0001787306-25-000144 | 10-Q | XBRL Viewer | Arcutis Biotherapeutics INC

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License Agreements & Acquisition	9 Months Ended
License Agreements & Acquisition	Sep. 30, 2025
License Agreements And Acquisition Disclosure [Abstract]
License Agreements & Acquisition	License Agreements & Acquisition Sato License Agreement On February 27, 2024, the Company entered into a license agreement with Sato Pharmaceutical Co., Ltd. (Sato). Pursuant to the terms of the license agreement with Sato (the Sato Agreement), the Company grants to Sato an exclusive, sublicensable (under certain circumstances) license under certain patent rights and know-how controlled by the Company for Sato to develop, conduct medical affairs activities for, manufacture, commercialize and otherwise exploit roflumilast formulations (the Sato Licensed Products) for all therapeutic uses for certain dermatological indications in humans (the Field) in Japan. The Sato Agreement sets forth each party’s respective obligations with respect to the development, medical affairs activities, manufacture, supply and commercialization of the Sato Licensed Products. Pursuant to the terms of the Sato Agreement, Sato will, at its expense, develop, obtain regulatory approval for, commercialize and conduct medical affairs activities related to the Sato Licensed Products in the Field in Japan, subject to certain of the Company’s approval and oversight rights. Pursuant to the terms of the Sato Agreement, the Company received an upfront payment of $25.0 million and will potentially receive additional payments (i) up to an aggregate amount of $10.0 million upon the achievement of certain regulatory milestones and (ii) up to an aggregate amount of $30.0 million upon the achievement of certain sales milestones. In addition, on a Sato Licensed Product-by-Sato Licensed Product basis, commencing from the first commercial sale of such Sato Licensed Product in Japan until the latest of (i) the expiration of the last valid claim in the intellectual property rights licensed by the Company to Sato under the Sato Agreement covering such Sato Licensed Product in Japan, (ii) the expiration of regulatory exclusivity for such Sato Licensed Product in Japan, or (iii) ten years after the first commercial sale of such Sato Licensed Product in Japan, the Company will receive low double-digit to mid-teen double-digit percentage royalties on Sato’s, its affiliates’ and sublicensees’ total annual net sales of all Sato Licensed Products, subject to certain royalty reductions. The term of the Sato Agreement continues until, on a Sato Licensed Product-by-Sato Licensed Product basis, the expiration of the Royalty Term, which is the (i) the expiration of the last valid claim in the licensed technology covering such Sato Licensed Product in Japan, (ii) the expiration of regulatory exclusivity for such Licensed Product in Japan, or (iii) ten years after the first commercial sale of such Licensed Product in Japan. The Sato Agreement may be terminated by either party in its entirety if the other party commits a material breach, subject to a cure period, or if the other party becomes insolvent. Sato may terminate the Sato Agreement at-will in its entirety upon 90 days’ written notice. Unless unenforceable under applicable law, the Company may terminate the Sato Agreement in its entirety if Sato, its affiliate or sublicensee contests or assists a third party in contesting the scope, validity or enforceability of any patent or patent application licensed by the Company to Sato. The Company may also terminate the Sato Agreement if Sato or any director, officers, employee, agent, affiliate, sublicensee or subcontractor is charged by a governmental authority for a violation of any anti-corruption, anti-money laundering, sanctions or export or import control laws or regulations, or, subject to the terms of the Sato Agreement, if Sato, its affiliates and sublicensees do not conduct any material development or commercialization activities of a Sato Licensed Product in Japan for a certain period of time. Other revenue under the Sato Agreement was zero for the three and nine months ended September 30, 2025, respectively, and zero and $25.0 million for the three and nine months ended September 30, 2024, respectively. Huadong License Agreement In August 2023, the Company entered into a license agreement with Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd (Huadong), a wholly owned subsidiary of Huadong Medicine Co., Ltd. Pursuant to the terms of the agreement, the Company granted to Huadong an exclusive, sublicensable (under certain circumstances) license under certain patent rights and know-how controlled by the Company for Huadong to develop, conduct medical affairs activities for, manufacture, commercialize, and otherwise exploit both cream and foam topical roflumilast for all therapeutic uses for certain dermatological indications (Huadong Licensed Products) in Greater China (mainland China, Hong Kong, Macau, and Taiwan) and Southeast Asia (Indonesia, Singapore, The Philippines, Thailand, Myanmar, Brunei, Cambodia, Laos, Malaysia, and Vietnam) (Huadong Territories). Huadong will, at its expense, develop, obtain regulatory approval for, commercialize and conduct medical affairs activities for the Huadong Licensed Products, subject to certain of the Company’s approval and oversight rights. The Company will retain exclusive rights for the development, manufacture and commercialization of topical roflumilast outside the Huadong Territories. As consideration for the rights granted under the license agreement with Huadong (the Huadong Agreement), Huadong paid the Company a non-refundable upfront fee pursuant to the terms of the agreement, upon closing in September 2023. The Company received a net payment of $27.0 million, which consisted of a $30.0 million upfront payment less the applicable tax withholding obligation in China of $3.0 million. In addition, the Company received a net payment of $2.7 million in March 2024 related to the achievement of a development and regulatory milestone less the applicable tax withholding. The Company received a net payment of $1.8 million in each of December 2024 and March 2025, related to the achievement of development and regulatory milestones less the applicable tax withholding. The Company may also potentially receive additional payments: (i) up to an aggregate amount of $17.0 million upon the achievement of certain development and regulatory milestones, (ii) up to an aggregate amount of $40.3 million upon the achievement of certain sales milestones, and (iii) low double-digit to high-teen double-digit tiered percentage royalties on net sales of the Huadong Licensed Products, all of which would be subject to applicable tax withholding obligations. The term of the Huadong Agreement continues on a Huadong Licensed Product-by-Huadong Licensed Product and country or region-by-country or region basis, until the expiration of the Royalty Term, which is: (i) the date of expiration of the last valid patent claim related to the Huadong Licensed Products, (ii) ten years after the first commercial sale of a Huadong Licensed Product and (iii) the expiration of any regulatory exclusivity as to a Huadong Licensed Product. The Huadong Agreement may be terminated by both parties under certain circumstances. For the three and nine months ended September 30, 2025, the Company recognized zero and $2.0 million, respectively, of Other revenue, and zero and $0.2 million, respectively, of income tax expense, in each case related to the achievement of a development and regulatory milestone. For the three and nine months ended September 30, 2024, the Company recognized zero and $3.0 million, respectively, of Other revenue, and zero and $0.3 million, respectively, of income tax expense, in each case related to the achievement of a development and regulatory milestone. AstraZeneca License Agreement In July 2018, the Company entered into an exclusive license agreement with AstraZeneca AB (AstraZeneca), granting the Company a worldwide exclusive license, with the right to sublicense through multiple tiers, under certain AstraZeneca-controlled patent rights, know-how and regulatory documentation, to research, develop, manufacture, commercialize and otherwise exploit products containing roflumilast in topical forms, as well as delivery systems sold with or for the administration of roflumilast (collectively, the AZ-Licensed Products), for all diagnostic, prophylactic and therapeutic uses for human dermatological indications (the Dermatology Field). Under the license agreement with AstraZeneca (the AstraZeneca Agreement), the Company has sole responsibility for development, regulatory and commercialization activities for the AZ-Licensed Products in the Dermatology Field, at its expense, and it shall use commercially reasonable efforts to develop, obtain and maintain regulatory approvals for, and commercialize the AZ-Licensed Products in the Dermatology Field in each of the United States, Italy, Spain, Germany, the United Kingdom, France, China and Japan. The Company paid AstraZeneca an upfront non-refundable cash payment of $1.0 million and issued 484,388 shares of Series B convertible preferred stock, valued at $3.0 million on the date of the AstraZeneca Agreement, which were both recorded in research and development expense. The Company subsequently paid AstraZeneca the first milestone cash payment of $2.0 million upon the completion of a Phase 2b study of ZORYVE cream 0.3% in plaque psoriasis in August 2019 for the achievement of positive Phase 2 data for an AZ-Licensed Product, which was recorded in research and development expense. In the third quarter of 2022, the Company paid $7.5 million to AstraZeneca as a result of the approval of ZORYVE cream 0.3%, which was recorded as an intangible asset. In the second half of 2024, the Company paid $5.0 million to AstraZeneca upon achievement of $100.0 million in worldwide net sales, which was recorded as a cumulative catch-up adjustment to the carrying value of the intangible asset. In the first half of 2025, the Company paid $10.0 million to AstraZeneca upon achievement of $250.0 million in worldwide net sales and was recorded as a cumulative catch-up adjustment to the carrying value of the intangible asset. The Company is amortizing the intangible asset to cost of sales over its useful life of 10 years from the date of first commercial sale as this is the minimum amount of time that the related AstraZeneca Agreement will be in effect. Amortization expense was $0.6 million and $4.1 million during the three and nine months ended September 30, 2025, respectively. Amortization expense was $1.2 million and $1.6 million during the three and nine months ended September 30, 2024, respectively. The Company has agreed to make additional cash payments to AstraZeneca of up to an aggregate of $5.0 million upon the achievement of specified regulatory approval milestones with respect to the AZ-Licensed Products. With respect to any AZ-Licensed Products the Company commercializes under the AstraZeneca Agreement, it will pay AstraZeneca a low to high single-digit percentage royalty rate on the Company’s, its affiliates’ and its sublicensees’ net sales of such AZ-Licensed Products, subject to specified reductions, until, as determined on an AZ-Licensed Product-by-AZ-Licensed Product and country-by-country basis, the later of the date of the expiration of the last-to-expire AstraZeneca-licensed patent right containing a valid claim in such country and ten years from the first commercial sale of such AZ-Licensed Product in such country. As a result of the commercialization of ZORYVE cream 0.3% in August 2022, the Company began accruing royalties payable to AstraZeneca, which are recorded in cost of sales and accrued liabilities. Royalty expense was $2.9 million and $7.3 million during the three and nine months ended September 30, 2025, respectively. Royalty expense was $1.4 million and $3.0 million during the three and nine months ended September 30, 2024, respectively. Ducentis Biotherapeutics LTD Acquisition On September 7, 2022, the Company entered into a Share Purchase Agreement with Ducentis Biotherapeutics LTD (Ducentis) and certain stockholders of Ducentis, pursuant to which the Company acquired all of the outstanding equity interests in Ducentis for (i) 610,258 shares of the Company's common stock, valued at approximately $12.5 million, and $15.9 million in cash, inclusive of liabilities acquired, and (ii) contingent payments of up to an aggregate of $400 million, which may become payable upon the achievement of certain development, regulatory, and commercial milestones (the Acquisition). Such contingent payments include a $10.0 million payment due within one year from the first dosing of the first human subject enrolled in the first Phase 1 clinical trial of a therapeutic drug containing Ducentis' DS-234 product candidate, now ARQ-234. The Company anticipates commencing such Phase 1 study in the first quarter of 2026. In addition, if applicable, the Company will make payments amounting to a mid-single-digit percentage of any annual net sales of certain products exceeding $1.5 billion. The Company accounted for this purchase of equity interests in Ducentis as an in-process research and development (IPR&D) asset acquisition, as it has no alternative future use, and recorded a $29.6 million charge to research and development expense on the acquisition date. Any contingent payments made under the Share Purchase Agreement will be recorded when it is probable that they will occur and they can be reasonably estimated, at which point the Company will determine whether the payment should be expensed or capitalized depending on whether the IPR&D has achieved market acceptance. There were no payments made or due for the three and nine months ended September 30, 2025 and 2024, respectively. Under the terms of the Share Purchase Agreement, the Company will develop and seek FDA approval of a therapeutic product containing ARQ-234 for an atopic dermatitis indication, and if FDA approval of ARQ-234 is obtained by the Company, to commercially launch it in the United States.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 47,120	$ 71,335
Restricted cash	308	617
Marketable securities	143,948	156,620
Trade receivables, net	115,116	73,066
Inventories	22,419	14,526
Prepaid expenses and other current assets	20,313	19,656
Total current assets	349,224	335,820
Property, plant, and equipment, net	1,215	1,041
Intangible assets, net	15,375	9,479
Operating lease right-of-use asset	4,567	1,953
Other assets	596	596
Total assets	370,977	348,889
Current liabilities:
Accounts payable	5,795	14,220
Current portion of long-term debt, net	1,000	0
Accrued and other current liabilities	92,975	66,793
Total current liabilities	99,770	81,013
Operating lease liability, long-term	5,276	2,562
Long-term debt, net	107,498	107,203
Other long-term liabilities	360	570
Total liabilities	212,904	191,348
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized at September 30, 2025 and December 31, 2024; no shares issued and outstanding at September 30, 2025 and December 31, 2024	0	0
Common stock, $0.0001 par value; 300,000,000 shares authorized at September 30, 2025 and December 31, 2024; 120,288,146 and 117,848,033 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively	12	12
Additional paid-in capital	1,313,602	1,279,479
Accumulated other comprehensive loss	(62)	(7)
Accumulated deficit	(1,155,479)	(1,121,943)
Total stockholders’ equity	158,073	157,541
Total liabilities and stockholders’ equity	$ 370,977	$ 348,889

