Summary by Moomoo AI
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