Arcutis Announces Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

Rhea-AI Summary

Arcutis (Nasdaq: ARQT) reported strong commercial momentum for ZORYVE with Q4 2025 net product revenue of $127.5M (up 84% YoY, +29% sequential) and full-year 2025 net product revenue of $372.1M (up 123% YoY). The company generated $26.2M operating cash flow in Q4, raised 2026 net product sales guidance to $480–$495M, and expects an sNDA submission for ZORYVE cream 0.05% in infants in Q2 2026.

Arcutis also expanded its dermatology sales force, secured broader Medicare access, and holds cash and marketable securities of $221.3M as of Dec 31, 2025.

Positive

• Q4 ZORYVE net product revenue of $127.5M (+84% YoY)
• Full-year ZORYVE net product revenue $372.1M (+123% YoY)
• $26.2M operating cash flow in Q4 2025
• Raised 2026 net product sales guidance to $480–$495M
• sNDA accepted with PDUFA date June 29, 2026

Negative

• SG&A increased to $274.6M in 2025 (+20% YoY)
• Full-year net loss of $16.1M for 2025 remains a loss
• Other revenue declined from $30.0M (2024) to $4.0M (2025)
• Cash and marketable securities down to $221.3M from $228.6M

Market Reaction – ARQT

+9.22% $29.50

15m delay 6 alerts

+9.22% Since News

$29.50 Last Price

$26.76 $29.90 Day Range

+$279M Valuation Impact

$3.31B Market Cap

0.1x Rel. Volume

Following this news, ARQT has gained 9.22%, reflecting a notable positive market reaction. Our momentum scanner has triggered 6 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $29.50. This price movement has added approximately $279M to the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 ZORYVE net product revenue: $127.5M Full-year 2025 ZORYVE net product revenue: $372.1M 2026 net product sales guidance: $480M–$495M +5 more

8 metrics

Q4 2025 ZORYVE net product revenue $127.5M Q4 2025, +84% vs Q4 2024, +29% vs Q3 2025

Full-year 2025 ZORYVE net product revenue $372.1M 2025, +123% versus prior year

2026 net product sales guidance $480M–$495M Raised full-year 2026 guidance range

Q4 2025 total revenues $129.5M Quarter ended December 31, 2025

Q4 2025 net income $17.4M Quarter ended December 31, 2025

Full-year 2025 net loss $16.1M Year ended December 31, 2025

Cash and securities $221.3M Cash, equivalents, restricted cash, and marketable securities as of Dec 31, 2025

Q4 2025 operating cash flow $26.2M Net cash provided by operating activities in Q4 2025

Market Reality Check

Price: $26.98 Vol: Volume 768,243 is below r...

low vol

$26.98 Last Close

Volume Volume 768,243 is below recent activity, with volume_relative at 0.65 versus the 20-day average. low

Technical Price 26.98 is trading above the 200-day MA at 20.56, indicating a pre-news uptrend.

Peers on Argus

ARQT was up 2.55% while momentum peers like BEAM (-8.36%) and TVTX (-5.08%) move...

2 Down

ARQT was up 2.55% while momentum peers like BEAM (-8.36%) and TVTX (-5.08%) moved lower, indicating a stock-specific reaction rather than a sector-wide move.

Previous Earnings Reports

5 past events · Latest: Oct 28 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 28	Q3 2025 earnings	Positive	+27.0%	Strong Q3 revenue growth and turn to net income with solid cash balance.
Aug 06	Q2 2025 earnings	Positive	-8.1%	Robust revenue growth and reduced net loss alongside key regulatory wins.
May 06	Q1 2025 earnings	Positive	-4.3%	High ZORYVE growth and broad coverage gains despite continued net loss.
Feb 25	FY/Q4 2024 earnings	Positive	+8.4%	Strong Q4 revenue ramp, large full-year growth, and cash-rich balance sheet.
Nov 06	Q3 2024 earnings	Positive	+7.7%	Substantial revenue acceleration and improving gross-to-net dynamics.