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease The Company's lease for its corporate headquarters (22,643 square feet of office space) commenced in February 2019 and was amended in April 2020 in order to relocate to a new expanded space. In August 2025, the Company entered into a second amendment to extend the term of the lease by five years, extending the lease expiration from August 2028 to July 2033. This second amendment had a net effect of increasing the Company's future lease payments by approximately $5.4 million, primarily due to the five additional years of rent payments. In accordance with ASC 842, the Company remeasured the present value of the aggregate lease payments over the amended lease term and recorded an increase to the Company’s operating lease liabilities and existing right-of-use lease asset of approximately $2.9 million in the third quarter 2025 as a result of this remeasurement. Indemnification In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless, and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by the provisions of the Company's Bylaws and the Delaware General Corporation Law. The Company currently has directors’ and officers’ insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes any potential loss exposure under these indemnification agreements in excess of applicable insurance coverage is minimal. Contingencies From time to time, the Company may be involved in legal proceedings, as well as demands, claims, and threatened litigation, which arise in the normal course of business or otherwise. The ultimate outcome of any litigation is uncertain, and unfavorable outcomes could have a negative impact on the Company's results of operations and financial condition. Regardless of outcome, litigation can have an adverse impact on the Company because of the defense costs, the diversion of management resources, and other factors. As of September 30, 2025 and December 31, 2024, the Company determined that no loss contingencies from legal proceedings—including the patent infringement complaint filed against the Company by Teva Pharmaceutical Industries, Ltd.—met the threshold of "reasonably possible", as defined in ASC 450. Accordingly, no material amounts have been accrued related to loss contingencies under ASC 450.

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			9 Months Ended
	Feb. 13, 2024	Jan. 16, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)			534,345
Intrinsic value of options exercised during the period			$ 2.9	$ 1.7
Grant date fair value of options vested during the period			$ 6.6	$ 3.1
Grant date fair value of options vested during the period (in USD per share)			$ 9.69	$ 3.64
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 28.1
Recognition period for unrecognized compensation costs related to unvested options expected to vest (in years)			2 years 8 months 12 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			2,876,897
Vesting period of stock-based awards granted (in years)			4 years
Unrecognized compensation cost			$ 50.5
Recognition period for unrecognized compensation costs related to unvested options expected to vest (in years)			2 years 9 months 18 days
Stock Option Exchange \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of eligible options exchanged (as a percent)		98.00%
Stock Option Exchange \| Stock Options \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)		5,059,129
Stock Option Exchange \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental cost of plan modification			$ 8.6
Stock Option Exchange \| Restricted Stock Units (RSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period (in years)			1 year
Stock Option Exchange \| Restricted Stock Units (RSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period (in years)			3 years
Stock Option Exchange \| Restricted Stock Units (RSUs) \| First Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in years)	1 year
Stock Option Exchange \| Restricted Stock Units (RSUs) \| Second Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in years)	2 years
Stock Option Exchange \| Restricted Stock Units (RSUs) \| Third Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in years)	3 years
Stock Option Exchange \| Restricted Stock Units (RSUs) \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,129,594

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued sales deductions	$ 61,313	$ 38,430
Accrued compensation	18,303	20,747
Clinical trial accruals	228	0
Accrued expenses and other current liabilities	13,131	7,616
Total accrued liabilities	$ 92,975	$ 66,793

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	120,288,146	117,848,033
Common stock, shares outstanding (in shares)	120,288,146	117,848,033

Segment Reporting - Narrative (Details)	9 Months Ended
Segment Reporting - Narrative (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average common shares outstanding. Diluted net earnings per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Pre-funded warrants to purchase 7,500,000 shares of the Company's stock were included in the weighted-average common shares outstanding used in calculating basic and diluted net income (loss) per share for the three and nine months ended September 30, 2025 and 2024.

The following table is a reconciliation of the share amounts used in calculating basic and diluted earnings (loss) per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted-average common shares outstanding - Basic	127,622,860	124,302,317	126,891,285	119,627,687
Effect of dilutive securities	5,261,707	—	—	—
Weighted-average common shares outstanding - Diluted	132,884,567	124,302,317	126,891,285	119,627,687

Potential dilutive securities, which include unvested RSUs and unvested performance-based RSUs for which established performance criteria have been achieved as of the end of the respective periods, vested and unvested options to purchase common stock and shares to be issued under the Company's employee stock purchase plan (ESPP), have been excluded from the calculation of diluted net income (loss) per common share in each period in which the Company recorded a net loss, as the effect is antidilutive.

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net income (loss) per share for the periods presented due to their anti-dilutive effect:


	As of September 30,
	2025	2024
Stock options to purchase common stock	2,672,832	5,634,494
RSUs subject to future vesting	27,837	6,487,840
ESPP shares subject to future issuance	82,600	115,926

Total	2,783,269	12,238,260

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Neha Krishnamohan [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 14, 2025, Neha Krishnamohan, a member of our Board of Directors, entered into a Rule 10b5-1 trading plan, intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The plan provided for the potential sale of up to 1,232 shares of common stock held by Ms. Krishnamohan, as well as the potential exercise and sale of up to 39,272 options between November 12, 2025 and November 2, 2026.
Name	Neha Krishnamohan
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 14, 2025
Expiration Date	November 2, 2026
Arrangement Duration	355 days
Neha Krishnamohan Trading Arrangement, Common Stock [Member] \| Neha Krishnamohan [Member]
Trading Arrangements, by Individual
Aggregate Available	1,232
Neha Krishnamohan Trading Arrangement, Options [Member] \| Neha Krishnamohan [Member]
Trading Arrangements, by Individual
Aggregate Available	39,272

License Agreements & Acquisition - Sato License Agreement (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 27, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Other revenue		$ 0	$ 0	$ 2,000,000	$ 28,000,000
Sato
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payment received before taxes	$ 25,000,000
Potential additional payments to be received		10,000,000		10,000,000
Aggregate amount to be received upon achievement of sales milestones		30,000,000		30,000,000
Number of years after first commercial sale to receive royalties (in years)	10 years
Number of days for written notice (in days)	90 days
Other revenue		$ 0	$ 0	$ 0	$ 25,000,000

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP), on the same basis as the Company’s audited annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. Results of operations for any interim period are not necessarily indicative of future or annual results. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024.
Principles of Consolidation	These condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and all intercompany balances and transactions have been eliminated. Certain prior year amounts, which are not material, have been reclassified to conform to current year presentation in the condensed consolidated balance sheets, condensed consolidated statement of cash flows and the notes to the condensed consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash As of September 30, 2025 and December 31, 2024, the Company held $0.3 million and $0.6 million, respectively, of restricted cash as collateral for a letter of credit related to the Company's lease of office space.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of a default by either the financial institutions holding its cash or by its customers owing trade receivables to the extent recorded on the condensed consolidated balance sheets. To manage accounts receivable credit risk, the Company continuously evaluates the creditworthiness of its customers and the need for an allowance for credit losses.
Fair Value Measurement	Fair Value Measurement The Company’s financial instruments, in addition to those presented in Note 4, include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt. The carrying amount of cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to their short maturities. As the long-term debt is subject to variable interest rates that are based on market rates which regularly reset, the Company believes that the carrying value of the long-term debt approximates its fair value. Assets and liabilities recorded at fair value on a recurring basis on the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company considers the applicability and impact of any recent Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). Other than the ASUs listed below, all other ASUs were assessed and determined to be either not applicable to the Company or are expected to have minimal impact on the Company's condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The Company will adopt ASU 2023-09 for its Annual Report on Form 10-K for the year ended December 31, 2025 and does not expect the standard to have a material impact on its disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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+ Details

