Estados financieros detallados de Arcturus Therapeutics Holdings Inc. (ARCT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Arcturus Therapeutics Holdings Inc. registró ingresos de $67.2M en el último ejercicio fiscal, con un CAGR de 5 años del 47.8%.
Márgenes de los últimos 12 meses: margen bruto 83.2%, margen operativo -433.4%, margen neto -391.9%.
Al precio actual de $15.60, ARCT presenta beneficios negativos (P/E no significativo) y un ROE del -46.54%. La capitalización bursátil es de $443M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $20.4M | $13.0M | $15.8M | $20.8M | $9.5M | $12.4M | $205.8M | $157.7M | $138.4M | $67.2M |
| Coste de Ventas | $294000 | $410000 | $17.0M | 0 | $55.9M | 0 | 0 | 0 | 0 | $3.0M |
| Beneficio Bruto | $20.1M | $12.6M | -$1.2M | $20.8M | -$46.4M | $12.4M | $205.8M | $157.7M | $138.4M | $64.2M |
| I+D | $18.4M | $15.9M | $17.0M | $33.6M | $57.8M | $173.8M | $147.8M | $192.1M | $195.2M | $112.2M |
| Generales y Administrativos | $5.4M | $7.6M | $20.6M | $12.7M | $25.1M | $41.5M | $46.1M | $52.9M | $52.8M | $46.1M |
| Gastos Operativos | $25.2M | $23.5M | $37.6M | $46.3M | $25.1M | $215.2M | $193.6M | $236.0M | $234.1M | $139.2M |
| Beneficio Operativo | -$25.2M | -$10.5M | -$21.8M | -$25.5M | -$71.5M | -$202.9M | $12.2M | -$78.2M | -$95.7M | -$75.0M |
| EBITDA | -$947000 | -$10.3M | -$20.7M | -$24.5M | -$70.6M | -$199.8M | $15.2M | -$24.2M | -$77.4M | -$62.8M |
| Gastos por Intereses | $295000 | $150000 | $186000 | $854000 | $831000 | $2.7M | $3.0M | $767000 | 0 | 0 |
| Beneficio Antes de Impuestos | -$24.5M | -$10.9M | -$21.8M | -$26.0M | -$72.1M | -$203.7M | $10.6M | -$27.9M | -$80.9M | -$65.8M |
| Impuestos | $73000 | $1000 | $212000 | 0 | 0 | 0 | $1.3M | $1.8M | -$4000 | 0 |
| Beneficio Neto | -$24.6M | -$10.9M | -$21.8M | -$26.0M | -$72.1M | -$203.7M | $9.3M | -$29.7M | -$80.9M | -$65.8M |
| BPA | $-6.25 | $-3.53 | $-2.16 | $-2.13 | $-3.55 | $-7.74 | $0.35 | $-1.12 | $-3.00 | $-2.40 |
| BPA Diluido | $-6.25 | $-3.53 | $-2.16 | $-2.13 | $-3.55 | $-7.74 | $0.35 | $-1.12 | $-3.00 | $-2.40 |
| Acciones en Circulación (Diluidas) | $3.9M | $3.1M | $10.1M | $12.1M | $20.3M | $26.3M | $27.1M | $26.6M | $27.0M | $27.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $17.2M | $3.1M | $610000 | $3.0M |
| Beneficio Bruto | $13.8M | $3.1M | -$48000 | $3.0M |
| Beneficio Operativo | -$16.5M | -$31.3M | -$29.8M | -$25.5M |
| EBITDA | -$12.7M | -$20.1M | -$26.3M | -$23.8M |
| Beneficio Neto | -$13.4M | -$29.1M | -$27.0M | -$23.8M |
| BPA | $-0.49 | $-1.05 | $-0.95 | $-0.84 |
| BPA Diluido | $-0.49 | $-1.05 | $-0.95 | $-0.84 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $2.3M | $25.0M | $36.7M | $71.4M | $462.9M | $370.5M | $391.9M | $292.0M | $237.0M | $230.9M |
