Arcutis Biotherapeutics, Inc.
ARQT · Pharmaceutical Preparations · 125.1M shares · +148%/yr ↑ dilution · EDGAR filings ↗
Reference price $25.67 · est. market cap ~$3.2B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B72Near-breakeven dermatology franchise (ZORYVE, four approved products) with high margins, a very long runway, and a deep string of positive pivotals.
Strengths
- Gross margin 90% (85th pct), near-breakeven FCF (-1.7% margin, 67th) with a 140-quarter runway (99th pct)
- Numerous positive Phase 3s across psoriasis, seborrheic dermatitis and atopic dermatitis; growing multi-indication label
Risks
- Still modestly loss-making (net margin -4.3%) with debt-to-equity 0.57 (71st pct) and loan covenants
- Single-molecule (roflumilast) concentration; hand-eczema and a Phase 2 AD trial failed
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -4.3%)
- Cash burnNegative free cash flow (-6.3M)
- Chronic dilutionShare count +148%/yr over 4y (dilution, book value/share -98%)
- Strong balance sheetStrong balance sheet — $221M cash & investments, ~140 quarters of runway
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 40 open-market sale(s) by 8 insider(s) (cluster of 8 insiders, ~$6M, last 6mo) Form 4 ↗
- Revenue declineRevenue -18.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
90.2%
Operating margin
-3.3%
Net margin
-4.3%
Return on equity
-8.5%
Return on assets
-3.7%
ROIC
-3.2%
Revenue growth (QoQ)
-18.6%
Debt / equity
0.6×
Current ratio
3.2×
Free cash flow
-$6M
Tangible book value
$175M
Cash & investments
$221M
Cash runway
140q
Stock comp / revenue
10.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Welgus Howard G. | Sell | 635 | $25.67 |
| 2026-06-15 | Welgus Howard G. | Sell | 4.1K | $24.41 |
| 2026-06-15 | LIN SUE-JEAN | Sell | 4.9K | $24.38 |
| 2026-06-15 | Welgus Howard G. | Option exercise | 822 | $6.52 |
| 2026-06-15 | Welgus Howard G. | Option exercise | 1.0K | $7.51 |
| 2026-06-15 | Welgus Howard G. | Option exercise | 2.3K | $8.63 |
| 2026-06-05 | Gilbert Halley E | Grant | 5.8K | — |
| 2026-06-05 | Krishnamohan Neha | Grant | 5.8K | — |
| 2026-06-05 | Munshi Amit | Grant | 5.8K | — |
| 2026-06-05 | Heron Patrick J | Grant | 5.8K | — |
| 2026-06-05 | LIN SUE-JEAN | Grant | 5.8K | — |
| 2026-06-05 | Welgus Howard G. | Grant | 5.8K | — |
| 2026-06-05 | Leonard Keith R | Grant | 5.8K | — |
| 2026-06-05 | Curran Terrie | Grant | 5.8K | — |
| 2026-05-11 | Vairavan Latha | Sell | 435 | $21.05 |
| 2026-05-11 | Burnett Patrick | Sell | 222 | $21.05 |
| 2026-05-04 | Vairavan Latha | Sell | 1.3K | $23.61 |
| 2026-05-04 | Watanabe Todd | Sell | 3.2K | $23.61 |
| 2026-05-04 | Matsuda Masaru | Sell | 7.4K | $23.27 |
| 2026-05-04 | Matsuda Masaru | Sell | 884 | $23.61 |
| 2026-05-04 | Burnett Patrick | Sell | 684 | $23.61 |
| 2026-05-01 | Welgus Howard G. | Sell | 7.1K | $22.99 |
| 2026-04-01 | Welgus Howard G. | Sell | 10K | $23.88 |
| 2026-03-02 | Leonard Keith R | Option exercise | 12K | $7.51 |
| 2026-03-02 | Vairavan Latha | Sell | 2.8K | $25.16 |
| 2026-03-02 | Vairavan Latha | Sell | 81 | $25.91 |
| 2026-03-02 | Edwards Larry Todd | Sell | 3.6K | $25.16 |
| 2026-03-02 | Burnett Patrick | Sell | 6.1K | $25.16 |
| 2026-03-02 | Burnett Patrick | Sell | 181 | $25.91 |