License Agreements & Acquisition - AstraZeneca (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended			6 Months Ended		9 Months Ended
	Aug. 31, 2019	Jul. 31, 2018	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2022	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amortization of intangible assets								$ 4,104	$ 1,646
AstraZeneca
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement, cash payment		$ 1,000
First milestone cash payment	$ 2,000
Product milestone payment for first product approval					$ 7,500
Sales milestone payment						$ 10,000	$ 5,000
Annual net sales						$ 250,000	$ 100,000
Intangible asset, useful life (in years)			10 years					10 years
Amortization of intangible assets			$ 600	$ 1,200				$ 4,100	1,600
Maximum milestone payments for licensed products								5,000
Royalty expense			$ 2,900	$ 1,400				$ 7,300	$ 3,000
AstraZeneca \| Series B Preferred Stock
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Issuance of convertible preferred stock, net of issuance costs (in shares)		484,388
Issuance of convertible preferred stock, net of issuance costs		$ 3,000

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Arcutis Biotherapeutics, Inc. (the Company) is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for dermatological diseases with high unmet medical needs. The Company’s strategy is to focus on validated biological targets and to use its drug development platform and deep dermatology expertise to develop differentiated products that have the potential to address the major shortcomings of existing therapies in its targeted indications. The Company received U.S. Food and Drug Administration (FDA) approval of its first product, ZORYVE® (roflumilast) cream 0.3% (ZORYVE cream 0.3%), in July 2022, for the treatment of plaque psoriasis, including intertriginous psoriasis, in individuals 12 years of age and older (subsequently approved down to 6 years old), and began U.S. commercialization in August 2022. The Company also received Health Canada approval of ZORYVE cream 0.3% in plaque psoriasis in April 2023 and began Canadian commercialization in June 2023. The Company received FDA approval of ZORYVE® (roflumilast) topical foam 0.3% (ZORYVE foam), in December 2023, for the treatment of seborrheic dermatitis in individuals 9 years of age and older, and began U.S. commercialization in January 2024. The Company received FDA approval of ZORYVE® (roflumilast) cream 0.15% (ZORYVE cream 0.15%) and began U.S. commercialization, in July 2024, for the treatment of mild to moderate atopic dermatitis in adult and pediatric patients 6 years of age and older. The Company received Health Canada approval of ZORYVE foam for seborrheic dermatitis in October 2024, and began Canadian commercialization in December 2024. The Company received Health Canada approval for ZORYVE cream 0.15% for atopic dermatitis in March 2025, and began Canadian commercialization in April 2025. The Company also received FDA approval of ZORYVE foam 0.3% for the treatment of plaque psoriasis of the scalp and body in adult and adolescents 12 years of age and older in May 2025, and began U.S. commercialization in June 2025. The Company received FDA approval of ZORYVE® (roflumilast) cream 0.05% (ZORYVE cream 0.05%) in October 2025 for the treatment of mild to moderate atopic dermatitis in children ages 2 to 5 years of age. Initial Public Offering and Follow-On Financings On February 4, 2020, the Company closed an initial public offering (IPO) issuing and selling shares of common stock receiving aggregate net proceeds of approximately $167.2 million. The Company completed subsequent public sales of its common stock in October 2020, February 2021, August 2022, and October 2023, receiving aggregate net proceeds of $93.4 million, $207.5 million, $161.6 million, and $95.8 million, respectively. In addition to the sale of common stock, the offering completed in October 2023 consisted of prefunded warrants to purchase 7,500,000 shares of the Company's common stock at $2.4999 per underlying share of common stock. The exercise price of the warrants is $0.0001 per underlying share of common stock. The prefunded warrants are exercisable at any time on or after their original issuance, and all such warrants were outstanding as of September 30, 2025. Subsequent to September 30, 2025, certain prefunded warrants were exercised at $0.0001 per share, resulting in the issuance of 2,050,000 shares of the Company's common stock. Following such exercise, prefunded warrants to purchase 5,450,000 shares of the Company's common stock remained outstanding. On February 28, 2024, the Company completed an offering relating to the sale of 15,789,474 shares of the Company's common stock at $9.50 per share. The Company also granted the underwriters an option to purchase up to an additional 2,368,421 shares at $9.50 per share, which the underwriters exercised in full on February 29, 2024. The aggregate net proceeds to the Company was $161.7 million after deducting underwriting discounts, commissions, and estimated offering expenses payable by the Company. At-the-Market (ATM) Offerings On May 6, 2021, the Company entered into a sales agreement (Sales Agreement) with Cowen and Company, LLC (Cowen), under which the Company may from time to time issue and sell shares of its common stock through ATM offerings for an aggregate offering price of up to $100.0 million. Cowen will act as the Company's sales agent for the ATM program and is entitled to compensation for its services equal to 3% of the gross proceeds of any shares of common stock sold under the Sales Agreement. In March 2022, the Company sold 882,353 shares under the ATM for $17.00 per share and received $14.5 million in net proceeds. In December 2023, the Company sold 1,250,000 shares under the ATM for $2.60 per share and received $3.1 million in net proceeds. In January 2024, the Company amended and restated its Sales Agreement with Cowen to reset the ATM program and provide for the offer and sale of shares of common stock having an aggregate gross offering price of up to $100.0 million. All other terms of the amended and restated Sales Agreement are substantially the same as the original Sales Agreement. The Company has not yet issued or sold any common stock under the amended and restated Sales Agreement. Liquidity The Company has incurred significant annual losses and negative cash flows from operations since its inception and had an accumulated deficit of $1,155.5 million and $1,121.9 million as of September 30, 2025 and December 31, 2024, respectively. While the Company generated net income for the quarter ended September 30, 2025, the extent of any net income or losses for future periods is uncertain and the Company may continue to incur losses. The Company had cash, cash equivalents, restricted cash, and marketable securities of $191.4 million and $228.6 million as of September 30, 2025 and December 31, 2024, respectively. The Company had $100.0 million outstanding under the Loan Agreement as of September 30, 2025. See Note 8. The Company believes that its existing capital resources will be sufficient to meet the projected operating requirements for at least 12 months from the date of issuance of its financial statements. If the Company's available cash, cash equivalents and marketable securities and anticipated future cash flows from operations are insufficient to satisfy its liquidity requirements, the Company may need to raise additional capital to fund its operations. No assurance can be given as to whether additional financing will be available on terms acceptable to the Company or at all. If sufficient funds on acceptable terms are not available when needed, the Company may be required to curtail certain planned activities. Failure to manage discretionary spending or raise additional funds, as needed, may adversely impact the Company’s ability to achieve its intended business objectives and have an adverse effect on its results of operations and future prospects.

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Number of Options
Beginning balance, number of options (in shares) \| shares	5,342,909
Granted (in shares) \| shares	2,245,719
Exercised (in shares) \| shares	(326,202)
Forfeited (in shares) \| shares	(534,345)
Expired (in shares) \| shares	(2,865)
Ending balance, number of options (in shares) \| shares	6,725,216	5,342,909
Weighted- Average Exercise Price
Beginning balance, weighted-average exercise price (in USD per share) \| $ / shares	$ 6.69
Granted (in USD per share) \| $ / shares	13.69
Exercised (in USD per share) \| $ / shares	5.92
Forfeited (in USD per share) \| $ / shares	9.55
Expired (in USD per share) \| $ / shares	26.87
Ending balance, weighted-average exercise price (in USD per share) \| $ / shares	$ 8.83	$ 6.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercisable (in shares) \| shares	2,941,734
Exercisable, Weighted-Average Exercise Price (in dollars per share) \| $ / shares	$ 8.33
Remaining Contractual Term (Years)	7 years 10 months 13 days	8 years 3 days
Remaining contractual term, exercisable (years)	6 years 7 months 13 days
Aggregate Intrinsic Value ($, in thousands) \| $	$ 69,596	$ 43,120
Aggregate intrinsic value, exercisable \| $	$ 33,111

