olivLaw · US equity research
Arcutis Biotherapeutics, Inc. ARQT
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Arcutis Biotherapeutics is a commercial-stage biopharmaceutical company focused on topical treatments for immune-mediated skin diseases, led by ZORYVE, a once-daily roflumilast formulation. It matters now because quarterly sales grew sharply in the second quarter of 2026 and full-year net product sales guidance was raised to between 525 and 540 million dollars.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Arcutis Biotherapeutics, Inc. (ARQT) stock was 27.00 USD (−20.70% on the day), with market capitalisation 3.4 bn USD, P/E 125.2 on diluted EPS of 0.22 USD over the last 12 months, beta 1.40, 52-week range 19.50–34.05 USD. Latest reported quarter (Q3 2026): revenue of 143.9 m USD (+45.1% YoY), net income of 8.8 m USD (+18.8% YoY), diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 25.37 – 35.28
- in the lower half of the band · %B 0.16 · band width 32.7%
- SMA 50 / 200
- 27.15 / 25.35
- mixed trend
- MACD (12, 26, 9)
- 1.19 / 1.48
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.9% | −5.9% | +18.8 pp | — |
| 3 months | +2.2% | −4.6% | +6.8 pp | — |
| 6 months | +30.7% | +0.2% | +30.5 pp | — |
| Year to date | −7.0% | +7.4% | −14.4 pp | — |
| 1 year | +10.7% | +8.2% | +2.5 pp | −11.5% |
| 3 years | +1,053.8% | +68.4% | +985.4 pp | +38.9% |
| 5 years | +22.4% | +56.5% | −34.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 71.4 m | 65.8 m | 81.5 m | 99.2 m | 129.5 m | 105.4 m | 129.9 m | 143.9 m |
| Cost of revenue | 6.9 m | 8.8 m | 7.5 m | 8.7 m | 11.7 m | 9.8 m | 10.9 m | 12.5 m |
| Research & development | 14.5 m | 17.5 m | 19.5 m | 19.6 m | 20.5 m | 30.6 m | 20.4 m | 22.4 m |
| SG&A | 57.6 m | 64.0 m | 69.2 m | 62.4 m | 79.0 m | 74.1 m | 82.1 m | 99.6 m |
| Operating income | -7.6 m | -24.5 m | -14.6 m | 8.5 m | 18.4 m | -9.1 m | 16.4 m | 9.4 m |
| Interest expense | 5.6 m | 3.0 m | 3.0 m | 3.1 m | 3.0 m | 4.4 m | 3.4 m | 3.0 m |
| Income tax | 323.0 k | 279.0 k | 342.0 k | 80.0 k | 470.0 k | 93.0 k | 136.0 k | 195.0 k |
| Net income | -10.8 m | -25.1 m | -15.9 m | 7.4 m | 17.4 m | -11.3 m | 15.0 m | 8.8 m |
| Diluted EPS | -0.09 ≈ | -0.20 | -0.13 | 0.06 | 0.14 ≈ | -0.09 | 0.11 | 0.06 |
| Operating cash flow | -748.0 k | -30.4 m | 324.0 k ≈ | -1.8 m ≈ | 26.2 m | 2.2 m | 12.6 m ≈ | 18.9 m ≈ |
| Capex | 0 | 608.0 k | 78.0 k ≈ | 0 ≈ | 0 | 0 | 158.0 k ≈ | 97.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 121.6, median 122.1, max 122.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 0 | 0 | 3.7 m | 59.6 m | 196.5 m | 376.1 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | +1,517.1% | +229.7% | +91.3% |
| Net income | -19.3 m | -42.0 m | -135.7 m | -206.4 m | -311.5 m | -262.1 m | -140.0 m | -16.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -22.78 | -3.80 | -4.18 | -5.66 | -3.78 | -1.16 | -0.13 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | -8,449.8% | -439.8% | -71.3% | -4.3% |
| Free cash flow | -14.1 m | -43.1 m | -113.4 m | -175.6 m | -258.0 m | -247.5 m | -112.3 m | -6.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 42.9 m USD
- Financial debt
- 109.0 m USD
- Net debt
- 66.1 m USD
- Equity
- 189.5 m USD
- Total assets
- 433.0 m USD
- Debt / equity
- 0.58x
- Current ratio
- 3.17x
- ROE
- -9.3%
- ROA
- -4.1%
- FCF margin
