Arcutis Biotherapeutics (ARQT) financial statements
Arcutis Biotherapeutics reported revenue of $372M in fiscal 2025, up 365.6% a year over 3 years.
Net income was -$16M.
Free cash flow was -$6M.
The diluted share count rose 10163% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Arcutis Biotherapeutics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $0 | $4M | $29M | $167M | $372M |
| Cost of revenue | — | — | $0 | $0 | $754,000 | $5M | $19M | $37M |
| Gross profit | — | — | $0 | $0 | $3M | $24M | $147M | $335M |
| Research and development | $18M | $37M | $115M | $146M | $182M | $111M | $76M | $77M |
| Selling, general and admin | $2M | $7M | $21M | $61M | $122M | $185M | $229M | $275M |
| Operating income | -$20M | -$43M | -$137M | -$207M | -$302M | -$241M | -$128M | -$12M |
| Interest expense | — | — | $0 | $0 | $16M | $30M | $27M | $12M |
| Pre-tax income | — | — | — | -$206M | -$311M | -$256M | -$130M | -$8M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $3M | $647,000 | $1M |
| Net income | -$19M | -$42M | -$136M | -$206M | -$311M | -$262M | -$140M | -$16M |
| EPS (diluted) | -$15.53 | -$22.78 | -$3.80 | -$4.18 | -$5.66 | -$3.78 | -$1.16 | -$0.13 |
| Diluted shares | 1M | 2M | 36M | 49M | 55M | 69M | 121M | 127M |
| Gross margin | — | — | — | — | 79.5% | 82.9% | 88.5% | 90.1% |
| Operating margin | — | — | — | — | -8183.0% | -826.1% | -77.1% | -3.3% |
| Net margin | — | — | — | — | -8449.8% | -898.2% | -84.1% | -4.3% |
Balance sheet
Fiscal years, from Arcutis Biotherapeutics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $39M | $101M | $284M | $387M | $410M | $272M | $228M | $221M |
| Receivables | — | — | — | $0 | $8M | $26M | $73M | $146M |
| Inventory | — | — | — | $0 | $8M | $13M | $15M | $23M |
| Total current assets | — | $106M | $293M | $403M | $437M | $330M | $336M | $411M |
| Property, plant and equipment | — | $227,000 | $2M | $2M | $2M | $2M | $1M | $1M |
| Total assets | — | $107M | $298M | $408M | $449M | $341M | $349M | $433M |
| Total current liabilities | — | $5M | $23M | $33M | $38M | $47M | $81M | $130M |
| Long-term debt | — | — | $0 | $72M | $198M | $202M | $107M | $108M |
| Total liabilities | — | $6M | $28M | $110M | $240M | $253M | $191M | $243M |
| Shareholders' equity | -$24M | -$65M | $271M | $298M | $210M | $89M | $158M | $189M |
| Net debt | -$39M | -$63M | -$65M | -$24M | $144M | $113M | $36M | $66M |
Cash flow
Fiscal years, from Arcutis Biotherapeutics's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$14M | -$43M | -$113M | -$175M | -$258M | -$247M | -$112M | -$6M |
| Capital spending | $0 | $295,000 | $321,000 | $995,000 | $333,000 | $428,000 | $143,000 | $686,000 |
| Free cash flow | -$14M | -$43M | -$113M | -$176M | -$258M | -$247M | -$112M | -$6M |
| Stock-based compensation | $151,000 | $824,000 | $8M | $24M | $33M | $39M | $42M | $40M |
| Net borrowing | — | $0 | $0 | $74M | $125M | $0 | -$100M | $0 |
| Free cash flow margin | — | — | — | — | -7000.8% | -848.0% | -67.4% | -1.7% |
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Open ARQT in InvestinglyQuestions
What was Arcutis Biotherapeutics's revenue in 2025?
$372M in fiscal 2025, from its 10-K filing.
How much free cash flow does Arcutis Biotherapeutics generate?
-$6M in fiscal 2025 (operating cash flow minus capital spending).
From Arcutis Biotherapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.