| Inversiones a Corto | $47.9M | $23.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $3.6M | $480000 | $4.5M | $2.2M | $2.1M | $3.4M | $2.8M | $32.1M | $4.0M | $5.6M |
| Inventario | -$521000 | $1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $51.3M | $50.9M | $41.8M | $74.3M | $467.8M | $379.0M | $403.3M | $386.6M | $306.0M | $241.4M |
| Inmovilizado Material | $240000 | $1.0M | $2.0M | $7.5M | $8.6M | $11.3M | $45.0M | $40.9M | $36.2M | $27.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $51.6M | $52.0M | $44.2M | $82.1M | $476.5M | $392.8M | $450.4M | $429.4M | $344.1M | $271.1M |
| Cuentas por Pagar | $3.4M | $1.8M | $2.4M | $5.8M | $10.8M | $10.1M | $7.4M | $5.3M | $7.2M | $4.2M |
| Deuda a Corto | $133000 | 0 | 0 | 0 | $1.2M | $22.5M | $60.7M | 0 | 0 | 0 |
| Pasivos Corrientes | $4.3M | $11.0M | $12.6M | $21.3M | $49.5M | $99.5M | $127.0M | $82.0M | $65.5M | $36.4M |
| Deuda a Largo | 0 | 0 | $9.9M | $15.0M | $13.8M | $40.6M | 0 | 0 | 0 | 0 |
| Pasivos Totales | $4.3M | $18.2M | $30.6M | $56.4M | $79.9M | $164.6M | $180.1M | $150.9M | $103.1M | $57.2M |
| Reservas | -$95.6M | -$23.1M | -$44.9M | -$71.7M | -$143.8M | -$347.5M | -$338.1M | -$367.9M | -$448.8M | -$514.6M |
| Patrimonio Neto | $47.2M | $33.8M | $13.6M | $25.8M | $396.6M | $228.2M | $270.3M | $278.5M | $241.0M | $214.0M |
| Deuda Total | $133000 | 0 | $9.9M | $20.7M | $20.8M | $69.1M | $94.8M | $30.2M | $28.6M | $25.0M |
| Deuda Neta | -$50.1M | -$48.6M | -$26.8M | -$50.7M | -$442.1M | -$301.3M | -$297.1M | -$261.8M | -$208.5M | -$205.9M |
| Capital Circulante | $47.0M | $39.8M | $29.3M | $53.0M | $418.3M | $279.4M | $276.3M | $304.6M | $240.5M | $205.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $180.4M | $230.9M | $211.4M | $191.5M |
| Activos Totales | $282.3M | $271.1M | $245.4M | $224.3M |
| Pasivos Totales | $57.8M | $57.2M | $54.0M | $52.5M |
| Patrimonio Neto | $224.6M | $214.0M | $191.4M | $171.8M |
| Deuda Total | $26.0M | $25.0M | $24.0M | $22.9M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$24.6M | -$10.9M | -$21.8M | -$26.0M | -$72.1M | -$203.7M | $9.3M | -$29.7M | -$80.9M | -$65.8M |
| Amortizaciones | $61000 | $410000 | $582000 | $684000 | $882000 | $1.2M | $1.5M | $3.0M | $3.5M | $3.0M |
| Compensación en Acciones | $2.5M | $2.2M | $1.3M | $2.0M | $6.8M | $28.9M | $30.6M | $34.6M | $38.0M | $25.4M |
| Cambio en Capital Circulante | $2.7M | $7.4M | -$1.2M | $16.0M | $21.2M | $32.6M | -$12.6M | $7.4M | -$20.8M | -$39.2M |
| Flujo de Caja Operativo | -$19.2M | -$460000 | -$20.8M | -$6.4M | -$42.9M | -$135.0M | $32.0M | -$18.1M | -$59.7M | -$74.3M |
| Inversiones (CapEx) | -$74000 | -$251000 | -$1.5M | -$818000 | -$1.7M | -$3.4M | -$7.7M | -$2.9M | -$648000 | -$230000 |