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023		96,787,000
Beginning balance at Dec. 31, 2023	$ 88,667	$ 9	$ 1,070,558	$ 4	$ (981,904)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of common stock net of discount and issuance costs of $10,820 (in shares)		18,158,000
Issuance of shares of common stock net of discount and issuance costs of $10,820	161,682	$ 3	161,679
Issuance of common stock upon the exercise of stock options (in shares)		22,000
Issuance of common stock upon the exercise of stock options	82		82
Issuance of common stock upon the vesting of restricted stock units (in shares)		538,000
Stock-based compensation expense	10,030		10,030
Unrealized loss (gain) on marketable securities	(116)			(116)
Foreign currency translation adjustment	(21)			(21)
Net (loss) income	(35,382)				(35,382)
Ending balance (in shares) at Mar. 31, 2024		115,505,000
Ending Balance at Mar. 31, 2024	224,942	$ 12	1,242,349	(133)	(1,017,286)
Beginning balance (in shares) at Dec. 31, 2023		96,787,000
Beginning balance at Dec. 31, 2023	88,667	$ 9	1,070,558	4	(981,904)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized loss (gain) on marketable securities	528
Foreign currency translation adjustment	1
Net (loss) income	(129,251)
Ending balance (in shares) at Sep. 30, 2024		116,998,000
Ending Balance at Sep. 30, 2024	156,641	$ 12	1,267,251	533	(1,111,155)
Beginning balance (in shares) at Mar. 31, 2024		115,505,000
Beginning balance at Mar. 31, 2024	224,942	$ 12	1,242,349	(133)	(1,017,286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of stock options (in shares)		147,000
Issuance of common stock upon the exercise of stock options	806		806
Issuance of common stock upon the vesting of restricted stock units (in shares)		443,000
Shares issued pursuant to the employee stock purchase plan (in shares)		384,000
Shares issued pursuant to the employee stock purchase plan	649		649
Stock-based compensation expense	12,523		12,523
Unrealized loss (gain) on marketable securities	(127)			(127)
Foreign currency translation adjustment	(34)			(34)
Net (loss) income	(52,332)				(52,332)
Ending balance (in shares) at Jun. 30, 2024		116,479,000
Ending Balance at Jun. 30, 2024	186,427	$ 12	1,256,327	(294)	(1,069,618)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of stock options (in shares)		139,000
Issuance of common stock upon the exercise of stock options	394		394
Issuance of common stock upon the vesting of restricted stock units (in shares)		380,000
Stock-based compensation expense	10,530		10,530
Unrealized loss (gain) on marketable securities	771			771
Foreign currency translation adjustment	56			56
Net (loss) income	(41,537)				(41,537)
Ending balance (in shares) at Sep. 30, 2024		116,998,000
Ending Balance at Sep. 30, 2024	156,641	$ 12	1,267,251	533	(1,111,155)
Beginning balance (in shares) at Dec. 31, 2024		117,848,000
Beginning balance at Dec. 31, 2024	157,541	$ 12	1,279,479	(7)	(1,121,943)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of stock options (in shares)		110,000
Issuance of common stock upon the exercise of stock options	395		395
Issuance of common stock upon the vesting of restricted stock units (in shares)		1,180,000
Stock-based compensation expense	9,915		9,915
Unrealized loss (gain) on marketable securities	(137)			(137)
Foreign currency translation adjustment	4			4
Net (loss) income	(25,060)				(25,060)
Ending balance (in shares) at Mar. 31, 2025		119,138,000
Ending Balance at Mar. 31, 2025	142,658	$ 12	1,289,789	(140)	(1,147,003)
Beginning balance (in shares) at Dec. 31, 2024		117,848,000
Beginning balance at Dec. 31, 2024	$ 157,541	$ 12	1,279,479	(7)	(1,121,943)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of stock options (in shares)	326,202
Unrealized loss (gain) on marketable securities	$ (164)
Foreign currency translation adjustment	109
Net (loss) income	(33,536)
Ending balance (in shares) at Sep. 30, 2025		120,288,000
Ending Balance at Sep. 30, 2025	158,073	$ 12	1,313,602	(62)	(1,155,479)
Beginning balance (in shares) at Mar. 31, 2025		119,138,000
Beginning balance at Mar. 31, 2025	142,658	$ 12	1,289,789	(140)	(1,147,003)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of stock options (in shares)		19,000
Issuance of common stock upon the exercise of stock options	61		61
Issuance of common stock upon the vesting of restricted stock units (in shares)		522,000
Shares issued pursuant to the employee stock purchase plan (in shares)		119,000
Shares issued pursuant to the employee stock purchase plan	1,319		1,319
Stock-based compensation expense	10,717		10,717
Unrealized loss (gain) on marketable securities	(95)			(95)
Foreign currency translation adjustment	200			200
Net (loss) income	(15,886)				(15,886)
Ending balance (in shares) at Jun. 30, 2025		119,798,000
Ending Balance at Jun. 30, 2025	138,974	$ 12	1,301,886	(35)	(1,162,889)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon the exercise of stock options (in shares)		197,000
Issuance of common stock upon the exercise of stock options	1,476		1,476
Issuance of common stock upon the vesting of restricted stock units (in shares)		293,000
Stock-based compensation expense	10,240		10,240
Unrealized loss (gain) on marketable securities	68			68
Foreign currency translation adjustment	(95)			(95)
Net (loss) income	7,410				7,410
Ending balance (in shares) at Sep. 30, 2025		120,288,000
Ending Balance at Sep. 30, 2025	$ 158,073	$ 12	$ 1,313,602	$ (62)	$ (1,155,479)

Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt, gross	$ 100,000	$ 100,000
Accrued final fee	8,430	7,324
Accrued prepayment penalty	1,000	1,000
Unamortized debt issuance costs	(932)	(1,121)
Total carrying value of debt	108,498	107,203
Less current portion	(1,000)	0
Total long-term debt, net	$ 107,498	$ 107,203

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

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-Section 50
-Paragraph 4
-Subparagraph (b)(3)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Stock issuance costs	$ 10,820

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenues	$	99,219	$	44,755	$	246,569	$	125,182
Less:
Cost of sales	8,123		4,231		20,903		10,577
Topical roflumilast program costs	3,340		1,320		7,613		7,839
Topical JAK inhibitor program costs	61		1,089		780		2,351
Other early-stage programs costs	1,379		2,910		5,069		8,878
Research and development compensation and personnel-related expenses	10,553		9,834		29,970		29,574
Selling, general and administrative expenses	62,269		58,692		195,186		171,412
Other segment expenses(1)	4,968		5,745		17,662		15,316
Total operating expenses	90,693		83,821		277,183		245,947
Operating income (loss)	8,526		(39,066)		(30,614)		(120,765)

Other income, net	2,035		4,182		6,861		13,455
Interest expense	(3,071)		(6,653)		(9,082)		(21,617)
Provision for income taxes	80		—		701		324
Segment and consolidated net income (loss)	$	7,410	$	(41,537)	$	(33,536)	$	(129,251)

(1) Other segment expenses include professional services related to research and development, medical affairs, depreciation and amortization expenses.

Earnings (Loss) Per Share - Schedule of Potentially Antidilutive Shares Excluded from the Calculation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive shares excluded from the calculation of net loss per share (in shares)	2,783,269	12,238,260
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive shares excluded from the calculation of net loss per share (in shares)	2,672,832	5,634,494
RSUs subject to future vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive shares excluded from the calculation of net loss per share (in shares)	27,837	6,487,840
ESPP shares subject to future issuance
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially antidilutive shares excluded from the calculation of net loss per share (in shares)	82,600	115,926

Revenues

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Revenues are recognized under guidance within ASC 606, Revenue from Contracts with Customers. The following table presents the Company's disaggregated revenue for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
ZORYVE cream 0.3%	$	30,491	$	22,041	$	81,553	$	54,325
ZORYVE foam	49,781		20,262		119,233		40,405
ZORYVE cream 0.15%	18,947		2,452		43,783		2,452
Total product revenue, net	99,219		44,755		244,569		97,182
Other revenue	—		—		2,000		28,000
Total revenues	$	99,219	$	44,755	$	246,569	$	125,182

Other revenue relates primarily to the Sato and Huadong licensing agreements. See Note 6.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

The following table is a reconciliation of the share amounts used in calculating basic and diluted earnings (loss) per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted-average common shares outstanding - Basic	127,622,860	124,302,317	126,891,285	119,627,687
Effect of dilutive securities	5,261,707	—	—	—
Weighted-average common shares outstanding - Diluted	132,884,567	124,302,317	126,891,285	119,627,687

Schedule of Potentially Dilutive Shares Excluded

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net income (loss) per share for the periods presented due to their anti-dilutive effect:


	As of September 30,
	2025	2024
Stock options to purchase common stock	2,672,832	5,634,494
RSUs subject to future vesting	27,837	6,487,840
ESPP shares subject to future issuance	82,600	115,926

Total	2,783,269	12,238,260

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (33,536)	$ (129,251)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	30,304	32,337
Amortization of intangible assets	4,104	1,646
Non-cash interest expense	1,295	2,809
Net accretion on marketable securities	(2,105)	(5,805)
Other non-cash items, net	631	367
Changes in operating assets and liabilities:
Accounts receivable, net	(42,050)	(33,133)
Inventories	(7,324)	(135)
Prepaid expenses and other current assets	(742)	(882)
Accounts payable	(8,425)	2,334
Accrued liabilities	26,592	18,850
Operating lease liabilities	(554)	(547)
Net cash used in operating activities	(31,810)	(111,410)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(157,806)	(237,421)
Proceeds from maturities of marketable securities	172,418	231,507
Milestone payment for intangible asset	(10,000)	0
Purchases of property and equipment	(686)	(143)
Net cash provided by (used in) investing activities	3,926	(6,057)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock upon exercise of stock options	1,932	1,282
Proceeds from issuance of common stock pursuant to employee stock purchase plan	1,319	649
Proceeds from issuance of common stock, net of issuance costs	0	161,682
Net cash provided by financing activities	3,251	163,613
Effect of exchange rate changes on cash	109	(1)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(24,524)	46,145
Cash, cash equivalents, and restricted cash at beginning of period	71,952	89,323
Cash, cash equivalents, and restricted cash at end of period	47,428	135,468
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Milestone for intangible asset not yet paid in cash	0	5,000
Right-of-use assets obtained in exchange for operating lease liabilities	2,858	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest expense paid in cash	$ 7,787	$ 19,253

Segment Reporting

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company has one reportable segment relating to the development and commercialization of treatments for dermatological diseases. The Company’s Chief Operating Decision Maker (the CODM) is its Chief Executive Officer. The CODM evaluates financial information on a consolidated basis for the purposes of allocating resources and assessing performance.

