Arcturus Therapeutics Holdings Inc.
ARCT Healthcare Biotechnology
Arcturus Therapeutics Holdings Inc.’s revenue for fiscal 2025 (year ended December 2025) was $82.0 million, down 46.1% from fiscal 2024. In the quarter to June 2026, revenue fell 89.5%, EPS fell 147.1% and free cash flow fell 245.7%, each against the same quarter a year earlier.
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Arcturus Therapeutics Holdings Inc. (ARCT) Beneish M-score
Arcturus Therapeutics Holdings Inc.'s Beneish M-score for fiscal 2025 is −1.29; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.29 | 2.33 |
| FY2024 | −3.62 | (13.06) |
| FY2023 | 9.44 | (2.33) |
| FY2022 | 11.77 | 14.83 |
| FY2021 | −3.07 | (0.24) |
| FY2020 | −2.83 | (1.70) |
| FY2019 | −1.13 | (5.60) |
| FY2018 | 4.47 | 9.43 |
| FY2017 | −4.96 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.60 | — | 2.39 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.02 | — | 0.41 | |
| Sales growth index | 0.54 | — | 0.48 | |
| Depreciation index | 0.87 | — | 0.10 | |
| SG&A index | 1.62 | — | −0.28 | |
| Total accruals to total assets | 0.03 | — | 0.15 | |
| Leverage index | 0.70 | — | −0.23 | |
| Beneish M-score | Flagged by the model | −1.29 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ENTA Enanta Pharmaceuticals, Inc. compare | −4.3× |
| IRD Opus Genetics, Inc. compare | −4.0× |
| CCCC C4 Therapeutics, Inc. compare | −2.6× |
| ARCT Arcturus Therapeutics Holdings Inc. | −1.3× |
| OBIO Orchestra BioMed Holdings, Inc. compare | 7.0× |
| CYPH Cypherpunk Technologies Inc. compare | 11.1× |
| AGEN Agenus Inc. compare | 12.6× |
| CTNM Contineum Therapeutics, Inc. compare | — |
| RLMD Relmada Therapeutics, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI