0000950170-25-034787 | 10-K | XBRL Viewer | Arcturus Therapeutics Holdings INC

Share-Based Compensation (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (in years)	5 years 10 months 17 days	6 years 14 days	6 years 18 days
Expected volatility	91.40%	76.10%	82.10%
Risk-free interest rate	4.24%	3.91%	2.93%
Grant date weighted average fair value	$ 22.62	$ 18.87	$ 15.56

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2022	Oct. 15, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation cost not yet recognized		$ 48.5
Weighted-average remaining service period		2 years 7 months 6 days
Fair value of options vested		$ 40.5	$ 35.3	$ 39.2
The total intrinsic value of options exercised		$ 3.3	$ 4.3	$ 1.6
Fair value of common stock	$ 34.92
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units granted	18,786
2019 Omnibus Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation number of shares authorized		2,000,000
2019 Omnibus Equity Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation number of shares authorized		10,750,000
2019 Omnibus Equity Incentive Plan [Member] \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		1,834,158
2021 Inducement Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reduction in number of common stock shares available for future issuance					130,000
2021 Inducement Equity Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available						1,000,000
2021 Inducement Equity Incentive Plan [Member] \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance		124,697

Fair Value Measurements	12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 4. Fair Value Measurements The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company established a fair value hierarchy based on the inputs used to measure fair value. The three levels of the fair value hierarchy are as follows: Level 1: Quoted prices in active markets for identical assets or liabilities. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which little or no market data exists and are therefore determined using estimates and assumptions developed by the Company, which reflect those that a market participant would use. The carrying value of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities and the Singapore loan approximate their respective fair values due to their relative short maturities. The carrying amounts of long-term debt for the amount drawn on the Company’s debt facility approximates fair value as the interest rate is variable and reflects current market rates. The Company's assets measured at fair value on a recurring basis consisted of money market funds. As of December 31, 2024, the Company's had money market funds with a fair value of $230.2 million, which were classified within Level 1 of the fair value hierarchy. The fair value of these financial instruments was measured based on quoted prices.

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

NOTE 4. Fair Value Measurements

The Company establishes the fair value of its assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company established a fair value hierarchy based on the inputs used to measure fair value.

The three levels of the fair value hierarchy are as follows:

Level 1: Quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

Level 3: Unobservable inputs in which little or no market data exists and are therefore determined using estimates and assumptions developed by the Company, which reflect those that a market participant would use.

The carrying value of cash, restricted cash, accounts receivable, accounts payable, accrued liabilities and the Singapore loan approximate their respective fair values due to their relative short maturities. The carrying amounts of long-term debt for the amount drawn on the Company’s debt facility approximates fair value as the interest rate is variable and reflects current market rates.

The Company's assets measured at fair value on a recurring basis consisted of money market funds. As of December 31, 2024, the Company's had money market funds with a fair value of $230.2 million, which were classified within Level 1 of the fair value hierarchy. The fair value of these financial instruments was measured based on quoted prices.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	27,000,000	26,828,000
Common stock, shares outstanding	27,000,000	26,828,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (80,941)	$ (29,725)	$ 9,349

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Payments of Operating Lease Liability

As of December 31, 2024, the remaining payments of the operating lease liability were as follows:


(in thousands)	Remaining Lease Payments
2025	$	4,811
2026		5,274
2027		4,132
2028		3,822
2029		3,937
Thereafter		11,813
Total remaining lease payments		33,789
Less: imputed interest		(5,239	)
Total operating lease liabilities	$	28,550
Weighted-average remaining lease term (in years)		7.2
Weighted-average discount rate		4.7	%

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 11. Commitments and Contingencies

Cystic Fibrosis Foundation Therapeutics Funding agreement

On September 25, 2023, the Company amended its Development Program Letter Agreement, dated May 16, 2017 and as amended July 13, 2018 and August 1, 2019, with the Cystic Fibrosis Foundation (“CFF”). Pursuant to the amendment, (i) CFF increased the amount it will award to advance LUNAR-CF to $24.6 million from approximately $15.6 million, (ii) the Company agreed to incur at least $15.0 million toward activities under the research plan. During the fourth quarter of 2023, the Company received the full payment from CFF related to the amendment. For the years ended December 31, 2024, 2023 and 2022, the Company recognized contra expense of $0.2 million, $1.4 million and $5.2 million, respectively. As of December 31, 2024, $7.4 million remained in accrued liabilities.

Leases

In October 2017, the Company entered into a non-cancellable operating lease agreement for office space adjacent to its previously occupied headquarters. The commencement of the lease began in March 2018 and the lease extends for approximately 84 months from the commencement date with a remaining lease term through March 2025. Monthly rental payments are due under the lease and there are escalating rent payments during the term of the lease. The Company is also responsible for its proportional share of operating expenses of the building and common areas. In conjunction with the new lease, the Company received free rent for four months and received a tenant improvement allowance of $0.1 million. In March 2024, the Company negotiated with the lessor to extend the lease through March 2027.

The Company entered into an irrevocable standby letter of credit with the landlord for a security deposit of $0.1 million upon executing the lease which is included (along with additional funds required to secure the letter of credit) in the balance of non-current restricted cash.

In February 2020, the Company entered into a second non-cancellable operating lease agreement for office space near its current headquarters. The lease extended for 13 months from the commencement date and included a right to extend the lease for one twelve-month period. In February 2021, the Company opted to extend the lease through March 2025 to coincide with the lease term of the Company’s headquarters. In January 2024, the Company vacated this office space with no intention of operating out of the location in the future. The Company was still engaged in the lease for the property and obligated to make the remaining lease payments through March 31, 2025, and therefore recorded an impairment loss in the amount of $1.3 million during the three months ended March 31, 2024, as there was no future economic benefit from the lease. In July 2024, the Company terminated the existing lease agreement, in accordance with its terms, thereby ending their contractual obligation to pay for the premises. As a result, no lease liability remains as of December 31, 2024.

In September 2021, the Company entered into a third non-cancellable lease agreement for office, research and development, engineering and laboratory space near its current headquarters, and such lease term commenced during the second quarter of 2022. The initial term of this lease extends ten years and eight months from the date of possession, and the Company has the right to extend the term of the lease for an additional five-year period. When the lease term was determined for the operating lease right-of-use assets and lease liabilities, the extension option for the lease was not included. The lease has a monthly base rent ranging from $0.3 million to $0.4 million which escalates over the lease term. The Company received a free rent period of four months and also pays for various operating costs, including utilities and real property taxes. The Company entered into an irrevocable standby letter of credit with the landlord for a security deposit of $2.0 million upon executing the lease which is included (along with additional funds required to secure the letter of credit) in the balance of non-current restricted cash.

Operating lease right-of-use asset and liability on the consolidated balance sheets represent the present value of remaining lease payments over the remaining lease terms. The Company does not allocate lease payments to non-lease components; therefore, payments for common-area-maintenance and administrative services are not included in the operating lease right-of-use asset and liability. The Company uses its incremental borrowing rate to calculate the present value of the lease payments, as the implicit rate in the lease is not readily determinable.

As of December 31, 2024, the remaining payments of the operating lease liability were as follows:


(in thousands)	Remaining Lease Payments
2025	$	4,811
2026		5,274
2027		4,132
2028		3,822
2029		3,937
Thereafter		11,813
Total remaining lease payments		33,789
Less: imputed interest		(5,239	)
Total operating lease liabilities	$	28,550
Weighted-average remaining lease term (in years)		7.2
Weighted-average discount rate		4.7	%

Operating lease costs consist of the fixed lease payments included in operating lease liability and are recorded on a straight-line basis over the lease terms. Operating lease costs were $4.5 million, $5.6 million and $4.7 million for the years ended December 31, 2024, 2023 and 2023, respectively.

Commitments and Contingencies (Details Textual) - USD ($) $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended			50 Months Ended
	Aug. 01, 2019	Sep. 30, 2021	Oct. 31, 2017	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 25, 2023	Feb. 29, 2020
Commitment And Contingencies [Line Items]
Operating lease costs					$ 4.5	$ 5.6	$ 4.7
February 2020 Lease Agreement [Member]
Commitment And Contingencies [Line Items]
Operating lease extended additional term									13 months
Lessee, operating leases, option to extend					the lease for one twelve-month period. In February 2021, the Company opted to extend the lease through March 2025 to coincide with the lease term of the Company’s headquarters.
Impairment loss				$ 1.3
September 2021 Lease Agreement [Member]
Commitment And Contingencies [Line Items]
Operating lease extended additional term		10 years 8 months
Lessee, operating leases, option to extend					the Company has the right to extend the term of the lease for an additional five-year period.
Security deposit		$ 2.0
October 2017 Lease Amendment [Member]
Commitment And Contingencies [Line Items]
Operating lease extended additional term			84 months
Lessee, operating lease, term of contract			4 months
Tenant improvement allowance			$ 0.1
Security deposit			$ 0.1
Underlying Agreement [Member] \| Cystic Fibrosis Foundation [Member]
Commitment And Contingencies [Line Items]
Contra expense remaining amount included in accrued expenses					$ 7.4
Contra expense included in research and development expense					$ 0.2	$ 1.4	$ 5.2
Minimum amount agreed to incur under research plan								$ 15.0
Underlying Agreement [Member] \| LUNAR-CF [Member] \| Cystic Fibrosis Foundation [Member]
Commitment And Contingencies [Line Items]
Payments for advance	$ 15.6							$ 24.6
Maximum [Member] \| September 2021 Lease Agreement [Member]
Commitment And Contingencies [Line Items]
Monthly base rent		0.4
Minimum [Member] \| September 2021 Lease Agreement [Member]
Commitment And Contingencies [Line Items]
Monthly base rent		$ 0.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Reconciliation of (Loss) Income Before Income Taxes for Domestic and Foreign Locations

A reconciliation of (loss) income before income taxes for domestic and foreign locations is as follows:


	For the Year Ended December 31,
(In thousands)	2024		2023			2022
United States	$	81,050	$	(27,890	)	$	10,644
Foreign		—		—			—
Total (loss) income before income taxes	$	81,050	$	(27,890	)	$	10,644

Summary of Reconciliation of Income Tax (Benefit) Expense

A reconciliation of income tax (benefit) expense for the years ended December 31, 2024, 2023 and 2022 is as follows:


	For the Year Ended December 31,
	2024			2023		2022
Current:
Federal	$	(11	)	$	1,246	$	1,121
State		7			589		174
Foreign		—			—		—
Total current income tax (benefit) expense	$	(4	)	$	1,835	$	1,295

Deferred:
Federal	$	—		$	—	$	—
State		—			—		—
Foreign		—			—		—
Total deferred income tax expense		—			—		—
Total income tax (benefit) expense	$	(4	)	$	1,835	$	1,295

Reconciliation of Federal Statutory Income Tax Rate to Company's Effective Income Tax Rate

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	For the Year Ended December 31,
	2024			2023			2022
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		1.9	%		1.9	%		7.2	%
Share-based compensation		(1.9	%)		(2.5	%)		16.1	%
Officers compensation		(3.4	%)		(7.4	%)		21.8	%
Research and development credits		24.0	%		20.0	%		(40.3	%)
Uncertain tax positions		(3.7	%)		(2.4	%)		9.0	%
Change in tax rate		(1.4	%)		0.2	%		(12.6	%)
Change in valuation allowance		(36.1	%)		(36.5	%)		(9.4	%)
Other		(0.2	%)		(0.3	%)		(1.0	%)
Permanent differences		(0.2	%)		(0.7	%)		0.4	%
Provision for income taxes		0.0	%		(6.7	)%		12.2	%

