ARCT - Earnings call transcript Q1 2024 | Arcturus Therapeutics Holdings Inc.

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Arcturus Therapeutics First Quarter 2024 Earnings Call. [Operator Instructions] This call is being recorded on Wednesday, May 8, 2024.

I would now like to turn the conference over to Neda Safarzadeh, Vice President, Head of Investor Relations, Public Relations and Marketing of Arcturus Therapeutics. Please go ahead.

Neda Safarzadeh

Thank you, operator. to quarterly welcome pipeline update and call. progress afternoon, Arcturus Financial Therapeutics' and Good be Joe led and will call Today's by Andy our CEO; Payne, Sassine, CFO. and President our Dr. them our COO, CSO Pad Q&A Chivukula will , join session. for and the

Private remind of within I during statements provisions the regarding that safe to call XXXX. facts historical the that are the harbor Before we not like Securities are everyone Act begin, matters would Litigation made Reform this forward-looking of statements

Factors of performance. uncertainties and Please this with the see guarantees well those involve known may press Forward-looking on section actual risks, not statements the in implied the and statement. most from They SEC. release and Risk unknown company's in differ Form recent subsequent and statement today our issued cause by are filings XX-K forward-looking expressed disclaimer or materially that earlier assumptions achievements results, performance the as as to

date as forward-looking any update statements addition, the obligation any specifically such In are views statements. to represent only made. disclaims Arcturus of such our statements

over with call now I Joe. will turn the that, And to

Joseph Payne

you, good to be with Thank Neda. again, everybody. you It's

program. update I our vaccine regarding with will an on COVID-XX begin remarks my progress

quarter fall for We're X initiate million Kostaive season vaccination to are this initial the that to track manufacturing of deliver to We year. the we upcoming doses excited in report the Japan. commercial and pleased to to effort third the winter support in remain Japan on

throughout upcoming partner, Meiji, then season. winter Our fall and Kostaive to the the intends distribute vaccine

bivalent both with endpoint XXX Omicron received adults this were our ARCT-XXXX, comparator Japan Wuhan their pleased announced BA.X/X confirmed again partner, clinical a with company, Meiji for strains. There partner, bivalent to X antibody and immunogenicity of Seika met of neutralizing bivalent X healthy causally along with Phase We a the in vaccine associated that doses response was in the III vaccines. mRNA ARCT-XXXX. and COVID-XX events yet March, see previously and noninferiority that adverse study candidate, who superior were to ARCT-XXXX no our to of the primary a In Pharma, COVID-XX mRNA conventional and serious CSL,

Arcturus, be study along in multiple initiated young candidate variant. study to this Approximately ethnicities the the the with generate study support ARCT-XXXX licensure Omicron vaccines. vaccine southern The will throughout containing assess the States. III CSL, influenza age-appropriate with monovalent adults also purpose co-administration product United and to XBB.X.X countries study of our X,XXX The Phase safety for and multiple additional a in in the also platform recruited of seasonal with is in data planned to the older the are ARCT-XXXX immunogenicity hemisphere.

showcased consistent platform. ongoing superiority, the III STARR Our Phase vaccine durability Arcturus breadth vaccine the of studies and

global expanding make progress We the in continue to franchise. Kostaive

Application Marketing reported process we Authorization an with regulatory a iterative this As Agency, The previously, the the to quarter of for continues advance provide the Commission year. expected Kostaive European European EMA. third decision in approval to Medicines filed or to

partner, our or to Seasonal Influenza well. Moving the ARCT-XXXX through program, is CSL, The Quadrivalent program, ARCT-XXXX. progressing vaccine

and vaccine. As year. of the of dose-finding dose the vaccine were young XX immunogenicity ongoing, a May and study is in company adults or and mRNA that the the X dose levels X X, older healthy licensed recruited XXXX, of recruitment safety us emphasize we understand self-amplifying received Phase study important influenza and of in adults data It I The of to this third also anticipates successfully I Phase top this how can FLU in help study will is vaccine the setting. multivalent high quarter line immunogenicity

