0001787306-26-000018 | 10-K | XBRL Viewer | Arcutis Biotherapeutics INC

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Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued sales deductions	$ 78,308	$ 38,430
Accrued compensation	20,533	20,747
Clinical trial accruals	425	0
Accrued expenses and other current liabilities	17,044	7,616
Total accrued liabilities	$ 116,310	$ 66,793

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (16,141)	$ (140,039)	$ (262,140)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	40,364	41,730	38,813
Amortization of intangible assets	4,667	1,959	750
Non-cash interest expense	1,756	5,404	4,030
Net accretion on marketable securities	(2,094)	(6,901)	(6,989)
Other non-cash items, net	652	769	1,980
Changes in operating assets and liabilities:
Accounts receivable, net	(73,163)	(47,259)	(17,349)
Inventories	(7,329)	(400)	(5,620)
Prepaid expenses and other current assets	(2,007)	(948)	(8,621)
Accounts payable	(1,694)	2,229	3,152
Accrued liabilities	50,044	32,033	5,594
Operating lease liabilities	(680)	(735)	(657)
Net cash used in operating activities	(5,625)	(112,158)	(247,057)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities	(246,986)	(254,820)	(225,840)
Proceeds from maturities and sales of marketable securities	227,419	288,783	406,500
Purchases of property and equipment	(686)	(143)	(428)
Milestone payment for intangible asset	(10,000)	(5,000)	0
Net cash provided by (used in) investing activities	(30,253)	28,820	180,232
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	0	161,682	0
Repayment of long-term debt	0	(100,000)	0
Proceeds from issuance of common stock upon exercise of stock options	4,597	2,807	1,247
Proceeds from issuance of common stock for ESPP	2,376	1,713	1,175
Proceeds from issuance of common stock and pre-funded warrants, net of issuance costs	0	0	95,765
Proceeds from issuance of shares under ATM, net of issuance costs	0	0	3,136
Net cash provided by financing activities	6,973	66,202	101,323
Effect of exchange rate changes on cash	168	(235)	(50)
Net increase (decrease) in cash, cash equivalents and restricted cash	(28,737)	(17,371)	34,448
Cash, cash equivalents and restricted cash at beginning of period	71,952	89,323	54,875
Cash, cash equivalents and restricted cash at end of period	43,215	71,952	89,323
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Right-of-use assets obtained in exchange for operating lease liabilities	2,858	0	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest expense paid in cash	$ 10,327	$ 22,209	$ 25,445

Income Taxes - Reconciliation of Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (8,244)	$ (130,372)	$ (255,653)
Foreign	(6,726)	(9,020)	(3,374)
Loss before income taxes	$ (14,970)	$ (139,392)	$ (259,027)

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 42,286	$ 41,390	$ 42,505
Increases related to tax positions taken during a prior year	403	0	0
Decreases related to tax positions taken during a prior year	(91)	(131)	(3,097)
Increases related to tax positions taken during the current year	784	1,027	1,982
Ending balance	$ 43,382	$ 42,286	$ 41,390

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Inventories

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


	December 31,
	2025		2024
Raw materials	$	5,047	$	4,300
Work in progress	5,033		584
Finished goods	12,554		9,642
Total inventories	$	22,634	$	14,526

Prepaid Expenses and Other Current Assets

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


	December 31,
	2025		2024
Prepaid co-pay assistance program and rebates	$	9,485	$	7,369
Prepaid clinical trial costs	2,577		3,244
Other prepaid expenses and current assets	9,017		9,043
Total prepaid expenses and other current assets	$	21,079	$	19,656

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Accrued sales deductions	$	78,308	$	38,430
Accrued compensation	20,533		20,747
Clinical trial accruals	425		—
Accrued expenses and other current liabilities	17,044		7,616
Total accrued liabilities	$	116,310	$	66,793

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands									1 Months Ended					12 Months Ended
	Jan. 01, 2026 shares	Jan. 01, 2025 shares	Feb. 28, 2024 USD ($)	Feb. 13, 2024 shares	Jan. 16, 2024 shares	Jan. 01, 2024 shares	May 06, 2021 USD ($)	Jan. 30, 2020 shares	Jan. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) shares	Oct. 31, 2023 USD ($) $ / shares shares	Nov. 30, 2022 shares	Aug. 31, 2016	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2025 shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capital stock														310,000,000
Common stock, par value (in dollars per share) \| $ / shares														$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)														300,000,000	300,000,000
Preferred stock, shares authorized (in shares)														10,000,000
Preferred stock, shares outstanding (in shares)														0	0
Proceeds from issuance of common stock, net of issuance costs \| $			$ 161,700											$ 0	$ 161,682	$ 0
Forfeited (in shares)														534,345
Intrinsic value of options exercised during the period \| $														$ 10,000	4,200	1,200
Total grant-date fair value of the options vested \| $														$ 8,500	$ 4,000	$ 28,000
Weighted-average grant-date fair value (in dollars per share) \| $ / shares														$ 9.94	$ 3.70	$ 8.01
Total stock-based compensation expense \| $														$ 40,364	$ 41,730	$ 38,813
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $														$ 25,700
Recognition period for unrecognized compensation costs related to unvested options expected to vest (in years)														2 years 7 months 6 days
Dividend yield														0.00%	0.00%	0.00%
RSUs subject to future vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in share)														4 years
Granted (in shares)														3,063,418
Total grant-date fair value \| $														$ 18,800	$ 17,400	$ 9,300
Unrecognized compensation cost \| $														$ 47,500
Recognition period for unrecognized compensation costs related to unvested options expected to vest (in years)														2 years 9 months 18 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in shares available for grant, percentage of shares outstanding (as a percent)								1.00%
Purchase price of common stock, as a percentage of closing trading price per share (as a percent)								85.00%
Total stock-based compensation expense \| $														$ 1,000	$ 900	$ 900
Employee Stock Purchase Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)		1,178,480				967,873
Shares available for grant (in shares)														2,806,818
Number of shares authorized for sale under the ESPP (in shares)								351,000
Maximum shares to be issued								5,265,000
Restricted Stock \| First anniversary date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rights, percentage													25.00%
Subsequent Event \| Employee Stock Purchase Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	1,216,890
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)								2,134,000
Increase in shares available for grant, percentage of shares outstanding (as a percent)								4.00%
Based number of options issuable (in shares)								11,000,000
Number of additional shares authorized (in shares)		4,713,921				3,871,494
Shares available for grant (in shares)														4,093,603
Dividend yield														0.00%
2020 Equity Incentive Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in share)														4 years
2020 Equity Incentive Plan \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	4,933,306
2017 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)								1,550,150
2022 Employment Inducement Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved (in shares)																		1,250,000
Number of additional shares authorized (in shares)												1,500,000
Shares available for grant (in shares)														111,533
Stock Option Exchange \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of eligible options exchanged					98.00%
Stock Option Exchange \| RSUs subject to future vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental cost of plan modification \| $														$ 8,600
Stock Option Exchange \| RSUs subject to future vesting \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period (in years)														1 year
Stock Option Exchange \| RSUs subject to future vesting \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award requisite service period (in years)														3 years
Stock Option Exchange \| RSUs subject to future vesting \| Grant Date One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in share)				1 year
Stock Option Exchange \| RSUs subject to future vesting \| Second Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in share)				2 years
Stock Option Exchange \| RSUs subject to future vesting \| Third Grant Date
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock-based awards granted (in share)				3 years
Common Stock \| Stock Option Exchange \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forfeited (in shares)					5,059,129
Common Stock \| Stock Option Exchange \| RSUs subject to future vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				2,129,594
Prefunded Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants to acquire shares of common stock (in shares)										1,417,808	7,500,000			6,941,438	7,500,000	1,417,808	2,285,000
Stock price (in dollars per share) \| $ / shares											$ 2.4999
Exercise price (in dollars per share) \| $ / shares											$ 0.0001
Warrants outstanding (in shares)														5,215,000
First Equity Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock, net of issuance costs \| $											$ 95,800
At-The-Market \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares of common stock for sales agreement \| $									$ 100,000
At-The-Market \| Cowen \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock, net of issuance costs \| $										$ 3,100
Stock price (in dollars per share) \| $ / shares															$ 2.60
Number of shares issued in transaction (in shares)										1,250,000
Issuance of shares of common stock for sales agreement \| $							$ 100,000
Share sales agreement, percentage of gross sales price (as a percent)							0.03

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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
Keith Leonard [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 18, 2025, Keith Leonard, 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 exercise and sale of up to 39,272 options held by Mr. Leonard between February 17, 2026 and February 16, 2027.
Name	Keith Leonard
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 18, 2025
Expiration Date	February 16, 2027
Arrangement Duration	364 days
Aggregate Available	39,272
Sue-Jean Lin [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On December 13, 2025, Sue-Jean Lin, 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 exercise and sale of up to 77,880 options, as well as the potential sale of up to 13,004 shares of Common Stock held by Ms. Lin between February 24, 2026 and February 19, 2027.
Name	Sue-Jean Lin
Title	member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2025
Expiration Date	February 19, 2027
Arrangement Duration	360 days
Sue-Jean Lin Trading Arrangement, Options [Member] \| Sue-Jean Lin [Member]
Trading Arrangements, by Individual
Aggregate Available	77,880
Sue-Jean Lin Trading Arrangement, Common Stock [Member] \| Sue-Jean Lin [Member]
Trading Arrangements, by Individual
Aggregate Available	13,004

Stockholders' Equity - Schedule of Assumptions in Calculating Stock Option Awards (Details) - Stock Options	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	72.90%	79.10%	75.20%
Expected volatility, maximum	79.50%	83.20%	78.40%
Risk-free interest rate, minimum	3.70%	3.60%	3.50%
Risk-free interest rate, maximum	4.40%	5.00%	4.70%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 18 days	1 year 9 months 18 days	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 1 month 6 days

Revenues - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 372,072	$ 166,542	$ 29,186
Other revenue	4,000	30,000	30,420
Total revenues	376,072	196,542	59,606
ZORYVE cream 0.3%
Disaggregation of Revenue [Line Items]
Product revenue, net	120,995	85,082	29,186
ZORYVE foam
Disaggregation of Revenue [Line Items]
Product revenue, net	181,892	71,539	0
ZORYVE cream 0.15%
Disaggregation of Revenue [Line Items]
Product revenue, net	68,274	9,921	0
ZORYVE cream 0.05%
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 911	$ 0	$ 0

- 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.

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+ Details

Fair Value Measurements - Change In The Fair Value Of The Embedded Derivative Instrument (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Change in fair value of embedded derivative instrument			$ 0
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 570,000	$ 849,000
Loss (gain) from changes in fair value	(139,000)	(279,000)
Ending balance	$ 431,000	$ 570,000	$ 849,000
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other income (expense), net	Other income (expense), net

License Agreements & Ducentis Acquisition - AstraZeneca (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2025	Oct. 31, 2024	Sep. 30, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Amortization of intangible assets				$ 4,667	$ 1,959	$ 750
Years from first commercial sale				10 years
AstraZeneca
Research and Development Arrangement, Contract to Perform for Others [Line Items]
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
Amortization of intangible assets				$ 4,700	2,000	800
Maximum milestone payments for licensed products				5,000
Royalty expense				$ 11,200	$ 5,000	$ 900

Revenues

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2025		2024		2023
ZORYVE cream 0.3%	$	120,995	$	85,082	$	29,186
ZORYVE foam	181,892		71,539		—
ZORYVE cream 0.15%	68,274		9,921		—
ZORYVE cream 0.05%	911		—		—
Total product revenue, net	372,072		166,542		29,186
Other revenue	4,000		30,000		30,420
Total revenues	$	376,072	$	196,542	$	59,606

Other revenue relates primarily to the Sato and Huadong licensing agreements. See Note 7.

Product revenue, net outside the United States represented less than 10% of the Company’s consolidated product revenue, net for the years ended December 31, 2025, 2024 and 2023.

Major customers are defined as customers that individually accounted for greater than 10% of the Company's revenue. The following table presents each major customer that accounted for more than 10% of its gross product sales.


	Year Ended December 31,
% of gross product sales	2025		2024		2023
Customer A	17	%	16	%	13	%
Customer B	12	%	12	%	13	%
Customer C	11	%	*		*
Customer D	11	%	14	%	21	%
Customer E	*		13	%	*
Customer F	*		*		22	%
Total gross product sales from major customers	51	%	55	%	69	%

* Represents less than 10% of respective balance

As of December 31, 2025, amounts due from four of these customers each exceeded 10% of gross trade receivables and accounted for 60% of net trade receivables on a combined basis. As of December 31, 2024, amounts due from five of these customers each exceeded 10% of gross trade receivables and accounted for 69% of net trade receivables on a combined basis.

