Arcutis shares down after earnings report
Westlake Village-based Arcutis Biotherapeutics suffered a net loss in the first quarter of fiscal year 2021, but continues to hold a strong financial position with $446.5 million in assets.
According to earnings released May 4, Arcutis lost $36 million in the first quarter, or 76 cents per share, compared to a loss of $28 million, or $1.15 per share, in the first quarter of 2020.
Research and development costs were down from $25.1 million in the first quarter of 2020 to $21.6 million in the first quarter of 2021.
General and administrative costs were up more than 400%, however, as the company had expenses of $14.5 million compared to $3.5 million the year before.
According to the company, the high expenses were due to higher headcounts and professional service costs as well as a one-time $5.3 million non-cash charge for modifications to previously granted stock awards in connection with an officer’s retirement.
Arcutis shared its first quarter earnings after the markets closed and shares were down 4.3% after hours, with the price hovering over $33.20.
Arcutis is planning to submit its topical roflumilast cream to the U.S. Food and Drug Administration as a potential treatment for plaque psoriasis in the second half of 2021. Additionally, Arcuts aims to advance topical roflumilast creams for atopic dermatitis, seborrheic dermatitis, and scalp psoriasis into Phase 3 during 2021 as well.