Metabolic Inherited to annual single our X.X candidate ascending deficiency. for dose In mgs for Phase presented OTC, Diseases to X.X, intravenous program. in April, intravenous X.X company generally XX X.X, and or The This that Ib our as for messenger of ornithine ARCT-XXX I is adults the kilogram per both on randomized or or study infusion. tolerated or SAD RNA that Phase with receive I'll transcarbamylase, Phase OTC therapeutic studies. adults, The now dose at X:X X.X or studies no single the per ARCT-XXX enrolled X:X X.X, conference. ARCT-XXX single Society adverse well mgs The study ascending placebo deficiency, XX X.X, I ARCT-XXX X.X enrolled showed mild kilogram dose with events was serious receive results placebo to by or an administered doses infusion. was randomized severe move

and dose ARCT-XXX study I European deficiency, or ARCT-XXX initiation study in the adults randomized X weeks II the Phase adolescents with and the placebo of facilitated results every in X which a Union. encouraging ongoing Phase The and is randomized in this are of Phase Ib Subjects United studies receive doses ascending to from Kingdom multiple X:X. OTC

therapeutic RNA cystic designed each and to cystic conducting in X to LUNAR technology. ARCT-XXX now receiving fibrosis fibrosis of company enroll ARCT-XXX study Moving Arcturus' our inhaled adults to with formulated Phase candidate flagship X The is participant is presently X our Zealand is New a inhaled delivery clinical for with messenger Ib ARCT-XXX. program. administrations with

our fibrosis, flagship providing interim programs, ARCT-XXX and X. ARCT-XXX on deficiency therapeutic update cystic Monday, for for be will July both data We mRNA and an OTC for progress that's of

the pass now call I'll to that, Andy. with And

Andrew Sassine

financial and press on Thank analysis and the our and also afternoon, results. XXXX, financial you, a reference provides XX, issued performance. Please The for release statements earlier today includes ended XX-Q more year-over-year Form of quarter summary everyone. most recent good March details Joe, first the financial for

initial very third doses this be Japan to as And commercialization are delivered the year. Kostaive X quarter pleased in is mentioned, Joe million We year. this the to of planned initiate of the to

will with sales approval, agreement Arcturus in CSL CSL Seika and the be products vaccine As distribution a for Meiji as Meiji coordinating the reminder, Kostaive responsible Pharma as market. has manufacturing for the of and an COVID regulatory well Seqirus, marketing, of whereby Japan with Japanese

our than XX vaccine payment months trigger our will the the remarkable collaboration. milestone under less and agreement achievement signed in first is we Japan ago. sales This since CSL CSL commercial a The delivery of

more color on We quarter milestones in for the the from and impact year. Kostaive revenue of will projected this fourth provide the

reminder, CSL a from projected nor cash commercial milestone include collaboration. the revenues or does our Kostaive not any runway from As

and am efforts all focused JV CDMO to in a At pleased wholly is of investment point announce partner the a I global to our poised Axcelead. mRNA us engagement Investment Japan hub key JPMorgan become as owned to manufacturing group state-of-the-art therapeutics mRNA working our of substance The help facility. in XX%-owned of Japan, team with Arcturus across of with as the research drug our our manufacturing the to global mRNA designed development of vaccine landscape. drug player this in ARCALIS, time, is a strategically program. to ARCALIS, on located production pipeline support monetize is already support a construction established mRNA-based Banking in CDMO and a completed has in strategic in well biomedical the manufacturing

construct date, template been product funds were awarded to ARCALIS by Japanese drug DNA facility. $XXX drug million and capability build To to used mRNA the has formulated to a substance, manufacturing government. These

in and therapeutics mRNA to facility vaccines leading the facility We manufacturer only world. and become expect the integrated fully a mRNA of this self-amplified

for the comparison ended press refer December release summarize financial XX-Q to our XXXX XX, I quarter of for the quarter fourth financial will XXXX. our and year-over-year compared results the Please now analysis. first to

source pharmaceutical and primary reservation related revenue fees, and agreements of grants research license partners. Our was fees, and technology payments received biotechnology fees, consulting with from from transfer government development collaborative and

