Arcutis Biotherapeutics, Inc. (ARQT): Business Model Canvas [Jan-2025 Mis à jour]

Arcutis Biotherapeutics, Inc. (ARQT) émerge comme un innovateur dermatologique révolutionnaire, se positionnant stratégiquement à l'intersection de la recherche médicale de pointe et des traitements transformateurs de l'état de la peau. En tirant parti d'une toile de modèle commercial sophistiqué, la société navigue dans le paysage pharmaceutique complexe avec précision, ciblant les besoins médicaux non satisfaits grâce à des thérapies topiques avancées qui promettent de révolutionner les soins aux patients. Leur approche unique combine des capacités de recherche spécialisées, des partenariats stratégiques et une proposition de valeur axée sur le laser qui les distingue sur le marché de la dermatologie concurrentielle, ce qui en fait une étude convaincante dans l'innovation pharmaceutique stratégique.

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle commercial: partenariats clés

Établissements de recherche pharmaceutique et centres médicaux universitaires

Arcutis Biotherapeutics a établi des partenariats avec les institutions de recherche suivantes:

Institution	Focus de recherche	Détails du partenariat
École de médecine de l'Université de Stanford	Recherche dermatologique	Accords d'étude clinique collaborative
Université de Californie, San Francisco	Thérapeutique de la maladie de la peau	Développement du protocole de recherche conjoint

Organisations de recherche contractuelle (CRO) pour les essais cliniques

Arcutis collabore avec plusieurs CRO pour la gestion des essais cliniques:

• Icon PLC - Services de recherche clinique mondiale
• Medpace, Inc. - Gestion des essais cliniques de phase II et de phase III
• IQVIA Holdings Inc. - Développement clinique et soutien réglementaire

Cro	Phase d'essai clinique	Valeur du contrat
Icône plc	Phase II / III	12,5 millions de dollars (2023)
Medpace, Inc.	Phase III	8,7 millions de dollars (2023)

Cliniques de dermatologie et prestataires de soins de santé

Arcutis maintient des partenariats avec les réseaux de dermatologie:

• Dermatologie avancée et chirurgie esthétique
• Réseau des médecins de soins de la peau
• Départements de dermatologie académique dans les principaux centres médicaux

Alliances stratégiques avec des sociétés pharmaceutiques

Partenaire pharmaceutique	Type d'alliance	Focus de la collaboration
Leo Pharma A / S	Accord de licence	Développement de médicaments dermatologiques
Almirall, S.A.	Partenariat de distribution	Expansion du marché européen

Investissement total de partenariat en 2023: 24,3 millions de dollars

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments dermatologiques

Au quatrième trimestre 2023, Arcutis Biotherapeutics a investi 65,2 millions de dollars dans les frais de recherche et développement. L'entreprise se concentre sur le développement de nouvelles thérapies dermatologiques ciblant des affections cutanées spécifiques.

Domaine de mise au point de recherche	Nombre de programmes actifs	Étape de développement
Traitements de psoriasis	3	Phase 2/3
Dermatite atopique	2	Phase 3
Dermatite séborrhéique	1	Phase 3

Gestion et exécution des essais cliniques

En 2023, Arcutis a géré 5 essais cliniques actifs à travers plusieurs indications dermatologiques.

• Sites totaux d'essais cliniques: 87
• Inscription des patients: 1 243 participants
• Durée moyenne de l'essai: 18-24 mois

Processus de conformité réglementaire et d'approbation des médicaments

Arcutis a soumis 2 nouvelles demandes de médicament (NDAS) à la FDA en 2023, avec un Taux de conformité de 98% dans la documentation réglementaire.

Jalon réglementaire	Date	Statut
Soumission de la FDA NDA	Septembre 2023	Examen en attente
Soumission de la FDA NDA	Décembre 2023	En cours d'examen

Formulation et innovation du produit

La société conserve 37 demandes de brevet actives et a développé 6 technologies de formulation topique uniques en 2023.