- -1.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 3.7 m | 59.6 m | 196.5 m | 376.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | — | 0 | 754.0 k | 5.0 m | 19.1 m | 36.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | — | 0 ≈ | 2.9 m ≈ | 54.6 m ≈ | 177.4 m ≈ | 339.4 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Research & development | 115.3 m | 145.6 m | 182.4 m | 110.6 m | 76.4 m | 77.1 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | — | 61.0 m | 122.1 m | 185.1 m | 229.4 m | 274.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -136.6 m | -206.5 m | -301.6 m | -241.1 m | -128.4 m | -12.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Interest expense | 0 | 0 | 15.7 m | 29.7 m | 27.2 m | 12.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 3.1 m | 647.0 k | 1.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -135.7 m | -206.4 m | -311.5 m | -262.1 m | -140.0 m | -16.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -3.80 | -4.18 | -5.66 | -3.78 | -1.16 | -0.13 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 35.7 m | 49.4 m | 55.0 m | 69.3 m | 121.0 m | 127.2 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 65.1 m | 96.4 m | 53.6 m | 88.4 m | 71.3 m | 42.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | — | 0 | 8.5 m | 25.8 m | 73.1 m | 146.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | — | 0 | 7.5 m | 13.1 m | 14.5 m | 22.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 292.8 m | 402.8 m | 437.4 m | 330.4 m | 335.8 m | 411.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 2.0 m | 2.3 m | 1.9 m | 1.5 m | 1.0 m | 1.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 7.2 m | 6.4 m | 9.5 m | 14.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 298.3 m | 408.2 m | 449.3 m | 341.4 m | 348.9 m | 433.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 7.1 m | 7.4 m | 8.8 m | 12.0 m | 14.2 m | 12.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | — | — | — | 0 | 0 | 1.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 0 | 72.4 m | 197.8 m | 201.8 m | 107.2 m | 108.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 22.6 m | 33.3 m | 37.8 m | 46.7 m | 81.0 m | 129.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 27.6 m | 110.5 m | 239.7 m | 252.7 m | 191.3 m | 243.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 270.6 m † | 297.7 m † | 209.6 m † | 88.7 m † | 157.5 m † | 189.5 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -113.0 m | -174.6 m | -257.7 m | -247.1 m | -112.2 m | -5.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 321.0 k | 995.0 k | 333.0 k | 428.0 k | 143.0 k | 686.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -113.4 m ≈ | -175.6 m ≈ | -258.0 m ≈ | -247.5 m ≈ | -112.3 m ≈ | -6.3 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -181.8 m | -76.0 m | -87.2 m | 180.2 m | 28.8 m | -30.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 298.1 m | 281.9 m | 301.8 m | 101.3 m | 66.2 m | 7.0 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.4 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation16
- Growth100
- Balance sheet50
- Quality66
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.56 – 13.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)8.83 – 13.91 (Mid 10.80)WACC 9.2% · starting FCFF 71.2 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E2.56 – 9.13 (Mid 4.45)16 companies used · median multiple 20.6x · quartiles 11.9x – 42.3xABBV, ABT, ALNY, BMY, CRMD, GMAB, INVA, JNJ, LLY, NATR, PFE, REGN, RPRX, UTHR, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.0% | 54 (vs peers) | 17% |
| Net margin · Quality | 5.9% | 52 (vs peers) | 10% |
| FCF conversion · Quality | 199.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 367.3% | 100 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.6x | 16 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 125.2x | 11 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.7% | 22 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality66/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation16/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ARCUTIS BIOTHERAPEUTICS, INC. (ARQT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 376.1 m USD in 2025; YoY growth 91.3%; net margin 5.9%; ROE 14.9%.
