[144] Arcutis Biotherapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Arcutis Biotherapeutics, Inc. (ARQT) filed a Form 144 indicating a planned open-market sale of insider shares. The notice covers 5,750 common shares to be sold through Merrill Lynch on the NASDAQ around 07/14/2025. The broker-quoted aggregate market value is $86,654, implying an indicative price of roughly $15.07 per share. The filing shows 119,201,724 shares outstanding, so the proposed sale represents ~0.005% of the float.

The seller, Patrick Burnett (address: 3027 Townsgate Rd, Westlake Village, CA), acquired the shares on the same date via a stock-option exercise paid in cash. No relationship to the issuer is disclosed in the form. A review of the required three-month look-back reveals prior disposals by the same individual totaling 29,468 shares:

• 2,597 shares on 05/02/2025 for $39,442
• 3,871 shares on 05/08/2025 for $52,623
• 23,000 shares on 07/10/2025 for $346,047

Combining past and proposed transactions, Burnett intends to liquidate 35,218 shares for ~$524,766 in gross proceeds over the period. Form 144 asserts that the seller is not in possession of undisclosed material adverse information. No additional financial metrics, earnings data, or corporate developments are provided in the filing.

Positive

• Immaterial size: Proposed 5,750-share sale equals ~0.005% of outstanding stock, limiting market impact.
• Rule 144 compliance and reference to absence of undisclosed adverse information reduce regulatory or litigation risk.

Negative

• Ongoing insider selling trend: 29,468 shares already sold in prior three months; cumulative 35,218 shares (~$525k) may signal reduced insider confidence.
• No role disclosed: Lack of detail on seller’s position makes it harder for investors to gauge significance of the sale.

Insights

Financial Analyst

TL;DR: Small insider sale (<0.01% float) follows recent disposals; signal is mildly negative but unlikely to move the stock materially.

The filing discloses a forthcoming sale of 5,750 ARQT shares worth about $86.6k. Although insider selling can raise concern, the amount is de minimis relative to the 119.2 million shares outstanding and follows Rule 144 limits. The seller has liquidated 29,468 shares in the last three months, bringing the running total to 35,218 shares (~0.03% of float). No information on the seller’s role or motivation is given, limiting interpretation. Overall impact on valuation or liquidity appears negligible; however, continued selling could be read as a modest confidence headwind.

Corporate Governance Specialist

TL;DR: Continuous insider liquidation trend warrants monitoring; absence of role disclosure limits governance insight, modestly negative sentiment.

Rule 144 compliance and 10b5-1 language reduce legal risk, yet three separate sales in May–July plus the new notice suggest the insider is actively reducing exposure. Lack of stated relationship hampers assessment of strategic significance (executive vs. rank-and-file). Because the sale volume is immaterial, I classify the governance impact as low but directionally negative, meriting follow-up if additional filings occur.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Merrill Lynch 8890 Lyra Dr. 5th Floor Columbus OH 43240	5750	86654.00	119201724	07/14/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/14/2025	stock option exercise	Arcutis Biotherapetics Inc			5750	07/14/2025	cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Patrick Burnett 3027 Townsgate Rd Ste 300 Westlake Village CA 91361	Common	05/02/2025	2597	39442.00
Patrick Burnett 3027 Townsgate Rd Ste 300 Westlake Village CA 91361	common	05/08/2025	3871	52623.00
Patrick Burnett 3027 Townsgate Rd Ste 300 Westlake Village CA 91361	Common	07/10/2025	23000	346047.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many ARQT shares are being sold under this Form 144?

The notice covers 5,750 common shares of Arcutis Biotherapeutics.

What is the approximate market value of the proposed sale?

The aggregate market value is listed as $86,654.

When is the planned sale date for the ARQT shares?

The filing states an approximate sale date of 07/14/2025.

How many shares has the same seller disposed of during the past three months?

Prior sales total 29,468 shares for gross proceeds of about $438,112.

What percentage of Arcutis’ shares outstanding does the proposed sale represent?

The 5,750 shares equal roughly 0.005% of the 119,201,724 shares outstanding.

Which broker will handle the transaction?

Merrill Lynch, 8890 Lyra Dr., Columbus OH is listed as the executing broker.