Arcutis Biotherapeutics, Inc. (ARQT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Arcutis BioTherapeutics, Inc. (ARQT) emerge como un innovador dermatológico innovador, posicionándose estratégicamente en la intersección de la investigación médica de vanguardia y los tratamientos transformadores de afecciones cutáneas. Al aprovechar un lienzo de modelo de negocio sofisticado, la compañía navega por el complejo panorama farmacéutico con precisión, apuntando a necesidades médicas no satisfechas a través de terapias tópicas avanzadas que prometen revolucionar la atención al paciente. Su enfoque único combina capacidades de investigación especializadas, asociaciones estratégicas y una propuesta de valor centrada en el láser que las distingue en el mercado de dermatología competitiva, lo que los convierte en un estudio convincente en la innovación farmacéutica estratégica.

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocios: asociaciones clave

Instituciones de investigación farmacéutica y centros médicos académicos

Arcutis Bioterapeutics ha establecido asociaciones con las siguientes instituciones de investigación:

Institución	Enfoque de investigación	Detalles de la asociación
Facultad de Medicina de la Universidad de Stanford	Investigación dermatológica	Acuerdos de estudio clínico colaborativo
Universidad de California, San Francisco	Terapéutica de la enfermedad de la piel	Desarrollo de protocolo de investigación conjunta

Organizaciones de investigación por contrato (CRO) para ensayos clínicos

Arcutis colabora con múltiples CRO para la gestión del ensayo clínico:

• Icon PLC - Servicios de investigación clínica global
• Medpace, Inc. - Gestión de ensayos clínicos de fase II y fase III
• IQVIA Holdings Inc. - Desarrollo clínico y apoyo regulatorio

Cro	Fase de ensayo clínico	Valor de contrato
Ícono plc	Fase II/III	$ 12.5 millones (2023)
Medpace, Inc.	Fase III	$ 8.7 millones (2023)

Clínicas de dermatología y proveedores de atención médica

Arcutis mantiene asociaciones con redes de dermatología:

• Dermatología avanzada y cirugía cosmética
• Red de médicos para el cuidado de la piel
• Departamentos de dermatología académica en los principales centros médicos

Alianzas estratégicas con compañías farmacéuticas

Socio farmacéutico	Tipo de alianza	Enfoque de colaboración
Leo Pharma A/S	Acuerdo de licencia	Desarrollo de fármacos dermatológicos
Almirall, S.A.	Asociación de distribución	Expansión del mercado europeo

Inversión de asociación total en 2023: $ 24.3 millones

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas dermatológicas

A partir del cuarto trimestre de 2023, Arcutis Bioterapeutics invirtió $ 65.2 millones en gastos de investigación y desarrollo. La compañía se enfoca en desarrollar nuevas terapias dermatológicas dirigidas a condiciones de piel específicas.

Área de enfoque de investigación	Número de programas activos	Etapa de desarrollo
Tratamientos de psoriasis	3	Fase 2/3
Dermatitis atópica	2	Fase 3
Dermatitis seborreica	1	Fase 3

Gestión y ejecución del ensayo clínico

En 2023, Arcutis manejó 5 ensayos clínicos activos en múltiples indicaciones dermatológicas.

• Sitios de ensayos clínicos totales: 87
• Inscripción del paciente: 1.243 participantes
• Duración promedio de prueba: 18-24 meses

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Arcutis ha presentado 2 nuevas solicitudes de drogas (NDA) a la FDA en 2023, con un Tasa de cumplimiento del 98% en documentación regulatoria.

Hito regulatorio	Fecha	Estado
Presentación de la FDA NDA	Septiembre de 2023	Revisión pendiente
Presentación de la FDA NDA	Diciembre de 2023	Bajo revisión

Formulación e innovación del producto

La compañía mantiene 37 aplicaciones de patentes activas y ha desarrollado 6 tecnologías únicas de formulación tópica en 2023.

Protección y gestión de la propiedad intelectual

A diciembre de 2023, Arcutis posee 24 patentes otorgadas y administra una cartera de patentes con un valor estimado de $ 78.5 millones.

