Arcutis Biotherapeutics Inc
ARQTHealthcare|Biotechnology|USA
$27.74
-1.03 (-3.58%)
Tangible Book
$1.40
Financials
Financial Snapshot
Market Cap
$3.47B
Enterprise Value
$109.3M
Revenue (TTM)
$415.6M
Net Income (TTM)
$-2.4M
Cash & Equivalents
—
Net Cash/Share
$-0.37
Free Cash Flow (TTM)
$16.9M
Operating CF (TTM)
$27.0M
Debt/Equity
0.61
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.4M | $50.9M | $101.3M | $284.4M | $387.1M | $409.6M | $271.9M | $228.0M | $221.0M | $224.0M | |
| Operating Cash Flow | $-3.8M | $-14.1M | $-42.8M | $-113.0M | $-174.6M | $-257.7M | $-247.1M | $-112.2M | $-5.6M | $27.0M | |
| Free Cash Flow | $-3.8M | $-14.1M | $-43.1M | $-113.4M | $-175.6M | $-281.0M | $-247.5M | $-117.3M | $-16.3M | $16.9M | |
| Capital Expenditure | $0.00 | $0.00 | $-295.0K | $-321.0K | $-995.0K | $-23.3M | $-428.0K | $-5.1M | $-10.7M | $-10.1M | |
| Financing Cash Flow | $7.1M | $61.6M | $93.1M | $298.1M | $281.9M | $301.8M | $101.3M | $66.2M | $7.0M | $7.6M |
R&D Spending
R&D (TTM)
$90.1M
R&D Intensity
21.7%
R&D Growth YoY
+17.0%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.7M | $59.6M | $196.5M | $376.1M | $415.6M | |
| R&D Expense | $3.4M | $17.9M | $36.5M | $115.3M | $145.6M | $182.4M | $110.6M | $76.4M | $77.1M | $90.1M | |
| R&D % of Revenue | — | — | — | — | — | 4949.4% | 185.5% | 38.9% | 20.5% | 21.7% | |
| SG&A | $695.0K | $1.8M | $6.6M | $21.3M | $61.0M | $122.1M | $185.1M | $229.4M | $274.6M | $284.6M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.7M | $59.6M | $196.5M | $376.1M | $415.6M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $754.0K | $5.0M | $19.1M | $36.7M | $37.6M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.9M | $54.6M | $177.4M | $339.4M | $378.0M | |
| R&D | $3.4M | $17.9M | $36.5M | $115.3M | $145.6M | $182.4M | $110.6M | $76.4M | $77.1M | $90.1M | |
| SG&A | $695.0K | $1.8M | $6.6M | $21.3M | $61.0M | $122.1M | $185.1M | $229.4M | $274.6M | $284.6M | |
| Operating Income | $-4.1M | $-19.7M | $-43.1M | $-136.6M | $-206.5M | $-301.6M | $-241.1M | $-128.4M | $-12.2M | $3.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-15.7M | $-29.7M | $-27.2M | $-12.1M | $-13.5M | |
| Pretax Income | $-5.0M | $-19.3M | $-42.0M | $-135.7M | $-206.4M | $-311.5M | $-259.0M | $-139.4M | $-15.0M | $-1.4M | |
| Net Income | $-5.0M | $-19.3M | $-42.0M | $-135.7M | $-206.4M | $-311.5M | $-262.1M | $-140.0M | $-16.1M | $-2.4M | |
| EPS (Diluted) | -0.28 | -1.07 | -1.20 | -3.80 | -4.18 | -5.66 | -3.78 | -1.16 | -0.13 | -0.03 | |
| EBITDA | $-4.1M | $-19.7M | $-43.1M | $-135.6M | $-205.9M | $-294.9M | $-228.6M | $-110.3M | $1.8M | $14.3M | |
| Shares Out. (M) | 18.04 | 18.04 | 35.06 | 35.67 | 49.41 | 55.03 | 69.31 | 120.96 | 127.23 | 129.37 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.4M | $39.4M | $63.3M | $65.1M | $96.4M | $53.6M | $88.4M | $71.3M | $42.9M | $34.8M | |
| Marketable Securities | $0.00 | $11.5M | $37.9M | $219.4M | $290.6M | $355.9M | $183.5M | $156.6M | $178.1M | $189.2M | |
| Total Current Assets | $3.8M | $51.1M | $106.5M | $292.8M | $402.8M | $437.4M | $330.4M | $335.8M | $411.2M | $438.1M | |
| Total Assets | $3.8M | $51.1M | $107.0M | $298.3M | $408.2M | $449.3M | $341.4M | $348.9M | $433.0M | $460.0M | |
| Total Current Liabilities | $692.0K | $2.7M | $5.2M | $22.6M | $33.3M | $37.8M | $46.7M | $81.0M | $129.8M | $163.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $72.3M | $197.8M | $201.8M | $107.2M | $108.0M | $101.5M | |
| Total Liabilities | $8.8M | $75.1M | $172.0M | $27.6M | $110.5M | $239.7M | $252.7M | $191.3M | $243.5M | $270.4M | |
| Stockholders' Equity | $-5.0M | $-24.0M | $-65.0M | $270.6M | $297.7M | $209.6M | $88.7M | $157.5M | $189.5M | $189.6M | |
| Retained Earnings | $-5.0M | $-24.3M | $-66.3M | $-201.9M | $-408.3M | $-719.8M | $-981.9M | $-1.12B | $-1.14B | $-1.15B |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-3.8M | $-14.1M | $-42.8M | $-113.0M | $-174.6M | $-257.7M | $-247.1M | $-112.2M | $-5.6M | $27.0M | |
