$ARQT
Arcutis Biotherapeutics Inc

2021 Q4 Form 10-Q Financial Statement

#000178730621000030 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.73M $16.47M $5.560M
YoY Change 179.94% 196.29% 141.74%
% of Gross Profit
Research & Development $52.56M $40.60M $32.74M
YoY Change 92.03% 24.01% 165.17%
% of Gross Profit
Depreciation & Amortization $136.0K $116.0K $30.00K
YoY Change 353.33% 286.67% 200.0%
% of Gross Profit
Operating Expenses $71.29M $57.08M $38.30M
YoY Change 109.27% 49.02% 161.49%
Operating Profit -$57.08M -$38.30M
YoY Change 49.02% 161.49%
Interest Expense $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$40.00K $98.00K $99.00K
YoY Change -366.67% -1.01% -41.07%
Pretax Income -$71.33M -$56.98M -$38.20M
YoY Change 109.47% 49.16% 163.81%
Income Tax
% Of Pretax Income
Net Earnings -$71.33M -$56.98M -$38.20M
YoY Change 109.48% 49.15% 163.84%
Net Earnings / Revenue
Basic Earnings Per Share -$1.14 -$1.01
Diluted Earnings Per Share -$1.420M -$1.14 -$1.01
COMMON SHARES
Basic Shares Outstanding 50.30M shares 50.10M shares 37.75M shares
Diluted Shares Outstanding 50.10M shares 37.75M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $387.1M $367.3M $189.7M
YoY Change 36.08% 93.59% 652.83%
Cash & Equivalents $96.45M $51.78M $45.71M
Short-Term Investments $290.6M $315.5M $144.0M
Other Short-Term Assets $15.35M $14.14M $3.900M
YoY Change 96.82% 262.51% 50.0%
Inventory $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $402.8M $381.8M $194.1M
YoY Change 37.55% 96.67% 598.28%
LONG-TERM ASSETS
Property, Plant & Equipment $2.261M $2.045M $322.0K
YoY Change 12.15% 535.09% -35.6%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $78.00K $78.00K $78.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $5.379M $5.238M $3.892M
YoY Change -1.18% 34.58% 678.4%
TOTAL ASSETS
Total Short-Term Assets $402.8M $381.8M $194.1M
Total Long-Term Assets $5.379M $5.238M $3.892M
Total Assets $408.2M $387.0M $198.0M
YoY Change 36.84% 95.45% 599.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.353M $4.871M $5.039M
YoY Change 2.98% -3.33% 57.47%
Accrued Expenses $25.54M $13.88M $16.08M
YoY Change 65.18% -13.69% 197.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.33M $19.06M $21.15M
YoY Change 47.45% -9.91% 145.98%
LONG-TERM LIABILITIES
Long-Term Debt $72.35M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.00K $31.00K $113.0K
YoY Change -69.51% -72.57% -71.75%
Total Long-Term Liabilities $72.38M $31.00K $113.0K
YoY Change 88162.2% -72.57% -71.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.33M $19.06M $21.15M
Total Long-Term Liabilities $72.38M $31.00K $113.0K
Total Liabilities $110.5M $24.01M $24.94M
YoY Change 299.58% -3.72% 177.13%
SHAREHOLDERS EQUITY
Retained Earnings -$408.3M -$337.0M -$167.9M
YoY Change 102.13% 100.71%
Common Stock $5.000K $5.000K $4.000K
YoY Change 25.0% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $297.7M $363.0M $173.1M
YoY Change
Total Liabilities & Shareholders Equity $408.2M $387.0M $198.0M
YoY Change 36.84% 95.45% 599.69%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$71.33M -$56.98M -$38.20M
YoY Change 109.48% 49.15% 163.84%
Depreciation, Depletion And Amortization $136.0K $116.0K $30.00K
YoY Change 353.33% 286.67% 200.0%
Cash From Operating Activities -$51.71M -$40.88M -$33.69M
YoY Change 58.76% 21.35% 214.27%
INVESTING ACTIVITIES
Capital Expenditures -$261.0K -$137.0K -$110.0K
YoY Change 74.0% 24.55%
Acquisitions
YoY Change
Other Investing Activities $23.76M $3.608M -$91.60M
YoY Change -131.37% -103.94% -534.12%
Cash From Investing Activities $23.50M $3.471M -$91.71M
YoY Change -130.96% -103.78% -534.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 72.88M 63.00K -430.0K
YoY Change -43.67% -114.65% 2050.0%
NET CHANGE
Cash From Operating Activities -51.71M -40.88M -33.69M
Cash From Investing Activities 23.50M 3.471M -91.71M
Cash From Financing Activities 72.88M 63.00K -430.0K
Net Change In Cash 44.67M -37.35M -125.8M
YoY Change 113.53% -70.32% -1315.75%
FREE CASH FLOW
Cash From Operating Activities -$51.71M -$40.88M -$33.69M
Capital Expenditures -$261.0K -$137.0K -$110.0K
Free Cash Flow -$51.45M -$40.75M -$33.58M
YoY Change 58.69% 21.34% 213.25%