Categoría de patente	Número de patentes	Valor estimado
Composición de la materia	12	$ 42.3 millones
Método de tratamiento	8	$ 23.5 millones
Tecnología de formulación	4	$ 12.7 millones

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocio: recursos clave

Equipo de investigación de dermatología especializada

A partir del cuarto trimestre de 2023, Arcutis Bioterapeutics emplea a 138 profesionales de investigación y desarrollo. La composición del equipo incluye:

Categoría profesional	Número de empleados
Investigadores a nivel de doctorado	42
Científicos clínicos	37
Asociados de investigación	59

Investigaciones avanzadas y instalaciones de desarrollo

Arcutis mantiene instalaciones de investigación en Westlake Village, California, con:

• Espacio de laboratorio total: 35,000 pies cuadrados
• Infraestructura de investigación de dermatología especializada
• Equipo de biología molecular avanzada

Plataformas de desarrollo de fármacos patentados

Las plataformas de desarrollo clave incluyen:

Plataforma	Área de enfoque
Plataforma ARQ	Tratamientos de dermatología tópicos
Plataforma de roflumilast	Intervenciones inflamatorias de la enfermedad de la piel

Cartera de patentes fuerte

Detalles de la cartera de patentes a partir de 2024:

• Patentes activas totales: 37
• Familias de patentes: 12
• Cobertura de patentes: Estados Unidos, Europa, Japón

Datos de ensayos clínicos e información de investigación

Inversión de ensayos clínicos y métricas de datos:

Métrico	Valor
Inversiones totales de ensayos clínicos (2023)	$ 64.3 millones
Ensayos clínicos activos	7
Ensayos de fase III completados	3

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocio: propuestas de valor

Tratamientos tópicos innovadores para afecciones complejas de la piel

Arcutis Bioterapeutics se centra en desarrollar tratamientos tópicos innovadores dirigidos a condiciones dermatológicas específicas. A partir del cuarto trimestre de 2023, el producto principal de la compañía ARQ-151 (crema de roflumilast 0.3%) recibió la aprobación de la FDA para el tratamiento con psoriasis de placa.

Producto	Indicación	Etapa de desarrollo	Potencial de mercado
ARQ-151	Soriasis en placas	Aprobado por la FDA	Mercado potencial de $ 1.2 mil millones
ARQ-154	Dermatitis atópica	Ensayos clínicos de fase 3	Mercado potencial de $ 5.3 mil millones

Terapias dirigidas con potenciales resultados mejorados del paciente

El enfoque terapéutico de la compañía se centra en los tratamientos dermatológicos de precisión con efectos secundarios mínimos.

• Tecnología de formulación tópica patentada
• Mecanismo de acción dirigido
• Reducción de la absorción sistémica en comparación con los tratamientos tradicionales

Soluciones dermatológicas avanzadas que abordan las necesidades médicas no satisfechas

Arcutis reportó gastos de I + D de $ 180.4 millones en 2022, lo que demuestra una inversión significativa en el desarrollo de nuevas terapias dermatológicas.

Área terapéutica	Necesidad insatisfecha	Limitaciones de tratamiento actuales
Soriasis	Gestión a largo plazo	Efectos secundarios sistémicos
Dermatitis atópica	Control de inflamación crónica	Opciones de actualidad limitadas

Enfoques de tratamiento simplificados para los trastornos de la piel crónicos

La tubería de Arcutis se centra en tratamientos tópicos una vez al día que mejoran el cumplimiento del paciente y la efectividad del tratamiento.

• Regímenes de dosificación simplificados
• Comodidad mejorada del paciente
• Adherencia de tratamiento mejorada

A partir de 2023, Arcutis tenía una capitalización de mercado de aproximadamente $ 560 millones, con una investigación en curso en terapéutica dermatológica.

