Arcutis Biotherapeutics, a commercial-stage biopharmaceutical company, has reported significant developments in its Q1 2024 financial and operational performance. The company recorded a net product revenue of $21.569 million, a substantial increase from $2.781 million in the same period last year, primarily driven by the U.S. launch of ZORYVE cream and the commercial launch of ZORYVE foam. Other revenue included a $25 million upfront payment from the Sato Agreement and a $3 million milestone payment from the Huadong Agreement, contributing to a total revenue of $49.569 million, up from $2.781 million year-over-year. Operating expenses saw a slight increase, with selling, general, and administrative expenses rising to $54.794 million due to commercialization efforts for ZORYVE. Research and development expenses decreased to $23.141 million, reflecting the completion of certain...Show More

Arcutis Biotherapeutics, a commercial-stage biopharmaceutical company, has reported significant developments in its Q1 2024 financial and operational performance. The company recorded a net product revenue of $21.569 million, a substantial increase from $2.781 million in the same period last year, primarily driven by the U.S. launch of ZORYVE cream and the commercial launch of ZORYVE foam. Other revenue included a $25 million upfront payment from the Sato Agreement and a $3 million milestone payment from the Huadong Agreement, contributing to a total revenue of $49.569 million, up from $2.781 million year-over-year. Operating expenses saw a slight increase, with selling, general, and administrative expenses rising to $54.794 million due to commercialization efforts for ZORYVE. Research and development expenses decreased to $23.141 million, reflecting the completion of certain clinical trials. The company's net loss improved to $35.382 million from $80.100 million in the previous year. Arcutis successfully raised the required capital in Q1 2024, complying with all financing covenants under its Loan Agreement. The company's future plans include further commercialization of ZORYVE cream and foam, advancing clinical trials and regulatory submissions for its product candidates, and exploring potential strategic collaborations to support operations.