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

Rhea-AI Filing Summary

Arcutis Biotherapeutics (ARQT) – Form 4: Director Howard G. Welgus exercised 10,000 stock options and sold the same number of shares on 01 Aug 2025 under a Rule 10b5-1 plan adopted 11 Mar 2025. Exercises comprised 6,110 options at $0.5802 (exp. 13 Jun 2028) and 3,890 options at $1.6806 (exp. 13 Mar 2029), costing roughly $10.1 k in aggregate. All shares were immediately sold at a weighted-average price of $14.2982 (range $14.14–$14.55), generating about $143 k in gross proceeds and an implied spread gain near $133 k. Post-transaction, Welgus directly owns 100,206 common shares, down 9 % from approximately 110,206 before the trades. The reported options are now fully exercised, leaving no derivative position from these grants.

Positive

• Director retains 100,206 shares, indicating continued economic alignment with shareholders.

Negative

• Net sale of 10,000 shares (≈9 % of prior holdings) may be viewed as a modest bearish signal despite 10b5-1 plan.

Insights

Senior Equity Analyst

TL;DR – Pre-planned insider sale; modest negative signal.

The director monetised ~10 k shares (≈$143 k) yet retains a sizable 100 k-share stake. Given the 10b5-1 plan and relatively small percentage of holdings sold, market impact should be muted, but insider net selling rarely boosts sentiment. No new information on operations or outlook is provided, so valuation impact is negligible.

Corporate Governance Specialist

TL;DR – Rule 10b5-1 plan lessens governance concerns.

The transactions were executed under a disclosed trading plan, reducing the likelihood of information asymmetry. Full option exercise removes low-exercise-price grants that might otherwise overhang dilution. Ownership decline is moderate and the director still holds >100 k shares, maintaining alignment with shareholders.

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^*

Matsuda Masaru

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

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	08/04/2025		S(1)		6,330(1)	D	$14.3266(2)	197,364(3)	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

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 $13.965 to $14.675, 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. Includes 1,095 shares purchased under the Issuer's Employee Stock Purchase Plan on May 31, 2025.

Remarks:

Reporting Person's title: SVP General Counsel and Corporate Secretary

	/s/ Latha Vairavan, Attorney-in-Fact for Masaru Matsuda	08/05/2025
	** 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

How many ARQT shares did Director Howard G. Welgus sell?

He sold 10,000 shares of Arcutis Biotherapeutics common stock.

What was the average selling price of the ARQT shares?

The weighted-average sale price was $14.2982 per share.

Were the transactions executed under a 10b5-1 trading plan?

Yes. The plan was adopted on March 11, 2025 and governs the reported trades.

How many ARQT shares does the director own after the sale?

Following the transactions, Welgus owns 100,206 shares directly.

Did the director exercise any options?

Yes, he exercised 10,000 options at strike prices of $0.5802 and $1.6806 before selling the shares.