Significant Components of Deferred Income Taxes

The significant components of deferred income taxes are as follows:


	December 31,
(in thousands)	2024			2023
Deferred tax assets:
Net operating loss	$	25,413		$	19,147
Tax credits		27,472			10,723
Accrued liabilities		2,966			943
Deferred revenue		5,515			7,014
Inventory		—			15,961
Basis difference in equity investments		2,127			2,202
Capitalized R&D		60,104			41,971
Right-of-use lease liability		6,601			7,233
Share-based compensation		14,872			11,618
Total gross deferred tax assets		145,070			116,812
Deferred tax liabilities:
Depreciation and amortization		(858	)		(1,184	)
Right-of-use asset		(6,168	)		(6,822	)
Total gross deferred tax liabilities		(7,026	)		(8,006	)
Valuation allowance		(138,044	)		(108,806	)
Net deferred tax asset	$	—		$	—

Summary of Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits is as follows (in millions):


	December 31,
	2024		2023
Beginning balance of unrecognized tax benefits	$	3.6	$	2.9
Decrease for prior period tax positions		1.2		0.1
Increase for current period tax positions		2.0		0.6
Ending balance of unrecognized tax benefits	$	6.8	$	3.6

Share-Based Compensation (Details 1) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Shares, Outstanding	7,971,127
Number of Shares, Granted	740,594
Number of Shares, Exercised	(228,328)
Number of Shares, Forfeited/cancelled	(404,641)
Number of Shares, Outstanding	8,078,752	7,971,127
Number of Shares, Exercisable December 31, 2024	4,983,108
Number of Shares, Exercisable and expected to vest December 31, 2024	8,078,752
Weighted-Average Exercise Price, Outstanding	$ 33.55
Weighted-Average Exercise Price, Granted	22.62
Weighted-Average Exercise Price, Exercised	20.74
Weighted-Average Exercise Price, Forfeited/cancelled	42.43
Weighted-Average Exercise Price, Outstanding	32.38	$ 33.55
Weighted-Average Exercise Price, Exercisable - December 31, 2024	37.27
Weighted-Average Exercise Price, Exercisable and expected to vest -December 31, 2024	$ 32.38
Weighted-Average Remaining Contractual Term (Years), Outstanding	7 years 2 months 12 days	7 years 10 months 24 days
Weighted-Average Remaining Contractual Term (Years), Exercisable - December 31, 2024	6 years 4 months 24 days
Weighted-Average Remaining Contractual Term (Years), Exercisable and expected to vest - December 31, 2024	7 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding	$ 9,247	$ 53,295
Aggregate Intrinsic Value, Exercisable - December 31, 2024	8,796
Aggregate Intrinsic Value, Exercisable and expected to vest - December 31, 2024	$ 9,247

Income Taxes (Details Textual) - USD ($)	12 Months Ended
Income Taxes (Details Textual) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018
Income Taxes [Line Items]
Valuation allowance	$ 138,044,000	$ 108,806,000
Valuation allowance change	$ 29,200,000	10,200,000
Maximum percentage of likelihood of uncertain tax position recognized to be sustained	50.00%
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 0	$ 0	$ 0
Unrecognized tax benefits impacting effective tax rate	$ 0
Net Operating Loss and Research and Development Credit Carryforwards Limitations On Cumulative Change In Ownership Minimum Percentage	50.00%
Net Operating Loss and Research and Development Credit Carryforwards Limitations on Cumulative Change In Ownership Period	3 years
Orphan Drug Credit [Member]
Income Taxes [Line Items]
Credit Carryforward Amount	$ 4,700,000
Credit Carryforward Expiration Year	2042
Federal [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 47,500,000
Federal [Member] \| Research Tax Credit Carryforward [Member]
Income Taxes [Line Items]
Credit Carryforward Amount	$ 19,800,000
Credit Carryforward Expiration Year	2037
State [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 223,500,000			$ 400,000
Operating Loss Carryforwards Expiration Year	2039
Credit Carryforward Amount	$ 800,000
Credit Carryforward Expiration Year	2037
State [Member] \| Research Tax Credit Carryforward [Member]
Income Taxes [Line Items]
Credit Carryforward Amount	$ 11,500,000

Segment Information - Summary of Reported Segment Revenues, Segment Loss and Income, and Significant Segment Expenses (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Segment Reporting Information [Line Items]

Revenue

$ 152,310

$ 166,799

$ 205,999

Total research and development

195,156

192,133

147,751

General and administrative

52,823

52,871

46,071

Other

^[1]

(14,728)

(48,480)

2,828

Net (loss) income

(80,941)

(29,725)

9,349

LUNAR-COVID [Member]

Segment Reporting Information [Line Items]

Total research and development

70,464

81,262

65,136

LUNAR-OTC [Member]

Segment Reporting Information [Line Items]

Total research and development

9,509

9,315

8,898

BARDA [Member]

Segment Reporting Information [Line Items]

Total research and development

7,807

5,465

LUNAR-CF, Net [Member]

Segment Reporting Information [Line Items]

Total research and development

17,227

14,666

6,931

Early-Stage Programs [Member]

Segment Reporting Information [Line Items]

Total research and development

16,096

12,460

9,681

Discovery Technologies [Member]

Segment Reporting Information [Line Items]

Total research and development

6,278

6,405

6,082

Payroll and Benefits [Member]

Segment Reporting Information [Line Items]

Total research and development

57,474

50,924

42,466

Facilities and Equipment [Member]

Segment Reporting Information [Line Items]

Total research and development

$ 10,301

$ 11,636

$ 8,462

[1]	Primarily includes interest income and expense, foreign currency gains and losses, and income taxes. The year ended December 31, 2023 includes a $34.0 million gain on debt extinguishment related to forgiveness of the Singapore Loan.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Arcturus Therapeutics Holdings Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), which requires management to make estimates and assumptions regarding the valuation of certain debt and equity instruments, the equity method investment, share-based compensation, accruals for liabilities, income taxes, revenue and deferred revenue, leases, expense accruals, and other matters that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s knowledge of current events and actions the Company may undertake in the future, actual results could materially differ from those estimates.

Segment Information

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company and its chief operating decision-maker view the Company’s operations and manage its business in one operating segment, which includes all activities related to the discovery, development and commercialization of messenger RNA medicines.

Cash and Cash Equivalents

Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the date of purchase.

Restricted cash

Restricted cash includes collateral pledged and held at the Company’s securities accounts pursuant to a security agreement with Wells Fargo Bank, National Association (“Wells Fargo”) (Note 7, Debt). At December 31, 2024, such collateral amounted to $55.0 million.

Restricted cash also includes cash required to be set aside as security for lease payments and to maintain a letter of credit for the benefit of the landlord for the Company’s offices. At December 31, 2024 and 2023, the Company had restricted cash of $1.9 million in conjunction with property leases in San Diego, California, and such restriction is expected to be removed at the end of the lease term.

Fair Value Measurements

Fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs that market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available under the circumstances. The hierarchy consists of three levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs (other than quoted prices) that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Accounts Receivable

Accounts receivable are recorded at the net invoice value and are non-interest bearing. The Company considers receivables past due based on the contractual payment terms. The Company reserves for specific receivables if collectability is no longer reasonably assured. Estimates for allowances for doubtful accounts are determined based on existing contractual obligations, historical payment patterns, and individual customer circumstances. The Company reevaluates such reserves on a regular basis and adjusts its reserves as needed. Once a receivable is deemed to be uncollectible, such balance is charged against the reserve. No reserves have been recorded as of December 31, 2024 or 2023.

Concentration of Credit Risk and Significant Customers

The Company is exposed to concentrations of credit risk primarily related to cash, cash equivalents, and accounts receivable.

Cash and Cash Equivalents

The Company mitigates credit risk exposure by maintaining cash and cash equivalents only with high-credit-quality financial institutions and investing in instruments with short maturities. The Company continuously monitors counterparty risk to minimize potential financial exposure.

Accounts Receivable Concentration

As of December 31, 2024 and 2023, the Company had significant concentrations of credit risk related to accounts receivable from a limited number of customers. The following customers accounted for 10% or more of total accounts receivable in each respective period:

As of December 31, 2024:

•

BARDA – 60% of total accounts receivable

•

CSL – 20% of total accounts receivable

As of December 31, 2023:

•

CSL – 74% of total accounts receivable

•

BARDA – 23% of total accounts receivable

The Company monitors its credit exposure through regular assessments of counterparty risk and maintains ongoing collection efforts to mitigate potential credit losses.

Revenue Concentration

The Company generates a substantial portion of its revenue from a limited number of key customers. The following customers accounted for 10% or more of total revenue for each period:

For the year ended December 31, 2024:

•

CSL – 91% of total revenue

For the year ended December 31, 2023:

•

CSL – 92% of total revenue

For the year ended December 31, 2022:

•

CSL – 75% of total revenue

•

Vinbiocare – 12% of total revenue

Given this concentration, the Company’s financial performance and cash flows may be materially impacted if there are changes in demand, contract renewals, or the financial condition of these key customers. The Company continues to evaluate opportunities to expand its customer base and mitigate concentration risk over time.

Joint Ventures, Equity Method Investments and Variable Interest Entities

Investments for which the Company exercises significant influence, but does not have control are accounted for under the equity method. Equity method investment activity is related to the Company's joint venture in ARCALIS, Inc. with Axcelead, Inc. The Company’s share of the investees’ results is presented as either income or loss from equity method investees in the accompanying consolidated statements of operations and comprehensive income (loss). As of December 31, 2024, the carrying value of the equity method investment in ARCALIS remained at zero as ARCALIS' cumulative losses exceeded any gains from dilution.

Property and Equipment, net

Property and equipment are stated at cost, net of accumulated depreciation and amortization. The cost of property and equipment is depreciated or amortized using the straight-line method over the respective useful lives of the assets, ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. Long-lived assets, including property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amount of these assets may not be recoverable. The determinants used for this evaluation include management’s estimate of an asset’s ability to generate positive income from operations and positive cash flow in future periods, as well as the strategic significance of the assets to the Company’s business objectives. The Company did not recognize any impairment losses for the years ended December 31, 2024, 2023 or 2022.

Comprehensive Income/Loss

Comprehensive income/loss is defined as the change in stockholders’ equity during a period from transactions and other events and circumstances from non-owner sources. There was no other comprehensive loss or income tax effect related to unrealized losses in the years ended December 31, 2024, 2023 or 2022.

Revenue Recognition

At contract inception, the Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC Topic 808, Collaborative Arrangements (ASC 808). For collaboration arrangements within the scope of ASC 808 that contain multiple elements, the Company first determines which elements of the collaboration reflect a vendor-customer relationship and are therefore within the scope of ASC 606.

The Company determines revenue recognition for arrangements within the scope of Topic 606 by performing the following five steps: (i) identify the contract; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the company satisfies a performance obligation.

