Arcturus Therapeutics (ARCT)

Executive Summary

Arcturus Therapeutics is a commercial-stage mRNA medicines company with an approved COVID-19 vaccine (ARCT-154) generating revenue in Japan and other markets. The company leverages its proprietary LUNAR® lipid delivery and self-amplifying mRNA (saRNA) platforms to build a diversified pipeline targeting infectious diseases and rare conditions. Key late-stage programs include ARCT-810 for ornithine transcarbamylase (OTC) deficiency (Phase 2 recruiting, completion September 2026) and ARCT-032 for cystic fibrosis (Phase 2 recruiting, completion December 2025). Additionally, the company has completed Phase 1/2 trials for COVID-19 boosters and an influenza vaccine candidate. Upcoming catalysts center on data readouts from the rare disease pipeline, which could validate the saRNA platform beyond vaccines. Positive Phase 2 results for ARCT-810 or ARCT-032 would be transformative, potentially opening new therapeutic areas. The company also continues to pursue regulatory expansions for its COVID-19 vaccine in additional geographies. With a commercial foothold and a pipeline targeting high unmet needs, Arcturus represents a speculative opportunity with significant upside from pipeline progress.

Upcoming Catalysts (preview)

• Q3 2026ARCT-810 Phase 2 top-line data for OTC deficiency60% success
• Q2 2026ARCT-032 Phase 2 data for cystic fibrosis50% success
• TBDRegulatory approval for COVID-19 vaccine in additional countries40% success