Arcutis Biotherapeutics reported robust business progress in conjunction with its fourth-quarter earnings report on Wednesday, including 18 clinical trials for three different product candidates in the dermatology market.The Westlake Village biopharmaceutical company, which completed its IPO in January last year, reported a net loss of $34 million (-79 cents per share) for the quarter ended Dec. 31, compared to a net loss of $12.6 million (-$6.13 per share) for the corresponding period last year.Analysts on average expected a net loss of $38 million (-88 cents per share) for the fourth quarter, according to Yahoo Finance.Net loss for the year was $136 million (-$3.80 per share) compared to $42 million (-$22.78 per share) in 2019.In an update on its business, Arcutis noted that its ticker symbol, ARQT, was added to the Nasdaq Biotechnology index.The biopharma company noted multiple clinical milestones, including positive Phase 3 data about its topical to treat plaque psoriasis, referred to as roflumilast cream or ARQ-151.
Phase 2 data for trials involving atopic dermatitis, seborrheic dermatitis and scalp psoriasis treatments showed promise too, the biotech company said.“We anticipate submitting a New Drug application to the FDA for topical roflumilast cream as a potential once daily topical treatment for plaque psoriasis this year,” Frank Watanabe, chief executive of Arcutis, said in a statement. “We are excited to advance three additional programs into pivotal Phase 3 trials in 2021.”Shares of Arcutis (ARQT) closed Wednesday up $1.35, or 4 percent, to $35.04.
Arcutis Biotherapeutics Reports Operational Progress, Financial Loss in Fourth Quarter