The terms of the Company’s revenue agreements include license fees, upfront payments, milestone payments, reimbursement for research and development activities, option exercise fees, consulting and related technology transfer fees and royalties on sales of commercialized products. The event-based milestone payments represent variable consideration, and the Company uses the most likely amount method to estimate this variable consideration because the Company will either receive the milestone payment or will not, which makes the potential milestone payment a binary event. The most likely amount method requires the Company to determine the likelihood of earning the milestone payment. Given the high degree of uncertainty around achievement of these milestones, the Company determines the milestone amounts to be fully constrained and does not recognize revenue until the uncertainty associated with these payments is resolved. The Company will recognize revenue from sales-based royalty payments when or as the sales occur. The Company will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur.

A performance obligation is a promise in a contract to transfer a distinct good or service to the collaborative partner and is the unit of account in Topic 606. A contract’s transaction price is allocated to each distinct performance obligation based on relative standalone selling price and recognized as revenue when, or as, the performance obligation is satisfied.

For performance obligations that are recognized over time, the Company measures the progress using an input method. The input methods used are based on the effort expended or costs incurred toward the satisfaction of the performance obligation. The Company estimates the amount of effort expended, including the time estimated it will take to complete the activities, or costs incurred in a given period, relative to the estimated total effort or costs to satisfy the performance obligation. This approach requires the Company to make numerous estimates and use significant judgment. If estimates or judgments change over the course of the collaboration, a cumulative catch up of revenue is recognized in the period such changes are identified.

See “Note 3, Revenue” for specific details surrounding the Company’s arrangements.

Grant revenue

Grant revenue consists of funding under cost reimbursement programs primarily from federal and non-profit foundation sources for qualified research and development activities performed by the Company. Such amounts are invoiced and recorded as revenue as grant-funded activities are performed, with any advance funding recorded as deferred revenue until the activities are performed.

Leases

The Company determines if an arrangement is a lease at inception. Lease right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. For operating leases with an initial term greater than 12 months, the Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of lease payments over the lease term at the commencement date. Operating lease right-of-use assets are comprised of the lease liability plus any lease payments made and excludes lease incentives. Lease terms include options to renew or terminate the lease when the Company is reasonably certain that the renewal option will be exercised or when it is reasonably certain that the termination option will not be exercised. For the Company's operating leases, if the interest rate used to determine the present value of future lease payments is not readily determinable, the Company estimates its incremental borrowing rate as the discount rate for the lease. The Company's incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in

similar economic environments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient to not separate lease and non-lease components.

See “Note 11, Commitments and Contingencies” for specific details surrounding the Company’s leases.

Research and Development Costs, net

All research and development costs are expensed as incurred. Research and development costs consist primarily of salaries, employee benefits, costs associated with preclinical studies and clinical trials (including amounts paid to clinical research organizations and other professional services), pre-launch inventory, in-process research and development expenses and license agreement expenses. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods are received or the services are performed. The Company recognizes grants that fall within the scope of ASC 808 as contra research and development expense in the consolidated statement of operations on a systematic basis over the periods in which the entity recognizes as expenses the related costs for which the grants are intended to compensate.

The Company records accruals for estimated research and development costs, comprising payments for work performed by third party contractors, laboratories, participating clinical trial sites, and others. Some of these contractors bill monthly based on actual services performed, while others bill periodically based upon achieving certain contractual milestones. For the latter, the Company accrues the expenses as goods or services are used or rendered.

Clinical trial activities performed by third parties are accrued and expensed based upon estimates of the proportion of work completed over the life of the individual clinical trial and patient enrollment rates in accordance with agreements established with Clinical Research Organizations (“CROs”) and clinical trial sites. Estimates are determined by reviewing contracts, vendor agreements and purchase orders, and through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services.

General and Administrative Costs

General and administrative expenses consist primarily of personnel-related costs, including share-based compensation, for executives, finance, legal, human resources, business development, and other administrative and operational functions, professional fees, accounting and legal services, information technology and facility-related costs, and expenses associated with obtaining and maintaining intellectual property (“IP”). These costs relate to the operation of the business, unrelated to the research and development function, or any individual program.

Pre-Launch Inventory

Prior to obtaining initial regulatory approval for an investigational product candidate, the Company expenses costs relating to production of inventory as research and development expense in its consolidated statements of operations and comprehensive income (loss), in the period incurred. When the Company believes regulatory approval and subsequent commercialization of an investigational product candidate is probable, and the Company also expects future economic benefit from the sales of the investigational product candidate to be realized, it will then capitalize the costs of production as inventory.

Share-Based Compensation

The Company records share-based compensation for equity awards granted to employees, consultants, officers and directors within general and administrative and research and development expenses on the statements of operations and comprehensive income (loss). Share-based compensation is recognized over the requisite service period of the individual awards using the straight-line attribution method, which generally equals the vesting period. Employees and officers’ stock options have a ten-year life and generally vest 25% on the first anniversary of the grant and in 1/36th equal installments on each monthly anniversary thereafter, such that options are fully vested on the four-year anniversary of the date of grant. The exercisability and vesting periods of equity awards granted to consultants and directors vary.

The fair value of stock options is estimated using a Black-Scholes valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as the fair value of the underlying common stock, expected term of the option before exercise, expected volatility of the Company’s common stock, expected dividend yield, and a risk-free interest rate. The Company has limited historical stock option activity and therefore estimates the expected term of stock options granted using the simplified method, which represents the average of the contractual term of the stock option and its weighted-average vesting period. For the nine months ended September 30, 2024, the expected volatility of stock options was based on the historical volatility of a peer group of publicly traded companies. For the three months ended December 31, 2024, the Company used its own historical volatility to estimate expected volatility, as it had accumulated sufficient historical stock price data. The Company has not declared or paid any dividends and does not currently expect to do so in the foreseeable future. The risk-free interest rates used are based on the implied yield currently available in United States Treasury securities at maturity with a term equivalent to the expected term of the stock options. The effect of forfeited or cancelled awards is recorded when the forfeiture or cancellation occurs

Statement of Cash Flows

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total of such amounts shown in the consolidated statement of cash flows:


	As of December 31,
(in thousands)	2024		2023		2022
Cash and cash equivalents	$	237,028	$	292,005	$	391,883
Restricted cash - current		55,000		55,000		—
Non-current Restricted cash		1,885		1,885		2,094
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	293,913	$	348,890	$	393,977

Income Tax Expense

Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at the applicable tax rates, along with net operating loss and tax credit carryovers. The Company records a valuation allowance against its deferred tax assets to reduce the net carrying value to an amount that it believes is more likely than not to be realized. Management has considered estimated taxable income and ongoing prudent and feasible tax planning strategies in assessing the amount of the valuation allowance. Based upon the weight of available evidence, which includes the Company’s historical operating performance and limited potential to utilize tax credit carryforwards, the Company has determined that total deferred tax assets should be fully offset by a valuation allowance. When the Company establishes or reduces the valuation allowance against its deferred tax assets, its provision for income taxes will increase or decrease, respectively, in the period such determination is made.

The Company is required to file federal and state income tax returns in the United States and various other state jurisdictions. The Company also files income tax returns in the foreign countries in which it operates. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company.

Additionally, the Company follows an accounting standard addressing the accounting for uncertainty in income taxes that prescribes rules for recognition, measurement, and classification in the consolidated financial statements of tax positions taken or expected to be taken in a tax return.

Net (Loss) Income per Share

Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding for the period, without consideration for common stock equivalents. Diluted net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive shares of common stock for the years ended December 31, 2024 and 2023 were comprised of stock options and restricted stock units. Dilutive shares of stock for the years ended December 31, 2022 were comprised of stock options.

No dividends were declared or paid during the reporting periods.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and for interim reporting periods beginning January 1, 2025. The Company adopted ASU 2023-07 for the annual reporting period beginning on January 1, 2024. See “Note 12, Segment Information” for further information.

Recently Issued Accounting Standards Not Yet Adopted

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose specified information about certain costs and expenses on an interim and annual basis. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2024-03 will have on the financial statement disclosures.

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

NOTE 12. Segment Information

The Company operates in one business segment, which includes all activities related to the discovery, development and commercialization of messenger RNA medicines. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net (loss) income for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods. The CODM does not evaluate the operating segment using asset or liability information.

The following table presents information about reported segment revenues, segment loss and income, and significant segment expenses:


	For the Year Ended December 31,
(in thousands)	2024			2023			2022
Revenues	$	152,310		$	166,799		$	205,999
Less:
Research and development:
LUNAR-COVID		70,464			81,262			65,136
LUNAR-OTC		9,509			9,315			8,898
BARDA		7,807			5,465			95
LUNAR-CF, net		17,227			14,666			6,931
Early-stage programs		16,096			12,460			9,681
Discovery technologies		6,278			6,405			6,082
Payroll and benefits		57,474			50,924			42,466
Facilities and equipment		10,301			11,636			8,462
Total research and development		195,156			192,133			147,751
General and administrative		52,823			52,871			46,071
Other (1)		(14,728	)		(48,480	)		2,828
Net (loss) income	$	(80,941	)	$	(29,725	)	$	9,349

(1) Primarily includes interest income and expense, foreign currency gains and losses, and income taxes. The year ended December 31, 2023 includes a $34.0 million gain on debt extinguishment related to forgiveness of the Singapore Loan.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net (loss) income	$ (80,941)	$ (29,725)	$ 9,349
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	3,544	2,957	1,527
Share-based compensation expense	37,988	34,649	30,611
Loss from equity-method investment			515
Gain on debt extinguishment		(33,953)
Foreign currency transaction loss	471	90	375
Other non-cash expenses		502	2,173
Changes in assets and liabilities:
Accounts receivable	28,090	(29,300)	603
Prepaid expenses and other current assets	(2,456)	1,165	(3,584)
Right-of-use assets	4,562	4,045	3,264
Accounts payable	1,915	(2,238)	(3,112)
Accrued liabilities	5,932	(588)	9,443
Deferred revenue	(55,207)	38,606	(14,694)
Lease liabilities	(3,645)	(4,309)	(4,477)
Net cash (used in) provided by operating activities	(59,747)	(18,099)	31,993
Investing activities
Acquisition of property and equipment	(648)	(2,901)	(7,726)
Net cash used in investing activities	(648)	(2,901)	(7,726)
Financing activities
Proceeds from debt		20,000
Proceeds from exercise of stock options	4,736	2,668	1,730
Proceeds from issuance of common stock under equity plans	682	609	411
Payments on debt obligations		(47,364)	(5,000)
Net cash provided by (used in) financing activities	5,418	(24,087)	(2,859)
Net (decrease) increase in cash, cash equivalents and restricted cash	(54,977)	(45,087)	21,408
Cash, cash equivalents and restricted cash, beginning of year	348,890	393,977	372,569
Cash, cash equivalents and restricted cash, end of year	293,913	348,890	393,977
Supplemental disclosure of cash flow information
Cash paid for interest		2,127	813
Cash paid for income taxes	1,407
Non-cash investing activities
Right-of-use assets acquired through operating leases	2,736		30,191
Non-cash asset disposal	$ 473
Purchase of property and equipment in accounts payable and accrued expenses		$ 68	$ 573

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents and Restricted Cash


	As of December 31,
(in thousands)	2024		2023		2022
Cash and cash equivalents	$	237,028	$	292,005	$	391,883
Restricted cash - current		55,000		55,000		—
Non-current Restricted cash		1,885		1,885		2,094
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	293,913	$	348,890	$	393,977

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2021	$ 228,211	$ 26	$ 575,675	$ (347,490)
Balance (in shares) at Dec. 31, 2021		26,372,000
Share-based compensation	30,611		30,611
Issuance of common stock upon exercise of stock options	1,730	$ 1	1,729
Issuance of common stock upon exercise of stock options (in shares)		161,000
Issuance of common stock under equity plans	411		411
Issuance of common stock under equity plans (in shares)		22,000
Net Income (Loss)	9,349			9,349
Balance at Dec. 31, 2022	270,312	$ 27	608,426	(338,141)
Balance (in shares) at Dec. 31, 2022		26,555,000
Share-based compensation	34,649		34,649
Issuance of common stock upon exercise of stock options	2,668		2,668
Issuance of common stock upon exercise of stock options (in shares)		238,000
Issuance of common stock under equity plans	609		609
Issuance of common stock under equity plans (in shares)		35,000
Net Income (Loss)	(29,725)			(29,725)
Balance at Dec. 31, 2023	278,513	$ 27	646,352	(367,866)
Balance (in shares) at Dec. 31, 2023		26,828,000
Share-based compensation	37,988		37,988
Issuance of common stock upon exercise of stock options	$ 4,736		4,736
Issuance of common stock upon exercise of stock options (in shares)	228,328	228,000
Issuance of common stock under equity plans	$ 682		682
Issuance of common stock under equity plans (in shares)		40,000
Net Income (Loss)	(80,941)			(80,941)
Balance at Dec. 31, 2024	$ 240,978	$ 27	$ 689,758	$ (448,807)
Balance (in shares) at Dec. 31, 2024		27,096,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

NOTE 8. Stockholders’ Equity

Net (Loss) Income Per Share

Potentially dilutive securities that were not included in the calculation of diluted net loss per share for the year ended December 31, 2024 and 2023 as they were anti-dilutive totaled 1.4 million and 0.8 million, respectively. Potentially dilutive securities that were not included in the calculation of diluted earnings per share for the year ended December 31, 2022 as they were anti-dilutive totaled 3.7 million.

- Definition

The entire disclosure for equity.

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+ Details

Commitments and Contingencies - Payments of Operating Lease Liability (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 4,811
2026	5,274
2027	4,132
2028	3,822
2029	3,937
Thereafter	11,813
Total remaining lease payments	33,789
Less: imputed interest	(5,239)
Total operating lease liabilities	$ 28,550
Weighted-average remaining lease term (in years)	7 years 2 months 12 days
Weighted-average discount rate	4.70%

Debt (Details Textual)				1 Months Ended		3 Months Ended	12 Months Ended
Debt (Details Textual)	Jun. 26, 2024	Apr. 21, 2023 USD ($)	Mar. 14, 2023 USD ($)	Mar. 31, 2023 SGD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 29, 2021 SGD ($)	Jan. 29, 2021 USD ($)	Nov. 07, 2020 SGD ($)
Western Alliance Bank [Member]
Debt Instrument [Line Items]
Interest expense related to long-term debt							$ 0	$ 300,000	$ 900,000
Loan and Security Agreement [Member] \| Western Alliance Bank [Member] \| Long-term Debt [Member]
Debt Instrument [Line Items]
Term loan			$ 15,000,000
Repayment of term loan			7,400,000
Repayament of principal and interest on collateralized term loan			$ 7,000,000
Loan maturity date			Oct. 30, 2023
Fee payable			$ 300,000
Loan and Security Agreement [Member] \| Western Alliance Bank [Member] \| Long-term Debt [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest of the prime rate plus			1.25%
Loan and Security Agreement [Member] \| Western Alliance Bank [Member] \| Long-term Debt [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest of the prime rate plus			2.75%
Wells Fargo Credit Agreement [Member]
Debt Instrument [Line Items]
Revolving credit line available		$ 50,000,000
Extended term period	1 year
Loan accrues interest rate per annum, percentage		1.00%
Loans interest rate, percentage		2.00%
Term of agreement		2 years
Option for renewal term		1 year
Non-refundable commitment fee, percentage		0.25%
Long-term debt							0
Debt instrument, collateral amount		$ 55,000,000					55,000,000
Singapore Economic Development Board [Member]
Debt Instrument [Line Items]
Term loan												$ 62,100,000
Term loan draw down										$ 62,100,000	$ 46,600,000
Repayment of term loan				$ 22,800,000	$ 17,100,000
Loan accrues interest rate per annum, percentage												4.50%
Long-term debt									50,400,000
Remaining loan including accrued interest forgiveable						$ 34,000,000
Interest expense related to long-term debt							$ 0	$ 500,000	$ 2,100,000

Stockholders' Equity (Details Textual) - shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share	1.4	0.8	3.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2024	Mar. 04, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Trading Symbol	ARCT
Entity Registrant Name	ARCTURUS THERAPEUTICS HOLDINGS INC.
Entity Central Index Key	0001768224
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity File Number	001-38942
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0595345
Entity Address, Address Line One	10628 Science Center Drive
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	900-2660
Entity Common Stock, Shares Outstanding		27,119,823
Entity Public Float			$ 602.7
Document Transition Report	false
Document Annual Report	true
Documents incorporated by reference	Certain portions of the registrant’s definitive Proxy Statement for its 2025 Annual Meeting of Stockholders are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K.
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Diego, California
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Arcturus Therapeutics Holdings, Inc. and subsidiaries (the “Company”) as of December 31, 2024, the related consolidated statements of operations, comprehensive loss, stockholder’s equity, and cash flows, for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 6, 2025, expressed an adverse opinion on the Company’s internal control over financial reporting because of a material weakness.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

Segment Information

Cash and Cash Equivalents

Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the date of purchase.

Restricted Cash

Restricted cash

Fair Value Measurements

Accounts Receivable

Concentration of Credit Risk and Significant Customers

The Company is exposed to concentrations of credit risk primarily related to cash, cash equivalents, and accounts receivable.

Cash and Cash Equivalents

Accounts Receivable Concentration

As of December 31, 2024:

•

BARDA – 60% of total accounts receivable

•

CSL – 20% of total accounts receivable

As of December 31, 2023:

•

CSL – 74% of total accounts receivable

•

BARDA – 23% of total accounts receivable

The Company monitors its credit exposure through regular assessments of counterparty risk and maintains ongoing collection efforts to mitigate potential credit losses.

Revenue Concentration

The Company generates a substantial portion of its revenue from a limited number of key customers. The following customers accounted for 10% or more of total revenue for each period:

For the year ended December 31, 2024:

•

CSL – 91% of total revenue

For the year ended December 31, 2023:

•

CSL – 92% of total revenue

For the year ended December 31, 2022:

•

CSL – 75% of total revenue

•

Vinbiocare – 12% of total revenue

Joint Ventures, Equity Method Investments and Variable Interest Entities

Property and Equipment, net

Comprehensive Income/Loss

Revenue Recognition

See “Note 3, Revenue” for specific details surrounding the Company’s arrangements.

Grant revenue

Leases

See “Note 11, Commitments and Contingencies” for specific details surrounding the Company’s leases.

Research and Development Costs, net

General and Administrative Costs

Pre-Launch Inventory

Share-Based Compensation

Statement of Cash Flows


	As of December 31,
(in thousands)	2024		2023		2022
Cash and cash equivalents	$	237,028	$	292,005	$	391,883
Restricted cash - current		55,000		55,000		—
Non-current Restricted cash		1,885		1,885		2,094
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$	293,913	$	348,890	$	393,977

Income Tax Expense

Net (Loss) Income per Share

No dividends were declared or paid during the reporting periods.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Standards Not Yet Adopted

Recently Adopted Accounting Pronouncements

Recently Issued Accounting Standards Not Yet Adopted

Fair Value Measurements (Details Textual) $ in Millions	Dec. 31, 2024 USD ($)
Recurring [Member] \| Money Market Funds [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	$ 230.2

Segment Information - Additional Information (Details)	12 Months Ended
Segment Information - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of business segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s CODM is its Chief Executive Officer, who reviews and evaluates consolidated net (loss) income for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Share-Based Compensation (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expenses	$ 37,988	$ 34,649	$ 30,611
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expenses	18,456	14,950	14,081
General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expenses	$ 19,532	$ 19,699	$ 16,530

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Weighted Average Assumptions Used in Black -Scholes Valuation Model

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of stock options granted:


	For the Year Ended December 31,
	2024			2023			2022
Expected life (in years)		5.88			6.04			6.05
Expected volatility		91.4	%		76.1	%		82.1	%
Expected dividend yield		—	%		—	%		—	%
Risk-free interest rate		4.24	%		3.91	%		2.93	%
Grant date weighted average fair value	$	22.62		$	18.87		$	15.56

Summary of Share Option Activity

The following table summarizes the Company’s stock option activity for the year ended December 31, 2024:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding – December 31, 2023		7,971,127		$	33.55	7.9 years	$	53,295
Granted		740,594		$	22.62
Exercised		(228,328	)	$	20.74
Forfeited/cancelled		(404,641	)	$	42.43
Outstanding – December 31, 2024		8,078,752		$	32.38	7.2 years	$	9,247
Exercisable – December 31, 2024		4,983,108		$	37.27	6.4 years	$	8,796
Exercisable and expected to vest – December 31, 2024		8,078,752		$	32.38	7.2 years	$	9,247

Summary of Restricted Stock Unit, Activity

The following table summarizes the Company’s RSU activity for the year ended December 31, 2024:


	Number of Shares		Weighted- Average Grant Date Fair Value
Outstanding – December 31, 2023		18,786	$	34.92
Awarded		-
Released		-
Forfeited		-
Outstanding – December 31, 2024		18,786	$	34.92

Schedule of Share-based Compensation Expenses

Share-based compensation expenses included in the Company’s statements of operations and comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022 were:


	For the Year Ended December 31,
(in thousands)	2024		2023		2022
Research and development	$	18,456	$	14,950	$	14,081
General and administrative		19,532		19,699		16,530
Total	$	37,988	$	34,649	$	30,611

Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 237,028	$ 292,005	$ 391,883
Restricted cash - current	55,000	55,000
Non-current Restricted cash	1,885	1,885	2,094
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	$ 293,913	$ 348,890	$ 393,977	$ 372,569