The table below is a summary of the segment profit or loss, including significant segment expenses (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenues	$	99,219	$	44,755	$	246,569	$	125,182
Less:
Cost of sales	8,123		4,231		20,903		10,577
Topical roflumilast program costs	3,340		1,320		7,613		7,839
Topical JAK inhibitor program costs	61		1,089		780		2,351
Other early-stage programs costs	1,379		2,910		5,069		8,878
Research and development compensation and personnel-related expenses	10,553		9,834		29,970		29,574
Selling, general and administrative expenses	62,269		58,692		195,186		171,412
Other segment expenses(1)	4,968		5,745		17,662		15,316
Total operating expenses	90,693		83,821		277,183		245,947
Operating income (loss)	8,526		(39,066)		(30,614)		(120,765)

Other income, net	2,035		4,182		6,861		13,455
Interest expense	(3,071)		(6,653)		(9,082)		(21,617)
Provision for income taxes	80		—		701		324
Segment and consolidated net income (loss)	$	7,410	$	(41,537)	$	(33,536)	$	(129,251)

(1) Other segment expenses include professional services related to research and development, medical affairs, depreciation and amortization expenses.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Long-term debt - Narrative (Details) - USD ($) $ in Thousands						3 Months Ended		9 Months Ended
	Jan. 01, 2027	Jun. 30, 2026	Oct. 08, 2024	Aug. 09, 2024	Dec. 22, 2021	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, gross						$ 100,000		$ 100,000		$ 100,000
Payment of principal and final fees						107,000		107,000
Loan Agreement \| Secured Debt
Debt Instrument [Line Items]
Prepayment premium (as a percent)				1.00%
Long-term debt, gross			$ 100,000			$ 100,000		$ 100,000		100,000
Periodic principal payment			$ 100,000
Covenant period (in months)			6 months	6 months	6 months
Minimum net product revenue as a percentage of projected monthly net revenue (as percent)			80.00%	75.00%
Interest rate, stated percentage, partial prepayment (as percent)			0.0595
Basis spread on variable rate (as percent)			2.50%		0.10%
Stated interest rate (as percent)					7.45%
Interest rate at end of period (as percent)						10.20%		10.20%
Default rate (as a percent)					4.00%
Fair value of the embedded derivative instrument						$ 400		$ 400		$ 600
Final fee (as percent)					6.95%
Exit fee (as percent)					3.00%
Exit fee expiration period (in years)					10 years
Deferred final fee					$ 13,900
Effective interest rate (as a percent)						11.31%		11.31%		11.57%
Interest expense						$ 3,100	$ 6,600	$ 9,100	$ 21,600
Loan Agreement \| Secured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment premium (as a percent)			3.00%
Loan Agreement \| Secured Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment premium (as a percent)			2.00%
Loan Agreement \| Secured Debt \| Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Prepayment premium (as a percent)			1.00%
Loan Agreement \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Periodic principal payment			$ 25,000
Loan Agreement \| Secured Debt \| Forecast
Debt Instrument [Line Items]
Debt instrument, prepayment penalty		$ 1,000
Deferred final fee	$ 6,950
Loan Agreement \| Secured Debt \| Tranche A term loan
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 75,000
Loan Agreement \| Secured Debt \| Tranche B-1 term loan
Debt Instrument [Line Items]
Maximum borrowing capacity				50,000
Loan Agreement \| Secured Debt \| Tranche B-2 term loan
Debt Instrument [Line Items]
Maximum borrowing capacity				75,000
Loan Agreement \| Secured Debt \| Loan Agreement, Tranche One, Expiring March 31, 2026
Debt Instrument [Line Items]
Maximum borrowing capacity				50,000
Loan Agreement \| Secured Debt \| Loan Agreement, Tranche One, Expiring June 30, 2026
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 50,000
Loan Agreement \| Secured Debt \| Tranche C term loan
Debt Instrument [Line Items]
Final fee (as percent)					2.00%
Extension fee (as percent)					2.00%

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid co-pay assistance program and rebates	$ 9,262	$ 7,369
Prepaid insurance	1,258	844
Prepaid clinical trial costs	396	3,244
Other prepaid expenses and current assets	9,397	8,199
Total prepaid expenses and other current assets	$ 20,313	$ 19,656

Fair Value Measurements - Schedule of Estimated Value of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 47,120	$ 71,335
Unrealized gains	0	0
Unrealized losses	0	0
Estimated fair value	47,120	71,335
Amortized cost	143,794	156,301
Unrealized gains	156	319
Unrealized losses	(2)	0
Estimated fair value	143,948	156,620
Commercial paper
Cash and Cash Equivalents [Line Items]
Amortized cost	9,805
Unrealized gains	8
Unrealized losses	0
Estimated fair value	9,813
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Amortized cost	2,633	5,042
Unrealized gains	0	0
Unrealized losses	0	0
Estimated fair value	2,633	5,042
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Amortized cost	76,219	83,855
Unrealized gains	117	100
Unrealized losses	(1)	0
Estimated fair value	76,335	83,955
U.S. Treasury and agency securities
Cash and Cash Equivalents [Line Items]
Amortized cost	55,137	67,404
Unrealized gains	31	219
Unrealized losses	(1)	0
Estimated fair value	55,167	67,623
Money Market Funds
Cash and Cash Equivalents [Line Items]
Amortized cost	47,120	71,335
Unrealized gains	0	0
Unrealized losses	0	0
Estimated fair value	$ 47,120	$ 71,335

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 10,035	$ 10,241	$ 30,304	$ 32,337
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3,059	3,342	9,287	10,341
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 6,976	$ 6,899	$ 21,017	$ 21,996

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Option Exchange Program

On January 16, 2024, the Company commenced an offer to certain eligible employees and consultants to exchange certain outstanding eligible options to purchase shares of the Company’s common stock for a lesser number of restricted stock unit (RSU) awards pursuant to an option exchange program (the Option Exchange). The Option Exchange expired on February 12, 2024. Pursuant to the Option Exchange, eligible option holders elected to exchange, and the Company accepted for cancellation, eligible options to purchase an aggregate of 5,059,129 shares of the Company’s common stock, representing approximately 98% of the total shares of common stock underlying the eligible options. On February 13, 2024, immediately following the expiration of the Option Exchange, the Company granted 2,129,594 shares of Replacement RSU Awards, pursuant to the terms of the Option Exchange. The Replacement RSU Awards will vest based on continued service with the Company over a period of either 1, 2 or 3 years, depending on the grant date of the exchanged options.

The exchange of stock options was treated as a modification for accounting purposes, which requires an incremental expense of $8.6 million to be recognized for the Replacement RSU Awards over their new service periods (1 - 3 years). In addition, any unamortized expense remaining on the exchanged options as of the modification will be recognized over their original remaining service period.

Stock Option Activity

The following summarizes option activity:


	Number of Options	Weighted- Average Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($, in thousands)
Balance—December 31, 2024	5,342,909	$	6.69	8.01	$	43,120
Granted	2,245,719	13.69
Exercised	(326,202)	5.92
Forfeited	(534,345)	9.55
Expired	(2,865)	26.87
Balance—September 30, 2025	6,725,216	$	8.83	7.87	$	69,596
Exercisable—September 30, 2025	2,941,734	$	8.33	6.62	$	33,111

The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of September 30, 2025. The intrinsic value of options exercised for the nine months ended September 30, 2025 and 2024 was $2.9 million and $1.7 million, respectively.

The total grant-date fair value of the options vested during the nine months ended September 30, 2025 and 2024 was $6.6 million and $3.1 million, respectively. The weighted-average grant-date fair value of options granted during the nine months ended September 30, 2025 and 2024 was $9.69 and $3.64, respectively.

Restricted Stock Unit Activity

The following table summarizes information regarding the Company's RSUs:


	Number of Units	Weighted-Average Grant Date Fair Value
Balance—December 31, 2024	6,055,087	$	8.04
Granted	2,876,897	13.73
Vested	(1,999,065)	8.57
Forfeited	(743,035)	9.99
Unvested Balance—September 30, 2025	6,189,884	$	10.28

The grant date fair value of an RSU equals the closing price of the Company's common stock on the grant date. RSUs generally vest equally over four years, except for those issued in connection with the Option Exchange as previously described.

Stock-Based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	3,059	$	3,342	$	9,287	$	10,341
Selling, general and administrative	6,976		6,899		21,017		21,996
Total stock-based compensation expense	$	10,035	$	10,241	$	30,304	$	32,337

As of September 30, 2025, there was $28.1 million of total unrecognized compensation cost related to unvested options that are expected to vest, which is expected to be recognized over a weighted-average period of 2.7 years. As of September 30, 2025, there was $50.5 million of total unrecognized compensation cost related to RSUs that are expected to vest, which is expected to be recognized over a weighted-average period of 2.8 years.

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	47,120	$	—	$	—	$	47,120

Commercial paper	—		9,813		—		9,813
Certificates of deposit	—		2,633		—		2,633
Corporate debt securities	—		76,335		—		76,335
U.S. Treasury and agency securities	53,469		1,698		—		55,167
Total assets	$	100,589	$	90,479	$	—	$	191,068

______________

(1)This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	71,335	$	—	$	—	$	71,335
Certificates of deposit	—		5,042		—		5,042
Corporate debt securities	—		83,955		—		83,955
U.S. Treasury securities	67,623		—		—		67,623
Total assets	$	138,958	$	88,997	$	—	$	227,955

______________

(1)This balance includes cash requirements settled on a nightly basis.

Money market funds and U.S. Treasury and agency securities are valued based on quoted market prices in active markets, with no valuation adjustment.

Commercial paper, certificates of deposit and corporate debt securities are valued taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or

similar securities; issuer credit spreads; benchmark securities; prepayment/default projections based on historical data; and other observable inputs.

The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands):


	September 30, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:

Money market funds(1)	$	47,120	$	—	$	—	$	47,120

Total cash and cash equivalents	$	47,120	$	—	$	—	$	47,120
Marketable securities:

Commercial paper	$	9,805	$	8	$	—	$	9,813
Certificates of deposit	2,633		—		—		2,633
Corporate debt securities	76,219		117		(1)		76,335
U.S. Treasury and agency securities	55,137		31		(1)		55,167
Total marketable securities	$	143,794	$	156	$	(2)	$	143,948

______________

(1)This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:
Money market funds(1)	$	71,335	$	—	$	—	$	71,335
Total cash and cash equivalents	$	71,335	$	—	$	—	$	71,335
Marketable securities:
Certificates of deposit	$	5,042	$	—	$	—	$	5,042
Corporate debt securities	83,855		100		—		83,955
U.S. Treasury securities	67,404		219		—		67,623
Total marketable securities	$	156,301	$	319	$	—	$	156,620

______________

(1)This balance includes cash requirements settled on a nightly basis.

As of September 30, 2025 and December 31, 2024, all securities have a maturity of 18 months or less and there were no individual securities that were in a significant unrealized loss position. The Company generally holds its marketable securities until maturity and does not intend to sell, and is not required to sell, the investments that are in an unrealized loss position before the recovery of their amortized cost basis.

The following table summarizes the change in the fair value of the embedded derivative instrument for the nine months ended September 30, 2025 and 2024 (in thousands).


