[144] Arcutis Biotherapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 filing for Arcutis Biotherapeutics (ARQT) shows a proposed sale of 10,000 common shares planned for 10/01/2025 through Merrill, with an aggregate market value of $189,227. The issuer has 119,905,078 shares outstanding. The seller's holdings were acquired mostly through stock option exercise and restricted stock vesting between 2018 and 2023, totaling several thousand shares per grant. The filing also discloses two recent sales by the same person: 10,000 shares sold on 09/02/2025 for $156,383 and 10,000 on 08/01/2025 for $142,982. The signer certifies no undisclosed material adverse information.

Positive

• Rule 144 compliance observed with detailed acquisition dates and payment nature disclosed
• Insider disclosed recent sales (Aug and Sept 2025), providing transparency to the market
• Securities were acquired via option exercise and restricted stock vesting, indicating compensation-related holdings rather than external purchases

Negative

• Repeated sales (10,000 shares in Aug, Sept, and proposed Oct 2025) could indicate continued insider monetization
• No 10b5-1 plan date provided in the visible remarks, so trades may not be under a pre-established plan

Insights

Securities Analyst

Insider sales disclosed; routine Rule 144 notice with limited market impact.

The Form 144 indicates the holder is selling 10,000 shares valued at $189,227 on 10/01/2025 under Rule 144. Recent disposition history shows two prior sales of 10,000 shares each in Aug and Sept 2025, suggesting ongoing portfolio monetization rather than a one-time event. Given the company's ~120 million shares outstanding, these transactions are small relative to float and likely not materially dilutive. The filing documents acquisition sources (option exercise and vesting), which is standard and supports compliance with transfer restrictions.

Corporate Governance Expert

Disclosure aligns with compliance requirements; watch for pattern but not immediately alarming.

The form properly lists acquisition dates and the nature of grants (option exercise and restricted stock vesting) and includes the required representation about nonpublic material information. Repeated disclosures of insider sales over consecutive months merit monitoring for any emerging pattern, but the sizes disclosed here are modest relative to total shares outstanding. No indication of trading plan date or 10b5-1 adoption is provided in the filing text.

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 8890 Lyra Dr 5th Flr Columbus OH 43215	10000	189227	119905078	10/01/2025	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	06/04/2018	Stock option exercise	Arcutis Biotherapeutics Inc			462	06/04/2018	Cash
Common	04/16/2021	restricted stock vest	Arcutis Biotherapeutics Inc			2159	04/16/2021	na
Common	05/21/2021	restricted stock vest	Arcutis Biotherapeutics Inc			1612	05/21/2021	na
Common	02/27/2022	restricted stock vest	Arcutis Biotherapeutics Inc			2250	02/27/2022	na
Common	02/27/2023	restricted stock vest	Arcutis Biotherapeutics Inc			2250	02/27/2023	na
Common	06/01/2023	restricted stock vest	Arcutis Biotherapeutics Inc			1267	06/01/2023	na

* 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
Howard Welgus 3027 Townsgate Rd Ste 300 Westlake Village CA 91361	Common	09/02/2025	10000	156383
Howard Welgus 3027 Townsgate Rd Ste 300 Westlake Village CA 91361	Common	08/01/2025	10000	142982

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

What does the Form 144 for ARQT notify?

The form notifies a proposed sale of 10,000 common shares planned for 10/01/2025 with aggregate market value $189,227.

Who is the seller and what recent sales are disclosed?

The seller is identified as Howard Welgus, with recent sales of 10,000 shares on 09/02/2025 (gross proceeds $156,383) and 10,000 on 08/01/2025 (gross proceeds $142,982).

How were the shares being sold originally acquired?

Shares were acquired through a stock option exercise (06/04/2018) and multiple restricted stock vesting events between 2021 and 2023.

Through which broker will the sale occur?

The proposed sale is listed to occur through Merrill at the address shown (Columbus, OH).

How large are these sales relative to outstanding shares?

The issuer has 119,905,078 shares outstanding; a 10,000-share sale represents a very small fraction of total shares.