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Rule 10b5-1 Trading Plans For the year ended December 31, 2024, none of our directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" (as defined in Item 408 of Regulation S-K of the Exchange Act) intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, other than as follows: • Keith C. Kummerfeld’s Rule 10b5-1 trading arrangement terminated on March 18, 2024 upon the effective date of his resignation. • Lance Kurata, our Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement as of June 12, 2024. Mr. Kurata's trading arrangement provides for the exercise options to purchase up to an aggregate of 35,000 shares of common stock and subsequent sale of such underlying shares of common stock, until June 12, 2025. • Dr. Padmanabh Chivukula, Chief Scientific Officer and Chief Operating Officer, cancelled an existing Rule 10b5-1trading arrangement on November 11, 2024. Dr. Chivukula's trading arrangement provided for the sale of up to an aggregate of 152,000 shares of common stock. Subsequent to this, Dr. Chivukula entered into a new Rule 10b5-1 trading arrangement on November 20, 2024. The new trading arrangement provides for the sale of up to an aggregate of 120,000 shares, beginning on June 2, 2025 until November 10, 2025. There were no "non-Rule 10b5-1 trading arrangements" (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted or terminated during the year ended December 31, 2024 by our directors and officers.
Keith C. Kummerfeld [Member]
Trading Arrangements, by Individual
Name	Keith C. Kummerfeld’s
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 18, 2024
Lance Kurata [Member]
Trading Arrangements, by Individual
Name	Lance Kurata
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 12, 2024
Expiration Date	June 12, 2025
Aggregate Available	35,000	35,000
Dr. Padmanabh Chivukula [Member]
Trading Arrangements, by Individual
Name	Dr. Padmanabh Chivukula
Title	Chief Scientific Officer and Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 20, 2024
Expiration Date	November 10, 2025
Arrangement Duration	162 days
Aggregate Available	120,000	120,000
Directors or Officers Except Chief Scientific Officer, COO, SVP, CC and PAO [Member]
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization (Details Textual) - USD ($) $ in Thousands	12 Months Ended
Organization (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization And Significant Accounting Policies [Line Items]
Accumulated deficit	$ 448,807	$ 367,866
Collaboration revenue	152,310	166,799	$ 205,999
Cash and cash equivalents, including restricted cash	293,913	$ 348,890	$ 393,977	$ 372,569
Seqirus Inc [Member]
Organization And Significant Accounting Policies [Line Items]
Upfront payment received	200,000
Collaboration revenue	$ 96,000

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

NOTE 9. Share-Based Compensation

In June 2024 at the Company’s 2024 Annual Meeting of Stockholders (the "2024 Annual Meeting"), the stockholders of the Company approved an amendment to the Company’s 2019 Omnibus Equity Incentive Plan (as amended, the “2019 Plan”) which, among other things, increased the aggregate number of shares authorized for use in making awards to eligible persons under the 2019 Plan by 2,000,000 shares, for a total of up to 10,750,000 shares available for issuance. As of December 31, 2024, a total of 1,834,158 shares remain available for future issuance under the 2019 Plan, subject to the terms of the 2019 Plan.

In October 2021, the Company adopted the 2021 Inducement Equity Incentive Plan which covers the award of up to 1,000,000 shares of common stock (the “2021 Plan”) effective as of October 15, 2021. Approval of the Company’s stockholders is not required as a condition to the effectiveness of the 2021 Plan for so long as the plan is in compliance with applicable Nasdaq inducement plan rules. In April 2022, the compensation committee of the Company’s board of directors approved a proposal to reduce the total number of shares available for future issuance under the 2021 Plan to 130,000. As of December 31, 2024, a total of 124,697 shares remain available for future issuance under the 2021 Plan, subject to the terms of the 2021 Plan.

Share Options

The following table presents the weighted-average assumptions used in the Black-Scholes valuation model by the Company in calculating the fair value of stock options granted:


	For the Year Ended December 31,
	2024			2023			2022
Expected life (in years)		5.88			6.04			6.05
Expected volatility		91.4	%		76.1	%		82.1	%
Expected dividend yield		—	%		—	%		—	%
Risk-free interest rate		4.24	%		3.91	%		2.93	%
Grant date weighted average fair value	$	22.62		$	18.87		$	15.56

The following table summarizes the Company’s stock option activity for the year ended December 31, 2024:


	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding – December 31, 2023		7,971,127		$	33.55	7.9 years	$	53,295
Granted		740,594		$	22.62
Exercised		(228,328	)	$	20.74
Forfeited/cancelled		(404,641	)	$	42.43
Outstanding – December 31, 2024		8,078,752		$	32.38	7.2 years	$	9,247
Exercisable – December 31, 2024		4,983,108		$	37.27	6.4 years	$	8,796
Exercisable and expected to vest – December 31, 2024		8,078,752		$	32.38	7.2 years	$	9,247

At December 31, 2024, the total unrecognized compensation cost of $48.5 million will be recognized over the weighted-average remaining service period of approximately 2.6 years. The fair value of the options vested during the years ended December 31, 2024 , 2023 and 2022 was $40.5 million, $35.3 million and $39.2 million, respectively. The total intrinsic value of options exercised during the years ended December 31, 2024, 2023 and 2022 was $3.3 million, $4.3 million and $1.6 million, respectively.

Restricted Stock Units

In August 2023, the Company granted 18,786 restricted stock units (“RSUs”) to its board of directors, when the market value of the Company's common stock was $34.92 per share. These RSUs fully vested at the Company's 2024 annual stockholders' meeting. However, the release of the units remains subject to specific conditions and will occur only in the event of a board separation or a change in control.

The following table summarizes the Company’s RSU activity for the year ended December 31, 2024:


	Number of Shares		Weighted- Average Grant Date Fair Value
Outstanding – December 31, 2023		18,786	$	34.92
Awarded		-
Released		-
Forfeited		-
Outstanding – December 31, 2024		18,786	$	34.92

Share-based compensation expenses included in the Company’s statements of operations and comprehensive income (loss) for the years ended December 31, 2024, 2023 and 2022 were:


	For the Year Ended December 31,
(in thousands)	2024		2023		2022
Research and development	$	18,456	$	14,950	$	14,081
General and administrative		19,532		19,699		16,530
Total	$	37,988	$	34,649	$	30,611

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 10. Income Taxes

A reconciliation of (loss) income before income taxes for domestic and foreign locations is as follows:


	For the Year Ended December 31,
(In thousands)	2024		2023			2022
United States	$	81,050	$	(27,890	)	$	10,644
Foreign		—		—			—
Total (loss) income before income taxes	$	81,050	$	(27,890	)	$	10,644

A reconciliation of income tax (benefit) expense for the years ended December 31, 2024, 2023 and 2022 is as follows:


	For the Year Ended December 31,
	2024			2023		2022
Current:
Federal	$	(11	)	$	1,246	$	1,121
State		7			589		174
Foreign		—			—		—
Total current income tax (benefit) expense	$	(4	)	$	1,835	$	1,295

Deferred:
Federal	$	—		$	—	$	—
State		—			—		—
Foreign		—			—		—
Total deferred income tax expense		—			—		—
Total income tax (benefit) expense	$	(4	)	$	1,835	$	1,295

A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	For the Year Ended December 31,
	2024			2023			2022
Federal statutory income tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal benefit		1.9	%		1.9	%		7.2	%
Share-based compensation		(1.9	%)		(2.5	%)		16.1	%
Officers compensation		(3.4	%)		(7.4	%)		21.8	%
Research and development credits		24.0	%		20.0	%		(40.3	%)
Uncertain tax positions		(3.7	%)		(2.4	%)		9.0	%
Change in tax rate		(1.4	%)		0.2	%		(12.6	%)
Change in valuation allowance		(36.1	%)		(36.5	%)		(9.4	%)
Other		(0.2	%)		(0.3	%)		(1.0	%)
Permanent differences		(0.2	%)		(0.7	%)		0.4	%
Provision for income taxes		0.0	%		(6.7	)%		12.2	%

The significant components of deferred income taxes are as follows:


	December 31,
(in thousands)	2024			2023
Deferred tax assets:
Net operating loss	$	25,413		$	19,147
Tax credits		27,472			10,723
Accrued liabilities		2,966			943
Deferred revenue		5,515			7,014
Inventory		—			15,961
Basis difference in equity investments		2,127			2,202
Capitalized R&D		60,104			41,971
Right-of-use lease liability		6,601			7,233
Share-based compensation		14,872			11,618
Total gross deferred tax assets		145,070			116,812
Deferred tax liabilities:
Depreciation and amortization		(858	)		(1,184	)
Right-of-use asset		(6,168	)		(6,822	)
Total gross deferred tax liabilities		(7,026	)		(8,006	)
Valuation allowance		(138,044	)		(108,806	)
Net deferred tax asset	$	—		$	—

In assessing the realization of the deferred tax assets, the Company considers whether it is more likely than not that some portion of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Due to lack of available sources of taxable income, the Company recorded a full valuation allowance against its net deferred tax assets as sufficient uncertainty exists regarding the future realization of these assets. As of December 31, 2024 and 2023, the Company recorded a valuation allowance of $138.0 million and $108.8 million, respectively. The valuation allowance changed by $29.2 million and $10.2 million for the years ended December 31, 2024 and 2023, respectively.

At December 31, 2024, the Company has federal and state net operating losses, or NOL, carryforwards of approximately $47.5 million and $223.5 million, respectively. The federal net operating loss carryforward includes losses generated in 2018 and after which can be carried forward indefinitely. The state net operating loss carryforward includes $0.4 million of losses that can be carried forward indefinitely. The remaining state net operating losses begin to expire in 2039.

At December 31, 2024, the Company has federal and state research and development credit carryforwards of approximately $19.8 million and $11.5 million, respectively. The federal credit carryforwards begin to expire in 2037, and the state credits carry forward indefinitely. $0.8 million of the state credit begin to expire in 2037 and the remainder carryforward indefinitely. Additionally, the Company has an Orphan Drug Credit of $4.7 million as of December 31, 2024 which will begin to expire in 2042 unless previously utilized.

Pursuant to Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company’s federal and California net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has completed an IRC Section 382 analysis through December 31, 2024 regarding the limitation of net operating loss carryforwards and other tax attributes. The Company experienced ownership changes in 2018 and 2020; however, the Company estimates that all tax attributes can be utilized. There is a risk that additional ownership changes may occur in the future. If a change in ownership occurs, the NOL carryforwards and other tax attributes could be limited or restricted.

The company accounts for income taxes in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes. The impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain tax position will not be recognized if it has less than 50% likelihood of being sustained.

A reconciliation of unrecognized tax benefits is as follows (in millions):


	December 31,
	2024		2023
Beginning balance of unrecognized tax benefits	$	3.6	$	2.9
Decrease for prior period tax positions		1.2		0.1
Increase for current period tax positions		2.0		0.6
Ending balance of unrecognized tax benefits	$	6.8	$	3.6

Amounts in the summary rollforward would not impact the effective tax rate as the Company maintains a full valuation on its net deferred tax assets. The Company is subject to taxation and files income tax returns in the United States, various U.S. states and foreign jurisdictions. The Company’s tax years from 2014 to date are subject to examination by the U.S., and state taxing authorities due to the carryforward of unutilized net operating losses and research and development credits. The Company’s policy is to recognize interest expense and penalties related to income tax matters as income tax expense. There was no tax related interest or penalties recognized for the years ended December 31, 2024, 2023 and 2022.

The Company does not anticipate any material changes to its unrecognized tax benefits within the next twelve months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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+ Details

Related Party Transactions

12 Months Ended

Dec. 31, 2024

Related Party Transactions

NOTE 13. Related Party Transactions

See “Note 2, Joint Ventures, Equity Method Investments and Variable Interest Entities” for specific details surrounding the Company’s agreement with Axcelead to form the joint venture entity, ARCALIS, Inc.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

NOTE 6. Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2024			2023
Research equipment	$	16,864		$	16,046
Computers and software		1,131			1,275
Office equipment and furniture		703			958
Leasehold improvements		2,644			2,655
Construction in progress		—			233
Total	$	21,342		$	21,167
Less accumulated depreciation and amortization		(11,811	)		(8,740	)
Property and equipment, net	$	9,531		$	12,427

Depreciation and amortization expense was $3.5 million, $3.0 million and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. Construction in progress is primarily comprised of research equipment not yet placed in service.