BARDA XX, primarily the the compared consistent the ended XX, million months revenues was of December of primarily increase $X.X The $XX.X The driven for X CSL related increase million XX, XX, million program, for revenues months XXXX, million preparation the For the XXXX. expenses. for compared March million $XX.X we December expenses across XXXX, our including of months by to ended operating for activities the remained in increase The revenue X with sequential XXXX. Total X grant was $XX ended with increased R&D March in X commercialization ended sequential Kostaive. $XX.X months of sequentially. relatively reported all was

ended The program expenses the Research for were cystic CSL to and fibrosis million expenses the development and the March for XXXX, OTC as our development program. quarter. research as by $XX.X X well and BARDA months in XX, driven $XX.X were increase and primarily December compared million internal

The expenses. as follows: Meiji commercial production $X.X $X.X next-generation CSL and broken the for was million related multiple remaining out million to and increased lyme have investments initiated company and in we early and disease are programs. research expenses discovery The Additionally, its discovery development flu million technologies. $X million The $XX to programs, in compensation-related stage expenses the research $X.X million for vaccine programs. related increase of gonorrhea increased preclinical from

per per the as XX, diluted For $XXX.X March million XX, cash or months were with of and and $X a the approximately loss million $X.XX December of restricted in X million months ended Arcturus share XX, $XXX.X XXXX. Cash, $XX.X diluted XXXX, XXXX. on share cash XX, reported ended X XXXX, net a March $XX.X compared December million equivalents net loss of or

of total payments XXXX. We achieved CSL $XXX.X March a have of upfront XX, and approximately milestones from in as million

program. based to vaccine extends and X The ongoing the cash current receive of runway future program from program additional pipeline development CSL. We to continue the and by on payments least COVID and expect support X that milestone will years the flu expected CSL at

later we remains and in in report therapeutic to multiple the delivery the company we position milestones and has look the with vaccine XXXX. believe a anticipated Kostaive summary, forward vaccine for near-term resources in financial In commercial Furthermore, value-creating the achieve Japan, to beginning strong potential of to sales year this programs.

call pass now will the I Joe. to back

Joseph Payne

our to LUNAR therapeutics in initiation technologies. proprietary commercialization our We're and of indeed about the continued make progress and process advanced pipeline for mRNA Kostaive. excited vaccines We've Andy. our and of platform mRNA excellent delivery Thanks,

time like the the I'd to that, with turn operator questions. And for to over

Operator

from I'm Wang Miles Instructions] Evan sorry, Your with comes Partners. first -- Guggenheim [Operator question

Boran Wang

me. for Great, X

can some therapeutics number patients with that data you this First, whether the OTC interpret. confident expectations see set to with help CF number now, of on and the course be set sufficient really patients a and you're we'll and of for hoping July will update time that X,

second, just cash position. And us strong the ARCALIS, given monetization can the through rationale the you of Meiji for walk

Joseph Payne

question, for to the that Meiji respect to or monetization monetization With Evan, the Andy. Thanks, defer the ARCALIS I'll questions.

communicated detail interim first that your for Ib -- question, Phase enrollment for anticipate ARCT-XXX data this completed II going a address to to be on meeting in be the the July complete cystic progress subset we'll be Phase -- be be the set. can providing release. by I readout we've July a We be announced. this further to a you for patients, data this of And of the We're it's some and update on for asked will press program. form but a the will around OTC But sharing for fibrosis Xst X. also, this And program, an likely not

on one the Did address I your to Andy to before question we go address ARCALIS that question?