| 2026-03-02 | Edwards Larry Todd | Sell | 103 | $25.91 |
| 2026-03-02 | Leonard Keith R | Sell | 39K | $25.39 |
| 2026-03-02 | Watanabe Todd | Sell | 36K | $25.16 |
| 2026-03-02 | Watanabe Todd | Sell | 1.1K | $25.91 |
| 2026-03-02 | Welgus Howard G. | Sell | 10K | $25.65 |
| 2026-03-02 | Leonard Keith R | Option exercise | 27K | $8.63 |
| 2026-03-02 | Matsuda Masaru | Sell | 6.6K | $25.16 |
| 2026-03-02 | Matsuda Masaru | Sell | 193 | $25.91 |
| 2026-03-02 | Matsuda Masaru | Sell | 2.0K | $25.70 |
| 2026-02-27 | Matsuda Masaru | Sell | 3.3K | $27.95 |
| 2026-02-27 | Edwards Larry Todd | Grant | 30K | — |
| 2026-02-27 | Watanabe Todd | Grant | 102K | — |
| 2026-02-27 | Matsuda Masaru | Grant | 37K | — |
| 2026-02-27 | Vairavan Latha | Grant | 27K | — |
| 2026-02-27 | Burnett Patrick | Grant | 30K | — |
| 2026-02-04 | Burnett Patrick | Sell | 9.8K | $25.81 |
| 2026-02-02 | Matsuda Masaru | Sell | 8.0K | $25.50 |
| 2026-02-02 | Matsuda Masaru | Sell | 8.6K | $24.97 |
| 2026-02-02 | Matsuda Masaru | Sell | 19K | $25.24 |
| 2026-02-02 | Matsuda Masaru | Sell | 4.7K | $25.63 |
| 2026-02-02 | Burnett Patrick | Sell | 3.7K | $25.50 |
| 2026-02-02 | Watanabe Todd | Sell | 20K | $25.50 |
| 2026-02-02 | Vairavan Latha | Sell | 1.3K | $25.50 |
| 2026-02-02 | Welgus Howard G. | Sell | 10K | $25.05 |
| 2026-02-02 | Edwards Larry Todd | Sell | 2.1K | $25.50 |
| 2026-01-05 | Burnett Patrick | Sell | 2.5K | $28.98 |
| 2026-01-02 | Welgus Howard G. | Sell | 10K | $28.96 |
| 2025-12-31 | Burnett Patrick | Sell | 541 | $28.81 |
| 2025-12-31 | Burnett Patrick | Sell | 1.2K | $29.39 |
| 2025-12-15 | Burnett Patrick | Option exercise | 12K | $3.64 |
| 2025-12-15 | Burnett Patrick | Sell | 12K | $28.94 |
| 2025-12-04 | Munshi Amit | Grant | 2.0K | — |
| 2025-12-01 | Welgus Howard G. | Sell | 10K | $30.21 |
| 2025-12-01 | Matsuda Masaru | Sell | 1.7K | $30.23 |
| 2025-11-24 | LIN SUE-JEAN | Option exercise | 18K | $8.63 |
| 2025-11-24 | LIN SUE-JEAN | Option exercise | 7.2K | $7.51 |
| 2025-11-24 | LIN SUE-JEAN | Sell | 25K | $30.78 |
| 2025-11-24 | Watanabe Todd | Sell | 49K | $30.36 |
| 2025-11-21 | Watanabe Todd | Sell | 1.1K | $30.00 |
| 2025-11-20 | Gilbert Halley E | Sell | 17K | $27.55 |
| 2025-11-20 | Gilbert Halley E | Option exercise | 12K | $7.51 |
| 2025-11-19 | Matsuda Masaru | Sell | 989 | $27.95 |
| 2025-11-19 | Matsuda Masaru | Sell | 1.6K | $28.50 |
| 2025-11-13 | Krishnamohan Neha | Sell | 39K | $23.19 |
| 2025-11-13 | Krishnamohan Neha | Sell | 1.2K | $23.37 |
| 2025-11-13 | Leonard Keith R | Gift | 4.3K | — |
| 2025-11-13 | Krishnamohan Neha | Option exercise | 12K | $7.51 |
| 2025-11-13 | Krishnamohan Neha | Option exercise | 27K | $8.63 |
| 2025-11-06 | Burnett Patrick | Sell | 17K | $24.18 |
| 2025-11-06 | Edwards Larry Todd | Sell | 29K | $25.16 |
| 2025-11-06 | Burnett Patrick | Option exercise | 17K | $3.64 |
| 2025-11-05 | Burnett Patrick | Sell | 3.9K | $23.72 |
| 2025-11-03 | Watanabe Todd | Sell | 11K | $24.71 |
| 2025-11-03 | Watanabe Todd | Sell | 69 | $25.40 |
| 2025-11-03 | Welgus Howard G. | Sell | 10K | $25.27 |
| 2025-11-03 | Vairavan Latha | Sell | 88 | $24.72 |
| 2025-11-03 | Matsuda Masaru | Sell | 43 | $25.40 |
| 2025-11-03 | Burnett Patrick | Sell | 2.6K | $24.71 |
