Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 7, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
0.8
Distress distance
Watch
Earnings quality
3
Forensic signals
-28.9%
ROE
-46.1%
Revenue growth
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 (auditor quality, say on pay, board independence, going concern). 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 an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-265.3%
FY2025
Return on invested capital.Return on invested capital is -265.3% in the latest fiscal year and slipping across FY2023–FY2025 from -111.5%. After-tax operating profit was ($62M) in FY2023 and ($60M) in FY2025, with operating income at -46.9% of revenue in FY2023, -62.8% in FY2024 and -93.0% in FY2025. The capital base behind it came down -59% across FY2023–FY2025, from $55M to $23M, so this return is struck on a smaller base than it started on.
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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
25d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 10 to 25 days FY2024→FY2025 (receivables +40% vs revenue -46%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 70 → 10 → 25 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-74%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.DSO (days sales outstanding): the average days the company waits to collect cash after a sale.
Key fundamentals
Latest Revenue$82.0M
Revenue Growth YoY-46.1%
Revenue CAGR (2yr)-29.9%
Net Margin-80.2%
Free Cash Flow-$74.5M
Return on Equity-28.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Arcturus Therapeutics Holdings Inc.'s actual 10-K/10-Q/8-K filings?