| Capital Expenditure | $0.00 | $0.00 | $-295.0K | $-321.0K | $-995.0K | $-23.3M | $-428.0K | $-5.1M | $-10.7M | $-10.1M | |
| Free Cash Flow | $-3.8M | $-14.1M | $-43.1M | $-113.4M | $-175.6M | $-281.0M | $-247.5M | $-117.3M | $-16.3M | $16.9M | |
| Investing Cash Flow | $0.00 | $-11.5M | $-26.3M | $-181.8M | $-76.0M | $-87.2M | $180.2M | $28.8M | $-30.3M | $-53.3M | |
| Financing Cash Flow | $7.1M | $61.6M | $93.1M | $298.1M | $281.9M | $301.8M | $101.3M | $66.2M | $7.0M | $7.6M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $297.0M | $207.5M | $176.0M | $98.9M | $161.7M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $50.0K | $0.00 | $0.00 | $0.00 | $74.0M | $125.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-100.0M | $0.00 | $0.00 | |
| Stock Based Comp. | $27.0K | $151.0K | $824.0K | $7.9M | $23.9M | $32.7M | $38.8M | $41.7M | $40.4M | $41.3M | |
| Net Change in Cash | $3.3M | $36.0M | $23.9M | $3.3M | $31.4M | $-43.1M | $34.4M | $-17.4M | $-28.7M | $-18.7M |
Dilution Tracker
Shares outstanding grew 161.8% over 5 years — significant dilution
Shares Outstanding
129M
5-Year Share Growth
+161.8%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 18.04 | 18.04 | 35.06 | 35.67 | 49.41 | 55.03 | 69.31 | 120.96 | 127.23 | 129.37 | |
| YoY Change % | — | 0.0% | 94.4% | 1.7% | 38.5% | 11.4% | 25.9% | 74.5% | 5.2% | 1.7% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $297.0M | $207.5M | $176.0M | $98.9M | $161.7M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $27.0K | $151.0K | $824.0K | $7.9M | $23.9M | $32.7M | $38.8M | $41.7M | $40.4M | $41.3M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 79.5% | 91.6% | 90.3% | 90.2% | 90.9% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -8183.0% | -404.5% | -65.3% | -3.3% | 0.8% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -8449.8% | -439.8% | -71.3% | -4.3% | -0.6% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -7999.8% | -383.5% | -56.1% | 0.5% | 3.5% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -7623.4% | -415.2% | -59.7% | -4.3% | 4.1% | |
| ROE % | 0.0% | 0.0% | 0.0% | -132.0% | -72.6% | -122.8% | -175.8% | -113.8% | -9.3% | -1.4% | |
| ROA % | -130.3% | -70.1% | -53.1% | -67.0% | -58.4% | -72.7% | -66.3% | -40.6% | -4.1% | -0.6% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S8.63
Historical2.40 / 8.41 / 1472.31
Industry Med.9.51
P/B18.29
Historical2.52 / 7.31 / 23.74
Industry Med.2.93
EV/EBITDA234.54
Historical-167.78 / -2.78 / 2029.69
Industry Med.13.14
EV/Revenue8.09
Historical1.95 / 8.38 / 1127.52
Industry Med.8.71
P/FCF211.76
Historical159.24 / 180.38 / 211.76
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$1.40
Net Current Assets
$1.340
Net-Net Working Capital
$0.64
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | 220.90 | 3.76 | 8.57 | 9.82 | 8.63 | |
| PB Ratio | 0.00 | 0.00 | 0.00 | 4.51 | 3.50 | 4.31 | 3.53 | 10.42 | 18.91 | 18.29 | |
| EV/EBITDA | 0.00 | 0.00 | 0.00 | -6.93 | -3.56 | -2.36 | -1.08 | -13.82 | 1952.15 | 234.54 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 188.90 | 4.14 | 7.75 | 9.24 | 8.09 |
Analyst Estimates & Quality
Altman Z-Score
5.91
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-1.98
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $498.7M | $645.6M | $783.2M |
| Net Income | $19.2M | $140.3M | $263.6M |
| EPS | 0.12 | 0.99 | 1.81 |
| Book Value per Share | 1.98 | 3.45 | 5.61 |
| Operating Cash Flow per Share | 0.00 | 0.00 | 0.00 |
| Operating CF | $0.00M | $0.00M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| ZORYVE foam | $181.9M |
| Other revenue | $4.0M |
| ZORYVE cream 0.05% | $911.0K |
| ZORYVE cream 0.15% | $68.3M |
| ZORYVE cream 0.3% | $121.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $376.1M |