Boran Wang

Yes.

will to say? is from -- the have that higher it too point? still Just early at cohort we the additional data or any dose Or

Joseph Payne

more We'll be then can able address if ARCALIS? to about how Andy, July you disclose X details on st. And the

Andrew Sassine

Sure. owned decision the strategic a management very pipeline we, question. across a a efforts made with and Thanks, as Obviously, manufacturing support our Evan, team CDMO our of wholly to closely to global for help established work program. group the Board,

helping position work of in very at us prestigious JPMorgan with investment strong to And attract lot we a banks and like this fortunate fortunate to a be that us options. that investment. we're of able strategic kind to a in help bank we monetize had look an select able expressed were to interest were So

for Does we're approval you operating to the and there asset-light a of course, facets on variable different in in especially in -- to asset your this decision, players, help an them certainly, potential be excited the that the to and but certainly can the with going about cost it's that ARCALIS. the a of of lot that at entity stage assume our development. vaccine, growth team, support of and behalf very question? the of And our answer Japan growth a And with we're market become of many of point company strategic this management and well-placed

Boran Wang

Yes. I'll jump back in the queue.

Operator

Rahimi with Yasmeen question next from comes Sandler. Piper Your

Liam Hiester

Hiester This Yas. for Liam is on

And potentially in relation Just Japan's change and the and manufacturing expectations current question your that then order our vaccines? the expected producing are how And ARCALIS first ARCALIS, of XXXX? both of future? in around capabilities like are What what is Kostaive. COVID flu in to to

the X Further July in CF reporting Xst also those moving from that that on think, OTC programs? on there, have I forward path point? any any you programs. at the potential specific regulatory and then with will data And with biomarkers tidbits Do be you readout,

Joseph Payne

Andy, outlook ARCALIS manufacturing and you for Sure. and want to Kostaive address the capabilities? do

Andrew Sassine

for -- ARCALIS in market soon. it's anticipate for batches Japan excited GMP of occur we the No, Yes. be the and sometime approved for opportunity vaccine we're to in the producing getting that, should the about process They're third quarter. that commercialization,

is manufactured that from assuming doses. an be to for of order so successful, And Meiji then directly terms ARCALIS in opportunity it'll

With guidance. we're going orders potential that and opportunities, and to prefer our lead Meiji. They respect have to guiding those partner, future CSL defer on those to and kind of really to to discussions

you request to opportunity our future only for a for not player. about the of obviously, Japanese partners. ARCALIS be hopefully, respect we're the so pretty but And can dominant market, the And excited

Joseph Payne

into to our not into the deficiency we're we point, expand CF but advancement product that safe assume of OTC access disease some the to get U.S. And U.S. advanced second OTC at with expand I with it's respect to that both Liam, for can to that. and think regulatory and more the intending OTC, that younger, so mature only programs, your question,

-- II are Foundation and the the Phase on plans CF closely to Phase the and well, other with we're II been implementation the United working countries as of going side, only but not States trial. be have that design the On and CF the is around

Operator

comes Minter William question from next Your Blair. Myles with

Sarah Schram

for Congrats great It's Myles. another Sarah on on quarter.

then X-hour switch Ib? with couple acetaminophen study a it dosing kind Phase after the if process a and Can antihistamine program. you walk for made. a MAD on to from was that switching from rationale just confirm Phase just the current observations in premedicating X-step and through the ARCT-XXX us -- So the the in II format of XXX And us

And portion in see we that that second, how the ongoing reactions any -- the confident febrile study? are won't of you

Joseph Payne

at We of conference. Yes. the SIMD around a opportunity OTC details had from learnings the the some in Phase at share and Great -- Ib question. I to our Phase recent

that learned these very a to the of those trial, then or the field in lot. experienced and these typical and early infusion-related I've throughout and you What through a reactions have personally We acetaminophen. frequency them career effective, and reduce is done in the regimen we've successfully that that address a more I also we're happy optimized and understand have you process It's ameliorate we've what my that. identified premedication And premedication dosing steroids. the believe -- itself. protocol rate adjustments not in is the we've utilize premedication involves -- does to

So it's steroid-sparing, important this population. which is to

was that our captured nice so modified And learning And that we regimen. the trials. from early a we also,

X-step the subtle So it's process. more for -- the process and in it's infusion a conservative

-- Now very is this this something that is typical.