- 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
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

+ Details

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Potentially Dilutive Shares Excluded

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


	As of December 31,
	2025	2024	2023
Stock options to purchase common stock	6,436,972	5,342,909	7,919,699
RSUs subject to future vesting	6,007,515	6,055,087	2,929,602
ESPP shares subject to future issuance	11,616	16,338	26,368
Total	12,456,103	11,414,334	10,875,669

Revenues - Gross Product Sales and Accounts Receivable Net (Details) - Gross Product Sales - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Customer A
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	16.00%	13.00%
Customer B
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	12.00%	13.00%
Customer C
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%
Customer D
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%	14.00%	21.00%
Customer E
Concentration Risk [Line Items]
Concentration risk, percentage		13.00%
Customer F
Concentration Risk [Line Items]
Concentration risk, percentage			22.00%
Major Customers
Concentration Risk [Line Items]
Concentration risk, percentage	51.00%	55.00%	69.00%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss before Income Tax, Domestic and Foreign

A reconciliation of loss before income taxes for domestic and foreign locations for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	(8,244)	$	(130,372)	$	(255,653)
Foreign	(6,726)		(9,020)		(3,374)
Loss before income taxes	$	(14,970)	$	(139,392)	$	(259,027)

Schedule of Components of Income Tax Expense

A reconciliation of provision for income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current tax provision:
Federal	$	—	$	—	$	—
State	273		—		—
Foreign	844		799		3,113
Total current	1,117		799		3,113
Deferred tax provision:
Federal	—		—		—
State	—		—		—
Foreign	54		(152)		—
Total deferred	54		(152)		—
Provision for income taxes	$	1,171	$	647	$	3,113

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax computed at federal statutory rates to the reported provision for income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands)(1):


	Year Ended December 31,
	2025				2024				2023
Tax U.S. federal statutory rate	$	(3,144)	21.0	%	$	(29,272)	21.0	%	$	(54,396)	21.0	%
State and local income tax, net of federal income tax effect(2)	836		(5.6)	%	(11,367)		8.2	%	1,512		(0.6)	%
Foreign tax effects
United Kingdom
Statutory tax rate differential	(319)		2.1	%	(389)		0.3	%	(160)		0.1	%
Change in valuation allowances	2,071		(13.8)	%	2,427		(1.7)	%	999		(0.4)	%
Other	(77)		0.5	%	—		—	%	—		—	%
China	402		(2.7)	%	500		(0.4)	%	3,000		(1.2)	%
Other	233		(1.6)	%	—		—	%	(6)		—	%
Tax credits	(1,288)		8.6	%	(804)		0.6	%	(4,763)		1.8	%
Change in valuation allowances	(3,145)		21.1	%	37,731		(27.1)	%	52,716		(20.2)	%
Nontaxable or nondeductible items
Sec. 162(m) limitation	1,426		(9.5)	%	633		(0.5)	%	3,386		(1.3)	%
Stock-based compensation	3,197		(21.4)	%	(185)		0.1	%	1,787		(0.7)	%
Other	857		(5.7)	%	654		(0.5)	%	(95)		—	%
Other adjustments	122		(0.8)	%	719		(0.5)	%	(867)		0.3	%
Provision for income taxes	$	1,171	(7.8)	%	$	647	(0.5)	%	$	3,113	(1.2)	%

(1) The prior years included in the effective tax rate table have been recast from the financial statements filed previously to align with the new presentation created through adherence to ASU 2023-09. Consideration has only been given to 2025 amounts in terms of the balances that are separately stated within the table.

(2) The states and local jurisdictions that contribute to a majority (greater than 50%) of the tax effect in this category include Texas, California and New York based on the distribution of sales and the current year state income tax obligations.

Schedule of Deferred Tax Assets and Liabilities

The components deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	180,809	$	171,681
Intangibles	1,958		1,400
Research and development tax credits	15,698		14,944
Research and expenditure capitalization	23,848		36,255
Accruals and reserves	25,226		16,085
Lease liability	1,413		837
Stock-based compensation	7,744		15,761

Gross deferred tax assets	256,696		256,963
Less valuation allowance	(255,482)		(256,270)
Net deferred tax assets	1,214		693

Deferred tax liabilities:
Property and equipment	—		(58)
Right-of-use asset	(1,110)		(483)
Gross deferred tax liabilities	(1,110)		(541)

Total net deferred tax assets	$	104	$	152

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	42,286	$	41,390	$	42,505
Increases related to tax positions taken during a prior year	403		—		—
Decreases related to tax positions taken during a prior year	(91)		(131)		(3,097)
Increases related to tax positions taken during the current year	784		1,027		1,982
Ending balance	$	43,382	$	42,286	$	41,390

Segment Reporting - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 376,072	$ 196,542	$ 59,606
Cost of sales	36,695	19,128	4,987
Research and development	77,051	76,420	110,575
Selling, general and administrative	274,553	229,391	185,145
Total operating expenses	388,299	324,939	300,707
Loss from operations	(12,227)	(128,397)	(241,101)
Interest income	8,897	16,126	12,517
Interest expense	(12,083)	(27,168)	(29,712)
Other income (expense), net	443	47	(731)
Provision for income taxes	1,171	647	3,113
Net loss	(16,141)	(140,039)	(262,140)
Reportable Segment
Segment Reporting Information [Line Items]
Total revenues	376,072	196,542	59,606
Cost of sales	32,028	17,169	4,237
Research and development compensation and personnel-related expenses	39,779	39,216	44,613
Selling, general and administrative	274,033	228,908	184,628
Other segment expenses	24,408	20,014	22,607
Total operating expenses	388,299	324,939	300,707
Loss from operations	(12,227)	(128,397)	(241,101)
Interest income	8,897	16,126	12,517
Interest expense	(12,083)	(27,168)	(29,712)
Other income (expense), net	443	47	(731)
Provision for income taxes	1,171	647	3,113
Net loss	(16,141)	(140,039)	(262,140)
Topical roflumilast program costs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	10,938	5,210	35,607
Topical JAK inhibitor program costs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	741	2,945	3,334
Other early-stage programs costs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	$ 6,372	$ 11,477	$ 5,681

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Aug. 31, 2025 USD ($)	Apr. 30, 2020 ft²	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Office space (in square feet) \| ft²		22,643
Future lease rent payment commitments	$ 5,400
Additional years of rent payments (in years)	5 years
Operating lease right-of-use asset			$ 2,900
Operating lease liability			$ 2,900
Restricted cash				$ 308	$ 617
Straight-line rent expense				800	700	$ 700
Future purchase commitment in 2026				1,700
Future purchase commitments in 2027				900
Westlake Village, California Lease Arrangement
Lessee, Lease, Description [Line Items]
Extension term of the lease (in years)	5 years
Restricted cash				$ 300	$ 600

Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Stock issuance costs		$ 116
Secondary Equity Public Offering
Stock issuance costs	$ 10,820	$ 6,546

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Payments

The minimum annual rental payments of the Company’s operating lease liability as of December 31, 2025 are as follows (in thousands):


	Amounts
2026	$	792
2027	545
2028	862
2029	1,255
2030	1,292
Thereafter	3,398
Total minimum lease payments	8,144
Less: Amounts representing interest	(2,584)

Present value of future minimum lease payments	$	5,560
Accrued and other current liabilities	294
Operating lease liability, long-term	5,266
Total operating lease liability	$	5,560

Schedule of Operating Lease Supplemental Cash Flow Information

The following information represents supplemental disclosure for the consolidated statements of cash flows related to the Company’s operating lease (in thousands):


	December 31,
	2025		2024		2023
Cash flows from operating activities
Cash paid for amounts included in the measurement of lease liabilities	$	1,027	$	994	$	965

The following summarizes additional information related to the operating lease:


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (in years)	7.6		3.6
Weighted-average discount rate	9.3	%	7.0	%

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2025		2024		2023
Total revenues	$	376,072	$	196,542	$	59,606
Less:
Cost of sales	32,028		17,169		4,237
Topical roflumilast program costs	10,938		5,210		35,607
Topical JAK inhibitor program costs	741		2,945		3,334
Other early-stage programs costs	6,372		11,477		5,681
Research and development compensation and personnel-related expenses	39,779		39,216		44,613
Selling, general and administrative expenses	274,033		228,908		184,628
Other segment expenses(1)	24,408		20,014		22,607
Total operating expenses	388,299		324,939		300,707
Operating loss	(12,227)		(128,397)		(241,101)

Interest income	8,897		16,126		12,517
Interest expense	(12,083)		(27,168)		(29,712)
Other income (expense), net	443		47		(731)
Provision for income taxes	1,171		647		3,113
Segment and consolidated net loss	$	(16,141)	$	(140,039)	$	(262,140)

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

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Product revenue, net	$ 372,072	$ 166,542	$ 29,186
Other revenue	4,000	30,000	30,420
Total revenues	376,072	196,542	59,606
Operating expenses:
Cost of sales	36,695	19,128	4,987
Research and development	77,051	76,420	110,575
Selling, general and administrative	274,553	229,391	185,145
Total operating expenses	388,299	324,939	300,707
Loss from operations	(12,227)	(128,397)	(241,101)
Other income (expense):
Interest income	8,897	16,126	12,517
Interest expense	(12,083)	(27,168)	(29,712)
Other income (expense), net	443	47	(731)
Loss before income taxes	(14,970)	(139,392)	(259,027)
Provision for income taxes	1,171	647	3,113
Net loss	(16,141)	(140,039)	(262,140)
Other comprehensive income (loss):
Unrealized gain on marketable securities	(206)	219	1,186
Foreign currency translation adjustment	169	(230)	(96)
Total other comprehensive income (loss)	(37)	(11)	1,090
Comprehensive loss	$ (16,178)	$ (140,050)	$ (261,050)
Per share information:
Net loss per share, basic (in USD per share)	$ (0.13)	$ (1.16)	$ (3.78)
Net loss per share, diluted (in USD per share)	$ (0.13)	$ (1.16)	$ (3.78)
Weighted-average shares used in computing net loss per share, basic (in shares)	127,234,000	120,958,000	69,305,000
Weighted-average shares used in computing net loss per share, diluted (in shares)	127,234,000	120,958,000	69,305,000

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consists of the following (in thousands):


	December 31,
	2025		2024
Computer hardware	$	1,349	$	1,272
Furniture and fixtures	1,270		661
Software	104		104
Leasehold improvements	1,568		1,568
Property and equipment, gross	4,291		3,605
Less accumulated depreciation	(3,248)		(2,564)
Property and equipment, net	$	1,043	$	1,041

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

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 December 31, 2025 and 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 December 31, 2025, the rate was 9.79%. 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 December 31, 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 consolidated statement of operations and comprehensive loss. The amounts recognized in Other income, net related to the change in fair value of the embedded derivative instrument during the year ended December 31, 2025 and 2024 were not material. No gain or loss was recognized during the year ended December 31, 2023. The fair value of the embedded derivative instrument as of December 31, 2025 and 2024 was a liability of $0.4 million and $0.6 million, respectively, and is included in Other-long term liabilities in the accompanying 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 December 31, 2025 and 2024, the effective interest rate was 10.92% and 11.57%, respectively. Interest expense relating to the term loan was $12.1 million, $27.2 million and $29.7 million, respectively, for the years ended December 31, 2025, 2024 and 2023.

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


	December 31,
	2025		2024
Long-term debt, gross	$	100,000	$	100,000
Accrued final fee	8,824		7,324
Accrued prepayment penalty	1,000		1,000
Unamortized debt issuance costs	(865)		(1,121)
Total carrying value of debt	108,959		107,203
Less current portion	(1,000)		—
Long-term debt, net	$	107,959	$	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.

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Provision for income taxes	$ 1,171,000	$ 647,000	$ 3,113,000
Foreign withholding income tax	400,000	500,000	3,000,000.0
Increase (decrease) in valuation allowance	(800,000)	40,100,000
Operating loss carryforwards, subject to expiration	3,500,000
Operating loss carryforwards, not subject to expiration	757,800,000
Unrecognized tax benefits	43,382,000	42,286,000	41,390,000	$ 42,505,000
Unrecognized tax benefits that would not impact effective tax rate	36,200,000
Unrecognized tax benefits, income tax penalties and interest expense	0	0	0
Accrued interest and penalties	0	0
Cash income taxes paid	0	$ 0	$ 0
Federal
Income Tax Contingency [Line Items]
Operating loss carryforwards	761,300,000
Federal \| Research tax credit carryforward
Income Tax Contingency [Line Items]
Tax credit carryforwards	23,200,000
State
Income Tax Contingency [Line Items]
Operating loss carryforwards	636,100,000
Operating loss carryforwards, subject to expiration	550,200,000
State \| Research tax credit carryforward
Income Tax Contingency [Line Items]
Tax credit carryforwards	4,600,000
Foreign Tax Jurisdiction
Income Tax Contingency [Line Items]
Operating loss carryforwards, not subject to expiration	$ 23,200,000

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid co-pay assistance program and rebates	$ 9,485	$ 7,369
Prepaid clinical trial costs	2,577	3,244
Other prepaid expenses and current assets	9,017	9,043
Total prepaid expenses and other current assets	$ 21,079	$ 19,656

Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 5,047	$ 4,300
Work in progress	5,033	584
Finished goods	12,554	9,642
Total inventories	$ 22,634	$ 14,526

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 42,907	$ 71,335
Restricted cash	308	617
Marketable securities	178,075	156,620
Trade receivables, net	146,229	73,066
Inventory	22,634	14,526
Prepaid expenses and other current assets	21,079	19,656
Total current assets	411,232	335,820
Property, plant, and equipment, net	1,043	1,041
Intangible assets, net	14,812	9,479
Operating lease right-of-use asset	4,467	1,953
Other assets	1,419	596
Total assets	432,973	348,889
Current liabilities:
Accounts payable	12,528	14,220
Current portion of long-term debt, net	1,000	0
Accrued and other current liabilities	116,310	66,793
Total current liabilities	129,838	81,013
Operating lease liability, long-term	5,266	2,562
Long-term debt, net	107,959	107,203
Other long-term liabilities	431	570
Total liabilities	243,494	191,348
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value; 300,000,000 shares authorized; 123,332,672 and 117,848,033 shares issued and outstanding at December 31, 2025 and 2024, respectively	12	12
Additional paid-in capital	1,327,595	1,279,479
Accumulated other comprehensive loss	(44)	(7)
Accumulated deficit	(1,138,084)	(1,121,943)
Total stockholders’ equity	189,479	157,541
Total liabilities and stockholders’ equity	$ 432,973	$ 348,889

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

The Company's authorized capital stock consists of 310,000,000 shares, all with a par value of $0.0001 per share, of which 300,000,000 shares are designated as common stock and 10,000,000 shares are designated as preferred stock. There were no shares of preferred stock outstanding as of December 31, 2025 and 2024.

