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Arcutis Biotherapeutics reported a strong performance in Q1 2024, with net product revenues of $21.6M for its ZORYVE® franchise, showing a 675% year-over-year growth. ZORYVE cream and foam contributed $15M and $6.5M, respectively. The company expects further GTN improvements and is preparing for a key FDA decision on July 7, 2024, regarding roflumilast cream for treating atopic dermatitis. Arcutis raised $172.5M from a public offering and secured a strategic licensing agreement in Japan. The company also reported a net loss of $35.4M, an improvement from the $80.1M loss in Q1 2023.
Arcutis Biotherapeutics, Inc. announced the validation of ZORYVE foam for treating Seborrheic Dermatitis across diverse hair types. A panel of experts expressed confidence in prescribing the foam for various skin and hair types based on formulation data. The use of Crodafos CES in the formulation makes ZORYVE suitable for all affected body areas, highlighting its versatility and efficacy. The company received positive feedback from the expert panel, affirming the gentle and effective nature of the foam for patients with different hair and skin types.
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) granted restricted stock units and options to 13 new employees as an inducement for joining the company. The awards were approved by the Compensation Committee of Arcutis' Board of Directors and are part of the 2022 Inducement Plan. The grants are subject to vesting conditions over four years, with stock options having a ten-year term and an exercise price of $8.84 per share.
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) will report first quarter 2024 financial results on May 14, 2024, after the U.S. financial markets close. The company will also provide a business update and host a conference call and webcast at 4:30 p.m. ET on the same day. Investors can access the live webcast and presentation material on the company's website.
