[SCHEDULE 13D/A] Arcutis Biotherapeutics, Inc. SEC Filing

Rhea-AI Filing Summary

Frazier-affiliated investment funds and principals reported holdings in Arcutis Biotherapeutics, Inc. common stock on Schedule 13D/A. Frazier Life Sciences VIII, L.P. directly holds 8,785,284 shares (about 7.3% of the 119,905,078 shares outstanding), and related Frazier entities and principals together report beneficial positions that result in individual aggregates such as 8,843,386 shares for James N. Topper and 8,943,712 shares for Patrick J. Heron (each roughly 7.4–7.5% of the class as reported). The filing states these holdings were acquired for investment purposes, with working capital used as the source of funds for certain purchases. The reporting persons disclose that, except as set forth, they have no present plans to pursue control transactions, board changes, material asset sales, charter amendments, delisting, or similar corporate actions. The Schedule 13D/A updates ownership tables, clarifies sources of funds, and incorporates prior amendments and agreements among the filing entities.

Positive

• Clear disclosure of beneficial ownership by Frazier entities, including specific share counts (e.g., 8,785,284 shares)
• Percent of class provided with basis (119,905,078 shares outstanding), enabling precise ownership context (~7.3%-7.5%)
• Source of funds disclosed for certain purchases (working capital), clarifying financing of acquisitions
• Explicit statement that reporting persons acquired shares for investment purposes and have no present plans for control or governance changes

Negative

• None.

Insights

Financial Analyst

TL;DR: Frazier-affiliated funds hold a meaningful minority stake (~7.3%) in ARQT reported for investment; no activist intentions disclosed.

The filing documents concentrated ownership by Frazier Life Sciences VIII and affiliated funds totaling single-digit ownership percentages reported on a cover-page basis (e.g., 8,785,284 shares = 7.3%). Reported aggregates for named individuals reflect direct and fund-level holdings plus exercisable options where noted. The statement that purchases were funded from working capital for specified funds clarifies financing and indicates no leverage was used for these acquisitions. The investors expressly disclaimed presently planned actions to change management, capital structure, or pursue extraordinary transactions, which frames this disclosure as passive/investment-oriented rather than an immediate corporate-control event.

Corporate Governance Expert

TL;DR: Ownership disclosures are detailed and routine; the filers deny plans to seek board or control changes.

The amendment (No. 7) consolidates prior Schedule 13D amendments and updates beneficial ownership tables and source-of-funds language. Key governance-relevant points are the explicit statement that the reporting persons have no present plans to effect changes to the board, capitalization, or corporate charter, which reduces immediate corporate-governance risk related to an activist campaign. The filing also includes a joint filing agreement as an exhibit and identifies individuals and fund entities with shared voting and dispositive power, which is important for assessing potential coordination among related entities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

ARCUTIS BIOTHERAPEUTICS, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

03969K108

(CUSIP Number)

Steve R. Bailey
601 Union Street, Suite 3200,
Seattle, WA, 98101
(206) 621-7200

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/18/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

Frazier Life Sciences VIII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 8,785,284.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,785,284.00

11

Aggregate amount beneficially owned by each reporting person

8,785,284.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.3 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHM LIFE SCIENCES VIII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 8,785,284.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,785,284.00

11

Aggregate amount beneficially owned by each reporting person

8,785,284.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHM LIFE SCIENCES VIII, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 8,785,291.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 8,785,291.00

11

Aggregate amount beneficially owned by each reporting person

8,785,291.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

Frazier Life Sciences X, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 27,448.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 27,448.00

11

Aggregate amount beneficially owned by each reporting person

27,448.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLS X, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 27,448.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 27,448.00

11

Aggregate amount beneficially owned by each reporting person

27,448.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLS X, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 27,448.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 27,448.00

11

Aggregate amount beneficially owned by each reporting person

27,448.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

Frazier Life Sciences Public Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 664,973.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 664,973.00

11

Aggregate amount beneficially owned by each reporting person

664,973.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.6 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLSP, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 664,973.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 664,973.00

11

Aggregate amount beneficially owned by each reporting person

664,973.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.6 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLSP, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 664,973.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 664,973.00

11

Aggregate amount beneficially owned by each reporting person

664,973.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.6 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

