Arcutis Biotherapeutics (ARQT) Financials

$20.11 +0.03 (+0.15%)

Closing price 10/24/2025 04:00 PM Eastern

Extended Trading

$20.18 +0.07 (+0.37%)

As of 10/24/2025 07:16 PM Eastern

Annual Income Statements for Arcutis Biotherapeutics

This table shows Arcutis Biotherapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-19	-42	-136	-206	-311	-262	-140
Consolidated Net Income / (Loss)	-19	-42	-136	-206	-311	-262	-140
Net Income / (Loss) Continuing Operations	-19	-42	-136	-206	-311	-262	-140
Total Pre-Tax Income	-19	-42	-136	-206	-311	-259	-156
Total Operating Income	-20	-43	-137	-207	-302	-241	-128
Total Gross Profit	0.00	0.00	0.00	0.00	2.93	55	177
Total Revenue	0.00	0.00	0.00	0.00	3.69	60	197
Operating Revenue	-	-	0.00	0.00	3.69	60	197
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.75	4.99	19
Operating Cost of Revenue	-	-	0.00	0.00	0.75	4.99	19
Total Operating Expenses	20	43	137	207	305	296	306
Selling, General & Admin Expense	1.80	6.61	21	61	122	185	229
Research & Development Expense	18	37	115	146	182	111	76
Total Other Income / (Expense), net	0.48	1.14	0.97	0.17	-9.83	-18	-27
Interest Expense	-	-	0.00	0.00	16	30	27
Income Tax Expense	-	-	-	-	0.00	3.11	0.65
Other Gains / (Losses), net	-	-	-	-	-	-	16
Basic Earnings per Share	($15.53)	($22.78)	($3.80)	($4.18)	($5.66)	($3.78)	($1.16)
Weighted Average Basic Shares Outstanding	1.24M	1.84M	35.67M	49.41M	55.03M	69.31M	120.96M
Diluted Earnings per Share	($15.53)	($22.78)	($3.80)	($4.18)	($5.66)	($3.78)	($1.16)
Weighted Average Diluted Shares Outstanding	1.24M	1.84M	35.67M	49.41M	55.03M	69.31M	120.96M
Weighted Average Basic & Diluted Shares Outstanding	1.24M	1.84M	35.67M	50.38M	61.08M	-	118.64M

This table shows Arcutis Biotherapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-108	-72	-80	-71	-45	-66	-35	-52	-42	-11	-25
Consolidated Net Income / (Loss)	-108	-72	-80	-71	-45	-66	-35	-52	-42	-11	-25
Net Income / (Loss) Continuing Operations	-108	-72	-80	-71	-45	-66	-35	-52	-42	-11	-25
Total Pre-Tax Income	-108	-72	-80	-71	-42	-66	-35	-52	-42	-27	-25
Total Operating Income	-105	-68	-76	-67	-37	-61	-32	-50	-39	-7.63	-25
Total Gross Profit	0.46	2.48	2.00	4.41	37	11	46	27	39	64	57
Total Revenue	0.73	2.96	2.78	5.19	38	14	50	31	45	71	66
Operating Revenue	0.73	-	2.78	5.19	38	14	50	31	45	71	66
Total Cost of Revenue	0.27	0.49	0.78	0.78	1.18	2.25	3.26	3.46	5.50	6.91	8.83
Operating Cost of Revenue	0.27	-	0.78	0.78	1.18	2.25	3.26	3.46	5.50	6.91	8.83
Total Operating Expenses	105	71	78	71	74	72	78	77	78	72	82
Selling, General & Admin Expense	35	37	43	46	48	49	55	58	59	58	64
Research & Development Expense	70	34	35	25	26	24	23	19	20	14	18
Total Other Income / (Expense), net	-2.96	-3.60	-3.84	-4.23	-4.84	-5.03	-3.44	-2.26	-2.47	-19	-0.25
Interest Expense	4.90	6.92	7.04	7.35	7.56	7.76	7.48	7.48	6.65	5.55	2.98
Other Income / (Expense), net	1.94	3.32	3.21	3.12	2.72	2.74	4.04	5.23	4.18	-	2.73
Income Tax Expense	0.00	-	0.00	0.00	3.02	0.09	0.32	0.00	0.00	0.32	0.28
Basic Earnings per Share	($1.89)	($1.19)	($1.31)	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)
Weighted Average Basic Shares Outstanding	57.09M	55.03M	61.17M	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M
Diluted Earnings per Share	($1.89)	($1.19)	($1.31)	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)
Weighted Average Diluted Shares Outstanding	57.09M	55.03M	61.17M	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M
Weighted Average Basic & Diluted Shares Outstanding	60.93M	61.08M	61.42M	61.65M	94.38M	0.00	115.76M	116.89M	117.04M	118.64M	119.20M

