Arcutis Biotherapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Arcutis Biotherapeutics, Inc. (ARQT) granted 33,750 restricted stock units to five new employees under the 2022 Inducement Plan. The units vest over four years, with 25% vesting annually, subject to continuous employment. The grant date was February 1, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4).

WESTLAKE VILLAGE, Calif., Feb. 06, 2024 (GLOBE NEWSWIRE) -- Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT), a commercial-stage biopharmaceutical company focused on developing meaningful innovations in immuno-dermatology, today reported the grant of an aggregate of 33,750 restricted stock units of Arcutis’ common stock to five newly hired employees. These awards were approved by the Compensation Committee of Arcutis’ Board of Directors and granted under the Arcutis Biotherapeutics, Inc. 2022 Inducement Plan, with a grant date of February 1, 2024, as an inducement material to the new employees entering into employment with Arcutis, in accordance with Nasdaq Listing Rule 5635(c)(4).

The restricted stock units vest over four years, with 25 percent vesting on each annual anniversary of the vesting commencement date, subject to the employee being continuously employed by Arcutis as of such vesting dates.

Arcutis is providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).

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 including two FDA approved products that harness our unique dermatology development platform coupled with our dermatology expertise to build differentiated therapies against biologically validated targets. Arcutis’ dermatology development platform includes a robust pipeline with multiple clinical programs for a range of inflammatory dermatological conditions including scalp and body psoriasis, atopic dermatitis, and alopecia areata. For more information, visit www.arcutis.com or follow Arcutis on LinkedIn, Facebook, and X.

Forward-Looking Statements
Arcutis cautions you that 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. 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 and expenses of commercialization efforts, 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 U.S. Securities and Exchange Commission (SEC) on February 28, 2023, as well as any subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements in this press release. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contacts:
Media
Amanda Sheldon, Head of Corporate Communications
asheldon@arcutis.com

Investors
Derek Cole
Investor Relations Advisory Solutions
derek.cole@iradvisory.com

 

FAQ

What is the purpose of the grant of restricted stock units by Arcutis Biotherapeutics, Inc. (ARQT)?

The purpose of the grant is to induce five newly hired employees to enter into employment with Arcutis.

How many restricted stock units were granted by Arcutis Biotherapeutics, Inc. (ARQT)?

A total of 33,750 restricted stock units were granted.

What is the vesting schedule for the restricted stock units granted by Arcutis Biotherapeutics, Inc. (ARQT)?

The units vest over four years, with 25% vesting on each annual anniversary of the vesting commencement date.

What is the grant date for the restricted stock units granted by Arcutis Biotherapeutics, Inc. (ARQT)?

The grant date was February 1, 2024.

Under which plan were the restricted stock units granted by Arcutis Biotherapeutics, Inc. (ARQT)?

The units were granted under the Arcutis Biotherapeutics, Inc. 2022 Inducement Plan.

What is the Nasdaq Listing Rule that the grant of restricted stock units complies with?

The grant complies with Nasdaq Listing Rule 5635(c)(4).