Arcutis Biotherapeutics Stock Earnings Reports

Q3 2025 highlights: Arcutis delivered strong commercial momentum for ZORYVE with net product revenue of $99.2M (up 122% YoY, +22% QoQ) and record weekly prescriptions (~17k, +92% YoY). Gross-to-net improvement (reduced copay usage) aided revenue in Q3. Cash and marketable securities were $191M as of Sept 30, 2025; total debt $108.5M with an additional $100M debt draw option through mid-2026. Management now expects cash-flow breakeven in Q4 2025 and provided 2026 net product revenue guidance of $455M–$470M. Strategic priorities are organized into three pillars: (1) grow the core ZORYVE franchise (drive steroid conversion, expand into PCP and pediatrics, broaden formulation usage), (2) expand indications via life-cycle management (ongoing Phase IIa PoC studies in vitiligo and hidradenitis suppurativa, pediatric label expansions, and targeted small studies for difficult-to-treat subtypes like nail and palmoplantar psoriasis), and (3) build the pipeline (ARQ-234, a CD200R agonist for moderate–severe atopic dermatitis, IND filed and Phase I/first-in-human studies planned). Management reiterated ZORYVE’s large addressable market (~17–19M topical-treated patients) and long-term ambition to capture ~15–20% of topical steroid prescriptions, with peak portfolio potential estimated at $2.6B–$3.5B. Key near-term catalysts: Q4 2025 cash-flow breakeven, full-year 2026 revenue trajectory, pediatric launches/label expansions, early PoC readouts for vitiligo and HS, and ARQ-234 entering clinical trials. Risks noted implicitly: conversion from steroid use will take time, reimbursement/access and payer step-therapy remain barriers, and further clinical validation is required for new indications.