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# Arcutis Doubles Its Stock-Sale Program To $200 Million As Selling Costs Jump 60%
- URL: https://www.bullished.co/arcutis-doubles-its-stock-sale-program-to-200-million-as-selling-costs-jump-60-295dc133/
- Published: 2026-11-04T22:36:40.000Z
- Updated: 2026-11-04T22:36:40.000Z
- Description: The ZORYVE maker says it expects no need for financing, yet its selling expenses are growing faster than its revenue.
- Author: Matteo Parrino
- Tags: SEC Filings, ARQT, Industry: Healthcare

[Arcutis Biotherapeutics](https://www.bullished.co/tag/arqt/), which makes the steroid-free skin treatment ZORYVE, saw selling, general and administrative expenses [rise $37.2 million, or 60%](https://www.sec.gov/Archives/edgar/data/0001787306/000178730626000057/arqt-20260930.htm?ref=bullished.co) in the third quarter from a year earlier, outpacing 45% revenue growth, its 10-Q shows. In November it also raised the capacity of its at-the-market stock-sale program to $200.0 million.

## Costs growing faster than sales

Revenue reached [$143.9 million](https://www.globenewswire.com/news-release/2026/11/04/3395758/0/en/arcutis-announces-third-quarter-2026-financial-results-and-provides-business-update.html?ref=bullished.co) in the quarter, up 45%, while SG&A hit $99.6 million against $62.4 million a year earlier. The company says it expects SG&A to keep rising in future periods.

The "Skin to Believe In" awareness campaign and other marketing, media and celebrity spending explain $16.4 million of the rise. Hiring added $8.6 million, chiefly dermatology sales reps and a new group targeting primary care doctors and pediatricians. Arcutis took over that promotion after ending its agreement with Kowa effective January 23, 2026.

Still, the company posted third-quarter net income of $8.8 million, and nine-month net income of $12.5 million against a $33.5 million loss a year earlier.

## A bigger share-sale shelf

In November, Arcutis amended its sales agreement with TD Cowen, lifting the at-the-market program, which lets a company sell shares gradually into the market, to $200.0 million from $100.0 million. The company has not sold any shares under the 2024 agreement or yet under the new one.

The 10-Q says Arcutis does not anticipate needing financings to support its current planned operations. It held $259.8 million in cash and marketable securities at September 30 and had $100.0 million of principal outstanding on its SLR loan, with a $6.95 million final fee due January 4, 2027.

## Deal talk and what comes next

The filing says Arcutis regularly discusses acquiring or in-licensing products and businesses. Any such deal could require the issuance of equity, new debt or a significant portion of its cash.

The company also owes $9.2 million in interest-free promissory notes to former Ducentis stockholders, payable 12 months after their April 2026 issuance and callable by holders as early as seven months after. Arcutis has a market value of $4.0 billion as of its Wednesday report.

The company said it remains on track to report topline results from its Phase 2 vitiligo trial in the fourth quarter of 2026.

### Sources

- [10-Q Filing — Arcutis Biotherapeutics (ARQT)](https://www.sec.gov/Archives/edgar/data/0001787306/000178730626000057/arqt-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Arcutis Biotherapeutics (ARQT), Q2 FY2026 filed 2026-08-05 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0001787306/000178730626000051/arqt-20260630.htm?ref=bullished.co) — SEC EDGAR
- [8-K Filing — Arcutis Biotherapeutics, filed 2026-10-28 (Items 5.02, 7.01, 9.01)](https://www.sec.gov/Archives/edgar/data/0001787306/000162828026067752/arqt-20261023.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, pressreleaseex991q32026.htm) — Arcutis Biotherapeutics, filed 2026-11-04](https://www.sec.gov/Archives/edgar/data/0001787306/000178730626000056/pressreleaseex991q32026.htm?ref=bullished.co) — SEC EDGAR
- [Earnings To Watch: Arcutis Biotherapeutics Inc (ARQT) Q3 2026 -- GF Value Sees 35% Upside](https://finance.yahoo.com/healthcare/articles/earnings-watch-arcutis-biotherapeutics-inc-123405870.html?ref=bullished.co) — Yahoo Finance
- [Arcutis Announces Third Quarter 2026 Financial Results and](https://www.globenewswire.com/news-release/2026/11/04/3395758/0/en/arcutis-announces-third-quarter-2026-financial-results-and-provides-business-update.html?ref=bullished.co) — globenewswire.com

### More on Arcutis Biotherapeutics

- [Arcutis Seats Former AbbVie Chief Medical Officer Rob Scott On Expanded Eleven-Member Board](https://www.bullished.co/arcutis-seats-former-abbvie-chief-medical-officer-rob-scott-on-expanded-eleven-member-ecc8861d/)

[All Arcutis Biotherapeutics (ARQT) coverage →](https://www.bullished.co/tag/arqt/)