Welgus Howard G. 4

What Happened
Howard G. Welgus, a director of Arcutis Biotherapeutics (ARQT), exercised 3 option grants totaling 4,096 shares on June 15, 2026, paying about $32,475 in aggregate exercise price (822 @ $6.52 = $5,361; 1,019 @ $7.51 = $7,653; 2,255 @ $8.63 = $19,461). On the same day he sold 4,096 of those shares in the open market at a weighted average price of $24.41 for proceeds of $99,980, and on June 17 he sold an additional 635 shares at $25.67 for $16,300. Total sale proceeds were about $116,280. The option grants were fully vested per the filing.

Key Details

• Transaction dates: June 15, 2026 (exercises and bulk sale) and June 17, 2026 (additional sale). Filing date: June 17, 2026 (filed within the required Form 4 window).
• Exercise details/cost: 4,096 options exercised for a total exercise cost of ~$32,475 (breakdown above).
• Sales: 4,096 shares sold on 6/15 at a weighted avg $24.41 (prices in range $24.095–$24.62); 635 shares sold on 6/17 at $25.67. Aggregate proceeds ≈ $116,280. (Per footnote, the 6/15 price is a weighted average across multiple trades.)
• Shares owned after transaction: Not specified in the Form 4 provided.
• Notable footnotes: Transactions effected under a 10b5-1 trading plan adopted March 13, 2026 (plan ends 6/15/2027). Footnote confirms the option was fully vested and provides the weighted-average sale-price detail on the 6/15 trades.
• Filing timeliness: Report filed June 17 for transactions on June 15–17 (appears timely; no late filing flag indicated).

Context
This was an exercise of vested options followed by sales of the resulting shares; the filing shows exercise entries and matching disposals (including $0.00 derivative disposals that represent conversion of options into common shares). Sales were executed under a pre-established 10b5-1 plan, which typically schedules trades in advance. The activity is factual disclosure of insider transactions and does not by itself indicate the director's broader view of the company.