Arcutis Biotherapeutics Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
ARQT$27.39+4.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(262,140) | $(311,458) | $(206,356) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation | 771 | 622 | 454 |
| Non-cash lease expense | 360 | 319 | 309 |
| Amortization of intangible assets | 750 | 312 | — |
| Acquired in-process research and development | — | 29,630 | — |
| Net amortization/accretion on marketable securities | (6,989) | (2,253) | 3,454 |
| Non-cash interest expense | 4,030 | 2,606 | — |
| Stock-based compensation | 38,813 | 32,682 | 23,892 |
| Change in fair value of embedded derivative instrument | 849 | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (17,349) | (8,458) | — |
| Inventories | (5,620) | (7,514) | — |
| Prepaid expenses and other current assets | (8,621) | 3,472 | (7,329) |
| Accounts payable | 3,152 | 1,565 | 245 |
| Accrued liabilities | 5,594 | 1,193 | 10,461 |
| Operating lease liabilities | (657) | (433) | 243 |
| Net cash used in operating activities | (247,057) | (257,715) | (174,627) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of marketable securities | (225,840) | (415,389) | (292,508) |
| Proceeds from maturities of marketable securities | 406,500 | 351,473 | 217,550 |
| Purchases of property and equipment | (428) | (333) | (995) |
| Acquisition of in-process research and development | — | (15,450) | — |
| Milestone payment for intangible asset | — | (7,500) | — |
| Net cash provided by (used in) investing activities | 180,232 | (87,199) | (75,953) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock upon exercise of stock options | 1,247 | 1,016 | 1,265 |
| Proceeds from issuance of shares under ATM, net of issuance costs | 3,136 | 14,455 | — |
| Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs | 95,765 | — | — |
| Proceeds from issuance of common stock, net of issuance costs | — | 161,592 | 207,490 |
| Proceeds from issuance of common stock for ESPP | 1,175 | 1,922 | 842 |
| Proceeds from long-term debt | — | 125,000 | 73,987 |
| Payment of debt issuance costs | — | (2,187) | (1,637) |
| Net cash provided by financing activities | 101,323 | 301,798 | 281,947 |
| Effect of exchange rate changes on cash | (50) | — | — |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 34,448 | (43,116) | 31,367 |
| Cash, cash equivalents and restricted cash at beginning of period | 54,875 | 97,991 | 66,624 |
| Cash, cash equivalents and restricted cash at end of period | $89,323 | $54,875 | $97,991 |
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | |||
| Interest expense paid in cash | $25,445 | $12,636 | $142 |
| Acquired in-process research and development in exchange for the issuance of common stock | $— | $12,468 | $— |
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