[Form 4] Arcutis Biotherapeutics, Inc. Insider Trading Activity
Rhea-AI Filing Summary
Todd Watanabe, President and Chief Executive Officer of Arcutis Biotherapeutics, Inc. (ARQT), reported insider sales executed under a 10b5-1 plan adopted on June 3, 2025 with a plan end date of September 30, 2026. The Form 4 discloses three sale transactions on October 1-2, 2025: 15,000 shares at a weighted average price of $18.9135, 9,261 shares at $20.0164, and 20,739 shares at $20.0383, totaling 45,000 shares sold. Following the last reported sale the Form shows 846,440 shares held directly by the reporting person. The filing notes multiple indirect holdings held in trusts and an LLC and includes undertakings to provide detailed per-trade price information on request.
Positive
- None.
Negative
- None.
Insights
CEO sales occurred under a pre-established 10b5-1 plan, increasing procedural transparency.
The Form 4 states the transactions were effected pursuant to a 10b5-1 plan adopted June 3, 2025, which provides an affirmative defense to insider trading claims when properly structured. The filing also offers to supply per-trade breakdowns within disclosed price ranges, which improves traceability of the disposals.
Because the plan has a stated end date of September 30, 2026, these trades are presented as pre-authorized rather than ad hoc sales.
The CEO sold 45,000 shares across three trades, leaving 846,440 shares directly owned.
The reported sales on October 1-2, 2025 total 45,000 shares at weighted average prices between $18.9135 and $20.0383. The final reported direct holding after these transactions is 846,440 shares. The filing also lists indirect holdings in trusts and an LLC separately.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 20,739 | $20.0383 | $416K |
| Sale | Common Stock | 15,000 | $18.9135 | $284K |
| Sale | Common Stock | 9,261 | $20.0164 | $185K |
| 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 3, 2025, by the Reporting Person, with a plan end date of September 30, 2026. The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $18.80 to $19.0101, 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 $20.00 to $20.045, 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 $20.00 to $20.1826, 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.
