Prudential Financial (ARQT) reports 5.30M-share stake; Jennison holds 4.98M

Rhea-AI Filing Summary

Prudential Financial, Inc. filed an Amendment No. 4 to a Schedule 13G/A reporting beneficial ownership of 5,302,713 shares of Arcutis Biotherapeutics Common Stock as of 03/31/2026, representing 4.3% of the class. The filing states Prudential is a Parent Holding Company and lists subsidiaries as indirect holders, including Jennison Associates LLC 4,980,770 and PGIM Quantitative Solutions LLC 256,545. The filing also discloses voting and dispositive power breakdowns: sole voting power 25,800, shared voting power 4,928,346, sole dispositive power 25,800, and shared dispositive power 5,276,913.

Insights

Institutional Ownership Analyst

Prudential reports a minority stake of 4.3% in Arcutis as of 03/31/2026.

The filing quantifies total beneficial ownership at 5,302,713 shares and breaks down voting/dispositive powers. The majority of the position appears held indirectly through subsidiaries, notably Jennison Associates LLC 4,980,770.

Institutional holders and market participants may watch subsequent filings for any change in the reported percentage or in the composition of indirect holders.

Corporate Governance Specialist

Parent holding structure and voting power are clearly disclosed.

The Schedule 13G/A flags Prudential as a Parent Holding Company and lists subsidiaries with their respective share counts. The filing specifies both sole and shared voting and dispositive powers, which is important for understanding control influence.

Further amendments or Form 13D filings would be required to show activist intent; timing and intent are not stated here.

Key Figures

Beneficial Ownership: 5,302,713 shares Percent of Class: 4.3% Jennison Associates LLC holdings: 4,980,770 shares +4 more

7 metrics

Beneficial Ownership 5,302,713 shares as of 03/31/2026

Percent of Class 4.3% common stock ownership

Jennison Associates LLC holdings 4,980,770 shares indirect subsidiary holding

PGIM Quantitative Solutions LLC holdings 256,545 shares indirect subsidiary holding

Sole voting power 25,800 shares voting power disclosed

Shared voting power 4,928,346 shares voting power disclosed

Shared dispositive power 5,276,913 shares dispositive power disclosed

Key Terms

Schedule 13G/A, Parent Holding Company, Beneficially owned, Sole/Shared Dispositive Power

4 terms

Schedule 13G/A regulatory

"Amendment No. 4 to a Schedule 13G/A reporting beneficial ownership"

A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.

Parent Holding Company regulatory

"Prudential Financial, Inc. is a Parent Holding Company and the indirect parent"

Beneficially owned financial

"Amount beneficially owned: 5,302,713.00 (b) Percent of class: 4.3 %"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole/Shared Dispositive Power regulatory

"Sole power to dispose: 25,800.00; Shared power to dispose: 5,276,913.00"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/08/2026 - 11:08 AM Learn about SEC filing dates

FAQ

What stake does Prudential Financial report in ARQT?

Prudential reports beneficial ownership of 5,302,713 shares of ARQT common stock, representing 4.3% of the class as of 03/31/2026. The position is held directly and indirectly through subsidiaries listed in the filing.

Which Prudential subsidiaries hold ARQT shares and how many?

The filing lists subsidiaries including Jennison Associates LLC 4,980,770 shares and PGIM Quantitative Solutions LLC 256,545 shares as indirect beneficial owners, with Jennison holding the largest listed portion.

How is voting and dispositive power allocated for Prudential's ARQT position?

Prudential discloses 25,800 shares of sole voting power and 4,928,346 shares of shared voting power; sole dispositive power is 25,800 and shared dispositive power is 5,276,913 as reported.

Does this Schedule 13G/A indicate activist intent for ARQT?

No explicit activist intent is stated; the filing classifies Prudential as a Parent Holding Company and lists indirect holders. The amendment does not include statements of intent or plans to influence management.

What date does the reported ownership cover for ARQT?

The reported beneficial ownership and percentages are stated as of 03/31/2026 in the Amendment No. 4 Schedule 13G/A signed on 05/08/2026.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Arcutis Biotherapeutics, Inc.

(Name of Issuer)

Common

(Title of Class of Securities)

03969K108

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 03969K108

1

Names of Reporting Persons

PRUDENTIAL FINANCIAL INC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 25,800.00
6	Shared Voting Power 4,928,346.00
7	Sole Dispositive Power 25,800.00
8	Shared Dispositive Power 5,276,913.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,302,713.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.3 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Arcutis Biotherapeutics, Inc.
(b)	Address of issuer's principal executive offices: 3027 TOWNSGATE ROAD, SUITE 300, WESTLAKE VILLAGE, CALIFORNIA, 91361.
Item 2.
(a)	Name of person filing: Prudential Financial, Inc.
(b)	Address or principal business office or, if none, residence: 751 Broad Street Newark, New Jersey 07102-3777
(c)	Citizenship: New Jersey
(d)	Title of class of securities: Common
(e)	CUSIP No.: 03969K108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5,302,713.00
(b)	Percent of class: 4.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 25,800.00
	(ii) Shared power to vote or to direct the vote: 4,928,346.00
	(iii) Sole power to dispose or to direct the disposition of: 25,800.00
	(iv) Shared power to dispose or to direct the disposition of: 5,276,913.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Prudential Financial, Inc. is a Parent Holding Company and the indirect parent of the following subsidiaries, who are the beneficial owners of the number and percentage of securities which are the subject of this filing as set forth next to their names: Subsidiaries Number of shares Percentage Jennison Associates LLC IA 4,980,770.00 4.0 The Prudential Insurance Company of America IC 65,398.00 0.1 PGIM Quantitative Solutions LLC IA 256,545.00 0.2
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

PRUDENTIAL FINANCIAL INC

Signature:	/s/ Danny Fiore
Name/Title:	Second Vice President
Date:	05/08/2026