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocios: relaciones con los clientes

Compromiso directo con los profesionales de la salud de la dermatología

Arcutis Bioterapeutics mantiene estrategias de participación directa con profesionales de dermatología a través de interacciones específicas:

Método de compromiso	Frecuencia	Público objetivo
Presentaciones de conferencia médica	4-6 conferencias anualmente	Dermatólogos, especialistas
Sesiones de educación médica individual	200-250 sesiones individuales por trimestre	Líderes de opinión clave
Plataformas de información médica digital	Acceso continuo en línea	Profesionales de la salud

Apoyo al paciente y programas educativos

Las iniciativas de apoyo al paciente incluyen:

• Programas de asistencia para el paciente para acceso a medicamentos
• Materiales educativos del estado de la enfermedad
• Recursos de orientación de tratamiento digital

Plataformas de comunicación digital para información de tratamiento

Los canales de comunicación digital incluyen:

Plataforma	Usuarios activos mensuales	Función principal
Sitio web de la empresa	15,000-20,000 visitantes únicos	Información sobre el tratamiento
Aplicación de pacientes móviles	5,000-7,500 usuarios registrados	Seguimiento del tratamiento

Participación de los participantes del ensayo clínico

Métricas de interacción del participante del ensayo clínico:

• Ensayos clínicos activos: 3-4 estudios concurrentes
• Reclutamiento total de participantes: 250-350 pacientes anualmente
• Tasa de retención: 82-88%

Apoyo de consulta médica personalizada

Métricas de apoyo de consulta personalizada:

Tipo de consulta	Volumen anual	Duración promedio
Consultas de telesalud	1.200-1,500 sesiones	30-45 minutos
Limpieza directa de información médica	2,500-3,000 consultas	15-20 minutos por interacción

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocios: canales

Fuerza de ventas directa dirigida a especialistas en dermatología

A partir del cuarto trimestre de 2023, Arcutis Bioterapeutics mantiene un equipo de ventas dedicado de 42 representantes especializados centrados exclusivamente en profesionales de la dermatología.

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	42
Cobertura geográfica	Estados Unidos (50 estados)
Médicos objetivo promedio por representante	175-225 especialistas en dermatología

Conferencias médicas y simposios profesionales

Arcutis participa en conferencias clave de dermatología con estrategias de participación específicas.

• Reunión anual de la Academia Americana de Dermatología
• Conferencia de la Sociedad de Dermatología de Investigación
• Conferencia anual de dermatología clínica

Marketing digital y plataformas médicas en línea

La inversión en el canal digital alcanzó los $ 1.3 millones en 2023, dirigidos a redes médicas profesionales.

Canal digital	Métricas de compromiso
LinkedIn Professional Reach	87,500 profesionales de dermatología
Presupuesto de marketing digital	$ 1.3 millones (2023)

Distribuidores farmacéuticos

Arcutis mantiene asociaciones con tres principales redes de distribución farmacéutica.

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Publicaciones de la revista médica

La estrategia de publicación se centra en revistas de dermatología revisadas por pares.

Categoría de revista	Recuento de publicaciones (2023)
Revistas de dermatología revisadas por pares	7 publicaciones
Publicaciones de investigación clínica	4 publicaciones

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocio: segmentos de clientes

Profesionales de la salud de la dermatología

Arcutis Bioterapeutics se dirige a los dermatólogos con datos específicos de penetración del mercado:

Característica de segmento	Datos cuantitativos
Dermatólogos totales en EE. UU.	11,605 a partir de 2023
Tasa de penetración del mercado	37.2% en 2023
Volumen de prescripción anual	4.320 recetas por segmento

Pacientes con afecciones de la piel crónica

Desglose demográfico del paciente:

Condición	Población de pacientes
Soriasis	8,2 millones de pacientes estadounidenses
Dermatitis atópica	16.5 millones de pacientes estadounidenses
Dermatitis seborreica	6.3 millones de pacientes estadounidenses

Centros de tratamiento de hospitales y clínicos

• Centros de tratamiento de dermatología total: 3,742
• Redes de atención médica integradas: 287
• Volumen de tratamiento anual: 2.4 millones de pacientes

Departamentos de adquisiciones farmacéuticas

Segmento de adquisición	Volumen
Sistemas hospitalarios	124 redes de adquisición principales
Redes de proveedores de seguros	86 grupos nacionales de adquisiciones
Valor de adquisición anual	$ 42.3 millones para tratamientos dermatológicos

Instituciones de investigación

Métricas de colaboración de investigación:

• Socios de investigación académica: 43
• Colaboraciones de ensayos clínicos: 12
• Inversión de investigación anual: $ 7.6 millones

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Arcutis Bioterapeutics reportó gastos totales de I + D de $ 161.2 millones, en comparación con $ 146.7 millones en 2022.