Equity Offerings

In October 2023, the Company completed a public sale of its common stock, receiving aggregate net proceeds of $95.8 million. In addition to the sale of common stock, the Company issued 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, were fully exercisable upon issuance, and have no expiration date. In October 2025, certain prefunded warrants were exercised, resulting in the issuance of 2,285,000 shares. As of December 31, 2025, prefunded warrants to purchase 5,215,000 shares of the Company's common stock remained outstanding.

In February 2024, the Company completed a public sale of its common stock, receiving aggregate net proceeds of $161.7 million.

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 up to 3% of the gross proceeds of any shares of common stock sold under the Sales Agreement. 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.

Equity Incentive Plans

In January 2020, the Company’s board of directors approved the 2020 Equity Incentive Plan (2020 Plan), which became effective January 30, 2020 in connection with the IPO. The 2020 Plan serves as the successor incentive award plan to the Company’s 2017 Equity Incentive Plan (2017 Plan) and initially reserved 2,134,000 shares of common stock available for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit (RSU) awards, and other stock-based awards, plus 1,550,150 shares of common stock that were reserved for issuance pursuant to future awards under the 2017 Plan at the time the 2020 Plan became effective, plus shares represented by awards outstanding under the 2017 Plan that are forfeited or lapsed unexercised and which following the effective date of the 2020 Plan are not issued under the 2017 Plan. In addition, the 2020 Plan reserve will increase on January 1 of each year beginning in 2021 through 2030, by an amount equal to the lesser of (a) 4% of the shares of stock outstanding (on an as converted basis) on the day immediately prior to the date of increase and (b) such smaller number of shares of stock as determined by the Company's board of directors; provided, however, that no more than 11,000,000 shares of stock may be issued upon the exercise of incentive stock options. Accordingly, on January 1, 2026, 2025 and 2024, the 2020 Plan reserve increased by 4,933,306, 4,713,921, and 3,871,494 shares, respectively. As of December 31, 2025, the Company had 4,093,603 shares available for future grant under the 2020 Plan.

The 2020 Plan provides for the Company to sell or issue common stock or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the board of directors, and consultants of the Company under terms and provisions established by the board of directors. Under the terms of the 2020 Plan, options may be granted at an exercise price not less than fair market value. The Company generally grants stock-based awards with service conditions. Options granted typically vest over a four-year period but may be granted with different vesting terms.

Following the Company’s IPO and in connection with the effectiveness of the Company’s 2020 Plan, the 2017 Plan terminated and no further awards will be granted under that plan. However, all outstanding awards under the 2017 Plan will continue to be governed by their existing terms.

In December 2021, the Company’s board of directors approved the 2022 Employment Inducement Incentive Plan (2022 Plan). The 2022 Plan initially reserved 1,250,000 shares of common stock available for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, RSU awards, and other stock-based awards. In November 2022, the 2022 Plan reserve was increased by 1,500,000. As of December 31, 2025, the Company had 111,533 shares available for future grant under the 2022 Plan.

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	2,345,398	14.10
Exercised	(714,125)	6.44
Forfeited	(534,345)	9.55
Expired	(2,865)	26.87
Balance—December 31, 2025	6,436,972	$	9.17	7.75	$	127,945
Exercisable—December 31, 2025	2,903,391	$	8.46	6.63	$	59,750

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 December 31, 2025. The intrinsic value of options exercised for the years ended December 31, 2025, 2024, and 2023 were $10.0 million, $4.2 million and $1.2 million, respectively.

The total grant-date fair value of the options vested during the years ended December 31, 2025, 2024, and 2023 were $8.5 million, $4.0 million and $28.0 million, respectively. The weighted-average grant-date fair value of options granted during the years ended December 31, 2025, 2024, and 2023 were $9.94, $3.70 and $8.01, 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	3,063,418	14.23
Vested	(2,275,607)	8.24
Forfeited	(835,383)	10.12
Unvested Balance—December 31, 2025	6,007,515	$	10.83

The grant date fair value of an RSU equals the closing price of the Company's common stock on the grant date. The total grant-date fair value of the RSUs vested during the years ended December 31, 2025, 2024, and 2023 were $18.8 million, $17.4 million, and $9.3 million, respectively. 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 consolidated statements of operations and comprehensive loss was as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Research and development	$	12,336	$	13,509	$	15,544
Selling, general and administrative	28,028		28,221		23,269
Total stock-based compensation expense	$	40,364	$	41,730	$	38,813

As of December 31, 2025, there was $25.7 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 2.6 years. As of December 31, 2025, there was $47.5 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.

In determining the fair value of the stock options granted, the Company uses the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment.

Fair value of common stock—The Company uses its closing stock price as reported on Nasdaq on the grant date for the fair value of its stock.

Expected Term—The Company’s expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company uses the simplified method (based on the mid-point between the vesting date and the end of the contractual term) to determine the expected term as it does not have sufficient prior exercise data to calculate based on historical data.

Expected Volatility— The Company uses its own historical stock price for expected volatility.

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of option.

Dividend Yield—The Company has never paid dividends on its common stock and has no plans to pay dividends on its common stock. Therefore, the Company used an expected dividend yield of zero.

The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

Year Ended December 31,

2025

2024

2023

Expected term (in years)

5.3 – 6.1

1.8 – 6.1

5.0 – 6.1

Expected volatility

72.9 – 79.5%

79.1 – 83.2%

75.2% – 78.4%

Risk-free interest rate

3.7 – 4.4%

3.6 – 5.0%

3.5 – 4.7%

Dividend yield

—%

2020 Employee Stock Purchase Plan

The Company adopted the 2020 Employee Stock Purchase Plan, or the ESPP, which became effective on January 30, 2020 in connection with the IPO. The ESPP is designed to allow the Company’s eligible employees to purchase shares of the Company’s common stock, at semi-annual intervals, with their accumulated payroll deductions. Under the ESPP, participants are offered the option to purchase shares of the Company’s common stock at a discount during a series of successive offering periods. The option purchase price will be the lower of 85% of the closing trading price per share of the Company’s common stock on the first trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each offering period.

The ESPP is intended to qualify under Section 423 of the U.S. Internal Revenue Service Code of 1986, as amended. The maximum number of the Company’s common stock which will be authorized for sale under the ESPP is equal to the sum of (a) 351,000 shares of common stock and (b) an annual increase on the first day of each year beginning in 2021 and ending in 2030, equal to the lesser of (i) 1% of the shares of common stock outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (ii) such number of shares of common stock as determined by the Company’s board of directors; provided, however, no more than 5,265,000 shares of the Company’s common stock may be issued under the ESPP. Accordingly, on January 1, 2026, 2025 and 2024, the ESPP reserve increased by 1,216,890, 1,178,480, and 967,873 shares, respectively. As of December 31, 2025, the Company had 2,806,818 shares available for future grant under the ESPP.

Stock-based compensation expense related to the ESPP was $1.0 million, $0.9 million, and $0.9 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Revenues (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2025		2024		2023
ZORYVE cream 0.3%	$	120,995	$	85,082	$	29,186
ZORYVE foam	181,892		71,539		—
ZORYVE cream 0.15%	68,274		9,921		—
ZORYVE cream 0.05%	911		—		—
Total product revenue, net	372,072		166,542		29,186
Other revenue	4,000		30,000		30,420
Total revenues	$	376,072	$	196,542	$	59,606

Schedule of Major Customers


	Year Ended December 31,
% of gross product sales	2025		2024		2023
Customer A	17	%	16	%	13	%
Customer B	12	%	12	%	13	%
Customer C	11	%	*		*
Customer D	11	%	14	%	21	%
Customer E	*		13	%	*
Customer F	*		*		22	%
Total gross product sales from major customers	51	%	55	%	69	%

* Represents less than 10% of respective balance

Fair Value Measurements

12 Months Ended

Dec. 31, 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):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and cash	$	37,541	$	—	$	—	$	37,541
Certificates of deposit	—		5,366		—		5,366
Commercial paper	—		14,789		—		14,789
Corporate debt securities	—		78,764		—		78,764
U.S. Treasury and agency securities	84,522		—		—		84,522
Total assets	$	122,063	$	98,919	$	—	$	220,982


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and cash	$	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

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):


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:

Money market funds and cash	$	37,541	$	—	$	—	$	37,541


Certificates of deposit	5,366		—		—		5,366
Total cash and cash equivalents	$	42,907	$	—	$	—	$	42,907
Marketable securities:
Commercial paper	$	14,782	8		(1)		$	14,789
Corporate debt securities	78,687		81		(4)		78,764
U.S. Treasury and agency securities	84,493		45		(16)		84,522
Total marketable securities	$	177,962	$	134	$	(21)	$	178,075


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:
Money market funds and cash	$	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

As of December 31, 2025, no significant facts or circumstances were present to indicate a deterioration in the creditworthiness of the issuers of the available-for-sale securities. 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. For all securities with a fair value less than its amortized cost basis, the Company determined the decline in fair value below amortized cost basis to be non-credit related and no allowance for losses has been recorded. As of December 31, 2025, there were no individual securities that were in a significant unrealized loss position. To date, the Company has not recorded any impairment charges on available-for-sale securities.

The Company has elected the practical expedient to exclude the applicable accrued interest from both the fair value and the amortized cost basis of its available-for-sale securities for purposes of identifying and measuring an impairment. Accrued interest receivable related to available-for-sale securities is presented in prepaid expenses and other current assets, separate from marketable securities, on the consolidated balance sheet. As of December 31, 2025 and 2024, accrued interest receivable was immaterial. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on available-for-sale securities and to write-off any uncollectible accrued interest receivable by recognizing credit loss expense. The Company has not written off any accrued interest receivables for the years ended December 31, 2025 and 2024.

As of December 31, 2025, the amortized cost and fair value of marketable securities by contractual maturity were as follows:


	December 31, 2025				December 31, 2024
	Amortized cost		Estimated fair value		Amortized cost		Estimated fair value
Maturing within one year	$	138,281	$	138,395	$	143,708	$	144,018
Maturing in one to five years	39,681		39,680		12,593		12,602
Total marketable securities	$	177,962	$	178,075	$	156,301	$	156,620

The following table summarizes the change in the fair value of the embedded derivative instrument for the year ended December 31, 2025 and 2024 (in thousands). There was no activity for the year ended December 31, 2023.


	December 31,
	2025		2024
Beginning balance	$	570	$	849
Loss (gain) from changes in fair value	(139)		(279)
Ending balance	$	431	$	570

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 9 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

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+ Details

Segment Reporting

12 Months Ended

Dec. 31, 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 (CODM) is its Chief Executive Officer. The CODM evaluates financial information on a consolidated basis for the purposes of allocating resources and assessing performance. Substantially all of the Company's assets are located in the United States.

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


	Year Ended December 31,
	2025		2024		2023
Total revenues	$	376,072	$	196,542	$	59,606
Less:
Cost of sales	32,028		17,169		4,237
Topical roflumilast program costs	10,938		5,210		35,607
Topical JAK inhibitor program costs	741		2,945		3,334
Other early-stage programs costs	6,372		11,477		5,681
Research and development compensation and personnel-related expenses	39,779		39,216		44,613
Selling, general and administrative expenses	274,033		228,908		184,628
Other segment expenses(1)	24,408		20,014		22,607
Total operating expenses	388,299		324,939		300,707
Operating loss	(12,227)		(128,397)		(241,101)

Interest income	8,897		16,126		12,517
Interest expense	(12,083)		(27,168)		(29,712)
Other income (expense), net	443		47		(731)
Provision for income taxes	1,171		647		3,113
Segment and consolidated net loss	$	(16,141)	$	(140,039)	$	(262,140)

(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.

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+ Details

License Agreements & Ducentis Acquisition - Ducentis Acquisition (Details) - USD ($)		12 Months Ended
	Sep. 07, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Asset Acquisition [Line Items]
Research and development		$ 77,051,000	$ 76,420,000	$ 110,575,000
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	$ 10,000,000.0
Contingent consideration, duration due within	1 year
Annual net sales	$ 1,500,000,000
Research and development	29,600,000
License agreement, cash payment		$ 0	$ 0	$ 0
Ducentis Biotherapeutics LTD Equity Interests \| Common Stock
Asset Acquisition [Line Items]
Consideration transferred, equity interest issued and issuable	$ 12,500,000