	September 30,
	2025		2024
Beginning balance	$	570	$	849
Gain from changes in fair value	(210)		(429)
Ending balance	$	360	$	420

The fair value of the Company’s embedded derivative instrument is based on significant inputs not observed in the market, and thus represents a Level 3 measurement. See Note 8 for further discussion on the embedded derivative instrument.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 820
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

License Agreements & Acquisition - Huadong (Details) - USD ($) $ in Thousands	1 Months Ended					3 Months Ended		9 Months Ended
	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Sep. 30, 2023	Aug. 31, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Other revenue						$ 0	$ 0	$ 2,000	$ 28,000
Huadong
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payment received before taxes	$ 1,800	$ 1,800	$ 2,700	$ 27,000
Other revenue				30,000		0	0	2,000	3,000
Tax withholding obligation				$ 3,000		0	$ 0	200	$ 300
Revenue, remaining performance obligation, variable consideration amount, regulatory milestones						17,000		17,000
Aggregate amount to be received upon achievement of sales milestones						$ 40,300		$ 40,300
Number of years after first commercial sale to receive royalties (in years)					10 years

Fair Value Measurements - Narrative (Details)	Sep. 30, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Debt securities, available-for-sale, term (in months)	18 months	18 months

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on a Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	47,120	$	—	$	—	$	47,120

Commercial paper	—		9,813		—		9,813
Certificates of deposit	—		2,633		—		2,633
Corporate debt securities	—		76,335		—		76,335
U.S. Treasury and agency securities	53,469		1,698		—		55,167
Total assets	$	100,589	$	90,479	$	—	$	191,068

______________

(1)This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	71,335	$	—	$	—	$	71,335
Certificates of deposit	—		5,042		—		5,042
Corporate debt securities	—		83,955		—		83,955
U.S. Treasury securities	67,623		—		—		67,623
Total assets	$	138,958	$	88,997	$	—	$	227,955

______________

(1)This balance includes cash requirements settled on a nightly basis.

Schedule of Cash and Cash Equivalents

The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands):


	September 30, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:

Money market funds(1)	$	47,120	$	—	$	—	$	47,120

Total cash and cash equivalents	$	47,120	$	—	$	—	$	47,120
Marketable securities:

Commercial paper	$	9,805	$	8	$	—	$	9,813
Certificates of deposit	2,633		—		—		2,633
Corporate debt securities	76,219		117		(1)		76,335
U.S. Treasury and agency securities	55,137		31		(1)		55,167
Total marketable securities	$	143,794	$	156	$	(2)	$	143,948

______________

(1)This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:
Money market funds(1)	$	71,335	$	—	$	—	$	71,335
Total cash and cash equivalents	$	71,335	$	—	$	—	$	71,335
Marketable securities:
Certificates of deposit	$	5,042	$	—	$	—	$	5,042
Corporate debt securities	83,855		100		—		83,955
U.S. Treasury securities	67,404		219		—		67,623
Total marketable securities	$	156,301	$	319	$	—	$	156,620

______________

(1)This balance includes cash requirements settled on a nightly basis.

Schedule of Marketable Securities

The following table summarizes the estimated value of the Company’s cash, cash equivalents and marketable securities, and the gross unrealized holding gains and losses (in thousands):


	September 30, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:

Money market funds(1)	$	47,120	$	—	$	—	$	47,120

Total cash and cash equivalents	$	47,120	$	—	$	—	$	47,120
Marketable securities:

Commercial paper	$	9,805	$	8	$	—	$	9,813
Certificates of deposit	2,633		—		—		2,633
Corporate debt securities	76,219		117		(1)		76,335
U.S. Treasury and agency securities	55,137		31		(1)		55,167
Total marketable securities	$	143,794	$	156	$	(2)	$	143,948

______________

(1)This balance includes cash requirements settled on a nightly basis.


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:
Money market funds(1)	$	71,335	$	—	$	—	$	71,335
Total cash and cash equivalents	$	71,335	$	—	$	—	$	71,335
Marketable securities:
Certificates of deposit	$	5,042	$	—	$	—	$	5,042
Corporate debt securities	83,855		100		—		83,955
U.S. Treasury securities	67,404		219		—		67,623
Total marketable securities	$	156,301	$	319	$	—	$	156,620

______________

(1)This balance includes cash requirements settled on a nightly basis.

Schedule of Change in the Fair Value of the Embedded Derivative Instrument

The following table summarizes the change in the fair value of the embedded derivative instrument for the nine months ended September 30, 2025 and 2024 (in thousands).


	September 30,
	2025		2024
Beginning balance	$	570	$	849
Gain from changes in fair value	(210)		(429)
Ending balance	$	360	$	420

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 99,219	$ 44,755	$ 244,569	$ 97,182
Other revenue	0	0	2,000	28,000
Total revenues	99,219	44,755	246,569	125,182
ZORYVE cream 0.3%
Disaggregation of Revenue [Line Items]
Product revenue, net	30,491	22,041	81,553	54,325
ZORYVE foam
Disaggregation of Revenue [Line Items]
Product revenue, net	49,781	20,262	119,233	40,405
ZORYVE cream 0.15%
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 18,947	$ 2,452	$ 43,783	$ 2,452

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total revenues	$ 99,219			$ 44,755			$ 246,569	$ 125,182
Less:
Cost of sales	8,685			5,503			25,007	12,223
Research and development	19,604			19,501			56,600	61,940
Selling, general and administrative expenses	62,404			58,817			195,576	171,784
Total operating expenses	90,693			83,821			277,183	245,947
Income (loss) from operations	8,526			(39,066)			(30,614)	(120,765)
Other income, net	2,035			4,182			6,861	13,455
Interest expense	(3,071)			(6,653)			(9,082)	(21,617)
Provision for income taxes	80			0			701	324
Net income (loss)	7,410	$ (15,886)	$ (25,060)	(41,537)	$ (52,332)	$ (35,382)	(33,536)	(129,251)
Reportable Segment
Segment Reporting Information [Line Items]
Total revenues	99,219			44,755			246,569	125,182
Less:
Cost of sales	8,123			4,231			20,903	10,577
Research and development compensation and personnel-related expenses	10,553			9,834			29,970	29,574
Selling, general and administrative expenses	62,269			58,692			195,186	171,412
Other segment expenses	4,968			5,745			17,662	15,316
Total operating expenses	90,693			83,821			277,183	245,947
Income (loss) from operations	8,526			(39,066)			(30,614)	(120,765)
Other income, net	2,035			4,182			6,861	13,455
Interest expense	(3,071)			(6,653)			(9,082)	(21,617)
Provision for income taxes	80			0			701	324
Net income (loss)	7,410			(41,537)			(33,536)	(129,251)
Topical roflumilast program costs \| Reportable Segment
Less:
Research and development	3,340			1,320			7,613	7,839
Topical JAK inhibitor program costs \| Reportable Segment
Less:
Research and development	61			1,089			780	2,351
Other early-stage programs costs \| Reportable Segment
Less:
Research and development	$ 1,379			$ 2,910			$ 5,069	$ 8,878

Earnings (Loss) Per Share - Narrative (Details) - shares	Sep. 30, 2025	Sep. 30, 2024	Oct. 31, 2023
Prefunded Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants to acquire shares of common stock (in shares)	7,500,000	7,500,000	7,500,000

Stock-Based Compensation - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Units
Beginning balance (in shares) \| shares	6,055,087
Granted (in shares) \| shares	2,876,897
Vested (in shares) \| shares	(1,999,065)
Forfeited (in shares) \| shares	(743,035)
Ending balance (in shares) \| shares	6,189,884
Weighted-Average Grant Date Fair Value
Beginning balance (in USD per share) \| $ / shares	$ 8.04
Granted (in USD per share) \| $ / shares	13.73
Vested (in USD per share) \| $ / shares	8.57
Forfeited (in USD per share) \| $ / shares	9.99
Ending balance (in USD per share) \| $ / shares	$ 10.28

Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Inventories

The components of inventory are summarized as follows (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	6,118	$	4,300
Work in progress	4,725		584
Finished goods	11,576		9,642
Total inventories	$	22,419	$	14,526

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid co-pay assistance program and rebates	$	9,262	$	7,369
Prepaid insurance	1,258		844
Prepaid clinical trial costs	396		3,244
Other prepaid expenses and current assets	9,397		8,199
Total prepaid expenses and other current assets	$	20,313	$	19,656

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued sales deductions	$	61,313	$	38,430
Accrued compensation	18,303		20,747
Clinical trial accruals	228		—
Accrued expenses and other current liabilities	13,131		7,616
Total accrued liabilities	$	92,975	$	66,793

Fair Value Measurements - Schedule of Change in the Fair Value of the Embedded Derivative Instrument (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Embedded Derivative [Roll Forward]
Beginning balance	$ 570	$ 849
Gain from changes in fair value	(210)	(429)
Ending balance	$ 360	$ 420

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 22, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-39186
Entity Registrant Name	ARCUTIS BIOTHERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-2974255
Entity Address, Address Line One	3027 Townsgate Road
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	805
Local Phone Number	418-5006
Title of 12(b) Security	Common Stock, par value $0.0001
Trading Symbol	ARQT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		122,492,192
Entity Central Index Key	0001787306
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Long-term debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following summarizes additional information related to the Company's long-term debt (in thousands):


	September 30, 2025		December 31, 2024
Long-term debt, gross	$	100,000	$	100,000
Accrued final fee	8,430		7,324
Accrued prepayment penalty	1,000		1,000
Unamortized debt issuance costs	(932)		(1,121)
Total carrying value of debt	108,498		107,203
Less current portion	(1,000)		—
Total long-term debt, net	$	107,498	$	107,203

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Restricted cash	$ 308	$ 617

Revenues (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company's disaggregated revenue for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
ZORYVE cream 0.3%	$	30,491	$	22,041	$	81,553	$	54,325
ZORYVE foam	49,781		20,262		119,233		40,405
ZORYVE cream 0.15%	18,947		2,452		43,783		2,452
Total product revenue, net	99,219		44,755		244,569		97,182
Other revenue	—		—		2,000		28,000
Total revenues	$	99,219	$	44,755	$	246,569	$	125,182

