On November 6, 2024, Arcutis Biotherapeutics, Inc., a commercial-stage biopharmaceutical company, reported its financial results for the third quarter ended September 30, 2024. The company announced significant revenue growth, with net product revenues reaching $44.8 million, a substantial increase from $8.1 million in the same period the previous year. This growth was attributed to a 452% increase in sales of the ZORYVE franchise compared to Q3 2023 and a 45% increase from Q2 2024. The company's gross-to-net (GTN) improvements were highlighted, with blended GTN across products now in the low 50 percent range. Prescription growth for both ZORYVE cream and foam formulations showed a 25% quarter-over-quarter increase. Arcutis also noted regulatory progress, including the FDA's acceptance of a Supplemental New Drug Application (sNDA) for ZORYVE foam for...Show More

On November 6, 2024, Arcutis Biotherapeutics, Inc., a commercial-stage biopharmaceutical company, reported its financial results for the third quarter ended September 30, 2024. The company announced significant revenue growth, with net product revenues reaching $44.8 million, a substantial increase from $8.1 million in the same period the previous year. This growth was attributed to a 452% increase in sales of the ZORYVE franchise compared to Q3 2023 and a 45% increase from Q2 2024. The company's gross-to-net (GTN) improvements were highlighted, with blended GTN across products now in the low 50 percent range. Prescription growth for both ZORYVE cream and foam formulations showed a 25% quarter-over-quarter increase. Arcutis also noted regulatory progress, including the FDA's acceptance of a Supplemental New Drug Application (sNDA) for ZORYVE foam for scalp and body psoriasis, with a PDUFA action date set for May 22, 2025, and Health Canada's approval of ZORYVE foam for seborrheic dermatitis. The company plans to launch the product in Canada by the end of 2024. Additionally, Arcutis provided updates on its pipeline, including the completion of enrollment for a Phase 1 trial for ARQ-255 for alopecia areata and ongoing preclinical efforts for ARQ-234. Corporate highlights included a co-promotion agreement with Kowa Pharmaceuticals America, Inc., amended loan terms with SLR Investment Corp., and the acquisition of new U.S. patents. The company's net loss for the quarter was $41.5 million, or $0.33 per share, an improvement from the net loss of $44.8 million, or $0.73 per share, in the same quarter of the previous year. As of September 30, 2024, Arcutis had cash, cash equivalents, restricted cash, and marketable securities totaling $331.2 million.