This table details how cash moves in and out of Arcutis Biotherapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	36	24	3.29	31	-43	34	-17
Net Cash From Operating Activities	-14	-43	-113	-175	-258	-247	-112
Net Cash From Continuing Operating Activities	-14	-43	-113	-175	-258	-247	-112
Net Income / (Loss) Continuing Operations	-19	-42	-136	-206	-311	-262	-140
Consolidated Net Income / (Loss)	-19	-42	-136	-206	-311	-262	-140
Depreciation Expense	0.00	0.07	0.12	0.45	0.62	0.77	0.64
Amortization Expense	-0.01	-0.35	0.07	3.45	-1.94	-6.24	-4.94
Non-Cash Adjustments To Reconcile Net Income	3.08	0.95	8.32	24	65	44	47
Changes in Operating Assets and Liabilities, net	2.11	-1.51	14	3.62	-10	-24	-15
Net Cash From Investing Activities	-12	-26	-182	-76	-87	180	29
Net Cash From Continuing Investing Activities	-12	-26	-182	-76	-87	180	29
Purchase of Property, Plant & Equipment	0.00	-0.30	-0.32	-1.00	-0.33	-0.43	-0.14
Acquisitions	-	-	0.00	0.00	-23	0.00	-5.00
Purchase of Investments	-12	-61	-279	-293	-415	-226	-255
Sale and/or Maturity of Investments	0.00	35	98	218	351	407	289
Net Cash From Financing Activities	62	93	298	282	302	101	66
Net Cash From Continuing Financing Activities	62	93	298	282	302	101	66
Repayment of Debt	0.00	-1.40	0.00	-1.64	-2.19	0.00	-100
Issuance of Debt	-	0.00	0.00	74	125	0.00	0.00
Issuance of Common Equity	0.00	0.00	298	208	178	100	163
Other Financing Activities, net	0.39	0.27	0.53	1.27	1.02	1.25	2.81
Effect of Exchange Rate Changes	-	-	-	-	0.00	-0.05	-0.24
Cash Interest Paid	-	0.00	0.00	0.14	13	25	22

This table details how cash moves in and out of Arcutis Biotherapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	20	-28	27	24	2.36	-19	101	-106	51	-64	-18
Net Cash From Operating Activities	-68	-71	-80	-66	-44	-56	-32	-45	-35	-0.75	-30
Net Cash From Continuing Operating Activities	-68	-71	-80	-66	-44	-56	-32	-44	-35	-0.75	-30
Net Income / (Loss) Continuing Operations	-108	-72	-80	-71	-45	-66	-35	-52	-42	-11	-25
Consolidated Net Income / (Loss)	-108	-72	-80	-71	-45	-66	-35	-52	-42	-11	-25
Depreciation Expense	0.16	0.16	0.18	0.20	0.20	0.20	0.17	0.16	0.16	0.15	0.15
Amortization Expense	-0.68	-2.16	-1.97	-1.64	-1.35	-1.29	-1.54	-2.20	-0.42	-0.78	2.12
Non-Cash Adjustments To Reconcile Net Income	39	10	11	12	11	11	11	14	10	12	10
Changes in Operating Assets and Liabilities, net	1.23	-7.41	-9.01	-5.73	-9.18	0.41	-5.44	-4.27	-3.80	-1.57	-18
Net Cash From Investing Activities	-197	42	108	89	46	-62	-29	-62	85	35	12
Net Cash From Continuing Investing Activities	-197	42	108	89	46	-62	-29	-62	85	35	12
Purchase of Property, Plant & Equipment	-0.01	-0.12	-0.08	-0.28	-0.06	-0.01	0.00	-	-0.14	-	-0.61
Purchase of Investments	-242	-38	-40	-46	-22	-118	-106	-126	-5.69	-17	-56
Sale and/or Maturity of Investments	67	80	148	135	68	56	77	64	91	57	68
Net Cash From Financing Activities	285	0.96	0.10	1.07	0.87	99	162	1.46	0.39	-97	0.40
Net Cash From Continuing Financing Activities	285	0.96	0.10	1.07	0.87	99	162	1.46	0.39	-97	0.40
Issuance of Common Equity	162	0.95	0.00	0.99	-	99	162	0.65	-	1.06	0.00
Other Financing Activities, net	0.58	0.02	0.10	0.07	0.87	0.21	0.08	0.81	0.39	1.53	0.40
Effect of Exchange Rate Changes	-	-	-0.05	0.01	-0.08	0.07	-0.07	-0.03	0.10	-0.23	0.00
Cash Interest Paid	3.93	5.71	6.00	6.31	6.55	6.58	6.51	6.51	6.23	2.96	2.57

This table presents Arcutis Biotherapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	107	298	408	449	341	349
Total Current Assets	106	293	403	437	330	336
Cash & Equivalents	63	65	96	54	88	71
Restricted Cash	0.00	1.54	1.54	1.23	0.93	0.62
Short-Term Investments	38	219	291	356	183	157
Accounts Receivable	-	-	0.00	8.46	26	73
Inventories, net	-	-	0.00	7.51	13	15
Prepaid Expenses	5.21	6.84	14	11	19	20
Plant, Property, & Equipment, net	0.23	2.02	2.26	1.88	1.54	1.04
Total Noncurrent Assets	0.31	3.43	3.12	9.99	9.40	12
Intangible Assets	-	-	0.00	7.19	6.44	9.48
Other Noncurrent Operating Assets	0.31	3.43	3.12	2.80	2.96	2.55
Total Liabilities & Shareholders' Equity	107	298	408	449	341	349
Total Liabilities	5.55	28	110	240	253	191
Total Current Liabilities	5.24	23	33	38	47	81
Accounts Payable	1.41	7.14	7.35	8.83	12	14
Accrued Expenses	3.65	15	26	28	34	66
Other Current Liabilities	0.18	0.00	0.43	0.66	0.74	0.82
Total Noncurrent Liabilities	0.31	5.05	77	202	206	110
Long-Term Debt	-	-	72	198	202	107
Other Noncurrent Operating Liabilities	0.31	5.05	4.80	4.12	4.23	3.13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-65	271	298	210	89	158
Total Preferred & Common Equity	-65	271	298	210	89	158
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-65	271	298	210	89	158
Common Stock	1.24	473	706	930	1,071	1,279
Retained Earnings	-66	-202	-408	-720	-982	-1,122
Accumulated Other Comprehensive Income / (Loss)	-0.00	-0.00	-0.26	-1.09	0.00	-0.01

