ARQT

MKT CAP:$3B

Arcutis Biotherapeutics, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$23.26-$5.74 (-19.79%)

Apr 24, 2026

Company Details

Arcutis Biotherapeutics, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for dermatological diseases. Its lead product candidate is ARQ-151, a topical roflumilast cream that has completed Phase III cl...

CEO

Todd Franklin Watanabe

IPO Date

Jan 31, 2020

Website

www.arcutis.com

Key Metrics TTM

Revenue

$376M

+91.3% YoY

Net Income

-$16M

EPS (Diluted)

-$0.14

Free Cash Flow

-$6M

Revenue / Share

$2.77

Gross Margin

90.2%

Operating Margin

-3.3%

Net Margin

-4.3%

FCF Margin

-1.7%

P/S

7.6x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 25, 2026

$376M+91.3%EPS -$0.13

Q4 2025

Feb 25, 2026

$130M+81.5%EPS $0.13

Q3 2025

Oct 28, 2025

$99M+121.7%EPS $0.06

Q2 2025

Aug 6, 2025

$82M+164.1%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$229.0K	-$63M
Q2 22	$0	-$234.0K	-$66M
Q3 22	$725.0K	$456.0K	-$105M
Q4 22	$3M	$2M	-$68M
Q1 23	$3M	$2M	-$76M
Q2 23	$5M	$4M	-$67M
Q3 23	$38M	$37M	-$37M
Q4 23	$14M	$11M	-$61M
Q1 24	$50M	$46M	-$32M
Q2 24	$31M	$27M	-$50M
Q3 24	$45M	$39M	-$39M
Q4 24	$71M	$64M	-$8M
Q1 25	$66M	$57M	-$25M
Q2 25	$82M	$74M	-$15M
Q3 25	$99M	$91M	$9M
Q4 25	$130M	$118M	$18M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	3941.7x	—
Q4 22	775.3x	—
Q1 23	441.9x	—
Q2 23	245.2x	—
Q3 23	58.3x	—
Q4 23	47.9x	—
Q1 24	26.9x	—
Q2 24	21.6x	—
Q3 24	20.6x	—
Q4 24	14.5x	—
Q1 25	13.4x	—
Q2 25	10.8x	—
Q3 25	9.0x	—
Q4 25	7.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$57M	-$57M
Q2 22	-$62M	-$62M
Q3 22	-$68M	-$91M
Q4 22	-$71M	-$71M
Q1 23	-$80M	-$80M
Q2 23	-$66M	-$67M
Q3 23	-$44M	-$44M
Q4 23	-$56M	-$56M
Q1 24	-$32M	-$32M
Q2 24	-$45M	-$45M
Q3 24	-$35M	-$35M
Q4 24	-$748.0K	-$6M
Q1 25	-$30M	-$31M
Q2 25	$324.0K	$246.0K
Q3 25	-$2M	-$2M
Q4 25	$26M	$26M

Capital Expenditures

Quarter	CapEx
Q1 22	$124.0K
Q2 22	$80.0K
Q3 22	$23M
Q4 22	$123.0K
Q1 23	$82.0K
Q2 23	$276.0K
Q3 23	$64.0K
Q4 23	$6.0K
Q1 24	$0
Q2 24	$0
Q3 24	$143.0K
Q4 24	$5M
Q1 25	$608.0K
Q2 25	$78.0K
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+73.6%
Q2 22	—	+56.4%
Q3 22	—	+84.8%
Q4 22	—	+0.1%
Q1 23	—	+26.2%
Q2 23	—	+9.3%
Q3 23	+5156.4%	-28.9%
Q4 23	+356.8%	+4.6%
Q1 24	+1682.4%	+2.7%
Q2 24	+494.6%	+12.5%
Q3 24	+17.4%	+11.7%
Q4 24	+427.6%	+5.8%
Q1 25	+32.8%	+11.3%
Q2 25	+164.1%	+18.8%
Q3 25	+121.7%	+8.2%
Q4 25	+81.5%	+40.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$7M	—
Q2 22	$8M	—
Q3 22	$9M	1212.3%
Q4 22	$9M	312.9%
Q1 23	$9M	340.8%
Q2 23	$11M	203.8%
Q3 23	$10M	26.2%
Q4 23	$9M	64.7%
Q1 24	$10M	20.2%
Q2 24	$13M	40.6%
Q3 24	$10M	21.9%
Q4 24	$9M	13.2%
Q1 25	$10M	14.8%
Q2 25	$10M	12.9%
Q3 25	$10M	10.1%
Q4 25	$10M	7.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$41M	—	—	$22M
Q2 22	$38M	—	—	$27M
Q3 22	$70M	$35M	—	—
Q4 22	$34M	—	—	$37M
Q1 23	$35M	$6M	$37M	—
Q2 23	$25M	$46M	—	—
Q3 23	$26M	$48M	—	—
Q4 23	$24M	—	—	$49M
Q1 24	$23M	—	—	$55M
Q2 24	$19M	—	—	$58M
Q3 24	$20M	—	—	$59M
Q4 24	$14M	—	—	$58M
Q1 25	$18M	—	—	$64M
Q2 25	$19M	—	—	$69M
Q3 25	$20M	—	—	$62M
Q4 25	$20M	—	—	$79M

Revenue Segments

Quarter	Product	Other Revenue
Q3 22	$725.0K	—
Q4 22	$3M	—
Q3 23	$8M	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$71M	$274M	$345M
Q2 22	$62M	$221M	$282M
Q3 22	$82M	$395M	$477M
Q4 22	$54M	$356M	$410M
Q1 23	$81M	$251M	$332M
Q2 23	$105M	$164M	$269M
Q3 23	$107M	$120M	$227M
Q4 23	$88M	$183M	$272M
Q1 24	$191M	$214M	$404M
Q2 24	$85M	$278M	$363M
Q3 24	$135M	$196M	$331M
Q4 24	$71M	$157M	$228M
Q1 25	$53M	$145M	$198M
Q2 25	$73M	$118M	$191M
Q3 25	$47M	$144M	$191M
Q4 25	$43M	$178M	$221M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	51M	+0.6%	+6.8%
Q2 22	51M	+1.8%	+2.8%
Q3 22	57M	+11.0%	+14.0%
Q4 22	61M	+6.8%	+21.4%
Q1 23	61M	+0.3%	+21.1%
Q2 23	61M	+0.4%	+19.5%
Q3 23	62M	+0.5%	+8.1%
Q4 23	93M	+50.0%	+51.9%
Q1 24	111M	+19.9%	+81.5%
Q2 24	123M	+11.2%	+101.0%
Q3 24	124M	+0.7%	+101.4%
Q4 24	121M	-2.7%	+30.7%
Q1 25	126M	+4.2%	+13.5%
Q2 25	127M	+0.8%	+2.8%
Q3 25	133M	+4.6%	+6.9%
Q4 25	136M	+2.1%	+12.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	147
Q2 22	$0	147
Q3 22	$4.9K	147
Q4 22	$11.0K	268
Q1 23	$10.4K	268
Q2 23	$19.4K	268
Q3 23	$142.2K	268
Q4 23	$45.7K	296
Q1 24	$167.5K	296
Q2 24	$104.3K	296
Q3 24	$151.2K	296
Q4 24	$208.7K	342
Q1 25	$192.5K	342
Q2 25	$238.3K	342
Q3 25	$290.1K	342
Q4 25	$365.8K	354

Revenue / Employee