Burnett Patrick 4

What Happened Patrick Burnett, Executive Vice President and Chief Medical Officer of Arcutis Biotherapeutics (ARQT), sold a total of 13,469 shares in two open-market transactions: 3,675 shares on 2026-02-02 (weighted avg price $25.50; proceeds ~$93,707) and 9,794 shares on 2026-02-04 (weighted avg price $25.81; proceeds ~$252,748), totaling approximately $346,455. The sales were effected pursuant to a 10b5-1 trading plan and were made to cover tax withholding on vested Restricted Stock Units (RSUs).

Key Details

• Transaction dates and reported weighted-average prices:
  • 2026-02-02: 3,675 shares at $25.50 (range reported: $24.745–$25.68)
  • 2026-02-04: 9,794 shares at $25.81 (range reported: $25.58–$26.09)
• Total shares sold: 13,469; total proceeds: ~ $346,455.
• Purpose: Sales were to cover tax withholding in connection with RSU vesting (RSUs granted Jan 12, 2024; 25% vests annually beginning Feb 1, 2025). (Footnotes F1, F2, F4)
• Trading plan: Transactions were effected under a 10b5-1 plan adopted Dec 12, 2024, with a plan end date of Feb 27, 2026. (Footnote F3)
• Shares owned after transaction: Not disclosed in this Form 4.
• Filing timeliness: No late filing is indicated on the Form 4.

Context These sales were routine administrative transactions to satisfy tax withholding on vested RSUs and were pre-arranged under a 10b5-1 plan. Purchases generally signal stronger insider conviction than sales; here the filing documents the sale mechanics (tax withholding and plan-based selling) rather than an ad hoc sale of newly purchased shares.