Arcutis Biotherapeutics, Inc.
ARQT evidence brief
What we can confirm
- BioSniper Score:
- 5.3 / 10
- Market Cap:
- $3.00B
- Lead Asset:
- zoryve cream 0.3% (Approved)
What it means
What to watch
Prepared research question
What matters most for ARQT—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ARQT
Arcutis Biotherapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing differentiated topical and systemic treatments for dermatological diseases with high unmet medical needs.
Key risk: Pipeline setback
BioSniper Score
Based on 4 of 6 signals
Market Cap
$3.00B
Cash Runway
—
Lead Asset
zoryve cream 0.3% (Approved)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 8 clinical trials for Arcutis Biotherapeutics, Inc..
Arcutis Biotherapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing differentiated topical and systemic treatments for dermatological diseases with high unmet medical needs.
- Achieved full year net product revenue for ZORYVE® of $372.1 million in 2025, a 123% increase over the prior year [sec · filed 2026-04-21].
- As of 2026-06-30, the company reported cash & equivalents of $34.1M, total revenue of $129.9M, net income of $15.0M, shareholders' equity of $220.6M, and total debt of $100.0M [sec].
- The company is enrolling patients in a Phase 1 study for ARQ-234, a fusion protein checkpoint agonist for atopic dermatitis, after submitting an IND in July 2025 [sec · filed 2026-04-21].
- Arcutis halted further development of ARQ-255, a topical JAK inhibitor for alopecia areata, after Phase 1b results did not meet the company's threshold for advancement [sec · filed 2026-04-21].
- The company has a leading platform for dermatologic product development and commercialization, with a strategy focused on validated biological targets and deep dermatology expertise [sec · filed 2026-04-21].
What works
- ZORYVE® net product revenue grew 123% year-over-year to $372.1 million in 2025, indicating strong commercial traction [sec · filed 2026-04-21].
- The company achieved positive cash flow beginning in the third quarter of 2025 and expects to maintain positive operating cash flow on a quarterly basis going forward [sec · filed 2026-04-21].
- Arcutis has a robust intellectual property portfolio around topical roflumilast, with exclusivity in the U.S. for its cream formulation through 2037 and foam formulation through a later date [sec_mda · as of 2026-08-05].
- The company is advancing a novel pipeline candidate, ARQ-234, a highly selective checkpoint agonist for atopic dermatitis, now in Phase 1 clinical studies [sec · filed 2026-04-21].
What to weigh
- The company halted development of ARQ-255, a JAK inhibitor for alopecia areata, after Phase 1b results did not meet its threshold for advancement, indicating pipeline setbacks [sec · filed 2026-04-21].
- Arcutis faces significant risks and uncertainties in research, development, and commercialization, and may use all available capital resources sooner than expected [sec_mda · as of 2026-08-05].
- The company has $100.0M in total debt as of 2026-06-30, which represents a financial obligation that must be managed alongside ongoing R&D and commercial expenses [sec].
- Future funding requirements depend on many uncertain factors, including product sales, clinical trial costs, and regulatory outcomes, creating financial unpredictability [sec_mda · as of 2026-08-05].
From the filings
Quoted directly from source documents.
ZORYVE® net product revenue grew 123% year-over-year to $372.1 million in 2025.
“Achieved full year net product revenue for ZORYVE® of $372.1 million, an increase of 123% over the prior year”
SEC filings · April 21, 2026
Arcutis is a commercial-stage biopharmaceutical company focused on dermatological diseases.
“We are a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs.”
SEC filings · April 21, 2026
ARQ-234 is a fusion protein checkpoint agonist for atopic dermatitis, now in Phase 1.
“We advanced our ARQ-234 drug candidate, a fusion protein that is a highly selective and potent checkpoint agonist, for the treatment of atopic dermatitis. We submitted an Investigational New Drug Application (IND) for ARQ-234 in July 2025, and are currently enrolling patients in our Phase 1 study.”
SEC filings · April 21, 2026
ARQ-255 development was halted after Phase 1b results did not meet the company's threshold.
“the Company elected to halt further development of this program. While clinical and biomarker results indicated some level of efficacy, the results did not meet the Company's threshold for advancement.”
SEC filings · April 21, 2026
Catalyst timeline
- 2021-02-25 · Phase3_Start: A Phase 3, Multicenter, Open-Label Extension Study of the Long-Term Safety of ARQ-151 Cream 0.15% and ARQ-151 Cream 0.05% in Subjects With Atopic Dermatitis — This long-term safety extension study for ARQ-151 (roflumilast) in atopic dermatitis began in February 2021.
