v3.25.4

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 42,907	$ 71,335
Restricted cash	308	617
Marketable securities	178,075	156,620
Trade receivables, net	146,229	73,066
Inventory	22,634	14,526
Prepaid expenses and other current assets	21,079	19,656
Total current assets	411,232	335,820
Property, plant, and equipment, net	1,043	1,041
Intangible assets, net	14,812	9,479
Operating lease right-of-use asset	4,467	1,953
Other assets	1,419	596
Total assets	432,973	348,889
Current liabilities:
Accounts payable	12,528	14,220
Current portion of long-term debt, net	1,000	0
Accrued and other current liabilities	116,310	66,793
Total current liabilities	129,838	81,013
Operating lease liability, long-term	5,266	2,562
Long-term debt, net	107,959	107,203
Other long-term liabilities	431	570
Total liabilities	243,494	191,348
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value; 300,000,000 shares authorized; 123,332,672 and 117,848,033 shares issued and outstanding at December 31, 2025 and 2024, respectively	12	12
Additional paid-in capital	1,327,595	1,279,479
Accumulated other comprehensive loss	(44)	(7)
Accumulated deficit	(1,138,084)	(1,121,943)
Total stockholders’ equity	189,479	157,541
Total liabilities and stockholders’ equity	$ 432,973	$ 348,889

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Arcutis Biotherapeutics, Inc. 10-K