Arcutis (ARQT) Director Terrie Curran Exercises Options, Sells 1,072 Shares

What Happened

• Terrie Curran, a director of Arcutis Biotherapeutics (ARQT), exercised stock options and immediately sold the resulting 1,072 shares on August 20, 2026. The exercise cost was $7.51 per share (total $8,051). The shares were sold in the open market at a weighted average price of $26.04 per share for total proceeds of $27,912 — a pre-tax gross difference of roughly $19,861 between sale proceeds and exercise cost.
• This is effectively a cashless exercise (exercise followed by an immediate sale). Sales by non-employee directors are commonly routine liquidity events rather than directional insider bets.

Key Details

• Transaction date: 2026-08-20. Filing date: 2026-08-24 (appears later than the typical 2-business-day Form 4 deadline).
• Exercise: 1,072 shares acquired at $7.51 per share (total $8,051).
• Sale: 1,072 shares sold at a weighted average of $26.04 per share (total $27,912). Reported sale prices ranged $26.00–$26.2228 (footnote offers breakdown on request).
• Shares owned after the transaction: not specified in the provided filing summary.
• Relevant footnotes:
  • F1/F3: The option was fully vested (vesting schedule noted in footnote).
  • F2: Weighted-average sale price; breakdown of individual trade prices available upon request.
• Filing timeliness: The Form 4 was filed four days after the transaction date; Form 4s are generally due within two business days, so this appears to be a late filing.

Context

• For retail investors: this was an option exercise with an immediate sale (cashless exercise), resulting in routine proceeds to the director. Such transactions are common for directors converting vested option holdings to cash and do not necessarily signal a change in view on the company.
• The filing is factual and descriptive — it does not provide the director’s motivation or any change in holdings beyond this transaction.