Full Press Release Details
WESTLAKE VILLAGE, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported financial results for the quarter and year ended December 31, 2025, and provided a business update.
“In 2025, Arcutis continued its strong performance trend, with more than 90% year-over-year growth in net product revenue, reflecting strong demand for ZORYVE, successful execution across multiple product launches that leveraged ZORYVE’s differentiated profile, and early penetration into the large topical steroid market,” said Frank Watanabe, president and chief executive officer of Arcutis. “We enter the next phase of our growth with a solid cash position and the resources to invest both in ZORYVE’s continued growth and expansion, and to build and advance our pipeline through our world-class development organization.”
Fourth Quarter and Full Year 2025 Financial Results and Business Update
Commercial Highlights
ZORYVE—a highly potent and selective phosphodiesterase-4 (PDE4) inhibitor in once-daily cream and foam formulations, approved in the United States and Canada for the treatment of plaque psoriasis, atopic dermatitis, and seborrheic dermatitis.
Clinical and Regulatory Developments
Corporate Updates
Fourth Quarter and Full Year 2025 Summary Financial Results
Total revenuesfor the quarter ended December 31, 2025 were $129.5 million compared to $71.4 million for the corresponding period in 2024. This year-over-year increase was primarily driven by strong unit demand growth. The quarters ended December 31, 2025 and 2024 each includedOther revenueof $2.0 million.Total revenuesfor the year ended December 31, 2025 were $376.1 million compared to $196.5 million for the corresponding period in 2024. These year-over-year increases were primarily due to strong unit demand growth, partially offset by a reduction inOther revenue. Total revenues for 2025 and 2024 include Other revenueof $4.0 million and $30.0 million, respectively.Other revenuein 2024 was primarily driven by $25.0 million from an upfront payment in connection with the Sato Japan License Agreement.
Cost of salesfor the quarter ended December 31, 2025 was $11.7 million compared to $6.9 million for the corresponding period in 2024. Cost of sales for the year ended December 31, 2025 was $36.7 million compared to $19.1 million for the corresponding period in 2024. These year-over-year increases in cost of product sold were driven by an increase in ZORYVE sales volume.
Research and development (R&D) expensesfor the quarter ended December 31, 2025 were $20.5 million compared to $14.5 million for the corresponding period in 2024. This increase in R&D expense resulted from higher clinical development and medical affairs costs related to our roflumilast programs. R&D expenses for the year ended December 31, 2025 were $77.1 million compared to $76.4 million for the corresponding period in 2024. Expenses remained consistent year over year, as increased development costs for roflumilast in pediatric atopic dermatitis were largely offset by a decrease in preclinical development costs.
Selling, general, and administrative (SG&A) expensesfor the quarter ended December 31, 2025 were $79.0 million compared to $57.6 million for the corresponding period in 2024. SG&A expenses for the year ended December 31, 2025 were $274.6 million compared to $229.4 million for the corresponding period in 2024. These year-over-year increases were primarily due to higher sales and marketing expenses related to our continued commercialization efforts for ZORYVE.
Net incomewas $17.4 million, or $0.14 per basic share and $0.13 per diluted share, for the quarter ended December 31, 2025, compared to a net loss of $10.8 million, or $0.09 per basic and diluted share, for the corresponding period in 2024. Net loss was $16.1 million, or $0.13 per basic and diluted share, for the year ended December 31, 2025, compared to a net loss of $140.0 million, or $1.16 per basic and diluted share, for the corresponding period in 2024.
Cash, cash equivalents, restricted cash, and marketable securitieswere $221.3 million as of December 31, 2025, compared to $228.6 million as of December 31, 2024. Net cash provided by operating activities was $26.2 million during the fourth quarter of 2025, and net cash used in operating activities was $5.6 million during the full year 2025.
Financial GuidanceThe Company raised net product revenue guidance for the full year 2026 from between $455 million and $470 million to between $480 million and $495 million.
Conference Call and WebcastArcutis management will host a conference call and webcast today at 4:30 p.m. ET to discuss the financial results for the quarter and provide a business update. The webcast for this event can be accessed on the “Events” section of the Company’s website. The replay of the webcast will be available on the Arcutis website following the event.
About ArcutisArcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a commercial-stage medical dermatology company that champions meaningful innovation to address the urgent needs of individuals living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis has a growing portfolio of advanced targeted topicals approved to treat three major inflammatory skin diseases. Arcutis’ unique dermatology development platform, coupled with our dermatology expertise allows us to develop differentiated therapies against biologically validated targets, and has produced a robust pipeline for a range of inflammatory dermatological conditions. For more information, visitwww.arcutis.comor follow Arcutis onLinkedIn,Facebook,InstagramandX.
