Arcutis has aggressively deleveraged its capital structure, reducing total debt to $13.2M as of 2026Q1, though this is offset by a massive accumulated deficit of approximately $1.1 billion.
| Total Current Assets | 438.06M | 411.23M | 335.82M | 330.43M | 437.41M | 402.77M | 292.83M | 106.47M | 51.1M | 3.82M |
| Cash & Short-Term Investments | 224M | 220.98M | 227.96M | 271.86M | 409.59M | 388.6M | 284.44M | 101.27M | 50.94M | 3.42M |
| Cash Only | 34.76M | 42.91M | 71.33M | 88.4M | 53.64M | 97.99M | 65.08M | 63.34M | 39.39M | 3.42M |
| Short-Term Investments | 189.24M | 178.07M | 156.62M | 183.46M | 355.95M | 290.61M | 219.36M | 37.93M | 11.55M | 0 |
| Accounts Receivable | 144.38M | 146.23M | 73.07M | 25.81M | 8.46M | 362K | 510K | 0 | 0 | 0 |
| Days Sales Outstanding | 112.5 | 141.92 | 135.69 | 158.03 | 837.54 | - | - | - | - | - |
| Inventory | 37.39M | 22.63M | 14.53M | 13.13M | 7.51M | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 239.38 | 225.14 | 277.18 | 961.28 | 3.64K | - | - | - | - | - |
| Other Current Assets | 32.29M | 21.39M | 8.82M | 9.53M | 4.46M | 7.66M | 1.54M | 1.89M | 0 | 0 |
| Total Non-Current Assets | 21.95M | 21.74M | 13.07M | 10.93M | 11.87M | 5.38M | 5.44M | 538K | 0 | 0 |
| Property, Plant & Equipment | 5.4M | 5.51M | 2.99M | 3.9M | 4.6M | 5.3M | 5.37M | 491K | 0 | 0 |
| Fixed Asset Turnover | 83.90x | 68.25x | 65.65x | 15.28x | 0.80x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 14.25M | 14.81M | 9.48M | 6.44M | 7.19M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.3M | 1.42M | 596K | 596K | 78K | 78K | 78K | 47K | 0 | 0 |
| Total Assets | 460M | 432.97M | 348.89M | 341.37M | 449.27M | 408.15M | 298.27M | 107.01M | 51.1M | 3.82M |
| Asset Turnover | 1.03x | 0.87x | 0.56x | 0.17x | 0.01x | - | - | - | - | - |
| Asset Growth % | 21.85% | 24.1% | 2.2% | -24.02% | 10.08% | 36.84% | 178.72% | 109.42% | 1237.99% | - |
| Total Current Liabilities | 163.2M | 129.84M | 81.01M | 46.67M | 37.81M | 33.33M | 22.6M | 5.24M | 2.67M | 692K |
| Accounts Payable | 18.3M | 12.53M | 14.22M | 11.99M | 8.83M | 7.35M | 7.14M | 1.41M | 1.8M | 537K |
| Days Payables Outstanding | 125.31 | 124.61 | 271.35 | 877.7 | 4.27K | 3.52K | 5.73K | 2.63K | - | - |
| Short-Term Debt | 7.95M | 1M | 0 | 0 | 657K | 433K | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 136.96M | 116.31M | 20.75M | 19.07M | 13.67M | 16.41M | 176K | 225K | 116K | 0 |
| Current Ratio | 2.68x | 3.17x | 4.15x | 7.08x | 11.57x | 12.09x | 12.96x | 20.33x | 19.12x | 5.52x |
| Quick Ratio | 2.46x | 2.99x | 3.97x | 6.80x | 11.37x | 12.09x | 12.96x | 20.33x | 19.12x | 5.52x |
| Cash Conversion Cycle | 226.58 | 242.45 | 141.53 | 241.61 | 201.94 | - | - | - | - | - |
| Total Non-Current Liabilities | 107.15M | 113.66M | 110.33M | 206.03M | 201.89M | 77.15M | 5.05M | 313K | 72.41M | 8.12M |
| Long-Term Debt | 5.25M | 5.27M | 107.2M | 201.8M | 197.77M | 72.35M | 0 | 0 | 0 | 966K |
| Capital Lease Obligations | 7.39M | 0 | 2.56M | 3.38M | 4.12M | 4.77M | 4.96M | 129K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 101.9M | 108.39M | 570K | 849K | 0 | 25K | 82K | 184K | 72.41M | 7.15M |
| Total Liabilities | 270.36M | 243.49M | 191.35M | 252.7M | 239.69M | 110.47M | 27.65M | 5.55M | 75.08M | 8.81M |
| Total Debt | 13.2M | 6.27M | 110.58M | 205.92M | 202.54M | 77.56M | 4.96M | 307K | 0 | 966K |
| Net Debt | -21.56M | -36.64M | 39.25M | 117.52M | 148.9M | -20.43M | -60.12M | -63.03M | -39.39M | -2.45M |
| Debt / Equity | 0.07x | 0.03x | 0.70x | 2.32x | 0.97x | 0.26x | 0.02x | 0.00x | - | - |
| Debt / EBITDA | 2.36x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -3.85x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 2.08x | -0.24x | -4.13x | -7.72x | -18.90x | - | - | - | - | - |
| Total Equity | 189.65M | 189.48M | 157.54M | 88.67M | 209.58M | 297.68M | 270.62M | 101.46M | -23.99M | -4.99M |