This table presents Arcutis Biotherapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	509	379	321	293	479	445	437	344
Total Current Assets	497	368	309	282	468	435	424	324
Cash & Equivalents	82	81	105	107	190	84	135	53
Restricted Cash	1.23	0.93	0.93	0.93	0.62	0.62	0.62	0.62
Short-Term Investments	395	251	164	120	214	278	196	145
Accounts Receivable	2.43	13	17	19	37	43	60	85
Inventories, net	4.31	8.55	10	14	13	14	14	17
Prepaid Expenses	12	13	12	20	13	14	18	23
Plant, Property, & Equipment, net	1.94	2.07	1.87	1.74	1.37	1.35	1.19	1.50
Total Noncurrent Assets	10	9.71	9.95	9.68	9.11	8.82	12	19
Intangible Assets	7.38	7.00	6.81	6.63	6.25	6.06	9.79	17
Other Noncurrent Operating Assets	2.88	2.71	3.14	3.05	2.86	2.76	2.66	2.44
Total Liabilities & Shareholders' Equity	509	379	321	293	479	445	437	344
Total Liabilities	238	240	240	246	254	258	281	201
Total Current Liabilities	37	37	37	42	47	51	172	91
Accounts Payable	8.67	12	17	13	13	7.94	19	25
Accrued Expenses	28	24	19	28	34	43	53	66
Other Current Liabilities	0.64	0.68	0.70	0.72	0.76	0.78	0.80	0.84
Total Noncurrent Liabilities	201	203	204	204	206	207	108	110
Long-Term Debt	197	199	200	201	203	204	105	108
Other Noncurrent Operating Liabilities	4.29	3.94	3.76	3.57	3.49	3.17	3.19	2.70
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	271	140	81	47	225	186	157	143
Total Preferred & Common Equity	271	140	81	47	225	186	157	143
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	271	140	81	47	225	186	157	143
Common Stock	920	940	952	963	1,242	1,256	1,267	1,290
Retained Earnings	-648	-800	-871	-916	-1,017	-1,070	-1,111	-1,147
Accumulated Other Comprehensive Income / (Loss)	-1.60	-0.41	-0.29	-0.18	-0.13	-0.29	0.53	-0.14