Año	Gastos de I + D	Cambio año tras año
2022	$ 146.7 millones	-
2023	$ 161.2 millones	Aumento del 9,9%

Inversiones de ensayos clínicos

La compañía invirtió significativamente en ensayos clínicos en múltiples programas de tratamiento dermatológico.

• Ensayos clínicos de crema ARQ-151 (Roflumilast)
• ARQ-154 (Tapinarof) Desarrollo de crema
• Investigación del tratamiento con psoriasis ARQ-255

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio anual estimados para 2023 fueron de aproximadamente $ 12.5 millones.

Gastos de marketing y ventas

Categoría	2023 gastos
Personal de ventas	$ 28.3 millones
Campañas de marketing	$ 15.7 millones
Marketing y ventas totales	$ 44.0 millones

Sobrecarga administrativa y operativa

Los gastos administrativos totales para 2023 fueron de $ 52.6 millones, que incluyen:

• Salarios administrativos generales: $ 32.4 millones
• Infraestructura corporativa: $ 11.2 millones
• Servicios profesionales: $ 9.0 millones

Costos operativos totales para 2023: $ 270.3 millones

Arcutis BioTherapeutics, Inc. (ARQT) - Modelo de negocios: flujos de ingresos

Venta de productos de medicamentos dermatológicos

A partir del cuarto trimestre de 2023, Arcutis Bioterapeutics informó ingresos por productos de $ 13.4 millones para la crema Zoryve® (Roflumilast) 0.3%, un medicamento recetado para la psoriasis de placa y la psoriasis del cuero cabelludo.

Producto	2023 ingresos	Segmento de mercado
Crema Zoryve®	$ 13.4 millones	Dermatología

Posibles acuerdos de licencia

Arcutis ha establecido acuerdos de licencia con socios farmacéuticos estratégicos.

• Acuerdo de licencia con Ciencias Dermavant por los derechos globales de ARQ-252
• Oportunidades potenciales de licencias futuras para productos de tuberías dermatológicas

Asociaciones de investigación colaborativa

La compañía mantiene colaboraciones de investigación que generan posibles flujos de ingresos.

Pareja	Enfoque de colaboración	Impacto potencial de ingresos
Socios farmacéuticos no especificados	Investigación dermatológica	Financiación basada en hitos

Regalías del desarrollo de drogas

Arcutis genera posibles ingresos de regalías a través de asociaciones estratégicas de desarrollo de medicamentos.

Pagos de hitos de alianzas estratégicas

En 2023, Arcutis reportó posibles pagos de hitos de asociaciones estratégicas en curso.

Tipo de alianza	Rango de pago de hito potencial
Investigación de hitos de colaboración	Hasta $ 50 millones potencial total

Arcutis Biotherapeutics, Inc. (ARQT) - Canvas Business Model: Value Propositions

You're looking at the core value Arcutis Biotherapeutics, Inc. is delivering to dermatologists and patients, which is clearly driving their recent financial success. The entire proposition centers on the ZORYVE franchise, a phosphodiesterase-4 (PDE4) inhibitor, offering a non-steroidal, convenient alternative for chronic inflammatory skin diseases.

Steroid-free, once-daily topical treatment for chronic skin diseases

The primary value is offering a steroid-free, once-daily topical treatment. This directly addresses the long-term safety concerns and application frequency issues associated with traditional topical corticosteroids. The market opportunity is substantial; Arcutis management pegs the long-term peak sales potential for the ZORYVE franchise at $2.6 billion to $3.5 billion annually, assuming they capture 15-20% of the entire topical corticosteroid market, where 17 million prescriptions are written by dermatology clinicians every year for ZORYVE-approved indications. This value proposition is translating directly to the bottom line, with Q3 2025 net product revenue for ZORYVE reaching $99.2 million, a 122% increase year-over-year. The company even achieved net income of $7.4 million in Q3 2025, a significant swing from a net loss of $41.5 million in Q3 2024.

