Grand Valley Transit to offer free fares this summer
The free fares will be a part of 'Zero Fare For Better Air, We'll Get You There,' a statewide collaborative initiative designed to reduce ground-level ozone by increasing the use of transit for transportation. It is the largest free fare transit initiative in the U.S. It is made possible by Colorado Senate Bill 24-032 and the Ozone Season Transit Grant Program in partnership with the Colorado Energy Office.
The Zero Fare pilot program launched in August 2022. It was reported to be a success with transit systems all over the state participating.
Colorado Association of Transit Agencies Executive Director Ann Rajewski said, 'All agencies that participated increased ridership, ranging anywhere between 2% to 59%.'
In 2023, the Zero Fare program, in addition to a marketing campaign, helped generate a 2% to 216% ridership increase in participating communities. In 2024, 13 systems in the state that participated in the program had a 34% average monthly ridership increase between July and August.
GTV and the Colorado Association of Transit Agencies advertise the program to allow riders to experience environmental, financial, lifestyle and community benefits of transit, such as:
Saving car costs on maintenance, parking, and gas.
Reducing traffic congestion, air pollution and ground-level ozone.
Reducing individual stress and increasing safety.
Increasing personal productivity.
The Grand Valley Transit was designed to increase mobility options for residents in Grand Junction. It encourages both individuals who have never used its transit services and regular customers to ride with the free fare from June to August.
Individuals can learn more by visiting GVT's website at https://gvt.mesacounty.us/.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Associated Press
2 days ago
- Associated Press
Global Times: China Port Watch: From a small harbor to a global logistics powerhouse as Lianyungang expands global connectivity under China's Belt and Road Initiative
BEIJING, Aug. 17, 2025 /PRNewswire/ -- At the dock, a pure electric tugboat lies quietly at a berth. Stepping into the cabin, there is none of the roar or vibration of a traditional fuel-powered tug, only the faint hum of electric currents as the equipment runs. Crew members are checking the systems, with screens displaying real-time data on energy consumption and operational status. When mooring operations begin, a single press of a switch on the bridge sets the vessel in motion, and within minutes, the tug departs smoothly from the dock to precisely assist a large ship in berthing or unberthing. Compared with traditional fuel-powered tugboats, the electric model in Lianyungang, the largest port in Jiangsu Province, offers zero emissions and quiet, low vibration operation, greatly improving air quality and crew comfort. They can operate for 1-2 days, meeting the demands of port tug-assist operations, and can be fully recharged within 2-3 hours using high-voltage fast charging at dedicated berths. Thanks to intelligent energy management, they use only one-third of the energy consumed by traditional fuel tugs and require fewer crew members, saving the port about 2-3 million yuan annually in fuel and labor costs. This is part of China's first all-electric tugboat fleet, a three-vessel lineup that forms a key element of Lianyungang's technological and green transformation to become a modern port of global significance, playing a crucial role in the Belt and Road Initiative (BRI). On September 13, 2022, a signed article by President Xi Jinping titled 'Build on the Past to Make Greater Strides in China-Kazakhstan Relations' was published on the Kazakhstanskaya Pravda newspaper ahead of his state visit to Kazakhstan, the Xinhua News Agency reported. The article noted that at the China-Kazakhstan International Logistics Base in the eastern Chinese port of Lianyungang, products from Kazakhstan set sail for the Pacific Ocean. The China-Europe freight trains are running through Kazakhstan via more routes, making an important contribution to the stability of global industrial and supply chains. Small port to global hub Yin Deming, captain of the electric tugboat who has worked at the port for 18 years, has taken a front seat to witness the transformation of Lianyungang from a small port to a global hub. Compared with traditional fuel-powered tugboats, the electric tugs feature higher automation and simpler operation, Yin told the Global Times as he skillfully adjusted the tug's angle with a simple control stick in the wheelhouse, smoothly guiding it toward an incoming cargo ship. 'In the past, starting the tug required multiple steps and coordination across departments, making it time-consuming and complex. Now, a single command from the bridge starts everything, eliminating the need for on-site manual operations and improving efficiency,' Yin said, adding that the time from receiving the operation notice to the tug leaving the dock has been cut from 8-10 minutes to less than 2 minutes. The electric tugboat is just one example of the changes at Lianyungang. Xue Xilei, executive deputy general manager of LYG-PSA Container Terminal Co.,Ltd, is well placed to illustrate the transformation of the port. Over the past decades, he has seen it evolve. 'About 30 years ago, the port had only about three companies and an annual throughput of 10 million tons... Today it handles more than 300 million tons of cargo per year, with a vibrant cluster of enterprises, and has become a hub of international trade.' The BRI has given Lianyungang a new launching pad. In 2017, President Xi pointed out in his speech during his state visit to Kazakhstan that the opening of the freight train of China-Kazakhstan cross-border transportation not only brings benefits to China and Kazakhstan but also provides more convenience for transportation and cooperation opportunities for the countries along the 'Belt and Road,' showcasing the organic integration of the Silk Road Economic Belt and the 21st Century Maritime Silk Road, Xinhua reported. On the large screen at the dispatch center of the China-Kazakhstan (Lianyungang) Logistics Cooperation Base, information on destinations, origins, and cargo of China-Europe (Central Asia) freight trains between China and Kazakhstan was displayed and updated in real time. And, it provides live video footage of the Horgos Dry Port, known as the 'Eastern Gateway.' 'Now, transport capacity, train frequency, and operational efficiency have all improved a lot compared to 10 years ago,' said Kong Xiangwei, vice general manager of Lianyungang China-Kazakhstan International Logistics Co., Ltd, noting that what once took four hours to load a freight train, can now be done in only two hours, with a maximum daily throughput of seven trains. The China-Kazakhstan (Lianyungang) Logistics Cooperation Base, which is part of Lianyungang's free trade zone, is only one key aspect of city's broader integration into the BRI. Since the approval in August 2019, the city's free trade zone has focused on building an Asia-Europe transport hub and promoting cooperation with BRI partner countries, Wang Yunlong, director of the Institutional Innovation Bureau of the Lianyungang Free Trade Zone, told the Global Times. Although occupying only 0.27 percent of the city's total area, the free trade zone contributes nearly one-third of the city's actual foreign investment utilization, one-fifth of its import and export trade, and one-eighth of newly established enterprises. Greater connectivity Besides its role in the BRI, Lianyungang is also strengthening cooperation with many developing countries, helping to promote their high-quality and sustainable development. Located about 13 kilometers from the port in the Lianyungang Economic Development Zone, a local factory was buzzing with activity. It is producing massive wind power blades over 100 meters long for both domestic and overseas market. The factory now operates seven such blade production lines. Some steps in the firm's operations are now automated, Qiao Xiaoliang, general manager of Zhongfu Lianzhong Wind Power Blade (Lianyungang) Co., Ltd, told the Global Times, adding that automated processes include trimming, grinding, painting, and transportation. In recent years, with the promotion of high-quality development of the BRI, the company's wind power blades have gained popularity in overseas market. Taking advantage of its close proximity to Lianyungang Port, the company's export business is expanding quickly. Its products reach countries from Bolivia in South America, to Bosnia and Herzegovina in Europe. There are currently two factories in Lianyungang producing around 240 blades per month. If production runs smoothly, the capacity could rise to 280 blades, Qiao said. Another factory also showcases the industrial muscle of this bustling trade city. At Lianyungang Feiyan Blanket Co., Ltd, which produces everything from warp- and weft-knitted blankets to delicate thin velvet throws, only a handful of workers dot the vast factory floor. 