Pattern Detected

Earnings have often driven sizable moves, with mostly positive reactions but some divergences when strong results did not translate into gains.

Recent Company History

Recent history shows Arcutis using strong ZORYVE growth to improve its financial profile across multiple quarters. Prior earnings highlighted rapid revenue expansion, a shift to profitability in Q3 2025, and initial 2026 guidance of $455–$470M. Today’s update extends that trajectory with higher net product revenue, positive cash from operations, and raised 2026 guidance, building directly on the company’s prior earnings milestones.

Historical Comparison

+6.1% avg move · Past earnings headlines moved ARQT by an average of 6.13%. Today’s 2.55% move is smaller than typica...

earnings

+6.1%

Average Historical Move earnings

Past earnings headlines moved ARQT by an average of 6.13%. Today’s 2.55% move is smaller than typical but directionally consistent with prior positive earnings reactions.

Earnings releases show steady ZORYVE revenue growth, improving losses into net income by Q3 2025, and progressively higher 2026 sales guidance, underscoring a multi-quarter ramp in the dermatology franchise.

Market Pulse Summary

The stock is up +9.2% following this news. A strong positive reaction aligns with Arcutis’s pattern ...

Analysis

The stock is up +9.2% following this news. A strong positive reaction aligns with Arcutis’s pattern of earnings-driven moves, where prior reports have sometimes produced double-digit gains. The combination of higher ZORYVE revenues, positive Q4 net income of $17.4M, and raised 2026 guidance to $480–$495M reinforced the existing uptrend above the 200-day MA. Investors have often rewarded this name when growth and profitability progress together.

Key Terms

phosphodiesterase-4 (pde4) inhibitor, atopic dermatitis, seborrheic dermatitis, vitiligo, +4 more

8 terms

phosphodiesterase-4 (pde4) inhibitor medical

"ZORYVE—a highly potent and selective phosphodiesterase-4 (PDE4) inhibitor in once-daily..."

A phosphodiesterase-4 (PDE4) inhibitor is a type of drug that blocks an enzyme responsible for breaking down a key signaling molecule inside cells, which tends to reduce inflammation and other overactive immune responses—think of it as turning down an internal volume knob on inflammatory signals. Investors care because PDE4 inhibitors are used or explored for multiple disorders (skin, lung, brain), so trial results, regulatory decisions, patents and side-effect profiles can materially affect a drug’s commercial potential and a company’s valuation.

atopic dermatitis medical

"...for the treatment of atopic dermatitis in children ages 2 to 5 years old..."

A chronic inflammatory skin condition, often called eczema, that causes dry, itchy, red patches and recurring flare-ups; think of it as a persistent rash that can come and go over a person’s life. It matters to investors because its chronic nature and large patient population create steady demand for treatments, influence drug development and approval decisions, affect healthcare costs and reimbursement, and can drive revenue and valuation shifts for companies working on therapies and diagnostics.

seborrheic dermatitis medical

"...individuals with seborrheic dermatitis to tee up a conversation with their health care providers."

Seborrheic dermatitis is a common, chronic skin condition that causes red, flaky, itchy patches where oil-producing glands are concentrated, such as the scalp, face and chest. Investors care because it creates steady demand for over-the-counter and prescription treatments, influences clinical trial and regulatory risk for new therapies, and can affect sales, reimbursement and market share in dermatology—think of it as a recurring household problem that sustains a health-care product market.

vitiligo medical

"...proof-of-concept studies with ZORYVE foam 0.3% for the treatment of vitiligo and hidradenitis..."

An autoimmune skin condition in which the body’s immune system destroys pigment-producing cells, causing irregular white patches on the skin; think of it like paint fading in isolated areas. It matters to investors because the condition creates demand for medical treatments, topical products and cosmetic coverage, so advances in therapies, clinical trial results or regulatory approvals can alter potential market size and a company’s future revenue prospects.

hidradenitis suppurativa medical

"...foam 0.3% for the treatment of vitiligo and hidradenitis suppurativa, and expects to report..."

