Jennison boosts Arcutis Biotherapeutics (ARQT) stake to 5.5% of shares

Rhea-AI Filing Summary

Jennison Associates LLC reports beneficial ownership of 6,758,006 shares of Arcutis Biotherapeutics Inc. common stock, representing 5.5% of the outstanding class as of 12/31/2025. Jennison has sole power to vote these shares and shared power to dispose of them.

The firm states the shares were acquired and are held in the ordinary course of business, and not for the purpose of changing or influencing control of Arcutis. The filing is signed by a Senior Vice President, Compliance, on behalf of Jennison Associates LLC.

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 Stock

(Title of Class of Securities)

03969K108

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 03969K108

1

Names of Reporting Persons

Jennison Associates LLC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,758,006.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,758,006.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,758,006.00

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)

5.5 %

12

Type of Reporting Person (See Instructions)

IA

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, CA 91361
Item 2.
(a)	Name of person filing: Jennison Associates LLC
(b)	Address or principal business office or, if none, residence: 55 East 52nd Street, New York, NY 10055
(c)	Citizenship: USA
(d)	Title of class of securities: Common Stock
(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: 6758006
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6758006
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 6758006
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.
	Not Applicable
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.

Jennison Associates LLC

Signature:	Beata Markowicz
Name/Title:	Senior Vice President, Compliance
Date:	01/30/2026

FAQ

What does Jennison Associates report in this Schedule 13G/A for ARQT?

Jennison Associates LLC reports beneficial ownership of 6,758,006 shares of Arcutis Biotherapeutics common stock, equal to 5.5% of the class as of December 31, 2025. This makes Jennison a significant institutional holder of ARQT shares.

How large is Jennison Associates’ ownership stake in Arcutis Biotherapeutics (ARQT)?

Jennison Associates LLC reports owning 6,758,006 Arcutis Biotherapeutics common shares, representing 5.5% of the outstanding class. This level of ownership meets the SEC threshold that requires filing a beneficial ownership report such as a Schedule 13G/A amendment.

What voting and dispositive powers does Jennison have over ARQT shares?

Jennison Associates LLC has sole power to vote or direct the vote of 6,758,006 Arcutis shares and shared power to dispose or direct the disposition of the same 6,758,006 shares. It reports no shared voting power and no sole dispositive power over these securities.

When is the ownership information for Arcutis (ARQT) in this filing effective?

The ownership information is reported as of December 31, 2025, which is the date of the event requiring the filing. The Schedule 13G/A thus reflects Jennison Associates LLC’s beneficial holdings in Arcutis at that year-end measurement date.

Is Jennison Associates seeking to influence control of Arcutis Biotherapeutics?

Jennison Associates LLC certifies the Arcutis shares were acquired and are held in the ordinary course of business, not to change or influence control of the company. It also states the holdings are not part of any transaction designed to affect control.

Who signed the Schedule 13G/A filing related to ARQT on behalf of Jennison?

The filing is signed by Beata Markowicz, Senior Vice President, Compliance at Jennison Associates LLC. The signature certifies, after reasonable inquiry, that the information reported about Arcutis Biotherapeutics share ownership is true, complete, and correct as of the stated date.