Frazier Life Sciences Public Overage Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 196,170.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 196,170.00

11

Aggregate amount beneficially owned by each reporting person

196,170.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLSP Overage, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 196,170.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 196,170.00

11

Aggregate amount beneficially owned by each reporting person

196,170.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLSP Overage, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 196,170.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 196,170.00

11

Aggregate amount beneficially owned by each reporting person

196,170.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

Frazier Life Sciences XI, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 73,087.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 73,087.00

11

Aggregate amount beneficially owned by each reporting person

73,087.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLS XI, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 73,087.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 73,087.00

11

Aggregate amount beneficially owned by each reporting person

73,087.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLS XI, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 73,087.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 73,087.00

11

Aggregate amount beneficially owned by each reporting person

73,087.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

Frazier Life Sciences XII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 127,549.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 127,549.00

11

Aggregate amount beneficially owned by each reporting person

127,549.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLS XII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 127,549.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 127,549.00

11

Aggregate amount beneficially owned by each reporting person

127,549.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

FHMLS XII, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 127,549.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 127,549.00

11

Aggregate amount beneficially owned by each reporting person

127,549.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

James N. Topper

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 30,647.00
8	Shared Voting Power 8,812,739.00
9	Sole Dispositive Power 30,647.00
10	Shared Dispositive Power 8,812,739.00

11

Aggregate amount beneficially owned by each reporting person

8,843,386.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.4 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The Aggregate Amount represents (i) 19,381 shares of Common Stock held directly by Topper Family Revocable Trust, (ii) 11,266 shares of Common Stock held by Topper Group II, LLC, (iii) 8,785,284 shares of Common Stock held directly by Frazier Life Sciences VIII, L.P., (iv) 7 shares of Common Stock held directly by FHM Life Sciences VIII, L.L.C., and (v) 27,448 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The Percent of Class is calculated based on 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025.

SCHEDULE 13D

CUSIP No. 03969K108

1

Name of reporting person

Patrick J. Heron

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 130,973.00
8	Shared Voting Power 8,812,739.00
9	Sole Dispositive Power 130,973.00
10	Shared Dispositive Power 8,812,739.00