Forward Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For example, statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company's current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the potential to address large markets with significant unmet need; the development, submission, and potential approval, and potential commercialization of product candidates and expanded indications; the potential commercial success and growth of ZORYVE in plaque psoriasis, seborrheic dermatitis, and atopic dermatitis; anticipated net product sales for 2026; the expansion of the Company's dermatology sales force and the success of the Company's efforts in primary care and pediatric health care providers; the Company's ability to maintain positive operating cash flow on a quarterly basis; the building and advancement of the Company's pipeline; and the timing of regulatory filings and potential approvals. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings, the timing, expenses, and success of our commercialization efforts, including uncertainty of future commercial sales and related items that can impact net sales, and our ability to defend our intellectual property. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 25, 2026, as well as any subsequent filings with the SEC. Any forward-looking statements that the Company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, we undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.
MediaAmanda Sheldon, Head of Corporate Communicationsmedia@arcutis.com
InvestorsBrian Schoelkopf, Head of Investor Relationsir@arcutis.com
| ARCUTIS BIOTHERAPEUTICS, INC.Condensed Consolidated Balance Sheets(In thousands)(unaudited) | |||||||
| December 31, | December 31, | ||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 42,907 | $ | 71,335 | |||
| Restricted cash | 308 | 617 | |||||
| Marketable securities | 178,075 | 156,620 | |||||
| Trade receivable, net | 146,229 | 73,066 | |||||
| Inventories | 22,634 | 14,526 | |||||
| Prepaid expenses and other current assets | 21,079 | 19,656 | |||||
| Total current assets | 411,232 | 335,820 | |||||
| Property, plant, and equipment, net | 1,043 | 1,041 | |||||
| Intangible assets, net | 14,812 | 9,479 | |||||
| Operating lease right-of-use asset | 4,467 | 1,953 | |||||
| Other assets | 1,419 | 596 | |||||
| Total assets | $ | 432,973 | $ | 348,889 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 12,528 | $ | 14,220 | |||
| Current portion of long-term debt, net | 1,000 | — | |||||
| Accrued and other current liabilities | 116,310 | 66,793 | |||||
| Total current liabilities | 129,838 | 81,013 | |||||
| Operating lease liability, long-term | 5,266 | 2,562 | |||||
| Long-term debt, net | 107,959 | 107,203 | |||||
| Other long-term liabilities | 431 | 570 | |||||
| Total liabilities | 243,494 | 191,348 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 12 | 12 | |||||
| Additional paid-in capital | 1,327,595 | 1,279,479 | |||||
| Accumulated other comprehensive loss | (44 | ) | (7 | ) | |||
| Accumulated deficit | (1,138,084 | ) | (1,121,943 | ) | |||
| Total stockholders’ equity | 189,479 | 157,541 | |||||
| Total liabilities and stockholders’ equity | $ | 432,973 | $ | 348,889 | |||
| ARCUTIS BIOTHERAPEUTICS, INC.Condensed Consolidated Statements of Operations(In thousands, except per share data)(unaudited) | |||||||||||||||
| Three Months EndedDecember 31, | Year EndedDecember 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenues: | |||||||||||||||
| Product revenue, net | $ | 127,503 | $ | 69,360 | $ | 372,072 | $ | 166,542 | |||||||
| Other revenue | 2,000 | 2,000 | 4,000 | 30,000 | |||||||||||
| Total revenues | 129,503 | 71,360 | 376,072 | 196,542 | |||||||||||
| Operating expenses: | |||||||||||||||
| Cost of sales | 11,688 | 6,905 | 36,695 | 19,128 | |||||||||||
| Research and development | 20,451 | 14,480 | 77,051 | 76,420 | |||||||||||
| Selling, general, and administrative | 78,977 | 57,607 | 274,553 | 229,391 | |||||||||||
| Total operating expenses | 111,116 | 78,992 | 388,299 | 324,939 | |||||||||||
| Income (loss) from operations | 18,387 | (7,632 | ) | (12,227 | ) | (128,397 | ) | ||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 2,166 | 2,881 | 8,897 | 16,126 | |||||||||||
| Interest expense | (3,001 | ) | (5,551 | ) | (12,083 | ) | (27,168 | ) | |||||||
| Other income (expense), net | 313 | (163 | ) | 443 | 47 | ||||||||||
| Income (loss) before income taxes | 17,865 | (10,465 | ) | (14,970 | ) | (139,392 | ) | ||||||||
| Provision for income taxes | $ | 470 | $ | 323 | $ | 1,171 | $ | 647 | |||||||
| Net income (loss) | $ | 17,395 | $ | (10,788 | ) | $ | (16,141 | ) | $ | (140,039 | ) | ||||
| Earnings (loss) per share: | |||||||||||||||
| Basic | $ | 0.14 | $ | (0.09 | ) | $ | (0.13 | ) | $ | (1.16 | ) | ||||
| Diluted | $ | 0.13 | $ | (0.09 | ) | $ | (0.13 | ) | $ | (1.16 | ) | ||||
| Weighted-average shares used in computing earnings (loss) per share: | |||||||||||||||
| Basic | 128,251 | 124,919 | 127,234 | 120,958 | |||||||||||
| Diluted | 135,635 | 124,919 | 127,234 | 120,958 | |||||||||||