Following this transaction, Watanabe retains direct ownership of 823,430 shares. In addition, he indirectly owns shares through various trusts and an LLC, although he denies beneficial ownership of these securities, except to the extent of his financial interest. The sale was executed pursuant to Trading Plan 10b5-1, which Watanabe adopted on June 14. 2024. This plan is scheduled to expire on September 30, 2025. The company maintains strong fundamentals with an impressive gross profit margin of 89.57% and good liquidity, as evidenced by a current ratio of 2.46. For deeper insights into ARQT's financial health and growth prospects, including 13 additional ProTips, see the comprehensive research available at InvestingPro. The company maintains strong fundamentals with an impressive gross profit margin of 89.57% and healthy liquidity, as evidenced by its current ratio of 2.46. For deeper insights into ARQT's financial health and growth prospects, including 13 additional ProTips, see the comprehensive research available at InvestingPro.
Following this transaction, Watanabe retains direct ownership of 823,430 shares. In addition, he owns shares indirectly through various trusts and an LLC, although he denies beneficial ownership of these securities, except to the extent of his financial interest.
The sale was executed pursuant to a 10b5-1 trading plan, which Watanabe adopted on June 14, 2024. This plan is scheduled to expire on September 30, 2025.
In other recent news, Arcutis Biotherapeutics (NASDAQ:) announced important developments in its operations and financial performance. The company reported a 452% year-over-year increase in net product revenue, totaling approximately $45 million, primarily due to the success of its ZORYVE portfolio in treating various skin conditions. Arcutis also reported a 25% increase in total prescriptions for ZORYVE, with new prescriptions increasing 23% quarter-over-quarter.
In addition to these financial accomplishments, Arcutis has promoted several key executives, including Patrick Burnett to Executive Vice President, President medical (TASE:) Administrator, the L. Todd Edwards to Executive Vice President and Chief Commercial Officer. Kent Taylor was also promoted from Vice President of Sales to Senior Vice President of Sales, in recognition of his leadership in launching ZORYVE Foam and ZORYVE Cream.
The company plans for the future through the expected expansion of the ZORYVE brand to reach an additional 3.3 million patients. Approvals for the treatment of scalp and body psoriasis are expected by mid-2025, along with a supplemental NDA for the treatment of mild to moderate atopic dermatitis in children ages 2-5 years in the first quarter of 2025. Arcutis expressed optimism about reaching the break-even point by 2026 without the need for further stock market exposure. Finance.
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