ARQT Stock — Arcutis Biotherapeutics Inc.: Cash, EV, Pipeline

What they do

We are a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs. Our current portfolio is comprised of highly differentiated topical and systemic treatments with significant potential to treat immune-mediated dermatological diseases and conditions.

Source: 10-K FY2025 via SEC EDGAR

Share price

$25.55

Market cap

$3,230.9M

Cash

$259.5M

Enterprise value

$3,080.8M

Balance sheet

Cash	$259.5M
Debt	$109.4M
Net cash	$150.1M
Enterprise value	$3,080.8M
Basic shares	126.5M shares
Fully diluted shares	138.8M shares
Fully diluted market cap	$3,547.0M
Cash per share	$2.05
Quarterly burn	+$12.6M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

125.7M

Pre-funded warrants

5.2M

Options

1.9M

RSUs

2.0M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

4.0M

FDSO

138.8M

Cap table as of 2026-06-30.

Price history

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Next catalyst

ZORYVE foam 0.3% · Now - Dec 31, 2026 · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDNow - Dec 31, 2026 Now	ZORYVE foam 0.3% Phase 2 in vitiligo, topline and program decision	Phase 2	vitiligo	Q4 2026
GUIDEDFeb 23, 2027 in 15 wks	ZORYVE cream 0.05% sNDA to expand indication to infants 3-24 months with atopic dermatitis	Not disclosed	to expand indication to infants 3-24 months with atopic dermatitis	2027-02-23
Aug 11 - Sep 22 in 9 mo	Roflumilast Foam 0.3%	Phase 3	Seborrheic Dermatitis	—
May 13 - Jun 24 in 18 mo	ARQ-234	Phase 1	Atopic Dermatitis (AD); Eczema	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ZORYVE

Approved · Active Modality: topical formulation

Aliases roflumilast

Target PDE4

Partnerships AstraZeneca: worldwide in-license (2018) for topical roflumilast in dermatology; milestones paid $7.5M (2022), $5M (2024), $10M (2025), up to $5M more + low-to-high single-digit royalties. Huadong: Greater China + SE Asia (2023), $30M upfront + milestones. Sato: Japan (2024), $25M upfront, up to $10M regulatory + $30M sales milestones.

Indications

Plaque psoriasis (cream 0.3%) (Approved)
Seborrheic dermatitis (foam 0.3%) (Approved)
Scalp & body plaque psoriasis (foam 0.3%) (Approved)
Atopic dermatitis, 6+ years (cream 0.15%) (Approved)
Atopic dermatitis, 2-5 years (cream 0.05%) (Approved)
Atopic dermatitis, infants 3 mo-<2 y (cream 0.05%) (Phase 2)

Status note Lead commercial product. sNDA submitted to FDA for cream 0.05% in infants 3 mo-<2 y based on INTEGUMENT-INFANT Phase 2 (topline Feb 2026); Health Canada SNDS accepted Oct 2025 for cream 0.05% (2-5 y). Kowa US promotion agreement mutually terminated Jan 23, 2026.

ARQ-234

Phase 1 · Active Modality: fusion protein

Aliases DS-234

Target CD200R

Partnerships Ducentis BioTherapeutics: acquired Sep 2022; $10M milestone paid Q1 2026 on first patient dosed in Phase 1a/1b

Indications

Atopic dermatitis (moderate-to-severe) (Phase 1)

Status note Fusion protein targeting CD200R. First participant enrolled in Phase 1a/1b study March 2026. Positioned as potential biologic complement to ZORYVE cream 0.15% in atopic dermatitis.

ARQ-255

Phase 1 · Active

Target JAK1

Indications

not disclosed (Phase 1)

Status note JAK inhibitor program; Phase 1b clinical study completed in 2025 per 10-Q. Indication and further plans not stated in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	ARQ-234
Lead indication	Atopic Dermatitis (AD); Eczema
Lead phase	Phase 1
Active trials	1
Collaborator trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07453602	Phase 1	Recruiting	Sponsor	ARQT	—	Atopic Dermatitis (AD); Eczema	—
NCT07683806	Phase 3	Not yet recruiting	Collaborator	Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd.	—	Seborrheic Dermatitis	—
NCT07105254	Phase 2	Recruiting	Collaborator	Derm Texas, PLLC	—	Non-segmental Vitiligo	Q4 2026
NCT07077902	Phase 2	Recruiting	Collaborator	Tulane University	—	Hidradenitis Suppurativa	—
NCT07560618	Not disclosed	Recruiting	Collaborator	Integrative Skin Science and Research	—	ITCH; Atopic Dermatitis	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Arcutis Biotherapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	9,874,511	no change	5.64%	2026-08-14
OrbiMed Advisors	2,042,000	+2,042,000	1.01%	2026-08-14
Cormorant Asset Management	175,000	-275,000	0.24%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ARQT — Arcutis Biotherapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ARQT — Arcutis Biotherapeutics Inc.