| 2025-11-03 | Burnett Patrick | Sell | 15 | $25.40 |
| 2025-11-03 | Matsuda Masaru | Sell | 7.2K | $24.71 |
| 2025-10-28 | Watanabe Todd | Sell | 40K | $25.03 |
| 2025-10-02 | Edwards Larry Todd | Sell | 297 | $20.78 |
| 2025-10-02 | Edwards Larry Todd | Sell | 4.2K | $19.99 |
| 2025-10-02 | Watanabe Todd | Sell | 21K | $20.04 |
| 2025-10-01 | Welgus Howard G. | Sell | 9.5K | $18.92 |
| 2025-10-01 | Welgus Howard G. | Sell | 462 | $18.92 |
| 2025-10-01 | Welgus Howard G. | Option exercise | 9.5K | $1.68 |
| 2025-10-01 | Watanabe Todd | Sell | 15K | $18.91 |
| 2025-10-01 | Watanabe Todd | Sell | 9.3K | $20.02 |
| 2025-09-09 | Watanabe Todd | Sell | 504 | $17.52 |
| 2025-09-08 | Watanabe Todd | Sell | 9.6K | $17.54 |
| 2025-09-04 | Matsuda Masaru | Sell | 36K | $16.16 |
| 2025-09-02 | Welgus Howard G. | Option exercise | 10K | — |
| 2025-09-02 | Welgus Howard G. | Sell | 10K | $15.64 |
| 2025-08-21 | Burnett Patrick | Sell | 2.4K | $15.57 |
| 2025-08-19 | Burnett Patrick | Sell | 1.8K | $16.16 |
| 2025-08-08 | Burnett Patrick | Sell | 3.8K | $14.03 |
| 2025-08-04 | Watanabe Todd | Sell | 12K | $14.33 |
| 2025-08-04 | Burnett Patrick | Sell | 2.6K | $14.33 |
| 2025-08-04 | Vairavan Latha | Sell | 89 | $14.33 |
| 2025-08-04 | Matsuda Masaru | Sell | 6.3K | $14.33 |
| 2025-08-01 | Welgus Howard G. | Sell | 6.1K | $14.30 |
| 2025-08-01 | Welgus Howard G. | Option exercise | 6.1K | — |
| 2025-08-01 | Welgus Howard G. | Option exercise | 3.9K | — |
| 2025-08-01 | Welgus Howard G. | Sell | 3.9K | $14.30 |
| 2025-07-14 | Burnett Patrick | Sell | 5.8K | $15.07 |
| 2025-07-14 | Burnett Patrick | Option exercise | 5.8K | — |
| 2025-07-10 | Burnett Patrick | Sell | 23K | $15.05 |
| 2025-07-10 | Burnett Patrick | Option exercise | 23K | — |
| 2025-07-01 | Welgus Howard G. | Sell | 9.2K | $13.84 |
| 2025-06-18 | Welgus Howard G. | Sell | 10K | $13.37 |
| 2025-06-13 | Heron Patrick J | Buy | 2.6K | $13.08 |
| 2025-06-12 | CHAUDHURI BHASKAR | Grant | 7.6K | — |
| 2025-06-12 | Heron Patrick J | Grant | 7.6K | — |
| 2025-06-12 | LIN SUE-JEAN | Grant | 7.6K | — |
| 2025-06-12 | Welgus Howard G. | Grant | 7.6K | — |
| 2025-06-12 | Leonard Keith R | Grant | 7.6K | — |
| 2025-06-12 | Curran Terrie | Grant | 7.6K | — |
| 2025-06-12 | Krishnamohan Neha | Grant | 7.6K | — |
| 2025-06-12 | Gilbert Halley E | Grant | 7.6K | — |
| 2025-06-10 | Watanabe Todd Franklin | Gift | 997 | — |
| 2025-06-10 | Watanabe Todd Franklin | Gift | 997 | — |
| 2025-06-10 | Watanabe Todd Franklin | Gift | 997 | — |
| 2025-06-10 | Watanabe Todd Franklin | Gift | 997 | — |
| 2025-06-05 | Heron Patrick J | Buy | 378 | $13.41 |
| 2025-06-04 | Heron Patrick J | Buy | 1.9K | $13.32 |
| 2025-05-28 | Matsuda Masaru | Sell | 1.8K | $13.78 |
| 2025-05-22 | Heron Patrick J | Buy | 2.5K | $13.65 |
| 2025-05-21 | Heron Patrick J | Buy | 2.5K | $13.66 |
| 2025-05-19 | Edwards Larry Todd | Sell | 7.5K | $14.07 |
| 2025-05-15 | Heron Patrick J | Buy | 2.5K | $13.62 |
| 2025-05-14 | Heron Patrick J | Buy | 6.3K | $13.76 |
| 2025-05-13 | Heron Patrick J | Buy | 2.4K | $13.76 |
| 2025-05-09 | Heron Patrick J | Buy | 6.3K | $13.60 |
| 2025-05-08 | Burnett Patrick | Sell | 3.9K | $13.59 |
| 2025-05-06 | Vairavan Latha | Grant | 20K | — |
| 2025-05-02 | Burnett Patrick | Sell | 2.6K | $15.19 |
| 2025-05-02 | Matsuda Masaru | Sell | 5.0K | $15.20 |
| 2025-05-02 | Watanabe Todd Franklin | Sell | 11K | $15.19 |
| 2025-05-01 | Welgus Howard G. | Sell | 10K | $14.64 |
| 2025-04-02 | Topper David Joseph | Sell | 9.6K | $15.80 |
| 2025-04-01 | Welgus Howard G. | Sell | 10K | $15.12 |
| 2025-03-25 | Watanabe Todd Franklin | Sell | 2.2K | $17.56 |
| 2025-03-24 | Watanabe Todd Franklin | Sell | 1.5K | $17.52 |
| 2025-03-17 | Watanabe Todd Franklin | Sell | 1.2K | $17.61 |
| 2025-03-14 | Burnett Patrick | Sell | 12K | $15.04 |
| 2025-03-14 | Burnett Patrick | Option exercise | 12K | — |
| 2025-03-13 | Burnett Patrick | Sell | 5.0K | $15.10 |
| 2025-03-13 | Burnett Patrick | Sell | 44K | $14.97 |
| 2025-03-13 | Burnett Patrick | Option exercise | 5.0K | — |
| 2025-03-04 | Burnett Patrick | Sell | 954 | $13.28 |
| 2025-03-04 | Watanabe Todd Franklin | Sell | 4.1K | $13.28 |
| 2025-03-03 | Welgus Howard G. | Sell | 10K | $13.00 |
| 2025-03-03 | Burnett Patrick | Sell | 2.8K | $13.03 |
| 2025-03-03 | Watanabe Todd Franklin | Sell | 21K | $13.03 |
| 2025-03-03 | Matsuda Masaru | Sell | 3.3K | $13.03 |
| 2025-02-28 | Matsuda Masaru | Grant | 34K | — |
| 2025-02-28 | Burnett Patrick | Grant | 38K | — |
| 2025-02-28 | Burnett Patrick | Grant | 17K | — |
| 2025-02-28 | Watanabe Todd Franklin | Grant | 151K | — |
| 2025-02-28 | Topper David Joseph | Grant | 34K | — |
| 2025-02-28 | Edwards Larry Todd | Grant | 38K | — |
| 2025-02-28 | Edwards Larry Todd | Grant | 17K | — |
| 2025-02-03 | Matsuda Masaru | Sell | 8.3K | $12.70 |
| 2025-02-03 | Watanabe Todd Franklin | Sell | 19K | $12.70 |
| 2025-02-03 | Welgus Howard G. | Sell | 10K | $12.71 |
| 2025-02-03 | Burnett Patrick | Sell | 12K | $12.70 |
| 2025-02-03 | Edwards Larry Todd | Sell | 2.2K | $12.70 |
| 2025-01-02 | Welgus Howard G. | Sell | 10K | $14.67 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07453602 ↗ | Ph 1a/1b Single Ascending Dose and Multiple Ascending Dose Study of ARQ-234 Atopic Dermatitis (AD), Eczema | PHASE1 | Recruiting | 2028-04-01 |
| NCT07340216 ↗ | Maximal Usage Pharmacokinetics and Safety Study of ARQ-154 Foam 0.3% in Pediatric Participants With Scalp and Body Psoriasis Psoriasis | PHASE1 | Completed | 2026-04-30 |
| NCT06998056 ↗ | Safety Study of Roflumilast Cream 0.05% in Infants Aged 3 Months to Less Than 2 Years With Atopic Dermatitis Atopic Dermatitis (Eczema) | PHASE2 | Completed | 2025-12-04 |
| NCT04804605 ↗ | Open Label Extension Trial of PDE4 Inhibition With Roflumilast for the Management of Atopic Dermatitis Atopic Dermatitis Eczema | PHASE3 | Completed | 2024-05-28 |
| NCT04286607 ↗ | Open-Label Extension Trial of PDE4 Inhibition With Roflumilast for the Management of Plaque Psoriasis Chronic Plaque Psoriasis | PHASE3 | Completed | 2024-01-22 |
| NCT04845620 ↗ | Trial of PDE4 Inhibition With Roflumilast for the Management of Atopic Dermatitis (Integument-PED) Atopic Dermatitis Eczema | PHASE3 | Completed | 2023-06-01 |
| NCT04156191 ↗ | Pharmacokinetics (PK), Safety, Efficacy and Maximal Use PK of ARQ-151 in Adolescents/Children With Mild/Moderate Eczema Atopic Dermatitis (Eczema) | PHASE1 | Completed | 2023-05-02 |
| NCT04445987 ↗ | Long-Term Safety of ARQ-154 Foam in Subjects With Seborrheic Dermatitis Seborrheic Dermatitis | PHASE2 | Completed | 2022-11-19 |
