[144] Arcutis Biotherapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Form 144 notice for Arcutis Biotherapeutics, Inc. (ARQT): The filing reports a proposed sale of 36,130 common shares through Merrill (Columbus, OH), with an aggregate market value of $583,716.00, against total outstanding shares of 119,905,078. The approximate date of sale is listed as 09/04/2025 on the NASDAQ. The filing documents the acquisition history for the securities to be sold, showing multiple employer stock purchase plan purchases and restricted stock vesting events between 03/01/2023 and 05/31/2024 totaling the lots listed. The filing also discloses a prior sale by Masaru Matsuda of 6,330 common shares on 08/04/2025 for gross proceeds of $90,687.00. The filer affirms no undisclosed material adverse information.

Positive

• Transparent disclosure of a proposed insider sale (36,130 shares, $583,716) consistent with Rule 144 requirements
• Detailed acquisition history included (ESPP purchases and restricted stock vesting dates and amounts)

Negative

• Insider sale activity may be interpreted negatively by some investors: proposed sale of 36,130 shares and a prior sale of 6,330 shares on 08/04/2025

Insights

Securities Analyst

TL;DR: Routine insider sale notice; materiality is limited but important for transparency.

The Form 144 documents a proposed sale of 36,130 Arcutis common shares valued at $583,716 and shows acquisition via ESPP and restricted stock vesting. Such filings are required to comply with Rule 144 and provide market participants visibility into insider liquidity. The prior sale of 6,330 shares for $90,687 is recorded, indicating recent disposal activity by the same seller. There are no earnings figures, debt changes, or corporate actions disclosed in this notice; its primary investor implication is disclosure of insider share movement rather than a change to company fundamentals.

Corporate Governance Expert

TL;DR: Compliance-focused filing showing insider sales and acquisition history; no governance issues asserted.

The filing lists the sources of the shares—EMployer stock purchase plan and multiple restricted stock vesting dates—demonstrating that the securities originated from compensated equity awards and purchases. The signer attests there is no undisclosed material adverse information. This Form 144 is a compliance disclosure and does not allege or reveal governance changes, executive departures, or policy amendments. Its significance lies in transparent reporting of insider selling activity.

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 Floor Columbus OH 43240	36130	583716.00	119905078	09/04/2025	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	05/31/2023	Employer stock purchase plan	Arcutis Biotherapeutics			1463	05/31/2023	cash
Common	05/31/2024	Employer stock purchase plan	Arcutis Biotherapeutics			4000	05/31/2024	cash
Common	08/01/2024	Restricted stock vest	Arcutis Biotherapeutics			8562	08/01/2024	na
Common	05/27/2023	Restricted stock vest	Arcutis Biotherapeutics			1886	05/27/2023	na
common	05/27/2024	Restricted stock vest	Arcutis Biotherapeutics			3100	05/27/2024	na
Common	05/01/2024	Rstricted stock vest	Arcutis Biotherapeutics			8766	05/01/2024	na
Common	03/01/2024	Restricted stock vest	Arcutis Biotherapeutics			4815	03/01/2024	na
Common	11/18/2023	Restricted stock vest	Arcutis Biotherapeutics			3025	11/18/2023	na
Common	03/01/2023	Restricted stock vest	Arcutis Biotherapeutics			513	03/01/2023	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
Masaru Matsuda 3027 Townsgate Rd Ste 300, Westlake Village CA 91361	Common	08/04/2025	6330	90687.00

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

What does the Form 144 filed for ARQT disclose?

The notice discloses a proposed sale of 36,130 Arcutis common shares valued at $583,716.00, to be sold approximately on 09/04/2025 on NASDAQ through Merrill.

Who sold shares recently according to the filing?

The filing records a prior sale by Masaru Matsuda of 6,330 common shares on 08/04/2025 for gross proceeds of $90,687.00.

What is the source of the shares to be sold?

The shares were acquired via employer stock purchase plan purchases and multiple restricted stock vesting events between 03/01/2023 and 05/31/2024, with lot amounts listed in the filing.

What is the total number of Arcutis shares outstanding noted in the filing?

The filing lists 119,905,078 shares outstanding.

Which broker is handling the proposed sale?

The broker named in the filing is Merrill (address: 8890 Lyra Dr 5th Floor, Columbus, OH 43240).