'Our level of automation is very high — from the equipment to the production lines, almost everything is developed and manufactured in-house. The current automation rate has reached 70-80 percent,' Xu Yingxi, general manager of Lianyungang Feiyan Blanket Co, told Global Times. The company's products have gained a reputation for high quality in many parts of the world, including BRI partner countries, with business presence in regions such as South Africa and several in South America. Lianyungang maintains very close ties with many BRI partner countries. Kong told the Global Times that Lianyungang's advantage lies in its dual role as both a port and a freight train hub, making it a key international logistics hub connecting Japan, South Korea, Southeast Asia, and Central Asia, said Kong. Transported cargo includes used cars, auto parts, and other high value-added products. Resilient trade From Lianyungang's sea port and freight-train logistics hub to its manufacturing facilities, the city is promoting global cooperation with an open and forward-looking mindset. The efforts underscore Lianyungang's rising prominence as a promising freight trade hub. In the first half of 2025, Lianyungang's foreign trade reached 119.22 billion yuan, with exports totaling 26.27 billion yuan, marking a year-on-year increase of 17.9 percent, according to data from China's General Administration of Customs. Lianyungang has made strides in propelling foreign trade growth, while continuously expanding a network of international partners. Trade with the BRI partner countries has grown by over 20 percent annually for four consecutive years, surpassing 100 billion yuan for the first time in 2024 and setting a historic high, according to Lianyungang Municipal Government. This year, Lianyungang has witnessed many 'firsts.' In July, the Xin Xin Hai 1, a cargo ship, set sail from Lianyungang, marking the first voyage of the China-Russia Arctic 'Ice Silk Road' to Arkhangelsk. In May, the Anji Ansheng, the world's largest car carrier built by China, left Lianyungang on its maiden trip to Europe, showcasing China's automotive sector strength. 'While China is opening more and more shipping routes and our network of foreign trade partners is expanding, our port is leveraging the momentum to continue building, transforming, and upgrading,' Xue said. Although unilateralism and protectionism have brought short-term pressures to global trade, Xue expressed confidence in the resilience and strength of Chinese manufacturing and trade. He noted that exports to ASEAN and other markets have continued to grow, with trade becoming more active under the RCEP framework. For example, cold-chain imports at Lianyungang are on the rise, driven by growing demand for fruit and frozen products from Southeast Asian countries. Looking into the future, Xue noted that the port is embracing automation, which will unleash greater potentials. 'The automated terminal area has already broken ground, though full automation has yet to be achieved, and work is progressing steadily,' Xue said. Pointing to a 90,000-square-meter space now under construction, he described the tall quay cranes and blue yard cranes in view, noting that they will eventually operate without human intervention, consolidating Lianyungang's position as a major trade hub. View original content: SOURCE Global Times
Business Upturn
6 days ago
- Business Upturn
The Root Brands Achieves Major Milestone, ranked #1922 on Prestigious Inc. 5000 List of America's Fastest-Growing Private Companies
Franklin, TN, Aug. 13, 2025 (GLOBE NEWSWIRE) — The Root Brands, a breakthrough health and wellness company, achieved #1922 on the prestigious 2025 Inc. 5000 list of America's fastest-growing private companies. This elite recognition validates explosive revenue growth from $3 million to $61 million over four years, powered by patented nanotechnology detox solutions and innovative wellness products. 'This Inc. 5000 recognition validates our mission to revolutionize global health through natural detoxification and cutting-edge wellness solutions,' said Clayton Thomas, Founder and CEO. 