, cash runway extension