Arcutis Biotherapeutics, Inc. (ARQT) Balance Sheet
ARQT balance sheet, 2025
December 31, 2025 · U.S. dollars$433.0M assets = $243.5M liabilities + $189.5M equity
Both columns are drawn to the same scale: what ARQT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ARQT financial health
Descriptive bands, not a rating. Fiscal 2025.
ARQT balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $3.8M2017 | $433.0M2025 | +80.6%/yr | |
| Total liabilities | $8.8M2017 | $243.5M2025 | +51.4%/yr | |
| Shareholders’ equity | −$5.0M2017 | $189.5M2025 | — | |
| Cash & short-term investments | $3.4M2017 | $221.0M2025 | +68.4%/yr | |
| Total debt | $966,0002017 | $6.3M2025 | +26.3%/yr | |
| Net cash (debt) | $2.5M2017 | $214.7M2025 | +$212.3M | |
| Working capital | $3.1M2017 | $281.4M2025 | +$278.3M | |
| Book value per share | −$0.662018 | $1.492025 | — | |
| Current ratio | 5.522017 | 3.172025 | −2.35 | |
| Debt / equity | 0.002019 | 0.032025 | +0.03 | |
| Shares outstanding | 36.2M2018 | 127.2M2025 | +19.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ARQT assets
ARQT liabilities and equity
ARQT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ARQT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $221.0M | $228.0M | $271.9M | $409.6M | $388.6M | $284.4M | $101.3M | $50.9M | $3.4M |
| Cash & equivalents | $42.9M | $71.3M | $88.4M | $53.6M | $98.0M | $65.1M | $63.3M | $39.4M | $3.4M |
| Short-term investments | $178.1M | $156.6M | $183.5M | $355.9M | $290.6M | $219.4M | $37.9M | $11.5M | $0 |
| Receivables | $146.2M | $73.1M | $25.8M | $8.5M | $362,000 | $510,000 | $145,000 | $0 | $0 |
| Inventory | $22.6M | $14.5M | $13.1M | $7.5M | $1.2M | −$510,000 | $0 | $0 | $0 |
| Other current assets | $21.4M | $20.3M | $19.6M | $11.8M | $12.6M | $8.4M | $5.1M | $158,000 | $401,000 |
| Total current assets | $411.2M | $335.8M | $330.4M | $437.4M | $402.8M | $292.8M | $106.5M | $51.1M | $3.8M |
| Property, plant & equipment (net) | $5.5M | $3.0M | $3.9M | $4.6M | $5.3M | $5.4M | $491,000 | $0 | $0 |
| Goodwill & intangible assets | $14.8M | $9.5M | $6.4M | $7.2M | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.4M | $596,000 | $596,000 | $78,000 | $78,000 | $78,000 | $47,000 | $0 | $0 |
| Total assets | $433.0M | $348.9M | $341.4M | $449.3M | $408.2M | $298.3M | $107.0M | $51.1M | $3.8M |
| Liabilities | |||||||||
| Accounts payable | $12.5M | $14.2M | $12.0M | $8.8M | $7.4M | $7.1M | $1.4M | $1.8M | $537,000 |
| Short-term debt | $1.0M | $820,000 | $735,000 | $657,000 | $433,000 | — | $178,000 | — | — |
| Total current liabilities | $129.8M | $81.0M | $46.7M | $37.8M | $33.3M | $22.6M | $5.2M | $2.7M | $692,000 |
| Long-term debt | $108.0M | $107.2M | $201.8M | $197.8M | $72.3M | $0 | $0 | $0 | $966,000 |
| Lease obligations | $5.3M | $3.4M | $4.1M | $4.8M | $5.2M | $5.0M | $307,000 | — | — |
| Other long-term liabilities | $5.7M | $3.1M | $4.2M | $4.1M | $4.8M | $5.0M | $313,000 | $72.4M | $7.2M |
| Total liabilities | $243.5M | $191.3M | $252.7M | $239.7M | $110.5M | $27.6M | $5.5M | $75.1M | $8.8M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $12,000 | $12,000 | $9,000 | $6,000 | $5,000 | $4,000 | −$166.5M | — | — |
| Retained earnings (deficit) | −$1.14B | −$1.12B | −$981.9M | −$719.8M | −$408.3M | −$201.9M | −$66.3M | −$24.3M | −$5.0M |
| Accumulated other comprehensive income | −$44,000 | −$7,000 | $4,000 | −$1.1M | −$255,000 | −$2,000 | −$1,000 | — | — |
| Total shareholders' equity | $189.5M | $157.5M | $88.7M | $209.6M | $297.7M | $270.6M | $101.5M | −$24.0M | −$5.0M |
