ARQT earnings analysis
What we found in ARQT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Arcutis Biotherapeutics reported a strong Q1 2026 with revenue of $105.4 million, significantly surpassing expectations and demonstrating a year-over-year growth of 65% compared to Q1 2025. Despite this revenue upside, the company reported an EPS of -$0.09, slightly missing the consensus estimate, while projecting confidence for continued growth based on its leading product, ZORYVE, and upcoming product launches.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 2026 Revenue Beat Estimates
- Reported Q1 2026 revenue of $105.4 million, exceeding the estimated $102.8 million.
- Strong Revenue Growth Year-over-Year
- Revenue increased 65% from $63.8 million in Q1 2025 to $105.4 million in Q1 2026.
- Positive Operating Cash Flow
- Operating cash flow improved to $2.2 million compared to a negative $30.4 million in Q1 2025.
- Notable Segment Contributions
- ZORYVE foam revenue grew 64% year-over-year, contributing $49.6 million in Q1 2026.
- Significant Decrease in Net Loss
- Net loss decreased from $25.1 million in Q1 2025 to $11.3 million in Q1 2026.
- Cash Position Strengthened
- Cash, cash equivalents, and marketable securities totaled $224.3 million as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased R&D Spending
- R&D expenses rose 75% to $30.6 million in Q1 2026 from $17.5 million in Q1 2025.
- High Cash Burn Rate
- Despite positive cash flow, the accumulated deficit grew to $1,149.4 million as of March 31, 2026.
- Potential Need for Future Financing
- The company may need to seek additional financing if cash flows are insufficient for operational expenses.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.09
- Segment
- ZORYVE cream 0.3%: $32.67M
- Segment
- ZORYVE foam: $49.63M
- Segment
- ZORYVE cream 0.15%: $21.74M
- Segment
- ZORYVE cream 0.05%: $1.36M
What they said about what is next.
Full-year 2026 revenue guidance maintained between $480 million and $495 million.
The filing reads better than the one before it.
What came before.
- 10-K · February 25, 2026
- Arcutis presents a clear commercial strategy built around the ZORYVE franchise and a growing set of FDA- and Health Canada-approved topical products. Financial results show accelerating top-line and margin improvement…
- 10-Q · August 6, 2025
- Arcutis reported Q2 product revenue of $81.504M (vs Q2 2024 $30.858M), driven by growth across ZORYVE foam, cream 0.3% and new cream 0.15%. Gross margin remained high at 90.8% while operating loss narrowed to $14.611M…
- 10-Q · August 14, 2024
- Arcutis reported a strong commercial ramp in Q2 2024 with product revenue of $30,858,000 driven by ZORYVE cream ($17,258,000) and ZORYVE foam ($13,600,000); GAAP net loss narrowed to $(52,332,000) or $(0.42) per share.…
- 10-Q · May 14, 2024
- Arcutis reported Q1 revenues of $49,569 (thousands) versus $2,781 (thousands) a year ago, driven by product sales and $28,000 (thousands) of license revenue. Gross margin remained strong at ~93.4% while operating loss…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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