Broad-spectrum utility in multiple conditions: psoriasis, AD, seborrheic dermatitis

Arcutis Biotherapeutics offers broad utility with ZORYVE across three major inflammatory dermatoses, which is a key differentiator. ZORYVE is now the number one prescribed branded topical therapy across these three conditions combined. The efficacy data supports this wide application:

• ZORYVE cream 0.15% for Atopic Dermatitis (AD) showed that 91.5% of patients experienced a measurable improvement in Eczema Area and Severity Index (EASI) at week 4.
• For AD, 69.2% of patients achieved a 50% decrease in EASI after four weeks, compared to 44.4% in the control group (p<0.0001).
• ZORYVE foam 0.3% for Seborrheic Dermatitis showed 79.5% achieved Investigator Global Assessment (IGA) Success at Week 8, versus 58.0% for vehicle.

Here's how the different ZORYVE formulations map to the approved indications as of late 2025:

Product/Formulation	Indication	Approved Patient Age Group	Q3 2025 Revenue
ZORYVE cream 0.3%	Plaque Psoriasis (including intertriginous areas)	Adults and pediatric patients 6 years of age and older	$30.5 million
ZORYVE cream 0.15%	Mild to moderate Atopic Dermatitis	Adults and pediatric patients 6 years of age and older	$18.9 million
ZORYVE topical foam 0.3%	Seborrheic Dermatitis	Adult and pediatric patients 9 years of age and older	$49.8 million

The foam formulation for seborrheic dermatitis generated the highest revenue in Q3 2025 at $49.8 million, showing strong adoption for that specific condition.

Formulations for hard-to-treat areas like the scalp (ZORYVE foam)

The development of ZORYVE topical foam 0.3% specifically addresses areas like the scalp, which is often challenging for creams to treat effectively. More than half of the nearly 9 million people in the U.S. with plaque psoriasis experience scalp involvement. For this specific use, the foam demonstrated rapid improvement in itch and signs/symptoms of psoriasis of the scalp and body when used as monotherapy. Specifically, 66.4% of individuals treated with ZORYVE foam achieved Scalp-Investigator Global Assessment (S-IGA) Success at Week 8.

Expanding treatment options for pediatric patients (ages 2+)

A critical value driver is the expansion into younger pediatric populations, moving beyond the initial approvals. This addresses a significant unmet need for safe, effective topicals in children. You see this expansion across two key indications:

• ZORYVE cream 0.05% received FDA approval in October 2025 for Atopic Dermatitis in children down to 2 years of age.
• The company submitted a supplemental New Drug Application (sNDA) to expand the ZORYVE cream 0.3% indication for plaque psoriasis to children ages 2 to 5, with a Prescription Drug User Fee Act (PDUFA) target action date set for June 29, 2026.

The data supporting the AD pediatric expansion showed improved quality of life and decreased impact on families for investigational ZORYVE cream 0.05% in children aged 2-5 years. The company is also evaluating ZORYVE cream 0.05% in infants as young as 3 months in a Phase 2 study (INTEGUMENT-INFANT) for atopic dermatitis.

Finance: Finance needs to model the impact of the $455-$470 million net product sales guidance for full-year 2026 against the current cash position of $191.4 million as of September 30, 2025.

Arcutis Biotherapeutics, Inc. (ARQT) - Canvas Business Model: Customer Relationships

You're focused on building deep relationships with the right prescribers to drive adoption of ZORYVE across its expanding indications. This requires significant investment in the commercial infrastructure, which is reflected in the operating expenses.

High-touch engagement via a dedicated dermatology sales team

The commercialization efforts for ZORYVE are directly supported by increased sales and marketing and personnel-related expenses within Selling, General, and Administrative (SG&A) costs. For the quarter ended September 30, 2025, SG&A expenses were $62.4 million, up from $58.8 million for the same period in 2024. This investment supports the team engaging the core dermatology specialty market.

The Serviceable Obtainable Market (SOM) for ZORYVE within the dermatology specialty is estimated at 8 million patients receiving topical prescriptions. As of the first quarter of 2025, ZORYVE cream 0.3% had been prescribed by over 18,000 unique prescribers. Arcutis Biotherapeutics, Inc. had 342 total employees as of September 30, 2025.

Here are some key commercial and market statistics as of late 2025:

Metric	Value	Context/Date
Q3 2025 Net Product Revenue	$99.2 million	Quarter ended September 30, 2025
Q3 2025 SG&A Expenses	$62.4 million	Driven by commercialization efforts
Total Employees	342	As of September 30, 2025
Dermatology Specialty SOM	8 million patients	Serviceable Obtainable Market
Total Topical Prescriptions (Derm) Annually	17 million	Topical corticosteroid prescriptions written by dermatology clinicians in ZORYVE-approved indications

Co-promotion outreach to non-specialist prescribers (PCPs, pediatricians)

The joint commercial strategy specifically targets high-volume non-specialist prescribers. The total universe of PCPs and pediatricians in the U.S. is over 0.5 million. The focus is on the top 30,000 of these providers, who account for nearly 1/3 of all prescriptions written in those segments.

Patient support and access programs (implied for specialty pharmaceuticals)

Access is supported by favorable reimbursement terms and dedicated patient assistance. As of Q1 2025, ZORYVE cream 0.15% had coverage secured with the three largest national PBMs. The growth in Q3 2025 net product revenue was partly attributed to reduced utilization of patient copay programs as patients progressed through their annual deductibles.

The Arcutis Cares Patient Assistance program supports patients who are uninsured or government insured and cannot afford their copayment. Eligibility for this program starts at 300% of the Federal Poverty Level, adjusted for family size.

• Reside in and be treated by a healthcare provider in the United States.
• Have a valid prescription for the Arcutis medicine consistent with the FDA-approved indication.
• Meet income guidelines, starting at 300% of the Federal Poverty Level.

Continuous medical education and scientific communication

Scientific communication is integrated into ongoing operational spending. For the quarter ended June 30, 2025, Research and Development (R&D) expenses included continued medical affairs investments to support medical education. R&D expenses for the quarter ended September 30, 2025, were $19.6 million. The company is also pursuing new indications, such as initiating the INTEGUMENT-INFANT study for ZORYVE cream 0.05% in infants aged 3 months to 24 months.

Arcutis Biotherapeutics, Inc. (ARQT) - Canvas Business Model: Channels

You're looking at how Arcutis Biotherapeutics, Inc. gets ZORYVE into the hands of patients and doctors as of late 2025. The channel strategy clearly splits focus between specialist and primary care markets, which is smart for maximizing reach for a product like ZORYVE.

Direct sales force to U.S. dermatologists and specialists

Arcutis Biotherapeutics, Inc. maintains direct control over reaching the core specialists. This team focuses on dermatologists and other dermatology clinicians who are the primary prescribers for chronic inflammatory skin diseases. The investment in this channel is reflected in the Selling, general, and administrative (SG&A) expenses, which hit $62.4 million for the quarter ended September 30, 2025. This SG&A increase year-over-year was primarily driven by increased sales and marketing and personnel-related expenses tied to ZORYVE commercialization efforts. As of late 2025, the company reports a total employee count of 342, a significant portion of whom support this direct commercial effort.

The effectiveness of this specialist channel, combined with the broader strategy, is evident in the prescription volume:

• Weekly prescriptions on a rolling 4-week average reached a new record high of over 17,000 scripts as of Q3 2025.
• ZORYVE prescriptions increased by 13% compared to Q2 2025.
• The company is targeting the 17 million prescriptions written annually by dermatology clinicians for ZORYVE-approved indications.

Kowa's sales force to U.S. primary care and pediatric offices

To expand beyond dermatology specialists, Arcutis Biotherapeutics, Inc. uses a co-promotion agreement with Kowa Pharmaceuticals America, Inc. Kowa leverages its established primary care sales force to market and promote ZORYVE to primary care practitioners and pediatricians. This partnership, which began promotion in late September 2024, is designed to access the large patient population treated outside of dedicated dermatology offices. The agreement is exclusive for Kowa in the primary care and pediatrics space and runs until at least July 2029.

The channel split means Kowa targets a different set of prescribers, aiming to capture patients managed by general practitioners. This dual-force approach helps Arcutis Biotherapeutics, Inc. cover the total addressable market more comprehensively.

Specialty and retail pharmacy distribution networks

Getting the product dispensed relies on robust pharmacy access. Arcutis Biotherapeutics, Inc. has secured broad coverage for the ZORYVE portfolio across major payers. This access is critical for ensuring patients can actually fill the prescriptions written by the sales forces.

