ARQT CEO Watanabe sells shares under Rule 10b5-1 trading plan

Rhea-AI Filing Summary

Arcutis Biotherapeutics (ARQT) insider Todd Franklin Watanabe, the company’s President, Chief Executive Officer and a director, reported open-market sales of common stock on a Form 4. On November 21, 2025, he sold 1,055 shares of common stock at a price of $30.00 per share. On November 24, 2025, he sold an additional 48,945 shares at a weighted average price of $30.3556 per share.

The filing states these transactions were made under a Rule 10b5-1 trading plan adopted on June 3, 2025, with a plan end date of September 30, 2026. Following the reported sales, Watanabe beneficially owns 740,537 shares of Arcutis common stock directly, plus additional indirect holdings through several trusts and an LLC, for which he disclaims full beneficial ownership except to the extent of his economic interest.

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).

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)
11/21/2025

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	11/21/2025		S(1)		1,055	D	$30	793,838	D
Common Stock	11/24/2025		S(1)		48,945	D	$30.3556(2)	740,537(3)	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 3, 2025, by the Reporting Person, with a plan end date of September 30, 2026.

2. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $30.00 to $30.73, 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 Reporting Person's holdings reflect a transfer to ex-spouse pursuant to a domestic relations order.

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	11/24/2025
	** 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.
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FAQ

What did Arcutis Biotherapeutics (ARQT) disclose in this Form 4?

The Form 4 reports that President, Chief Executive Officer and director Todd Franklin Watanabe sold Arcutis Biotherapeutics common stock in two transactions and updated his beneficial ownership.

How many ARQT shares did Todd Franklin Watanabe sell and at what prices?

He sold 1,055 shares of Arcutis common stock on November 21, 2025 at $30.00 per share, and 48,945 shares on November 24, 2025 at a weighted average price of $30.3556 per share.

Was the ARQT insider stock sale under a Rule 10b5-1 plan?

Yes. The filing states the transactions were effected under a Rule 10b5-1 trading plan adopted on June 3, 2025, with a plan end date of September 30, 2026.

How many ARQT shares does Todd Franklin Watanabe own after the reported sales?

After the reported transactions, he beneficially owns 740,537 Arcutis common shares directly, plus additional indirect holdings through multiple trusts and an LLC.

What indirect ARQT holdings are reported for Todd Franklin Watanabe?

Indirect holdings include shares held by The John Franklin Watanabe Trust, The Anderson Prest Watanabe Irrevocable Trust, Watanabe Ventures, LLC, and The Watanabe 2016 Irrevocable Trust, where he disclaims beneficial ownership except for his pecuniary interest.

What is Todd Franklin Watanabe’s role at Arcutis Biotherapeutics (ARQT)?

He is reported as a director and as an officer with the title President and Chief Executive Officer of Arcutis Biotherapeutics.

Does the Form 4 mention any other changes to Watanabe’s ARQT holdings?

Yes. The explanation notes that his holdings reflect a transfer of shares to an ex-spouse pursuant to a domestic relations order.