ARCT - Why Shares of Arcturus Therapeutics Dropped on Tuesday
2023-08-08 14:39:05 ET
Shares of Arcturus Therapeutics (NASDAQ: ARCT) fell more than 18% as of 2:15 p.m. ET on Tuesday. The clinical-stage biotech company announced second-quarter earnings after the markets closed on Monday. The stock is still up more than 52% this year.
Arcturus focuses on messenger RNA (mRNA) techniques to develop vaccines and treatments for infectious diseases. The company has several late-stage candidates in its pipeline and its revenue is primarily from collaborations. In the quarter, the company reported revenue of $10.5 million, down 61.3% year over year. Arcturus said it also had a net loss of $52.6 million, or $1.98 in earnings per share (EPS), compared with a net loss of $21.6 million, or an EPS loss of $0.82, in the same period a year ago.
The company said the decrease in revenue was due to the end of an agreement with Vinbiocare and a decrease in revenue related to an agreement with the Israeli Ministry of Health. The company said it had $380.6 million in cash as of June 30, enough to fund operations through the beginning of 2026.
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Why Shares of Arcturus Therapeutics Dropped on Tuesday