'We're transforming lives worldwide by making premium health products accessible to everyone, everywhere.' Breakthrough Patented Technology Drives Market Disruption The Root Brands' meteoric rise stems from Dr. Christina Rahm's revolutionary patented formulations, including breakthrough water-soluble clinoptilolite technology for advanced detoxification. With 18 patent-pending innovations and 6 approved patents, Dr. Rahm's proprietary nanotechnology has created industry-leading wellness supplements that deliver measurable health results. The Trinity® Products – the company's flagship three-product system featuring Clean Slate®, Zero-In®, and Restore® – work synergistically to deliver comprehensive wellness results. This powerful trinity performs complete detoxification, mental clarity enhancement, and cellular restoration, creating the foundation for optimal health. This groundbreaking three-step approach has captured 220,000+ loyal customers across 90+ countries seeking effective holistic wellness solutions. 'Cure the Causes®' – Registered Healthcare Revolution Dr. Rahm's 'Cure the Causes®' philosophy, officially trademarked in July 2025, represents a paradigm shift from symptom treatment to root cause healing. This holistic healthcare approach has been translated into 27 languages, creating a global wellness movement that drives customer loyalty and organic growth. Power Partnership Fuels Success The dynamic partnership between CEO Clayton Thomas and his wife, Dr. Christina Rahm (Chief Science Officer), has pushed The Root Brands to unprecedented success. Their combined expertise in business strategy and scientific innovation creates a competitive advantage that competitors cannot replicate. Franklin Corporate Excellence The Root Brands' corporate headquarters in Franklin, Tennessee, drives continuous innovation across products, staff development, and global operations. This dedicated team ensures consistent delivery of premium wellness solutions to customers worldwide. Ambassador-Driven Marketing Success Unlike traditional advertising, The Root Brands achieves explosive growth through authentic customer testimonials and ambassador advocacy. Real success stories from satisfied customers create powerful word-of-mouth marketing that builds trust and drives organic expansion across global markets. The ROOT Prime subscription program ensures consistent product delivery while customer success stories fuel sustainable growth, creating a self-perpetuating business model that continues expanding internationally. About The Root Brands Founded in 2020 in Franklin, Tennessee, The Root Brands develops premium natural health supplements, detox products, and wellness solutions using patented nanotechnology. The company's 'Cure the Causes®' methodology focuses on root cause healing through advanced detoxification, serving customers in 90+ countries with organic, non-GMO, vegan, and gluten-free formulations. Core Products: The Trinity System (Clean Slate, Zero-In, Restore), Natural Barrier Support (immunity), Relive Greens (nutrition) Key Metrics: 220,000+ customers | 90+ countries | 20x growth since 2020 About Inc. 5000 The Inc. 5000 ranks America's fastest-growing private companies based on percentage revenue growth from 2021-2024, requiring minimum revenues of $100,000 (2021) and $2 million (2024). Past honorees include Microsoft, Facebook, Under Armor, and Chobani. Media Contact: Marty McGinley – VP MarketingThe Root BrandsPhone: (980) 400-3245 Email: [email protected] Address: 393 Nichol Mill Lane, Unit 250B, Franklin, TN 37067 Website:
Business Wire
11-08-2025
- Business Wire
Arcturus Therapeutics Announces Second Quarter 2025 Financial Update and Pipeline Progress
SAN DIEGO--(BUSINESS WIRE)--Arcturus Therapeutics Holdings Inc. (the 'Company', 'Arcturus', Nasdaq: ARCT), a commercial messenger RNA medicines company focused on the development of liver and respiratory rare disease therapeutics and infectious disease vaccines, today announced its financial results for the second quarter ended June 30, 2025, and provided corporate updates. 'The Company continues to advance and provide meaningful clinical data across our mRNA therapeutics and vaccines pipeline,' said Joseph Payne, President & CEO of Arcturus Therapeutics. 'We are especially pleased with the recent proof-of-concept in our liver platform based on the positive ARCT-810 interim Phase 2 data and look forward to sharing two cohorts of Phase 2 CF data in September.' Recent Corporate Highlights Arcturus is advancing enrollment of adult CF participants in the open label Phase 2 multiple ascending dose CF study (NCT06747858) with daily inhaled treatments of ARCT-032 over a period of 28 days and expects to complete enrollment as planned by year end. All six participants in the second cohort (10 mg) are expected to complete dosing in early September. The Company expects to provide Phase 2 interim data from the first nine enrolled participants (N = 3 @ 5 mg; N = 6 @ 10 mg) in September 2025. The Company