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ARQT

Arcutis Biotherapeutics, Inc.

ARQT

Arcutis Biotherapeutics, Inc. • NASDAQ
$30.65 ▼ -1.00% (-0.31)
Market Cap $3.75 B
52w High $31.27
52w Low $11.13
Dividend Yield 0%
P/E -90.15
Volume 844.92K
Outstanding Shares 122.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $99.219M ▲ $82.008M ▼ $7.41M ▲ 7.468% ▲ $0.06 ▲ $11.123M ▲
Q2-2025 $81.504M ▲ $88.623M ▲ $-15.886M ▲ -19.491% ▲ $-0.13 ▲ $-11.952M ▲
Q1-2025 $65.846M ▼ $81.545M ▲ $-25.06M ▼ -38.059% ▼ $-0.2 ▼ $-18.667M ▼
Q4-2024 $71.36M ▲ $72.087M ▼ $-10.788M ▲ -15.118% ▲ $-0.089 ▲ $-4.456M ▲
Q3-2024 $44.755M $78.318M $-41.537M -92.81% $-0.33 $-33.452M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $191.068M ▼ $370.977M ▲ $212.904M ▼ $158.073M ▲
Q2-2025 $191.131M ▼ $352.433M ▲ $213.459M ▲ $138.974M ▼
Q1-2025 $198.088M ▼ $344.105M ▼ $201.447M ▲ $142.658M ▼
Q4-2024 $227.955M ▼ $348.889M ▼ $191.348M ▼ $157.541M ▲
Q3-2024 $330.561M $437.354M $280.713M $156.641M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $7.41M ▲ $-1.754M ▼ $-25.247M ▼ $1.476M ▲ $-25.62M ▼ $-1.754M ▼
Q2-2025 $-15.886M ▲ $324K ▲ $17.423M ▲ $1.38M ▲ $19.327M ▲ $246K ▲
Q1-2025 $-25.06M ▼ $-30.38M ▼ $11.75M ▼ $395K ▲ $-18.231M ▲ $-30.988M ▼
Q4-2024 $-10.788M ▲ $-748K ▲ $34.877M ▼ $-97.411M ▼ $-63.516M ▼ $-5.748M ▲
Q3-2024 $-41.537M $-34.688M $84.777M $394K $50.581M $-34.831M

Revenue by Products

Product Q3-2022Q4-2022Q3-2023Q4-2023
Other Revenue
Other Revenue
 $0 ▲$0 ▲$30.00M ▲$0 ▼
Product
Product
 $0 ▲$0 ▲$10.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Arcutis is still in the early commercial stage: revenue has only recently started to show up and is growing from a very small base. The good news is that the company already earns a strong margin on the products it does sell, suggesting the drug itself is economically attractive. However, overall expenses – especially for research, development, and commercialization – remain much higher than revenue. Losses are still sizable, though they have been shrinking over the last couple of years. The story here is a company investing heavily now, with profitability still some distance away and dependent on much larger sales.

Balance Sheet

Balance Sheet The balance sheet shows a typical profile for a young biotech transitioning to commercialization. The company still has a reasonable asset base relative to its size, but cash balances are modest and need to support ongoing losses. Debt has increased compared with the early years, which adds some financial risk, though it has started to edge down more recently. Equity remains positive but has been diluted and drawn down over time by accumulated losses. Overall, Arcutis has some financial cushion, but not a wide one, and its future flexibility will depend on how quickly sales ramp and how carefully costs and borrowing are managed.

Cash Flow

Cash Flow Arcutis consistently uses cash rather than generating it. Operating cash flow has been negative each year, reflecting the gap between limited revenue and high spending on development and commercialization. Free cash flow tracks closely with operating cash flow, since capital spending is low, which fits an asset-light biotech model. The encouraging sign is that cash burn has started to improve, but the company is still a long way from funding itself through operations. Unless revenue grows substantially or costs are reduced, additional financing or partnerships are likely to remain part of the picture.

Competitive Edge

Competitive Edge Competitively, Arcutis is carving out a focused niche in medical dermatology with a clear value proposition: a potent, steroid-free topical treatment platform aimed at chronic inflammatory skin diseases. ZORYVE’s safety profile, ease of use, and formulations tailored for different body and scalp areas help differentiate it from traditional steroids and older therapies. Strong patent coverage and label expansion across multiple conditions and age groups support a growing franchise. On the other hand, dermatology is crowded, with large pharmaceutical competitors and other new mechanisms (including biologics and other topicals) vying for attention and reimbursement. Arcutis is also heavily reliant on one primary product today, which concentrates both opportunity and risk in the success of ZORYVE’s adoption.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. The company’s core roflumilast platform targets a well-understood inflammation pathway and has been engineered into flexible topical forms (cream and foam) that are designed for real-world practicality and tolerability. Beyond the current indications, Arcutis is pushing label expansions into younger children and additional inflammatory skin conditions, which could meaningfully extend the product’s reach if successful. At the same time, the pipeline is broadening beyond roflumilast with a topical JAK inhibitor for hair loss disorders and a new biologic candidate for atopic dermatitis. This R&D strategy increases long-term upside but keeps spending high and adds clinical and regulatory risk, as not all programs are likely to succeed.

Summary

Arcutis is a young commercial-stage dermatology biotech with a promising, differentiated product platform but an early-stage financial profile. Revenue is growing from a very small base, margins on product are attractive, and operating losses are narrowing, yet the business still depends heavily on external funding to support R&D and commercialization. The balance sheet provides some room to execute but not unlimited time, making commercial uptake of ZORYVE and disciplined spending critical. Competitively, its steroid-free, patient-friendly approach and expanding indications provide a real edge in an area with clear unmet needs, but competition and payer dynamics remain key uncertainties. The overall picture is a high-innovation company with meaningful upside potential, matched by equally meaningful execution, financing, and clinical risks over the next several years.

NEWS

November 17, 2025 · 8:00 AM UTC

FDA Accepts Supplemental New Drug Application for Arcutis' ZORYVE® (roflumilast) Cream 0.3% for the Treatment of Plaque Psoriasis in Children Ages 2 to 5

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November 13, 2025 · 8:00 AM UTC

Arcutis Completes Enrollment in INTEGUMENT-INFANT Phase 2 Study Evaluating ZORYVE® (roflumilast) Cream 0.05% in Infants with Atopic Dermatitis

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November 7, 2025 · 4:00 PM UTC

Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 4, 2025 · 8:00 AM UTC

Arcutis Announces Publication of Positive Long-Term Safety and Efficacy Data of ZORYVE® (roflumilast) Foam 0.3% in Individuals with Seborrheic Dermatitis in American Journal of Clinical Dermatology

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October 30, 2025 · 9:15 AM UTC

Mother-Daughter Duo, Tori Spelling and Stella McDermott, Partner With Arcutis Biotherapeutics in the Free to Be Me Campaign, Urging People With Inflammatory Skin Conditions to Speak With Their Healthcare Provider About Long-Term Treatments

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