II on all able brag type trial, to give them the been that we've these So is or learnings update this learned that Ib that reduced and it's assured, we Phase least July about, we'll removed we've infusion-related and on X. is not have Phase these an something something rest for the because significantly to trial Phase this product. in But that applied reaction typical I at be of

Operator

next Your Genuity. from comes Whitney Canaccord question with Ijem

Joohwan Kim

on just This for quick question. a is Maybe X-part Joohwan Whitney.

delivery Assuming Phase the to you're to thinking more LNP, II, that subject pipeline, side you targeting at how something setting broader show or inhaled thinking patients? able rare to expanding about are Or continuing so the it's null are point? about else? CFTR are vaccine And maybe towards potential of mutations disease whether of lungs, then or you open you the to thinking successful

Joseph Payne

a allow targeting address can to moment. to respect different in mutations, Pad With I that

assuming Phase enrollment Foundation energy CF be And lung, to discussions can place about a to closing outside that we in do and are also on X. good. next at imagine But But here and but But at yes, are CF, excited II update fun Phase We're July we coming Phase Arcturus. of on on very haven't working the excited the an and you getting Ib a Arcturus, can to Phase there'll the those do of and now of the we II. what initiating trial, with steps the Ib provide about dynamic are of our disclosed on are, is our targets course, next we're we'll -- opportunities so we that that. time and what

to population But community CF be of includes going do those approved is are other that modulators. be going nonmodulator-responsive to Class initially with the we also My and after presently respect response focusing initial sub-patient going on to I This the respond to mutations? not the we're patients.

of different there? terms the add in other Pad But to types anything of patients, details of

Padmanabh Chivukula

touched I you've using is Joe. I mRNA Obviously, mutation-agnostic. our obviously, think I No. therapeutic nail head, the -- on mean,

subset So we of patients. a mutations larger can as well know. the -- some of go served, well other you after But are those

need the biggest obviously currently patient future a will is population, think well. indication we'll that null and I in the initially. So the we broader on focus as in look at But

So you. thank

Operator

comes next Zhu Your Yanan Fargo. from with Wells question

Yanan Zhu

-- first the million Great. of additional question what could And if a is Congrats X be -- Maybe local price? initial on there if Japan order the Also, Is pocket a considered? government Or season? on the this progress. order. subsidy order? is Meiji for out have we order set

Joseph Payne

That's good Andy. question a for All right.

Andrew Sassine

thanks, Yanan. No, Yes.

GMP it could I in mentioned ARCALIS so a the process getting and think commercial. approved I little batches getting earlier, become it X As is manufactured of that

time be probably third that the frame in to going so And is quarter.

then Meiji deliver certainly that the certainly additional vaccine, that to make door be opened So decision. to and ARCALIS they're to it'll successful, for if up

line. be they'll very think, to that's, this and supporting certainly I time for, kind endeavor. be we're So successful in looking with catalyst hopefully, of important the And ARCALIS

have Health at Ministry if website, With Pfizer numbers reported been have I is a and been lot at that asked price few for a per learned you the there there respect the question. the and -- dose, Moderna $XXX of that we've think have And people than that. also pricing, about of to market that higher look

we're comfortable, vaccine start pretty and the right I Meiji to pretty of to with So and pricing commercialize in comfortable now think pretty excited the is Japan. Kostaive

to apologize, respect what the was With I again? repeat your of it you part but could question, second

Yanan Zhu

subsidy. costs after local the government Out-of-pocket Yes.