A chronic skin disease marked by recurring, painful lumps and tunnels under the skin that often leak and leave scars; it behaves like a slow-burning, recurring infection in areas with many sweat glands. For investors, it matters because the condition has few consistently effective treatments and causes long-term healthcare use, making successful new drugs, devices, or diagnostics potentially high-value opportunities while also carrying clinical-trial, regulatory and reimbursement risks.

supplemental new drug application (snda) regulatory

"...with a Supplemental New Drug Application (sNDA) submission expected in Q2 2026..."

A supplemental new drug application (snda) is a formal request made to regulatory authorities to make changes to an already approved medication, such as adding new uses, adjusting dosages, or improving manufacturing processes. It’s similar to updating a product’s packaging or instructions after it has been approved for sale. For investors, an snda signals ongoing development or improvements that could impact a company’s future sales or regulatory approval prospects.

prescription drug user fee act (pdufa) regulatory

"...with a Prescription Drug User Fee Act (PDUFA) target action date set for June 29, 2026."

The Prescription Drug User Fee Act (PDUFA) is a law that allows drug companies to pay fees to the government to help speed up the review process for new medicines. This funding aims to ensure that important drugs reach patients faster, which can influence a company's ability to bring products to market efficiently. For investors, PDUFA-related decisions can impact drug approval timelines and company performance.

rule 10b5-1 trading plan financial

"All reported transactions were carried out under a pre-arranged Rule 10b5-1 trading plan..."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

AI-generated analysis. Not financial advice.

• Q4 2025 net product revenue for ZORYVE^® (roflumilast) was $127.5 million, an 84% increase compared to Q4 2024, and a 29% increase compared to Q3 2025
• Full year 2025 net product revenue for ZORYVE was $372.1 million, an increase of 123% over the prior year
• Reported positive topline data for the INTEGUMENT-INFANT Phase 2 trial of ZORYVE cream 0.05% in children ages 3 to 24 months with mild to moderate atopic dermatitis, with a Supplemental New Drug Application (sNDA) submission expected in Q2 2026
• Announced expansion of its dermatology sales force and, separately, the initiation of a targeted Arcutis commercialization effort for primary care and pediatric health care providers
• Produced positive operating cash flow in Q4 2025 and anticipates maintaining positive operating cash flow on a quarterly basis going forward
• Company raised 2026 full year net product sales guidance to $480 million – $495 million
  
  

WESTLAKE VILLAGE, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported financial results for the quarter and year ended December 31, 2025, and provided a business update.

“In 2025, Arcutis continued its strong performance trend, with more than 90% year-over-year growth in net product revenue, reflecting strong demand for ZORYVE, successful execution across multiple product launches that leveraged ZORYVE’s differentiated profile, and early penetration into the large topical steroid market,” said Frank Watanabe, president and chief executive officer of Arcutis. “We enter the next phase of our growth with a solid cash position and the resources to invest both in ZORYVE’s continued growth and expansion, and to build and advance our pipeline through our world-class development organization.”

Fourth Quarter and Full Year 2025 Financial Results and Business Update

Commercial Highlights

ZORYVE—a highly potent and selective phosphodiesterase-4 (PDE4) inhibitor in once-daily cream and foam formulations, approved in the United States and Canada for the treatment of plaque psoriasis, atopic dermatitis, and seborrheic dermatitis.

• ZORYVE net product sales for the fourth quarter of 2025 were $127.5 million, reflecting 29% sequential growth over the third quarter of 2025 and 84% year-over-year growth. Sequential growth was driven by increasing demand across products and improved gross-to-net (GTN) pricing.
• ZORYVE net product sales for the full year of 2025 were $372.1 million, reflecting a 123% increase versus 2024. This year-over-year growth was primarily driven by increasing demand across products.
• Secured Medicare access beginning in January 2026, with approximately one in three Medicare patients now having non-preferred access to ZORYVE.
• The Company launched ZORYVE cream 0.05% for the treatment of atopic dermatitis in children ages 2 to 5 years old following Food and Drug Administration (FDA) approval in early October 2025.
• Announced expansion of its dermatology sales force to optimize prescriber targeting and call frequency in order to deepen adoption of ZORYVE.
• Mutually agreed to terminate the promotion agreement with Kowa in January 2026. The Company plans to assume responsibility for sales and promotion of ZORYVE in the pediatric and primary care settings with a targeted sales team.
  
