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

Rhea-AI Filing Summary

Arcutis Biotherapeutics (ARQT) director Halley E. Gilbert reported an option exercise and share sale. On 11/20/2025, Gilbert exercised a stock option to buy 12,220 shares of common stock at an exercise price of $7.51 per share. The underlying option had vested 100% on the first anniversary of May 31, 2023, subject to continuous service as a non-employee director.

On the same date, Gilbert sold 16,532 shares of common stock in open-market transactions at a weighted average price of $27.5491 per share, with individual trades ranging from $27.32 to $27.72. Following these transactions, Gilbert directly beneficially owned 22,123 shares of Arcutis Biotherapeutics common stock, and held no remaining derivative securities from this reported option.

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

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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^*

Gilbert Halley E

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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	11/20/2025		M(1)		12,220	A	$7.51	38,655	D
Common Stock	11/20/2025		S(2)		16,532	D	$27.5491(2)	22,123	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (right to buy)	$7.51	11/20/2025		M(1)			12,220	(1)	05/31/2033	Common Stock	12,220	$0	0	D

Explanation of Responses:

1. The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023, subject to the non-employee director's continuous service.

2. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $27.32 to $27.72, 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.

Remarks:

	/s/Latha Vairavan, as Attorney-in-Fact for Halley E. Gilbert	11/21/2025
	** 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.

FAQ

What insider transaction did ARQT director Halley E. Gilbert report?

Halley E. Gilbert reported exercising a stock option for 12,220 shares of Arcutis Biotherapeutics common stock at $7.51 per share and selling 16,532 shares on 11/20/2025.

At what prices were Halley E. Gilbert’s ARQT shares sold?

The reported sale used a weighted average price of $27.5491 per share. The shares were sold in multiple transactions at prices ranging from $27.32 to $27.72 per share.

How many ARQT shares does Halley E. Gilbert own after the reported transactions?

After the reported option exercise and sale, Halley E. Gilbert directly beneficially owned 22,123 shares of Arcutis Biotherapeutics common stock.

What happened to the stock option reported by Halley E. Gilbert for ARQT?

The stock option with an exercise price of $7.51 covered 12,220 shares of common stock, was fully vested as of the first anniversary of May 31, 2023, and after the exercise on 11/20/2025, 0 derivative securities remained beneficially owned.

What does the vesting footnote in the ARQT Form 4 explain?

The footnote explains that the 12,220-share option vests and becomes exercisable as to 100% of the underlying shares on the first anniversary of May 31, 2023, subject to the non-employee director’s continuous service.

Is the ARQT Form 4 filed by an individual or a group?

The filing is indicated as a Form filed by One Reporting Person, reflecting transactions by director Halley E. Gilbert only.