Estados financieros detallados de Arcutis Biotherapeutics, Inc. (ARQT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 91.1%, margen operativo 7.4%, margen neto 6.1%.
Al precio actual de $26.14, ARQT cotiza a un P/E de 116.28 y un ROE del -8.52%. La capitalización bursátil es de $3.3B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | $3.7M | $59.6M | $196.5M | $376.1M |
| Coste de Ventas | 0 | 0 | $195000 | $455000 | $763000 | $754000 | $5.0M | $19.1M | $36.7M |
| Beneficio Bruto | 0 | 0 | -$195000 | -$455000 | -$763000 | $2.9M | $54.6M | $177.4M | $339.4M |
| I+D | $3.4M | $17.9M | $36.5M | $115.3M | $145.6M | $182.4M | $110.6M | $76.4M | $77.1M |
| Generales y Administrativos | $695000 | $1.8M | $6.4M | $20.9M | $61.0M | $122.1M | $185.1M | $229.4M | $274.6M |
| Gastos Operativos | $4.1M | $19.7M | $42.9M | $136.2M | $205.8M | $304.6M | $295.7M | $305.8M | $351.6M |
| Beneficio Operativo | -$4.1M | -$19.7M | -$43.1M | -$136.6M | -$206.5M | -$301.6M | -$241.1M | -$128.4M | -$12.2M |
| EBITDA | -$872000 | $480000 | -$41.8M | -$135.2M | -$205.6M | -$294.6M | -$227.4M | -$109.6M | $2.5M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | $15.7M | $29.7M | $27.2M | $12.1M |
| Beneficio Antes de Impuestos | -$5.0M | -$19.3M | -$42.0M | -$135.7M | -$206.4M | -$311.5M | -$259.0M | -$139.4M | -$15.0M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | $3.1M | $647000 | $1.2M |
| Beneficio Neto | -$5.0M | -$19.3M | -$42.0M | -$135.7M | -$206.4M | -$311.5M | -$262.1M | -$140.0M | -$16.1M |
| BPA | $-4.71 | $-0.53 | $-1.10 | $-3.80 | $-4.17 | $-5.66 | $-3.78 | $-1.16 | $-0.13 |
| BPA Diluido | $-4.71 | $-0.53 | $-1.10 | $-3.80 | $-4.17 | $-5.66 | $-3.78 | $-1.16 | $-0.13 |
| Acciones en Circulación (Diluidas) | $1.1M | $36.2M | $38.1M | $35.7M | $49.4M | $55.0M | $69.3M | $121.0M | $127.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $99.2M | $129.5M | $105.4M | $129.9M |
| Beneficio Bruto | $90.5M | $117.8M | $95.6M | $118.9M |
| Beneficio Operativo | $8.5M | $18.4M | -$9.1M | $16.4M |
| EBITDA | $11.1M | $22.1M | -$6.3M | $17.1M |
| Beneficio Neto | $7.4M | $17.4M | -$11.3M | $15.0M |
| BPA | $0.06 | $0.14 | $-0.09 | $0.11 |
| BPA Diluido | $0.06 | $0.13 | $-0.09 | $0.11 |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.4M | $39.4M | $63.3M | $65.1M | $98.0M | $53.6M | $88.4M | $71.3M | $42.9M |
| Inversiones a Corto | 0 | $11.5M | $37.9M | $219.4M | $290.6M | $355.9M | $183.5M | $156.6M | $178.1M |
| Cuentas por Cobrar | 0 | 0 | 0 | $510000 | $362000 | $8.5M | $25.8M | $73.1M | $146.2M |
| Inventario | 0 | 0 | 0 | 0 | 0 | $7.5M | $13.1M | $14.5M | $22.6M |
| Activos Corrientes | $3.8M | $51.1M | $106.5M | $292.8M | $402.8M | $437.4M | $330.4M | $335.8M | $411.2M |
| Inmovilizado Material | 0 | 0 | $491000 | $5.4M | $5.3M | $4.6M | $3.9M | $3.0M | $5.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | $7.2M | $6.4M | $9.5M | $14.8M |
| Activos Totales | $3.8M | $51.1M | $107.0M | $298.3M | $408.2M | $449.3M | $341.4M | $348.9M | $433.0M |
| Cuentas por Pagar | $537000 | $1.8M | $1.4M | $7.1M | $7.4M | $8.8M | $12.0M | $14.2M | $12.5M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $433000 | 0 | 0 | 0 | $1.0M |
| Pasivos Corrientes | $692000 | $2.7M | $5.2M | $22.6M | $33.3M | $37.8M | $46.7M | $81.0M | $129.8M |
| Deuda a Largo | $966000 | 0 | 0 | 0 | $72.3M | $197.8M | $201.8M | $107.2M | $5.3M |
| Pasivos Totales | $8.8M | $75.1M | $5.5M | $27.6M | $110.5M | $239.7M | $252.7M | $191.3M | $243.5M |
| Reservas | -$5.0M | -$24.3M | -$66.3M | -$201.9M | -$408.3M | -$719.8M | -$981.9M | -$1.12B | -$1.14B |
| Patrimonio Neto | -$5.0M | -$24.0M | $101.5M | $270.6M | $297.7M | $209.6M | $88.7M | $157.5M | $189.5M |
| Deuda Total | $966000 | 0 | $307000 | $5.0M | $77.6M | $202.5M | $205.9M | $110.6M | $6.3M |
