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Nasdaq · USD

ARQT

Arcutis Biotherapeutics, Inc.

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4236
SEC CIK
0001787306
Parsed reports
442

Last 12 months

Inside the activity.

0 purchase rows · 76 sale rows

Disclosed non-derivative P/S rows, by transaction month. Includes amendments and private transactions.
Monthly counts
MonthPurchasesSales
Nov 2025019
Dec 202505
Jan 202602
Feb 2026011
Mar 2026013
Apr 202601
May 202608
Jun 202603
Jul 202601
Aug 2026010
Sep 202603
Oct 202600

Latest available

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateOwner / reported roleActivity / securityShares / unitsReported priceReported valueDetails
February 27, 2026 Filed Mar 4, 2026 01:41 UTC
Burnett PatrickSee Remarks
GrantCommon Stock 30,000 $0.00 $0.00
Disclosure

SEC source: 0001628280-26-014324 · wk-form4_1772588506.xml · nonDerivative · entry 2

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 127,401

F3 · kind: Constitute RSUs for which the Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon vesting, in which 25% of the RSUs vest annually on March 1, (the "Vesting Commencement Date"), of each year beginning March 1, 2027, subject to the Reporting Person's continued service to the Issuer.

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February 27, 2026 Filed Mar 4, 2026 01:43 UTC GrantStock Option (right to buy) · Derivative 77,000 $0.00 Strike: $26.97 $0.00
Disclosure

SEC source: 0001628280-26-014328 · wk-form4_1772588580.xml · derivative · entry 4

Edwards Larry Todd · CIK 0001994805 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 77,000

Underlying: Common Stock · 77,000 shares

Expires 2036-02-27

F5 · derivative.exercise_date: 1/48th of the shares subject to the option vest on each monthly anniversary measured from March 1, 2026 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

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February 27, 2026 Filed Mar 4, 2026 01:43 UTC GrantCommon Stock 30,000 $0.00 $0.00
Disclosure

SEC source: 0001628280-26-014328 · wk-form4_1772588580.xml · nonDerivative · entry 1

Edwards Larry Todd · CIK 0001994805 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 178,865

F1 · kind: Constitute Restricted Stock Units ("RSUs") for which the Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon vesting, in which 25% of the RSUs vest annually on March 1, (the "Vesting Commencement Date"), of each year beginning March 1, 2027, subject to the Reporting Person's continued service to the Issuer.

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February 27, 2026 Filed Mar 4, 2026 01:42 UTC
Watanabe ToddDirector · See Remarks
GrantStock Option (right to buy) · Derivative 266,000 $0.00 Strike: $26.97 $0.00
Disclosure

SEC source: 0001628280-26-014327 · wk-form4_1772588561.xml · derivative · entry 8

Watanabe Todd · CIK 0001801061 · Director · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 266,000

Underlying: Common Stock · 266,000 shares

Expires 2036-02-27

F9 · derivative.exercise_date: 1/48th of the shares subject to the option vest on each monthly anniversary measured from March 1, 2026 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

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February 27, 2026 Filed Mar 4, 2026 01:42 UTC
Watanabe ToddDirector · See Remarks
GrantCommon Stock 102,000 $0.00 $0.00
Disclosure

SEC source: 0001628280-26-014327 · wk-form4_1772588561.xml · nonDerivative · entry 1

Watanabe Todd · CIK 0001801061 · Director · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 823,306

F1 · kind: Constitute Restricted Stock Units ("RSUs") for which the Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon vesting, in which 25% of the RSUs vest annually on March 1, (the "Vesting Commencement Date"), of each year beginning March 1, 2027, subject to the Reporting Person's continued service to the Issuer.

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February 27, 2026 Filed Mar 4, 2026 01:42 UTC
Vairavan LathaSVP Chief Financial Officer
GrantStock Option (right to buy) · Derivative 70,000 $0.00 Strike: $26.97 $0.00
Disclosure

SEC source: 0001628280-26-014325 · wk-form4_1772588527.xml · derivative · entry 4

Vairavan Latha · CIK 0002065881 · SVP Chief Financial Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 70,000

Underlying: Common Stock · 70,000 shares

Expires 2036-02-27

F5 · derivative.exercise_date: 1/48th of the shares subject to the option vest on each monthly anniversary measured from March 1, 2026 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

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February 27, 2026 Filed Mar 4, 2026 01:42 UTC
Vairavan LathaSVP Chief Financial Officer
GrantCommon Stock 27,000 $0.00 $0.00
Disclosure

SEC source: 0001628280-26-014325 · wk-form4_1772588527.xml · nonDerivative · entry 1

Vairavan Latha · CIK 0002065881 · SVP Chief Financial Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 90,607

F1 · kind: Constitute Restricted Stock Units ("RSUs") for which the Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon vesting, in which 25% of the RSUs vest annually on March 1, (the "Vesting Commencement Date"), of each year beginning March 1, 2027, subject to the Reporting Person's continued service to the Issuer.

