Burnett Patrick 4

What Happened
Patrick Burnett, EVP and Chief Medical Officer of Arcutis Biotherapeutics (ARQT), sold 222 shares in an open-market or private sale on May 11, 2026. The shares were sold at $21.05 each for proceeds of about $4,673. This sale was reported as a tax-withholding transaction tied to the vesting of restricted stock units (RSUs), a routine disposition rather than a directional investment bet.

Key Details

• Transaction date: 2026-05-11
• Transaction type/code: Sale (S); reported proceeds ≈ $4,673
• Price per share: $21.05; Shares sold: 222
• Footnote: F1 — sale was to cover tax withholding obligations from RSU vesting
• Shares owned after transaction: Not specified in the Form 4 filing
• Filing date: 2026-05-13 (filed within the standard 2-business-day window; not reported late)

Context
This was a tax-withholding sale tied to RSU vesting (not a purchase or an exercise followed by a speculative sale). Such transactions are common when executives sell a portion of vested shares to satisfy payroll/tax obligations and do not necessarily indicate a change in their view of the company.