11

Aggregate amount beneficially owned by each reporting person

8,943,712.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

7.5 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The Aggregate Amount represents (i) 18,826 shares of Common Stock held directly by the Reporting Person, (ii) 88,459 shares of Common Stock that are issuable upon the exercise of options held directly by the Reporting Person, (ii) 23,688 shares of Common Stock held by The Heron Living Trust 11/30/2004, (iii) 8,785,284 shares of Common Stock held directly by Frazier Life Sciences VIII, L.P., (iv) 7 shares of Common Stock held directly by FHM Life Sciences VIII, L.L.C., and (v) 27,448 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The Percent of Class is calculated based on (i) 119,905,078 shares of the Issuer's Common Stock outstanding as of July 31, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 6, 2025 and (ii) 88,459 shares of Common Stock that are issuable upon the exercise of options held directly by the Reporting Person.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: ARCUTIS BIOTHERAPEUTICS, INC.
(c)	Address of Issuer's Principal Executive Offices: 3027 TOWNSGATE ROAD, SUITE 300, WESTLAKE VILLAGE, CALIFORNIA , 91361.
Item 1 Comment: This Amendment No. 7 ("Amendment No. 7") to Schedule 13D amends the statement on Schedule 13D filed on February 7, 2020 (the "Original Schedule 13D") as amended on October 6, 2020, February 9, 2021, May 12, 2021, August 9, 2022, October 26, 2023 and March 6, 2024 (the "Prior Amendments", and together with the Original Schedule 13D and this Amendment No. 7, the "Schedule 13D"). Except as otherwise specified in this Amendment No. 7, all items in the Original Schedule 13D, as amended by the Prior Amendments, are unchanged. All capitalized terms used in this Amendment No. 7 and not otherwise defined herein have the meanings ascribed to such terms in the Original Schedule 13D, as amended by the Prior Amendments.
Item 2.	Identity and Background
(a)	The entities and persons filing this statement (collectively, the "Reporting Persons") are: Frazier Life Sciences VIII, L.P. ("FLS VIII") FHM Life Sciences VIII, L.P. FHM Life Sciences VIII, L.L.C. Frazier Life Sciences X, L.P. ("FLS X") FHMLS X, L.P. FHMLS X, L.L.C. Frazier Life Sciences Public Fund, L.P. ("FLSPF") FHMLSP, L.P. FHMLSP, L.L.C. Frazier Life Sciences Public Overage Fund, L.P. ("FLSPOF") FHMLSP Overage, L.P. FHMLSP Overage, L.L.C. Frazier Life Sciences IX, L.P. ("FLS IX") FHMLS IX, L.P. FHMLS IX, L.L.C. Frazier Life Sciences XI, L.P. ("FLS XI") FHMLS XI, L.P. FHMLS XI, L.L.C. Frazier Life Sciences XII, L.P. ("FLS XII") FHMLS XII, L.P. FHMLS XII, L.L.C. James N. Topper ("Topper") Patrick J. Heron ("Heron" and together with Topper, the "Members")
(b)	The address of the principal place of business for each of the Reporting Persons is: c/o Frazier Life Sciences Management, L.P. 1001 Page Mill Rd, Building 4, Suite B Palo Alto, CA 94304
(c)	FLSPF, FLSPOF, FLS VIII, FLS IX, FLS X, FLS XI, and FLS XII are venture capital funds concentrating in life sciences and related fields. The sole business of FHMLSP, L.P. is to serve as general partner of FLSPF. The sole business of FHMLSP, L.L.C. is to serve as general partner of FHMLSP, L.P. The sole business of FHMLSP Overage, L.P. is to serve as general partner of FLSPOF. The sole business of FHMLSP Overage, L.L.C. is to serve as general partner of FHMLSP Overage, L.P. The sole business of FHM Life Sciences VIII, L.P. is to serve as general partner of FLS VIII. The sole business of FHM Life Sciences VIII, L.L.C. is to serve as general partner of FHM Life Sciences VIII, L.P. The sole business of FHMLS IX, L.P. is to serve as general partner of FLS IX. The sole business of FHMLS IX, L.L.C. is to serve as general partner of FHMLS IX, L.P. The sole business of FHMLS X, L.P. is to serve as general partner of FLS X. The sole business of FHMLS X, L.L.C. is to serve as general partner of FHMLS X, L.P. The sole business of FHMLS XI, L.P. is to serve as general partner of FLS XI. The sole business of FHMLS XI, L.L.C. is to serve as general partner of FHMLS XI, L.P. The sole business of FHMLS XII, L.P. is to serve as general partner of FLS XII. The sole business of FHMLS XII, L.L.C. is to serve as general partner of FHMLS XII, L.P. The principal business of the Members is to manage FLS VIII, FHM Life Sciences VIII, L.P., FHM Life Sciences VIII, L.L.C., FLS X, FHMLS X, L.P., FHMLS X, L.L.C., FLSPF, FHMLSP, L.P., FHMLSP, L.L.C., FLSPOF, FHMLSP Overage, L.P., FHMLSP Overage, L.L.C., FLS IX, FHMLS IX, L.P., FHMLS IX, L.L.C., FLS X, FHMLS XI, L.P., FHMLS XI, L.L.C., FLS XII, FHMLS XII, L.P., FHMLS XII, L.L.C. and a number of affiliated partnerships with similar businesses.
(d)	During the last five years, none of the Reporting Persons has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors).
(e)	During the last five years, none of the Reporting Persons has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree, or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
(f)	The information contained in row 6 of each Reporting Person's cover page to this Schedule 13D is incorporated by reference.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended to incorporate the following at the end thereof: The working capital of FLS VIII, FHM Life Sciences VIII, L.L.C., FLS X, FLSPF, FLSPOF, FLS XI and FLS XII was the source of the funds for their respective purchases. No part of the purchase price for such purchases was represented by funds or other consideration borrowed or otherwise obtained for the purpose of such acquisitions.
