Arcutis Biotherapeutics, Inc.
ARQT evidence brief
What we can confirm
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 treatments for dermatological diseases with high unmet medical needs, leveraging a platform for topical and systemic therapies [sec · filed 2026-04-21].
Key risk: Accumulated deficit and history of losses
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$2.99B
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 7 clinical trials for Arcutis Biotherapeutics, Inc..
Arcutis Biotherapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs, leveraging a platform for topical and systemic therapies [sec · filed 2026-04-21].
- Arcutis is a commercial-stage biopharmaceutical company focused on dermatological diseases with high unmet medical needs [sec · filed 2026-04-21].
- As of June 30, 2026, the company reported cash & equivalents of $34.4M, total revenue of $129.9M, net income of $15.0M, shareholders' equity of $189.5M, and total debt of $115.8M [sec].
- The company has an accumulated deficit of $1,138.1 million as of December 31, 2025 [sec_mda · as of 2026-02-25].
- Key pipeline includes ZORYVE (commercialized) and ARQ-234 (preclinical, targeting atopic dermatitis) [sec_mda · as of 2025-02-25].
- Arcutis expects to continue incurring significant expenses for commercialization and clinical development, though it does not anticipate needing additional financing for current planned operations [sec_mda · as of 2026-05-06].
What works
- Arcutis has a commercial-stage product, ZORYVE, generating revenue, with total revenue of $129.9M as of June 30, 2026 [sec].
- The company achieved net income of $15.0M as of June 30, 2026, indicating a shift toward profitability [sec].
- Arcutis has a deep dermatology expertise and a platform for developing differentiated topical and systemic treatments [sec · filed 2026-04-21].
- The company does not anticipate needing external funds to support current planned operations [sec_mda · as of 2026-05-06].
What to weigh
- Arcutis has a significant accumulated deficit of $1,138.1 million as of December 31, 2025 [sec_mda · as of 2026-02-25].
- The company expects to continue incurring significant expenses for commercialization and clinical development, which could pressure future cash flows [sec_mda · as of 2026-05-06].
- Cash and equivalents were only $34.4M as of June 30, 2026, which may limit flexibility if expenses rise unexpectedly [sec].
- The company has a history of net losses, with net losses of $140.0 million in 2024, $262.1 million in 2023, and $311.5 million in 2022 [sec_mda · as of 2025-02-25].
From the filings
Quoted directly from source documents.
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
The company has an accumulated deficit of $1,138.1 million as of December 31, 2025.
“As of December 31, 2025, we had an accumulated deficit of $1,138.1 million”
SEC MD&A · February 25, 2026
Arcutis expects to continue incurring significant expenses for commercialization and clinical development.
“We expect to continue to incur significant expenses as we commercialize ZORYVE, and as we advance our product candidates and label extensions through clinical trials, regulatory submissions and potentially commercialization.”
SEC MD&A · May 6, 2026
ARQ-234 is a preclinical candidate targeting atopic dermatitis.
“Currently in the preclinical stage, we plan to develop ARQ-234 in atopic dermatitis”
SEC MD&A · February 25, 2025
Risks & what to watch (4)›
Key risks
- Accumulated deficit and history of losses — Accumulated deficit of $1,138.1M as of Dec 31, 2025; net losses of $140M in 2024 [sec_mda · as of 2026-02-25].
- Dependence on ZORYVE revenue — Revenue primarily from ZORYVE; any decline in sales could impact financial stability [sec_mda · as of 2026-08-05].
- Clinical and regulatory risks for pipeline — ARQ-234 is preclinical; delays or failures could affect future growth [sec_mda · as of 2025-02-25].
- Cash burn and liquidity — Cash & equivalents $34.4M as of June 30, 2026; may need future financing if expenses exceed expectations [sec].
What to watch
- ZORYVE sales trajectory and label expansion progress [sec_mda · as of 2026-05-06].
- ARQ-234 IND submission and clinical trial initiation [sec_mda · as of 2025-02-25].
- Cash runway and any future financing needs [sec_mda · as of 2026-08-05].
- Regulatory decisions on ZORYVE label expansions [sec_mda · as of 2026-05-06].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
Run Arcutis Biotherapeutics, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Arcutis Biotherapeutics, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
No clinical pipeline tracked — this score reflects financial & catalyst signals only.
Profitable (positive operating cash flow)
D/E 1.21 · 4% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 21 sells (180d)
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
266
Total value held
$2.83B
| Holder | Shares | Value |
|---|---|---|
| suvretta capital management, llc | 12,327,000 | $290.4M |
| vanguard capital management llc | 9,743,072 | $229.5M |
| blackrock, inc. | 9,200,411 | $216.8M |
| 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 |
| gilder gagnon howe & co llc | 4,304,010 | $101.4M |
| morgan stanley | 4,218,931 | $99.4M |
| janus henderson group plc | 3,709,132 | $87.4M |
| ubs group ag | 3,329,224 | $78.4M |
Showing top 10 of 266 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 treatments for dermatological diseases with high unmet medical needs, leveraging a platform for topical and systemic therapies [sec · filed 2026-04-21].
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.