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

Rhea-AI Filing Summary

Polar Capital reports beneficial ownership of 5,006,472 shares of Arcutis Biotherapeutics common stock, representing 4.2% of the class based on 119,201,724 shares outstanding. The filing identifies three reporting persons — Polar Capital Holdings Plc, Polar Capital LLP and Polar Capital Funds PLC - Biotechnology Fund — and classifies their roles as a holding company, an investment adviser and a fund.

All reported shares are held with sole voting and sole dispositive power. The filer certifies the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control. This Schedule 13G/A reflects a passive disclosed stake below the 5% threshold.

Insights

Financial Analyst

TL;DR: Polar Capital holds a passive 4.2% stake (5.01M shares), notable but non-controlling and disclosed as held in the ordinary course.

The filing shows an aggregate position of 5,006,472 shares, equal to 4.2% of issued common stock (119,201,724 shares outstanding). That level is below the 5% reporting threshold that typically triggers more active disclosure and 13D treatment, so the market impact is likely limited. The reporting entities assert sole voting and dispositive power over these shares, which means the Polar Capital group controls how the shares are voted and sold, even though they state the stake is passive. Investors should view this as a material disclosure of ownership but not evidence of an intent to pursue control.

Corporate Governance Expert

TL;DR: Sole voting power is disclosed but the filer declares no intent to influence control; governance impact is therefore limited.

The Schedule 13G/A records that Polar Capital entities hold sole voting and dispositive authority over all 5,006,472 shares they report. While sole control of vote/disposition can matter for corporate governance, the filing explicitly states the position is held in the ordinary course and not to affect control. Because the stake is 4.2% and classified under 13G rules, this is a passive ownership disclosure rather than an active governance engagement or takeover signal. The documentation is procedurally complete and signed by the COO, establishing clear legal responsibility for the statements.

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, par value $0.0001

(Title of Class of Securities)

03969K108

(CUSIP Number)

06/30/2025

(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

Polar Capital Holdings Plc

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

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,006,472.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,006,472.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,006,472.00

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)

4.2 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 03969K108

1

Names of Reporting Persons

Polar Capital LLP

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

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,006,472.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,006,472.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,006,472.00

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)

4.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 03969K108

1

Names of Reporting Persons

Polar Capital Funds PLC - Biotechnology Fund

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

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,006,472.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,006,472.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,006,472.00

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)

4.2 %

12

Type of Reporting Person (See Instructions)

OO

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: Polar Capital Holdings Plc Polar Capital LLP Polar Capital Funds PLC - Biotechnology Fund
(b)	Address or principal business office or, if none, residence: 16 Palace Street London, SW1E 5JD George's Court, 54-62 Townsend Street Dublin 2, Ireland
(c)	Citizenship: United Kingdom
(d)	Title of class of securities: Common Stock, par value $0.0001
(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: 5,006,472
(b)	Percent of class: 4.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,006,472
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,006,472
	(iv) Shared power to dispose or to direct the disposition of: 0 Based on 119,201,724 shares outstanding as reported in the Issuer's Form 10-Q on May 6, 2025.
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. Information for each Subsidiary is incorporated on the respective cover pages.
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.

Polar Capital Holdings Plc

Signature:	/s/ Nicholas Farren
Name/Title:	Nicholas Farren - Chief Operating Officer
Date:	08/14/2025

Polar Capital LLP

Signature:	/s/ Nicholas Farren
Name/Title:	Nicholas Farren - Chief Operating Officer
Date:	08/14/2025

Polar Capital Funds PLC - Biotechnology Fund

Signature:	/s/ Nicholas Farren
Name/Title:	Nicholas Farren - Chief Operating Officer
Date:	08/14/2025

Exhibit Information

Exhibit I JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G/A, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G/A, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Polar Capital Holdings PLC By: /s/ Nicholas Farren Name: Nicholas Farren Title: Chief Operating Officer Polar Capital LLP By: /s/ Nicholas Farren Name: Nicholas Farren Title: Chief Operating Officer Polar Capital Funds PLC - Biotechnology Fund By: /s/ Nicholas Farren Name: Nicholas Farren Title: Chief Operating Officer

FAQ

What stake does Polar Capital hold in Arcutis Biotherapeutics (ARQT)?

Polar Capital entities report beneficial ownership of 5,006,472 shares, representing 4.2% of the outstanding common stock.

Which Polar Capital entities filed the Schedule 13G/A for ARQT?

The filing lists Polar Capital Holdings Plc, Polar Capital LLP and Polar Capital Funds PLC - Biotechnology Fund as the reporting persons.

Does Polar Capital have voting or dispositive power over the reported shares?

Yes. The filing reports sole voting power and sole dispositive power for all 5,006,472 shares.

Is this stake considered passive or an attempt to influence control?

The filing certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.

How was the percentage ownership calculated?

The 4.2% figure is based on an issuer share count of 119,201,724 shares outstanding as reported by the issuer.