Arcutis Biotherapeutics, Inc. ARQT
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. We believe we have built a leading platform for dermatologic product development and commercialization. Our strategy is to focus on validated biological targets, and to use our drug development platform and deep dermatology expertise to develop and commercialize differentiated products that have the potential to address the major shortcomings of existing therapies in our targeted indications. We believe this strategy uniquely positions us to rapidly advance our goal of bridging the treatment innovation gap in dermatology, while maximizing our probability of technical success and financial resources.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $372.1M | $166.5M | $29.2M | $3.7M | $0 | $0 | — | — | — |
| Cost of revenue | $36.7M | $19.1M | $5.0M | $754.0K | $0 | — | — | — | — |
| Gross profit | $335.4M | $147.4M | $24.2M | $2.9M | $0 | — | — | — | — |
| R&D | $77.1M | $76.4M | $110.6M | $182.4M | $145.6M | $115.3M | $36.5M | $17.9M | — |
| SG&A | $274.6M | $229.4M | $185.1M | $122.1M | $61.0M | $21.3M | $6.6M | $1.8M | — |
| Total operating expenses | $388.3M | $324.9M | $300.7M | $305.3M | $206.5M | $136.6M | $43.1M | $19.7M | — |
| Operating income | -$12.2M | -$128.4M | -$241.1M | -$301.6M | -$206.5M | -$136.6M | -$43.1M | -$19.7M | — |
| Interest expense | $12.1M | $27.2M | $29.7M | $15.7M | $0 | $0 | — | — | — |
| Pre-tax income | -$15.0M | -$139.4M | -$259.0M | -$311.5M | -$206.4M | -$135.7M | -$42.0M | -$19.3M | — |
| Income tax | $1.2M | $647.0K | $3.1M | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$16.1M | -$140.0M | -$262.1M | -$311.5M | -$206.4M | -$135.7M | -$42.0M | -$19.3M | — |
| EPS, basic | -0.13 | -1.16 | -3.78 | -5.66 | -4.18 | -3.80 | -22.78 | — | — |
| EPS, diluted | -0.13 | -1.16 | -3.78 | -5.66 | -4.18 | -3.80 | -22.78 | -15.53 | — |
| Shares, diluted (wtd. avg.) | 127.2M | 121.0M | 69.3M | 55.0M | 49.4M | 35.7M | 1.8M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $42.9M | $71.3M | $89.3M | $54.9M | $98.0M | $66.6M | $63.3M | $39.4M | $3.4M |
| Short-term investments | $178.1M | $156.6M | $183.5M | $355.9M | $290.6M | $219.4M | $37.9M | — | — |
| Receivables | $146.2M | $73.1M | $25.8M | $8.5M | $0 | — | — | — | — |
| Inventory | $22.6M | $14.5M | $13.1M | $7.5M | $0 | — | — | — | — |
| Total current assets | $411.2M | $335.8M | $330.4M | $437.4M | $402.8M | $292.8M | $106.5M | — | — |
| Property, plant and equipment | $1.0M | $1.0M | $1.5M | $1.9M | $2.3M | $2.0M | $227.0K | — | — |
| Other intangibles | $14.8M | $9.5M | $6.4M | $7.2M | $0 | — | — | — | — |
| Total assets | $433.0M | $348.9M | $341.4M | $449.3M | $408.2M | $298.3M | $107.0M | — | — |
| Accounts payable | $12.5M | $14.2M | $12.0M | $8.8M | $7.4M | $7.1M | $1.4M | — | — |
| Short-term debt | $1.0M | $0 | — | — | — | — | — | — | — |
| Total current liabilities | $129.8M | $81.0M | $46.7M | $37.8M | $33.3M | $22.6M | $5.2M | — | — |
| Long-term debt | $108.0M | $107.2M | $201.8M | $197.8M | $72.3M | $0 | — | — | — |
| Total liabilities | $243.5M | $191.3M | $252.7M | $239.7M | $110.5M | $27.6M | $5.5M | — | — |
| Retained earnings | -$1.14B | -$1.12B | -$981.9M | -$719.8M | -$408.3M | -$201.9M | -$66.3M | — | — |
| Total equity | $189.5M | $157.5M | $88.7M | $209.6M | $297.7M | $270.6M | -$65.0M | -$24.0M | -$5.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$5.6M | -$112.2M | -$247.1M | -$257.7M | -$174.6M | -$113.0M | -$42.8M | -$14.1M | — |
| Depreciation and amortisation | $700.0K | $600.0K | $800.0K | $622.0K | $454.0K | $122.0K | $68.0K | $0 | — |
| Stock-based compensation | $40.4M | $41.7M | $38.8M | $32.7M | $23.9M | $7.9M | $824.0K | $151.0K | — |
| Capital expenditure | $686.0K | $143.0K | $428.0K | $333.0K | $995.0K | $321.0K | $295.0K | $0 | — |
| Investing cash flow | -$30.3M | $28.8M | $180.2M | -$87.2M | -$76.0M | -$181.8M | -$26.3M | -$11.5M | — |
| Financing cash flow | $7.0M | $66.2M | $101.3M | $301.8M | $281.9M | $298.1M | $93.1M | $61.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001787306-26-000028.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $0 | $0 | $3.7M | $29.2M | $166.5M | $372.1M |
| Gross profit | — | — | — | — | $0 | $2.9M | $24.2M | $147.4M | $335.4M |
| Net income | — | -$19.3M | -$42.0M | -$135.7M | -$206.4M | -$311.5M | -$262.1M | -$140.0M | -$16.1M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Item 5.02
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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