  

Clinical and Regulatory Developments

• sNDA accepted for ZORYVE cream 0.3% for the treatment of plaque psoriasis down to 2 years of age with a Prescription Drug User Fee Act (PDUFA) target action date set for June 29, 2026.
• Reported positive topline results for the INTEGUMENT-INFANT Phase 2 study evaluating ZORYVE cream 0.05% in infants with atopic dermatitis ages 3 to 24 months old. The Company plans to submit an sNDA for ZORYVE cream 0.05% for this age group in Q2 2026.
• The Company continues to enroll patients in Phase 2 proof-of-concept studies with ZORYVE foam 0.3% for the treatment of vitiligo and hidradenitis suppurativa, and expects to report decisions on program advancement in these indications in the fourth quarter of 2026 and first quarter of 2027, respectively.
• The Company is preparing to enroll the first patient in a Phase 1 study of ARQ-234, a fusion protein that is a potent and highly selective checkpoint agonist of the CD200 receptor, being developed as a potential novel biologic treatment for atopic dermatitis, in Q1 2026.
  
  

Corporate Updates

• Achieved positive cash flow with $26.2 million of cash flow from operations in Q4 2025 driven by the continued momentum of ZORYVE net sales growth combined with expense discipline.
• Announced that professional golfer Max Homa, six-time PGA Tour winner, joined the Free to Be Me Awareness campaign, urging individuals with seborrheic dermatitis to tee up a conversation with their health care providers.
• Appointed Amit Munshi to the Board of Directors in December 2025 following the retirement of Bhaskar Chaudhuri.
• The Company obtained one new U.S. patent in Q4 2025 related to topical roflumilast foam compositions, extending exclusivity in the United States for our foam formulation from 2041 to 2042.
  
  

Fourth Quarter and Full Year 2025 Summary Financial Results

Total revenues for the quarter ended December 31, 2025 were $129.5 million compared to $71.4 million for the corresponding period in 2024. This year-over-year increase was primarily driven by strong unit demand growth. The quarters ended December 31, 2025 and 2024 each included Other revenue of $2.0 million. Total revenues for the year ended December 31, 2025 were $376.1 million compared to $196.5 million for the corresponding period in 2024. These year-over-year increases were primarily due to strong unit demand growth, partially offset by a reduction in Other revenue. Total revenues for 2025 and 2024 include Other revenue of $4.0 million and $30.0 million, respectively. Other revenue in 2024 was primarily driven by $25.0 million from an upfront payment in connection with the Sato Japan License Agreement.

Cost of sales for the quarter ended December 31, 2025 was $11.7 million compared to $6.9 million for the corresponding period in 2024. Cost of sales for the year ended December 31, 2025 was $36.7 million compared to $19.1 million for the corresponding period in 2024. These year-over-year increases in cost of product sold were driven by an increase in ZORYVE sales volume.

Research and development (R&D) expenses for the quarter ended December 31, 2025 were $20.5 million compared to $14.5 million for the corresponding period in 2024. This increase in R&D expense resulted from higher clinical development and medical affairs costs related to our roflumilast programs. R&D expenses for the year ended December 31, 2025 were $77.1 million compared to $76.4 million for the corresponding period in 2024. Expenses remained consistent year over year, as increased development costs for roflumilast in pediatric atopic dermatitis were largely offset by a decrease in preclinical development costs.

Selling, general, and administrative (SG&A) expenses for the quarter ended December 31, 2025 were $79.0 million compared to $57.6 million for the corresponding period in 2024. SG&A expenses for the year ended December 31, 2025 were $274.6 million compared to $229.4 million for the corresponding period in 2024. These year-over-year increases were primarily due to higher sales and marketing expenses related to our continued commercialization efforts for ZORYVE.

