Arcutis Biotherapeutics reported a 91.3% revenue increase to $376 million in 2025, driven by the commercial expansion of its ZORYVE franchise targeting dermatological conditions. Despite improving operating results and a reduced net loss of $16.1 million, the company remains unprofitable with negative operating cash flow. Patent protections through 2037–2042 and ongoing litigation preserve exclusivity, while regulatory milestones including a June 29, 2026 PDUFA date for pediatric label expansion present key catalysts. Reimbursement challenges amid Medicaid funding cuts and competitive pressures persist. Capital allocation reflects continued investment in growth and R&D supported by a strong balance sheet.