| Adquisiciones | -$20.0M | $29000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$19.3M | -$711000 | -$22.2M | -$7.3M | -$44.6M | -$138.4M | $24.3M | -$21.0M | -$60.4M | -$74.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$17.2M | -$16.2M | -$19.4M | -$19.9M |
| Inversiones (CapEx) | -$181000 | -$137660 | 0 | 0 |
| Flujo de Caja Libre | -$17.3M | -$16.4M | -$19.4M | -$19.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.7M | $6.8M | $4.3M | $4.2M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -36.2% | +21.2% | +32.0% | -54.1% | +29.6% | +1564.8% | -23.3% | -12.3% | -51.4% |
| Crecimiento Beneficio Neto (anual) | | +55.7% | -99.8% | -19.3% | -177.6% | -182.3% | +104.6% | -417.9% | -172.3% | +18.7% |
| Crecimiento BPA (anual) | | +43.5% | +38.8% | +1.4% | -66.7% | -118.0% | +104.5% | -420.0% | -167.9% | +20.0% |
| Cambio en Acciones (anual) | | -21.6% | +226.2% | +19.9% | +68.2% | +29.6% | +2.9% | -1.7% | +1.4% | +1.4% |
| Crecimiento FCF (anual) | | +96.3% | -3027.7% | +67.3% | -514.1% | -210.4% | +117.5% | -186.5% | -187.6% | -23.0% |
| Margen Bruto | 98.6% | 96.8% | -7.8% | 100.0% | -486.5% | 100.0% | 100.0% | 100.0% | 100.0% | 95.5% |
| Margen Operativo | -123.5% | -80.7% | -138.5% | -122.7% | -749.8% | -1641.3% | 5.9% | -49.6% | -69.1% | -111.5% |
| Margen EBITDA | -4.6% | -79.6% | -131.5% | -117.6% | -740.6% | -1616.7% | 7.4% | -15.3% | -55.9% | -93.4% |
| Margen Neto | -120.7% | -83.9% | -138.3% | -125.0% | -756.3% | -1648.0% | 4.5% | -18.8% | -58.5% | -97.9% |
| Margen FCF | -94.8% | -5.5% | -141.2% | -34.9% | -467.6% | -1120.2% | 11.8% | -13.3% | -43.6% | -110.5% |
| Tasa Impositiva Efectiva | -0.3% | -0.0% | -1.0% | -0.0% | -0.0% | -0.0% | 12.2% | -6.6% | 0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-4.91 | $-0.23 | $-2.21 | $-0.60 | $-2.20 | $-5.26 | $0.90 | $-0.79 | $-2.24 | $-2.71 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $3.9M | $3.1M | $10.1M | $12.1M | $20.3M | $26.3M | $26.4M | $26.6M | $27.0M | $27.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -46.54% |
| Rentabilidad sobre capital invertido | -52.96% |
| Rentabilidad sobre activos | -41.58% |
| Margen bruto | 83.19% |
| Margen operativo | -433.36% |
| Margen neto | -391.90% |
Salud financiera
| Deuda / Patrimonio | 0.13 |
| Ratio corriente | 5.88 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -2.35 | -2.26 | -2.10 | -5.10 | -12.22 | -4.78 | 48.46 | -28.15 | -5.66 | -2.55 |
| P/VC | 1.23 | 0.73 | 3.34 | 5.09 | 2.22 | 4.27 | 1.66 | 3.01 | 1.90 | 0.78 |
| P/V | 2.84 | 1.90 | 2.90 | 6.31 | 92.34 | 78.81 | 2.18 | 5.32 | 3.31 | 2.50 |
| Margen Bruto | 98.6% | 96.8% | -7.8% | 100.0% | -486.5% | 100.0% | 100.0% | 100.0% | 100.0% | 95.5% |
| Margen Operativo | -123.5% | -80.7% | -138.5% | -122.7% | -749.8% | -1641.3% | 5.9% | -49.6% | -69.1% | -111.5% |
| Margen Neto | -120.7% | -83.9% | -138.3% | -125.0% | -756.3% | -1648.0% | 4.5% | -18.8% | -58.5% | -97.9% |