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.
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