Arcturus Therapeutics Announces Fourth Quarter 2022 Financial Update and Pipeline Progress $200 million upfront payment received in December 2022 from CSL collaboration Achieved $90 million in development milestones in M

Arcturus Therapeutics Announces Fourth Quarter

2022 Financial Update and Pipeline Progress

$200 million upfront payment received in December

2022 from CSL collaboration

Achieved $90 million in development milestones

in March 2023 under CSL collaboration

ARCT-154 Phase 3 COVID-19 booster trial enrollment

Multiple patients enrolled in ARCT-810 Phase

2 multiple ascending dose trial for OTC deficiency

ARCT-032 Phase 1 Cystic Fibrosis trial initiated

and enrollment of first two cohorts successfully completed

Investor conference call at 4:30 p.m. EST today

SAN DIEGO--Mar. 28, 2023-- Arcturus Therapeutics

Holdings Inc. (the "Company", "Arcturus", Nasdaq: ARCT), a global late-stage clinical messenger RNA medicines

company focused on the development of infectious disease vaccines and opportunities within liver and respiratory rare diseases, today

announced its financial results for the fourth quarter ended December 31, 2022, and provided corporate updates.

continued to make remarkable operational and pipeline progress. This was recently exemplified by the completion of the initial objectives

with our partnered COVID-19 and Flu vaccine programs with CSL," said Joseph Payne, President and CEO of Arcturus Therapeutics. "We

are also pleased to report the completion of full enrollment ahead of schedule in the Phase 3 study being conducted by Meiji Pharma

to evaluate ARCT-154 as a booster vaccine for COVID-19."

"Within the first four months

of our CSL collaboration, we successfully achieved multiple program objectives, triggering $90 million in milestone payments," said

Andrew Sassine, CFO of Arcturus Therapeutics, "Additionally, with the elimination of $33.3 million of non-recourse debt to Singapore,

our cash runway now extends into the beginning of 2026."

Recent Corporate Highlights

Financial Results for Fourth Quarter and Year

Ended December 31, 2022

Revenues in conjunction with strategic alliances

and collaborations: Arcturus' primary sources of revenues were from license fees, consulting and related technology transfer

fees, reservation fees and collaborative payments received from research and development arrangements with pharmaceutical and biotechnology

partners. For the three months ended December 31, 2022, the Company reported revenue of $160.3 million compared with $5.8 million for

the three months ended December 31, 2021, and $13.4 million for the three months ended September 30, 2022. Total revenue for the year

ended December 31, 2022, was $206.0 million compared with $12.4 million for the year ended December 31, 2021. The increase in fourth quarter

and year-over-year revenues primarily relates to the $200 million upfront payment we received from the CSL transaction.

Operating expenses: Total operating

expenses for the three months ended December 31, 2022, were $38.8 million compared with $43.4 million for the

three months ended December 31, 2021, and $50.2 million for the three months ended September 30, 2022. The decline

in operating expenses when compared to the three months ended December 31, 2021, was primarily due to lower Covid-19 manufacturing

and clinical related expenses. Total operating expenses for the year ended December 31, 2022, were $193.8 million compared with $215.2

million for the year ended December 31, 2021.

Research and development expenses: Research

and development expenses for the three months ended December 31, 2022, were $27.0 million compared with $32.6 million for the three months

ended December 31, 2021, and $37.7 million for the three months ended September 30, 2022. The decline in research and development expenses

when compared to the three months ended December 31, 2021, was primarily due to lower Covid-19 manufacturing and clinical related expenses.

Research and development expenses for the year ended December 31, 2022, were $147.8 million compared with $173.8 million for the year

ended December 31, 2021.

Net Income: For the three months ended

December 31, 2022, Arcturus reported net income of approximately $117.3 million or $4.33 per diluted share, compared with a net loss of

$38.7 million, or $1.47 per diluted share in the three months ended December 31, 2021, and a net loss of $35.3 million, or $1.33 per diluted

share in the three months ended September 30, 2022. For the year ended December 31, 2022, Arcturus reported a net income of approximately

$9.3 million, or $0.35 per diluted share, compared with a net loss of $203.7 million, or $7.74 per diluted share in the year ended December

Cash Position and Balance Sheet: The Company's

cash balance totaled $391.9 million at December 31, 2022, compared to a cash balance of $370.5 million at December 31, 2021. In March

2023, the Company repaid Singapore $17.1 million which triggered the elimination of $33.3 million in non-recourse debt pertaining to the

Thursday, March 28, 2023 @ 4:30 pm EST

Domestic: 1-877-407-0784

International: 1-201-689-8560

Conference ID: 13735876

About Arcturus Therapeutics

based in San Diego, California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a global late-stage clinical mRNA

medicines and vaccines company with enabling technologies: (i) LUNAR lipid-mediated delivery, (ii) STARR mRNA Technology (samRNA)

and (iii) mRNA drug substance along with drug product manufacturing expertise. Arcturus' pipeline includes RNA therapeutic candidates

to potentially treat ornithine transcarbamylase (OTC) deficiency and cystic fibrosis, 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 (patents and patent applications issued in the U.S., Europe, Japan, China, and

other countries). For more information, visit www.ArcturusRx.com. In addition, please connect

with us on 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 anticipated receipt of $90

million in milestone payments from CSL Seqirus, the period of the Company's cash runway, the anticipated timing and filing of a

J-NDA submission and opportunity for Japanese regulatory PMDA approval of ARCT-154, the sharing of interim Phase 2 data for ARCT-810,

the anticipated timing and completion of study enrollment in the ARCT-032 Phase 1 study, the likelihood of success of the collaboration

with CSL Seqirus or any collaborations including the achievement of any milestones or other payments, the likelihood that preclinical

or clinical data will be predictive of future clinical results, the likelihood that results to date for ARCT-154 or any other clinical

candidate will be predictive of future clinical results, the timing and nature of any study results, the likelihood that a patent will

issue from any patent application, its current cash position and expected cash burn 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 www.sec.gov. 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

Trademark Acknowledgements

The Arcturus logo and other trademarks of Arcturus appearing in this

announcement, including LUNAR and STARR , are the property of Arcturus. All other trademarks, services marks, and trade names

in this announcement are the property of their respective owners.

IR and Media Contacts

Arcturus Therapeutics

VP, Head of IR/PR/Marketing

Kendall Investor Relations

ARCTURUS THERAPEUTICS HOLDINGS

INC. AND ITS SUBSIDIARIES