Andrew Sassine

Okay. Good, yes.

know, support And We the obviously, in well government that from XX% sources about Japan as the government to of price, have very protect numerous government. as the subsidize position one learned on the investment facility vaccine is so in people the them the this national will because encouraging government only Japanese for and located local the strategic behalf through Japan. mRNA in the as of is of manufacturing a future you it a state-of-the-art

Japan government will breakout, be behalf going a event, decision so be by the future important to their so the be very or pandemics any And on were and of selected in protected Meiji And of strategic fortunate government. the and people forward hopefully, certainly, their partner. very we to

Yanan Zhu

wondering what's next is FEVX, that plan findings, or in question ask help going Phase the whether identify guide to be that How II? the is I Ib there Great. it those the functional can current Great. biomarker in Or endpoint? If regard? the there -- the those? in -- a that may I to program. a Is about CF a can is Phase a like it about biomarker was mainly

Joseph Payne

trials. Phase respect Yes. biomarker, in there to I and Dosing these isn't tolerability Ib Thanks, guided decisions. by measures safety a With driving one Phase our has been and that's largely Yanan.

Pad? add to else there, anything -- We

Padmanabh Chivukula

No.

yes,-- specifically, more biomarkers. And -- yes, That's this program, for it's driven endpoints. it's not think I harder correct. through

Joseph Payne

Yes. Yes.

there'll will lung and indices, terms lung address questions. opportunities volume FEVs -- those of that and be In be to clearance

Operator

Nochomovitz from comes with question next Citigroup. Your Yigal

Amin Makarem

had couple. on Amin is This a Yigal. We for

formula First, and wanted it. calculate about we to how math the know should this I of

and And way XX% 'XX? all $XXX this and will be think then million the X is Is spread basically, like to third that that quarters? follow-on. to us it about booked? it. going dose of when a I going to And here? Or to per next quarter revenue So right revenue around be of in your gets in -- few have you the $XXX have Is XX% be economics million, the share

Joseph Payne

Yes. Go ahead, Andy.

Andrew Sassine

a are good the more very And to can fourth patient and I you as on with little answers. questions call said the those respect provide Yes. hopefully, we questions. will be No, color in substance and quarter, earlier, those and

except and are but With partners comment respect this economic-sharing opportunity globally. we're on pleased to the breakout especially grateful very we're capability, Japan, with that to X the allowed say within commercial with CSL only that certainly not with able really to and all to global Meiji, their Arcturus, between work not distribution to at and be distinguished point,

profit split globally a share profit XX-XX is on CSL gross our with basis. So

that So do a third obviously, we can't with partner.

this somehow players that you'll for a kind you assume And in some is So all have to it'll some be that matters very X -- will X X ways. improvise color and split involved. of hopefully, lucrative give opportunity that

Amin Makarem

Or Okay. much good [ Great. you What at looking opportunity? this ARCALIS the ]? to size one side, can lines ARCALIS. monetize tell more on about stake also, the your ]? there comp And are for that at how are the you is what us more And time -- what more [ any is manufacturing

Joseph Payne

Are just ahead. want Go -- the question, you Andy, asking, understood? you Okay. you got to I

Andrew Sassine

well, That take a few also comps there's perspective from the that as can No, was should certainly can think Yes. look there's on are last fortunate traded Catalent the a participating we're the you the a States. and recently space. valuation Danaher and at purchased other give that publicly was a for traded acquired what of of you publicly in And comps kind United years you Aldevron you're mRNA that X in of number evaluate. CDMOs I in --

work for So is this And this appropriate is to help valued goal of the therapeutic to that want will And be hopefully, that it's part a operations it. mRNA growing that party a potential the think market of forward. develop very going with attractively our because I closely growth them.

Operator

with Arce Company. H.C. Wainwright next from question comes Ed & Your

Antonio Arce

Kostaive some with get development. order are A an you hoping questions to have your I programs further wanted data in well X around as Great, and granularity year support far answered. up that your update progress you and and later so to on that coming the year. present congrats that this ARCALIS But back of pipeline in for been those the the and, to therapeutics success that this share our particular, couple thresholds on data on July as could expect what Xst. to programs both I of was Monday on

Joseph Payne

question. meeting, Yes, day us sure. an Good Xst Yes. it's important for July this for

