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CST: 22/11/2019 09:11:59   

Arcturus Therapeutics Announces Third Quarter Financial Results and Provides Corporate Update

14 Days ago

SAN DIEGO, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Arcturus Therapeutics Holdings Inc. (“Arcturus Therapeutics”) (NASDAQ: ARCT), a leading messenger RNA medicines company focused on the discovery, development and commercialization of therapeutics for rare diseases, today reported its financial results for the three- and nine-month periods ended September 30, 2019 and provided a corporate update.

Highlights

  • IND application for ARCT-810, a treatment of ornithine transcarbamylase (OTC) deficiency, is on track for Q1 2020 filing
  • Expanded platform with STARR technology™ to enable LUNAR® formulated RNA-based vaccines
  • Raised $23 Million from institutional investors at $11.50 per share of Common Stock  
  • Strengthened the Board of Directors with the addition of Edward W. Holmes, M.D.

“We continue to develop our LUNAR® delivery and mRNA technology platforms, strengthening our leadership position in mRNA medicines. Our flagship program, ARCT-810, remains on track – we have completed the in-life phase of the IND-enabling toxicology studies to support First-in-Human clinical trials, and plan to file an IND application during the first quarter of 2020,” said Joseph Payne, President and Chief Executive Officer of Arcturus. “Earlier this morning, we announced the expansion of our technology platform to include self-replicating RNA (STARR technology™) for human and animal health vaccine applications. Furthermore, we have successfully raised significant capital from institutional and strategic investors to fund our operations into 2021,” concluded Payne.

Financial Results for the Third quarter Ended September 30, 2019
Revenues in conjunction with strategic alliances and collaborations : Collaboration revenue was $3.3 million during the quarter ended September 30, 2019, compared to $3.4 million in the quarter ended September 30, 2018.

Operating Expenses : Operating expenses were $10.9 million in the quarter ended September 30, 2019, compared to $7.8 million in the quarter ended September 30, 2018.

Net Loss : Net loss for the quarter ended September 30, 2019 was approximately $7.4 million, or ($0.56) per basic and diluted share, compared with a net loss of $4.3 million, or ($0.42) per basic and diluted share, in the quarter ended September 30, 2018.

Cash : At September 30, 2019, Arcturus had cash and cash equivalents totaling $74.2 million, compared to cash and cash equivalents of $36.7 million at December 31, 2018. Subsequent to the end of the fiscal quarter we received approximately $7.0 million as a result of increasing our bank facility and an insurance settlement. This provides adequate funding to support the Company’s current programs through at least the first quarter of 2021.

Financial Results for the Nine months Ended September 30, 2019
Revenues in conjunction with strategic alliances and collaborations : Collaboration revenue was $17.8 million during the nine months ended September 30, 2019, compared to $8.2 million in the nine months ended September 30, 2018.

Operating expenses : Operating expenses were $32.5 million in the nine months ended September 30, 2019, compared to $29.3 million in the nine months ended September 30, 2018.

Net Loss : Net loss for the nine-month period ended September 30, 2019 was approximately $15.0 million, or ($1.18) per basic and diluted share, compared with a net loss of $20.8 million, or ($2.07) per basic and diluted share, in the nine-month period ended September 30, 2018.

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About Arcturus Therapeutics
Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is an RNA medicines company with enabling technologies – LUNAR® lipid-mediated delivery, Unlocked Nucleomonomer Analog (UNA) chemistry, STARR technology™ – and mRNA drug substance along with drug product manufacturing. Arcturus’ diverse pipeline of RNA therapeutics includes programs to potentially treat Ornithine Transcarbamylase (OTC) Deficiency, Cystic Fibrosis, Glycogen Storage Disease Type 3, Hepatitis B, and non-alcoholic steatohepatitis (NASH). Arcturus’ versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, replicon RNA, antisense RNA, microRNA, DNA, and gene editing therapeutics. Arcturus’ technologies are covered by its extensive patent portfolio (177 patents and patent applications, issued in the U.S., Europe, Japan, China and other countries). Arcturus’ commitment to the development of novel RNA therapeutics has led to collaborations with Janssen Pharmaceuticals, Inc., part of the Janssen Pharmaceutical Companies of Johnson & Johnson, Ultragenyx Pharmaceutical, Inc., Takeda Pharmaceutical Company Limited, CureVac AG, Synthetic Genomics Inc. and the Cystic Fibrosis Foundation. For more information visit www.Arcturusrx.com.

Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, including those regarding strategy, future operations, collaborations, the likelihood of success of the Company’s technology or potential development of any products, the status of preclinical and clinical development programs, the planned initiation of clinical trials, the expected employment of key personnel, the adequacy of the Company’s funding relative to its capital requirements and the Company’s future cash and financial position, are forward-looking statements. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties, including those discussed under the heading “Risk Factors” in Arcturus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on March 18, 2019 and in subsequent filings with, or submissions to, the SEC. Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward- looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.

Contact
Neda Safarzadeh
Arcturus Therapeutics
(858) 900-2682
IR@ArcturusRx.com

Arcturus Investor Contacts
Michael Wood
LifeSci Advisors LLC
(646) 597-6983
mwood@lifesciadvisors.com

ARCTURUS THERAPEUTICS HOLDINGS INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In U.S. dollars in thousands, except par value information)

  September 30,
2019
  December 31,
2018
  (unaudited)      
Assets          
Current assets:          
Cash and cash equivalents $ 74,172   $ 36,709
Accounts receivable   2,625     4,481
Prepaid expenses and other current assets   2,611     638
Total current assets   79,408     41,828
Property and equipment, net   2,073     1,975
Operating lease right-of-use asset, net   5,324    
Equity-method investment   303     288
Non-current restricted cash   107     107
Total assets $ 87,215   $ 44,198
Liabilities and shareholders’ equity          
Current liabilities:          
Accounts payable $ 4,013   $ 2,398
Accrued liabilities   6,676     3,907
Deferred revenue   10,999     6,272
Total current liabilities   21,688     12,577
Deferred revenue, net of current portion   14,551     7,534
Long-term debt   10,016     9,911
Operating lease liability, net of current portion   5,065    
Deferred rent       534
Total liabilities   51,320     30,556
Total stockholders’ equity   35,895     13,642
Total liabilities and stockholders’ equity $ 87,215   $ 44,198
           

ARCTURUS THERAPEUTICS HOLDINGS INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
U.S. dollars in thousands (except per share data)

  Three Months Ended     Nine Months Ended  
  September 30,     September 30,  
  2019     2018     2019     2018  
Collaboration revenue $ 3,318     $ 3,423     $ 17,821     $ 8,176  
Operating expenses:                              
Research and development, net   7,053       3,969       21,646       12,135  
General and administrative   3,881       3,810       10,871       17,141  
Total operating expenses   10,934       7,779       32,517       29,276  
Loss from operations   (7,616 )     (4,356 )     (14,696 )     (21,100 )
Gain (loss) from equity-method investment   303       (47 )     15       (47 )
Finance (expense) income, net   (120 )     150       (321 )     373  
Net loss $ (7,433 )   $ (4,253 )   $ (15,002 )   $ (20,774 )
Net loss per share, basic and diluted $ (0.56 )   $ (0.42 )   $ (1.18 )   $ (2.07 )
Weighted-average shares outstanding, basic and diluted   13,201       10,093       12,734       10,059  
Comprehensive loss:                              
Net loss $ (7,433 )   $ (4,253 )   $ (15,002 )   $ (20,774 )
Unrealized gain on short-term investments         2             7  
Comprehensive loss $ (7,433 )   $ (4,251 )   $ (15,002 )   $ (20,767 )

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