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| Period | CSL deferred revenue ($M) | Note |
|---|---|---|
| Q4 2024 | 30.7 | FY2025 10-K comparative. Start of the printed run-off series. |
| Q2 2025 | 18.1 | Q2 2025 10-Q. Q1 2025 CSL-specific balance was not printed. |
| Q3 2025 | 8.7 | Q3 2025 10-Q. |
| Q4 2025 | 6.2 | FY2025 10-K. |
| Q2 2026 | 5.2 | Q2 2026 10-Q. Q1 2026 printed total deferred revenue ($7.6 million) but not a CSL-only split, so that quarter is omitted. Termination subsequent event: remainder expected to be recognized in Q3 2026. |
| Period | Printed mark | What it is |
|---|---|---|
| Q4 2022. CSL upfront | $200.0 million cash received | Upfront under the 1 Nov 2022 Collaboration and License Agreement. Exclusive global vaccine license to STARR and LUNAR. Not a royalty. |
| 2023. Flu Phase 1 amendment | $17.5 million received | Amendment under which Arcturus sponsored a Phase 1 influenza study. The 10-Q says that performance obligation was fully satisfied during 2025. |
| 2023. KOSTAIVE Japan approval | Japan marketing authorization | ARCT-154 approved in Japan for adults 18 and older. First licensed sa-mRNA COVID vaccine. Commercial sales in Japan began October 2024 via Meiji. |
| FY2024. CSL milestones received | $96.0 million cash received | FY2024 10-K: milestone payments totaling $96.0 million from CSL Seqirus during fiscal 2024. Cumulative upfronts and milestones printed at approximately $473.1 million as of 31 Dec 2024. |
| FY2024. KOSTAIVE gross-profit share | Approximately $28.0 million (credited, not cash) | CSL reported Arcturus's share of gross profit from KOSTAIVE sales. Credited against Arcturus's share of COVID-19 program costs. Not a cash royalty receipt. |
| Q2 2025. CSL development milestone | $20.0 million achieved | Q2 2025 10-Q. Included in FY2025 cash milestones. Not additive to the $39.1 million FY2025 total. |
| FY2025. CSL milestones received | $39.1 million cash received | FY2025 10-K. KOSTAIVE approved by the European Commission in February 2025 and in the United Kingdom in January 2026. |
| Oct 2025. US BLA delay | Indefinitely delayed | FDA (14 Oct 2025) required additional clinical endpoint efficacy data under the May 2025 COVID-19 vaccine framework. Not a US commercial launch. |
| Q1 2026. Cumulative CSL cash | Approximately $514.1 million | Printed cumulative upfront payments and milestones from CSL Seqirus through Q1 2026. A total, not a remaining-eligible ceiling. |
| 3 Aug 2026. CSL termination | $12.0 million cash plus approximately $16.0 million released liabilities | Mutual termination. Arcturus regained KOSTAIVE and seasonal flu, pandemic flu, RSV, and EBV rights, subject to Meiji through the 2026-2027 NH season. Arbitration over the EU milestone dismissed. Remaining CSL deferred revenue of approximately $5.2 million expected to be recognized in Q3 2026. Going forward Arcturus owes CSL single-digit royalties on certain vaccine sales. Do not treat legacy $1.3 billion / $3.0 billion ceilings as live. |
| Period | Facility | Printed amount |
|---|---|---|
| Q2 2026. BARDA pandemic flu | Cost-reimbursement contract (Aug 2022) | Up to $63.2 million award. Remaining available funding net of revenue earned: $24.6 million as of 30 Jun 2026. Q2 2026 grant revenue from BARDA was $1.369 million. |
| Q2 2026. Cystic Fibrosis Foundation | LUNAR-CF development award | Award increased to $24.6 million (from approximately $15.6 million) on 25 Sep 2023. Full cash received in Q4 2023. Remaining accrued liability $5.9 million at 30 Jun 2026 (contra-expense still to recognize), not remaining cash to collect. Arcturus agreed to incur at least $15.0 million toward the research plan. |
| Q2 2026. Gates Foundation grants | HPV therapeutic vaccine and sa-mRNA durability | Deferred grant revenue $1.1 million as of 30 Jun 2026. Q2 2026 Gates grant revenue was $0.710 million. Not a remaining-award ceiling. |
| Jun 2026. Thermo Fisher CDMO cap | ARCT-032 clinical manufacturing | Up to $40.0 million of qualifying clinical manufacturing services. A cap, not an amount earned. No commercial supply agreement executed as of 30 Jun 2026. |
| Jun 2026. PPD CRO cap | ARCT-032 Phase 3 plus open-label extension | Up to $40.0 million of CRO services if Arcturus advances ARCT-032 into Phase 3. A separate cap from the CDMO amount. Do not sum the two $40 million figures into a single funded total. |
| Period | Candidate | Printed status |
|---|---|---|
| Q2 2026. ARCT-032 (LUNAR-CF) | Inhaled CFTR mRNA for cystic fibrosis | Phase 2 (NCT06747858). Cohorts 1-3 (5/10/15 mg daily for 28 days) completed dosing. Cohort 4 (up to 20 subjects, 10 mg daily for 12 weeks) enrolling in the US, Israel, and Turkey. Phase 3 go/no-go guided for Q4 2026. Orphan (FDA/EMA) and Rare Pediatric Disease designations. |
| Q2 2026. ARCT-810 (LUNAR-OTC) | OTC-deficiency mRNA (liver) | Phase 2 enrollment and dosing completed. End-of-Phase 2 path and data/regulatory plan guided for Q3 2026. Orphan (FDA/EMA), Fast Track, and Rare Pediatric Disease designations. Worldwide rights retained. |
| Q2 2026. KOSTAIVE (ARCT-154) | sa-mRNA COVID-19 vaccine | Approved in Japan (2023), EU (Feb 2025), and UK (Jan 2026). Japan sales began Oct 2024 via Meiji. US BLA indefinitely delayed after the FDA (14 Oct 2025) required a clinical endpoint efficacy study. Global rights returned to Arcturus on 3 Aug 2026, subject to Meiji through the 2026-2027 NH season (expected to end on or around 30 Jun 2027). |
| Q2 2026. Infectious-disease vaccines | Seasonal flu, pandemic flu, RSV, EBV | Rights returned with the CSL termination. BARDA-funded pandemic influenza (H5) Phase 1 dosed Dec 2024; 2H 2025 results described as favorable tolerability and a robust humoral response. Not a US seasonal franchise. |
| Jun 2026. Thermo Fisher (ARCT-032) | CDMO and CRO for CF Phase 3 | Agreements dated 26 Jun 2026. Thermo Fisher to provide qualifying clinical manufacturing up to $40 million. If Arcturus advances ARCT-032 into Phase 3, it has agreed to engage PPD for CRO services up to $40 million. Those are caps, not earned amounts. No commercial supply agreement had been executed as of 30 Jun 2026. |
Arcturus is founded in San Diego around LUNAR lipid delivery and STARR self-amplifying mRNA. Not a seasonal US franchise company.
Arcturus lists on Nasdaq as ARCT (2017 reverse merger). The ticker predates any approved product.
CSL Seqirus collaboration and license for sa-mRNA COVID, flu, and other respiratory vaccines becomes effective 8 Dec 2022. Global rights sit with CSL, not a US launch by Arcturus.
Japan MHLW approves Kostaive (ARCT-154) on 28 Nov 2023, first licensed self-amplifying mRNA COVID vaccine. Meiji Seika distributes in Japan for CSL Seqirus.