Here's a snapshot of the payer access supporting the distribution channels as of early to mid-2025:

Access Point/Payer Group	Status/Metric (as of Q1/Q3 2025)	Product Scope
Three Largest National PBMs	Covering entire ZORYVE portfolio	ZORYVE Portfolio
Medicaid Coverage	More than 1 in 2 recipients have coverage	ZORYVE Portfolio
ZORYVE Cream 0.15% (Atopic Derm)	Coverage by the three largest national PBMs	Cream 0.15%
Gross-to-Net (GTN) Rate	Maintained in the 50s (as of Q1 2025)	ZORYVE Portfolio

The company anticipates continued improvement in GTN rates for ZORYVE cream 0.15% in 2025, aiming to converge on the GTN of their other products.

Digital marketing and patient education platforms

While specific digital marketing spend isn't broken out, the success of the commercialization efforts, which include digital components, is driving significant revenue growth. The overall strategy involves educating both providers and patients on the value proposition of ZORYVE as a steroid-free alternative.

The results flowing through all channels, including digital engagement, show strong commercial traction:

• Q3 2025 Net Product Revenue was $99.2 million.
• This represented a 122% increase compared to Q3 2024.
• The company provided initial 2026 full-year net product sales guidance between $455 million and $470 million.

The shift away from topical steroids is a key trend supporting these channels, with the non-steroidal topical volume increasing by over 60% over the last six quarters, led by ZORYVE.

Arcutis Biotherapeutics, Inc. (ARQT) - Canvas Business Model: Customer Segments

You're hiring before product-market fit...

Arcutis Biotherapeutics, Inc. targets a substantial base of patients suffering from chronic inflammatory skin diseases, primarily through its ZORYVE portfolio.

The overall diagnosed patient population across the currently approved indications of psoriasis, atopic dermatitis (AD), and seborrheic dermatitis in the U.S. totals approximately 30 million patients. Of these, about 19 million people are already receiving topical treatment, mainly topical corticosteroids (TCS).

The focus is on converting this large base of TCS prescriptions to non-steroidal alternatives.

U.S. Dermatologists and other dermatology clinicians

This segment represents the core prescribers for the initial ZORYVE indications. The company has a very well-sized dermatology sales force dedicated to this group.

• Over 18,000 unique prescribers have filled prescriptions for ZORYVE cream 0.3% in plaque psoriasis since launch.
• The top 30,000 prescribers in these segments account for nearly a third of all prescriptions.

The company has no plans for further expansion of the Arcutis dermatology sales force at this time, relying on existing coverage and frequency.

Patients (Adults and Adolescents) with plaque psoriasis, AD, or seborrheic dermatitis

This segment covers the broadest range of currently approved indications for the ZORYVE franchise.

Indication	Approved Patient Population (Age)	US Prevalence (Approximate)
Plaque Psoriasis (Cream/Foam)	Adults and adolescents 12 years of age and older (Foam)	Approximately 9 million individuals
Atopic Dermatitis (AD) (Cream 0.15%)	Adults and pediatric patients 6 years of age and older	Approximately 26 million adults and children
Seborrheic Dermatitis (Foam 0.3%)	Adult and pediatric patients 9 years of age and older	Part of the 30 million diagnosed population

More than half of the psoriasis population experiences scalp involvement, a segment addressed by ZORYVE foam 0.3%.

Children (ages 2+) with atopic dermatitis (AD)

Arcutis Biotherapeutics is actively pursuing label expansion to capture younger pediatric patients with AD.

• ZORYVE cream 0.05% for AD in children ages 2 to 5 years old had a Prescription Drug User Fee Act (PDUFA) target action date of October 13, 2025.
• This specific pediatric AD population is estimated at about 1.8 million patients.
• The company initiated the INTEGUMENT-INFANT study for ZORYVE cream 0.05% in infants ages 3 months to 24 months.

Primary Care Practitioners and Pediatricians (newly targeted prescribers)

Accessing primary care and pediatrics is viewed as an opportunity outside of the core dermatology specialty.

The company is utilizing a co-promotion partnership with Kowa to access these channels economically.

Finance: draft 13-week cash view by Friday.