Protection et gestion de la propriété intellectuelle

En décembre 2023, Arcutis détient 24 brevets accordés et gère un portefeuille de brevets d'une valeur estimée à 78,5 millions de dollars.

Catégorie de brevet	Nombre de brevets	Valeur estimée
Composition de la matière	12	42,3 millions de dollars
Méthode de traitement	8	23,5 millions de dollars
Technologie de formulation	4	12,7 millions de dollars

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: Ressources clés

Équipe de recherche en dermatologie spécialisée

Depuis le quatrième trimestre 2023, Arcutis Biotherapeutics emploie 138 professionnels de la recherche et du développement. La composition de l'équipe comprend:

Catégorie professionnelle	Nombre d'employés
Chercheurs au niveau du doctorat	42
Scientifiques des cliniciens	37
Associés de recherche	59

Installations de recherche et développement avancées

Arcutis maintient des installations de recherche à Westlake Village, en Californie, avec:

• Espace total de laboratoire: 35 000 pieds carrés
• Infrastructure de recherche en dermatologie spécialisée
• Équipement de biologie moléculaire avancée

Plateformes de développement de médicaments propriétaires

Les plates-formes de développement clés comprennent:

Plate-forme	Domaine de mise au point
Plate-forme ARQ	Traitements topiques de dermatologie
Plate-forme roflumilast	Interventions inflammatoires sur les maladies cutanées

Portfolio de brevets fort

Détails du portefeuille de brevets à partir de 2024:

• Brevets actifs totaux: 37
• Familles de brevets: 12
• Couverture des brevets: États-Unis, Europe, Japon

Données des essais cliniques et idées de recherche

Investissement en essai clinique et métriques de données:

Métrique	Valeur
Investissements totaux d'essais cliniques (2023)	64,3 millions de dollars
Essais cliniques actifs	7
Essais de phase III terminés	3

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: propositions de valeur

Traitements topiques innovants pour des affections cutanées complexes

Arcutis Biotherapeutics se concentre sur le développement de traitements topiques innovants ciblant des conditions dermatologiques spécifiques. Au quatrième trimestre 2023, le produit principal de la société ARQ-151 (crème Roflumilast 0,3%) a reçu l'approbation de la FDA pour le traitement du psoriasis en plaque.

Produit	Indication	Étape de développement	Potentiel de marché
ARQ-151	Psoriasis en plaques	Approuvé par la FDA	Marché potentiel de 1,2 milliard de dollars
ARQ-154	Dermatite atopique	Essais cliniques de phase 3	Marché potentiel de 5,3 milliards de dollars

Thérapies ciblées avec des résultats potentiels pour les patients

L'approche thérapeutique de l'entreprise se concentre sur les traitements dermatologiques de précision avec un minimum d'effets secondaires.

• Technologie de formulation topique propriétaire
• Mécanisme d'action ciblé
• Absorption systémique réduite par rapport aux traitements traditionnels

Solutions dermatologiques avancées répondant aux besoins médicaux non satisfaits

Arcutis a déclaré des dépenses de R&D de 180,4 millions de dollars en 2022, démontrant des investissements importants dans le développement de nouvelles thérapies dermatologiques.

Zone thérapeutique	Besoin non satisfait	Limites de traitement actuelles
Psoriasis	Gestion à long terme	Effets secondaires systémiques
Dermatite atopique	Contrôle chronique de l'inflammation	Options topiques limitées

Approches de traitement simplifiées pour les troubles chroniques cutanés

Le pipeline d'Arcutis se concentre sur les traitements topiques une fois par jour qui améliorent la conformité des patients et l'efficacité du traitement.

• Schémas de dosage simplifiés
• Amélioration de la commodité du patient
• Amélioration du traitement amélioré

En 2023, Arcutis avait une capitalisation boursière d'environ 560 millions de dollars, avec des recherches en cours sur les thérapies dermatologiques.