anticipates meetings with the FDA and other regulatory agencies in H1 2026 to discuss the Phase 2 data and plans for pivotal trials, including the enrollment of adolescent and pediatric participants, followed by Phase 3 initiation in 2026. In June, the company announced positive interim data from two Phase 2 multiple dose studies conducted in the OTC program. In each study and in combined analyses of both Phase 2 studies, decreases in glutamine levels to within normal range were observed following multiple ARCT-810 administrations to participants who remained on their standard of care therapy. Mean ammonia levels were stable within the normal range following at least two doses of ARCT-810 and remained stable for approximately 28 days after completion of dosing. During the treatment phase and follow-up, two out of three participants in the Phase 2 U.S. study (NCT06488313) showed increases in relative ureagenesis function to levels observed in asymptomatic OTC deficient patients (≥ 50% of healthy controls) as measured by a newly developed and optimized 15N-ureagenesis assay. The remaining participant demonstrated increased 15N-citrulline enrichment. The data, taken together, suggest improvement of urea cycle function in all 3 participants. ARCT-810 was generally safe and well tolerated in single dose Phase 1/1b and multi-dose Phase 2 studies, comprising 40 participants to date, including 20 OTC deficient participants. The Company is preparing for meetings with the U.S. FDA and other regulatory agencies to discuss the clinical significance of the observed biomarker changes in relation to the design of the Phase 3 pivotal trial and pediatric studies. Phase 3 biomarker and trial design alignment with regulators is expected in first half of 2026. KOSTAIVE® regulatory updates include: A Marketing Authorization Application (MAA) filed by CSL to the UK Medicines and Healthcare Products Regulatory Agency (MHRA) in Q2 2025, approval expected by September 2025. NDA applications filed by Meiji Seika Pharma to Japan's Pharmaceuticals and Medical Devices Agency (PMDA) for the 2-dose lyophilized vaccine presentation in H1 2025, and the 2025-2026 season's SARS-CoV-2 variant update was completed in Q2 2025, with anticipated approvals in Q3/Q4 2025. U.S. BLA filing to the FDA remains on track for Q3 2025, with an approval decision expected in 2026. Under our collaboration with CSL Seqirus, we conducted a Phase 1 study (NCT06125691) of ARCT-2138, an sa-mRNA seasonal influenza vaccine candidate, encoding hemagglutinin (HA) and neuraminidase (NA) of 4 influenza strains recommended by the WHO. The clinical study report was finalized in June 2025. The study objectives were to evaluate the safety and tolerability and to describe the immune response of different dose levels of the vaccine in 100 young adults (18-49 years of age) and 35 older adults (≥ 65 years of age). All tested dose levels of ARCT-2138 were immunogenic against all four influenza strains as measured by hemagglutinin-inhibition assay in both age groups, demonstrating a modest dose-response (≤ 2.1-fold) within the range of the tested doses (2-20 μg). ARCT-2138 also induced NA-specific antibody responses at all tested dose levels of ARCT-2138 against all four influenza strains. The frequencies of unsolicited adverse events and medically attended adverse events were similar to comparator vaccines. No major safety concerns were raised from the study results. Overall, the study showed the potential of a self-amplifying mRNA vaccine, encoding eight antigens, to induce an immune response in both young and older adults with a dose as low as 2 μg, and tolerable up to 20 μg. The Company is expecting Phase 1 results in 2025 from ARCT-2304, an sa-mRNA vaccine candidate for Pandemic Influenza A Virus H5N1 which recently received U.S. FDA Fast Track Designation. No safety concerns were raised from available clinical data from the ongoing Phase 1 clinical study (NCT06602531) with 212 participants; all three tested dose levels (1.5, 5, and 12 µg) were well-tolerated, with the majority of the reported solicited AEs being mild-to-moderate severity and short-lived. Immunogenicity results are expected in Q4 2025. This project has been supported in whole with federal funds from the Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50122C0007. The Company appointed Moncef Slaoui, Ph.D., as Chairman of the Board on July 1, 2025. Financial Results for the three months ended June 30, 2025 Revenues in conjunction with strategic alliances and collaborations: Arcturus' primary