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Product revenue, net	$ 99,219	$ 44,755	$ 244,569	$ 97,182
Other revenue	0	0	2,000	28,000
Total revenues	99,219	44,755	246,569	125,182
Operating expenses:
Cost of sales	8,685	5,503	25,007	12,223
Research and development	19,604	19,501	56,600	61,940
Selling, general and administrative	62,404	58,817	195,576	171,784
Total operating expenses	90,693	83,821	277,183	245,947
Income (loss) from operations	8,526	(39,066)	(30,614)	(120,765)
Other income (expense):
Other income, net	2,035	4,182	6,861	13,455
Interest expense	(3,071)	(6,653)	(9,082)	(21,617)
Income (loss) before income taxes	7,490	(41,537)	(32,835)	(128,927)
Provision for income taxes	80	0	701	324
Net income (loss)	7,410	(41,537)	(33,536)	(129,251)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities	68	771	(164)	528
Foreign currency translation adjustment	(95)	56	109	1
Total other comprehensive income (loss)	(27)	827	(55)	529
Comprehensive income (loss)	$ 7,383	$ (40,710)	$ (33,591)	$ (128,722)
Earnings (loss) per share:
Basic (in USD per share)	$ 0.06	$ (0.33)	$ (0.26)	$ (1.08)
Diluted (in USD per share)	$ 0.06	$ (0.33)	$ (0.26)	$ (1.08)
Weighted-average shares used in computing earnings (loss) per share:
Basic (in shares)	127,622,860	124,302,317	126,891,285	119,627,687
Diluted (in shares)	132,884,567	124,302,317	126,891,285	119,627,687

Long-term debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-term debt

On December 22, 2021, the Company entered into a loan and security agreement (the Prior Loan Agreement) with SLR Investment Corp. (SLR) and the lenders party thereto. The Prior Loan Agreement was amended and restated on January 10, 2023 (the AR Loan Agreement) to include Arcutis Canada, Inc. as a borrower and party. On November 1, 2023, the Company entered into an amendment to the AR Loan Agreement to, among others, (i) modify the financial covenant relating to minimum net product revenue, and (ii) include an additional minimum financing covenant. On August 9, 2024, the Company entered into a second amendment to the AR Loan Agreement (the AR Loan Agreement, as amended by the first and second amendments, the Loan Agreement), which it determined to be a modification, to, among others, (i) permit, during the period commencing on October 7, 2024 and ending on December 15, 2024, an optional partial prepayment of term loans outstanding, subject to a 1.0% prepayment penalty (the 2024 Partial Prepayment), (ii) add the tranche C-1 and tranche C-2 term loans, and (iii) facilitate certain other changes, including with respect to the applicable interest rate and maturity date in the event of a 2024 Partial Prepayment. As security for the obligations under the Loan Agreement, the Company granted SLR, for the benefit of the lenders, a continuing security interest in substantially all of the Company's assets, including its intellectual property, subject to certain exceptions. The term loan facility is comprised of (i) a tranche A term loan of $75.0 million, (ii) a tranche B-1 term loan of $50.0 million, (iii) a tranche B-2 term loan of up to $75.0 million, (iv) a tranche C-1 term loan of up to $50.0 million, and (v) a tranche C-2 term loan of up to $50.0 million (collectively, the Term Loans). The tranche A term loan was funded on December 22, 2021. With the approval of ZORYVE cream 0.3% on July 29, 2022, the tranche B term loans were funded on August 2, 2022. As of September 30, 2025 and December 31, 2024, the aggregate principal amount outstanding under the Loan Agreement was $100.0 million.

On October 8, 2024, the Company made a 2024 Partial Prepayment of $100.0 million, which reduced the aggregate principal amount outstanding under the Loan Agreement to $100.0 million. In connection with the 2024 Partial Prepayment, the Company is obligated to pay a prepayment penalty of $1.0 million by June 30, 2026 and a final fee of $6.95 million, representing the final fee applicable to the amount of the 2024 Partial Prepayment, on January 1, 2027.

As a result of such 2024 Partial Prepayment, subject to the Company generating a minimum net product revenue for the trailing six (6) month period ending as of the month prior to the borrowing date equal to 80% of the Company’s projected net product revenue as set forth in its annual plan for the respective period, the Company will be able to draw down the tranche C-1 and tranche C-2 term loans. The tranche C-1 term loan availability will expire on March 31, 2026 and the tranche C-2 term loan availability will expire on June 30, 2026. In addition, as a result of the 2024 Partial Prepayment, (i) the maturity date of the Loan Agreement is August 1, 2029, (ii) the applicable per annum interest rate is equal to 5.95% plus the greater of (a) 2.50% per annum and (b) the one-month Secured Overnight Financing Rate (SOFR), (iii) the Company is no longer subject to certain cost and purchase price restrictions regarding acquisitions, and (iv) the Company may prepay principal amounts outstanding under the Term Loans in minimum increments of $25.0 million, subject to a prepayment premium of (a) 3.0% for any prepayment made prior to the first anniversary of the second amendment, (b) 2.0% for any prepayment made prior after the first anniversary of the second amendment and prior to the second anniversary of the second amendment, or (c) 1.0% for any prepayment made prior after the second anniversary of the second amendment and prior to the maturity date.

Principal amounts outstanding under the Term Loans will accrue interest at a floating rate equal to the applicable rate in effect from time to time, as determined by SLR on the third business day prior to the funding date of the applicable Term Loan and on the first business day of the month prior to each payment date of each Term Loan. Prior to the 2024 Partial Prepayment, the applicable rate was a per annum interest rate equal to 7.45% plus the greater of (a) 0.10% and (b) the one-month SOFR. As a result of such 2024 Partial Prepayment, the applicable interest rate will be a per annum interest rate equal to 5.95% plus the greater of (a) 2.50% and (b) the one-month SOFR. On September 30, 2025, the rate was 10.20%. The benchmark SOFR is subject to change in the event of certain events with respect to the benchmark rate. Interest payments are payable monthly following the funding of any Term Loan.

If the Term Loans are accelerated due to, among others, the occurrence of a bankruptcy or insolvency event, the Company is required to make mandatory prepayments of (i) all principal amounts outstanding under the Term Loans, plus accrued and unpaid interest thereon through the prepayment date, (ii) any fees applicable by reason of such prepayment, (iii) the prepayment premiums set forth in the paragraph above, plus (iv) all other obligations that are due and payable, including expenses and interest at the Default Rate (as defined below) with respect to any past due amounts.

The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among others, requirements as to financial reporting and insurance and restrictions on the Company’s ability to dispose of its business or property, to change its line of business, to liquidate or dissolve, to enter into any change in control transaction, to merge or consolidate with any other entity or to acquire all or substantially all the capital stock or property of another entity, to incur additional indebtedness, to incur liens on its property, to pay any dividends or other distributions on capital stock other than dividends payable solely in capital stock or to redeem capital stock. The Company also agreed to a financial covenant whereby the Company must generate a minimum net product revenue equal to 75% of its projected net product revenue as set forth in the Company's annual plan for the respective period, tested on a trailing six-month basis, as of the end of each month. Each annual plan shall be approved by the Company’s board of directors and SLR, in its capacity as collateral agent, in its reasonable discretion. Any failure by the Company to deliver such annual plan on or before December 15 of the prior year shall be an immediate event of default. The Company was in compliance with all covenants under the Loan Agreement as of September 30, 2025.

In addition, the Loan Agreement contains customary events of default that entitle the lenders to cause any indebtedness under the Loan Agreement to become immediately due and payable, and to exercise remedies against the Company and the collateral securing the Term Loans. Under the Loan Agreement, an event of default will occur if, among other things, the Company fails to make payments under the Loan Agreement, the Company breaches any of the covenants under the Loan Agreement, subject to specified cure periods with respect to certain breaches, the lenders determine that a material adverse change has occurred, or the Company or the Company's assets become subject to certain legal proceedings, such as bankruptcy proceedings. Upon the occurrence and for the duration of an event of default, an additional default interest rate, or the Default Rate, equal to 4.0% per annum will apply to all obligations owed under the Loan Agreement. The prepayment upon default and other potential additional interest provisions under the Loan Agreement were determined to be a compound embedded derivative instrument to be bifurcated from the loan and accounted for as a separate liability for accounting purposes under the guidance in ASC 815, Derivatives and Hedging. At the inception of the Loan Agreement, the fair value of the embedded derivative was determined to be immaterial. The embedded derivative instrument is remeasured at fair value each reporting period with any future changes in fair value reported in Other income, net in the condensed consolidated statement of operations and comprehensive income (loss). The amounts recognized in Other income, net related to the change in fair value of the embedded derivative instrument during the three and nine months ended September 30, 2025 and 2024 were not material. The fair value of the embedded derivative instrument as of September 30, 2025 and December 31, 2024 was a liability of $0.4 million and $0.6 million, respectively, and is included in Other long-term liabilities in the accompanying condensed consolidated balance sheets. See Note 4.

In connection with the Loan Agreement, the Company is obligated to pay (i) a final fee equal to 6.95% of the aggregate original principal amount of the Term Loans outstanding as of the date of the second amendment (x) with respect to any 2024 Partial Prepayment, upon the earliest to occur of (a) January 1, 2027, (b) the acceleration of all outstanding Term Loans and (c) the prepayment, or refinancing, substitution or replacement of all outstanding Term Loans, and (y) with respect to the Term Loans outstanding as of the date of the second amendment (other than the 2024 Partial Prepayment), upon the earliest to occur of (a) the maturity date, (b) the acceleration of all outstanding Term Loans and (c) the prepayment, or refinancing, substitution or replacement of all outstanding Term Loans, (ii) a 2.00% fee with respect to tranche C term loans, due and payable on the earliest to occur of (a) the maturity date, (b) the acceleration of all outstanding Term Loans and (c) the prepayment, or refinancing, substitution or replacement of all outstanding Term Loans, (iii) a 2.00% extension fee with respect to tranche C term loans which remain unfunded after December 31, 2025, which shall accrue during the period commencing January 1, 2026, and ending on the earliest to occur of (a) the expiration of the tranche C term loan availability, and (b) the date on which tranche C term loan is fully drawn, and (iv) a certain amount of lenders’ expenses incurred in connection with the execution of the Loan Agreement. Additionally, in connection with the original Prior Loan Agreement, the Company previously had entered into an Exit Fee Agreement, whereby the Company agreed to pay an exit fee in the amount of 3.0% of each Term Loan funded upon (i) any change of control transaction or (ii) a revenue milestone, calculated on a

trailing six-month basis. Notwithstanding the prepayment or termination of the Term Loan, the exit fee will expire 10 years from the date of the Loan Agreement.

