Arcturus Therapeutics Holdings Inc. — Form 8-K Summary
Business Context and Reporting Period
Arcturus Therapeutics Holdings Inc. filed a Current Report on Form 8-K dated April 5, 2024, under Item 4.01 regarding a change in its independent registered public accounting firm. The company is incorporated in Delaware, trades under the symbol ARCT on Nasdaq, and reports fiscal years ending December 31.
Financial Metrics and Liquidity
This filing does not provide current revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics.
Material Changes
- The Audit Committee dismissed Ernst & Young LLP as the company’s independent registered public accounting firm effective April 5, 2024.
- Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
- The company stated that the change followed a competitive selection process conducted by management and the Audit Committee.
- EY audited the company for the fiscal years ended December 31, 2023 and 2022. Its audit opinions on the consolidated financial statements were not adverse, disclaimed, qualified, or modified.
Controls, Risks, and Unusual Items
- EY’s report on internal control over financial reporting as of December 31, 2023 contained an adverse opinion.
- Management previously identified material weaknesses related to information technology general controls supporting financial reporting and controls over reviewing costs incurred in satisfying performance obligations under collaboration arrangements.
- The company reported no disagreements with EY regarding accounting principles, financial statement disclosure, or audit scope or procedures during the two most recent fiscal years and subsequent interim period through April 5, 2024.
- The company reported no other reportable events during that period.
- Deloitte had not been consulted by the company regarding accounting principles, audit opinions, disagreements, or reportable events before its appointment.
Key Facts for Investors to Verify
- Whether management remediates the disclosed material weaknesses and whether future audits continue to identify control deficiencies.
- The scope and conclusions of Deloitte’s audit for the year ending December 31, 2024.
- The EY letter filed as Exhibit 16.1, which states whether EY agrees with the company’s disclosures concerning the auditor change.
- Updated financial condition, operating results, collaboration accounting, and liquidity information in the company’s subsequent Form 10-Q or Form 10-K filings.