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February 04, 2026 Filed Feb 5, 2026 00:30 UTC
Burnett PatrickSee Remarks
SaleCommon Stock 9,794 $25.81 $252,747.88
Disclosure

SEC source: 0001628280-26-005571 · wk-form4_1770251397.xml · nonDerivative · entry 2

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 80,651

F3 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on December 12, 2024, by the Reporting Person, with a plan end date of February 27, 2026.

F4 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $25.58 to $26.09, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

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February 02, 2026 Filed Feb 5, 2026 01:35 UTC
Matsuda MasaruSee Remarks
SaleCommon Stock 4,714 $25.63 $120,819.82
Disclosure

SEC source: 0001628280-26-005582 · wk-form4_1770255345.xml · nonDerivative · entry 4

Matsuda Masaru · CIK 0001798679 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 110,003

F3 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on June 5, 2025, by the Reporting Person, with a plan end date of September 4, 2026.

F6 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $25.56 to $25.74, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

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February 02, 2026 Filed Feb 5, 2026 01:35 UTC
Matsuda MasaruSee Remarks
SaleCommon Stock 19,379 $25.24 $489,125.96
Disclosure

SEC source: 0001628280-26-005582 · wk-form4_1770255345.xml · nonDerivative · entry 3

Matsuda Masaru · CIK 0001798679 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 114,717

F3 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on June 5, 2025, by the Reporting Person, with a plan end date of September 4, 2026.

F5 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.55 to $25.55, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

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February 02, 2026 Filed Feb 5, 2026 01:35 UTC
Matsuda MasaruSee Remarks
SaleCommon Stock 8,562 $24.97 $213,793.14
Disclosure

SEC source: 0001628280-26-005582 · wk-form4_1770255345.xml · nonDerivative · entry 2

Matsuda Masaru · CIK 0001798679 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 134,096

F3 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on June 5, 2025, by the Reporting Person, with a plan end date of September 4, 2026.

F4 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.50 to $25.42, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

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February 02, 2026 Filed Feb 5, 2026 01:35 UTC
Matsuda MasaruSee Remarks
SaleCommon Stock 7,983 $25.50 $203,553.73
Disclosure

SEC source: 0001628280-26-005582 · wk-form4_1770255345.xml · nonDerivative · entry 1

Matsuda Masaru · CIK 0001798679 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 142,658

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligation in connection with the vesting of Restricted Stock Units ("RSUs"), granted on January 12, 2024, in which 25% of the RSUs vest annually on February 1, (the "Vesting Commencement Date"), of each year beginning on February 1, 2025, subject to the Reporting Person's continued service to the Issuer.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.745 to $25.68, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

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February 02, 2026 Filed Feb 5, 2026 00:30 UTC
Burnett PatrickSee Remarks
SaleCommon Stock 3,675 $25.50 $93,706.62
Disclosure

SEC source: 0001628280-26-005571 · wk-form4_1770251397.xml · nonDerivative · entry 1

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 90,445

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligation in connection with the vesting of Restricted Stock Units ("RSUs"), granted on January 12, 2024, in which 25% of the RSUs vest annually on February 1, (the "Vesting Commencement Date"), of each year beginning on February 1, 2025, subject to the Reporting Person's continued service to the Issuer.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.745 to $25.68, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
February 02, 2026 Filed Feb 5, 2026 00:25 UTC
Watanabe ToddDirector · See Remarks
SaleCommon Stock 19,833 $25.50 $505,709.77
Disclosure

SEC source: 0001628280-26-005570 · wk-form4_1770251138.xml · nonDerivative · entry 1

Watanabe Todd · CIK 0001801061 · Director · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 721,306

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligation in connection with the vesting of Restricted Stock Units ("RSUs"), granted on January 12, 2024, in which 25% of the RSUs vest annually on February 1, (the "Vesting Commencement Date"), of each year beginning on February 1, 2025, subject to the Reporting Person's continued service to the Issuer.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.745 to $25.68, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Includes 602 shares purchased under the Issuer's Employee Stock Purchase Plan on November 30, 2025.

