Company Generates $2.8 Million in Revenue for the Quarter
Arcutis Biotherapeutics, Inc.,(ARQT) a biopharmaceutical company specializing in dermatology treatments, announced its financial results for the first quarter of 2023. The company reported a net loss of $80.1 million and generated $2.8 million in revenue during the quarter.
Financial Statements
Arcutis Biotherapeutics, Inc. released its condensed consolidated balance sheets and statements of operations and comprehensive loss for the three-month period ended March 31, 2023.
Condensed Consolidated Balance Sheets
The company's total assets as of March 31, 2023, amounted to $379.5 million. Current assets, including cash and cash equivalents, restricted cash, trade receivables, marketable securities, inventories, and prepaid expenses, totaled $367.7 million. Non-current assets, such as property, plant, and equipment, intangible assets, operating lease right-of-use assets, and other assets, accounted for $11.8 million.
On the liability side, current liabilities, including accounts payable, accrued liabilities, and operating lease liability, amounted to $37.0 million. Non-current liabilities, such as operating lease liability and long-term debt, totaled $202.7 million. The company's stockholders' equity stood at $139.7 million.
Condensed Consolidated Statements of Operations and Comprehensive Loss
Arcutis Biotherapeutics reported total revenues of $2.8 million for the first quarter of 2023, primarily driven by product revenue. The cost of sales, research and development expenses, and selling, general, and administrative expenses resulted in total operating expenses of $79.0 million. Consequently, the company experienced a loss from operations of $76.3 million. Other income, including net other income and interest expense, contributed to a total other income (expense) of $(3.8) million. After considering all income and expenses, the company reported a net loss of $80.1 million for the quarter.
The company also disclosed other comprehensive income (loss), which includes unrealized income (loss) on marketable securities and foreign currency translation adjustments. The total comprehensive loss for the quarter amounted to $79.4 million.
Condensed Consolidated Statements of Changes in Stockholders' Equity
The statements of changes in stockholders' equity highlighted the activities during the quarter. The company's common stock remained at 61,357,932 shares, with additional paid-in capital totaling $940.0 million. Accumulated other comprehensive loss stood at $(414) thousand, while the accumulated deficit increased to $(799.9) million. The total stockholders' equity decreased to $139.7 million.
Condensed Consolidated Statements of Cash Flows
During the first quarter of 2023, Arcutis Biotherapeutics reported net cash used in operating activities of $(82.8) million. This included various adjustments such as depreciation, non-cash lease expense, amortization of intangible assets, and net (accretion) amortization on marketable securities. The company also utilized cash in investing and financing activities.
Arcutis Biotherapeutics faced a challenging quarter with a significant net loss but managed to generate revenue of $2.8 million. The company will continue its efforts to develop innovative dermatology treatments and improve its financial performance in the upcoming quarters.