Item 4.	Purpose of Transaction
	FLS VIII, FHM Life Sciences VIII, L.L.C, FLS X, FLSPF, FLSPOF, FLS XI and FLS XII each acquired the FLS VIII Shares (as defined below), the FHM Life Sciences VIII, L.L.C. Shares (as defined below), the FLS X Shares (as defined below), the FLSPF Shares (as defined below), the FLSPOF Shares (as defined below), the FLS XI Shares (as defined below) and the FLS XII Shares (as defined below), as the case me be, for investment purposes. Depending on market conditions, its continuing evaluation of the business and prospects of the Issuer and other factors, FLS VIII, FHM Life Sciences VIII, L.L.C, FLS X, FLSPF, FLSPOF, FLS XI and FLS XII and other Reporting Persons may dispose of or acquire additional shares of the Issuer. Except as set forth above, none of the Reporting Persons has any present plans which relate to or would result in: (a) The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer; (b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries; (c) A sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries; (d) Any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; (e) Any material change in the present capitalization or dividend policy of the Issuer; (f) Any other material change in the Issuer's business or corporate structure; (g) Changes in the Issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person; (h) Causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; (i) A class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) Any action similar to any of those enumerated above.
Item 5.	Interest in Securities of the Issuer
(a)	The information contained in Rows 7, 8, 9, 10, 11, and 13 of each Reporting Person's cover page to this Schedule 13D (including the footnotes thereto) is incorporated by reference into this Item 5. FLS VIII directly holds 8,785,284 shares of the Issuer's Common Stock (the "FLS VIII Shares"). FHM Life Sciences VIII, L.P. is the general partner of FLS VIII and FHM Life Sciences VIII, L.L.C. is the general partner of FHM Life Sciences VIII, L.P. Heron and Topper are the members of FHM Life Sciences VIII, L.L.C. and therefore share voting and investment power over the FLS VIII Shares. FHM Life Sciences VIII, L.L.C. directly holds 7 shares of the Issuer's Common Stock (the "FHM Life Sciences VIII, L.L.C. Shares"). Heron and Topper are the members of FHM Life Sciences VIII, L.L.C. and therefore share voting and investment power over the FHM Life Sciences VIII, L.L.C. Shares. FLS X directly holds 27,448 shares of the Issuer's Common Stock (the "FLS X Shares"). FHMLS X, L.P. is the general partner of FLS X and FHMLS X,L.L.C. is the general partner of FHMLS X, L.P. Heron and Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the FLS X Shares. FLSPF directly holds 664,973 shares of the Issuer's Common Stock (the "FLSPF Shares"). FHMLSP, L.P. is the general partner of FLSPF and the general partner of FHMLSP, L.P. is FHMLSP, L.L.C., which is managed by an investment committee of four that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLSPF. FLSPOF directly holds 196,170 shares of this Issuer's Common Stock (the "FLSPOF Shares"). FHMLSP Overage, L.P. is the general partner of FLSPOF and the general partner of FHMLSP Overage, L.P. is FHMLSP Overage, L.L.C., which is managed by an investment committee of four that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLSPOF. FLS XI directly holds 73,087 shares of this Issuer's Common Stock (the "FLS XI Shares"). FHMLS XI, L.P. is the general partner of FLS XI and the general partner of FHMLS XI, L.P. is FHMLS XI, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XI. FLS XII directly holds 127,549 shares of the Issuer's Common Stock (the "FLS XII Shares"). FHMLS XII, L.P. is the general partner of FLS XII and the general partner of FHMLS XII, L.P. is FHMLS XII, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XII. Except as specifically stated herein, the filing of this Schedule 13D shall not be construed as an admission that any Reporting Person or any of the foregoing is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this Schedule 13D or a member of a "group" with any other person. FLS XI directly holds the FLS XI Shares. FHMLS XI, L.P. is the general partner of FLS XI and the general partner of FHMLS XI, L.P. is FHMLS XI, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XI. FLS XII directly holds the FLS XII Shares. FHMLS XII, L.P. is the general partner of FLS XII and the general partner of FHMLS XII, L.P. is FHMLS XII, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XII. Except as specifically stated herein, the filing of this Schedule 13D shall not be construed as an admission that any Reporting Person or any of the foregoing is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this Schedule 13D or a member of a "group" with any other person.
(b)	The information contained in Rows 7, 8, 9, 10, 11, and 13 of each Reporting Person's cover page to this Schedule 13D (including the footnotes thereto) is incorporated by reference into this Item 5.
(c)	Except as disclosed in Item 3 of this Schedule 13D, none of the Reporting Persons has effected any transactions relating to the Common Stock during the past 60 days.
(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, the FLS VIII Shares, the FHM Life Sciences VIII, L.L.C. Shares, the FLSPF Shares, the FLSPOF Shares, the FLS X Shares, the FLS XI Shares, the FLS XII Shares, the Heron Shares or the Topper Shares beneficially owned by any of the Reporting Persons.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 Joint Filing Agreement