- 2021-03-01 · Phase2_Start: An Open Label, 4-Week, Phase 2, Maximal Usage Pharmacokinetics and Safety Study of ARQ-151 Cream 0.3% Administered QD in Pediatric Subjects (Ages 2 to 5 Years Old) With Plaque Psoriasis — A Phase 2 pharmacokinetics and safety study of ARQ-151 cream 0.3% in pediatric plaque psoriasis patients started in March 2021.
- 2021-04-07 · Phase3_Start: A Phase 3, 4-Week, Parallel Group, Double Blind, Vehicle-Controlled Study of the Safety and Efficacy of ARQ-151 Cream 0.05% Administered QD in Subjects With Atopic Dermatitis — A Phase 3 efficacy and safety study of ARQ-151 cream 0.05% in atopic dermatitis began in April 2021.
- 2021-08-24 · Phase3_Start: A Randomized tRial Employing topiCal roflumilasT Foam to Treat Scalp Psoriasis (ARRECTOR) — The ARRECTOR Phase 3 trial for roflumilast foam in scalp psoriasis started in August 2021.
Risks & what to watch (4)›
Key risks
- Pipeline setback — ARQ-255 halted after Phase 1b results did not meet advancement threshold [sec · filed 2026-04-21].
- Capital consumption risk — Company may use all available capital resources sooner than expected due to R&D and commercialization uncertainties [sec_mda · as of 2026-08-05].
- Debt obligation — Total debt of $100.0M as of 2026-06-30 must be serviced alongside operating expenses [sec].
- Revenue dependency — Future funding depends on product sales, clinical trial costs, and regulatory outcomes, which are uncertain [sec_mda · as of 2026-08-05].
What to watch
- Enrollment and initial data from the Phase 1 study of ARQ-234 for atopic dermatitis [sec · filed 2026-04-21].
- Quarterly operating cash flow trends following the positive cash flow achieved in Q3 2025 [sec · filed 2026-04-21].
- ZORYVE® revenue growth trajectory and market share in dermatology [sec · filed 2026-04-21].
- Any new pipeline candidates or collaborations that may be initiated [sec · filed 2026-04-21].
Sources: Catalysts · SEC filings · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 1.21 · 4% dilution
Lead: Approved
1 candidate
No upcoming catalysts tracked
0 buys · 20 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
267
Total value held
$3.08B
| Holder | Shares | Value |
|---|---|---|
| suvretta capital management, llc | 12,327,000 | $290.4M |
| frazier life sciences management, l.p. | 9,874,511 | $232.6M |
| blackrock, inc. | 9,200,411 | $216.8M |
| rubric capital management lp | 8,271,577 | $194.9M |
| state street corp | 6,296,197 | $148.3M |
| polar capital holdings plc | 5,666,940 | $133.5M |
| jennison associates llc | 4,980,770 | $117.3M |
| vanguard capital management llc | 4,871,536 | $114.8M |
| gilder gagnon howe & co llc | 4,304,010 | $101.4M |
| morgan stanley | 4,218,931 | $99.4M |
Showing top 10 of 267 institutional holders of Arcutis Biotherapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 14.4%
- Days to cover
- 15.3
- Shares short
- 16,879,909
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ARQT short interestGovernance
Frequently asked questions
What is the AI investment thesis for Arcutis Biotherapeutics, Inc.?
Arcutis Biotherapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing differentiated topical and systemic treatments for dermatological diseases with high unmet medical needs.
What is Arcutis Biotherapeutics, Inc.'s lead drug candidate?
Arcutis Biotherapeutics, Inc.'s most advanced tracked candidate is zoryve cream 0.3% (Approved) for Atopic Dermatitis Eczema.
Who is the CEO of Arcutis Biotherapeutics, Inc.?
Mr. Todd Franklin Watanabe M.A. is the chief executive officer of Arcutis Biotherapeutics, Inc. (ARQT).
Where is Arcutis Biotherapeutics, Inc. headquartered?
Arcutis Biotherapeutics, Inc. (ARQT) is headquartered in Westlake Village, CA, United States.
What therapeutic areas does Arcutis Biotherapeutics, Inc. focus on?
Arcutis Biotherapeutics, Inc. develops therapies across Oncology, Immunology, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.