Arcutis Biotherapeutics sets up $200 million at-the-market stock offering

Arcutis Biotherapeutics, Inc. filed a prospectus supplement dated November 4, 2026 for an at-the-market stock offering program. Under the filing, the company entered into an amended and restated sales agreement with TD Cowen that allows it to offer and sell shares of common stock having an aggregate offering price of up to $200,000,000 from time to time through TD Cowen acting as agent.¹

The company's stock trades on Nasdaq under the ticker "ARQT," and the last reported sale price on November 3, 2026 was $32.00 per share.¹ TD Cowen's compensation for the arrangement is set at up to 3.0% of the aggregate gross proceeds of any shares of common stock sold under the Sales Agreement.¹ Arcutis has also agreed to reimburse TD Cowen up to $100,000 of TD Cowen's actual outside legal expenses incurred in connection with the execution of the Sales Agreement, in addition to certain ongoing disbursements of its legal counsel.¹

Assuming full use of the program, the filing models up to 132,268,214 shares outstanding immediately after the offering, assuming sales of 6,250,000 shares at $32.00 per share.¹ The company stated it intends to use net proceeds for general corporate purposes, and to fund the continued development, approval and commercialization of its multiple programs.¹

On dilution, Arcutis disclosed that its net tangible book value as of September 30, 2026 was $230.8 million, or $1.83 per share.¹ After modeling the assumed share sale, as adjusted net tangible book value as of September 30, 2026 would have been $424.6 million, or $3.21 per share, representing an immediate increase of $1.38 per share for existing stockholders and immediate dilution of $28.79 per share to new investors.¹

The filing noted there can be no assurance the company will be able to sell any shares under or fully utilize the Sales Agreement as a source of financing.¹