The debt issuance costs have been recorded as a debt discount which are being accreted to interest expense through the maturity date of the term loan. Interest expense is calculated using the effective interest method, and is inclusive of non-cash amortization of debt issuance costs. The final maturity payment of $13.9 million is recognized over the life of the term loan through interest expense. At September 30, 2025 and December 31, 2024, the effective interest rate was 11.31% and 11.57%, respectively. Interest expense relating to the term loan was $3.1 million and $9.1 million for the three and nine months ended September 30, 2025, respectively, and $6.6 million and $21.6 million for the three and nine months ended September 30, 2024, respectively.

The following summarizes additional information related to the Company's long-term debt (in thousands):


	September 30, 2025		December 31, 2024
Long-term debt, gross	$	100,000	$	100,000
Accrued final fee	8,430		7,324
Accrued prepayment penalty	1,000		1,000
Unamortized debt issuance costs	(932)		(1,121)
Total carrying value of debt	108,498		107,203
Less current portion	(1,000)		—
Total long-term debt, net	$	107,498	$	107,203

Upon the contractual maturity of the Company's long-term debt, a payment of principal and final fees of $107.0 million is due on August 1, 2029.

Commitments and Contingencies (Details) $ in Millions	1 Months Ended		3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 31, 2025 USD ($)	Apr. 30, 2020 ft²	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Office space (in square feet) \| ft²		22,643
Extension term of the lease (in years)	5 years
Future lease rent payment commitments	$ 5.4
Additional years of rent payments (in years)	5 years
Operating lease liability			$ 2.9
Operating lease right-of-use asset			$ 2.9

Organization and Description of Business (Details) $ / shares in Units, $ in Thousands				1 Months Ended							9 Months Ended
	Feb. 28, 2024 USD ($) $ / shares shares	May 06, 2021 USD ($)	Feb. 04, 2020 USD ($)	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2023 USD ($) $ / shares shares	Aug. 31, 2022 USD ($)	Mar. 31, 2022 USD ($) $ / shares shares	Feb. 28, 2021 USD ($)	Oct. 31, 2020 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares	Oct. 28, 2025 $ / shares shares	Dec. 31, 2024 USD ($)
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock	$ 161,700										$ 0	$ 161,682
Stock price (in USD per share) \| $ / shares	$ 9.50
Number of shares issued in transaction (in shares) \| shares	15,789,474
Accumulated deficit											1,155,479			$ 1,121,943
Cash, cash equivalents, restricted cash and marketable securities											191,400			228,600
Long-term debt											108,498			$ 107,203
Loan Agreement \| Secured Debt
Subsidiary, Sale of Stock [Line Items]
Long-term debt											$ 100,000
Prefunded Warrant
Subsidiary, Sale of Stock [Line Items]
Warrants to acquire shares of common stock (in shares) \| shares						7,500,000					7,500,000	7,500,000
Stock price (in USD per share) \| $ / shares						$ 2.4999
Exercise price (in USD per share) \| $ / shares						$ 0.0001
Prefunded Warrant \| Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Exercise price (in USD per share) \| $ / shares													$ 0.0001
Prefunded warrants exercised (in shares) \| shares													2,050,000
Warrants outstanding (in shares) \| shares													5,450,000
IPO
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance initial public offering			$ 167,200
Secondary Equity Public Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock										$ 93,400
Third Equity Public Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock									$ 207,500
Fourth Equity Public Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock							$ 161,600
Fifth Equity Public Offering
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock						$ 95,800
Underwriters' Option
Subsidiary, Sale of Stock [Line Items]
Stock price (in USD per share) \| $ / shares	$ 9.50
Potential number of shares to be issued (in shares) \| shares	2,368,421
At-The-Market \| Cowen \| Common Stock
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock					$ 3,100			$ 14,500
Stock price (in USD per share) \| $ / shares					$ 2.60			$ 17.00
Number of shares issued in transaction (in shares) \| shares					1,250,000			882,353
Issuance of shares of common stock for sales agreement		$ 100,000		$ 100,000
Share sales agreement, percentage of gross sales price (as percent)		0.03

Balance Sheet Components - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 6,118	$ 4,300
Work in progress	4,725	584
Finished goods	11,576	9,642
Total inventories	$ 22,419	$ 14,526

Fair Value Measurements - Schedule of Fair Value of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 47,120	$ 71,335
Total assets	191,068	227,955
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	9,813
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	2,633	5,042
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	76,335	83,955
U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	55,167	67,623
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	47,120	71,335
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	100,589	138,958
Level 1 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	0
Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	0	0
Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	0	0
Level 1 \| U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	53,469	67,623
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	47,120	71,335
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	90,479	88,997
Level 2 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	9,813
Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	2,633	5,042
Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	76,335	83,955
Level 2 \| U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	1,698	0
Level 2 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level 3 \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	0
Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	0	0
Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	0	0
Level 3 \| U.S. Treasury and agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents and debt securities, available for sale	0	0
Level 3 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Earnings (Loss) Per Share - Schedule of Weighted Average Number of Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Weighted-average common shares outstanding - Basic (in shares)	127,622,860	124,302,317	126,891,285	119,627,687
Effect of dilutive securities (in shares)	5,261,707	0	0	0
Weighted-average common shares outstanding - Diluted (in shares)	132,884,567	124,302,317	126,891,285	119,627,687

License Agreements & Acquisition - Ducentis Acquisition (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 07, 2022	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Asset Acquisition [Line Items]
Research and development		$ 19,604,000	$ 19,501,000	$ 56,600,000	$ 61,940,000
Ducentis Biotherapeutics LTD Equity Interests
Asset Acquisition [Line Items]
Equity interest issued or issuable, number of shares (in shares)	610,258
Consideration transferred	$ 15,900,000
Future payable milestone payment	400,000,000
Contingent consideration to be transferred	10,000,000
Annual net sales	1,500,000,000
Research and development	29,600,000
Contingent payments		$ 0	$ 0	$ 0	$ 0
Ducentis Biotherapeutics LTD Equity Interests \| Common Stock
Asset Acquisition [Line Items]
Consideration transferred, equity interest issued and issuable	$ 12,500,000

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventories

The components of inventory are summarized as follows (in thousands):


	September 30, 2025		December 31, 2024
Raw materials	$	6,118	$	4,300
Work in progress	4,725		584
Finished goods	11,576		9,642
Total inventories	$	22,419	$	14,526

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Prepaid co-pay assistance program and rebates	$	9,262	$	7,369
Prepaid insurance	1,258		844
Prepaid clinical trial costs	396		3,244
Other prepaid expenses and current assets	9,397		8,199
Total prepaid expenses and other current assets	$	20,313	$	19,656

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	September 30, 2025		December 31, 2024
Accrued sales deductions	$	61,313	$	38,430
Accrued compensation	18,303		20,747
Clinical trial accruals	228		—
Accrued expenses and other current liabilities	13,131		7,616
Total accrued liabilities	$	92,975	$	66,793

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP), on the same basis as the Company’s audited annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. Results of operations for any interim period are not necessarily indicative of future or annual results. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2024. These condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and all intercompany balances and transactions have been eliminated. Certain prior year amounts, which are not material, have been reclassified to conform to current year presentation in the condensed consolidated balance sheets, condensed consolidated statement of cash flows and the notes to the condensed consolidated financial statements. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Restricted Cash As of September 30, 2025 and December 31, 2024, the Company held $0.3 million and $0.6 million, respectively, of restricted cash as collateral for a letter of credit related to the Company's lease of office space. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of a default by either the financial institutions holding its cash or by its customers owing trade receivables to the extent recorded on the condensed consolidated balance sheets. To manage accounts receivable credit risk, the Company continuously evaluates the creditworthiness of its customers and the need for an allowance for credit losses. Fair Value Measurement The Company’s financial instruments, in addition to those presented in Note 4, include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and long-term debt. The carrying amount of cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to their short maturities. As the long-term debt is subject to variable interest rates that are based on market rates which regularly reset, the Company believes that the carrying value of the long-term debt approximates its fair value. Assets and liabilities recorded at fair value on a recurring basis on the condensed consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Recently Issued Accounting Pronouncements The Company considers the applicability and impact of any recent Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). Other than the ASUs listed below, all other ASUs were assessed and determined to be either not applicable to the Company or are expected to have minimal impact on the Company's condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The Company will adopt ASU 2023-09 for its Annual Report on Form 10-K for the year ended December 31, 2025 and does not expect the standard to have a material impact on its disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summarizes option activity:


	Number of Options	Weighted- Average Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value ($, in thousands)
Balance—December 31, 2024	5,342,909	$	6.69	8.01	$	43,120
Granted	2,245,719	13.69
Exercised	(326,202)	5.92
Forfeited	(534,345)	9.55
Expired	(2,865)	26.87
Balance—September 30, 2025	6,725,216	$	8.83	7.87	$	69,596
Exercisable—September 30, 2025	2,941,734	$	8.33	6.62	$	33,111

Schedule of Restricted Stock Unit Activity

The following table summarizes information regarding the Company's RSUs:


	Number of Units	Weighted-Average Grant Date Fair Value
Balance—December 31, 2024	6,055,087	$	8.04
Granted	2,876,897	13.73
Vested	(1,999,065)	8.57
Forfeited	(743,035)	9.99
Unvested Balance—September 30, 2025	6,189,884	$	10.28

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Research and development	$	3,059	$	3,342	$	9,287	$	10,341
Selling, general and administrative	6,976		6,899		21,017		21,996
Total stock-based compensation expense	$	10,035	$	10,241	$	30,304	$	32,337