Arcutis Biotherapeutics, Inc. (ARQT) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Arcutis Biotherapeutics, Inc. as they scale their commercial operations. For the third quarter of 2025, the major operating costs were clear. Selling, General, and Administrative (SG&A) expenses hit $62.4 million. This is a significant chunk of the spend, reflecting the push to get ZORYVE to more patients. Also in Q3 2025, Research and Development (R&D) expenses were $19.6 million. That R&D spend keeps the pipeline moving, like advancing ZORYVE life cycle management and the ARQ-234 program.

To give you a snapshot of how revenues map against these costs for that quarter, here's the quick math:

Financial Metric (Q3 2025)	Amount (in Millions USD)
Total Revenues (Net Product)	$99.2
Cost of Sales (COGS)	$8.7
SG&A Expenses	$62.4
R&D Expenses	$19.6

Cost of Goods Sold (COGS) for the third quarter of 2025 was $8.7 million, up from $5.5 million in Q3 2024, mainly because ZORYVE sales volume increased. This relatively low COGS, set against the $99.2 million in net product revenue for the quarter, points to the high gross margin Arcutis is achieving. Honestly, the trailing twelve months showed an impressive gross profit margin of about 89.1%, which is definitely a key cost advantage.

The SG&A figure is heavily influenced by the commercial build-out. You see the direct impact of sales and marketing costs for the commercial team expansion in that $62.4 million total. For context, the SG&A in Q2 2025 was about 10% lower, primarily because of the timing of promotional and marketing expenditures between quarters. The investment here is directly tied to driving adoption across all approved indications for ZORYVE.

Then you have the external, non-operating costs like licensing. Arcutis Biotherapeutics made a specific, one-time cash outlay related to past success. Specifically, the company made a $10.0 million cash milestone payment to AstraZeneca. This payment was incurred in the first quarter of 2025 because a sales milestone of $250 million was reached.

• SG&A expenses in Q3 2025 were $62.4 million.
• R&D expenses for Q3 2025 were $19.6 million.
• COGS for Q3 2025 was $8.7 million.
• A $10.0 million milestone payment was made to AstraZeneca in Q1 2025.
• Q3 2025 SG&A was up 6% year-over-year from $58.8 million.

Finance: review the Q4 2025 SG&A forecast against the Q3 spend by next Tuesday.

Arcutis Biotherapeutics, Inc. (ARQT) - Canvas Business Model: Revenue Streams

You're looking at the core ways Arcutis Biotherapeutics, Inc. brings in money right now, which is heavily concentrated on one product family, ZORYVE. This focus is key to understanding their short-term financial picture as of late 2025.

The primary revenue driver is Net Product Revenue from ZORYVE sales, which hit $99.2 million in the third quarter of 2025. This represents substantial growth, showing a 122% increase compared to the third quarter of 2024, and a 22% sequential increase from the second quarter of 2025. That's defintely strong commercial momentum.

The breakdown of that $99.2 million in Q3 2025 net product revenue shows how the different ZORYVE formulations are performing:

ZORYVE Product Stream	Q3 2025 Revenue (Millions USD)
Revenue from ZORYVE topical foam 0.3%	$49.8 million
Revenue from ZORYVE cream 0.3%	$30.5 million
Revenue from ZORYVE cream 0.15%	$18.9 million

This table clearly shows the foam formulation is currently the largest single contributor to the product revenue stream.

Beyond current sales, Arcutis Biotherapeutics, Inc. has revenue potential built into its international agreements, specifically through milestone payments. These are non-guaranteed payments triggered by specific events, which is a common structure in pharma licensing deals.

Potential future milestone payments from international partnerships include:

• Potential additional payments totaling $40 million contingent upon meeting specified regulatory and sales milestones from the Sato License agreement for Japan.
• The Sato agreement also provided an upfront payment of $25 million.
• Eligibility for tiered, low double-digit percentage royalties on net sales in Japan post-launch.

Finally, a significant near-term addition to the revenue base is the expansion into a younger pediatric market. Sales of ZORYVE cream 0.05% for pediatric AD began in late 2025, following FDA approval in October 2025 for children ages 2 to 5 years. This launch, occurring in Q4 2025, sets up the next wave of revenue capture, expanding the addressable market for the ZORYVE franchise.