License Agreements & Ducentis Acquisition	12 Months Ended
License Agreements & Ducentis Acquisition	Dec. 31, 2025
License Agreements And Ducentis Acquisition Disclosure [Abstract]
License Agreements & Ducentis Acquisition	License Agreements & Ducentis 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 Sato 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 Sato 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. There was no other revenue recorded pursuant to the Sato Agreement for the year ended December 31, 2025 and $25.0 million recorded for the year ended December 31, 2024. 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, March 2025 and November 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 $15.0 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. Other revenue and related income tax expense related to the Huadong agreement was $4.0 million and $0.4 million, respectively, for the year ended December 31, 2025. Other revenue and related tax income expense related to the Huadong agreement was $5.0 million and $0.5 million, respectively, for the year ended December 31, 2024. Other revenue and related income tax expense related to the Huadong agreement was $30.0 million and $3.0 million, respectively, for the year ended December 31, 2023. 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. 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 October 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 May 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 $4.7 million, $2.0 million and $0.8 million for the years ended December 31, 2025, 2024, and 2023, 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 in August 2022, the Company began accruing royalties payable to AstraZeneca, which are recorded in cost of sales and accrued liabilities. Royalty expense during the years ended December 31, 2025, 2024 and 2023 was $11.2 million, $5.0 million and $0.9 million, respectively. Hengrui Exclusive Option and License Agreement In January 2018, the Company entered into an exclusive option and license agreement, or the Hengrui License Agreement, with Jiangsu Hengrui Medicine Co., Ltd. (Hengrui), whereby Hengrui granted the Company an exclusive option to obtain certain exclusive rights to research, develop, and commercialize products containing the compound designated by Hengrui as ivarmacitinib, a Janus kinase type 1 inhibitor, in topical formulations for the treatment of skin diseases, disorders, and conditions in the United States, Japan, and the European Union (including for clarity the United Kingdom). In December 2019, the Company exercised its exclusive option under the agreement and contemporaneously amended the agreement to expand the territory to additionally include Canada. In addition, the Company has agreed to make cash payments of up to an aggregate of $20.5 million upon achievement of specified clinical development and regulatory approval milestones with respect to the licensed products and cash payments of up to an additional aggregate of $200.0 million in sales-based milestones based on certain aggregate annual net sales volumes with respect to a licensed product. With respect to any products the Company commercializes under the Hengrui License Agreement, it will pay tiered royalties to Hengrui on net sales of each licensed product by the Company, or its affiliates, or its sublicensees, ranging from mid single-digit to sub-teen percentage rates based on tiered annual net sales bands subject to specified reductions. The Company is obligated to pay royalties until the later of (1) expiration of the last valid claim of the licensed patent rights covering such licensed product in such country and (2) expiration of regulatory exclusivity for the relevant licensed product in the relevant country, on a licensed product-by-licensed product and country-by-country basis. Additionally, the Company is obligated to pay Hengrui a specified percentage, ranging from the low-thirties to the sub-teens, of certain non-royalty sublicensing income it receives from sublicensees of its rights to the licensed products, such percentage decreasing as the development stage of the licensed products advance. In June 2022, the Company entered into a side letter agreement with Hengrui and one of its subsidiaries to extend certain rights and obligations under the Hengrui License Agreement to the subsidiary under specified circumstances, including a change of control of such subsidiary. There were no payments made or due in connection with Hengrui for the years ended December 31, 2025, 2024 and 2023. Following the completion of a Phase 1b study in the middle of 2025, the Company elected to halt further development of ARQ-255, a topical formulation of ivarmacitinib, for the treatment of alopecia areata. 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 years ended December 31, 2025, 2024 and 2023. 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.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax U.S. federal statutory rate	$ (3,144)	$ (29,272)	$ (54,396)
State and local income tax, net of federal (national) income tax effect	836	(11,367)	1,512
Tax credits	(1,288)	(804)	(4,763)
Sec. 162(m) limitation	1,426	633	3,386
Stock-based compensation	3,197	(185)	1,787
Other	857	654	(95)
Provision for income taxes	$ 1,171	$ 647	$ 3,113
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Tax U.S. federal statutory rate	21.00%	21.00%	21.00%
State and local income tax, net of federal (national) income tax effect	(5.60%)	8.20%	(0.60%)
Tax credits	8.60%	0.60%	1.80%
Sec. 162(m) limitation	(9.50%)	(0.50%)	(1.30%)
Stock-based compensation	(21.40%)	0.10%	(0.70%)
Other	(5.70%)	(0.50%)	0.00%
Provision for income taxes	(7.80%)	(0.50%)	(1.20%)
United Kingdom
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign tax effects	$ (319)	$ (389)	$ (160)
Change in valuation allowances	2,071	2,427	999
Other adjustments	$ (77)	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign tax effects	2.10%	0.30%	0.10%
Change in valuation allowances	(13.80%)	(1.70%)	(0.40%)
Other adjustments	0.50%	0.00%	0.00%
China
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign tax effects	$ 402	$ 500	$ 3,000
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign tax effects	(2.70%)	(0.40%)	(1.20%)
Other
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign tax effects	$ 233	$ 0	$ (6)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign tax effects	(1.60%)	0.00%	0.00%
United States
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Change in valuation allowances	$ (3,145)	$ 37,731	$ 52,716
Other adjustments	$ 122	$ 719	$ (867)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Change in valuation allowances	21.10%	(27.10%)	(20.20%)
Other adjustments	(0.80%)	(0.50%)	0.30%

License Agreements & Ducentis Acquisition - Huadong (Details) - USD ($) $ in Thousands	1 Months Ended						12 Months Ended
	Nov. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Sep. 30, 2023	Aug. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Other revenue							$ 4,000	$ 30,000	$ 30,420
Huadong
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Net payment received	$ 1,800	$ 1,800	$ 1,800	$ 2,700	$ 27,000
Other revenue					30,000		4,000	5,000	30,000
Tax withholding obligation					$ 3,000		400	$ 500	$ 3,000
Revenue, remaining performance obligation, variable consideration amount, regulatory milestones							15,000
Aggregate amount to be received upon achievement of sales milestones							$ 40,300
Number of years after first commercial sale to receive royalties						10 years

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

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.

The lease also requires the Company to have an available letter of credit which has a related restricted cash account of $0.3 million and $0.6 million as of December 31, 2025 and 2024, respectively.

The minimum annual rental payments of the Company’s operating lease liability as of December 31, 2025 are as follows (in thousands):


	Amounts
2026	$	792
2027	545
2028	862
2029	1,255
2030	1,292
Thereafter	3,398
Total minimum lease payments	8,144
Less: Amounts representing interest	(2,584)

Present value of future minimum lease payments	$	5,560
Accrued and other current liabilities	294
Operating lease liability, long-term	5,266
Total operating lease liability	$	5,560

Operating lease costs recognized was $0.8 million, $0.7 million, and $0.7 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The following information represents supplemental disclosure for the consolidated statements of cash flows related to the Company’s operating lease (in thousands):


	December 31,
	2025		2024		2023
Cash flows from operating activities
Cash paid for amounts included in the measurement of lease liabilities	$	1,027	$	994	$	965

The following summarizes additional information related to the operating lease:


	December 31, 2025		December 31, 2024
Weighted-average remaining lease term (in years)	7.6		3.6
Weighted-average discount rate	9.3	%	7.0	%

Manufacturing Agreements

In the normal course of business, the Company enters into manufacturing supply agreements for the commercial supply of ZORYVE which include certain minimum purchase commitments. As of December 31, 2025, firm future purchase commitments that are subject to these agreements with a term of greater than one year, excluding those recognized on the consolidated balance sheets, are $1.7 million in 2026 and $0.9 million in 2027, respectively. These future purchase commitments do not represent all of the Company’s anticipated purchases, but instead represents only the contractually obligated minimum purchases or firm commitments of non-cancelable minimum amounts.

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 December 31, 2025 and 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 "probable" and "reasonably estimable", as defined in ASC 450.

Fair Value Measurements - Fair Value of Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds and cash	$ 42,907	$ 71,335
Total assets	220,982	227,955
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	5,366	5,042
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	14,789
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	78,764	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	84,522	67,623
Money market funds and cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds and cash	37,541	71,335
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	122,063	138,958
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 \| 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 \| 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	84,522	67,623
Level 1 \| Money market funds and cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds and cash	37,541	71,335
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	98,919	88,997
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	5,366	5,042
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	14,789
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	78,764	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	0	0
Level 2 \| Money market funds and cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds and cash	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	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 \| 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 \| 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 and cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds and cash	$ 0	$ 0

Net Loss Per Share - Narrative (Details) - shares	Dec. 31, 2025	Oct. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	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)	6,941,438	2,285,000	7,500,000	1,417,808	7,500,000

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The Company recorded income tax expense of $1.2 million during the year ended December 31, 2025. Of the $1.2 million recorded, $0.4 million was related to foreign withholding taxes on the milestone payments received in connection with the Huadong Agreement and the remaining related to U.S. state income tax expense and other foreign tax expense. The Company recorded income tax expense of $0.6 million during the year ended December 31, 2024. Of the $0.6 million recorded, $0.5 million was related to foreign withholding taxes on the up-front fee in connection with the Huadong Agreement and the remaining was related to other foreign tax expense. The Company recorded income tax expense of $3.1 million during the year ended December 31, 2023. Of the $3.1 million recorded, $3.0 million was related to foreign withholding taxes on the up-front fee in connection with the Huadong Agreement and the remaining was related to other foreign tax expense.

A reconciliation of loss before income taxes for domestic and foreign locations for the years ended December 31, 2025, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	(8,244)	$	(130,372)	$	(255,653)
Foreign	(6,726)		(9,020)		(3,374)
Loss before income taxes	$	(14,970)	$	(139,392)	$	(259,027)

A reconciliation of provision for income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current tax provision:
Federal	$	—	$	—	$	—
State	273		—		—
Foreign	844		799		3,113
Total current	1,117		799		3,113
Deferred tax provision:
Federal	—		—		—
State	—		—		—
Foreign	54		(152)		—
Total deferred	54		(152)		—
Provision for income taxes	$	1,171	$	647	$	3,113

A reconciliation of income tax computed at federal statutory rates to the reported provision for income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands)(1):


	Year Ended December 31,
	2025				2024				2023
Tax U.S. federal statutory rate	$	(3,144)	21.0	%	$	(29,272)	21.0	%	$	(54,396)	21.0	%
State and local income tax, net of federal income tax effect(2)	836		(5.6)	%	(11,367)		8.2	%	1,512		(0.6)	%
Foreign tax effects
United Kingdom
Statutory tax rate differential	(319)		2.1	%	(389)		0.3	%	(160)		0.1	%
Change in valuation allowances	2,071		(13.8)	%	2,427		(1.7)	%	999		(0.4)	%
Other	(77)		0.5	%	—		—	%	—		—	%
China	402		(2.7)	%	500		(0.4)	%	3,000		(1.2)	%
Other	233		(1.6)	%	—		—	%	(6)		—	%
Tax credits	(1,288)		8.6	%	(804)		0.6	%	(4,763)		1.8	%
Change in valuation allowances	(3,145)		21.1	%	37,731		(27.1)	%	52,716		(20.2)	%
Nontaxable or nondeductible items
Sec. 162(m) limitation	1,426		(9.5)	%	633		(0.5)	%	3,386		(1.3)	%
Stock-based compensation	3,197		(21.4)	%	(185)		0.1	%	1,787		(0.7)	%
Other	857		(5.7)	%	654		(0.5)	%	(95)		—	%
Other adjustments	122		(0.8)	%	719		(0.5)	%	(867)		0.3	%
Provision for income taxes	$	1,171	(7.8)	%	$	647	(0.5)	%	$	3,113	(1.2)	%

The components deferred tax assets and liabilities were as follows (in thousands):


	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	180,809	$	171,681
Intangibles	1,958		1,400
Research and development tax credits	15,698		14,944
Research and expenditure capitalization	23,848		36,255
Accruals and reserves	25,226		16,085
Lease liability	1,413		837
Stock-based compensation	7,744		15,761

Gross deferred tax assets	256,696		256,963
Less valuation allowance	(255,482)		(256,270)
Net deferred tax assets	1,214		693

Deferred tax liabilities:
Property and equipment	—		(58)
Right-of-use asset	(1,110)		(483)
Gross deferred tax liabilities	(1,110)		(541)

Total net deferred tax assets	$	104	$	152

The Company regularly evaluates the positive and negative evidence in determining the realizability of its deferred tax assets. Based upon the weight of available evidence, which includes historical operating performance and reported cumulative net losses since inception, a valuation allowance on the majority of net deferred tax assets has been recorded as of December 31, 2025 and 2024. The Company intend to maintain its substantially full valuation allowance on its deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. The Company has an immaterial deferred tax asset related to a foreign jurisdiction. The valuation allowance decreased by approximately $0.8 million and increased by approximately $40.1 million during the years ended December 31, 2025 and 2024, respectively, due to similar changes in the underlying deferred tax asset balances.

The Company has net operating loss (NOL) carryforwards for federal and state income tax purposes of $761.3 million and $636.1 million, respectively, as of December 31, 2025. Of the federal NOLs, $3.5 million originated before the 2018 tax year and will expire beginning in 2036. Under the Tax Cuts and Jobs Act of 2017, the remaining $757.8 million of NOLs generated after December 31, 2017 will be carried forward indefinitely and will be available to offset 80% of taxable income in future years. Of the $636.1 million in state net operating loss carryforwards, $550.2 million will begin to expire in 2027 and the remaining NOLs carry forward indefinitely. In addition, the Company has foreign NOL carry forwards of $23.2 million as of December 31, 2025, which can be carried forward indefinitely.

As of December 31, 2025, the Company also had federal and California research and development tax credit carryforwards of $23.2 million and $4.6 million, respectively. The federal research and development tax credit carryforwards will begin to expire in 2037. The California research and development tax credit carryforwards are available indefinitely.

Under Internal Revenue Code Sections 382, as amended, and 383, substantial restrictions exist on the utilization of tax attributes in the event a corporation experienced an “ownership change.” Generally, a Section 382 “ownership change” occurs if one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock increases its ownership by more than 50 percentage points over its lowest ownership percentage within a specified testing period. Accordingly, the Company's ability to utilize net operating loss and tax credit carryforwards may be limited as a result of such ownership changes, and such a limitation could result in the

expiration of carryforwards before they are utilized. The Company has completed Section 382 studies that concluded the Company has experienced ownership changes since inception. However, this is not expected to result in the expiration of federal tax attribute carryforwards prior to utilization. Similar rules may apply under state tax laws.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law. The OBBBA contains numerous business tax provisions, including business extenders made permanent such as restoration of 100% bonus depreciation, IRC Section 174 expensing for US-based research, and the EBITDA-based business interest expense limitation under Section 163(j). The enacted legislation had an immaterial impact on the Company’s effective tax rate for the year ended December 31, 2025.

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	42,286	$	41,390	$	42,505
Increases related to tax positions taken during a prior year	403		—		—
Decreases related to tax positions taken during a prior year	(91)		(131)		(3,097)
Increases related to tax positions taken during the current year	784		1,027		1,982
Ending balance	$	43,382	$	42,286	$	41,390

Included in unrecognized tax benefits of $43.4 million at December 31, 2025 was $36.2 million of tax benefits that, if recognized, would not impact the Company's income tax benefit or effective tax rate to the extent that the Company continues to maintain a full valuation allowance against its deferred tax assets.

