ARQT on Nasdaq
Arcutis Biotherapeutics, Inc.
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-3.3%Operating margin3
-4.3%Net margin3
91.3%Revenue growth, 20253
-8.5%Return on equity3
0.57×Debt to equity3
-$6.3MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
ZORYVE Foam brought in 49% of the revenue Arcutis Biotherapeutics, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| ZORYVE Foam | $0 | $71.5M | $181.9M |
| ZORYVE Cream 0.3% | $29.2M | $85.1M | $121.0M |
| ZORYVE Cream 0.15% | $0 | $9.9M | $68.3M |
| ZORYVE cream 0.05% | $0 | $0 | $911.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue9¢$36.7M
- Research and development20¢$77.1M
- Selling, general and admin70¢$274.6M
- Income tax0¢$1.2M
Out of $376.1M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Product revenue, net | $372.1M | $166.5M | $29.2M |
| Other revenue | $4.0M | $30.0M | $30.4M |
| Total revenues | $376.1M | $196.5M | $59.6M |
| Cost of sales | $36.7M | $19.1M | $5.0M |
| Research and development | $77.1M | $76.4M | $110.6M |
| Selling, general and administrative | $274.6M | $229.4M | $185.1M |
| Total operating expenses | $388.3M | $324.9M | $300.7M |
| Loss from operations | -$12.2M | -$128.4M | -$241.1M |
| Interest income | $8.9M | $16.1M | $12.5M |
| Interest expense | -$12.1M | -$27.2M | -$29.7M |
| Other income (expense), net | $443.0K | $47.0K | -$731.0K |
| Loss before income taxes | -$15.0M | -$139.4M | -$259.0M |
| Provision for income taxes | $1.2M | $647.0K | $3.1M |
| Net loss | -$16.1M | -$140.0M | -$262.1M |
| Unrealized gain on marketable securities | -$206.0K | $219.0K | $1.2M |
| Foreign currency translation adjustment | $169.0K | -$230.0K | -$96.0K |
| Total other comprehensive income (loss) | -$37.0K | -$11.0K | $1.1M |
| Comprehensive loss | -$16.2M | -$140.1M | -$261.1M |
| Net loss per share, basic (in USD per share) | -$0.13 | -$1.16 | -$3.78 |
| Net loss per share, diluted (in USD per share) | -$0.13 | -$1.16 | -$3.78 |
| Weighted-average shares used in computing net loss per share, basic (in shares) | 127.2M shares | 121.0M shares | 69.3M shares |
| Weighted-average shares used in computing net loss per share, diluted (in shares) | 127.2M shares | 121.0M shares | 69.3M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $42.9M | $71.3M | |
| Restricted cash | $308.0K | $617.0K | |
| Marketable securities | $178.1M | $156.6M | |
| Trade receivables, net | $146.2M | $73.1M | |
| Inventory | $22.6M | $14.5M | |
| Prepaid expenses and other current assets | $21.1M | $19.7M | |
| Total current assets | $411.2M | $335.8M | |
| Property, plant, and equipment, net | $1.0M | $1.0M | |
| Intangible assets, net | $14.8M | $9.5M | |
| Operating lease right-of-use asset | $4.5M | $2.0M | |
| Other assets | $1.4M | $596.0K | |
| Total assets | $433.0M | $348.9M | |
| Accounts payable | $12.5M | $14.2M | |
| Current portion of long-term debt, net | $1.0M | $0 | |
| Accrued and other current liabilities | $116.3M | $66.8M | |
| Total current liabilities | $129.8M | $81.0M | |
| Operating lease liability, long-term | $5.3M | $2.6M | |
| Long-term debt, net | $108.0M | $107.2M | |
| Other long-term liabilities | $431.0K | $570.0K | |
| Total liabilities | $243.5M | $191.3M | |
| Common stock, $0.0001 par value; 300,000,000 shares authorized; 123,332,672 and 117,848,033 shares issued and outstanding at December 31, 2025 and 2024, respectively | $12.0K | $12.0K | |
| Additional paid-in capital | $1.3B | $1.3B | |
| Accumulated other comprehensive loss | -$44.0K | -$7.0K | |
| Accumulated deficit | -$1.1B | -$1.1B | |
| Total stockholders equity | $189.5M | $157.5M | $88.7M |
| Total liabilities and stockholders equity | $433.0M | $348.9M | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 300.0M shares | 300.0M shares | |
| Common stock, shares, issued (in shares) | 123.3M shares | 117.8M shares | |
| Common stock, shares outstanding (in shares) | 123.3M shares | 117.8M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$16.1M | -$140.0M | -$262.1M |
| Stock-based compensation expense | $40.4M | $41.7M | $38.8M |
| Amortization of intangible assets | $4.7M | $2.0M | $750.0K |
| Non-cash interest expense | $1.8M | $5.4M | $4.0M |
| Net accretion on marketable securities | -$2.1M | -$6.9M | -$7.0M |
| Other non-cash items, net | $652.0K | $769.0K | $2.0M |
| Accounts receivable, net | -$73.2M | -$47.3M | -$17.3M |
| Inventories | -$7.3M | -$400.0K | -$5.6M |
| Prepaid expenses and other current assets | -$2.0M | -$948.0K | -$8.6M |
| Accounts payable | -$1.7M | $2.2M | $3.2M |
| Accrued liabilities | $50.0M | $32.0M | $5.6M |
| Operating lease liabilities | -$680.0K | -$735.0K | -$657.0K |
| Net cash used in operating activities | -$5.6M | -$112.2M | -$247.1M |
| Purchases of marketable securities | -$247.0M | -$254.8M | -$225.8M |
| Proceeds from maturities and sales of marketable securities | $227.4M | $288.8M | $406.5M |
| Purchases of property and equipment | -$686.0K | -$143.0K | -$428.0K |
| Milestone payment for intangible asset | -$10.0M | -$5.0M | $0 |
| Net cash provided by (used in) investing activities | -$30.3M | $28.8M | $180.2M |
| Proceeds from issuance of common stock, net of issuance costs | $0 | $161.7M | $0 |
| Repayment of long-term debt | $0 | -$100.0M | $0 |
| Proceeds from issuance of common stock upon exercise of stock options | $4.6M | $2.8M | $1.2M |
| Proceeds from issuance of common stock for ESPP | $2.4M | $1.7M | $1.2M |
| Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs | $0 | $0 | $95.8M |
| Proceeds from issuance of shares under ATM, net of issuance costs | $0 | $0 | $3.1M |
| Net cash provided by financing activities | $7.0M | $66.2M | $101.3M |
| Effect of exchange rate changes on cash | $168.0K | -$235.0K | -$50.0K |
| Net increase (decrease) in cash, cash equivalents and restricted cash | -$28.7M | -$17.4M | $34.4M |
| Right-of-use assets obtained in exchange for operating lease liabilities | $2.9M | $0 | $0 |
| Interest expense paid in cash | $10.3M | $22.2M | $25.4M |
Former names
- Arcutis, Inc.Sep 9, 2019 to Sep 9, 20192
Recent filings
- Oct 5, 2026SCHEDULE 13G/A
- Sep 18, 20264
- Sep 17, 20264
- Sep 16, 2026144
- Sep 15, 2026144
- Sep 10, 20264
- Sep 8, 2026144
- Aug 28, 20264
- Aug 27, 2026144
- Aug 24, 20264
- Aug 21, 20264
- Aug 20, 2026144
- Aug 19, 2026144
- Aug 19, 20264
- Aug 17, 2026144
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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