Cap: $2.76B
Runway: Cash Flow Positive (Q4 2025)
Clinical Pipeline (Compendium View)
| Asset | Indication | Stage | Next Catalyst |
|---|---|---|---|
| ZORYVE (Roflumilast) Cream 0.3% | Plaque Psoriasis (Pediatric 2-5y) | sNDA Submitted | PDUFA: June 29, 2026 |
| ZORYVE (Roflumilast) Cream 0.05% | Atopic Dermatitis (Infants 3-24m) | Phase 2 (Topline +) | sNDA Submission: Q2 2026 |
| ARQ-234 (CD200R Agonist) | Atopic Dermatitis | Phase 1 | Initial Data: Late 2026 |
| ZORYVE Foam 0.3% | Vitiligo / Hidradenitis Suppurativa | Phase 2 | Go/No-Go Decision: Q4 2026 |
Latest SEC Filings
Active Clinical Trials
Operational Overview
Operational Overview
Arcutis has successfully transitioned from a pure R&D biotech to a high-growth commercial dermatology leader. The flagship PDE4 inhibitor, ZORYVE, is now the leading non-steroidal topical in the US market.
Financial Strength
As of March 2026, the company has achieved a critical milestone: Positive Operating Cash Flow.
- 2026 Revenue Guidance: Raised to $480M – $495M.
- Gross-to-Net (GTN): Stabilized in the mid-50s range.
- Strategic Shift: Terminated the Kowa promotion agreement in January 2026 to bring pediatric and primary care sales entirely in-house.
Investment Thesis
The current valuation reflects a “Commercial Execution” story. While ZORYVE dominance in Seborrheic Dermatitis and Psoriasis provides the floor, the “Alpha” lies in the successful expansion into the massive Atopic Dermatitis infant market and the potential validation of their biologic pipeline (ARQ-234).