Jennison Discloses 12.25M-Share, 10.2% Stake in Arcutis (ARQT)

Rhea-AI Filing Summary

Jennison Associates LLC reported beneficial ownership of 12,254,119 shares of Arcutis Biotherapeutics, Inc. common stock, representing 10.2% of the class as of the event date 09/30/2025. The filing is a Schedule 13G (Amendment No. 3), indicating passive investment reporting by an investment adviser registered in Delaware. Jennison discloses sole voting power for all 12,254,119 shares and shared dispositive power for the same amount, while claiming no sole dispositive power. The statement certifies the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing is signed by a compliance officer on 10/06/2025.

Positive

• Material disclosure of stake: 12,254,119 shares representing 10.2%
• Clear voting disclosure: Reports sole voting power for the full stake, improving transparency

Negative

• Concentrated position: A single institutional holder holds over 10.2%, which may amplify trading impact
• Passive intent only: Filing confirms holdings are for ordinary course and not for control, but intention could change requiring a Schedule 13D

Insights

Institutional Ownership Analyst

Jennison holds a sizeable passive stake: 12.25M shares, 10.2% of ARQT.

Owning 12,254,119 shares and reporting 10.2% of the class signals a material institutional position that must be disclosed under Schedule 13G rules for passive investors. The filing shows sole voting power for the reported shares and shared dispositive power, consistent with an adviser exercising voting authority while investment decisions may be managed jointly.

The certification that holdings are "in the ordinary course of business" and not intended to change control is standard for passive filings; monitor subsequent amendments or Schedule 13D filings for any change in intent or increases above disclosure thresholds within 45 days of material events.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

ARCUTIS BIOTHERAPEUTICS INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

03969K108

(CUSIP Number)

09/30/2025

(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 12,254,119.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 12,254,119.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

12,254,119.00

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)

10.2 %

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: 12254119
(b)	Percent of class: 10.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 12254119
	(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: 12254119
Item 5.	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.
	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:	10/06/2025

FAQ

What percentage of ARQT does Jennison Associates own?

Jennison Associates reported ownership of 10.2% of Arcutis Biotherapeutics common stock, equal to 12,254,119 shares.

Does Jennison have voting control over the reported ARQT shares?

The filing reports sole voting power for all 12,254,119 shares and shared dispositive power for the same amount.

Was this ownership reported as a passive investment?

Yes. The Schedule 13G certification states the securities are held in the ordinary course of business and not to change or influence control.

When was the event date and signature date on the filing?

The event date requiring filing is 09/30/2025 and the filing is signed on 10/06/2025.

Where are Arcutis Biotherapeutics' headquarters listed in the filing?

The issuer's principal executive offices are listed at 3027 Townsgate Road, Suite 300, Westlake Village, CA 91361.