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Frazier Life Sciences VIII, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHM Life Sciences VIII, L.L.C., GP of FHM Life Sciences VIII, L.P., GP of Frazier Life Sciences VIII, L.P.
Date:	08/20/2025

FHM LIFE SCIENCES VIII, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHM Life Sciences VIII, L.L.C., GP of FHM Life Sciences VIII, L.P.
Date:	08/20/2025

FHM LIFE SCIENCES VIII, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHM Life Sciences VIII, L.L.C.
Date:	08/20/2025

Frazier Life Sciences X, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P., GP of Frazier Life Sciences X, L.P.
Date:	08/20/2025

FHMLS X, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P.
Date:	08/20/2025

FHMLS X, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS X, L.L.C.
Date:	08/20/2025

Frazier Life Sciences Public Fund, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P., GP of Frazier Life Sciences Public Fund, L.P.
Date:	08/20/2025

FHMLSP, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P.
Date:	08/20/2025

FHMLSP, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP, L.L.C.
Date:	08/20/2025

Frazier Life Sciences Public Overage Fund, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P., GP of Frazier Life Sciences Public Overage Fund, L.P.
Date:	08/20/2025

FHMLSP Overage, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P.
Date:	08/20/2025

FHMLSP Overage, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C.
Date:	08/20/2025

Frazier Life Sciences XI, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS IX, L.L.C., GP of FHMLS IX, L.P., GP of Frazier Life Sciences IX, L.P.
Date:	08/20/2025

FHMLS XI, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS IX, L.L.C., GP of FHMLS IX, L.P.
Date:	08/20/2025

FHMLS XI, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS IX, L.L.C.
Date:	08/20/2025

Frazier Life Sciences XII, L.P.

Signature:	/s/ Gordon Empey
Name/Title:	By Gordon Empey, General Counsel of FHMLS XII, L.L.C., GP of FHMLS XII, L.P., GP of Frazier Life Sciences XII, L.P.
Date:	08/20/2025

FHMLS XII, L.P.

Signature:	/s/ Gordon Empey
Name/Title:	By Gordon Empey, General Counsel of FHMLS XII, L.L.C., GP of FHMLS XII, L.P.
Date:	08/20/2025

FHMLS XII, L.L.C.

Signature:	/s/ Gordon Empey
Name/Title:	By Gordon Empey, General Counsel of FHMLS XII, L.L.C.
Date:	08/20/2025

James N. Topper

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, Attorney-in-Fact for James N. Topper, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:	08/20/2025

Patrick J. Heron

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, Attorney-in-Fact for Patrick J. Heron, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:	08/20/2025

FAQ

How many Arcutis (ARQT) shares does Frazier Life Sciences VIII hold?

Frazier Life Sciences VIII directly holds 8,785,284 shares of Arcutis common stock, reported as approximately 7.3% of the class.

What percentage of ARQT does Patrick J. Heron beneficially own according to this filing?

Patrick J. Heron reports an aggregate beneficial ownership of 8,943,712 shares, representing about 7.5% of the class as disclosed in the Schedule 13D/A.

What was the source of funds for the purchases reported in the Schedule 13D/A?

The filing states that the working capital of certain Frazier funds was the source of funds for their respective purchases and that no part of the purchase price was borrowed for the acquisitions.

Do the reporting persons plan to seek changes in Arcutis's management or board?

No. The Schedule 13D/A explicitly states that, except as set forth, none of the reporting persons has any present plans to change the board, management, capitalization, or pursue extraordinary transactions.

Does the filing indicate coordinated voting power among the filing entities?

Yes. The filing explains relationships where general partner entities and named individuals (e.g., Heron and Topper) share voting and investment power over the reported shares and includes a Joint Filing Agreement as an exhibit.