Arcutis legal chief Masaru Matsuda sells 40,000 shares

The November 4 option exercise and sale were under a trading plan adopted June 5, 2026; the November 2 sale covered tax withholding tied to restricted stock unit vesting.

Available on EDGAR 11/04/2026 - 06:39 PM EST Accepted by SEC EDGAR 11/04/2026 - 06:38 PM EST

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Rhea-AI Filing Summary

Arcutis Biotherapeutics, Inc. EVP and Chief Legal Officer Masaru Matsuda exercised options for 40,000 shares of common stock on November 4, 2026, at an exercise price of $3.64 per share, then sold those shares at a weighted average of $34.3168 per share under a Rule 10b5-1 plan adopted June 5, 2026. The option position was 136,000 shares after the exercise. On November 2, 2026, he sold 1,219 shares at a weighted average of $31.8634 per share to cover tax withholding obligations connected with restricted stock unit vesting.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Matsuda Masaru

Role EVP, Chief Legal Officer

Sold 41,219 shs ($1.41M)

Approx. gross sale proceeds $1.41M

Approx. exercise cost $146K

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy) ^{F3, F5}	40,000	$0.00	$0.00
Exercise	Common Stock ^F3	40,000	$3.64	$146K
Sale	Common Stock ^{F3, F4}	40,000	$34.3168	$1.37M
Sale	Common Stock ^{F1, F2}	1,219	$31.8634	$39K

Holdings After Transaction: Stock Option (right to buy) — 136,000 contracts (Direct); Common Stock — 111,289 shares (Direct)

Footnotes (5)

F1. The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units.
F2. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $31.57 to $32.23, 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.
F3. The transaction reported in this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on June 5, 2026, by the Reporting Person, with a plan end date of September 1, 2027.
F4. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $34.00 to $37.7966, 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.
F5. 1/48th of the shares subject to the option vest on each monthly anniversary measured from January 12, 2024 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

Key Figures

Options exercised: 40,000 shares Exercise price: $3.64 per share Shares sold: 40,000 shares at a weighted average of $34.3168 per share +2 more

5 metrics

Options exercised 40,000 shares November 4, 2026

Exercise price $3.64 per share Options exercised November 4, 2026

Shares sold 40,000 shares at a weighted average of $34.3168 per share November 4, 2026

Shares sold 1,219 shares at a weighted average of $31.8634 per share November 2, 2026

Option position after exercise 136,000 shares Following the November 4, 2026 exercise

Key Terms

10b5-1 trading plan, weighted average sale price, restricted stock units, exercise price

4 terms

10b5-1 trading plan financial

"effected pursuant to a 10b5-1 trading plan"

A 10b5-1 trading plan is a pre-arranged strategy that allows company insiders to buy or sell company stock at set times, regardless of their current knowledge about the company's situation. It acts like a scheduled appointment for trading, helping prevent the appearance of impropriety or insider trading. This plan provides a way for insiders to sell or buy shares in a controlled, transparent manner, offering reassurance to investors about fair trading practices.

weighted average sale price financial

"price reported in Column 4 is a weighted average sale price"

restricted stock units financial

"vesting of Restricted Stock Units"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

exercise price financial

"shares subject to the option"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

FAQ

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How many ARQT shares did Masaru Matsuda sell on November 4, 2026, and at what price?

On November 4, 2026, Masaru Matsuda sold 40,000 ARQT shares at a weighted average of $34.3168 per share. The sale followed his exercise of options covering 40,000 shares at $3.64 per share and was made under a Rule 10b5-1 plan adopted June 5, 2026, with a plan end date of September 1, 2027.

Why did Masaru Matsuda sell 1,219 ARQT shares on November 2, 2026?

On November 2, 2026, he sold 1,219 shares at a weighted average of $31.8634 per share to cover tax withholding obligations in connection with restricted stock unit vesting. The reported sales were at prices ranging from $31.57 to $32.23, inclusive.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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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).

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^*

Matsuda Masaru

(Last)

(First)

(Middle)

C/O ARCUTIS BIOTHERAPEUTICS, INC.

3027 TOWNSGATE ROAD, SUITE 300

(Street)

WESTLAKE VILLAGE

CALIFORNIA

91361

(City)

(State)

(Zip)

UNITED STATES

(Country)

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

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, Chief Legal Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/02/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/02/2026		S⁽¹⁾		1,219	D	$31.8634⁽²⁾	111,289	D
Common Stock	11/04/2026		M⁽³⁾		40,000	A	$3.64	151,289	D
Common Stock	11/04/2026		S⁽³⁾		40,000	D	$34.3168⁽⁴⁾	111,289	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (right to buy)	$3.64	11/04/2026		M⁽³⁾			40,000	⁽⁵⁾	01/12/2034	Common Stock	40,000	$0	136,000	D

Explanation of Responses:

1. The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units.

2. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $31.57 to $32.23, 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 transaction reported in this Form 4 was effected pursuant to a 10b5-1 trading plan adopted on June 5, 2026, by the Reporting Person, with a plan end date of September 1, 2027.

4. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $34.00 to $37.7966, 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.

5. 1/48th of the shares subject to the option vest on each monthly anniversary measured from January 12, 2024 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

Remarks:

	/s/ Latha Vairavan, as Attorney-in-Fact for Masaru Matsuda	11/04/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR