Detailed financial statements for Arcutis Biotherapeutics, Inc. (ARQT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Arcutis Biotherapeutics, Inc. is a biopharmaceutical firm dedicated to developing and marketing therapies for a range of skin-related diseases. The company's flagship investigational compound, ARQ-151, a roflumilast cream administered topically, has successfully concluded late-stage clinical development for treating both plaque psoriasis and atopic dermatitis. Beyond its lead asset, Arcutis's pipeline includes several other promising compounds.
Analysis Summary
Trailing-twelve-month margins: gross margin 91.1%, operating margin 7.4%, net margin 6.1%.
At the current price of $26.14, ARQT trades at a P/E of 116.28 and an ROE of -8.52%. Market capitalisation stands at $3.3B.
Balance sheet quality for ARQT: current ratio of 3.2, net cash position of $214.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $3.7M | $59.6M | $196.5M | $376.1M |
| Cost of Revenue | 0 | 0 | $195000 | $455000 | $763000 | $754000 | $5.0M | $19.1M | $36.7M |
| Gross Profit | 0 | 0 | -$195000 | -$455000 | -$763000 | $2.9M | $54.6M | $177.4M | $339.4M |
| Research & Development | $3.4M | $17.9M | $36.5M | $115.3M | $145.6M | $182.4M | $110.6M | $76.4M | $77.1M |
| Selling, General & Admin | $695000 | $1.8M | $6.4M | $20.9M | $61.0M | $122.1M | $185.1M | $229.4M | $274.6M |
| Operating Expenses | $4.1M | $19.7M | $42.9M | $136.2M | $205.8M | $304.6M | $295.7M | $305.8M | $351.6M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $15.7M | $29.7M | $27.2M | $12.1M |
| Pre-tax Income | -$5.0M | -$19.3M | -$42.0M | -$135.7M | -$206.4M | -$311.5M | -$259.0M | -$139.4M | -$15.0M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | $3.1M | $647000 | $1.2M |
| Net Income | -$5.0M | -$19.3M | -$42.0M | -$135.7M | -$206.4M | -$311.5M | -$262.1M | -$140.0M | -$16.1M |
| EPS | $-4.71 | $-0.53 | $-1.10 | $-3.80 | $-4.17 | $-5.66 | $-3.78 | $-1.16 | $-0.13 |
| EPS (Diluted) | $-4.71 | $-0.53 | $-1.10 | $-3.80 | $-4.17 | $-5.66 | $-3.78 | $-1.16 | $-0.13 |
| Shares Outstanding (Diluted) | $1.1M | $36.2M | $38.1M | $35.7M | $49.4M | $55.0M | $69.3M | $121.0M | $127.2M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.4M | $39.4M | $63.3M | $65.1M | $98.0M | $53.6M | $88.4M | $71.3M | $42.9M |
| Short-term Investments | 0 | $11.5M | $37.9M | $219.4M | $290.6M | $355.9M | $183.5M | $156.6M | $178.1M |
| Receivables | 0 | 0 | 0 | $510000 | $362000 | $8.5M | $25.8M | $73.1M | $146.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $7.5M | $13.1M | $14.5M | $22.6M |
| Total Current Assets | $3.8M | $51.1M | $106.5M | $292.8M | $402.8M | $437.4M | $330.4M | $335.8M | $411.2M |
| Property, Plant & Equipment | 0 | 0 | $491000 | $5.4M | $5.3M | $4.6M | $3.9M | $3.0M | $5.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $7.2M | $6.4M | $9.5M | $14.8M |
| Total Assets | $3.8M | $51.1M | $107.0M | $298.3M | $408.2M | $449.3M | $341.4M | $348.9M | $433.0M |
| Accounts Payable | $537000 | $1.8M | $1.4M | $7.1M | $7.4M | $8.8M | $12.0M | $14.2M | $12.5M |
| Short-term Debt | 0 | 0 | 0 | 0 | $433000 | 0 | 0 | 0 | $1.0M |
| Total Current Liabilities | $692000 | $2.7M | $5.2M | $22.6M | $33.3M | $37.8M | $46.7M | $81.0M | $129.8M |
| Long-term Debt | $966000 | 0 | 0 | 0 | $72.3M | $197.8M | $201.8M | $107.2M | $5.3M |
| Total Liabilities | $8.8M | $75.1M | $5.5M | $27.6M | $110.5M | $239.7M | $252.7M | $191.3M | $243.5M |