The estimated value range is 5.70–11.52 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 7.63 USD, the price of 27.00 USD leaves a potential of -71.7% (value / price − 1) and a margin of safety of -254.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 199.6%
- Revenue CAGR 3Y: 367.3%
- Current ratio: 2.9x
What contradicts it
- Interest coverage: 2.6x
- P/E (TTM): 125.2x
- FCF yield: 1.7%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,283.9 bn | 44.3 | 86.1% | 31.9% | +44.7% | +27% / +131% |
| JNJJohnson & Johnson | 655.6 bn | 41.3 | 20.0% | 16.2% | +6.0% | +32% / +76% |
| ONCBeone Medicines Ltd. | 575.0 bn | 640.9 | 18.4% | 13.9% | +40.2% | +14% / +107% |
| ABBVAbbVie Inc. | 509.5 bn | 49.6 | — | 15.7% | +8.6% | +27% / +102% |
| MRKMerck & Co., Inc. | 362.2 bn | 151.2 | 5.1% | 3.6% | +1.3% | +40% / +43% |
| ABTAbbott Laboratories | 196.7 bn | 42.3 | 9.2% | 9.7% | +5.7% | −12% / +9% |
| PFEPfizer Inc | 170.3 bn | 42.6 | 4.4% | 6.3% | −1.6% | +16% / −2% |
| VRTXVertex Pharmaceuticals Inc | 137.5 bn | 34.9 | 20.8% | 30.7% | +8.9% | +25% / +53% |
| BMYBristol-Myers Squibb Company | 129.0 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.3 | 6.6% | 3.6% | +4.3% | +55% / +325% |
| ZTSZoetis Inc. | 33.4 bn | 13.8 | 57.6% | 26.4% | +2.3% | −36% / −54% |
| ROIVRoivant Sciences Ltd. | 26.5 bn | — | -6.2% | -3,535.0% | −71.6% | +76% / +283% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 24.1 bn | 21.3 | 19.1% | 38.6% | +10.6% | +16% / +136% |
| INSMInsmed Inc | 23.9 bn | — | -72.5% | -39.9% | +66.7% | −48% / +335% |
| VTRSViatris Inc. | 21.7 bn | — | -24.3% | -23.9% | −3.0% | +77% / +107% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.0 bn | 7.9 | 126.6% | 52.8% | +65.2% | −65% / −7% |
| ARQTArcutis Biotherapeutics, Inc. | 3.4 bn | 125.2 | 14.9% | 5.9% | +91.3% | +11% / +1,054% |
| IDYAIDEAYA Biosciences, Inc. | 3.0 bn | — | -38.5% | -1,149.6% | +3,024.4% | −14% / −3% |
| RCUSArcus Biosciences, Inc. | 2.5 bn | — | -114.1% | -453.0% | −4.3% | −32% / +17% |
| STOKStoke Therapeutics, Inc. | 1.7 bn | — | -73.6% | -862.1% | +404.5% | −16% / +588% |
| INVAInnoviva, Inc. | 1.4 bn | 9.7 | 17.0% | 44.1% | +14.7% | −11% / +39% |
| JANXJanux Therapeutics, Inc. | 982.6 m | — | -10.6% | -428.7% | −5.6% | −53% / +84% |
| WVEWave Life Sciences, Inc. | 635.1 m | — | -80.0% | -296.9% | −60.5% | −59% / −39% |
| NGNENeurogene Inc. | 513.3 m | — | -45.3% | — | −100.0% | +22% / +85% |
1- and 3-year price returns: for ARQT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 19.35 Total return -28% · Per year -28% | 34.06 Total return 26% · Per year 26% | 51.09 Total return 89% · Per year 89% |
| 3 years | 22.96 Total return -15% · Per year -5% | 45.04 Total return 67% · Per year 19% | 73.57 Total return 172% · Per year 40% |
| 5 years | 27.23 Total return 1% · Per year 0% | 59.57 Total return 121% · Per year 17% | 105.94 Total return 292% · Per year 31% |
- Exit P/E± 11.26
- Net margin± 7.88
- Annual revenue growth± 5.88
- Annual dilution± 0.66
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Arcutis Biotherapeutics is a commercial-stage biopharmaceutical company focused on topical treatments for immune-mediated skin diseases, led by ZORYVE, a once-daily roflumilast formulation. It matters now because quarterly sales grew sharply in the second quarter of 2026 and full-year net product sales guidance was raised to between 525 and 540 million dollars 3.
SWOT
Strengths
- The lead product has a favorable safety profile for chronic use and sales grew quickly in the latest quarter 13.
- The company holds a patent position that provides long-term exclusivity for its cream and foam formulations 1.
- The company maintained positive operating cash flow in the second quarter of 2026 3.
Weaknesses
- The company has reported net losses every year since inception and carries a significant accumulated deficit 12.
- The company depends on a single main product family, so revenue is sensitive to access or competitive changes 1.
- The company has an outstanding loan and must meet financial covenants that limit its flexibility 12.
Opportunities
Risks
- Dependence on one product familyhigh
Sales are concentrated in the ZORYVE range, and any access, safety or competitive problem could affect financial results 13.
- Losses and funding needsmedium
The company has reported losses every year since inception and could need additional capital if cash flow does not cover expenses 12.
- Loan covenantsmedium
The SLR loan imposes operating and financial covenants that could limit the company's options if it needs new financing 12.
- Access and pricinglow
If insurers do not cover ZORYVE or cut reimbursement, sales growth could slow and gross-to-net deductions could rise 13.
Investment thesis
What would need to be true (bull case)
- If sales growth from the second quarter of 2026 holds and full-year guidance is met, the company could reach a stronger financial position 3.
- Pediatric label expansions and new access channels could open markets that were previously hard to reach 23.
- Patents on cream and foam formulations could protect ZORYVE's US position for several more years 1.
What would break the thesis
- If competition from new topical treatments grows, ZORYVE's share could fall and margins could come under pressure 1.
- The company has not yet reported consistent profits, and an outstanding loan could limit flexibility if sales slow 12.
- If clinical studies for new indications do not confirm efficacy, programs could be stopped without compensating revenue 13.
What to watch
- FDA decision on the cream 0.05% sNDA for infantsFebruary 23, 2027
- Phase 2 vitiligo results and decision on advancing the programQ4 2026
- Effect of the primary care and pediatric sales team launch on salesQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Arcutis is a commercial-stage biopharmaceutical company developing and commercializing treatments for dermatological diseases with high unmet medical needs, including plaque psoriasis, atopic dermatitis and seborrheic dermatitis 1. Its lead product, ZORYVE, is a once-daily topical formulation of roflumilast, a highly potent and selective PDE4 inhibitor, launched in August 2022 1. The company argues ZORYVE can partly replace topical steroids, whose extended use carries known side effects 1.
Market context
Trends
- Concern over long-term topical steroid usetailwind
The company notes that local and systemic side effects of prolonged steroid use are increasingly recognized, which could push physicians toward non-steroidal alternatives 1. This supports the positioning of ZORYVE as a chronic therapy.
- Access and reimbursementmixed
Sales depend on insurer coverage and patient costs, and the sector faces pressure on prices and deductions 13. The company has launched digital access initiatives that could help, but reimbursement remains an uncertain factor 3.
- Competition from new topical treatmentsheadwind
Alternatives such as tapinarof, topical ruxolitinib and crisaborole already exist, and new products could reduce ZORYVE's share 1. If these products prove to have better safety profiles, competitive pressure could increase.
Competitive position
ZORYVE competes with topical corticosteroids, which remain first-line therapy, with calcineurin inhibitors, with tapinarof, with topical ruxolitinib and with crisaborole 1. Biologics and systemic therapies generally target patients with more severe disease, while most patients still need topical adjunctive treatment 1.
The company's advantage lies in its high potency and favorable tolerability compared with alternatives, which it says is many times greater than some rivals 1. If competitors launch products with similar efficacy and better access, ZORYVE's market share could be affected 1.
- Topical corticosteroids
First-line treatment for inflammatory skin diseases with high efficacy, but with side effects from prolonged use 1.
- Tapinarof (Vtama)
Non-steroidal topical treatment approved for psoriasis and atopic dermatitis, with application site reactions 1.
- Topical ruxolitinib (Opzelura)
Topical treatment for atopic dermatitis with extensive warnings and limited short-term use 1.
- Crisaborole (Eucrisa)
Non-steroidal topical PDE4 inhibitor for atopic dermatitis with lower efficacy and application site burning 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report28 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report16 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report09 Jun 2026Shareholder vote · Other events · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Financial statements and exhibits
- Proxy statement21 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Arcutis Biotherapeutics, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Arcutis Biotherapeutics, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Arcutis Biotherapeutics, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.