The Company files tax returns in the United States, state jurisdictions, Canada, and the United Kingdom. The tax years for 2016 and forward are subject to examination by the U.S. tax authorities and the tax years for 2016 and forward are subject to examination by the state tax authorities. Due to net operating loss carryforwards and research and development credits in the United States and state tax jurisdictions, all years effectively remain open. The Company is subject to examination by the tax authorities in Canada and the United Kingdom for the year ended December 31, 2022 to the present period.

It is the Company's policy to recognize interest and/or penalties related to uncertain tax benefits as a component of the provision for income taxes. For the years ended December 31, 2025, 2024 and 2023, the Company has not recognized any interest or penalties related to income taxes. The Company has no accrued interest and penalties as of December 31, 2025 and 2024 due to available tax losses.

The amount of cash income taxes paid were not material for the years ended December 31, 2025, 2024 and 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity Risk Management and Strategy We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include, but are not limited to, the following: •a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; •a third-party risk management process for key service providers based on our assessment of their criticality to our operations and respective risk profile, suppliers, and vendors; •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information, as well as risks of data leakage and unauthorized access to sensitive information; and •ongoing review of the controls framework to support the security of emerging technologies, including AI and generative AI (GenAI), ensuring alignment with evolving risks and regulatory expectations. There can be no assurance that our and our third-party service providers’, strategic partners’, contractors’, consultants’, and collaborators’ cybersecurity risk management program and processes, including policies, controls, or procedures, will be fully implemented, complied with, or effective in protecting our systems and information. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. See Part I, Item 1A. Risk Factors: “We depend on our information technology systems, and any failure of these systems or those of our CROs or other contractors or consultants that we may utilize, could harm our business. Security breaches, cyber-attacks, loss of data, and other disruptions could compromise sensitive information related to our business or prevent us from accessing critical information and expose us to liability, which could adversely affect our business, results of operations, financial condition, and prospects.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. Our Audit Committee Chair, Sue-Jean Lin, has expertise in both cybersecurity risk management and AI. The Audit Committee receives quarterly reports from our Chief Digital & Technology Officer and internal security staff on developments in our information technology (IT) infrastructure and cybersecurity program. This includes updates, as appropriate, on key IT initiatives, new and existing cybersecurity risks, and how management is managing those risks. In addition, the Chief Digital & Technology Officer updates the Audit Committee, where it deems appropriate, regarding any cybersecurity incidents it considers to be significant or potentially significant per our established severity and response framework. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also periodically receives briefings from management on our cyber risk management program and an annual report from management on our cybersecurity risks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also periodically receives briefings from management on our cyber risk management program and an annual report from management on our cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity technology team, led by the Vice President, Core Technology & Security (VP CT&S), is responsible for managing and directing day-to-day assessment and management of material risks from cybersecurity threats, including oversight of our cybersecurity tools, controls, and strategies to protect organizational assets, networks, and data. The VP CT&S, who reports to our Chief Digital and Technology Officer, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. He is an ISACA certified security manager and has over 20 years of experience in IT, with over 10 years specifically focused on cybersecurity risk management. Our VP CT&S takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity technology team, led by the Vice President, Core Technology & Security (VP CT&S), is responsible for managing and directing day-to-day assessment and management of material risks from cybersecurity threats, including oversight of our cybersecurity tools, controls, and strategies to protect organizational assets, networks, and data. The VP CT&S, who reports to our Chief Digital and Technology Officer, has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. He is an ISACA certified security manager and has over 20 years of experience in IT, with over 10 years specifically focused on cybersecurity risk management. Our VP CT&S takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	He is an ISACA certified security manager and has over 20 years of experience in IT, with over 10 years specifically focused on cybersecurity risk management.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our VP CT&S takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public, or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in our IT environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated future amortization expense for the intangible assets subsequent to December 31, 2025 is as follows (in thousands):


	Amounts
2026	$	2,250
2027	2,250
2028	2,250
2029	2,250
2030	2,250
Thereafter	3,562
Total amortization	$	14,812

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,291	$ 3,605
Less accumulated depreciation	(3,248)	(2,564)
Property, plant, and equipment, net	1,043	1,041
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,349	1,272
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,270	661
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	104	104
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,568	$ 1,568

Stockholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 40,364	$ 41,730	$ 38,813
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	12,336	13,509	15,544
Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 28,028	$ 28,221	$ 23,269

Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Options
Beginning balance, number of options (in shares)	5,342,909
Granted (in shares)	2,345,398
Exercised (in shares)	(714,125)
Forfeited (in shares)	(534,345)
Expired (in shares)	(2,865)
Ending balance, number of options (in shares)	6,436,972	5,342,909
Weighted- Average Exercise Price
Beginning balance, weighted-average exercise price (in dollars per share)	$ 6.69
Granted (in dollars per share)	14.10
Exercised (in dollars per share)	6.44
Forfeited (in dollars per share)	9.55
Expired (in dollars per share)	26.87
Ending balance, weighted-average exercise price (in dollars per share)	$ 9.17	$ 6.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Exercisable (in shares)	2,903,391
Exercisable, weighted-average exercise price (in dollars per share)	$ 8.46
Remaining Contractual Term (Years)	7 years 9 months	8 years 3 days
Remaining contractual term, exercisable (years)	6 years 7 months 17 days
Aggregate Intrinsic Value ($ in thousands)	$ 127,945	$ 43,120
Aggregate intrinsic value, exercisable	$ 59,750

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax provision:
Federal	$ 0	$ 0	$ 0
State	273	0	0
Foreign	844	799	3,113
Total current	1,117	799	3,113
Deferred tax provision:
Federal	0	0	0
State	0	0	0
Foreign	54	(152)	0
Total deferred	54	(152)	0
Provision for income taxes	$ 1,171	$ 647	$ 3,113

Commitments and Contingencies - Operating Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 1,027	$ 994	$ 965

Summary of Significant Accounting Policies - Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
2026	$ 2,250
2027	2,250
2028	2,250
2029	2,250
2030	2,250
Thereafter	3,562
Total amortization	$ 14,812

Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Details) - RSUs subject to future vesting	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Units
Beginning balance (in shares) \| shares	6,055,087
Granted (in shares) \| shares	3,063,418
Vested (in shares) \| shares	(2,275,607)
Forfeited (in shares) \| shares	(835,383)
Ending balance (in shares) \| shares	6,007,515
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 8.04
Granted (in dollars per share) \| $ / shares	14.23
Vested (in dollars per share) \| $ / shares	8.24
Forfeited (in dollars per share) \| $ / shares	10.12
Ending balance (in dollars per share) \| $ / shares	$ 10.83

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventories

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


	December 31,
	2025		2024
Raw materials	$	5,047	$	4,300
Work in progress	5,033		584
Finished goods	12,554		9,642
Total inventories	$	22,634	$	14,526

Schedule of Prepaid Expenses and Other Current Assets

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


	December 31,
	2025		2024
Prepaid co-pay assistance program and rebates	$	9,485	$	7,369
Prepaid clinical trial costs	2,577		3,244
Other prepaid expenses and current assets	9,017		9,043
Total prepaid expenses and other current assets	$	21,079	$	19,656

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2025		2024
Accrued sales deductions	$	78,308	$	38,430
Accrued compensation	20,533		20,747
Clinical trial accruals	425		—
Accrued expenses and other current liabilities	17,044		7,616
Total accrued liabilities	$	116,310	$	66,793

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP).

The 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 consolidated balance sheets, consolidated statements of operations and comprehensive loss, consolidated statement of cash flows and the notes to the consolidated financial statements.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions include those related to revenue recognition, accrued and prepaid research and development expenses, and income taxes. Additionally, the Company uses available market information to assess the fair value of its marketable securities. The Company regularly evaluates its estimates using historical experience, expectations of future impacts and other assumptions that the Company believes are reasonable, and the Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. If actual results differ from those estimates, the Company includes the updates in its consolidated financial statements in the period the actual amounts become known.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents.

Marketable Securities

Investments with original maturities of greater than three months are classified as marketable securities on the balance sheet. Marketable securities consist of investment grade short to intermediate-term fixed income investments that have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments in fixed income securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase, including those that have maturity dates beyond one year from the balance sheet date, are classified as current assets on the consolidated balance sheets due to their highly liquid nature and availability for use in current operations.

Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive income (loss) on the consolidated balance sheets. Realized gains and losses as well as credit losses, if any, on marketable securities are included in other income (expense), net in the statements of operations and comprehensive loss. Interest on marketable securities is included in interest income in the statements of operations and comprehensive loss. The Company evaluated the underlying credit quality and credit ratings of the issuers during the period. In making this judgment, the Company evaluates, among other things, the duration and extent to which the fair value of a security is less than its cost, the Company's intent to sell or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the financial condition of the issuer and any changes thereto, and, as necessary, the portion of a decline in fair value that is credit-related. This assessment could change in the future due to new developments or changes in assumptions related to any particular security. To date, no such credit losses have occurred or have been recorded. The cost of investments sold is based on the specific-identification method.

Trade Receivables, net

The Company’s trade accounts receivable consists of amounts due primarily from pharmaceutical wholesalers and specialty pharmacy providers in the United States and Canada (collectively, its customers) related to sales of ZORYVE and have standard payment terms. For certain customers, the trade accounts receivable for the customer is net of distribution service fees, prompt pay discounts, and other adjustments. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company will reserve against trade accounts receivable for estimated credit losses that may arise and any amounts determined to be uncollectible will be written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was not material as of December 31, 2025 and 2024 and the amounts of trade receivable amounts written off for the years ended December 31, 2025, 2024, and 2023 were not material.

Inventory

The Company values its inventories at the lower-of-cost or net realizable value. The Company determines the cost of its inventories, which includes costs related to products held for sale in the ordinary course of business, products in process of production for such sale, and items to be currently consumed in the production of goods to be available for sale, on a first-in, first-out (FIFO) basis. Due to the nature of the Company’s supply chain process, inventory that is owned by the Company is physically stored at third-party warehouses, logistics providers, and contract manufacturers. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such charges are recorded as a component of cost of sales in the consolidated statements of operations and comprehensive loss. The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. Products that may be used in clinical development programs are excluded from inventory and their costs are charged to research and development expense in the consolidated statement of operations as incurred, as long as they do not have an alternative use. Prior to the initial dates of regulatory approval, costs related to the production of inventory were recorded as research and development expense on the Company’s consolidated statements of operations and comprehensive loss in the period incurred.

Intangible Assets, net

The Company paid a milestone payment of $7.5 million to AstraZeneca in the third quarter of 2022 related to the FDA approval and launch of ZORYVE cream 0.3%. This milestone payment was capitalized as an intangible asset and will be amortized 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 License Agreement will be in effect. The Company paid additional milestone payments of $5.0 million related to the achievement of $100.0 million worldwide net sales in October 2024 and $10.0 million related to the achievement of $250.0 million worldwide net sales in May 2025. These milestone payments were recorded as cumulative catch-up adjustments to the carrying value of the intangible asset. Amortization expense was $4.7 million, $2.0 million, and $0.8 million for the years ended December 31, 2025, 2024, and 2023, respectively. See Note 7.

Estimated future amortization expense for the intangible assets subsequent to December 31, 2025 is as follows (in thousands):


	Amounts
2026	$	2,250
2027	2,250
2028	2,250
2029	2,250
2030	2,250
Thereafter	3,562
Total amortization	$	14,812

The Company evaluates its long-lived assets, including intangibles, for impairment whenever events or changes in circumstance indicate that the carrying value of an asset might not be fully recoverable. To do so, the Company compares the carrying value of the intangible asset to the undiscounted net cash flows over its remaining useful life, and if not recoverable, will estimate the fair value of the asset. If the fair value is less than the carrying amount, an impairment loss is recognized in operating results. No impairment losses were recorded for the years ended December 31, 2025, 2024, and 2023.

Valuation of Other Investments

The Company reviews agreements it enters into with third-party entities, pursuant to which the Company may have a variable interest in the entity, in order to determine if the entity is a variable interest entity (VIE). If the entity is a VIE, the Company assesses whether or not it is the primary beneficiary of that entity. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. If the Company determines it is the primary beneficiary of a VIE, it consolidates that VIE into the Company’s consolidated financial statements. The Company’s determination about whether it should consolidate such VIEs is made continuously as changes to existing relationships or future transactions may result in a consolidation or deconsolidation event. The Company currently does not consolidate any VIEs.

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 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 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.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets which range from two to five years. Leasehold improvements are depreciated on a straight-line basis over the shorter of their estimated useful lives or lease terms. Maintenance and repairs are expensed as incurred. The Company reviews the carrying values of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no impairments recognized during the years ended December 31, 2025, 2024 and 2023.

Leases

The Company determines if an arrangement is or contains a lease at inception. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The classification of the Company’s leases as operating or finance leases, along with the initial measurement and recognition of the associated ROU assets and lease liabilities, is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at lease commencement date, to determine the present value of lease payments when its leases do not provide an implicit rate. The Company uses the implicit rate when readily determinable. The ROU asset is based on the measurement of the lease liability, includes any lease payments made prior to or on lease commencement and is adjusted for lease incentives and initial direct costs incurred, as applicable. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. The Company considers a lease term to be the non-cancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Periods covered by an option to extend are included in the lease term if the lessor controls the exercise of that option.

The Company’s lease agreements includes lease and non-lease components and the Company has elected to not separate such components for all classes of assets. Further, the Company elected the short-term lease exception policy, permitting it to not apply the recognition requirements of this standard to leases with terms of 12 months or less (short-term leases) for all classes of assets.

Accrued and Prepaid Research and Development Expenses

The Company records prepaid expenses and accrued liabilities for estimated research and development activities conducted by third-party service providers, which include the conduct of nonclinical studies, clinical trials, and contract manufacturing activities. These costs are a significant component of the Company’s research and development expenses. The Company records these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities and prepaid costs balances in each reporting period. As actual costs become known, the Company adjusts its balances for these activities.