revenue streams include license fees, consulting and related technology transfer fees, reservation fees and collaborative payments received from research and development arrangements with pharmaceutical and biotechnology partners. Revenue for the three and six months ended June 30, 2025, was $28.3 million and $57.7 million, respectively, representing decreases of $21.6 million and $30.2 million compared to the same periods in 2024. These declines were primarily driven by reduced revenue from the CSL collaboration, reflecting lower supply agreement activity and lower amortization of the upfront payment as KOSTAIVE® progresses toward commercialization. Operating expenses: Total operating expenses for the three months ended June 30, 2025, were $39.9 million compared with $71.0 million for the three months ended June 30, 2024. Total operating expenses for the six months ended June 30, 2025, were $86.1 million compared with $139.4 million for the six months ended June 30, 2024. Research and development expenses: Research and development expenses consist primarily of external manufacturing costs, in vivo research studies and clinical trials performed by contract research organizations, clinical and regulatory consultants, personnel-related expenses, facility-related expenses and laboratory supplies related to conducting research and development activities. Research and development expenses were $29.6 million for the three months ended June 30, 2025, compared with $58.7 million for the three months ended June 30, 2024. The decrease was primarily driven by lower manufacturing costs for the KOSTAIVE, LUNAR-FLU, and cystic fibrosis programs, and reduced clinical trial expenses for KOSTAIVE and Ornithine Transcarbamylase Deficiency. Lower payroll and employee benefits also contributed to the decrease. These decreases were partially offset by higher clinical costs for cystic fibrosis following the start of Phase 2 trials in fiscal year 2025. Research and development expenses were $64.5 million for the six months ended June 30, 2025, compared with $112.2 million for the three months ended June 30, 2024. The decrease was primarily driven by lower manufacturing and clinical costs for the KOSTAIVE program, reflecting the program's transition from a development program to the commercial phase. Additional decreases resulted from lower payroll and benefits expenses and reduced facilities and equipment costs following the downsizing of operations. These reductions were partially offset by higher clinical expenses for the cystic fibrosis program. General and Administrative Expenses: General and administrative expenses primarily consist of salaries and related benefits for executive, administrative, legal and accounting functions and professional service fees for legal and accounting services as well as other general and administrative expenses. General and administrative expenses were $10.3 million and $21.7 million for the three and six months ended June 30, 2025, respectively, compared with $12.3 million and $27.2 million in the comparable periods last year. The decreases in both periods were primarily due to reduced share-based compensation expense as well as reduced payroll and benefits. We expect general and administrative expenses to continue to decrease slightly during the next twelve months driven by lower share-based compensation costs. Net Loss: For the three months ended June 30, 2025, Arcturus reported a net loss of approximately $9.2 million, or ($0.34) per diluted share, compared with a net loss of $17.2 million, or ($0.64) per diluted share in the three months ended June 30, 2024. For the six months ended June 30, 2025, Arcturus reported a net loss of approximately $23.3 million, or ($0.86) per diluted share, compared with a net loss of $44.0 million, or ($1.64) per diluted share in the six months ended June 30, 2024. Cash Position and Balance Sheet: Cash, cash equivalents and restricted cash were $253.4 million as of June 30, 2025, and $293.9 million on December 31, 2024. Based on the current pipeline and programs, the cash runway remains extended into 2028. Earnings Call: Monday, August 11, 2025 @ 4:30 p.m. ET Domestic: 1-800-274-8461 International: 1-203-518-9814 Conference ID: ARCTURUS Webcast: Link About Arcturus Founded in 2013 and based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a commercial mRNA medicines and vaccines company with enabling technologies: (i) LUNAR® lipid-mediated delivery, (ii) STARR® mRNA technology (sa-mRNA) and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus developed KOSTAIVE®, the first self-amplifying messenger RNA (sa-mRNA) COVID vaccine in the world to be approved. Arcturus has an ongoing global collaboration for innovative mRNA vaccines with CSL Seqirus, and a joint venture in Japan, ARCALIS, focused on the manufacture of mRNA vaccines and therapeutics. Arcturus' pipeline includes RNA therapeutic candidates to potentially treat OTC deficiency and cystic fibrosis (CF), along with its partnered mRNA vaccine programs for SARS-CoV-2 (COVID-19) and influenza. Arcturus' versatile RNA therapeutics platforms can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, circular RNA, antisense RNA, self-amplifying RNA, DNA, and gene editing therapeutics. Arcturus' technologies are covered by its extensive patent portfolio (over 500 patents and patent applications in the U.S., Europe, Japan, China, and other countries). For more information, visit In addition, please connect with us on X (formerly Twitter) and LinkedIn. Forward Looking Statements This press release contains forward-looking statements that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical fact included in this press release, are forward-looking statements, including those regarding strategy, future operations, the likelihood of success of the Company's pipeline (including ARCT-032 and ARCT-810) and partnered programs (including the COVID-19 and flu programs partnered with CSL Seqirus), the likelihood of and timing for providing interim data from the ARCT-032 Phase 2 CF study, the likelihood of and timing for completion of enrollment in the ARCT-032 Phase 2 CF study, the likelihood of and timing for Phase 3 trial design alignment with regulatory agencies for ARCT-810, the timing for Phase 1 results from the BARDA pandemic flu Phase 1 study, the likelihood of and timing for meetings with the FDA and other regulatory agencies relating to the CF and OTC programs, the likelihood of and timing for initiation of Phase 3 studies for the CF and OTC programs, the timing for completion of enrollment in the ARCT-032 (CF) Phase 2 study, the likelihood of and timing for approval of the MAA on KOSTAIVE filed by CSL to the UK MHRA, the likelihood and timing for approvals of NDA applications for KOSTAIVE filed by Meiji Seika Pharma with Japan's PMDA, the planned U.S. BLA filing and expected approval decision for KOSTAIVE, efforts for optimization and testing for seasonal influenza program, the timing for Phase 1 results for the pandemic influenza vaccine candidate, the likelihood that general and administrative expenses will decrease, the likelihood that preclinical or clinical data will be predictive of future clinical results, its current cash position and expected cash burn and runway, and the impact of general business and economic conditions. Arcturus may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in any forward-looking statements such as the foregoing and you should not place undue reliance on such forward-looking statements. These statements are only current predictions or expectations, and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking statements, including those discussed under the heading "Risk Factors" in Arcturus' most recent Annual Report on Form 10-K, and in subsequent filings with, or submissions to, the SEC, which are available on the SEC's website at Except as otherwise required by law, Arcturus disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise. ARCTURUS THERAPEUTICS HOLDINGS INC. AND ITS SUBSIDIARIES (unaudited) June 30, June 30, (in thousands, except per share data) 2025 2024 2025 2024 Revenue: Collaboration revenue $ 24,510 $ 45,976 $ 49,987 $ 78,574 Grant revenue 3,791 3,883 7,696 9,297 Total revenue 28,301 49,859 57,683 87,871 Operating expenses: Research and development, net 29,579 58,669 64,471 112,242 General and administrative 10,338 12,316 21,654 27,167 Total operating expenses 39,917 70,985 86,125 139,409 Loss from operations (11,616 ) (21,126 ) (28,442 ) (51,538 ) Loss from foreign currency (127 ) (388 ) (149 ) (441 ) Finance income, net 2,567 4,148 5,339 8,164 Net loss before income taxes (9,176 ) (17,366 ) (23,252 ) (43,815 ) Provision (benefit) for income taxes 4 (150 ) 4 218 Net loss $ (9,180 ) $ (17,216 ) $ (23,256 ) $ (44,033 ) Net loss per share, basic and diluted $ (0.34 ) $ (0.64 ) $ (0.86 ) $ (1.64 ) Weighted-average shares outstanding, basic and diluted 27,129 26,967 27,118 26,923 Comprehensive loss: Net loss $ (9,180 ) $ (17,216 ) $ (23,256 ) $ (44,033 ) Comprehensive loss $ (9,180 ) $ (17,216 ) $ (23,256 ) $ (44,033 ) Expand