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February 02, 2026 Filed Feb 5, 2026 00:24 UTC
Vairavan LathaSVP Chief Financial Officer
SaleCommon Stock 1,320 $25.50 $33,657.89
Disclosure

SEC source: 0001628280-26-005568 · wk-form4_1770251062.xml · nonDerivative · entry 1

Vairavan Latha · CIK 0002065881 · SVP Chief Financial Officer

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 63,607

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligation in connection with the vesting of Restricted Stock Units ("RSUs"), granted on January 12, 2024, in which 25% of the RSUs vest annually on February 1, (the "Vesting Commencement Date"), of each year beginning on February 1, 2025, subject to the Reporting Person's continued service to the Issuer.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.745 to $25.68, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
February 02, 2026 Filed Feb 5, 2026 00:23 UTC SaleCommon Stock 10,000 $25.05 $250,483.00
Disclosure

SEC source: 0001628280-26-005567 · wk-form4_1770250980.xml · nonDerivative · entry 1

Welgus Howard G. · CIK 0001801050 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 59,744

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on March 11, 2025, by the Reporting Person, with a plan end date of May 29, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.61 to $25.60, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
February 02, 2026 Filed Feb 5, 2026 00:21 UTC SaleCommon Stock 2,052 $25.50 $52,322.72
Disclosure

SEC source: 0001628280-26-005566 · wk-form4_1770250865.xml · nonDerivative · entry 1

Edwards Larry Todd · CIK 0001994805 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 148,865

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligation in connection with the vesting of Restricted Stock Units ("RSUs"), granted on January 12, 2024, in which 25% of the RSUs vest annually on February 1, (the "Vesting Commencement Date"), of each year beginning on February 1, 2025, subject to the Reporting Person's continued service to the Issuer.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $24.745 to $25.68, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: Includes 724 shares purchased under the Issuer's Employee Stock Purchase Plan on November 30, 2025.

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January 05, 2026 Filed Jan 7, 2026 22:46 UTC
Burnett PatrickSee Remarks
SaleCommon Stock 2,490 $28.98 $72,165.68
Disclosure

SEC source: 0001628280-26-001241 · wk-form4_1767826005.xml · nonDerivative · entry 1

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 94,120

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on December 12, 2024, by the Reporting Person, with a plan end date of February 27, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $28.77 to $29.19, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
January 02, 2026 Filed Jan 6, 2026 22:31 UTC SaleCommon Stock 10,000 $28.96 $289,606.00
Disclosure

SEC source: 0001628280-26-000969 · wk-form4_1767738714.xml · nonDerivative · entry 1

Welgus Howard G. · CIK 0001801050 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 69,744

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on March 11, 2025, by the Reporting Person, with a plan end date of May 29, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $28.905 to $29.17, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
December 31, 2025 Filed Jan 2, 2026 23:12 UTC
Burnett PatrickSee Remarks
SaleCommon Stock 1,156 $29.39 $33,974.03
Disclosure

SEC source: 0001628280-26-000209 · wk-form4_1767395540.xml · nonDerivative · entry 2

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 96,610

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of performance-based Restricted Stock Units, granted on August 3, 2020.

F1 · shares: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of performance-based Restricted Stock Units, granted on August 3, 2020.

F3 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $29.0829 to $29.57, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
December 31, 2025 Filed Jan 2, 2026 23:12 UTC
Burnett PatrickSee Remarks
SaleCommon Stock 541 $28.81 $15,586.21
Disclosure

SEC source: 0001628280-26-000209 · wk-form4_1767395540.xml · nonDerivative · entry 1

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 97,766

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of performance-based Restricted Stock Units, granted on August 3, 2020.

F1 · shares: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of performance-based Restricted Stock Units, granted on August 3, 2020.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $28.08 to $29.08, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
December 15, 2025 Filed Dec 17, 2025 22:53 UTC
Burnett PatrickSee Remarks
Exercise / conversionStock Option (right to buy) · Derivative 11,500 $0.00 Strike: $3.64 $0.00
Disclosure

SEC source: 0001741987-25-000010 · wk-form4_1766012033.xml · derivative · entry 3

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 143,750

Underlying: Common Stock · 11,500 shares

Expires 2034-01-12

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on December 12, 2024, by the Reporting Person, with a plan end date of February 27, 2026.

