Arcutis (ARQT) EVP/CMO Patrick Burnett Exercises Options, Sells Shares

What Happened

• Patrick Burnett, EVP and Chief Medical Officer of Arcutis Biotherapeutics (ARQT), exercised a total of 15,000 stock options (8,300 on Aug 11 and 6,700 on Aug 12, 2026) at $3.64 per share (total exercise cost ≈ $54,600) and then sold those 15,000 shares in open-market transactions for combined proceeds of about $394,896. The sales were reported at weighted average prices of $26.52 (8,300 shares) and $26.08 (6,700 shares). The filing shows both the option exercise entries and the subsequent open-market sales (a common cashless outcome).

Key Details

• Transaction dates: Exercise on 2026-08-11 (8,300 sh) and 2026-08-12 (6,700 sh); sells on 2026-08-11 and 2026-08-12.
• Exercise price paid: $3.64 per share; total paid ≈ $54,600 (30,212 + 24,388).
• Sale proceeds: Weighted-average sale proceeds ≈ $394,896 (220,129 + 174,767).
• Reported sale price ranges (per footnotes): Aug 11 sales ranged $26.50–$26.57; Aug 12 sales ranged $26.00–$26.19. The filing discloses weighted averages and offers to provide per-trade detail on request.
• Vesting background (footnote): Options were granted Jan 12, 2024 and vest 1/48th monthly, fully vesting on the four-year anniversary, subject to continued service.
• Shares owned after the transactions: not specified in the supplied filing excerpt.
• Filing date: Report filed Aug 13, 2026 — appears timely (within the usual two-business-day Form 4 deadline).

Context

• This was an option exercise followed by immediate open-market sales (effectively a cashless exercise), which employees frequently use to cover exercise costs and taxes. The filing is factual; it does not state Burnett’s motivations.