| NCT04773600 ↗ | Trial of PDE4 Inhibition With Roflumilast for the Management of Atopic Dermatitis (INTEGUMENT-II) Atopic Dermatitis Eczema | PHASE3 | Completed | 2022-09-29 |
| NCT04773587 ↗ | Trial of PDE4 Inhibition With Roflumilast for the Management of Atopic Dermatitis Atopic Dermatitis Eczema | PHASE3 | Completed | 2022-08-30 |
| NCT05028582 ↗ | Topical Roflumilast to Treat Scalp and Body Psoriasis (ARRECTOR) Scalp Psoriasis | PHASE3 | Completed | 2022-06-03 |
| NCT04746911 ↗ | Maximal Usage Pharmacokinetics and Safety of ARQ-151 in Children With Plaque Psoriasis (ARQ-151-216) Psoriasis, Plaque Psoriasis | PHASE2 | Completed | 2022-05-11 |
| NCT04973228 ↗ | Trial of PDE4 Inhibition With Roflumilast (ARQ-154) Foam 0.3% for the Management of Seborrheic Dermatitis (STRATUM) Seborrheic Dermatitis | PHASE3 | Completed | 2022-04-06 |
| NCT04655313 ↗ | Maximal Usage Pharmacokinetics and Safety of ARQ-151 in Children With Plaque Psoriasis (ARQ-151-215) Psoriasis, Plaque Psoriasis | PHASE2 | Completed | 2022-01-12 |
| NCT04811131 ↗ | Safety and Efficacy of ARQ-252 Cream 0.3% in Subjects With Non-Segmental Facial Vitiligo Vitiligo | PHASE2 | Terminated | 2021-08-09 |
| NCT04279119 ↗ | Maximal Usage Pharmacokinetics and Safety of ARQ-151 in Adolescents and Adults With Chronic Plaque Psoriasis Plaque Psoriasis | PHASE1 | Completed | 2021-03-25 |
| NCT04378569 ↗ | Safety and Efficacy of ARQ-252 Cream in Subjects With Chronic Hand Eczema Chronic Hand Eczema | PHASE1/PHASE2 | Completed | 2021-02-24 |
| NCT04211389 ↗ | Twin Trial of PDE4 Inhibition With Roflumilast for the Management of Plaque Psoriasis Chronic Plaque Psoriasis | PHASE3 | Completed | 2020-11-23 |
| NCT04211363 ↗ | Trial of PDE4 Inhibition With Roflumilast for the Management of Plaque Psoriasis Chronic Plaque Psoriasis | PHASE3 | Completed | 2020-11-16 |
| NCT03764475 ↗ | Long-Term Safety of ARQ-151 Cream in Adult Subjects With Chronic Plaque Psoriasis Plaque Psoriasis | PHASE2 | Completed | 2020-10-08 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Shareholder voteOtherExhibits | filing ↗ |
| 2026-05-06 | Exhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2025-12-08 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
| 2025-08-06 | ResultsExhibits | filing ↗ |
| 2025-06-17 | Shareholder voteOtherExhibits | filing ↗ |
| 2025-05-06 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-05 | 0001628280-26-041883 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001787306-26-000039 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001787306-26-000040 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001787306-26-000018 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001787306-26-000017 ↗ |
| 8-K | 2025-12-08 | 2025-12-03 | 0001787306-25-000147 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001787306-25-000144 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001787306-25-000142 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001787306-25-000124 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0001787306-25-000122 ↗ |
| 8-K | 2025-06-17 | 2025-06-12 | 0001787306-25-000096 ↗ |
| 10-Q | 2025-05-06 | 2025-03-31 | 0001787306-25-000092 ↗ |