Arcturus Therapeutics Announces Third Quarter 2020 Financial Results and Positive Clinical Updates for ARCT-810 Phase I Study and Additional ARCT-021 Interim Data Investor conference call at 4:30 p.m. ET today San Diego,

Arcturus Therapeutics Announces Third

Quarter 2020 Financial Results and

Positive Clinical Updates for ARCT-810

Phase I Study and Additional ARCT-021 Interim Data

Investor conference call at 4:30 p.m.

San Diego, Calif, Nov 9, 2020 -

Arcturus Therapeutics Holdings Inc. (the "Company", "Arcturus", Nasdaq: ARCT), a leading clinical-stage

messenger RNA medicines company focused on the development of infectious disease vaccines and significant opportunities within

liver and respiratory rare diseases, today announced its financial results for the quarter and nine months ended September 30,

2020, and provided a corporate update.

"This has been an exciting period

for Arcturus highlighted by our preliminary ARCT-021 Phase 1/2 COVID-19 vaccine study results. These data, as well as those from

our ARCT-810 Phase 1 study, illustrate a highly productive period of clinical advancement of our novel mRNA based therapeutic candidates.

The ARCT-021 Phase 1/2 data provide clinical validation for our unique vaccine candidate and suggest that our self-replicating

mRNA-based investigational vaccine could have a differentiated clinical profile and may allow vaccination at low doses. We believe

that ARCT-021 could play an important role in the massive global vaccination campaigns that will be necessary to control the COVID-19

pandemic. We look forward to rapidly moving ARCT-021 forward in later stage clinical studies." said Joseph Payne, President

"The initial ARCT-810 Phase 1/2 study

results, showing good tolerability and favorable pharmacokinetics, provide support for the further development of this drug candidate

in Ornithine Transcarbamylase (OTC) deficiency, a severe monogenic rare disease where new medicines are urgently needed. These

data also provide additional validation for the systemic administration of Arcturus' novel LUNAR technology. We believe that

we have developed a powerful and broadly applicable mRNA delivery approach that may be useful for the treatment of numerous serious

diseases, and we look forward to continuing to advancing the development of our investigational therapeutics" said Pad Chivukula,

Ph.D., Chief Scientific Officer and Chief Operating Officer of Arcturus.

ARCT-021, Vaccine Candidate for SARS-CoV-2

ARCT-810, Therapeutic Candidate for

Ornithine Transcarbamylase (OTC) Deficiency

Financial results for the quarter ended September 30, 2020

Revenues in conjunction with strategic

alliances and collaborations: Arcturus' primary source of revenues is from license fees and collaborative payments received

from research and development arrangements with pharmaceutical and biotechnology partners. For the three months ended September

30, 2020, the Company reported revenue of $2.3 million, compared with $3.3 million in the three months ended September 30, 2019.

The decline in collaboration revenues primarily relates to a $0.8 million decrease in reimbursements from CureVac associated with

the OTC collaboration that ended in the third quarter of 2019.

Operating expenses: Total operating

expenses for the three months ended September 30, 2020 were $23.3 million compared with $10.9 million for the same period of 2019.

The current quarter operating expenses were partially offset with $3.7 million of funds earned under the Singapore vaccine grant

and $0.7 million in funds awarded by the CF Foundation. Research and Development expenses increased approximately $10 million sequentially

from the June 30, 2020 quarter driven primarily by an approximate increase of $4 million in each of our Lunar-OTC (ARCT-810) and

Lunar-Covid19 (ARCT-021) programs mostly due to clinical and manufacturing expenses. Additionally, approximately $2 million was

driven by increased personnel expenses and costs of our two new pipeline programs Lunar-Lung and Lunar CV.

Net loss: For the three months ended

September 30, 2020, Arcturus reported a net loss of approximately $21.0 million, or ($0.92) per basic and diluted share, compared

with a net loss in the three months ended September 30, 2019 of $7.4 million, or ($0.56) per basic and diluted share.

Our cash balance totaled $307.1 million

as of the end of Q3, compared to cash and cash equivalents of $71.5 million at December 31, 2019. The increase in cash, cash equivalents,

and investments is primarily due to successfully raising approximately $262.1 million in net proceeds through two public equity

offerings in 2020. Based on our current pipeline, the Company's cash position is expected to be sufficient to support

operations for more than two years.

Founded in 2013 and based in San Diego,

California, Arcturus Therapeutics Holdings Inc. (Nasdaq: ARCT) is a clinical-stage mRNA medicines and vaccines company

with enabling technologies: (i) LUNAR lipid-mediated delivery, (ii) STARR mRNA Technology and (iii) mRNA drug substance

along with drug product manufacturing expertise. Arcturus' diverse pipeline of RNA therapeutic and vaccine candidates includes

self-replicating mRNA vaccine programs for SARS-CoV-2 (COVID-19) and Influenza, and other programs to potentially treat Ornithine

Transcarbamylase (OTC) Deficiency, Cystic Fibrosis, Cardiovascular Disease along with partnered programs including Glycogen Storage

Disease Type 3, Hepatitis B Virus, and non-alcoholic steatohepatitis (NASH). Arcturus' versatile RNA therapeutics platforms

can be applied toward multiple types of nucleic acid medicines including messenger RNA, small interfering RNA, replicon RNA, antisense

RNA, microRNA, DNA, and gene editing therapeutics. Arcturus' technologies are covered by its extensive patent portfolio (200

patents and patent applications, issued in the U.S., Europe, Japan, China and other countries). Arcturus'

commitment to the development of novel RNA therapeutics has led to collaborations with Janssen Pharmaceuticals, Inc., part

of the Janssen Pharmaceutical Companies of Johnson & Johnson, Ultragenyx Pharmaceutical, Inc., Takeda Pharmaceutical Company

Limited, CureVac AG, Synthetic Genomics Inc., Duke-NUS, and the Cystic Fibrosis Foundation. 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, including

those regarding strategy, future operations, collaborations, the likelihood of success, and the efficacy or safety, of our pipeline,

including ARCT-021 or ARCT-810, the ability to initiate or complete preclinical and clinical development programs, including as

a result of the COVID-19 pandemic, the supply and delivery of any product or substance, the likelihood that clinical data will

be predictive of future clinical results or sufficient for regulatory approval, the ability to enroll subjects in clinical trials,

the Company's efforts to develop a vaccine against COVID-19 and therapeutic potential thereof based on the Company's

mRNA therapeutics, the ability of the Company to scale up manufacturing of vaccine doses, the amount and timing of any drawn down

loan amounts with the EDB, our current cash position and expected cash burn and the impact of general business and economic conditions

are forward-looking statements. 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. Such statements are based on management's current expectations and involve risks and uncertainties,

including those discussed under the heading "Risk Factors" in Arcturus' Annual Report on Form 10-K for the fiscal

year ended December 31, 2019, filed with the SEC on March 16, 2020 and in subsequent filings with, or submissions to, the SEC.

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.

IR and Media Contacts

Arcturus Therapeutics

Kendall Investor Relations

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