Net income was $17.4 million, or $0.14 per basic share and $0.13 per diluted share, for the quarter ended December 31, 2025, compared to a net loss of $10.8 million, or $0.09 per basic and diluted share, for the corresponding period in 2024. Net loss was $16.1 million, or $0.13 per basic and diluted share, for the year ended December 31, 2025, compared to a net loss of $140.0 million, or $1.16 per basic and diluted share, for the corresponding period in 2024.

Cash, cash equivalents, restricted cash, and marketable securities were $221.3 million as of December 31, 2025, compared to $228.6 million as of December 31, 2024. Net cash provided by operating activities was $26.2 million during the fourth quarter of 2025, and net cash used in operating activities was $5.6 million during the full year 2025.

Financial Guidance
The Company raised net product revenue guidance for the full year 2026 from between $455 million and $470 million to between $480 million and $495 million.

Conference Call and Webcast
Arcutis management will host a conference call and webcast today at 4:30 p.m. ET to discuss the financial results for the quarter and provide a business update. The webcast for this event can be accessed on the “Events” section of the Company’s website. The replay of the webcast will be available on the Arcutis website following the event.

About Arcutis
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is a commercial-stage medical dermatology company that champions meaningful innovation to address the urgent needs of individuals living with immune-mediated dermatological diseases and conditions. With a commitment to solving the most persistent patient challenges in dermatology, Arcutis has a growing portfolio of advanced targeted topicals approved to treat three major inflammatory skin diseases. Arcutis’ unique dermatology development platform, coupled with our dermatology expertise allows us to develop differentiated therapies against biologically validated targets, and has produced a robust pipeline for a range of inflammatory dermatological conditions. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn, Facebook, Instagram and X.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For example, statements contained in this press release regarding matters that are not historical facts are forward-looking statements. These statements are based on the Company's current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements regarding the potential to address large markets with significant unmet need; the development, submission, and potential approval, and potential commercialization of product candidates and expanded indications; the potential commercial success and growth of ZORYVE in plaque psoriasis, seborrheic dermatitis, and atopic dermatitis; anticipated net product sales for 2026; the expansion of the Company's dermatology sales force and the success of the Company's efforts in primary care and pediatric health care providers; the Company's ability to maintain positive operating cash flow on a quarterly basis; the building and advancement of the Company's pipeline; and the timing of regulatory filings and potential approvals. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements and you should not place undue reliance on our forward-looking statements. Risks and uncertainties that may cause our actual results to differ include risks inherent in the clinical development process and regulatory approval process, the timing of regulatory filings, the timing, expenses, and success of our commercialization efforts, including uncertainty of future commercial sales and related items that can impact net sales, and our ability to defend our intellectual property. For a further description of the risks and uncertainties applicable to our business, see the “Risk Factors” section of our Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 25, 2026, as well as any subsequent filings with the SEC. Any forward-looking statements that the Company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, we undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.

Contacts:

Media
Amanda Sheldon, Head of Corporate Communications
media@arcutis.com

Investors
Brian Schoelkopf, Head of Investor Relations
ir@arcutis.com

ARCUTIS BIOTHERAPEUTICS, INC. Condensed Consolidated Balance Sheets (In thousands) (unaudited)
	December 31,				December 31,
		2025				2024
ASSETS
Current assets:
Cash and cash equivalents	$	42,907			$	71,335
Restricted cash		308				617
Marketable securities		178,075				156,620
Trade receivable, net		146,229				73,066
Inventories		22,634				14,526
Prepaid expenses and other current assets		21,079				19,656
Total current assets		411,232				335,820
Property, plant, and equipment, net		1,043				1,041
Intangible assets, net		14,812				9,479
Operating lease right-of-use asset		4,467				1,953
Other assets		1,419				596
Total assets	$	432,973			$	348,889
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	12,528			$	14,220
Current portion of long-term debt, net		1,000				—
Accrued and other current liabilities		116,310				66,793
Total current liabilities		129,838				81,013
Operating lease liability, long-term		5,266				2,562
Long-term debt, net		107,959				107,203
Other long-term liabilities		431				570
Total liabilities		243,494				191,348
Stockholders’ equity:
Common stock		12				12
Additional paid-in capital		1,327,595				1,279,479
Accumulated other comprehensive loss		(44	)			(7	)
Accumulated deficit		(1,138,084	)			(1,121,943	)
Total stockholders’ equity		189,479				157,541
Total liabilities and stockholders’ equity	$	432,973			$	348,889