| Retained Earnings | -$5.0M | -$24.3M | -$66.3M | -$201.9M | -$408.3M | -$719.8M | -$981.9M | -$1.12B | -$1.14B |
| Total Equity | -$5.0M | -$24.0M | $101.5M | $270.6M | $297.7M | $209.6M | $88.7M | $157.5M | $189.5M |
| Total Debt | $966000 | 0 | $307000 | $5.0M | $77.6M | $202.5M | $205.9M | $110.6M | $6.3M |
| Net Debt | -$2.5M | -$50.9M | -$101.0M | -$279.5M | -$311.0M | -$207.0M | -$65.9M | -$117.4M | -$214.7M |
| Working Capital | $3.1M | $48.4M | $101.2M | $270.2M | $369.4M | $399.6M | $283.8M | $254.8M | $281.4M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$5.0M | -$19.3M | -$42.0M | -$135.7M | -$206.4M | -$311.5M | -$262.1M | -$140.0M | -$16.1M |
| Depreciation & Amortization | 0 | 0 | $68000 | $122000 | $454000 | $934000 | $1.5M | $2.6M | $4.7M |
| Stock-based Compensation | $27000 | $151000 | $824000 | $7.9M | $23.9M | $32.7M | $38.8M | $41.7M | $40.4M |
| Change in Working Capital | $279000 | $2.1M | -$1.5M | $14.1M | $3.6M | -$10.2M | -$23.5M | -$15.1M | -$34.8M |
| Operating Cash Flow | -$3.8M | -$14.1M | -$42.8M | -$113.0M | -$174.6M | -$257.7M | -$247.1M | -$112.2M | -$5.6M |
| Capital Expenditure | 0 | 0 | -$295000 | -$321000 | -$995000 | -$23.3M | -$428000 | -$143000 | -$686000 |
| Acquisitions | 0 | 0 | 0 | $181.5M | $75.0M | $22.9M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.8M | -$14.1M | -$43.1M | -$113.4M | -$175.6M | -$281.0M | -$247.5M | -$112.3M | -$6.3M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1517.1% | +229.7% | +91.3% | ||||||
| Net Income Growth (YoY) | -286.8% | -118.1% | -223.1% | -52.1% | -50.9% | +15.8% | +46.6% | +88.5% | |
| EPS Growth (YoY) | +88.7% | -107.5% | -245.5% | -9.7% | -35.7% | +33.2% | +69.3% | +88.8% | |
| Shares Change (YoY) | +3331.4% | +5.1% | -6.4% | +38.5% | +11.4% | +25.9% | +74.5% | +5.2% | |
| FCF Growth (YoY) | -273.1% | -206.2% | -162.8% | -54.9% | -60.0% | +11.9% | +54.6% | +94.4% | |
| Gross Margin | 79.5% | 91.6% | 90.3% | 90.2% | |||||
| Operating Margin | -8183.0% | -404.5% | -65.3% | -3.3% | |||||
| EBITDA Margin | -7991.1% | -381.6% | -55.8% | 0.7% | |||||
| Net Margin | -8449.8% | -439.8% | -71.3% | -4.3% | |||||
| FCF Margin | -7623.4% | -415.2% | -57.1% | -1.7% | |||||
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -1.2% | -0.5% | -7.8% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.57 | $-0.39 | $-1.13 | $-3.18 | $-3.55 | $-5.11 | $-3.57 | $-0.93 | $-0.05 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.1M | $36.2M | $38.1M | $35.7M | $49.4M | $55.0M | $69.3M | $121.0M | $127.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -8.52% |
| Return on Invested Capital | -4.02% |
| Return on Assets | -3.73% |
| Gross Margin | 91.14% |
| Operating Margin | 7.38% |
| Net Margin | 6.15% |
Financial Health
| Debt / Equity | 0.52 |
| Current Ratio | 2.92 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 6.98 |
Key Ratios (10y)
| Year | 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/B | -4.61 | -32.93 | 8.18 | 3.71 | 3.44 | 3.89 | 2.52 | 10.70 | 19.50 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 220.96 | 3.76 | 8.57 | 9.82 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 79.5% | 91.6% | 90.3% | 90.2% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -8183.0% | -404.5% | -65.3% | -3.3% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -8449.8% | -439.8% | -71.3% | -4.3% |
Related companies: CELC · CGON · CNTA · FOLD · IRON · LEGN · TARS
Explore sector: Healthcare · Biotechnology
More sections of ARQT: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks