Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026

Arcturus Therapeutics Holdings Inc. (ARCT)

A forensic read on Arcturus Therapeutics Holdings Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.8

Distress distance

Watch

Earnings quality

Forensic signals

-30.7%

ROE

-46.1%

Revenue growth

The financial-health reading above compares this company's equity at BOOK value, not at what the market currently pays for it — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Arcturus Therapeutics Holdings Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-1560.8%

FY2025

Return on invested capital. Return on invested capital is -1560.8% in the latest fiscal year and slipping from -112% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

n/m (sign flip)

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+4.0M to FY2025 $-16.9M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.

+0.4%/yr

FY2022–FY2025

Share count. Diluted share count changed +1% over the last 3 years to FY2025 (+0.4%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$82.0M

Revenue Growth YoY-46.1%

Net Margin-80.2%

Free Cash Flow-$74.5M

Return on Equity-30.7%

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.