[Form 4] Arcutis Biotherapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Todd Franklin Watanabe, President and Chief Executive Officer of Arcutis Biotherapeutics, Inc. (ARQT), reported planned sales of company common stock under a 10b5-1 trading plan. On 09/08/2025 he sold 9,625 shares at a weighted average price of $17.5376, leaving 891,944 shares reported as directly beneficially owned after that transaction. On 09/09/2025 he sold 504 shares at a weighted average price of $17.5179, leaving 891,440 shares reported as directly beneficially owned after that transaction. The 10b5-1 plan was adopted on June 14, 2024 and has a stated end date of September 30, 2025. The filing also reports indirect holdings: 25,410 shares held by The John Franklin Watanabe Trust, 25,410 shares held by The Anderson Prest Watanabe Irrevocable Trust, 57,358 shares held by Watanabe Ventures, LLC, and 124,956 shares held by The Watanabe 2016 Irrevocable Trust. The Form 4 was signed by an attorney-in-fact on 09/10/2025.

Insights

Corporate Governance Expert

TL;DR: Routine insider sales under a disclosed 10b5-1 plan by the CEO; filing appears compliant and transparent.

The transactions were executed pursuant to a pre-existing 10b5-1 plan adopted 06/14/2024 with a plan end date of 09/30/2025, which provides an affirmative defense to insider trading allegations when properly structured. The filer disclosed weighted-average sale prices and committed to provide transaction-level detail on request, supporting transparency. The report clearly distinguishes direct and indirect holdings and includes trustee/LLC disclaimers that limit claimed beneficial ownership. From a governance perspective, the filing meets routine disclosure and recordkeeping expectations for Section 16 reporting.

Securities Analyst

TL;DR: CEO sold a total of 10,129 shares across two days at roughly $17.52–$17.54; remaining reported direct stake near 892k shares.

The Form 4 shows discrete sales of 9,625 shares (09/08/2025) and 504 shares (09/09/2025) at weighted-average prices of $17.5376 and $17.5179 respectively. Aggregate direct shares reported after the sales are 891,440. The filing lists multiple indirect holdings by trusts and an LLC, with explicit disclaimers of beneficial ownership except to the extent of pecuniary interest. The disclosure of price ranges and the offer to provide per-trade details is useful for investors seeking transaction granularity. The activity appears to be execution of a trading plan rather than ad hoc dispositions.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Watanabe Todd

(Last) (First) (Middle)

C/O ARCUTIS BIOTHERAPEUTICS, INC.

3027 TOWNSGATE ROAD, SUITE 300

(Street)

WESTLAKE VILLAGE CA 91361

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Arcutis Biotherapeutics, Inc. [ ARQT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/08/2025		S(1)		9,625(1)	D	$17.5376(2)	891,944	D
Common Stock	09/09/2025		S(1)		504(1)	D	$17.5179(3)	891,440	D
Common Stock								25,410	I	By Trust(4)
Common Stock								25,410	I	By Trust(5)
Common Stock								57,358	I	By LLC(6)
Common Stock								124,956	I	By Trust(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on June 14, 2024, by the Reporting Person, with a plan end date of September 30, 2025.

2. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $17.50 to $17.59, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

3. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $17.50 to $17.54, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

4. The securities are held of record by The John Franklin Watanabe Trust, of which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of such securities for purposes of Section 16 or for any other purposes.

5. The securities are held of record by The Anderson Prest Watanabe Irrevocable Trust, of which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of such securities for purposes of Section 16 or for any other purposes.

6. The securities are held of record by Watanabe Ventures, LLC, of which the Reporting Person is the Chief Operating Officer. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of such securities for purposes of Section 16 or for any other purposes.

7. The securities are held of record by The Watanabe 2016 Irrevocable Trust, of which the Reporting Person's children are beneficiaries. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of such securities for purposes of Section 16 or for any other purposes.

Remarks:

Reporting Person's title: President and Chief Executive Officer

	/s/ Latha Vairavan, as Attorney-in-Fact for Todd Franklin Watanabe	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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