Arcutis Biotherapeutics late Tuesday missed analyst expectations for earnings per share by 11 cents in the second financial quarter, but shares moved higher nonetheless.
The Westlake Village biotech reported a net loss of $35.4 million (-94 cents per share) compared to a net loss of $8.3 million (-$4.69 per share) for the corresponding period last year.
Analysts on average expected a net loss of -83 cents a share, according to Seeking Alpha.
The late-stage biopharma described itself as in a “strong financial position” despite losses, reporting $224 million in cash, cash equivalents and marketable securities. Arcutis also said it is poised to deliver new data surrounding its pipeline of topical drugs designed to treat dermatological diseases, including psoriasis and atopic dermatitis.
“Arcutis is uniquely positioned to fill the innovation gap in the medical dermatology sector,” Frank Watanabe, chief executive of Arcutis, said in a statement. “We anticipate six important clinical data readouts, including our pivotal Phase 3 clinical trials of topical roflumilast cream as a potential treatment for plaque psoriasis, between now and the end of 2021.”
The company debuted on the Nasdaq in January at $17 per share, climbing to $21.80 its first day on the market. Shares of Arcutis (ARQT) closed Wednesday up $1.47, or nearly 6 percent, to $26.13.