Arcutis Biotherapeutics is a commercial-stage specialty pharma company focused on developing and selling topical treatments for chronic inflammatory skin diseases. Its core product is ZORYVE, a franchise of topical formulations built on roflumilast, a PDE4 inhibitor licensed from AstraZeneca. ZORYVE is approved across three indications — plaque psoriasis, seborrheic dermatitis, and atopic dermatitis — in multiple formulations targeting patients as young as age two. The core clinical pitch is that ZORYVE matches the efficacy of topical corticosteroids while being safe for prolonged, chronic use anywhere on the body, including sensitive areas where steroids carry meaningful side effect risk. Arcutis sells primarily to dermatologists and allergists in the U.S. through its own specialty sales force, and also commercializes in Canada directly. Arcutis has licensed roflumilast rights in Japan to Sato Pharmaceutical and in Greater China and Southeast Asia to Huadong Medicine. Revenue is driven by prescription volume, the number of approved indications, and net selling price after payer rebates and co-pay support, with gross-to-net deductions running roughly 50% of list price. The cost structure is highly leveraged: manufacturing is fully outsourced, and the major costs are sales force, marketing, and R&D, meaning incremental margins on new prescriptions are high as revenues scale. Arcutis reached cash flow breakeven in Q4 2025. The primary growth opportunity is converting the roughly 70% of topical dermatology prescriptions still written for generic steroids to ZORYVE, with management estimating each one percentage point of topical steroid share equates to roughly $150M in annualized net sales.