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CY2021Q2 arqt Stock Issued During Period Lapse Of Repurchase Rights Pursuant To Early Stock Exercises
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4340000 USD
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CY2021Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
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us-gaap Depreciation
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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307000 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accrued Liabilities
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arqt Increase Decrease In Operating Lease Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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us-gaap Payments Of Financing Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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ReductionInRightOfUseAssetUponReassessmentOfLeaseTerm
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arqt Reduction In Right Of Use Asset Upon Reassessment Of Lease Term
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CY2020Q4 arqt Cash And Cash Equivalents Restricted Cash And Cash Equivalents And Short Term Investments
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us-gaap Use Of Estimates
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<div style="margin-top:8pt;text-indent:36pt"><span style="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="margin-top:8pt;text-indent:36pt"><span style="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>
us-gaap Number Of Operating Segments
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us-gaap Concentration Risk Credit Risk
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<div style="margin-top:8pt;text-indent:36pt"><span style="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="margin-top:8pt;text-indent:36pt"><span style="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, cash equivalents, and marketable securities. 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 condensed balance sheets.</span></div><div style="margin-top:8pt;text-indent:36pt"><span style="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>
us-gaap Tangible Asset Impairment Charges
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us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
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us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CashAndCashEquivalentsAtCarryingValue
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CY2021Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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us-gaap Debt Securities Available For Sale Realized Gain Loss
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us-gaap Debt Securities Available For Sale Realized Gain Loss
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CY2020Q3 us-gaap Debt Securities Available For Sale Realized Gain Loss
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us-gaap Marketable Securities Unrealized Gain Loss
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CY2021Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2021Q3 arqt Prepaid Clinical Trial Test Costs Current
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CY2020Q4 us-gaap Prepaid Insurance
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CY2021Q3 us-gaap Tax Credit Carryforward Amount
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CY2020Q4 us-gaap Tax Credit Carryforward Amount
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CY2021Q3 us-gaap Other Prepaid Expense Current
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CY2021Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q3 arqt Clinical Trial Accrual Current
ClinicalTrialAccrualCurrent
4076000 USD
CY2020Q4 arqt Clinical Trial Accrual Current
ClinicalTrialAccrualCurrent
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CY2021Q3 us-gaap Deferred Compensation Share Based Arrangements Liability Current
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CY2020Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
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CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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78000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
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CY2020Q4 us-gaap Property Plant And Equipment Net
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CY2021Q3 us-gaap Depreciation
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us-gaap Depreciation
Depreciation
318000 USD
CY2020Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q3 arqt Lessee Operating Lease Liability To Be Paid After Year Four
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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1443000 USD
CY2021Q3 us-gaap Operating Lease Liability
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5230000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
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CY2021Q3 us-gaap Operating Lease Liability Noncurrent
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CY2021Q3 us-gaap Operating Lease Liability
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us-gaap Operating Lease Expense
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CY2020Q3 us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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CY2021Q3 arqt Common Stock Voting Rights Number Of Votes Per Share
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us-gaap Operating Lease Expense
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us-gaap Variable Lease Cost
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y9M18D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2021Q3 us-gaap Purchase Obligation Due In Next Twelve Months
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CY2021Q3 us-gaap Dividends Payable Current And Noncurrent
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CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2020Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
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CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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CY2021Q3 us-gaap Preferred Stock Shares Outstanding
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.09
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M10D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
59274000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2490171 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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28.04
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.33
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
199416 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
22.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
27660 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
28.42
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5715147 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M25D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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44093000 USD
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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2363828 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y7M28D
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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34790000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4800000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
11700000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
19.48
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5363000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2261000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18206000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5300000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6207572 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4202052 shares

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