ARQT
Market read
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
Invalidation: The isolated read changes if ARQT's group or a disclosed connection begins moving with it.
Research brief
The latest filing evidence is available. 0 of 1 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 14 directly disclosed connections are confirming.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“Interest Expense Interest expense increased by $1.8 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to fees incurred to maintain the availability of the tranche C-1 and tranche C-2 term loans throug…”10-Q · Aug 5, 2026 ↗
“The increase in product revenue, net, for ZORYVE cream 0.15% was primarily driven by greater patient demand.”10-Q · Aug 5, 2026 ↗
“The increase in product revenue, net, for ZORYVE cream 0.05% was due to its commercial launch in the United States in October 2025.”10-Q · Aug 5, 2026 ↗
Valuation discipline
Price/sales 7.9× · EV/sales 8.1×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for ARQT. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
10-Q filed 2026-08-05 against the comparable filing from 2025-08-06.
Capital and cash conversion
Capital-spending intensity declined while free-cash-flow margin improved.
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
“Research and Development Expenses Six Months Ended June 30, Change 2026 2025 $ % (in thousands) Direct external costs: ARQ-234 program $ 12,305 $ 2,034 $ 10,271 505 % Topical roflumilast program 5,290 4,273 1,017 24 % Other programs 197 2,375 (2,178) (92) % Indirect costs: Compensation and personnel-related 22,411 19,417 2,994 15 % Other 10,779 8,897 1,882 21 % Total research and development expense $ 50,982 $ 36,996 $ 13,986 38 % The increase of $14.0 million in research and development expenses was primarily due to the $10.0 million milestone that became payable to certain former Ducentis stockholders in the first quarter of 2026 upon the dosing of the first patient in the ARQ-234 Phase 1...”
“We expect that any other revenue we generate pursuant to these agreements will fluctuate from period to period as a result of the timing of potential milestone achievements and any potential regulatory approvals within the respective Sato Territory and Huadong Territories.”
“In addition, as a result of the 2024 Partial Prepayment, (i) the maturity date of the Loan Agreement is August 1, 2029 (such date, the Maturity Date), (ii) the applicable per annum interest rate is equal to 5.95% plus the greater of (a) 2.50% per annum and (b) the one-month Secured Overnight Financing Rate (SOFR), (iii) we are no longer subject to certain cost and purchase price restrictions regarding acquisitions, and (iv) we may prepay principal amounts outstanding under the Term Loans in minimum increments of $25.0 million, subject to a prepayment premium of (a) 2.0% for any prepayment made after August 9, 2025 and prior to August 9, 2026 or (b) 1.0% for any prepayment made after August...”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“Contractual Obligations and Contingent Liabilities The following summarizes our significant contractual obligations as of December 31, 2025: Facility Operating Lease We lease a facility in Westlake Village, California under an operating lease that commenced i…”
“For psoriasis, our primary competitors include: • injected biologic therapies such as Skyrizi®, marketed by AbbVie Inc., and Bimzelex®, marketed by UCB, Inc.; • non-injectable systemic therapies used to treat plaque psoriasis such as Otezla, marketed by Amgen…”
Depended on by
“Net unrealized gain for the fiscal year ended December 31, 2025 was primarily due to appreciation in the value of our investments in KBH Topco, LLC, SLR Business Credit, RD Holdco, Inc., Bayside Parent, LLC and Arcutis Biotherapeutics, Inc., among others, par…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 11 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
ARQT is currently a Leader in the organic co-movement group Dermatology Biotech. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for ARQT; it is not active in the latest market snapshot.
Context history
No durable theme membership has been observed for this name yet.