| Key figures | |||||||||
| Total debt | $6.3M | $110.6M | $205.9M | $202.5M | $77.6M | $5.0M | $307,000 | — | $966,000 |
| Net cash (debt) | $214.7M | $117.4M | $65.9M | $207.0M | $311.0M | $279.5M | $101.0M | — | $2.5M |
| Working capital | $281.4M | $254.8M | $283.8M | $399.6M | $369.4M | $270.2M | $101.2M | $48.4M | $3.1M |
| Tangible book value | $174.7M | $148.1M | $82.2M | $202.4M | $297.7M | $270.6M | $101.5M | −$24.0M | −$5.0M |
| Book value per share | $1.49 | $1.30 | $1.28 | $3.81 | $6.03 | $7.59 | $2.66 | −$0.66 | — |
| Shares outstanding | 127.2M | 121.0M | 69.3M | 55.0M | 49.4M | 35.7M | 38.1M | 36.2M | — |
| Current ratio | 3.17 | 4.15 | 7.08 | 11.57 | 12.09 | 12.96 | 20.33 | 19.12 | 5.52 |
| Quick ratio | 2.83 | 3.72 | 6.38 | 11.06 | 11.67 | 12.61 | 19.36 | 19.06 | 4.94 |
| Debt / equity | 0.03 | 0.70 | 2.32 | 0.97 | 0.26 | 0.02 | 0.00 | — | — |
| Equity / assets | 43.8% | 45.2% | 26.0% | 46.6% | 72.9% | 90.7% | 94.8% | −46.9% | −130.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $238.6M | $224.0M | $221.0M | $191.1M | $191.1M | $198.1M | $228.0M | $330.6M | $363.1M | $404.5M | $271.9M | $227.1M |
| Cash & equivalents | $34.1M | $34.8M | $42.9M | $47.1M | $73.0M | $53.1M | $71.3M | $134.9M | $84.9M | $190.7M | $88.4M | $107.5M |
| Short-term investments | $204.4M | $189.2M | $178.1M | $143.9M | $118.1M | $145.0M | $156.6M | $195.7M | $278.2M | $213.8M | $183.5M | $119.6M |
| Receivables | $155.2M | $144.4M | $146.2M | $115.1M | $106.7M | $85.4M | $73.1M | $60.1M | $43.4M | $37.2M | $25.8M | $19.4M |
| Inventory | $38.9M | $37.4M | $22.6M | $22.4M | $16.3M | $16.6M | $14.5M | $14.0M | $13.9M | $13.2M | $13.1M | $13.9M |
| Other current assets | $35.1M | $32.3M | $21.4M | $20.6M | $18.6M | $23.6M | $20.3M | $19.0M | $14.2M | $13.2M | $19.6M | $21.1M |
| Total current assets | $467.7M | $438.1M | $411.2M | $349.2M | $332.8M | $323.7M | $335.8M | $423.7M | $434.6M | $468.1M | $330.4M | $281.5M |
| Property, plant & equipment (net) | $5.1M | $5.4M | $5.5M | $5.8M | $3.1M | $3.3M | $3.0M | $3.2M | $3.5M | $3.6M | $3.9M | $4.2M |
| Goodwill & intangible assets | $13.7M | $14.2M | $14.8M | $15.4M | $15.9M | $16.5M | $9.5M | $9.8M | $6.1M | $6.2M | $6.4M | $6.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $2.1M | $2.3M | $1.4M | $596,000 | $596,000 | $596,000 | $596,000 | $596,000 | $595,000 | $596,000 | $596,000 | $596,000 |
| Total assets | $488.5M | $460.0M | $433.0M | $371.0M | $352.4M | $344.1M | $348.9M | $437.4M | $444.8M | $478.5M | $341.4M | $293.0M |
| Liabilities | ||||||||||||
| Accounts payable | $6.6M | $18.3M | $12.5M | $5.8M | $15.1M | $24.5M | $14.2M | $19.3M | $7.9M | $13.0M | $12.0M | $13.2M |
| Short-term debt | $7.0M | $8.0M | $1.0M | $1.0M | $1.0M | $842,000 | $820,000 | $100.3M | $777,000 | $756,000 | $735,000 | $715,000 |
| Total current liabilities | $160.3M | $163.2M | $129.8M | $99.8M | $103.9M | $91.1M | $81.0M | $172.4M | $51.4M | $47.3M | $46.7M | $41.9M |
| Long-term debt | $102.0M | $101.5M | $108.0M | $107.5M | $107.0M | $107.6M | $107.2M | $105.1M | $203.8M | $202.8M | $201.8M | $200.8M |
| Lease obligations | $5.2M | $5.3M | $5.3M | $5.3M | $2.1M | $3.2M | $3.4M | $3.6M | $3.8M | $3.9M | $4.1M | $4.3M |
| Other long-term liabilities | $5.7M | $5.7M | $5.7M | $5.6M | $2.5M | $2.7M | $3.1M | $3.2M | $3.2M | $3.5M | $4.2M | $3.6M |
| Total liabilities | $268.0M | $270.4M | $243.5M | $212.9M | $213.5M | $201.4M | $191.3M | $280.7M | $258.3M | $253.6M | $252.7M | $246.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $9,000 | $6,000 |
