What Arcturus Therapeutics Holdings Inc. told the SEC could break it.

Arcturus purchases certain raw materials from single-source suppliers and lacks qualified backup suppliers, so a supplier disruption or bankruptcy could prevent it from manufacturing product candidates in sufficient quantities or on acceptable terms.

“the lack of qualified backup suppliers for any raw materials that are currently purchased from a single source supplier”

Arcturus generated ~80% of total revenue from CSL in 2025, largely from non-recurring milestone and license payments under its CSL Seqirus collaboration; it may not receive future milestone payments, creating extreme revenue concentration.

“In 2025 we recognized a significant portion of our revenue from non-recurring milestone payments and license revenue under our collaboration agreement with CSL Seqirus. We may not receive any future milestone payments from CSL Seqirus.”

Arcturus has recognized no revenue from product sales since inception and has a $514.6M accumulated deficit, having funded operations through collaborations and equity (ATM); only KOSTAIVE is approved (abroad), so it remains dependent on financing.

“We have not recognized any revenue from product sales since our inception. As of December 31, 2025, we had an accumulated deficit of $514.6 million.”

Arcturus sources product-candidate components and raw materials globally (PRC, Japan, Austria, Germany, UK); proposed U.S. tariffs (especially on PRC) could raise production costs or force costlier alternative sourcing that delays clinical trials and manufacturing.

“The current U.S. presidential administration has proposed the implementation of a number of tariffs, including tariffs on products and materials from PRC, which could increase our production costs.”