| Deuda Neta | -$2.5M | -$50.9M | -$101.0M | -$279.5M | -$311.0M | -$207.0M | -$65.9M | -$117.4M | -$214.7M |
| Capital Circulante | $3.1M | $48.4M | $101.2M | $270.2M | $369.4M | $399.6M | $283.8M | $254.8M | $281.4M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $47.1M | $42.9M | $34.8M | $34.1M |
| Activos Totales | $371.0M | $433.0M | $460.0M | $488.5M |
| Pasivos Totales | $212.9M | $243.5M | $270.4M | $268.0M |
| Patrimonio Neto | $158.1M | $189.5M | $189.6M | $220.6M |
| Deuda Total | $113.8M | $6.3M | $114.7M | $114.1M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$5.0M | -$19.3M | -$42.0M | -$135.7M | -$206.4M | -$311.5M | -$262.1M | -$140.0M | -$16.1M |
| Amortizaciones | 0 | 0 | $68000 | $122000 | $454000 | $934000 | $1.5M | $2.6M | $4.7M |
| Compensación en Acciones | $27000 | $151000 | $824000 | $7.9M | $23.9M | $32.7M | $38.8M | $41.7M | $40.4M |
| Cambio en Capital Circulante | $279000 | $2.1M | -$1.5M | $14.1M | $3.6M | -$10.2M | -$23.5M | -$15.1M | -$34.8M |
| Flujo de Caja Operativo | -$3.8M | -$14.1M | -$42.8M | -$113.0M | -$174.6M | -$257.7M | -$247.1M | -$112.2M | -$5.6M |
| Inversiones (CapEx) | 0 | 0 | -$295000 | -$321000 | -$995000 | -$23.3M | -$428000 | -$143000 | -$686000 |
| Adquisiciones | 0 | 0 | 0 | $181.5M | $75.0M | $22.9M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$3.8M | -$14.1M | -$43.1M | -$113.4M | -$175.6M | -$281.0M | -$247.5M | -$112.3M | -$6.3M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$1.8M | $26.2M | $2.2M | $12.6M |
| Inversiones (CapEx) | 0 | 0 | 0 | -$158000 |
| Flujo de Caja Libre | -$1.8M | $26.2M | $2.2M | $12.5M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $10.0M | $10.1M | $10.7M | $12.8M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | +1517.1% | +229.7% | +91.3% |
| Crecimiento Beneficio Neto (anual) | | -286.8% | -118.1% | -223.1% | -52.1% | -50.9% | +15.8% | +46.6% | +88.5% |
| Crecimiento BPA (anual) | | +88.7% | -107.5% | -245.5% | -9.7% | -35.7% | +33.2% | +69.3% | +88.8% |
| Cambio en Acciones (anual) | | +3331.4% | +5.1% | -6.4% | +38.5% | +11.4% | +25.9% | +74.5% | +5.2% |
| Crecimiento FCF (anual) | | -273.1% | -206.2% | -162.8% | -54.9% | -60.0% | +11.9% | +54.6% | +94.4% |
| Margen Bruto | | | | | | 79.5% | 91.6% | 90.3% | 90.2% |
| Margen Operativo | | | | | | -8183.0% | -404.5% | -65.3% | -3.3% |
| Margen EBITDA | | | | | | -7991.1% | -381.6% | -55.8% | 0.7% |
| Margen Neto | | | | | | -8449.8% | -439.8% | -71.3% | -4.3% |
| Margen FCF | | | | | | -7623.4% | -415.2% | -57.1% | -1.7% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -1.2% | -0.5% | -7.8% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-3.57 | $-0.39 | $-1.13 | $-3.18 | $-3.55 | $-5.11 | $-3.57 | $-0.93 | $-0.05 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $1.1M | $36.2M | $38.1M | $35.7M | $49.4M | $55.0M | $69.3M | $121.0M | $127.2M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -8.52% |
| Rentabilidad sobre capital invertido | -4.02% |
| Rentabilidad sobre activos | -3.73% |
| Margen bruto | 91.14% |
| Margen operativo | 7.38% |
| Margen neto | 6.15% |
Salud financiera
| Deuda / Patrimonio | 0.52 |
| Ratio corriente | 2.92 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 6.98 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -4.63 | -41.13 | -19.82 | -7.40 | -4.97 | -2.61 | -0.85 | -12.01 | -223.38 |
| P/VC | -4.61 | -32.93 | 8.18 | 3.71 | 3.44 | 3.89 | 2.52 | 10.70 | 19.50 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 220.96 | 3.76 | 8.57 | 9.82 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 79.5% | 91.6% | 90.3% | 90.2% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -8183.0% | -404.5% | -65.3% | -3.3% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -8449.8% | -439.8% | -71.3% | -4.3% |