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Nasdaq · Healthcare

Arcutis Biotherapeutics, Inc. (ARQT)

As-reported financials and SEC filings for Arcutis Biotherapeutics, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Arcutis Biotherapeutics, Inc.

Arcutis Biotherapeutics, Inc. is a commercial-stage biopharmaceutical company that develops and markets treatments for dermatological diseases with high unmet medical needs. Its main products include ZORYVE cream and foam formulations, which are topical treatments approved for conditions such as plaque psoriasis, seborrheic dermatitis, and atopic dermatitis in various age groups. The company serves patients with immune-mediated skin diseases and collaborates with partners for marketing and distribution in the United States, Canada, and parts of Asia.

Snapshot

Revenue
$372.1M
Revenue growth (YoY)
123.4%
Net income
$-16.1M
Diluted EPS
$-0.13
Gross margin
90.1%
Operating margin
-3.3%
Net margin
-4.3%
FCF margin
-1.7%
ROE
-8.5%
net income / fiscal-year-end equity
P/E
n/m
not meaningful: a reported loss in the fiscal year or the trailing twelve months
Market cap
$3.30B
Long-term debt / equity
0.57×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Arcutis Biotherapeutics

  • Revenue grew 123.4% to $372M in FY2025, slower than the 179.4% the year before.
  • Most recent quarter Q2 FY2026: revenue $130M, up 59.3% from Q2 FY2025.
  • Free cash flow was negative $6M in FY2025.
  • Net loss narrowed to $16M in FY2025, from $140M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Arcutis Biotherapeutics’s fundamentals sit among the 198 pharmaceutical companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin90.1%
97th percentile of 69
Operating margin-3.3%
49th percentile of 112
Net margin-4.3%
47th percentile of 121
FCF margin-1.7%
40th percentile of 110
Revenue growth (YoY)+123.4%
86th percentile of 188
ROE-8.5%
62nd percentile of 167
Long-term debt / equity0.57×
57th percentile of 64
Short interest4.83d
44th percentile of 197

Arcutis Biotherapeutics’s gross margin of 90.1% ranks in the 97th percentile of the 69 pharmaceutical companies reporting it. Arcutis Biotherapeutics’s revenue growth of +123.4% ranks in the 86th percentile of the 188 pharmaceutical companies reporting it.

No reported insider purchases (code P) in the last 90 days; 13 insider sales totaling $2.2M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 1 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
1
+7 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
3
3 trimmed, 0 exited
Combined position
$186.4M
reported long value
InvestorAs ofPosition valueSharesChange
D. E. ShawquantQ2 2026$103.6M3.9MAdded
Citadel AdvisorsquantQ2 2026$30.4M1.2MAdded
Two Sigma InvestmentsquantQ2 2026$17.4M663.9KAdded
Millennium ManagementquantQ2 2026$14.8M564.1KAdded
Point72 Asset ManagementquantQ2 2026$9.5M362.4KReduced
AQR Capital ManagementquantQ2 2026$8.7M330.3KReduced
Renaissance TechnologiesquantQ2 2026$1.5M58.4KReduced
Gotham Asset ManagementQ2 2026$499,01919.0KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
13
$2.2M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-09-16
filed 2026-09-18
Masaru MatsudaSee RemarksSell3.7K$25.00$92K
2026-09-15
filed 2026-09-17
Howard G. WelgusDirectorSell4.7K$24.18$114K
2026-09-08
filed 2026-09-10
Masaru MatsudaSee RemarksSell10.0K$25.03$250K
2026-08-27
filed 2026-08-28
Terrie CurranDirectorSell27.1K$25.03$677K
2026-08-27
filed 2026-08-28
Terrie CurranDirectorSell11.1K$25.03$279K
2026-08-20
filed 2026-08-24
Terrie CurranDirectorSell1.1K$26.04$28K
2026-08-19
filed 2026-08-21
Patrick BurnettSee RemarksSell1.7K$27.00$46K
2026-08-17
filed 2026-08-19
Howard G. WelgusDirectorSell4.7K$26.18$124K
2026-08-12
filed 2026-08-13
Patrick BurnettSee RemarksSell6.7K$26.08$175K
2026-08-11
filed 2026-08-13
Patrick BurnettSee RemarksSell8.3K$26.52$220K
2026-08-03
filed 2026-08-05
Todd WatanabeSee RemarksSell4.4K$26.12$114K
2026-08-03
filed 2026-08-05
Masaru MatsudaSee RemarksSell1.2K$26.12$32K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
21.7M
settled 2026-09-30
Change vs prior
+17.5%
vs previous settlement
Days to cover
4.83
at avg daily volume
Avg daily volume
4.5M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-3021.7M+17.5%4.83
2026-09-1518.5M+11.5%8.54
2026-08-3116.6M+12.5%9.41
2026-08-1414.7M+16.0%8.04
2026-07-3112.7M-6.5%10.74
2026-07-1513.6M-3.3%9.34
2026-06-3014.0M-11.4%6.33
2026-06-1515.8M-2.5%10.04

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$372.1M$166.5M$59.6M$3.7M$0
Gross profit—
Operating income$-12.2M$-128.4M$-241.1M$-301.6M$-206.5M
Net income$-16.1M$-140.0M$-262.1M$-311.5M$-206.4M
Diluted EPS$-0.13$-1.16$-3.78$-5.66$-4.18

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-5.6M$-112.2M$-247.1M$-257.7M$-174.6M
Capital expenditure$686,000$143,000$428,000$333,000$995,000
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$129.9M59.3%$15.0M$0.11
Q1 FY2026$105.4M60.1%$-11.3M$-0.09
Q4 FY2025203.4%
Q3 FY2025$99.2M121.7%$7.4M$0.06
Q2 FY2025$81.5M164.1%$-15.9M$-0.13
Q1 FY2025$65.8M32.8%$-25.1M$-0.20
Q4 FY2024205.8%
Q3 FY2024$44.8M17.4%$-41.5M$-0.33

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryPharmaceutical Preparations
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2019
SEC CIK1787306

Selected SEC filings

10-Q2026-08-05
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-07-16
View on EDGAR →
8-K2026-06-09
View on EDGAR →
8-K2026-05-06
View on EDGAR →

Largest pharmaceutical peers

All pharmaceutical stocks →All Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.