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

Rhea-AI Summary

Arcutis Biotherapeutics (NASDAQ: ARQT) has granted a total of 26,500 restricted stock units (RSUs) to three newly hired employees. The awards were approved by the company's Compensation Committee and granted under the Arcutis Biotherapeutics 2022 Inducement Plan on May 1, 2025. The RSUs will vest over a four-year period, with 25% vesting on each annual anniversary of the vesting commencement date, contingent on continuous employment. This grant was made in accordance with Nasdaq Listing Rule 5635(c)(4) as an inducement for the new employees joining the company.

WESTLAKE VILLAGE, Calif., May 02, 2025 (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 26,500 restricted stock units of Arcutis’ common stock to three 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 May 1, 2025, 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 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 invent differentiated therapies against biologically validated targets, and has produced a robust pipeline with multiple follow-on clinical programs for a range of inflammatory dermatological conditions including atopic dermatitis and alopecia areata. 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. These statements are subject to 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. Risks and uncertainties that may cause our actual results to differ include risks inherent in our business, reimbursement and access to our products, the impact of competition and other important factors discussed in the “Risk Factors” section of our Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on February 25, 2025, 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
Latha Vairavan, Vice President, Finance and Corporate Controller
ir@arcutis.com

FAQ

How many restricted stock units did Arcutis Biotherapeutics (ARQT) grant in May 2025?

Arcutis Biotherapeutics granted 26,500 restricted stock units to three newly hired employees on May 1, 2025.

What is the vesting schedule for ARQT's May 2025 restricted stock units grant?

The restricted stock units vest over four years, with 25% vesting on each annual anniversary of the vesting commencement date, subject to continuous employment.

Under which plan were the ARQT restricted stock units granted in May 2025?

The restricted stock units were granted under the Arcutis Biotherapeutics 2022 Inducement Plan.

Why did Arcutis Biotherapeutics issue these restricted stock units in May 2025?

The restricted stock units were granted as an inducement material to new employees entering into employment with Arcutis, in accordance with Nasdaq Listing Rule 5635(c)(4).