This table displays calculated financial ratios and metrics derived from Arcutis Biotherapeutics' official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	1,517.09%	229.74%
EBITDA Growth	0.00%	-119.43%	-220.43%	-49.43%	-46.77%	20.98%	43.48%
EBIT Growth	0.00%	-118.10%	-223.07%	-52.09%	-43.35%	22.48%	44.01%
NOPAT Growth	0.00%	-118.56%	-216.81%	-51.14%	-46.05%	20.07%	46.75%
Net Income Growth	0.00%	-118.10%	-223.07%	-52.09%	-50.93%	15.83%	46.58%
EPS Growth	0.00%	-46.68%	83.32%	-10.00%	-35.41%	33.22%	69.31%
Operating Cash Flow Growth	0.00%	-204.13%	-163.87%	-54.49%	-47.58%	4.14%	54.60%
Free Cash Flow Firm Growth	0.00%	0.00%	-163.55%	-76.49%	-60.05%	16.05%	42.94%
Invested Capital Growth	0.00%	0.00%	-7,897.97%	-20.91%	81.30%	609.07%	104.59%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	408.41%	21.54%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	-18.44%	-22.12%	1.07%	3.13%	0.00%
EBIT Q/Q Growth	0.00%	0.00%	-18.81%	-22.05%	2.06%	2.83%	0.00%
NOPAT Q/Q Growth	0.00%	0.00%	-18.23%	-21.98%	0.94%	2.92%	0.00%
Net Income Q/Q Growth	0.00%	0.00%	-18.81%	-22.05%	-0.22%	2.14%	0.00%
EPS Q/Q Growth	0.00%	0.00%	60.21%	-21.51%	4.23%	13.90%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-16.22%	-12.31%	-8.12%	5.66%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-9.29%	-8.62%	6.89%	-921.49%
Invested Capital Q/Q Growth	0.00%	0.00%	7.69%	-219.31%	67.45%	-9.16%	20.29%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	79.54%	91.63%	90.27%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	-8,060.91%	-393.89%	-67.52%
Operating Margin	0.00%	0.00%	0.00%	0.00%	-8,183.04%	-404.49%	-65.33%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	-8,025.12%	-384.72%	-65.33%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	-8,449.76%	-439.79%	-71.25%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	101.20%	90.02%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	105.29%	112.96%	121.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	-2,375.88%	-333.80%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-2,310.14%	-281.64%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	2,200.09%	220.04%
Return on Equity (ROE)	0.00%	-41.39%	-72.93%	-72.62%	-122.80%	-175.79%	-113.76%
Cash Return on Invested Capital (CROIC)	0.00%	-30,852.18%	0.00%	0.00%	0.00%	-1,074.23%	-402.47%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	-69.00%	-58.01%	-37.20%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	-72.65%	-66.31%	-40.58%
Return on Common Equity (ROCE)	0.00%	26.53%	-40.30%	-72.62%	-122.80%	-175.79%	-113.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	64.58%	-50.14%	-69.32%	-148.61%	-295.65%	-88.89%
Net Operating Profit after Tax (NOPAT)	-14	-30	-96	-145	-211	-169	-90
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-5,728.13%	-283.14%	-45.73%
Net Nonoperating Expense Percent (NNEP)	0.00%	-23.31%	-20.67%	-20.52%	-37.91%	-65.74%	-52.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-51.83%	-58.10%	-33.95%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	20.46%	8.37%	9.73%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	3,313.19%	310.61%	116.71%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	4,949.40%	185.51%	38.88%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	8,262.59%	496.12%	155.60%
Earnings before Interest and Taxes (EBIT)	-19	-42	-136	-206	-296	-229	-128
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-42	-135	-202	-297	-235	-133
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	4.54	3.50	4.30	3.44	10.35
Price to Tangible Book Value (P/TBV)	0.00	0.00	4.54	3.50	4.46	3.71	11.01
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	244.64	5.11	8.30
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1,140.11	0.00	0.00	0.00	13.23	41.72
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	186.84	3.92	7.68
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.24	0.94	2.28	0.68
Long-Term Debt to Equity	0.00	0.00	0.00	0.24	0.94	2.28	0.68
Financial Leverage	0.00	-1.00	-1.04	-1.06	-1.04	-0.95	-0.78
Leverage Ratio	0.00	1.05	1.09	1.24	1.69	2.65	2.80
Compound Leverage Factor	0.00	1.05	1.09	1.24	1.78	2.99	3.40
Debt to Total Capital	0.00%	0.00%	0.00%	19.55%	48.55%	69.47%	40.49%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	19.55%	48.55%	69.47%	40.49%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	164.09%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-64.09%	100.00%	80.45%	51.45%	30.53%	59.51%
Debt to EBITDA	0.00	0.00	0.00	-0.36	-0.67	-0.86	-0.81
Net Debt to EBITDA	0.00	0.00	0.00	1.56	0.72	0.30	0.91
Long-Term Debt to EBITDA	0.00	0.00	0.00	-0.36	-0.67	-0.86	-0.81
Debt to NOPAT	0.00	0.00	0.00	-0.50	-0.94	-1.20	-1.19
Net Debt to NOPAT	0.00	0.00	0.00	2.19	1.01	0.42	1.35
Long-Term Debt to NOPAT	0.00	0.00	0.00	-0.50	-0.94	-1.20	-1.19
Altman Z-Score	0.00	16.20	25.28	3.68	-1.08	-4.35	0.84
Noncontrolling Interest Sharing Ratio	0.00%	164.09%	44.75%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	20.33	12.96	12.09	11.57	7.08	4.15
Quick Ratio	0.00	19.34	12.58	11.61	11.06	6.38	3.72
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-30	-80	-141	-226	-190	-108
Operating Cash Flow to CapEx	0.00%	-14,520.68%	-35,212.77%	-17,550.45%	-77,391.89%	-57,723.60%	-78,432.17%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-14.45	-6.39	-3.99
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	-16.47	-8.32	-4.13
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-16.49	-8.33	-4.13
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.01	0.15	0.57
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	3.48	3.98
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.48	1.38
Fixed Asset Turnover	0.00	0.00	0.00	0.00	1.78	34.86	152.36
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.09	0.48	1.46
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	104.91	91.81
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	755.62	263.90
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	3,916.25	761.87	250.09
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	-3,916.25	98.65	105.62
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	0.20	-15	-19	-3.47	18	36
Invested Capital Turnover	0.00	0.00	0.00	0.00	-0.33	8.39	7.30
Increase / (Decrease) in Invested Capital	0.00	0.20	-16	-3.21	15	21	18
Enterprise Value (EV)	0.00	225	941	727	689	234	1,509
Market Capitalization	159	159	1,227	1,043	902	305	1,630
Book Value per Share	$0.00	($35.28)	$6.20	$5.92	$3.44	$0.94	$1.35
Tangible Book Value per Share	$0.00	($35.28)	$6.20	$5.92	$3.32	$0.87	$1.27
Total Capital	0.00	101	271	370	407	290	265
Total Debt	0.00	0.00	0.00	72	198	202	107
Total Long-Term Debt	0.00	0.00	0.00	72	198	202	107
Net Debt	0.00	-101	-286	-316	-213	-71	-121
Capital Expenditures (CapEx)	0.00	0.30	0.32	1.00	0.33	0.43	0.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-0.03	-16	-19	-11	11	26
Debt-free Net Working Capital (DFNWC)	0.00	101	270	369	400	284	255
Net Working Capital (NWC)	0.00	101	270	369	400	284	255
Net Nonoperating Expense (NNE)	5.44	12	40	62	100	93	50
Net Nonoperating Obligations (NNO)	0.00	-101	-286	-316	-213	-71	-121
Total Depreciation and Amortization (D&A)	-0.01	-0.29	0.19	3.91	-1.32	-5.47	-4.30
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	-304.50%	18.42%	13.35%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	10,840.99%	476.06%	129.65%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	10,840.99%	476.06%	129.65%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($3.80)	($4.18)	($5.66)	$0.00	($1.16)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	50.08M	49.41M	55.03M	0.00	120.96M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($3.80)	($4.18)	($5.66)	$0.00	($1.16)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	50.08M	49.41M	55.03M	0.00	120.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($3.80)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	35.67M	50.38M	61.08M	0.00	118.64M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-30	-96	-145	-211	-169	-90
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-5,728.13%	-283.14%	-45.73%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	-8,449.76%	-434.57%	-79.15%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-18.90	-7.72	-4.73
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-13.49	-5.68	-3.31
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-18.92	-7.73	-4.73
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-13.51	-5.69	-3.31
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Arcutis Biotherapeutics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	5,156.41%	356.81%	1,682.42%	494.57%	17.44%	427.58%	32.84%
EBITDA Growth	-85.48%	4.56%	-21.29%	-0.16%	65.81%	11.30%	61.33%	27.96%	0.52%	86.11%	32.54%
EBIT Growth	-80.43%	8.72%	-16.92%	2.70%	66.75%	10.25%	62.25%	29.53%	-2.05%	86.94%	20.96%
NOPAT Growth	-83.52%	4.01%	-21.77%	-1.42%	64.77%	10.60%	58.54%	24.99%	-5.86%	87.52%	22.43%
Net Income Growth	-89.03%	-0.97%	-24.53%	-5.32%	58.44%	7.96%	55.83%	26.28%	7.21%	83.72%	29.17%
EPS Growth	-65.79%	17.36%	-3.15%	11.45%	61.38%	51.26%	75.57%	63.79%	54.79%	84.48%	37.50%
Operating Cash Flow Growth	-65.58%	-37.43%	-41.02%	-7.27%	35.03%	20.86%	60.67%	32.14%	21.14%	98.67%	3.87%
Free Cash Flow Firm Growth	-34.84%	-34.93%	-266.17%	-161.80%	18.26%	-1.55%	47.66%	28.69%	32.18%	62.74%	-13.04%
Invested Capital Growth	-83.43%	81.30%	128.19%	171.76%	282.40%	609.07%	350.38%	154.53%	54.51%	104.59%	121.70%
Revenue Q/Q Growth	0.00%	308.41%	-6.08%	86.62%	634.28%	-64.51%	0.00%	-37.75%	45.04%	59.45%	-7.73%
EBITDA Q/Q Growth	-59.02%	35.06%	-11.56%	13.06%	45.72%	-68.48%	0.00%	-61.98%	25.04%	76.47%	-136.11%
EBIT Q/Q Growth	-57.19%	36.68%	-12.22%	12.89%	46.29%	-70.94%	0.00%	-62.62%	22.22%	78.12%	-185.63%
NOPAT Q/Q Growth	-59.13%	34.68%	-11.46%	12.46%	44.72%	-65.75%	0.00%	-58.36%	21.99%	80.46%	-221.40%
Net Income Q/Q Growth	-59.79%	33.14%	-11.22%	11.37%	36.94%	-48.07%	0.00%	-47.91%	20.63%	74.03%	-132.30%
EPS Q/Q Growth	-44.27%	37.04%	-10.08%	11.45%	37.07%	20.55%	0.00%	-31.25%	21.43%	72.73%	-122.22%
Operating Cash Flow Q/Q Growth	-9.22%	-4.98%	-13.06%	17.25%	33.84%	-27.87%	0.00%	-42.77%	23.12%	97.84%	-3,961.50%
Free Cash Flow Firm Q/Q Growth	-147.95%	7.99%	-22.02%	5.95%	22.59%	-14.31%	0.00%	-28.15%	26.38%	37.20%	-90.81%
Invested Capital Q/Q Growth	28.30%	67.45%	248.72%	106.76%	82.25%	-9.16%	0.00%	16.85%	10.63%	20.29%	42.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.90%	83.62%	71.84%	85.05%	96.90%	83.39%	93.43%	88.77%	87.70%	90.32%	86.59%
EBITDA Margin	-14,252.28%	-2,266.09%	-2,691.69%	-1,253.95%	-92.70%	-440.03%	-58.39%	-151.94%	-78.53%	-11.59%	-29.65%
Operating Margin	-14,448.00%	-2,310.84%	-2,742.36%	-1,286.38%	-96.84%	-452.23%	-63.79%	-162.28%	-87.29%	-10.70%	-37.25%
EBIT Margin	-14,180.69%	-2,198.72%	-2,627.04%	-1,226.24%	-89.70%	-432.00%	-55.64%	-145.34%	-77.94%	-10.70%	-33.11%
Profit (Net Income) Margin	-14,856.41%	-2,432.25%	-2,880.26%	-1,367.84%	-117.47%	-490.05%	-71.38%	-169.59%	-92.81%	-15.12%	-38.06%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	107.24%	100.14%	100.92%	100.00%	100.00%	40.50%	101.13%
Interest Burden Percent	104.77%	110.62%	109.64%	111.55%	122.11%	113.28%	127.12%	116.69%	119.07%	349.03%	113.68%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-756.22%	-2,656.30%	0.00%	0.00%	0.00%	-54.65%	-148.32%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-743.95%	-2,639.78%	0.00%	0.00%	0.00%	-48.98%	-142.93%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	723.35%	2,514.03%	0.00%	0.00%	0.00%	38.27%	113.83%
Return on Equity (ROE)	-98.07%	-122.80%	-166.32%	-239.82%	-32.87%	-142.27%	0.00%	0.00%	0.00%	-16.38%	-34.49%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-4,727.41%	-2,312.02%	-1,048.10%	-1,074.23%	-127.32%	-87.17%	-42.84%	-402.47%	-302.60%
Operating Return on Assets (OROA)	-22.95%	-18.90%	-45.70%	-46.03%	-10.97%	-65.14%	0.00%	0.00%	0.00%	-6.09%	-17.13%
Return on Assets (ROA)	-24.04%	-20.91%	-50.10%	-51.34%	-14.37%	-73.89%	0.00%	0.00%	0.00%	-8.61%	-19.69%
Return on Common Equity (ROCE)	-98.07%	-122.80%	-166.32%	-239.82%	-32.87%	-142.27%	0.00%	0.00%	0.00%	-16.38%	-34.49%
Return on Equity Simple (ROE_SIMPLE)	-114.77%	0.00%	-234.19%	-410.91%	-573.40%	0.00%	0.00%	0.00%	0.00%	0.00%	-90.93%
Net Operating Profit after Tax (NOPAT)	-73	-48	-53	-47	-26	-43	-22	-35	-27	-5.34	-17
NOPAT Margin	-10,113.60%	-1,617.59%	-1,919.65%	-900.46%	-67.79%	-316.56%	-44.66%	-113.60%	-61.10%	-7.49%	-26.08%
Net Nonoperating Expense Percent (NNEP)	-10.58%	-9.11%	-13.14%	-17.32%	-12.27%	-16.52%	-7.88%	-15.09%	-18.45%	-5.66%	-5.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-11.76%	-	-	-	-14.74%	-	-	-	-2.02%	-6.86%
Cost of Revenue to Revenue	37.10%	16.38%	28.16%	14.95%	3.10%	16.61%	6.57%	11.23%	12.30%	9.68%	13.41%
SG&A Expenses to Revenue	4,892.83%	1,250.35%	1,543.26%	885.51%	124.89%	359.86%	110.54%	188.52%	131.42%	80.73%	97.20%
R&D to Revenue	9,618.07%	1,144.11%	1,270.95%	485.92%	68.84%	175.77%	46.68%	62.54%	43.57%	20.29%	26.64%
Operating Expenses to Revenue	14,548.00%	2,385.38%	2,814.20%	1,371.43%	193.74%	535.63%	157.23%	251.06%	174.99%	101.02%	123.84%
Earnings before Interest and Taxes (EBIT)	-103	-65	-73	-64	-34	-58	-28	-45	-35	-7.63	-22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-103	-67	-75	-65	-35	-60	-29	-47	-35	-8.27	-20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.64	4.30	4.81	7.27	0.00	3.44	4.16	5.78	6.94	10.35	13.01
Price to Tangible Book Value (P/TBV)	3.74	4.46	5.06	7.94	0.00	3.71	4.28	5.97	7.40	11.01	14.71
Price to Revenue (P/Rev)	1,359.12	244.64	103.90	50.21	0.00	5.11	0.00	0.00	0.00	8.30	8.72