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 1) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ 81,050	$ (27,890)	$ 10,644
Total (loss) income before income taxes	$ 81,050	$ (27,890)	$ 10,644

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References + Details

Income Taxes (Details 4) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating loss	$ 25,413	$ 19,147
Tax credits	27,472	10,723
Accrued liabilities	2,966	943
Deferred revenue	5,515	7,014
Inventory		15,961
Basis difference in equity investments	2,127	2,202
Capitalized R&D	60,104	41,971
Right-of-use lease liability	6,601	7,233
Share-based compensation	14,872	11,618
Total gross deferred tax assets	145,070	116,812
Deferred tax liabilities:
Depreciation and amortization	(858)	(1,184)
Right-of-use asset	(6,168)	(6,822)
Total gross deferred tax liabilities	(7,026)	(8,006)
Valuation allowance	$ (138,044)	$ (108,806)

Accrued Liabilities Detail

12 Months Ended

Dec. 31, 2024

Accrued Liabilities, Current [Abstract]

Accrued Liabilities Detail

NOTE 5. Accrued Liabilities Detail

Accrued liabilities consisted of the following:


	December 31,
(in thousands)	2024		2023
Accrued compensation	$	13,305	$	5,918
Cystic Fibrosis Foundation liability		7,443		7,633
Income tax payable		—		641
Current portion of operating lease liability		3,552		4,309
Clinical trial accruals		2,828		2,333
Vinbiocare contractual liabilities		2,421		2,514
Legal accrual		130		177
Other accrued research and development expenses		9,102		8,356
Total	$	38,781	$	31,881

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Summary of Changes in Balances of Receivables and Contract Liability

The following table presents changes in the balances of receivables and contract liabilities related to revenue generating agreements during the year ended December 31, 2024:


(in thousands)	December 31, 2023		Additions		Deductions			December 31, 2024
Contract Assets:
Accounts receivable	$	32,064	$	98,430	$	(126,520	)	$	3,974
Contract Liabilities:
Deferred revenue	$	87,325	$	97,599	$	(152,806	)	$	32,118

Schedule of Revenue

The following table summarizes the Company’s revenue for the periods indicated. Approximately $138.4 million, $154.9 million and $192.7 million of total revenue represents revenue derived from foreign countries for the years ended December 31, 2024, 2023 and 2022, respectively.


	For the Year Ended December 31,
(in thousands)	2024		2023		2022
Collaboration revenue:
CSL Seqirus	$	138,389	$	154,264	$	154,425
Vinbiocare		—		—		24,571
Janssen		—		660		9,201
Ultragenyx		—		1,837		3,739
Israel Ministry of Health		—		—		12,500
Other		—		987		1,319
Total collaboration revenue	$	138,389	$	157,748	$	205,755
Grant revenue:
BARDA	$	13,921	$	9,051	$	244
Total grant revenue	$	13,921	$	9,051	$	244

Accrued Liabilities Detail (Tables)

12 Months Ended

Dec. 31, 2024

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


	December 31,
(in thousands)	2024		2023
Accrued compensation	$	13,305	$	5,918
Cystic Fibrosis Foundation liability		7,443		7,633
Income tax payable		—		641
Current portion of operating lease liability		3,552		4,309
Clinical trial accruals		2,828		2,333
Vinbiocare contractual liabilities		2,421		2,514
Legal accrual		130		177
Other accrued research and development expenses		9,102		8,356
Total	$	38,781	$	31,881

Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 3,544	$ 2,957	$ 1,527

Property and Equipment, Net - Summary of Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 21,342	$ 21,167
Less accumulated depreciation and amortization	(11,811)	(8,740)
Property and equipment, net	9,531	12,427
Research equipment [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	16,864	16,046
Computer and software [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,131	1,275
Office equipment and furniture [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	703	958
Leasehold improvements [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,644	2,655
Construction in progress [Member]
Property Plant And Equipment [Line Items]
Property and equipment, gross		$ 233

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 237,028	$ 292,005
Restricted cash	55,000	55,000
Accounts receivable	3,974	32,064
Prepaid expenses and other current assets	9,977	7,521
Total current assets	305,979	386,590
Property and equipment, net	9,531	12,427
Operating lease right-of-use asset, net	26,674	28,500
Non-current restricted cash	1,885	1,885
Total assets	344,069	429,402
Current liabilities:
Accounts payable	7,194	5,279
Accrued liabilities	38,781	31,881
Deferred revenue	19,514	44,829
Total current liabilities	65,489	81,989
Deferred revenue, net of current portion	12,604	42,496
Operating lease liability, net of current portion	24,998	25,907
Other non-current liabilities		497
Total liabilities	103,091	150,889
Stockholders’ equity:
Common stock: $0.001 par value; 60,000 shares authorized; issued and outstanding shares were 27,000 at December 31, 2024 and 26,828 at December 31, 2023	27	27
Additional paid-in capital	689,758	646,352
Accumulated deficit	(448,807)	(367,866)
Total stockholders’ equity	240,978	278,513
Total liabilities and stockholders’ equity	$ 344,069	$ 429,402

Income Taxes (Details 5) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details 5) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance of unrecognized tax benefits	$ 3.6	$ 2.9
Decrease for prior period tax positions	1.2	0.1
Increase for current period tax positions	2.0	0.6
Ending balance of unrecognized tax benefits	$ 6.8	$ 3.6

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Summary of Components of Property and Equipment, Net

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2024			2023
Research equipment	$	16,864		$	16,046
Computers and software		1,131			1,275
Office equipment and furniture		703			958
Leasehold improvements		2,644			2,655
Construction in progress		—			233
Total	$	21,342		$	21,167
Less accumulated depreciation and amortization		(11,811	)		(8,740	)
Property and equipment, net	$	9,531		$	12,427

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

NOTE 7. Debt

Wells Fargo Credit Agreement

On April 21, 2023, the Company’s wholly-owned subsidiary, Arcturus Therapeutics, Inc. entered into a credit agreement with Wells Fargo (the “Credit Agreement”) whereby Wells Fargo will make a $50.0 million revolving credit line available to the Company (the “Loan”) and each Loan evidenced by a revolving line of credit note (the “Note”). On June 26, 2024, the parties entered into Amendment No. 1 to the Credit Agreement, whereby the term was extended by one year to April 2026.

Borrowings under the agreement will bear interest at a rate of 1.00% above either the Daily Simple SOFR or Term SOFR (as such terms are defined in the Note), with “SOFR” being the rate per annum equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York. If an Event of Default (as defined in the agreement) occurs, then all Loans shall bear interest at a rate equal to 2.00% above the interest rate applicable immediately prior to the occurrence of the Event of Default.

The original term of the agreement is two years, with an option for one-year renewals subject to Wells Fargo approval and the Company furnishing to Wells Fargo a non-refundable commitment fee equal to 0.25% of the Loan amount for each such renewal. There is no penalty for terminating the facility prior to the maturity date of the Note. As collateral, the Company has agreed to pledge $55.0 million in cash to be held at the Company’s securities accounts with Wells Fargo Securities, LLC, an affiliate of Wells Fargo, pursuant to a security agreement. No amounts were outstanding as of December 31, 2024.

Manufacturing Supply Agreement

On November 7, 2020, the Company’s wholly-owned subsidiary, Arcturus Therapeutics, Inc., entered into a Manufacturing Support Agreement (the “Support Agreement”) with the Economic Development Board of the Republic of Singapore (the “EDB”). Pursuant to the Support Agreement, the EDB agreed to make a term loan (the “Singapore Loan”) of S$62.1 million to the Company, subject to the satisfaction of customary deliveries, to support the manufacture of the LUNAR-COV19 vaccine candidate (ARCT-021). The Singapore Loan accrues interest at a rate of 4.5% per annum calculated on a daily basis. The Company elected to borrow the full amount available under the Support Agreement of S$62.1 million ($46.6 million) on January 29, 2021.

During the first quarter of 2023, the EDB agreed to an extension of the reconciliation period to March 22, 2023, with unused funds not utilized for the manufacture of ARCT-021 as of such date returned to the EDB. As of December 31, 2022, the outstanding balance of the Singapore Loan, which includes accrued interest, was $50.4 million of which the Company paid S$22.8 million ($17.1 million) in March 2023. During the first quarter of 2023, the remaining principal portion of the Singapore Loan plus accrued interest, totaling $34.0 million, was forgiven and recorded as a gain on debt extinguishment in the consolidated statement of operations and comprehensive loss.

No interest expense was incurred on the Singapore Loan for the year ended December 31, 2024, and $0.5 million and $2.1 million of interest expense was incurred for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company no longer had debt or interest related to this agreement.

Termination of Agreement with Western Alliance Bank

On March 14, 2023, the Loan and Security Agreement, dated as of October 12, 2018 (as amended and supplemented, the “Western Alliance Agreement”) with Western Alliance Bank, an Arizona corporation (“Western Alliance”), was terminated (the “Termination”) upon the receipt by Western Alliance of a payoff amount of approximately $7.4 million from the Company. The Western Alliance Agreement provided for a collateralized term loan in the aggregate principal amount of up to $15.0 million, with interest at a floating rate ranging from 1.25% to 2.75% above the prime rate and a maturity date of October 30, 2023. The payoff amount was made by the Company to Western Alliance from available cash on hand, pursuant to a payoff letter, and included payment of (i) approximately $7.0 million in principal and interest, (ii) $0.3 million fee payable upon prepayment as a result of prior FDA approval of an IND and (iii) de minimis amounts in prepayment charges and various operational fees. The Company was released from all liens under the Western Alliance Agreement.

The Company recorded no interest expense for the year ended December 31, 2024, and for the years ended December 31, 2023 and 2022, the Company recorded interest expense of $0.3 million and $0.9 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

NOTE 3. Revenue

The Company has entered into license agreements and collaborative research and development arrangements with pharmaceutical and biotechnology companies, as well as consulting, related technology transfer and product revenue agreements. Under these arrangements, the Company is entitled to receive license fees, consulting fees, product fees, technological transfer fees, upfront payments, milestone payments if and when certain research and development milestones, technology transfer milestones or success-based milestones are achieved, royalties on approved product sales and reimbursement for research and development activities. The Company’s costs of performing these services are included within research and development expenses. The Company’s milestone payments are typically defined by achievement of certain preclinical, clinical, and commercial success criteria. Preclinical milestones may include in vivo proof of concept in disease animal models, lead candidate identification, and completion of IND-enabling toxicology studies. Clinical milestones may, for example, include successful enrollment of the first patient in or completion of Phase 1, 2 and 3 clinical trials, and commercial milestones are often tiered based on net or aggregate sale amounts. The Company cannot guarantee the achievement of these milestones due to risks associated with preclinical and clinical activities required for development of nucleic acid medicine-based therapeutics and vaccines.

The following table presents changes in the balances of receivables and contract liabilities related to revenue generating agreements during the year ended December 31, 2024:


(in thousands)	December 31, 2023		Additions		Deductions			December 31, 2024
Contract Assets:
Accounts receivable	$	32,064	$	98,430	$	(126,520	)	$	3,974
Contract Liabilities:
Deferred revenue	$	87,325	$	97,599	$	(152,806	)	$	32,118

During the year ended December 31, 2024, the Company recognized $62.6 million in revenue from the deferred revenue balance as of December 31, 2023.