Revenues

Pursuant to Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), the Company recognizes revenue when a customer obtains control of promised goods or services. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services that it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied.

Product Revenue, Net

The Company sells its product to its customers in the United States and Canada. The Company’s customers subsequently resell the products to pharmacies, health care providers, and patients. In accordance with ASC 606, the Company recognizes net product revenue from sales when the customers obtain control of the

Company’s products, which typically occurs upon delivery to the customer. The Company’s payment terms are generally between 30 - 65 days.

Revenue from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (a) invoice discounts for prompt payment and distribution service fees, (b) government and private payer rebates, chargebacks, discounts and fees, (c) product returns and (d) costs of co-pay assistance programs for patients, as well as other sales deductions. Reserves are established for the estimates of variable consideration based on the amounts earned or to be claimed on the related sales. The reserves are classified as reductions to trade receivables, net if payable to a customer or accrued liabilities if payable to a third-party. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is recognized as product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known.

Distribution Service Fees: The Company engages with wholesalers and specialty pharmacies to distribute its products to end customers. The Company pays the wholesalers and certain specialty pharmacies a fee for services such as: data reporting, inventory management, chargeback administration, and service level commitment. The Company estimates the amount of distribution services fees to be paid to the customers and adjusts the transaction price with the amount of such estimate at the time of sale to the customer.

Prompt Pay Discounts: The Company provides some of its customers with a percentage discount on their invoice if the customers pay within the agreed upon timeframe. The Company estimates the probability of customers paying promptly based on the percentage of discount outlined in the purchase agreement between the two parties, and deducts the full amount of these discounts from its gross product revenue and accounts receivable at the time such revenue is recognized.

Product Returns: The Company provides customers a credit for all products returned in accordance with the Company’s returned goods policy. Once the product is returned, it is destroyed. The Company does not record a right-of-return asset.

In the early product launch period, the Company estimated its provision for sales returns based on industry data and adjusted the transaction price for such estimates at the time of sale to the customer. As the Company continues to collect data on its actual product returns, it has and will continue to refine its estimated returns rate and adjust its accrual, which affects revenue in the period of adjustment. No such material adjustments were recorded for the year ended December 31, 2025.

Chargeback: A chargeback is the difference between the manufacturer's invoice price to the wholesaler and the wholesaler’s customer's contract price. The wholesaler tracks these sales and "charges back" the manufacturer for the difference between the negotiated prices paid between the wholesaler's customers and wholesaler's acquisition cost. The Company estimates the percentage of goods sold that are eligible for chargeback and adjusts the transaction price for such discount at the time of sale to the customer.

Co-payment Assistance: Patients who meet certain eligibility requirements may receive co-payment assistance. The Company records contra-revenue for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators.

Rebates and Discounts: The Company accrues rebates for contractually agreed-upon discounts with private payers and mandated discounts under government programs such as the Medicaid Drug Rebate Program in the United States. The Company's estimates for expected utilization of private payer rebates are based on data received from its customers. The Company's estimates for rebates under government programs are based on statutory discount rates and expected utilization as well as historical data it has accumulated since product launch.

Rebates are generally invoiced and paid in arrears. The accrual balance consists of invoiced amounts not yet paid as well as an estimate of the amount expected to be incurred but not yet invoiced to the Company as of the end of the reporting period. If actual rebates vary from estimates, the Company may need to adjust accruals, which would affect product revenue, net in the period of adjustment.

Other Revenue

Other revenue is related to the Huadong License and Collaboration Agreement and Sato License Agreement. See Note 7. The Company evaluated the agreements with Huadong and Sato and determined that they are within the scope of ASC 606. The Company applied the five-step model as required by ASC 606 to determine revenue recognition.

The nonrefundable upfront payments received in connection with the transfer of the license and related know-how to Huadong in September 2023 and to Sato in March 2024 were determined to be distinct performance obligations, and therefore were recognized in Other revenue.

The Company evaluated whether the development and regulatory milestones are considered probable of being reached and determined that their achievement is highly dependent on factors outside of the Company’s control. Therefore, these payments are subject to significant revenue reversal and are therefore not included in the transaction price. At the end of each reporting period, the Company will re-evaluate the probability of achievement of each milestone and, if necessary, adjust its estimate of the overall transaction price and accordingly recognize the related revenue once the probability of significant reversal of revenue is low. Any such adjustments are recorded on a cumulative catch-up basis, and would be reported in Other revenue in the period of adjustment.

The sales milestones and royalties will be recognized in Other revenue when the related sales occur.

Cost of Sales

Cost of sales includes direct and indirect costs related to the manufacturing and distribution of ZORYVE, including raw materials, third-party manufacturing costs, packaging services, freight-in, third-party royalties payable on the Company’s net product revenue, and amortization of certain intangible assets associated with ZORYVE. Cost of sales may also include period costs related to certain inventory warehouse and distribution operations and inventory adjustment charges. The Company began capitalizing inventory costs upon related FDA approval dates for each product. As a result, manufacturing and other inventory costs incurred prior to FDA approval were expensed and, therefore, are not included in cost of sales.

Research and Development

Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, license fees, stock-based compensation expense, materials, supplies, and the cost of services provided by outside contractors. All costs associated with research and development are expensed as incurred. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods are received or services are rendered. Such payments are evaluated for current or long-term classification based on when they will be realized.

The Company has entered into, and may continue to enter into, license agreements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, contingent consideration is recognized when the contingency is resolved and the consideration is paid or becomes payable. The upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expense when paid or become payable, provided there is no alternative future use of the rights in other research and development projects.

Selling, General and Administrative Expenses

Selling, general and administrative expenses are expensed as incurred and consist primarily of salaries and related costs, including payroll taxes, benefits, stock-based compensation, and travel, and costs related to sales and marketing of ZORYVE. Other selling, general and administrative expenses include legal costs of pursuing patent protection of the Company's intellectual property, insurance, and professional services fees for auditing, tax,

and general legal services. Advertising costs are expensed as incurred and were $25.3 million, $6.9 million, $11.2 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Stock-Based Compensation

The Company accounts for share-based payments at fair value. The fair value of stock options is measured using the Black-Scholes option-pricing model. For share-based awards that vest subject to the satisfaction of a service requirement, the fair value measurement date for such awards is the date of grant and the expense is recognized on a straight-line basis over the expected vesting period. For share-based awards that vest subject to a performance condition, the Company will recognize compensation cost for awards if and when the Company concludes that it is probable that the awards with a performance condition will be achieved on an accelerated attribution method. The Company accounts for forfeitures as they occur.

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. The Company records a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets for the United States have been fully offset by a valuation allowance. The Company has an immaterial deferred tax asset related to foreign jurisdictions which is not offset by a valuation allowance.

The Company recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based on the merits of the position. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties incurred in relation to the unrecognized tax benefits.

Foreign Currency Translation

The Company translates the assets and liabilities of its foreign subsidiaries where the local currencies have been determined to be the functional currencies into U.S. dollars using current exchange rates. Adjustments for foreign currency translation adjustments are recognized in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss. The earnings or loss of these subsidiaries are translated in U.S. dollars using average exchange rates in effect during each reporting period.

Promotion Agreement

In July 2024, the Company entered into a promotion agreement with Kowa Pharmaceuticals America, Inc. (Kowa) to leverage Kowa's primary care sales force to exclusively market and promote ZORYVE to primary care practitioners and pediatricians for all FDA-approved indications until July 2029. The Company recognizes all revenue and Kowa receives a commission for the net sales attributed to Kowa. The commission is recorded in selling, general and administrative expense. For the years ended December 31, 2025 and 2024, revenue from sales attributed to Kowa and related commissions paid or owed to Kowa were not material. Effective January 23, 2026, Kowa and the Company mutually agreed to terminate the promotion agreement. Following this termination, Kowa ceased all sales and promotions of ZORYVE and the Company will not be required to make any further payments to Kowa.

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 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 adopted the guidance for the year ended December 31, 2025 and applied any presentational changes from this new standard to all prior years to allow for comparability. See Note 11.

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.

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss by the weighted-average common shares outstanding. Pre-funded warrants to purchase 6,941,438, 7,500,000, and 1,417,808 shares of the Company's stock were included in the weighted-average common shares outstanding used in calculating net loss per share for the years ended December 31, 2025, 2024 and 2023, respectively, as the exercise price of the pre-funded warrants is negligible and the pre-funded warrants are fully vested and exercisable.

Diluted net loss 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. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. Shares of common stock subject to repurchase are excluded from the weighted-average shares.

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 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 loss per share for the periods presented due to their anti-dilutive effect:


	As of December 31,
	2025	2024	2023
Stock options to purchase common stock	6,436,972	5,342,909	7,919,699
RSUs subject to future vesting	6,007,515	6,055,087	2,929,602
ESPP shares subject to future issuance	11,616	16,338	26,368
Total	12,456,103	11,414,334	10,875,669

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	May 31, 2025	Oct. 31, 2024	Sep. 30, 2022	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Allowance for credit loss				$ 0
Amortization of intangible assets				4,667,000	$ 1,959,000	$ 750,000
Impairment losses				0	0	0
Tangible asset impairment charges				0	0	0
Advertising costs				25,300,000	6,900,000	11,200,000
Unrecognized tax benefits, income tax penalties and interest expense				0	0	0
AstraZeneca
Property, Plant and Equipment [Line Items]
Product milestone payment for first product approval			$ 7,500,000
Intangible asset, useful life (in years)			10 years
Sales milestone payment	$ 10,000,000.0	$ 5,000,000.0
Annual net sales	$ 250,000,000.0	$ 100,000,000.0
Amortization of intangible assets				$ 4,700,000	$ 2,000,000.0	$ 800,000
Patents \| AstraZeneca
Property, Plant and Equipment [Line Items]
Intangible asset, useful life (in years)				10 years
Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)				2 years
Payment terms (in days)				30 days
Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)				5 years
Payment terms (in days)				65 days

License Agreements & Ducentis Acquisition - Sato License Agreement (Details) - USD ($)		12 Months Ended
	Feb. 27, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Other revenue		$ 4,000,000	$ 30,000,000	$ 30,420,000
Sato
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Upfront payment received before taxes	$ 25,000,000.0
Revenue, remaining performance obligation, variable consideration amount, regulatory milestones		10,000,000.0
Aggregate amount to be received upon achievement of sales milestones		30,000,000.0
Number of years after first commercial sale to receive royalties	10 years
Number of days for written notice	90 days
Other revenue		$ 0	$ 25,000,000.0

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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	2,345,398	14.10
Exercised	(714,125)	6.44
Forfeited	(534,345)	9.55
Expired	(2,865)	26.87
Balance—December 31, 2025	6,436,972	$	9.17	7.75	$	127,945
Exercisable—December 31, 2025	2,903,391	$	8.46	6.63	$	59,750

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	3,063,418	14.23
Vested	(2,275,607)	8.24
Forfeited	(835,383)	10.12
Unvested Balance—December 31, 2025	6,007,515	$	10.83

Schedule of Stock-Based Compensation Expense

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


	Year Ended December 31,
	2025		2024		2023
Research and development	$	12,336	$	13,509	$	15,544
Selling, general and administrative	28,028		28,221		23,269
Total stock-based compensation expense	$	40,364	$	41,730	$	38,813

Schedule of Assumptions in Calculating Stock Option Awards

The fair value of stock option awards granted was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions:

Year Ended December 31,

2025

2024

2023

Expected term (in years)

5.3 – 6.1

1.8 – 6.1

5.0 – 6.1

Expected volatility

72.9 – 79.5%

79.1 – 83.2%

75.2% – 78.4%

Risk-free interest rate

3.7 – 4.4%

3.6 – 5.0%

3.5 – 4.7%

Dividend yield

—%

Property and Equipment, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Property and equipment, net consists of the following (in thousands):


	December 31,
	2025		2024
Computer hardware	$	1,349	$	1,272
Furniture and fixtures	1,270		661
Software	104		104
Leasehold improvements	1,568		1,568
Property and equipment, gross	4,291		3,605
Less accumulated depreciation	(3,248)		(2,564)
Property and equipment, net	$	1,043	$	1,041

Depreciation expense was $0.7 million, $0.6 million, and $0.8 million for the years ended December 31, 2025, 2024, and 2023 respectively. Leasehold improvements are depreciated over the term of the lease, which is the shorter of the improvements' expected useful lives and the lease term. All other fixed asset depreciation is recorded using the straight-line method over the estimated useful lives of the assets (two to five years).

