$ARQT
Arcutis Biotherapeutics, Inc.

2020 Q1 Form 10-Q Financial Statement

#000178730620000010 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.470M $750.0K
YoY Change 362.67%
% of Gross Profit
Research & Development $25.18M $6.203M
YoY Change 305.96%
% of Gross Profit
Depreciation & Amortization $27.00K $5.000K
YoY Change 440.0%
% of Gross Profit
Operating Expenses $28.65M $6.952M
YoY Change 312.13%
Operating Profit -$28.65M -$6.952M
YoY Change 312.13%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $638.0K $294.0K
YoY Change 117.01%
Pretax Income -$28.01M -$6.660M
YoY Change 320.57%
Income Tax
% Of Pretax Income
Net Earnings -$28.01M -$6.658M
YoY Change 320.74%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.155M -$181.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $249.3M
YoY Change
Cash & Equivalents $190.9M $23.05M
Short-Term Investments $58.43M
Other Short-Term Assets $4.600M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $253.9M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $241.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $47.00K
YoY Change
Total Long-Term Assets $514.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $253.9M
Total Long-Term Assets $514.0K
Total Assets $254.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.759M
YoY Change
Accrued Expenses $7.281M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.22M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $206.0K
YoY Change
Total Long-Term Liabilities $206.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.22M
Total Long-Term Liabilities $206.0K
Total Liabilities $12.51M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$94.30M
YoY Change
Common Stock $3.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $241.9M -$30.54M
YoY Change
Total Liabilities & Shareholders Equity $254.4M
YoY Change

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$28.01M -$6.658M
YoY Change 320.74%
Depreciation, Depletion And Amortization $27.00K $5.000K
YoY Change 440.0%
Cash From Operating Activities -$21.01M -$7.074M
YoY Change 197.0%
INVESTING ACTIVITIES
Capital Expenditures $41.00K $183.0K
YoY Change -77.6%
Acquisitions
YoY Change
Other Investing Activities -$20.29M -$9.090M
YoY Change 123.21%
Cash From Investing Activities -$20.33M -$9.270M
YoY Change 119.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $168.9M $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -$21.01M -$7.074M
Cash From Investing Activities -$20.33M -$9.270M
Cash From Financing Activities $168.9M $0.00
Net Change In Cash $127.6M -$16.34M
YoY Change -880.45%
FREE CASH FLOW
Cash From Operating Activities -$21.01M -$7.074M
Capital Expenditures $41.00K $183.0K
Free Cash Flow -$21.05M -$7.257M
YoY Change 190.08%

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CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-66300000 USD
CY2020Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
249300000 USD
CY2019Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
101300000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:36pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and accompanying notes. On an ongoing basis, management evaluates such estimates and assumptions for continued reasonableness. In particular, management makes estimates with respect to accruals for research and development activities, fair value of common stock and convertible preferred stock (prior to the IPO completed in January 2020), stock-based compensation expense and income taxes. Appropriate adjustments, if any, to the estimates used are made prospectively based upon such periodic evaluation. Actual results could differ from those estimates.</span></div>
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2020Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19000 USD
CY2019Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 USD
CY2020Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="text-indent:36pt;margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Concentration of Credit Risk and Other Risks and Uncertainties</span></div><div style="text-indent:36pt;margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash to the extent recorded on the balance sheets.</span></div><div style="text-indent:36pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</span></div>
CY2020Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P30M
CY2020Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
249319000 USD
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
101265000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
190893000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
190893000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
58407000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
58426000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
63336000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
63336000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
37930000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
37929000 USD
CY2019Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 USD
CY2020Q1 us-gaap Prepaid Insurance
PrepaidInsurance
2326000 USD
CY2019Q4 us-gaap Prepaid Insurance
PrepaidInsurance
62000 USD
CY2020Q1 arqt Prepaid Clinical Trial Test Costs Current
PrepaidClinicalTrialTestCostsCurrent
1583000 USD
CY2019Q4 arqt Prepaid Clinical Trial Test Costs Current
PrepaidClinicalTrialTestCostsCurrent
2998000 USD
CY2020Q1 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
0 USD
CY2019Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
1747000 USD
CY2020Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
650000 USD
CY2019Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
402000 USD
CY2020Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4559000 USD
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5209000 USD
CY2020Q1 arqt Clinical Trial Accrual Current
ClinicalTrialAccrualCurrent
6114000 USD
CY2019Q4 arqt Clinical Trial Accrual Current
ClinicalTrialAccrualCurrent
1497000 USD
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
806000 USD
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1379000 USD
CY2020Q1 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
269000 USD
CY2019Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
225000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
92000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
553000 USD
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7281000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3654000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
145000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
132000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
277000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13000 USD
CY2020Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000 shares
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
264000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
182000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
82000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
264000 USD
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
43000 USD
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
24000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
0 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
0 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
47000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y5M1D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2019Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
48787898 shares
CY2019Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
24385388 shares
CY2019Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
24385388 shares
CY2019Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
166491000 USD
CY2019Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
166300000 USD
CY2017Q2 arqt Stock Purchase Agreement Number Of Tranches
StockPurchaseAgreementNumberOfTranches
3 tranche
CY2020Q1 arqt Common Stock Voting Rights Number Of Votes Per Share
CommonStockVotingRightsNumberOfVotesPerShare
1 vote
CY2020Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6443471 shares
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
28452008 shares
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000 shares
CY2020Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2516470 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.47
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y5M8D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7673000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
653200 shares
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
26.92
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
108149 shares
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.30
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3061521 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.52
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y4M6D
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
65155000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1686893 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.85
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y2M26D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
40408000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1500000 USD
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
367000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.94
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
990000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
76000 USD
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
15800000 USD
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3885532 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18646571 shares

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