[144] Arcutis Biotherapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Arcutis Biotherapeutics (ARQT) insider filing reports a proposed sale of 24,261 common shares through Merrill Lynch on NASDAQ with an aggregate market value of $469,074 and an approximate sale date of 10/01/2025. The shares reflect restricted stock vesting events on 03/01/2025 (6,255 shares), 05/01/2025 (3,988 shares) and 08/01/2025 (14,018 shares). The filer also reported three recent sales within the past three months: 504 shares on 09/09/2025 for $8,829, 9,625 shares on 09/08/2025 for $168,800, and 11,547 shares on 08/04/2025 for $165,429.

Positive

• Sources of shares are disclosed as restricted stock vesting on 03/01/2025, 05/01/2025, and 08/01/2025, indicating compensation-based acquisition
• Planned sale routed through a major broker (Merrill Lynch) on NASDAQ, suggesting orderly market execution
• Recent disclosed sales are fully reported with dates and gross proceeds, demonstrating compliance with Rule 144 reporting

Negative

• Insider liquidity event: proposed sale of 24,261 shares valued at $469,074 may be viewed negatively by some investors
• Substantial recent sales: 21,676 shares were sold in the past three months for aggregate gross proceeds of $343,058, which could signal significant insider selling pressure

Insights

Securities Analyst

TL;DR: Routine insider sales from vested restricted stock totaling 24,261 shares proposed; recent dispositions of 21,676 shares generated $343,058.

The filing documents a planned market sale of 24,261 common shares valued at $469,074, with acquisition via restricted stock vesting on three dates in 2025. The form also discloses recent open-market sales totaling 21,676 shares across August and September 2025 that produced aggregate gross proceeds of $343,058. From a securities-transaction perspective, these are transparent, rule-144 notices tied to compensation vesting and routine liquidity events rather than debt-driven or exceptional dispositions. Investors may interpret clustered sales as insider liquidity but the filing does not state any nonpublic company developments or unusual circumstances.

Corporate Governance Specialist

TL;DR: Disclosure aligns with Rule 144 requirements; transactions stem from restricted stock vesting and are properly reported.

The report details the source of securities as restricted stock vesting from the issuer, which is a standard form of executive/employee compensation. The filer affirms no known material nonpublic information. The filing includes broker details and planned sale date, supporting compliance with reporting obligations. There is no indication of a 10b5-1 plan or other alternative trading arrangement disclosed in the remarks. Overall, the filing appears procedurally complete for an insider disposition under Rule 144.

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 Drive 5th Floor Columbus OH 43240	24261	469074	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	08/01/2025	Restricted Stock Vest	Arcutis Biotherapeutics			14018	08/01/2025	NA
Common	05/01/2025	Restricted Stock Vest	Arcutis Biotherapeutics			3988	05/01/2025	NA
Common	03/01/2025	Restricted Stock Vest	Arcutis Biotherapeutics			6255	03/01/2025	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
Todd Franklin Watanabe 3027 Townsgate Rd Suite 300 Westlake Village CA 91361	Common	09/09/2025	504	8829
Todd Franklin Watanabe 3027 Townsgate Rd Suite 300 Westlake Village CA 91361	Common	09/08/2025	9625	168800
Todd Franklin Watanabe 3027 Townsgate Rd Suite 300 Westlake Village CA 91361	Common	08/04/2025	11547	165429

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 disclose about the proposed sale?

The filing discloses a proposed sale of 24,261 common shares via Merrill Lynch on NASDAQ with an aggregate market value of $469,074 and an approximate sale date of 10/01/2025.

How were the shares being sold acquired according to the filing?

The shares were acquired through restricted stock vesting on 03/01/2025 (6,255 shares), 05/01/2025 (3,988 shares), and 08/01/2025 (14,018 shares).

Did the filer report any recent sales of ARQT shares?

Yes. The filer sold 11,547 shares on 08/04/2025 for $165,429, 9,625 shares on 09/08/2025 for $168,800, and 504 shares on 09/09/2025 for $8,829.

Does the filing indicate the sales are part of a 10b5-1 trading plan?

The filing does not indicate adoption of a 10b5-1 trading plan or provide a plan adoption date in the remarks section.

Who is the broker and where will the shares be sold?

The broker listed is Merrill Lynch (8890 Lyra Drive, Columbus, OH) and the planned sale is on NASDAQ.