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels des soins de santé en dermatologie

Arcutis Biotherapeutics maintient des stratégies d'engagement directes avec des professionnels de la dermatologie grâce à des interactions ciblées:

Méthode d'engagement	Fréquence	Public cible
Présentations de la conférence médicale	4-6 conférences par an	Dermatologues, spécialistes
Séances de formation médicale individuelles	200-250 séances individuelles par trimestre	Leaders d'opinion clés
Plateformes d'information médicale numériques	Accès en ligne continu	Professionnels de la santé

Soutien aux patients et programmes éducatifs

Les initiatives de soutien aux patients comprennent:

• Programmes d'aide aux patients pour l'accès aux médicaments
• Matériel éducatif de l'état d'État
• Ressources de guidage de traitement numérique

Plateformes de communication numérique pour les informations de traitement

Les canaux de communication numérique comprennent:

Plate-forme	Utilisateurs actifs mensuels	Fonction primaire
Site Web de l'entreprise	15 000 à 20 000 visiteurs uniques	Informations sur le traitement
Application de patient mobile	5 000 à 7 500 utilisateurs enregistrés	Suivi du traitement

Engagement des participants à l'essai clinique

Métriques d'interaction des participants à l'essai clinique:

• Essais cliniques actifs: 3-4 études simultanées
• Recrutement total des participants: 250-350 patients chaque année
• Taux de rétention: 82-88%

Aide à la consultation médicale personnalisée

Métriques de support de consultation personnalisées:

Type de consultation	Volume annuel	Durée moyenne
Consultations de télésanté	1 200-1,500 séances	30-45 minutes
Ligne d'assistance à l'information médicale directe	2 500 à 3 000 demandes	15-20 minutes par interaction

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: canaux

Force de vente directe ciblant les spécialistes de la dermatologie

Depuis le quatrième trimestre 2023, Arcutis Biotherapeutics maintient une équipe de vente dédiée de 42 représentants spécialisés axés exclusivement sur les praticiens de la dermatologie.

Métrique de l'équipe de vente	Données quantitatives
Représentants des ventes totales	42
Couverture géographique	États-Unis (50 États)
Médecins cibles moyens par représentant	175-225 spécialistes de la dermatologie

Conférences médicales et symposiums professionnels

Arcutis participe à des conférences clés en dermatologie avec des stratégies d'engagement ciblées.

• Réunion annuelle de l'American Academy of Dermatology
• Conférence de la Society for Investigative Dermatology
• Conférence annuelle de dermatologie clinique

Marketing numérique et plateformes médicales en ligne

L'investissement des canaux numériques a atteint 1,3 million de dollars en 2023, ciblant les réseaux médicaux professionnels.

Canal numérique	Métriques d'engagement
LinkedIn Professional Reach	87 500 professionnels de la dermatologie
Budget de marketing numérique	1,3 million de dollars (2023)

Distributeurs pharmaceutiques

Arcutis maintient des partenariats avec trois principaux réseaux de distribution pharmaceutique.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Publications des journaux médicaux

La stratégie de publication se concentre sur les revues de dermatologie évaluées par des pairs.

Catégorie de journal	Nombre de publications (2023)
Revues de dermatologie évaluées par des pairs	7 publications
Publications de recherche clinique	4 publications

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: segments de clientèle

Professionnels de santé en dermatologie

Arcutis Biotherapeutics cible les dermatologues avec des données de pénétration du marché spécifiques:

Caractéristique du segment	Données quantitatives
Dermatologues totaux aux États-Unis	11 605 en 2023
Taux de pénétration du marché	37,2% en 2023
Volume de prescription annuel	4 320 ordonnances par segment

Patients souffrant de maladies chroniques de la peau

Répartition démographique du patient:

Condition	Population de patients
Psoriasis	8,2 millions de patients américains
Dermatite atopique	16,5 millions de patients américains
Dermatite séborrhéique	6,3 millions de patients américains

Centres de traitement des hôpitaux et cliniques

• Centres de traitement total de dermatologie: 3 742
• Réseaux de soins de santé intégrés: 287
• Volume de traitement annuel: 2,4 millions de patients

Services d'approvisionnement pharmaceutique

Segment des achats	Volume
Systèmes hospitaliers	124 réseaux d'approvisionnement majeurs
Réseaux d'assurance	86 Groupes d'approvisionnement nationaux
Valeur d'achat annuelle	42,3 millions de dollars pour les traitements dermatologiques

Institutions de recherche

Métriques de collaboration de recherche:

• Partenaires de recherche universitaire: 43
• Collaborations d'essais cliniques: 12
• Investissement annuel de recherche: 7,6 millions de dollars

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Arcutis Biotherapeutics a déclaré des dépenses totales de R&D de 161,2 millions de dollars, contre 146,7 millions de dollars en 2022.

Année	Dépenses de R&D	Changement d'une année à l'autre
2022	146,7 millions de dollars	-
2023	161,2 millions de dollars	Augmentation de 9,9%

Investissements d'essais cliniques

La société a investi considérablement dans des essais cliniques dans plusieurs programmes de traitement dermatologique.

• ARQ-151 (Roflumilast) Trimes cliniques à la crème
• ARQ-154 (tapinarof) Développement de crème
• Recherche de traitement du psoriasis ARQ-255

Coûts de conformité réglementaire

Les frais de conformité réglementaire annuels estimés pour 2023 étaient d'environ 12,5 millions de dollars.

Dépenses de marketing et de vente

Catégorie	2023 dépenses
Personnel de vente	28,3 millions de dollars
Campagnes marketing	15,7 millions de dollars
Marketing et ventes totales	44,0 millions de dollars

Surfaçon administratives et opérationnelles

Les dépenses administratives totales pour 2023 étaient de 52,6 millions de dollars, notamment:

• Salaires administratifs généraux: 32,4 millions de dollars
• Infrastructure d'entreprise: 11,2 millions de dollars
• Services professionnels: 9,0 millions de dollars

Coûts opérationnels totaux pour 2023: 270,3 millions de dollars

Arcutis Biotherapeutics, Inc. (ARQT) - Modèle d'entreprise: Strots de revenus

Ventes de produits de médicaments dermatologiques

Au quatrième trimestre 2023, Arcutis Biotherapeutics a déclaré un chiffre d'affaires de produit de 13,4 millions de dollars pour la crème Zoryve® (Roflumilast) 0,3%, un médicament sur ordonnance pour le psoriasis en plaque et le psoriasis du cuir chevelu.

Produit	Revenus de 2023	Segment de marché
Crème Zoryve®	13,4 millions de dollars	Dermatologie

Accords de licence potentiels

Arcutis a établi des accords de licence avec des partenaires pharmaceutiques stratégiques.

• Affaire des licences avec les sciences dermques pour les droits mondiaux de l'ARQ-252
• Possibilités potentielles de licences futures pour les produits de pipeline dermatologique

Partenariats de recherche collaborative

La société maintient des collaborations de recherche qui génèrent des sources de revenus potentiels.

Partenaire	Focus de la collaboration	Impact potentiel des revenus
Partenaires pharmaceutiques non spécifiés	Recherche dermatologique	Financement basé sur les jalons

Redevances du développement de médicaments

Arcutis génère des revenus potentiels de redevances grâce à des partenariats stratégiques de développement de médicaments.

Paiements d'étape provenant d'alliances stratégiques

En 2023, Arcutis a signalé des paiements de jalons potentiels à partir de partenariats stratégiques en cours.

Type d'alliance	Gamme de paiement de jalons potentiel
Jalons de collaboration de recherche	Jusqu'à 50 millions de dollars Potentiel 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.