[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.
Positive
- None.
Negative
- None.
Insights
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.
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.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 504 | $17.5179 | $9K |
| Sale | Common Stock | 9,625 | $17.5376 | $169K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Footnotes (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. 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. 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. 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. 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. 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. 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.
