Arcutis Announces Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - Arcutis Biotherapeutics reported significant growth in its product ZORYVE, with a 413% increase in Q4 2024 net product revenue compared to Q4 2023, reaching $69.4 million, and a full-year revenue of$166.5 million, a 471% increase year-over-year [6][10] Business Performance - The company successfully launched ZORYVE for two new indications, enhancing its market presence and reimbursement strategies [3][4] - ZORYVE foam has filled over 246,000 prescriptions since its launch, indicating strong demand and high unmet needs in seborrheic dermatitis [5][7] - The company aims to expand Medicaid coverage for ZORYVE cream and foam in additional states during 2025 [7] Financial Results - Total revenues for Q4 2024 were $71.4 million, a substantial increase from$13.5 million in Q4 2023, driven by strong unit demand and improved gross-to-net sales deductions [10] - The net loss for Q4 2024 was $10.8 million, significantly reduced from$66.3 million in Q4 2023, reflecting improved operational efficiency [15][24] - Cash and cash equivalents as of December 31, 2024, were $228.6 million, down from$272.8 million a year earlier, with net cash used in operating activities totaling $112.2 million for the full year [16] Product Pipeline and Development - The company submitted supplemental new drug applications (sNDA) for ZORYVE cream for atopic dermatitis in children and for ZORYVE foam for scalp and body psoriasis, with anticipated FDA action dates in 2025 [6][8] - Arcutis is advancing its pipeline with ARQ-255 for alopecia areata and ARQ-234 for atopic dermatitis, with ongoing clinical trials and expected data releases in 2025 [8] Corporate Highlights - The company made a partial prepayment of$100 million on its outstanding debt, reflecting strong financial management [14] - ZORYVE cream received recognition as "Best Eczema Product" by Glamour in 2024, enhancing its brand visibility [14]