ARQT Stock — Arcutis Biotherapeutics Inc.: Cash, EV, Pipeline

Share price

$25.38

Market cap

$3,190.1M

Cash

$238.6M

Enterprise value

$3,053.4M

Balance sheet

Cash	$238.6M
Debt	$102.0M
Net cash	$136.6M
Enterprise value	$3,053.4M
Basic shares	125.6M shares
Fully diluted shares	144.3M shares
Fully diluted market cap	$3,663.4M
Cash per share	$1.90

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Aug 11 - Sep 22	Roflumilast Foam 0.3%	Phase 3	Seborrheic Dermatitis	—
May 13 - Jun 24	ARQ-234	Phase 1	Atopic Dermatitis (AD); Eczema	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ZORYVE

Approved · Active Modality: topical formulation

Aliases roflumilast

Target PDE4

Partnerships AstraZeneca: worldwide in-license (2018) for topical roflumilast in dermatology; milestones paid $7.5M (2022), $5M (2024), $10M (2025), up to $5M more + low-to-high single-digit royalties. Huadong: Greater China + SE Asia (2023), $30M upfront + milestones. Sato: Japan (2024), $25M upfront, up to $10M regulatory + $30M sales milestones.

Indications

Plaque psoriasis (cream 0.3%) (Approved)
Seborrheic dermatitis (foam 0.3%) (Approved)
Scalp & body plaque psoriasis (foam 0.3%) (Approved)
Atopic dermatitis, 6+ years (cream 0.15%) (Approved)
Atopic dermatitis, 2-5 years (cream 0.05%) (Approved)
Atopic dermatitis, infants 3 mo-<2 y (cream 0.05%) (Phase 2)

Status note Lead commercial product. sNDA submitted to FDA for cream 0.05% in infants 3 mo-<2 y based on INTEGUMENT-INFANT Phase 2 (topline Feb 2026); Health Canada SNDS accepted Oct 2025 for cream 0.05% (2-5 y). Kowa US promotion agreement mutually terminated Jan 23, 2026.

ARQ-234

Phase 1 · Active Modality: fusion protein

Aliases DS-234

Target CD200R

Partnerships Ducentis BioTherapeutics: acquired Sep 2022; $10M milestone paid Q1 2026 on first patient dosed in Phase 1a/1b

Indications

Atopic dermatitis (moderate-to-severe) (Phase 1)

Status note Fusion protein targeting CD200R. First participant enrolled in Phase 1a/1b study March 2026. Positioned as potential biologic complement to ZORYVE cream 0.15% in atopic dermatitis.

ARQ-255

Phase 1 · Active

Target JAK1

Indications

not disclosed (Phase 1)

Status note JAK inhibitor program; Phase 1b clinical study completed in 2025 per 10-Q. Indication and further plans not stated in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	ARQ-234
Lead indication	Atopic Dermatitis (AD)
Lead phase	Phase 1
Active trials	1
Collaborator trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07453602	Phase 1	Recruiting	Sponsor	ARQT	—	Atopic Dermatitis (AD); Eczema	—
NCT07683806	Phase 3	Not yet recruiting	Collaborator	Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd.	—	Seborrheic Dermatitis	—
NCT07105254	Phase 2	Recruiting	Collaborator	Derm Texas, PLLC	—	Non-segmental Vitiligo	—
NCT07077902	Phase 2	Recruiting	Collaborator	Tulane University	—	Hidradenitis Suppurativa	—
NCT07560618	Not disclosed	Recruiting	Collaborator	Integrative Skin Science and Research	—	ITCH; Atopic Dermatitis	—

Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Arcutis Biotherapeutics, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	9,874,511	no change	5.64%	2026-08-14
OrbiMed Advisors	2,042,000	+2,042,000	1.01%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

ARQT — Arcutis Biotherapeutics Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders