Arcutis Biotherapeutics, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(16,141) | $(140,039) | $(262,140) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation expense | 40,364 | 41,730 | 38,813 |
| Amortization of intangible assets | 4,667 | 1,959 | 750 |
| Non-cash interest expense | 1,756 | 5,404 | 4,030 |
| Net accretion on marketable securities | (2,094) | (6,901) | (6,989) |
| Other non-cash items, net | 652 | 769 | 1,980 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (73,163) | (47,259) | (17,349) |
| Inventories | (7,329) | (400) | (5,620) |
| Prepaid expenses and other current assets | (2,007) | (948) | (8,621) |
| Accounts payable | (1,694) | 2,229 | 3,152 |
| Accrued liabilities | 50,044 | 32,033 | 5,594 |
| Operating lease liabilities | (680) | (735) | (657) |
| Net cash used in operating activities | (5,625) | (112,158) | (247,057) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of marketable securities | (246,986) | (254,820) | (225,840) |
| Proceeds from maturities and sales of marketable securities | 227,419 | 288,783 | 406,500 |
| Purchases of property and equipment | (686) | (143) | (428) |
| Milestone payment for intangible asset | (10,000) | (5,000) | — |
| Net cash provided by (used in) investing activities | (30,253) | 28,820 | 180,232 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock, net of issuance costs | — | 161,682 | — |
| Repayment of long-term debt | — | (100,000) | — |
| Proceeds from issuance of common stock upon exercise of stock options | 4,597 | 2,807 | 1,247 |
| Proceeds from issuance of common stock for ESPP | 2,376 | 1,713 | 1,175 |
| Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs | — | — | 95,765 |
| Proceeds from issuance of shares under ATM, net of issuance costs | — | — | 3,136 |
| Net cash provided by financing activities | 6,973 | 66,202 | 101,323 |
| Effect of exchange rate changes on cash | 168 | (235) | (50) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (28,737) | (17,371) | 34,448 |
| Cash, cash equivalents and restricted cash at beginning of period | 71,952 | 89,323 | 54,875 |
| Cash, cash equivalents and restricted cash at end of period | $43,215 | $71,952 | $89,323 |
| SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | |||
| Right-of-use assets obtained in exchange for operating lease liabilities | $2,858 | $— | $— |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
| Interest expense paid in cash | $10,327 | $22,209 | $25,445 |
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