| Retained earnings (deficit) | −$1.13B | −$1.15B | −$1.14B | −$1.16B | −$1.16B | −$1.15B | −$1.12B | −$1.11B | −$1.07B | −$1.02B | −$981.9M | −$915.6M |
| Accumulated other comprehensive income | −$656,000 | −$514,000 | −$44,000 | −$62,000 | −$35,000 | −$140,000 | −$7,000 | $533,000 | −$294,000 | −$133,000 | $4,000 | −$184,000 |
| Total shareholders' equity | $220.6M | $189.6M | $189.5M | $158.1M | $139.0M | $142.7M | $157.5M | $156.6M | $186.4M | $224.9M | $88.7M | $46.7M |
| Key figures | ||||||||||||
| Total debt | $114.1M | $114.7M | $6.3M | $113.8M | $110.2M | $110.8M | $110.6M | $208.2M | $207.6M | $206.7M | $205.9M | $205.1M |
| Net cash (debt) | $124.4M | $109.3M | $214.7M | $77.3M | $81.0M | $87.3M | $117.4M | $122.4M | $155.5M | $197.7M | $65.9M | $22.0M |
| Working capital | $307.3M | $274.9M | $281.4M | $249.5M | $228.8M | $232.5M | $254.8M | $251.3M | $383.2M | $420.8M | $283.8M | $239.7M |
| Tangible book value | $206.9M | $175.4M | $174.7M | $142.7M | $123.0M | $126.2M | $148.1M | $146.8M | $180.4M | $218.7M | $82.2M | $40.1M |
| Book value per share | $1.62 | $1.47 | $1.40 | $1.19 | $1.09 | $1.13 | $1.30 | $1.26 | $1.51 | $2.03 | $0.96 | $0.76 |
| Shares outstanding | 135.9M | 129.4M | 135.6M | 132.9M | 127.0M | 126.0M | 121.0M | 124.3M | 123.5M | 111.0M | 92.6M | 61.7M |
| Current ratio | 2.92 | 2.68 | 3.17 | 3.50 | 3.20 | 3.55 | 4.15 | 2.46 | 8.46 | 9.89 | 7.08 | 6.72 |
| Quick ratio | 2.46 | 2.26 | 2.83 | 3.07 | 2.87 | 3.11 | 3.72 | 2.27 | 7.92 | 9.34 | 6.38 | 5.89 |
| Debt / equity | 0.52 | 0.60 | 0.03 | 0.72 | 0.79 | 0.78 | 0.70 | 1.33 | 1.11 | 0.92 | 2.32 | 4.39 |
| Equity / assets | 45.2% | 41.2% | 43.8% | 42.6% | 39.4% | 41.5% | 45.2% | 35.8% | 41.9% | 47.0% | 26.0% | 15.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
ARQT financial position
At the end of fiscal 2025 (December 31, 2025), Arcutis Biotherapeutics had total assets of $433.0 million (up 24.1% from a year earlier), total liabilities of $243.5 million and shareholders' equity of $189.5 million. It held $221.0 million in cash and short-term investments against $6.3 million of debt, a net cash position of $214.7 million. Its current ratio was 3.17. In the latest quarter (ended June 30, 2026) total assets were $488.5 million and equity $220.6 million.
Related: ARQT income statement, ARQT cash flow statement, ARQT key metrics. See the ARQT stock overview for the latest quote and news.
ARQT balance sheet FAQ
What are Arcutis Biotherapeutics's total assets?
Arcutis Biotherapeutics reported total assets of $433.0 million at the end of fiscal 2025 (December 31, 2025), compared with $348.9 million a year earlier.
How much debt does Arcutis Biotherapeutics have?
Arcutis Biotherapeutics had $6.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.03.
How much cash does Arcutis Biotherapeutics have?
Arcutis Biotherapeutics held $221.0 million in cash and short-term investments at the end of fiscal 2025; with $6.3 million of debt that is net cash of $214.7 million.
What is Arcutis Biotherapeutics's book value?
Arcutis Biotherapeutics's shareholders' equity (book value) was $189.5 million at the end of fiscal 2025, or $1.49 per share.
What is Arcutis Biotherapeutics's current ratio?
Arcutis Biotherapeutics had current assets of $411.2 million and current liabilities of $129.8 million, a current ratio of 3.17 (it can cover its short-term obligations).
How much goodwill does Arcutis Biotherapeutics have?
Arcutis Biotherapeutics carried $14.8 million of goodwill and intangible assets, 3.4% of total assets, at the end of fiscal 2025.