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	104.04	48.27	0.00	13.23	31.54	33.75	31.94	41.72	34.21
Enterprise Value to Revenue (EV/Rev)	970.92	186.84	83.09	44.22	0.00	3.92	0.00	0.00	0.00	7.68	8.29
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.94	1.42	2.48	4.30	2.28	0.90	1.09	1.31	0.68	0.75
Long-Term Debt to Equity	0.73	0.94	1.42	2.48	4.30	2.28	0.90	1.09	0.67	0.68	0.75
Financial Leverage	-1.03	-1.04	-1.03	-1.02	-0.97	-0.95	-0.92	-0.86	-0.76	-0.78	-0.80
Leverage Ratio	1.41	1.69	1.89	2.25	2.53	2.65	2.35	2.87	3.59	2.80	2.24
Compound Leverage Factor	1.48	1.87	2.07	2.51	3.08	3.00	2.99	3.35	4.28	9.79	2.54
Debt to Total Capital	42.08%	48.55%	58.72%	71.28%	81.12%	69.47%	47.41%	52.23%	56.64%	40.49%	43.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	27.55%	0.00%	0.00%
Long-Term Debt to Total Capital	42.08%	48.55%	58.72%	71.28%	81.12%	69.47%	47.41%	52.23%	29.09%	40.49%	43.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	57.92%	51.45%	41.28%	28.72%	18.88%	30.53%	52.59%	47.77%	43.36%	59.51%	57.00%
Debt to EBITDA	-0.66	-0.67	-0.64	-0.64	-0.83	-0.86	0.00	0.00	0.00	-0.81	-0.88
Net Debt to EBITDA	0.94	0.72	0.43	0.23	0.11	0.30	0.00	0.00	0.00	0.91	0.75
Long-Term Debt to EBITDA	-0.66	-0.67	-0.64	-0.64	-0.83	-0.86	0.00	0.00	0.00	-0.81	-0.88
Debt to NOPAT	-0.92	-0.94	-0.90	-0.90	-1.15	-1.20	0.00	0.00	0.00	-1.19	-1.27
Net Debt to NOPAT	1.32	1.01	0.61	0.32	0.16	0.42	0.00	0.00	0.00	1.35	1.07
Long-Term Debt to NOPAT	-0.92	-0.94	-0.90	-0.90	-1.15	-1.20	0.00	0.00	0.00	-1.19	-1.27
Altman Z-Score	1.12	0.61	-0.84	-1.94	0.00	-2.70	0.10	-0.17	-0.81	1.98	2.08
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	13.39	11.57	9.93	8.43	6.72	7.08	9.89	8.46	2.46	4.15	3.55
Quick Ratio	12.92	11.06	9.32	7.80	5.89	6.38	9.32	7.90	2.27	3.72	3.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-68	-63	-77	-72	-56	-64	-40	-52	-38	-24	-45
Operating Cash Flow to CapEx	-1,128,250.00%	-57,776.42%	-97,980.49%	-24,088.77%	-68,725.00%	-937,400.00%	0.00%	0.00%	-24,257.34%	0.00%	-4,996.71%
Free Cash Flow to Firm to Interest Expense	-13.98	-9.11	-10.92	-9.84	-7.40	-8.24	-5.38	-6.89	-5.71	-4.29	-15.25
Operating Cash Flow to Interest Expense	-13.82	-10.28	-11.41	-9.05	-5.82	-7.25	-4.23	-6.03	-5.21	-0.13	-10.19
Operating Cash Flow Less CapEx to Interest Expense	-13.82	-10.29	-11.42	-9.08	-5.83	-7.25	-4.23	-6.03	-5.24	-0.13	-10.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.02	0.04	0.12	0.15	0.00	0.00	0.00	0.57	0.52
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	4.49	3.48	0.00	0.00	0.00	3.98	3.47
Inventory Turnover	0.00	0.00	0.00	0.00	0.35	0.48	0.00	0.00	0.00	1.38	1.65
Fixed Asset Turnover	0.36	1.78	3.06	5.91	26.70	34.86	0.00	0.00	0.00	152.36	148.56
Accounts Payable Turnover	0.04	0.09	0.12	0.18	0.30	0.48	0.00	0.00	0.00	1.46	1.32
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	81.30	104.91	0.00	0.00	0.00	91.81	105.11
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	1,030.73	755.62	0.00	0.00	0.00	263.90	220.62
Days Payable Outstanding (DPO)	9,184.02	3,916.25	2,962.63	2,019.34	1,235.81	761.87	0.00	0.00	0.00	250.09	277.04
Cash Conversion Cycle (CCC)	-9,184.02	-3,916.25	-2,962.63	-2,019.34	-123.77	98.65	0.00	0.00	0.00	105.62	48.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-11	-3.47	5.17	11	19	18	23	27	30	36	52
Invested Capital Turnover	-0.09	-0.33	-0.98	-5.55	11.16	8.39	0.00	0.00	0.00	7.30	5.69
Increase / (Decrease) in Invested Capital	-4.85	15	23	26	30	21	18	17	11	18	28
Enterprise Value (EV)	704	689	537	516	0.00	234	734	917	961	1,509	1,764
Market Capitalization	985	902	672	585	0.00	305	935	1,077	1,087	1,630	1,856
Book Value per Share	$5.25	$3.44	$2.29	$1.31	$0.76	$0.94	$2.03	$1.61	$1.34	$1.35	$1.20
Tangible Book Value per Share	$5.11	$3.32	$2.17	$1.20	$0.65	$0.87	$1.97	$1.56	$1.26	$1.27	$1.06
Total Capital	468	407	338	280	248	290	428	390	361	265	250
Total Debt	197	198	199	200	201	202	203	204	205	107	108
Total Long-Term Debt	197	198	199	200	201	202	203	204	105	107	108
Net Debt	-281	-213	-135	-70	-27	-71	-202	-159	-127	-121	-91
Capital Expenditures (CapEx)	0.01	0.12	0.08	0.28	0.06	0.01	0.00	0.00	0.14	0.00	0.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-19	-11	-2.68	2.61	12	11	16	20	20	26	34
Debt-free Net Working Capital (DFNWC)	460	400	331	272	240	284	421	383	351	255	233
Net Working Capital (NWC)	460	400	331	272	240	284	421	383	251	255	233
Net Nonoperating Expense (NNE)	34	24	27	24	19	23	13	17	14	5.45	7.89
Net Nonoperating Obligations (NNO)	-281	-213	-135	-70	-27	-71	-202	-159	-127	-121	-91
Total Depreciation and Amortization (D&A)	-0.52	-2.00	-1.80	-1.44	-1.15	-1.09	-1.37	-2.04	-0.26	-0.64	2.27
Debt-free, Cash-free Net Working Capital to Revenue	-2,562.76%	-304.50%	-41.43%	22.42%	23.70%	18.42%	0.00%	0.00%	0.00%	13.35%	15.90%
Debt-free Net Working Capital to Revenue	63,395.45%	10,840.99%	5,112.90%	2,335.15%	488.69%	476.06%	0.00%	0.00%	0.00%	129.65%	109.27%
Net Working Capital to Revenue	63,395.45%	10,840.99%	5,112.90%	2,335.15%	488.69%	476.06%	0.00%	0.00%	0.00%	129.65%	109.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.89)	($1.19)	($1.31)	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)
Adjusted Weighted Average Basic Shares Outstanding	57.09M	55.03M	61.17M	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M
Adjusted Diluted Earnings per Share	($1.89)	($1.19)	($1.31)	($1.16)	($0.73)	($0.58)	($0.32)	($0.42)	($0.33)	($0.09)	($0.20)
Adjusted Weighted Average Diluted Shares Outstanding	57.09M	55.03M	61.17M	61.43M	61.73M	69.31M	111.05M	123.48M	124.30M	120.96M	126.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	60.93M	61.08M	61.42M	61.65M	94.38M	0.00	115.76M	116.89M	117.04M	118.64M	119.20M
Normalized Net Operating Profit after Tax (NOPAT)	-73	-48	-53	-47	-26	-43	-22	-35	-27	-5.34	-17
Normalized NOPAT Margin	-10,113.60%	-1,617.59%	-1,919.65%	-900.46%	-67.79%	-316.56%	-44.66%	-113.60%	-61.10%	-7.49%	-26.08%
Pre Tax Income Margin	-14,856.41%	-2,432.25%	-2,880.26%	-1,367.84%	-109.53%	-489.38%	-70.73%	-169.59%	-92.81%	-37.33%	-37.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-20.99	-9.41	-10.37	-8.66	-4.52	-7.53	-3.69	-5.99	-5.24	-1.37	-7.31
NOPAT to Interest Expense	-14.97	-6.93	-7.58	-6.36	-3.42	-5.52	-2.96	-4.68	-4.11	-0.96	-5.76
EBIT Less CapEx to Interest Expense	-20.99	-9.43	-10.39	-8.70	-4.53	-7.53	-3.69	-5.99	-5.26	-1.37	-7.51
NOPAT Less CapEx to Interest Expense	-14.97	-6.94	-7.59	-6.40	-3.43	-5.52	-2.96	-4.68	-4.13	-0.96	-5.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Arcutis Biotherapeutics has been experiencing significant operational losses over the last several quarters, with negative net income continuing across the last four years. Here's a breakdown of the key financial trends and items that retail investors should consider:

Operating revenue has generally increased over the past few years, showing growth from $725K in Q3 2022 to $65.8M in Q1 2025, indicating expanding sales or product adoption.
Cash and equivalents remain substantial, with balances around $53.1M as of Q1 2025, supported by sizeable short-term investments ($145M in Q1 2025), providing liquidity to fund ongoing operations and development.
The company consistently generates high gross profit margins (e.g., $57M gross profit on $65.8M revenue in Q1 2025), demonstrating some pricing power and control over product costs.
Total operating expenses (SG&A and R&D combined) have increased, reaching $81.5M in Q1 2025, reflecting investments in marketing, administration, and product development, typical for a biopharma in growth mode.
Interest expense has fluctuated, with $2.98M in Q1 2025, down from higher levels in prior periods, which indicates some debt servicing costs but an improving trend.
The company has issued common equity periodically, helping to bolster cash reserves as seen by equity issuance spikes in prior years, supporting its capital needs.
Net income remains negative with a loss of $25.1M in Q1 2025, continuing a multi-year trend of significant losses due to high operating costs and R&D expense relative to revenue.
Operating losses are widening, with operating income moving deeper negative from -$7.6M in Q4 2024 to -$24.5M in Q1 2025, suggesting rising costs or slower growth in revenue relative to expenses.
Total liabilities have grown substantially from $238M in Q4 2022 to $201M in Q1 2025, with long-term debt remaining above $100M, indicating leverage that may add financial risk.
Negative cash flow from operations has been persistent and large (e.g., -$30M in Q1 2025), necessitating ongoing external financing to sustain operations, which could pressure future capital structure and shareholder dilution.

Overall, Arcutis Biotherapeutics shows revenue growth and solid gross margins, but continues to face challenges translating this into profitability due to high operating expenses and R&D investments. Liquidity remains adequate thanks to cash reserves and equity issuance, but persistent large losses and increased liabilities warrant careful monitoring. Retail investors should consider the company’s path to profitability and how it manages costs while scaling its operations.

10/26/25 04:05 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Arcutis Biotherapeutics' Financials

When does Arcutis Biotherapeutics' financial year end?

According to the most recent income statement we have on file, Arcutis Biotherapeutics' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Arcutis Biotherapeutics' net income changed over the last 6 years?

Arcutis Biotherapeutics' net income appears to be on an upward trend, with a most recent value of -$140.04 million in 2024, rising from -$19.26 million in 2018. The previous period was -$262.14 million in 2023. See where experts think Arcutis Biotherapeutics is headed by visiting Arcutis Biotherapeutics' forecast page.

What is Arcutis Biotherapeutics' operating income?

Arcutis Biotherapeutics' total operating income in 2024 was -$128.40 million, based on the following breakdown:

Total Gross Profit: $177.41 million
Total Operating Expenses: $305.81 million

How has Arcutis Biotherapeutics' revenue changed over the last 6 years?

Over the last 6 years, Arcutis Biotherapeutics' total revenue changed from $0.00 in 2018 to $196.54 million in 2024, a change of 19,654,200,000.0%.

How much debt does Arcutis Biotherapeutics have?

Arcutis Biotherapeutics' total liabilities were at $191.35 million at the end of 2024, a 24.3% decrease from 2023, and a 3,347.7% increase since 2019.

How much cash does Arcutis Biotherapeutics have?

In the past 5 years, Arcutis Biotherapeutics' cash and equivalents has ranged from $53.64 million in 2022 to $96.45 million in 2021, and is currently $71.34 million as of their latest financial filing in 2024.

How has Arcutis Biotherapeutics' book value per share changed over the last 6 years?

Over the last 6 years, Arcutis Biotherapeutics' book value per share changed from 0.00 in 2018 to 1.35 in 2024, a change of 134.6%.

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This page (NASDAQ:ARQT) was last updated on 10/26/2025 by MarketBeat.com Staff

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Arcutis Biotherapeutics (ARQT) Financials

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Arcutis Biotherapeutics (ARQT) Financials

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