ARQT Arcutis Biotherapeutics, Inc. Insider Trading

Matsuda Masaru sells 40,638 shares for $1,027,292.65 at ARQT; stock -13.6% in 30 days

Matsuda Masaru executed 4 separate sales totaling 40,638 shares for $1,027,292.65 on 2026-02-02, reducing his holdings by 27.0% from 150,641 to 110,003 shares. The sales occurred at prices ranging from $24.97 to $25.63 (blended average $25.28), slightly below the current price of $26.08 but ahead of the 30-day decline of -13.6%. His prior two buys at ARQT (2024-11-30 and 2024-05-31) both delivered strong 90-day returns of +99.8% and +550.1%, establishing a pattern of favorable entry timing at this ticker. The current sale coincides with a stock price that remains -16.4% from its 52-week high, despite the company's recent quarterly revenue of $99,219,000 and positive net income of $7,410,000, though full-year results remain unprofitable. This substantial reduction in position while the stock faces downward momentum warrants monitoring of underlying business catalysts and forward guidance.

Arcutis CFO Todd Watanabe sells 50,000 shares ($1.5M) across two transactions near 52-week high; mixed signal after strong 90-day rally of +94.3%

Watanabe sold 50,000 shares (50.0K shares) totaling $1,517,404.84 at a blended average price of $30.35, reducing his stake from 790.5K to 740.5K shares. The sales occurred as ARQT stock reached its 52-week high of $30.76, following a sharp 90-day rally of +94.3% and 30-day surge of +53.0%. While Watanabe's prior trades at ARQT showed consistent 90-day success (3 of 3 prior trades well-timed), his cross-ticker track record shows strong execution (100% win rate, avg 90d return +226.6%), so the timing signal here is ambiguous—the stock is at a valuation peak, but the company is now profitable on a quarterly basis with revenue of $99.2M and net income of $7.4M, having posted +229.7% annual revenue growth. The sale size represents 6.3% of pre-transaction holdings and occurs against a backdrop where the 52-week range is $10.09–$30.76, meaning current levels are neither distressed nor cheap. Investors should note this reflects a near-full-cycle liquidity event at an extreme valuation point, distinct from a conviction signal in either direction.

Watanabe Todd sold 40,000 shares of ARQT at $25.03 on 2025-10-28 (total $1.0M); stock has gained 32.2% in 30d, 74.4% in 90d from prior lows.

Watanabe Todd sold 40,000 shares (4.7% of his pre-transaction holdings) at $25.03, near the 52-week high of $25.29, as ARQT has surged 32.2% over the past 30 days and 74.4% over 90 days. His prior three purchases at ARQT all delivered substantial positive 90-day returns (up 49.4%, 92.6%, and 550.1%), establishing a pattern of well-timed entry points at this ticker. This sale occurs after an exceptional run-up from depressed levels ($8.31 52-week low) and comes as the company achieved profitability in the latest quarter ($7.4M net income) despite being unprofitable on a full-year basis, with annual revenue growth of 229.7%. The sale reduces his position from 846.4K to 806.4K shares while maintaining significant holdings, signaling a tactical reduction after substantial appreciation rather than a full exit.

Director Patrick J Heron bought 2,646 shares of ARQT at $13.08; stock down 23.3% from 52-week high; 4 prior buys in 8 trading days

Patrick J Heron, a Director, purchased 2,646 shares at $13.08 on 2025-06-13, bringing his holdings to 27,448 shares and representing a 10.7% increase in his position. This transaction is noteworthy because it is the fifth open-market purchase by Heron in an 8-trading-day window (buys on 2025-05-15, 2025-05-21, 2025-05-22, 2025-06-04, and 2025-06-05), totaling accumulation during a period when the stock has declined 6.0% over 30 days and 20.1% over 90 days, now trading 23.3% below its 52-week high of $17.29. While Heron's cross-ticker track record shows a 75.00% win rate over 20 prior buys, his same-ticker history at ARQT reveals mixed near-term outcomes: one measurable buy (2025-05-15) posted a -1.4% 30-day return. The repeated purchases during a downtrend, combined with the company's unprofitable status (latest full-year net income: $-25,060,000.00 on revenue of $65,846,000.00) and current valuation relative to recent price action, warrant attention to whether the timing and concentration of these acquisitions align with a fundamental thesis or represent standard portfolio management.

Director Heron Patrick J bought 2,268 shares at $13.34 avg (2 purchases June 4-5), increasing stake to 24,802 shares (+10.1%)

Director Heron Patrick J completed 2 separate purchases totaling 2,268 shares for $30,246.73 at a blended average price of $13.34 on June 4-5, 2025, increasing his post-transaction holdings to 24,802 shares. The stock is currently trading at $14.37, approximately 7.7% above his entry price. His prior 5 trades at ARQT (May 13-22) occurred in an even more compressed timeframe and outcomes are not yet measurable, making it unclear whether this latest purchase reflects conviction about near-term catalysts or represents part of a broader accumulation pattern. The company generated $65.8M in quarterly revenue with significant annual growth of +229.7%, but remains unprofitable with a net loss of $25.1M most recent quarter, leaving fundamental momentum uncertain despite revenue expansion.

