Summary by Futu AI
Arcutis Biotherapeutics reported Q2 2024 total revenue of $30.9 million, a significant increase from $5.2 million in Q2 2023, driven by strong ZORYVE product sales. ZORYVE cream 0.3% revenue grew to $17.3 million while ZORYVE foam, launched in January 2024, contributed $13.6 million. The company's net loss narrowed to $52.3 million from $71.0 million year-over-year.Research and development expenses decreased 23% to $19.3 million due to completion of Phase 3 studies, while selling, general and administrative expenses increased 27% to $58.2 million to support commercialization efforts. The company ended the quarter with $363.1 million in cash and marketable securities, strengthened by a $161.7 million public offering completed in February 2024.The company achieved several key milestones, including FDA approval of ZORYVE cream 0.15% for atopic dermatitis in July 2024 and signing strategic agreements with Sato Pharmaceuticals for Japan rights and Kowa Pharmaceuticals for U.S. primary care promotion. Management expects continued commercial momentum while advancing pipeline development of ARQ-255 for alopecia areata and ARQ-234 for atopic dermatitis.