Commitments and Contingencies - Operating Lease Additional Information (Details)	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (in years)	7 years 7 months 6 days	3 years 7 months 6 days
Weighted-average discount rate (as a percent)	9.30%	7.00%

Fair Value Measurements - Schedule of Amortized Cost and Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized cost
Maturing within one year	$ 138,281	$ 143,708
Maturing in one to five years	39,681	12,593
Amortized cost	177,962	156,301
Estimated fair value
Maturing within one year	138,395	144,018
Maturing in one to five years	39,680	12,602
Total marketable securities	$ 178,075	$ 156,620

- Definition

Amount 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 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Net operating loss carryforwards	$ 180,809	$ 171,681
Intangibles	1,958	1,400
Research and development tax credits	15,698	14,944
Research and expenditure capitalization	23,848	36,255
Accruals and reserves	25,226	16,085
Lease liability	1,413	837
Stock-based compensation	7,744	15,761
Gross deferred tax assets	256,696	256,963
Less valuation allowance	(255,482)	(256,270)
Net deferred tax assets	1,214	693
Deferred tax liabilities:
Property and equipment	0	(58)
Right-of-use asset	(1,110)	(483)
Gross deferred tax liabilities	(1,110)	(541)
Deferred tax assets, net:
Total net deferred tax assets	$ 104	$ 152

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares, issued (in shares)	123,332,672	117,848,033
Common stock, shares outstanding (in shares)	123,332,672	117,848,033

Debt - Narrative (Details) - USD ($) $ in Thousands						12 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2027	Jun. 30, 2026	Oct. 08, 2024	Aug. 09, 2024	Dec. 22, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross						$ 100,000	$ 100,000
Maturity, due 2029						107,000
Secured debt \| Loan agreement
Debt Instrument [Line Items]
Prepayment premium (as a percent)				1.00%
Periodic principal payment			$ 100,000
Long-term debt, gross			$ 100,000			$ 100,000	100,000
Covenant period			6 months	6 months	6 months
Minimum net product revenue as a percentage of projected monthly net revenue			80.00%	75.00%
Interest rate, stated percentage, partial prepayment			0.0595
Basis spread on variable rate			2.50%		0.10%
Stated interest rate					7.45%
Interest rate at end of period						9.79%
Default rate (as a percent)					4.00%
Fair value of the embedded derivative instrument						$ 400	$ 600
Final fee (as a percent)					6.95%
Exit fee (as a percent)					3.00%
Exit fee expiration period (in years)					10 years
Deferred final fee					$ 13,900
Effective interest rate (as a percent)						10.92%	11.57%
Interest expense						$ 12,100	$ 27,200	$ 29,700
Secured debt \| Loan agreement \| Forecast
Debt Instrument [Line Items]
Debt instrument, prepayment penalty	$ 6,950	$ 1,000
Secured debt \| Loan agreement \| Prior to December 22, 2022
Debt Instrument [Line Items]
Prepayment premium (as a percent)			3.00%
Secured debt \| Loan agreement \| After December 22, 2002 and prior to December 22, 2023
Debt Instrument [Line Items]
Prepayment premium (as a percent)			2.00%
Secured debt \| Loan agreement \| After December 22, 2023 and prior to December 22, 2025
Debt Instrument [Line Items]
Prepayment premium (as a percent)			1.00%
Secured debt \| Loan agreement \| Minimum
Debt Instrument [Line Items]
Periodic principal payment			$ 25,000
Secured debt \| Loan agreement \| Tranche A term loan
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 75,000
Secured debt \| Loan agreement \| Tranche B-1 term loan
Debt Instrument [Line Items]
Maximum borrowing capacity				50,000
Secured debt \| Loan agreement \| Tranche B-2 term loan
Debt Instrument [Line Items]
Maximum borrowing capacity				75,000
Secured debt \| Loan agreement \| Loan Agreement, Tranche C-1, Expiring March 31, 2026
Debt Instrument [Line Items]
Maximum borrowing capacity				50,000
Secured debt \| Loan agreement \| Loan Agreement, Tranche C-2, Expiring June 30, 2026
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 50,000
Secured debt \| Loan agreement \| Tranche C term loan
Debt Instrument [Line Items]
Final fee (as a percent)					2.00%
Extension fee					2.00%

Fair Value Measurements - Estimated Value of Cash and Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Amortized cost	$ 42,907	$ 71,335
Unrealized gains	0	0
Unrealized losses	0	0
Estimated fair value	42,907	71,335
Debt Securities, Available-for-sale [Line Items]
Amortized cost	177,962	156,301
Unrealized gains	134	319
Unrealized losses	(21)	0
Estimated fair value	178,075	156,620
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized cost		5,042
Unrealized gains		0
Unrealized losses		0
Estimated fair value		5,042
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized cost	14,782
Unrealized gains	8
Unrealized losses	(1)
Estimated fair value	14,789
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	78,687	83,855
Unrealized gains	81	100
Unrealized losses	(4)	0
Estimated fair value	78,764	83,955
U.S. Treasury and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized cost	84,493	67,404
Unrealized gains	45	219
Unrealized losses	(16)	0
Estimated fair value	84,522	67,623
Money market funds and cash
Cash and Cash Equivalents [Line Items]
Amortized cost	37,541	71,335
Unrealized gains	0	0
Unrealized losses	0	0
Estimated fair value	37,541	$ 71,335
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Amortized cost	5,366
Unrealized gains	0
Unrealized losses	0
Estimated fair value	$ 5,366

Revenues - Narrative (Details) - Accounts Receivable - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Four Customers
Concentration Risk [Line Items]
Concentration risk, percentage	60.00%
Five Customers
Concentration Risk [Line Items]
Concentration risk, percentage		69.00%

- 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/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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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/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Property and Equipment, net - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation	$ 0.7	$ 0.6	$ 0.8
Minimum
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Minimum \| Property, plant and equipment, excluding leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	2 years
Maximum
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years
Maximum \| Property, plant and equipment, excluding leasehold improvements
Property, Plant and Equipment [Line Items]
Useful life (in years)	5 years

Description of Business (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]
Accumulated deficit	$ (1,138,084)	$ (1,121,943)
Cash, cash equivalents, restricted cash and marketable securities	221,300	228,600
Long-term debt	108,959	$ 107,203
Loan agreement \| Secured debt
Subsidiary, Sale of Stock [Line Items]
Long-term debt	$ 100,000

- 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))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and cash	$	37,541	$	—	$	—	$	37,541
Certificates of deposit	—		5,366		—		5,366
Commercial paper	—		14,789		—		14,789
Corporate debt securities	—		78,764		—		78,764
U.S. Treasury and agency securities	84,522		—		—		84,522
Total assets	$	122,063	$	98,919	$	—	$	220,982


	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and cash	$	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

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):


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:

Money market funds and cash	$	37,541	$	—	$	—	$	37,541


Certificates of deposit	5,366		—		—		5,366
Total cash and cash equivalents	$	42,907	$	—	$	—	$	42,907
Marketable securities:
Commercial paper	$	14,782	8		(1)		$	14,789
Corporate debt securities	78,687		81		(4)		78,764
U.S. Treasury and agency securities	84,493		45		(16)		84,522
Total marketable securities	$	177,962	$	134	$	(21)	$	178,075


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:
Money market funds and cash	$	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

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):


	December 31, 2025
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:

Money market funds and cash	$	37,541	$	—	$	—	$	37,541


Certificates of deposit	5,366		—		—		5,366
Total cash and cash equivalents	$	42,907	$	—	$	—	$	42,907
Marketable securities:
Commercial paper	$	14,782	8		(1)		$	14,789
Corporate debt securities	78,687		81		(4)		78,764
U.S. Treasury and agency securities	84,493		45		(16)		84,522
Total marketable securities	$	177,962	$	134	$	(21)	$	178,075


	December 31, 2024
	Amortized cost		Unrealized gains		Unrealized losses		Estimated fair value
Cash and cash equivalents:
Money market funds and cash	$	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

As of December 31, 2025, the amortized cost and fair value of marketable securities by contractual maturity were as follows:


	December 31, 2025				December 31, 2024
	Amortized cost		Estimated fair value		Amortized cost		Estimated fair value
Maturing within one year	$	138,281	$	138,395	$	143,708	$	144,018
Maturing in one to five years	39,681		39,680		12,593		12,602
Total marketable securities	$	177,962	$	178,075	$	156,301	$	156,620

Schedule of Change in the Fair Value of Embedded Derivative Instrument


	December 31,
	2025		2024
Beginning balance	$	570	$	849
Loss (gain) from changes in fair value	(139)		(279)
Ending balance	$	431	$	570

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 10
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-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Net Loss Per Share - Dilutive Shares (Details) - shares	12 Months Ended
Net Loss Per Share - Dilutive Shares (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
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)	12,456,103	11,414,334	10,875,669
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)	6,436,972	5,342,909	7,919,699
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)	6,007,515	6,055,087	2,929,602
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)	11,616	16,338	26,368

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt, gross	$ 100,000	$ 100,000
Accrued final fee	8,824	7,324
Accrued prepayment penalty	1,000	1,000
Unamortized debt issuance costs	(865)	(1,121)
Total carrying value of debt	108,959	107,203
Less current portion	(1,000)	0
Long-term debt, net	$ 107,959	$ 107,203

