Short answer
Arcutis Biotherapeutics, Inc. (ARQT) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $376M (+91.3% year over year) and net income of −$16M.
- Top risk flagged: Regulatory risk: oversight of cybersecurity mandated by SEC guidance on disclosure controls and procedures
FY2025 key financial metrics · XBRL
- Revenue
- $376M
- +91.3% YoY
- Net income
- −$16M
- +88.5% YoY
- Operating margin
- -3.3%
- +62.1 pp YoY
- EPS (diluted)
- −$0.13
- +88.8% YoY
- ROE
- -8.5%
- +80.4 pp YoY
- Operating cash flow
- −$6M
- +95.0% YoY
Source: XBRL data from the Arcutis Biotherapeutics, Inc. (ARQT) FY2025 10-K on SEC EDGAR. USD.
Arcutis Biotherapeutics, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Commercial-stage biopharma specializing in differentiated topical and systemic dermatology treatments targeting immune-mediated diseases
- New approvals: ZORYVE foam 0.3% for seborrheic dermatitis (FDA Dec 2023), scalp/body plaque psoriasis (FDA May 2025); ZORYVE cream 0.15% for atopic dermatitis (FDA July 2024); ZORYVE cream 0.05% for ages 2-5 (FDA Oct 2025)
- Strategic shift: Terminated primary care promotion agreement with Kowa (Jan 2026), refocusing commercial efforts internally; expanded global licensing in Greater China, Southeast Asia, Japan
- Quantitative highlight: Over 8 approvals/commercial launches of ZORYVE formulations across multiple indications from 2023 to 2026; Phase 1 study for acquired ARQ-234 expected Q1 2026
- Noteworthy fact: Submitted sNDA for ZORYVE cream 0.3% pediatric use down to age 2 with PDUFA June 29, 2026; positive phase 2 topline data for ZORYVE cream 0.05% in infants 3 months–2 years
Management Discussion & Analysis
- Revenue $372.1M in 2025, up 123% YoY from $166.5M in 2024; ZORYVE foam up $110.4M, cream 0.15% up $58.4M, cream 0.3% up $35.9M
- Operating expenses increased; R&D $77.1M in 2025 vs $76.4M 2024 (+1%), SG&A up by $45.2M driven by sales/marketing and compensation
- Best segment: ZORYVE foam $181.9M in 2025 vs $71.5M 2024 (+154%); worst segment: ZORYVE cream 0.3% with smaller 42% growth
- Cash, cash equivalents, and marketable securities at $221.3M end 2025 vs $228.6M in 2024; paid down $100M debt principal in Oct 2024
- Management expects increased R&D and SG&A in 2026 driven by ARQ-234 clinical development and continued ZORYVE commercialization; potential funding needs from equity/debt if cash insufficient
Risk Factors
- Regulatory risk: oversight of cybersecurity mandated by SEC guidance on disclosure controls and procedures
- Operational vulnerability: reliance on VP CT&S with 20 years IT experience for day-to-day cybersecurity risk management
- Financial risk: potential material impact from cybersecurity incidents reported quarterly to Audit Committee
- Competitive risk: exposure to evolving cyber threats requiring continuous updates to cybersecurity tools and strategies
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.