ARQTArcutis Biotherapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- $372M
- 123% YoY
- Operating margin
- -3.3%
- 96% YoY
- EBITDA
- −$12M
- 91% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $75M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired11% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $0 | $4M | $29M | $167M | $372M | 123% |
| Operating income | −$207M | −$302M | −$241M | −$128M | −$12M | 90% |
| Net income | −$206M | −$311M | −$262M | −$140M | −$16M | 88% |
| Operating cash flow | −$175M | −$258M | −$247M | −$112M | −$6M | 95% |
| Capex | $995K | $333K | $428K | $143K | $686K | 380% |
| Stock-based comp | $24M | $33M | $39M | $42M | $40M | 3.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $584K · 4
- Net
- −$584K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $20M | 103 | 120 |
| FY2024 | $4M | $11M | 50 | 91 |
| FY2023 | $5M | −$1M | 11 | 92 |
| FY2022 | $5M | $2M | 53 | 89 |
| FY2021 | $5M | $442K | 74 | 99 |