Watanabe Todd 4

What Happened
Todd Watanabe, President and Chief Executive Officer of Arcutis Biotherapeutics (ARQT), sold 19,833 shares on 2026-02-02 in open-market transactions for total proceeds of approximately $505,710. The reported weighted-average price was $25.50 per share; individual sale prices ranged from $24.745 to $25.68.

Key Details

• Transaction date: February 2, 2026; Form 4 filed February 4, 2026 (timely filing).
• Type: Sale (code S) to cover tax withholding related to RSU vesting (routine tax-withholding sale).
• Shares sold: 19,833; weighted-average price: $25.50; price range: $24.745–$25.68.
• Total proceeds: $505,710 (reported).
• Reason per filing (F1): Shares sold to satisfy tax withholding on RSUs granted Jan 12, 2024 that vest 25% annually on Feb 1 beginning Feb 1, 2025. (This is a routine tax-cover transaction, not a separate investment decision.)
• Additional notes: Filing discloses 602 shares purchased under the company ESPP on Nov 30, 2025 (F3). Several holdings are record-held by trusts/vehicles for which Watanabe is trustee or officer; he disclaims beneficial ownership except to the extent of pecuniary interest (F4–F7).
• Shares owned after transaction: not specified in the excerpt provided.

Context
This sale was a tax-withholding sale tied to RSU vesting (common and generally considered routine). The filing pledges to provide a breakdown of the number of shares sold at each price within the reported range upon request (F2). No indication in the filing of a 10% owner status or of option exercises—just a cashless/withholding sale to satisfy taxes.