ARCUTIS BIOTHERAPEUTICS, INC. Condensed Consolidated Statements of Operations (In thousands, except per share data) (unaudited)
	Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
Revenues:
Product revenue, net	$	127,503			$	69,360			$	372,072			$	166,542
Other revenue		2,000				2,000				4,000				30,000
Total revenues		129,503				71,360				376,072				196,542
Operating expenses:
Cost of sales		11,688				6,905				36,695				19,128
Research and development		20,451				14,480				77,051				76,420
Selling, general, and administrative		78,977				57,607				274,553				229,391
Total operating expenses		111,116				78,992				388,299				324,939
Income (loss) from operations		18,387				(7,632	)			(12,227	)			(128,397	)
Other income (expense):
Interest income		2,166				2,881				8,897				16,126
Interest expense		(3,001	)			(5,551	)			(12,083	)			(27,168	)
Other income (expense), net		313				(163	)			443				47
Income (loss) before income taxes		17,865				(10,465	)			(14,970	)			(139,392	)
Provision for income taxes	$	470			$	323			$	1,171			$	647
Net income (loss)	$	17,395			$	(10,788	)		$	(16,141	)		$	(140,039	)
Earnings (loss) per share:
Basic	$	0.14			$	(0.09	)		$	(0.13	)		$	(1.16	)
Diluted	$	0.13			$	(0.09	)		$	(0.13	)		$	(1.16	)
Weighted-average shares used in computing earnings (loss) per share:
Basic		128,251				124,919				127,234				120,958
Diluted		135,635				124,919				127,234				120,958

FAQ

How much did Arcutis (ARQT) report in Q4 2025 net product revenue for ZORYVE?

Arcutis reported $127.5 million in Q4 2025 net product revenue for ZORYVE. According to the company, this represents an 84% year-over-year increase and a 29% sequential increase versus Q3 2025 driven by demand and GTN improvements.

What is Arcutis's full-year 2025 net product revenue and year-over-year growth (ARQT)?

Full-year 2025 net product revenue for ZORYVE was $372.1 million. According to the company, that equals a 123% increase versus 2024, driven primarily by increased product demand across formulations and launches.

What guidance did Arcutis (ARQT) provide for 2026 net product sales on Feb 25, 2026?

Arcutis raised full-year 2026 net product sales guidance to $480–$495 million. According to the company, this upward revision reflects continued ZORYVE momentum and expanded commercial efforts in dermatology and primary care.

Did Arcutis report positive operating cash flow in Q4 2025 and what was the amount (ARQT)?

Yes, Arcutis reported positive operating cash flow of $26.2 million in Q4 2025. According to the company, this was driven by ZORYVE sales growth combined with expense discipline during the quarter.

What regulatory and clinical milestones did Arcutis (ARQT) announce on Feb 25, 2026?

Arcutis confirmed an accepted sNDA with a PDUFA date of June 29, 2026 and positive infant study topline results. According to the company, an sNDA for ZORYVE 0.05% in infants is expected to be submitted in Q2 2026.

How did Arcutis's operating expenses and other revenue change in 2025 (ARQT)?

SG&A rose to $274.6 million in 2025 while Other revenue fell to $4.0 million. According to the company, higher sales and marketing spending increased SG&A, and prior-year Other revenue included a $25.0 million upfront payment.