Director Patrick J Heron bought 5,040 shares at avg $13.66 (May 21-22), increasing holdings 28.8% to 22,534 shares.

Director Patrick J Heron executed 2 purchases totaling 5,040 shares for $68,821.20 on consecutive days (May 21-22) at $13.66 average price, increasing his position from 17,494 to 22,534 shares. The transaction occurred at $13.66 per share, below the current price of $13.98 and substantially below the 52-week high of $17.29. His prior same-ticker trades at ARQT (5 previous buys) occurred in rapid succession immediately before this filing (May 9, 13, 14, 15), suggesting a sustained period of accumulation. His cross-ticker track record shows 66.67% 90-day win rate with +5.0% average 90-day return, though only 1 of his prior ARQT trades has a measurable 90-day outcome (-12.0% on the March 2024 purchase), indicating limited predictive value at this specific ticker. The company remains unprofitable (net income: $-25.1M in latest quarter) despite strong revenue growth of +229.7% annually, presenting a higher-risk growth-stage asset where insider accumulation warrants observation of whether near-term fundamentals or cash runway concerns drive the sustained buying pattern.

Director Heron Patrick J buys 2,520 shares of ARQT at $13.62; aggressive accumulation after 3 prior purchases in 5 days.

Director Heron Patrick J executed his fourth purchase of ARQT in five calendar days (2025-05-09 through 2025-05-15), buying 2,520 shares at $13.62 and bringing his post-transaction holdings to 17,494 shares (+16.8% net change). This clustering of buys within a narrow window stands out against his cross-ticker track record, where 20 prior buys averaged a -0.8% return in the 30-day window following purchase. At the same ticker, his only measurable prior trade (2024-03-04) yielded a -12.0% return after 90 days, indicating no pattern of well-timed entries at this company. Arcutis is unprofitable (net income of $-25,060,000.00 in its most recent full fiscal year) but grew revenue +229.7% year-over-year, and the stock has risen +17.0% over 90 days from the earliest of these purchases. The director's willingness to accumulate repeatedly through a near-term window despite unfavorable historical timing outcomes at this ticker warrants close tracking of motivation and competitive positioning.

Director Patrick J Heron bought 8,674 shares at $13.76 (2 transactions, $119.4K), raising stake 137.7% to 15.0K shares.

Patrick J Heron, a director at Arcutis Biotherapeutics, executed 2 separate purchases totaling 8,674 shares for $119,351.93 at $13.76 per share on 2025-05-13 and 2025-05-14, growing his holdings from 6,300 to 14,974 shares—a 137.7% increase in position size. The stock currently trades at $13.63, near the transaction price, and sits 21.2% below its 52-week high of $17.29. Arcutis is an unprofitable biotech company with revenue of $65,846,000.00 (latest quarter) and a net loss of $25,060,000.00, though it showed strong annual revenue growth of +229.7%. Heron's cross-ticker trading history shows 20 prior open-market buys with a 75.00% 90-day win rate and average 90-day return of +5.5%, but his prior trades at Arcutis have been less predictive: his single measurable prior buy at this ticker on 2024-03-04 returned -12.0% over 90 days. The timing of this large open-market accumulation near recent highs and the company's ongoing unprofitability warrant monitoring of how this fundamental backdrop develops.

Director Patrick J Heron buys 6,300 shares of ARQT at $13.60; entry at -20.1% from 52-week high, stock up 9.8% in 30 days.

Patrick J Heron, a director, purchased 6,300 shares at $13.60 on 2025-05-09, establishing a new position in Arcutis. The purchase came after the stock had declined significantly from its 52-week high of $17.29, with the stock now at $13.82 (a -20.1% pullback from peak). Notably, this director's cross-ticker track record shows 20 prior buys with a 77.78% win rate over 90 days (avg 90d return +7.2%), though his prior ARQT buy in March 2024 returned -12.0% at the 90-day mark. The company is unprofitable (net income $-25.1M in latest quarter) but growing rapidly (annual revenue growth +229.7%), creating a mix of execution risk and top-line momentum that warrants investor attention to both the insider's conviction and the underlying business fundamentals.

Watanabe Franklin buys 6,038 shares at blended $3.52 across 2 transactions; cluster pattern with 2 other insiders buying within 14 days

Watanabe Franklin executed 2 separate purchases totaling 6,038 shares for $21,250.03 at a blended average price of $3.52, raising his holdings from 832,392 to 838,430 shares. The stock currently trades at $12.27, up 41.5% over 30 days and 17.3% over 90 days from the transaction dates. His prior open-market buy at ARQT on 2023-05-31 also preceded gains (30d +49.4%, 90d +37.0%), establishing a pattern of well-timed entry points at this ticker. Critically, this filing is part of a cluster in which 2 other insiders also bought within the past 14 days, suggesting coordinated confidence among the management team despite the company's current unprofitability (net income $-41.5M) and reliance on revenue momentum (FY growth of +1517.1%).