I So appreciate question. the

for the details The opportunity CF data Ib additional the the primarily understand provides granularity -- of the dosing Phase give another think focused on for therapeutic. is program that that people Phase on more safety And II or this product ARCT-XXX and getting are people of dosing data, help specific interim But and of terms subsequent safety set give trial this establish We on pursuing in the II. as utilizing. and tolerability able primary of objective and planned Phase to it administrations X can to be or and the get you inhaled guidance guidance may I we tolerability that regimen to -- administrations that's appreciate. the of we're regimen X

also won't data patients Ib, that with this then the patients. advanced. Phase mentioned are patients is subset And participating But it perspective, in I we're ARCT-XXX, for from There's adolescents the looking unlike primarily biomarker be of a more these trial. to enrollment. Phase respect a and in on Phase I complete It changes, II

younger they're as So well.

the in from onset. variability So more biomarkers

helpful, biomarker there'll there, is and more there's information like so that's be to some that on changes see we'd -- provide Ed? Was -- to July Xst. what So and

Antonio Arce

Yes. That's great.

Operator

question next Your Company. from I-Eh Jen Laidlaw comes with &

Yale Jen

related the are Japan part. to Both

funded one ARCALIS I Japanese is has, the the and government production. The first believe, that construction

your a proxy And be times have asset? the a number that would follow-up. then company the of that So of will for value potential share I

Joseph Payne

Andy?

Andrew Sassine

good $XXX Yes more the it's that different our You the provided And Japan. that very grant. a all with Obviously, than can course, closely government factory you partners was this construction premise. worked has money can -- one partner Japanese factory lot assume Axcelead located build to million facilities in assume. our construct to by And has in within of the state-of-the-art the form of question. no, X

investment partners venture. there So a that Axcelead made, it was of but equity and by part who in with this substantially made gone the investment through more partners are capital that is joint the the in co-shareholders and had are

of It is hopefully, of gives So you capital. some pretty that perspective substantial. amount the

Yale Jen

up -- Okay. strains or of That's deliver some the to COVID of are -- terms the think. doses quarter, the targeted is question And vaccine? to million maybe very next to third question potential helpful Great. in bases that set last X in the the the major what here that that

Joseph Payne

aligns and Yes. That's that carefully be question. fall to this great the JN.X recommendation for with going seasons. winter out a concern The focus was came the The upcoming and PMDA variant it. WHO and of announced variant or traditionally listens to that

JN.X variant that respect we're million Meiji. that think the that is from doses. the But referring one to come to will So with likely announcement assume the likely to the safe it's of X I formality

Yale Jen

for squeeze just quarters, one maybe Okay. Great. Starting to BARDA. And grant you the have the Andy. more from last X revenue for

from figure, anticipate modeling quarter-over-quarter continue purpose, we that's more lumpy? or a should to this So

Andrew Sassine

question. that is No. to be typically respect guidance the very need we It with that achieve. targets -- we to That's type provide we variables need good they a of that achieved quarterly on don't are anticipate certain dependent and milestone to because

X-year targets and those type focus can our It's prefer ability progression sometimes to right? determine, hope you X and model, that. lot quarter-to-quarter. prefer can to on to linear A projections avoid to quarter-to-quarter we frame, I be of or within And reasonable able the how time guidance flip a appreciate not easier So do I X. milestone should that to much year versus or a earn a from within quarter-to-quarter.

help that revenues I'd little we the more the us to hopefully, answer term. milestone, the the perspective. you going what's a And and more collect Kostaive happen will have your color. of and of a enable you love quarter-to-quarter fourth question. conservative to have when maybe to type remain quarter assessment in when But near begin will give to Hopefully, ship to better commercial bit I in guide that I prefer

Yale Jen

the Absolutely. And progress. on [indiscernible] congrats

Operator

this over There closing no the time. remarks. at turn questions call are further to will Joe now for I

Joseph Payne

the to all we'll are team, there call. get remaining appreciate don't to on hesitate participation We the you, out If to our questions, reach please back okay? and

Good Thanks to night. everyone.

Operator

your call disconnect and lines. for and this that today. participating gentlemen, concludes We you ask conference please for thank you Ladies your

Arcturus Therapeutics (ARCT) 8 May 242024 Q1 Earnings call transcript