	For the Year Ended December 31,
(in thousands)	2024		2023		2022
Collaboration revenue:
CSL Seqirus	$	138,389	$	154,264	$	154,425
Vinbiocare		—		—		24,571
Janssen		—		660		9,201
Ultragenyx		—		1,837		3,739
Israel Ministry of Health		—		—		12,500
Other		—		987		1,319
Total collaboration revenue	$	138,389	$	157,748	$	205,755
Grant revenue:
BARDA	$	13,921	$	9,051	$	244
Total grant revenue	$	13,921	$	9,051	$	244

The following paragraphs provide information regarding the nature and purpose of the Company’s most significant revenue arrangements.

CSL Seqirus

On November 1, 2022, the Company entered into a Collaboration and License Agreement (as amended, the “CSL Collaboration Agreement”) with Seqirus, Inc., a part of CSL Limited (“CSL Seqirus”), for the global exclusive rights to research, develop, manufacture, and commercialize vaccines. Under the terms of the CSL Collaboration Agreement, the Company provides CSL Seqirus with an exclusive global license to its mRNA technology (including STARR®) and LUNAR® lipid-mediated delivery, along with mRNA drug substance and drug product manufacturing process. CSL Seqirus will lead development and commercialization of vaccines under the collaboration. The collaboration plans to advance vaccines against SARS-CoV-2 (COVID-19), influenza, pandemic preparedness as well as three other infectious diseases.

The Company received a $200.0 million upfront payment and is eligible to receive over $1.3 billion in development milestones if all products are registered in the licensed fields and entitled to potentially receive up to $3.0 billion in commercial milestones based on “net sales” of vaccines in the various fields. In addition, the Company is eligible to receive a 40% net profit share for COVID-19 vaccine products and up to low double-digit royalties for vaccines against flu, pandemic preparedness and three other pathogens. During 2024, the Company achieved $72.2 million of development and regulatory milestones related to the CSL Collaboration Agreement, of which none was included in accounts receivable as of December 31, 2024.

In evaluating the CSL Collaboration Agreement in accordance with Accounting Standards Codification (“ASC”) Topic 606, the Company concluded that CSL Seqirus is a customer. The Company identified all promised goods/services within the CSL Collaboration Agreement, and when combining certain promised goods/services, the Company concluded that there are five distinct performance obligations. The nature of the performance obligations consists of delivery of the vaccine license, research and development services for COVID and non-COVID vaccines

and regulatory activities for COVID vaccines. For each performance obligation, the Company estimated the standalone selling price based on 1) in the case of the license, the fair value using costs to recreate plus margin method and 2) in the case of research and development services and regulatory activities, cost plus margin for estimated full-time equivalent (“FTE”) costs, direct costs including laboratory supplies, contractors, and other out-of-pocket expenses for research and development services and regulatory activities.

As of December 31, 2024, the transaction price primarily consisted of upfront consideration received and milestones achieved as of December 31, 2024. Additional variable consideration was not included in the transaction price at December 31, 2024 because the Company could not conclude that it is probable that including the variable consideration will not result in a significant revenue reversal.

The Company allocated the transaction price to the performance obligations in proportion to their standalone selling price. The portion of the upfront payment that was allocated to the vaccine license was recognized at the point in time it was transferred in 2022. The research and development and regulatory activities performance obligations are recognized over a period of time based on the percentage of services rendered using the input method, meaning actual costs incurred divided by total costs budgeted to satisfy the performance obligation. Any consideration related to sales-based royalties will be recognized when the amounts are probable of non-reversal, provided that the reported sales are reliably measurable and the Company has no remaining promised goods/services, as they are constrained and therefore have also been excluded from the transaction price. The revenue recognized in 2024 reflects variable consideration added to the transaction price upon the achievement of milestones, attributable to the license granted in 2022 and research and development services provided through December 31, 2024.

Total deferred revenue as of December 31, 2024 and 2023 for the CSL Collaboration Agreement was $30.7 million and $87.1 million, respectively.

During 2023, the Company also received an advance payment of $23.6 million for the manufacturing and supply of ARCT-154 drug product. The advance payment was for specified manufacturing runs of ARCT-154 which include the drug substance utilized, as well as the reservation fees and related manufacturing requirements. The Company concluded that the promise to manufacture and supply ARCT-154 drug product is a customer option as part of the CSL Collaboration Agreement and is accounted for as a separate contract. The Company recognized $18.0 million in revenue related to this customer option during the second quarter of 2024. No amount related to this customer option remained in deferred revenue as of December 31, 2024.

During 2023, the Company entered into an amendment to the CSL Collaboration Agreement, pursuant to which the Company agreed to sponsor and conduct a Phase 1 clinical study in the influenza field. As part of the amendment, the Company received $17.5 million from CSL Seqirus. The amendment also provides for up to $1.5 million in additional payments which are achievable upon meeting certain clinical milestones relating to the Phase 1 clinical study in the influenza field. The Company previously concluded that the expansion of research and development support services under the CSL Collaboration Agreement represented an option that was not a material right. Therefore the Company concluded the promise to sponsor and conduct the Phase 1 clinical study is a separate contract and the sole performance obligation under the new arrangement. During the year ended December 31, 2024, the Company recognized revenue of $12.0 million related to the performance obligation compared to $2.4 million during the year ended December 31, 2023. The remaining amount of $3.1 million is included in deferred revenue.

During the fourth quarter of 2023, the Company received an advance payment of $5.3 million from CSL Seqirus for manufacturing activities related to COVID-19 vaccine product. During the first quarter of 2024, the Company received an additional advance payment of $5.1 million from CSL Seqirus for manufacturing activities related to COVID-19 vaccine product. The Company concluded that the promise to perform manufacturing activities is a customer option as part of the CSL Collaboration Agreement and is accounted for as a separate contract. The Company recognized $5.3 million in revenue related to this customer option during the third quarter of 2024 upon the transfer of vaccine product to CSL Seqirus. The remaining $5.1 million is included in deferred revenue as of December 31, 2024 and will be recognized as revenue when the remaining vaccine product is transferred to CSL Seqirus.

In March 2024, the Company entered into an amendment to the CSL Collaboration Agreement, pursuant to which the parties agreed to, among other things, adjust (i) the development plans for certain product candidates, (ii) various development milestones related to such product candidates, (iii) provisions of the CSL Collaboration

Agreement related to specific royalty payments, (iii) provisions of the CSL Collaboration Agreement related to distributors, and (iv) proprietary payment calculations related to the foregoing.

Vinbiocare

During 2021 the Company entered into certain agreements with Vinbiocare, a member of Vingroup Joint Stock Company, whereby the Company would provide technical expertise and support services to Vinbiocare to assist in the build out of a mRNA drug product manufacturing facility in Vietnam. The Company received an upfront payment in aggregate of $40.0 million as part of the Vinbiocare Agreement. In October 2022, the Company and Vinbiocare executed a letter agreement terminating the Technology License and Technical Support Agreement and the Framework Drug Substance Supply Agreement (collectively, the “License & Supply Agreements”). The Company incurred no financial penalties in connection with the termination of the License & Supply Agreements and has no further financial obligations to Vinbiocare under these terminated agreements.

In October 2022, in association with the termination of the License & Supply Agreements, the Company signed the Study Support Agreement with Vinbiocare which provides that Vinbiocare shall continue to serve as the regulatory and financial sponsor of clinical studies conducted in Vietnam of ARCT-154 pursuant to the Company’s arrangements with Vinbiocare (the “Study Support Agreement”). To support the continuing activities of these studies, the Study Support Agreement further provides for the Company to conduct certain services and to compensate Vinbiocare to help achieve the objectives of these studies. In February 2023, the Company agreed to provide additional financial support in the amount of approximately $2.1 million to allow Vinbiocare to provide additional study support duties related to the ARCT-154 clinical study. As a result, the Company reserved $11.8 million of the original upfront payment to be paid to Vinbiocare over the future periods pursuant to the Study Support Agreement by reclassifying a portion of the upfront payment received from Vinbiocare pursuant to the License & Supply Agreements, from deferred revenue to short-term and long-term liabilities, based on the anticipated timing of the payments to Vinbiocare, and removed that portion of the upfront payment from the transaction price of the modified arrangement. The transaction price was not adjusted for payments that are contingent upon the occurrence of future regulatory or sales-related events based on the information currently available to the Company.

The Company has concluded that it has no remaining performance obligations under its prior arrangements with Vinbiocare as summarized above as of December 31, 2024. As of December 31, 2024, the Company has accrued liabilities related to this arrangement of $2.4 million in current liabilities that will be paid upon the occurrence of specified events through the end of 2025. Vinbiocare is also eligible to receive a single digit percentage of amounts from net sales, if any, of ARCT-154 (or next-generation COVID vaccine) up to a capped amount of low single digit millions. The Company had no remaining deferred revenue as of December 31, 2024 or 2023.

BARDA Grant

In August 2022, the Company entered into a cost reimbursement contract with the Biomedical Advanced Research and Development Authority ("BARDA"), a division of the Office of the Assistant Secretary for Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS) for an award of up to $63.2 million for the development of a pandemic influenza vaccine using the Company's STARR® self-amplifying mRNA vaccine platform technology. The Company earns grant revenue for performing tasks under the agreement.

The Company determined that the agreement with BARDA is not in the scope of ASC 808 or ASC 606. Applying International Accounting Standards No. 20 ("IAS 20"), Accounting for Government Grants and Disclosure of Government Assistance, by analogy, the Company recognizes grant revenue from the reimbursement of direct out-of-pocket expenses, overhead allocations and fringe benefits for research costs associated with the grant. The costs associated with these reimbursements are reflected as a component of research and development expense in the Company’s consolidated statements of operations and comprehensive income (loss).

The Company recognized $13.9 million and $9.1 million of grant revenue during the years ended December 31, 2024 and 2023, respectively, which is included in revenue on the Company's consolidated statements of operations. As of December 31, 2024, the remaining available funding net of revenue earned was $40.0 million.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 9
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

NOTE 14. Subsequent Events

None.

