[144] Arcutis Biotherapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Arcutis Biotherapeutics, Inc. (ARQT) – Form 144 filing: Insider Masaru Matsuda filed notice to dispose of up to 6,330 common shares through Merrill (Columbus, OH) on or after 08/04/2025. At the most recent market price, the proposed sale is valued at $90,687. The shares originate from a restricted-stock vesting on 08/01/2025. Arcutis has 11.92 million shares outstanding, so the sale equals roughly 0.05 % of shares outstanding.

During the past three months Matsuda already sold 6,830 shares for gross proceeds of $101,261 (5/02 & 5/28 2025). Form 144 is a notice only; execution is not assured. By signing, the filer affirms no undisclosed material adverse information exists. No other operational or financial metrics were disclosed.

Positive

• None.

Negative

• Repeated insider selling: The filer has sold or plans to sell a combined 13,160 shares within three months, which can be perceived as a mild negative sentiment signal.

Insights

Securities Analyst

TL;DR: Small insider sale (~$91k, 0.05 % float) signals limited negative sentiment; immaterial to valuation.

The filing reveals another modest planned disposition by Masaru Matsuda following two earlier sales this quarter. Cumulatively, his 2025 activity totals 13,160 shares, still well below reporting thresholds that would indicate heavy unloading. Given ARQT’s 11.9 M shares outstanding, dilution or market-supply impact is negligible. However, recurring disposals can be interpreted as waning insider confidence, especially absent offsetting insider buys.

Corporate Governance Expert

TL;DR: Routine Rule 144 filing; corporate governance risk unchanged.

Form 144 filings are procedural for affiliate resales. The signer certifies no non-public adverse information, mitigating concerns of information asymmetry. No 10b5-1 plan details were provided, so investors cannot confirm if sales are pre-scheduled. Still, transaction size is de minimis, suggesting low governance impact. I view the disclosure as neutral.

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	6330	90687.00	11920124	08/04/2025	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	08/01/2025	Restricted stock vest	Arcutis Biotherapeutics			6330	08/01/2025	n/a

* 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	05/28/2025	1800	24807.00
Masaru Matsuda 3027 Townsgate Rd Ste 300, Westlake Village CA 91361	Common	05/02/2025	5030	76454.00

144: Remarks and Signature

Remarks

Date of Notice

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 Arcutis (ARQT) shares are being registered for sale in this Form 144?

The notice covers 6,330 common shares valued at approximately $90,687.

When is the planned sale date for the ARQT shares?

The filer listed an approximate sale date of 08/04/2025 through NASDAQ.

What percentage of Arcutis shares outstanding does this sale represent?

With 11.92 million shares outstanding, the sale equals roughly 0.05 % of total shares.

Has the insider sold ARQT shares recently?

Yes. The same person sold 1,800 shares on 05/28/2025 and 5,030 shares on 05/02/2025 for total proceeds of about $101,261.

Does filing Form 144 guarantee the shares will be sold?

No. Form 144 is only a notice of intent; the transaction may or may not occur as planned.