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP).
Consolidation	The 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 consolidated balance sheets, consolidated statements of operations and comprehensive loss, consolidated statement of cash flows and the notes to the consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions include those related to revenue recognition, accrued and prepaid research and development expenses, and income taxes. Additionally, the Company uses available market information to assess the fair value of its marketable securities. The Company regularly evaluates its estimates using historical experience, expectations of future impacts and other assumptions that the Company believes are reasonable, and the Company adjusts its estimates and assumptions when facts and circumstances indicate the need for change. If actual results differ from those estimates, the Company includes the updates in its consolidated financial statements in the period the actual amounts become known.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents.
Marketable Securities	Marketable Securities Investments with original maturities of greater than three months are classified as marketable securities on the balance sheet. Marketable securities consist of investment grade short to intermediate-term fixed income investments that have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments in fixed income securities at the time of purchase. Available-for-sale securities with original maturities beyond three months at the date of purchase, including those that have maturity dates beyond one year from the balance sheet date, are classified as current assets on the consolidated balance sheets due to their highly liquid nature and availability for use in current operations. Unrealized gains and losses are excluded from earnings and are reported as a component of other comprehensive income (loss) on the consolidated balance sheets. Realized gains and losses as well as credit losses, if any, on marketable securities are included in other income (expense), net in the statements of operations and comprehensive loss. Interest on marketable securities is included in interest income in the statements of operations and comprehensive loss. The Company evaluated the underlying credit quality and credit ratings of the issuers during the period. In making this judgment, the Company evaluates, among other things, the duration and extent to which the fair value of a security is less than its cost, the Company's intent to sell or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the financial condition of the issuer and any changes thereto, and, as necessary, the portion of a decline in fair value that is credit-related. This assessment could change in the future due to new developments or changes in assumptions related to any particular security. To date, no such credit losses have occurred or have been recorded. The cost of investments sold is based on the specific-identification method.
Trade Receivables, net	Trade Receivables, net The Company’s trade accounts receivable consists of amounts due primarily from pharmaceutical wholesalers and specialty pharmacy providers in the United States and Canada (collectively, its customers) related to sales of ZORYVE and have standard payment terms. For certain customers, the trade accounts receivable for the customer is net of distribution service fees, prompt pay discounts, and other adjustments. The Company monitors the financial performance and creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. The Company will reserve against trade accounts receivable for estimated credit losses that may arise and any amounts determined to be uncollectible will be written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was not material as of December 31, 2025 and 2024 and the amounts of trade receivable amounts written off for the years ended December 31, 2025, 2024, and 2023 were not material.
Inventory	Inventory The Company values its inventories at the lower-of-cost or net realizable value. The Company determines the cost of its inventories, which includes costs related to products held for sale in the ordinary course of business, products in process of production for such sale, and items to be currently consumed in the production of goods to be available for sale, on a first-in, first-out (FIFO) basis. Due to the nature of the Company’s supply chain process, inventory that is owned by the Company is physically stored at third-party warehouses, logistics providers, and contract manufacturers. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such charges are recorded as a component of cost of sales in the consolidated statements of operations and comprehensive loss. The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. Products that may be used in clinical development programs are excluded from inventory and their costs are charged to research and development expense in the consolidated statement of operations as incurred, as long as they do not have an alternative use. Prior to the initial dates of regulatory approval, costs related to the production of inventory were recorded as research and development expense on the Company’s consolidated statements of operations and comprehensive loss in the period incurred.
Intangible Assets, net	Intangible Assets, net The Company paid a milestone payment of $7.5 million to AstraZeneca in the third quarter of 2022 related to the FDA approval and launch of ZORYVE cream 0.3%. This milestone payment was capitalized as an intangible asset and will be amortized 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 License Agreement will be in effect. The Company paid additional milestone payments of $5.0 million related to the achievement of $100.0 million worldwide net sales in October 2024 and $10.0 million related to the achievement of $250.0 million worldwide net sales in May 2025. These milestone payments were recorded as cumulative catch-up adjustments to the carrying value of the intangible asset. The Company evaluates its long-lived assets, including intangibles, for impairment whenever events or changes in circumstance indicate that the carrying value of an asset might not be fully recoverable. To do so, the Company compares the carrying value of the intangible asset to the undiscounted net cash flows over its remaining useful life, and if not recoverable, will estimate the fair value of the asset. If the fair value is less than the carrying amount, an impairment loss is recognized in operating results. No impairment losses were recorded for the years ended December 31, 2025, 2024, and 2023.
Valuation of Other Investments	Valuation of Other Investments The Company reviews agreements it enters into with third-party entities, pursuant to which the Company may have a variable interest in the entity, in order to determine if the entity is a variable interest entity (VIE). If the entity is a VIE, the Company assesses whether or not it is the primary beneficiary of that entity. In determining whether the Company is the primary beneficiary of an entity, the Company applies a qualitative approach that determines whether it has both (i) the power to direct the economically significant activities of the entity and (ii) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to that entity. If the Company determines it is the primary beneficiary of a VIE, it consolidates that VIE into the Company’s consolidated financial statements. The Company’s determination about whether it should consolidate such VIEs is made continuously as changes to existing relationships or future transactions may result in a consolidation or deconsolidation event. The Company currently does not consolidate any VIEs.
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 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 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.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation on property and equipment is calculated using the straight-line method over the estimated useful lives of the assets which range from two to five years. Leasehold improvements are depreciated on a straight-line basis over the shorter of their estimated useful lives or lease terms. Maintenance and repairs are expensed as incurred. The Company reviews the carrying values of its property and equipment for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The classification of the Company’s leases as operating or finance leases, along with the initial measurement and recognition of the associated ROU assets and lease liabilities, is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at lease commencement date, to determine the present value of lease payments when its leases do not provide an implicit rate. The Company uses the implicit rate when readily determinable. The ROU asset is based on the measurement of the lease liability, includes any lease payments made prior to or on lease commencement and is adjusted for lease incentives and initial direct costs incurred, as applicable. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. The Company considers a lease term to be the non-cancelable period that it has the right to use the underlying asset, including any periods where it is reasonably assured the Company will exercise the option to extend the contract. Periods covered by an option to extend are included in the lease term if the lessor controls the exercise of that option. The Company’s lease agreements includes lease and non-lease components and the Company has elected to not separate such components for all classes of assets. Further, the Company elected the short-term lease exception policy, permitting it to not apply the recognition requirements of this standard to leases with terms of 12 months or less (short-term leases) for all classes of assets.
Accrued and Prepaid Research and Development Expenses	Accrued and Prepaid Research and Development Expenses The Company records prepaid expenses and accrued liabilities for estimated research and development activities conducted by third-party service providers, which include the conduct of nonclinical studies, clinical trials, and contract manufacturing activities. These costs are a significant component of the Company’s research and development expenses. The Company records these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers under the service agreements. The Company makes significant judgments and estimates in determining the accrued liabilities and prepaid costs balances in each reporting period. As actual costs become known, the Company adjusts its balances for these activities.
Revenues	Revenues Pursuant to Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers (ASC 606), the Company recognizes revenue when a customer obtains control of promised goods or services. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services that it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Product Revenue, Net The Company sells its product to its customers in the United States and Canada. The Company’s customers subsequently resell the products to pharmacies, health care providers, and patients. In accordance with ASC 606, the Company recognizes net product revenue from sales when the customers obtain control of the Company’s products, which typically occurs upon delivery to the customer. The Company’s payment terms are generally between 30 - 65 days. Revenue from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (a) invoice discounts for prompt payment and distribution service fees, (b) government and private payer rebates, chargebacks, discounts and fees, (c) product returns and (d) costs of co-pay assistance programs for patients, as well as other sales deductions. Reserves are established for the estimates of variable consideration based on the amounts earned or to be claimed on the related sales. The reserves are classified as reductions to trade receivables, net if payable to a customer or accrued liabilities if payable to a third-party. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is recognized as product revenue only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Distribution Service Fees: The Company engages with wholesalers and specialty pharmacies to distribute its products to end customers. The Company pays the wholesalers and certain specialty pharmacies a fee for services such as: data reporting, inventory management, chargeback administration, and service level commitment. The Company estimates the amount of distribution services fees to be paid to the customers and adjusts the transaction price with the amount of such estimate at the time of sale to the customer. Prompt Pay Discounts: The Company provides some of its customers with a percentage discount on their invoice if the customers pay within the agreed upon timeframe. The Company estimates the probability of customers paying promptly based on the percentage of discount outlined in the purchase agreement between the two parties, and deducts the full amount of these discounts from its gross product revenue and accounts receivable at the time such revenue is recognized. Product Returns: The Company provides customers a credit for all products returned in accordance with the Company’s returned goods policy. Once the product is returned, it is destroyed. The Company does not record a right-of-return asset. In the early product launch period, the Company estimated its provision for sales returns based on industry data and adjusted the transaction price for such estimates at the time of sale to the customer. As the Company continues to collect data on its actual product returns, it has and will continue to refine its estimated returns rate and adjust its accrual, which affects revenue in the period of adjustment. No such material adjustments were recorded for the year ended December 31, 2025. Chargeback: A chargeback is the difference between the manufacturer's invoice price to the wholesaler and the wholesaler’s customer's contract price. The wholesaler tracks these sales and "charges back" the manufacturer for the difference between the negotiated prices paid between the wholesaler's customers and wholesaler's acquisition cost. The Company estimates the percentage of goods sold that are eligible for chargeback and adjusts the transaction price for such discount at the time of sale to the customer. Co-payment Assistance: Patients who meet certain eligibility requirements may receive co-payment assistance. The Company records contra-revenue for co-payment assistance based on actual program participation and estimates of program redemption using data provided by third-party administrators. Rebates and Discounts: The Company accrues rebates for contractually agreed-upon discounts with private payers and mandated discounts under government programs such as the Medicaid Drug Rebate Program in the United States. The Company's estimates for expected utilization of private payer rebates are based on data received from its customers. The Company's estimates for rebates under government programs are based on statutory discount rates and expected utilization as well as historical data it has accumulated since product launch. Rebates are generally invoiced and paid in arrears. The accrual balance consists of invoiced amounts not yet paid as well as an estimate of the amount expected to be incurred but not yet invoiced to the Company as of the end of the reporting period. If actual rebates vary from estimates, the Company may need to adjust accruals, which would affect product revenue, net in the period of adjustment.
Other Revenue	Other Revenue Other revenue is related to the Huadong License and Collaboration Agreement and Sato License Agreement. See Note 7. The Company evaluated the agreements with Huadong and Sato and determined that they are within the scope of ASC 606. The Company applied the five-step model as required by ASC 606 to determine revenue recognition. The nonrefundable upfront payments received in connection with the transfer of the license and related know-how to Huadong in September 2023 and to Sato in March 2024 were determined to be distinct performance obligations, and therefore were recognized in Other revenue. The Company evaluated whether the development and regulatory milestones are considered probable of being reached and determined that their achievement is highly dependent on factors outside of the Company’s control. Therefore, these payments are subject to significant revenue reversal and are therefore not included in the transaction price. At the end of each reporting period, the Company will re-evaluate the probability of achievement of each milestone and, if necessary, adjust its estimate of the overall transaction price and accordingly recognize the related revenue once the probability of significant reversal of revenue is low. Any such adjustments are recorded on a cumulative catch-up basis, and would be reported in Other revenue in the period of adjustment. The sales milestones and royalties will be recognized in Other revenue when the related sales occur.
Cost of Sales	Cost of Sales Cost of sales includes direct and indirect costs related to the manufacturing and distribution of ZORYVE, including raw materials, third-party manufacturing costs, packaging services, freight-in, third-party royalties payable on the Company’s net product revenue, and amortization of certain intangible assets associated with ZORYVE. Cost of sales may also include period costs related to certain inventory warehouse and distribution operations and inventory adjustment charges. The Company began capitalizing inventory costs upon related FDA approval dates for each product. As a result, manufacturing and other inventory costs incurred prior to FDA approval were expensed and, therefore, are not included in cost of sales.
Research and Development	Research and Development Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, payroll taxes, employee benefits, license fees, stock-based compensation expense, materials, supplies, and the cost of services provided by outside contractors. All costs associated with research and development are expensed as incurred. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods are received or services are rendered. Such payments are evaluated for current or long-term classification based on when they will be realized. The Company has entered into, and may continue to enter into, license agreements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, contingent consideration is recognized when the contingency is resolved and the consideration is paid or becomes payable. The upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expense when paid or become payable, provided there is no alternative future use of the rights in other research and development projects.
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses Selling, general and administrative expenses are expensed as incurred and consist primarily of salaries and related costs, including payroll taxes, benefits, stock-based compensation, and travel, and costs related to sales and marketing of ZORYVE. Other selling, general and administrative expenses include legal costs of pursuing patent protection of the Company's intellectual property, insurance, and professional services fees for auditing, tax, and general legal services.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for share-based payments at fair value. The fair value of stock options is measured using the Black-Scholes option-pricing model. For share-based awards that vest subject to the satisfaction of a service requirement, the fair value measurement date for such awards is the date of grant and the expense is recognized on a straight-line basis over the expected vesting period. For share-based awards that vest subject to a performance condition, the Company will recognize compensation cost for awards if and when the Company concludes that it is probable that the awards with a performance condition will be achieved on an accelerated attribution method. The Company accounts for forfeitures as they occur.
Income Taxes	Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of enactment. The Company records a valuation allowance to reduce deferred tax assets to an amount for which realization is more likely than not. Due to the Company’s historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets for the United States have been fully offset by a valuation allowance. The Company has an immaterial deferred tax asset related to foreign jurisdictions which is not offset by a valuation allowance. The Company recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based on the merits of the position. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit.
Foreign Currency Translation	Foreign Currency Translation The Company translates the assets and liabilities of its foreign subsidiaries where the local currencies have been determined to be the functional currencies into U.S. dollars using current exchange rates. Adjustments for foreign currency translation adjustments are recognized in other comprehensive income (loss) in the consolidated statements of operations and comprehensive loss. The earnings or loss of these subsidiaries are translated in U.S. dollars using average exchange rates in effect during each reporting period.
Promotion Agreement	Promotion Agreement In July 2024, the Company entered into a promotion agreement with Kowa Pharmaceuticals America, Inc. (Kowa) to leverage Kowa's primary care sales force to exclusively market and promote ZORYVE to primary care practitioners and pediatricians for all FDA-approved indications until July 2029. The Company recognizes all revenue and Kowa receives a commission for the net sales attributed to Kowa. The commission is recorded in selling, general and administrative expense. For the years ended December 31, 2025 and 2024, revenue from sales attributed to Kowa and related commissions paid or owed to Kowa were not material. Effective January 23, 2026, Kowa and the Company mutually agreed to terminate the promotion agreement. Following this termination, Kowa ceased all sales and promotions of ZORYVE and the Company will not be required to make any further payments to Kowa.
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 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 adopted the guidance for the year ended December 31, 2025 and applied any presentational changes from this new standard to all prior years to allow for comparability. See Note 11. 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.

Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Secondary Equity Public Offering	Common Stock	Common Stock Secondary Equity Public Offering	Additional Paid-In Capital	Additional Paid-In Capital Secondary Equity Public Offering	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022			61,037,000
Beginning balance at Dec. 31, 2022	$ 209,581		$ 6		$ 930,425		$ (1,086)	$ (719,764)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares of common stock, net of issuance costs (in shares)			1,250,000	33,425,000
Issuance of shares of common stock, net of issuance costs	3,136	$ 95,765	$ 0	$ 3	3,136	$ 95,762
Issuance of common stock upon the exercise of stock options (in shares)			348,000
Issuance of common stock upon the exercise of stock options	1,247				1,247
Issuance of common stock upon the vesting of restricted stock units (in shares)			440,000
Lapse of repurchase rights related to common stock issued pursuant to early exercises (in shares)			15,000
Lapse of repurchasing rights related to common stock issued pursuant to early exercises	0				0
Shares issued pursuant to the ESPP (in shares)			272,000
Shares issued pursuant to the ESPP	1,175				1,175
Stock-based compensation expense	38,813				38,813
Unrealized gain (loss) on marketable securities	1,186						1,186
Foreign currency translation adjustment	(96)						(96)
Net loss	(262,140)							(262,140)
Ending balance (in shares) at Dec. 31, 2023			96,787,000
Ending 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 issuance costs (in shares)				18,158,000
Issuance of shares of common stock, net of issuance costs		$ 161,682		$ 3		$ 161,679
Issuance of common stock upon the exercise of stock options (in shares)			649,000
Issuance of common stock upon the exercise of stock options	2,807				2,807
Issuance of common stock upon the vesting of restricted stock units (in shares)			1,720,000
Shares issued pursuant to the ESPP (in shares)			534,000
Shares issued pursuant to the ESPP	1,713				1,713
Stock-based compensation expense	42,722				42,722
Unrealized gain (loss) on marketable securities	219						219
Foreign currency translation adjustment	(230)						(230)
Net loss	(140,039)							(140,039)
Ending balance (in shares) at Dec. 31, 2024			117,848,000
Ending 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)	714,125		714,000
Issuance of common stock upon the exercise of stock options	$ 4,597				4,597
Issuance of common stock upon the vesting of restricted stock units (in shares)			2,271,000
Exercise of pre-funded warrants (in shares)			2,285,000
Shares issued pursuant to the ESPP (in shares)			215,000
Shares issued pursuant to the ESPP	2,376				2,376
Stock-based compensation expense	41,143				41,143
Unrealized gain (loss) on marketable securities	(206)						(206)
Foreign currency translation adjustment	169						169
Net loss	(16,141)							(16,141)
Ending balance (in shares) at Dec. 31, 2025			123,333,000
Ending Balance at Dec. 31, 2025	$ 189,479		$ 12		$ 1,327,595		$ (44)	$ (1,138,084)

License Agreements & Ducentis Acquisition - Hengrui (Details) - Hengrui - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement, cash payment	$ 0	$ 0	$ 0
Maximum milestone payments for licensed products	20,500,000
Maximum milestone payments for net worldwide sales	$ 200,000,000.0

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

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


	December 31,
	2025		2024
Long-term debt, gross	$	100,000	$	100,000
Accrued final fee	8,824		7,324
Accrued prepayment penalty	1,000		1,000
Unamortized debt issuance costs	(865)		(1,121)
Total carrying value of debt	108,959		107,203
Less current portion	(1,000)		—
Long-term debt, net	$	107,959	$	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.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Commitments and Contingencies - Operating Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
2026	$ 792
2027	545
2028	862
2029	1,255
2030	1,292
Thereafter	3,398
Total minimum lease payments	8,144
Less: Amounts representing interest	(2,584)
Present value of future minimum lease payments	5,560
Accrued and other current liabilities	294
Operating lease liability, long-term	5,266	$ 2,562
Total operating lease liability	$ 5,560
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued and other current liabilities

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2025	Feb. 20, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,527,940,146
Entity Common Stock, Shares Outstanding (in shares)		124,033,382
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K to the extent stated herein. The Proxy Statement will be filed within 120 days of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001787306
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	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 in October 2023), 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 topical 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 and began commercialization for the topical treatment of mild to moderate atopic dermatitis in children ages 2 to 5 years of age. The Company received Health Canada approval for 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 October 2025, and began Canadian commercialization in November 2025. The Company has incurred significant annual losses and negative cash flows from operations since its inception and had an accumulated deficit of $1,138.1 million and $1,121.9 million as of December 31, 2025 and 2024, respectively. The Company may continue to incur operating losses. The Company had cash, cash equivalents, restricted cash, and marketable securities of $221.3 million and $228.6 million as of December 31, 2025 and 2024, respectively. The Company had $100.0 million outstanding under the Loan Agreement as of December 31, 2025. 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.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true