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Apr. 21, 2023 USD ($)
Summary Of Significant Accounting Policy [Line Items]
Number of operating segments for research and development \| Segment	1
Non-current restricted cash	$ 1,885,000	$ 1,885,000	$ 2,094,000
Allowance for Doubtful Accounts Receivable	0	0
Impairment losses	0	0	0
Other comprehensive loss	0	0	0
Income tax effect related to unrealized losses on marketable securities	0	0	$ 0
Dividends declared or paid	0	0
Property Leases in San Diego [Member]
Summary Of Significant Accounting Policy [Line Items]
Non-current restricted cash	1,900,000	$ 1,900,000
Wells Fargo Credit Agreement [Member]
Summary Of Significant Accounting Policy [Line Items]
Debt instrument, collateral amount	$ 55,000,000			$ 55,000,000
Employees and Officers [Member]
Summary Of Significant Accounting Policy [Line Items]
Share options expiration period	10 years
Vesting period	4 years
Vesting description	Share-based compensation is recognized over the requisite service period of the individual awards using the straight-line attribution method, which generally equals the vesting period. Employees and officers’ stock options have a ten-year life and generally vest 25% on the first anniversary of the grant and in 1/36th equal installments on each monthly anniversary thereafter, such that options are fully vested on the four-year anniversary of the date of grant. The exercisability and vesting periods of equity awards granted to consultants and directors vary.
First Year Anniversary of the Grant [Member] \| Employees and Officers [Member]
Summary Of Significant Accounting Policy [Line Items]
Vesting percentage	25.00%
ASU 2023-07 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2024
Maximum [Member]
Summary Of Significant Accounting Policy [Line Items]
Property and equipment, useful lives	5 years
Minimum [Member]
Summary Of Significant Accounting Policy [Line Items]
Property and equipment, useful lives	3 years
Credit Risk [Member] \| Accounts Receivable [Member] \| BARDA [Member]
Summary Of Significant Accounting Policy [Line Items]
Concentration risk, percentage	60.00%	23.00%
Credit Risk [Member] \| Accounts Receivable [Member] \| CSL [Member]
Summary Of Significant Accounting Policy [Line Items]
Concentration risk, percentage	20.00%	74.00%
Customer Concentration Risk [Member] \| Revenue [Member] \| CSL [Member]
Summary Of Significant Accounting Policy [Line Items]
Concentration risk, percentage	91.00%	92.00%	75.00%
Customer Concentration Risk [Member] \| Revenue [Member] \| Vinbiocare [Member]
Summary Of Significant Accounting Policy [Line Items]
Concentration risk, percentage			12.00%

Segment Information - Summary of Reported Segment Revenues, Segment Loss and Income, and Significant Segment Expenses (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Gain on debt extinguishment	$ 33,953
Singapore Loan [Member]
Segment Reporting Information [Line Items]
Gain on debt extinguishment	$ 34,000

Income Taxes (Details 2) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (11)	$ 1,246	$ 1,121
State	7	589	174
Total current income tax (benefit) expense	(4)	1,835	1,295
Deferred:
Total income tax (benefit) expense	$ (4)	$ 1,835	$ 1,295

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Summary of Reported Segment Revenues, Segment Loss and Income, and Significant Segment Expenses

The following table presents information about reported segment revenues, segment loss and income, and significant segment expenses:


	For the Year Ended December 31,
(in thousands)	2024			2023			2022
Revenues	$	152,310		$	166,799		$	205,999
Less:
Research and development:
LUNAR-COVID		70,464			81,262			65,136
LUNAR-OTC		9,509			9,315			8,898
BARDA		7,807			5,465			95
LUNAR-CF, net		17,227			14,666			6,931
Early-stage programs		16,096			12,460			9,681
Discovery technologies		6,278			6,405			6,082
Payroll and benefits		57,474			50,924			42,466
Facilities and equipment		10,301			11,636			8,462
Total research and development		195,156			192,133			147,751
General and administrative		52,823			52,871			46,071
Other (1)		(14,728	)		(48,480	)		2,828
Net (loss) income	$	(80,941	)	$	(29,725	)	$	9,349

Organization

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Description of Business

Arcturus Therapeutics Holdings Inc. (the “Company” or "Arcturus") is a messenger RNA medicines company focused on the development of infectious disease vaccines and opportunities within liver and respiratory rare diseases. Arcturus developed the world’s first approved self-amplifying messenger RNA (sa-mRNA) vaccine, KOSTAIVE® (“KOSTAIVE”). KOSTAIVE achieved approval in Japan in 2023 as a vaccine against COVID-19. Sales of KOSTAIVE began in Japan in October 2024, marking the transition to a commercial stage company.

Recent Developments

See “Note 3 Revenue – CSL Seqirus” for further information on the agreement with Seqirus, Inc. ("CSL Seqirus"), whereby CSL Seqirus and the Company continue to collaborate on research and development, manufacturing and global commercialization of vaccines.

Liquidity

The Company has incurred significant operating losses since its inception. As of December 31, 2024 and 2023, the Company had an accumulated deficit of $448.8 million and $367.9 million, respectively.

The Company’s activities since inception have consisted principally of research and development activities, general and administrative activities, and raising capital. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding before the Company achieves sustainable revenues and profit from operations. From the Company’s inception through the year ended December 31, 2024, the Company has funded its operations principally with the proceeds from revenues earned through collaboration agreements, including the $200.0 million upfront payment received from CSL Seqirus during 2022, the sale of capital stock and proceeds from long-term debt. During fiscal year 2024, the Company received milestone payments totaling $96.0 million from CSL Seqirus. At December 31, 2024, the Company’s balance of cash and cash equivalents, including restricted cash, was $293.9 million.

Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these consolidated financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue:
Total revenue	$ 152,310	$ 166,799	$ 205,999
Operating expenses:
Research and development, net	195,156	192,133	147,751
General and administrative	52,823	52,871	46,071
Total operating expenses	247,979	245,004	193,822
(Loss) income from operations	(95,669)	(78,205)	12,177
Loss from equity-method investment			(515)
Loss from foreign currency	(471)	(229)	(598)
Finance income (expense), net	15,195	16,591	(420)
Gain on debt extinguishment		33,953
Net (loss) income before income taxes	(80,945)	(27,890)	10,644
(Benefit) provision for income taxes	(4)	1,835	1,295
Net (loss) income	(80,941)	(29,725)	9,349
Comprehensive (loss) income	$ (80,941)	$ (29,725)	$ 9,349
(Loss) earnings per share:
Basic	$ (3.00)	$ (1.12)	$ 0.35
Diluted	$ (3.00)	$ (1.12)	$ 0.35
Weighted-average shares used in calculation of (loss) earnings per share:
Basic	27,000	26,628	26,445
Diluted	27,000	26,628	27,093
Collaboration Revenue [Member]
Revenue:
Total revenue	$ 138,389	$ 157,748	$ 205,755
Grant Revenue [Member]
Revenue:
Total revenue	$ 13,921	$ 9,051	$ 244

Accrued Liabilities Detail - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued compensation	$ 13,305	$ 5,918
Cystic Fibrosis Foundation liability	7,443	7,633
Income tax payable		641
Current portion of operating lease liability	$ 3,552	$ 4,309
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Clinical trial accruals	$ 2,828	$ 2,333
Vinbiocare contractual liabilities	2,421	2,514
Legal accrual	130	177
Other accrued research and development expenses	9,102	8,356
Total	$ 38,781	$ 31,881

Revenue - Summary of Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total revenue	$ 152,310	$ 166,799	$ 205,999
Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	138,389	157,748	205,755
Grant Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	13,921	9,051	244
CSL Seqirus [Member] \| Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	138,389	154,264	154,425
Vinbiocare [Member] \| Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue			24,571
Janssen [Member] \| Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		660	9,201
Ultragenyx [Member] \| Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		1,837	3,739
Israel Ministry of Health [Member] \| Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue			12,500
Other [Member] \| Collaboration Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue		987	1,319
BARDA [Member] \| Grant Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total revenue	$ 13,921	$ 9,051	$ 244

Share-Based Compensation - (Details 2)	Dec. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares Outstanding, Beginning Balance \| shares	18,786
Number of Shares Outstanding, Ending Balance \| shares	18,786
Weighted- Average Grant Date Fair Value, Outstanding, Beginning Balance \| $ / shares	$ 34.92
Weighted- Average Grant Date Fair Value, Outstanding, Ending Balance \| $ / shares	$ 34.92

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue - Summary of Changes in Balances of Receivables and Contract Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, Balance	$ 32,064
Additions	98,430
Deductions	(126,520)
Accounts receivable, Balance	3,974	$ 32,064
Deferred revenue, Balance	87,325
Additions	97,599
Deductions	(152,806)	62,600
Deferred revenue, Balance	$ 32,118	$ 87,325

Revenue (Details Textual) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
Revenue (Details Textual) - USD ($)	Nov. 01, 2022	Feb. 28, 2023	Aug. 31, 2022	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2024
Revenue [Line Items]
Collaboration revenue						$ 152,310,000	$ 166,799,000	$ 205,999,000
Deferred revenue						32,118,000	87,325,000
Revenue recognized						(152,806,000)	62,600,000
Seqirus Inc [Member]
Revenue [Line Items]
Collaboration revenue						96,000,000
Upfront payment received						200,000,000
Seqirus Inc [Member] \| COVID-19 Vaccine [Member]
Revenue [Line Items]
Deferred revenue						5,100,000
Revenue recognized				$ 5,300,000
Vinbiocare [Member]
Revenue [Line Items]
Deferred revenue						0
Remaining performance obligation						0
BARDA [Member]
Revenue [Line Items]
Revenue recognized						13,900,000	9,100,000
Total grant revenue			$ 63,200,000
Grant revenue outstanding						40,000,000
Foreign Countries [Member]
Revenue [Line Items]
Collaboration revenue						138,400,000	154,900,000	$ 192,700,000
Research Collaboration And License Agreement [Member] \| Seqirus Inc [Member]
Revenue [Line Items]
Upfront payment received	$ 200,000,000
Research Collaboration And License Agreement [Member] \| Seqirus Inc [Member] \| COVID-19 Vaccine [Member]
Revenue [Line Items]
Net profits percentage	40.00%
Development milestones received advance payment							5,300,000			$ 5,100,000
Research Collaboration And License Agreement [Member] \| Seqirus Inc [Member] \| Manufacturing and Supply of ARCT-154 Drug Product [Member]
Revenue [Line Items]
Deferred revenue						0
Revenue recognized					$ 18,000,000
Development milestones received advance payment							23,600,000
Research Collaboration And License Agreement [Member] \| Maximum [Member] \| Seqirus Inc [Member]
Revenue [Line Items]
Eligible to receive development milestone payment	$ 1,300,000,000
Eligible to receive commercial milestone payment	$ 3,000,000,000
Vinbiocare Agreement [Member]
Revenue [Line Items]
Upfront payment received									$ 40,000,000
Reserved upfront payment						11,800,000
Additional financial support		$ 2,100,000
Vinbiocare Agreement [Member] \| Vinbiocare [Member]
Revenue [Line Items]
Deferred revenue							0
CSL Collaboration Agreement [Member]
Revenue [Line Items]
Deferred revenue						30,700,000	87,100,000
Development and regulatory milestones achieved						72,200,000
Achieved development and regulatory milestone included accounts receivable						0
CSL Collaboration Agreement [Member] \| Phase I Clinical Study [Member]
Revenue [Line Items]
Deferred revenue						3,100,000
Revenue recognized						12,000,000	2,400,000
Milestone payments							17,500,000
CSL Collaboration Agreement [Member] \| Maximum [Member] \| Phase I Clinical Study [Member]
Revenue [Line Items]
Additional payments upon meeting certain clinical milestones							$ 1,500,000
Study Support Agreement [Member] \| Vinbiocare [Member] \| Short-Term Contract with Customer [Member]
Revenue [Line Items]
Accrued liabilities paid upon occurrence of specified events						$ 2,400,000

Income Taxes (Details 3)	12 Months Ended
Income Taxes (Details 3)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	1.90%	1.90%	7.20%
Share-based compensation	(1.90%)	(2.50%)	16.10%
Officers compensation	(3.40%)	(7.40%)	21.80%
Research and development credits	24.00%	20.00%	(40.30%)
Uncertain tax position	(3.70%)	(2.40%)	9.00%
Change in tax rate	(1.40%)	0.20%	(12.60%)
Change in valuation allowance	(36.10%)	(36.50%)	(9.40%)
Other	(0.20%)	(0.30%)	(1.00%)
Permanent differences	(0.20%)	(0.70%)	0.40%
Provision for income taxes	0.00%	(6.70%)	12.20%