| Equity Growth % | 28.67% | 20.27% | 77.68% | -57.69% | -29.59% | 10% | 166.72% | 522.99% | -380.41% | - |
| Book Value per Share | 1.47 | 1.49 | 1.30 | 1.28 | 3.81 | 6.03 | 7.59 | 2.66 | -0.66 | -4.73 |
| Total Shareholders' Equity | 189.65M | 189.48M | 157.54M | 88.67M | 209.58M | 297.68M | 270.62M | 101.46M | -23.99M | -4.99M |
| Common Stock | 12K | 12K | 12K | 9K | 6K | 5K | 4K | 0 | 0 | 0 |
| Retained Earnings | -1.15B | -1.14B | -1.12B | -981.9M | -719.76M | -408.31M | -201.95M | -66.27M | -24.28M | -5.02M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -514K | -44K | -7K | 4K | -1.09M | -255K | -2K | -1K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in financial statements, Arcutis has seen its equity base fluctuate significantly, dropping from a peak of $224.9M in 2024Q1 to $189.6M in 2026Q1, reflecting the ongoing challenge of sustaining commercial operations while managing a substantial accumulated deficit of approximately $1.1 billion.
The trajectory of the balance sheet suggests a company struggling to transition from a development-stage entity to a self-sustaining commercial enterprise. Investors should monitor the persistent erosion of retained earnings, which indicates that the current revenue scale is insufficient to offset the high fixed costs of the dermatology sales force.
Based on the company's reported figures, total debt has been aggressively reduced from $205.9M in 2023Q4 to just $13.2M by 2026Q1, signaling a deliberate effort to clean up the balance sheet despite the underlying pressure on cash reserves and ongoing operational losses.
While the reduction in debt improves the D/E ratio to a manageable 0.07, it appears to have been achieved at the cost of depleting cash reserves. This shift suggests that management is prioritizing solvency over liquidity, which may leave the firm with limited flexibility should commercial adoption of ZORYVE face further headwinds.
According to recent SEC filings, Arcutis's cash and equivalents have dwindled to $34.8M as of 2026Q1, a sharp decline from the $190.7M reported in 2024Q1, which raises significant questions regarding the company's ability to fund its commercial infrastructure without seeking additional external capital.
The current ratio of 2.68 provides a superficial sense of security, but the absolute cash balance is concerning given the company's history of high quarterly burn rates. This liquidity profile suggests that the firm may be forced into dilutive equity financing if prescription growth does not accelerate rapidly enough to reach cash-flow neutrality.
Data from the balance sheet reveals an accumulated deficit of $1.1 billion, which, as noted in financial disclosures, serves as a stark reminder of the massive capital investment required to bring roflumilast to market and the long road ahead to achieving genuine shareholder value creation.
The headline equity figures are heavily distorted by this massive deficit, which effectively renders the book value of equity a poor indicator of the company's true economic worth. Investors should be wary that the balance sheet is essentially a reflection of past R&D spending rather than a repository of tangible assets that could support the company in a downturn.
Quick answers to the most common questions about buying ARQT stock.
As of 2025, Arcutis Biotherapeutics, Inc. (ARQT) had total assets of $433.0M including $411.2M in current assets.
Arcutis Biotherapeutics, Inc. (ARQT) carries total debt of $6.3M, offset by $221.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Arcutis Biotherapeutics, Inc. (ARQT) has total shareholders' equity (book value) of $189.5M ($1.49 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Arcutis Biotherapeutics, Inc. (ARQT) reported a current ratio of 3.17x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.