On May 14, 2024, Arcutis Biotherapeutics, Inc., a Delaware-incorporated biopharmaceutical company, reported its financial results for the first quarter ended March 31, 2024. The company, trading under the symbol ARQT on the Nasdaq Global Select Market, announced significant growth in its product revenues, primarily from its ZORYVE franchise. The net product revenues reached $21.6 million, a substantial increase from the previous year, with ZORYVE cream and foam contributing $15 million and $6.5 million, respectively. This growth represents a 675% increase compared to Q1 2023 and a 59% increase from Q4 2023. The company also noted improvements in gross-to-net sales and a strong demand for its products. Additionally, Arcutis highlighted a PDUFA action date of July 7, 2024, for its roflumilast cream for treating atopic dermatitis. The company's financial position was bolstered...Show More

On May 14, 2024, Arcutis Biotherapeutics, Inc., a Delaware-incorporated biopharmaceutical company, reported its financial results for the first quarter ended March 31, 2024. The company, trading under the symbol ARQT on the Nasdaq Global Select Market, announced significant growth in its product revenues, primarily from its ZORYVE franchise. The net product revenues reached $21.6 million, a substantial increase from the previous year, with ZORYVE cream and foam contributing $15 million and $6.5 million, respectively. This growth represents a 675% increase compared to Q1 2023 and a 59% increase from Q4 2023. The company also noted improvements in gross-to-net sales and a strong demand for its products. Additionally, Arcutis highlighted a PDUFA action date of July 7, 2024, for its roflumilast cream for treating atopic dermatitis. The company's financial position was bolstered by a public offering that raised $172.5 million and a strategic licensing agreement in Japan. The quarter also saw a change in the CFO position, with David Topper taking over on April 10, 2024. Despite the positive revenue growth, the company reported a net loss of $35.4 million, or $0.32 per share, which was an improvement from the net loss of $80.1 million, or $1.31 per share, in the same period of the previous year. Arcutis ended the quarter with $404.5 million in cash, cash equivalents, restricted cash, and marketable securities.