F4 · derivative.exercise_date: On January 12, 2024, the Reporting Person was granted options, in which 1/48th of the shares subject to the option vest on each monthly anniversary measured from January 12, 2024 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

Read SEC document
December 15, 2025 Filed Dec 17, 2025 22:53 UTC
Burnett PatrickSee Remarks
SaleCommon Stock 11,500 $28.94 $332,851.40
Disclosure

SEC source: 0001741987-25-000010 · wk-form4_1766012033.xml · nonDerivative · entry 2

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 98,307

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on December 12, 2024, by the Reporting Person, with a plan end date of February 27, 2026.

F3 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $28.61 to $29.20, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
December 15, 2025 Filed Dec 17, 2025 22:53 UTC
Burnett PatrickSee Remarks
Exercise / conversionCommon Stock 11,500 $3.64 $41,860.00
Disclosure

SEC source: 0001741987-25-000010 · wk-form4_1766012033.xml · nonDerivative · entry 1

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 109,807

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on December 12, 2024, by the Reporting Person, with a plan end date of February 27, 2026.

F2 · balance_after: Due to a scrivener's error on the Reporting Person's Form 4 filed on November 5, 2025, the number of shares of common stock beneficially owned by the Reporting Person was inadvertently overstated by 18 shares. The corrected number of shares beneficially owned is reflected in this Form 4.

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December 04, 2025 Filed Dec 9, 2025 01:02 UTC
Munshi AmitDirector
GrantStock Option (right to buy) · Derivative 6,177 $0.00 Strike: $31.16 $0.00
Disclosure

SEC source: 0001628280-25-055927 · wk-form4_1765242175.xml · derivative · entry 3

Munshi Amit · CIK 0001612551 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,177

Underlying: Common Stock · 6,177 shares

Expires 2035-12-04

F3 · shares: The underlying shares subject to the option vest and become exercisable as to 100% on the earlier of June 12, 2026, or immediately before the next annual meeting of stockholders, subject to the director's continued service through the vesting date.

F3 · derivative.exercise_date: The underlying shares subject to the option vest and become exercisable as to 100% on the earlier of June 12, 2026, or immediately before the next annual meeting of stockholders, subject to the director's continued service through the vesting date.

Read SEC document
December 04, 2025 Filed Dec 9, 2025 01:02 UTC
Munshi AmitDirector
GrantStock Option (right to buy) · Derivative 16,502 $0.00 Strike: $31.16 $0.00
Disclosure

SEC source: 0001628280-25-055927 · wk-form4_1765242175.xml · derivative · entry 2

Munshi Amit · CIK 0001612551 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 16,502

Underlying: Common Stock · 16,502 shares

Expires 2035-12-04

F2 · shares: 1/3 each of the underlying shares subject to the option vest and become exercisable on the first annual anniversary of December 4, 2025 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the non-employee director's continued service through each applicable vesting date.

F2 · derivative.exercise_date: 1/3 each of the underlying shares subject to the option vest and become exercisable on the first annual anniversary of December 4, 2025 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the non-employee director's continued service through each applicable vesting date.

Read SEC document
December 04, 2025 Filed Dec 9, 2025 01:02 UTC
Munshi AmitDirector
GrantCommon Stock 2,021 $0.00 $0.00
Disclosure

SEC source: 0001628280-25-055927 · wk-form4_1765242175.xml · nonDerivative · entry 1

Munshi Amit · CIK 0001612551 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,021

F1 · security: Represents Restricted Stock Units ("RSUs") granted in connection with the Reporting Person's service as a non-employee director of the Company. The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof, which shall occur on the earlier of June 12, 2026, or immediately before the next annual meeting of stockholders, subject to the director's continued service through the vesting date.

F1 · shares: Represents Restricted Stock Units ("RSUs") granted in connection with the Reporting Person's service as a non-employee director of the Company. The Reporting Person is entitled to receive one (1) share of common stock for each one (1) RSU upon the vesting thereof, which shall occur on the earlier of June 12, 2026, or immediately before the next annual meeting of stockholders, subject to the director's continued service through the vesting date.

Read SEC document
December 01, 2025 Filed Dec 3, 2025 22:24 UTC
Matsuda MasaruSee Remarks
SaleCommon Stock 1,657 $30.23 $50,091.11
Disclosure

SEC source: 0001798679-25-000007 · wk-form4_1764800677.xml · nonDerivative · entry 1

Matsuda Masaru · CIK 0001798679 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 150,641

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on June 5, 2025, by the Reporting Person, with a plan end date of September 4, 2026.

F2 · balance_after: Includes 822 shares acquired under Arcutis Biotherapeutics, Inc. Employee Stock Purchase Plan on November 30, 2025.

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December 01, 2025 Filed Dec 3, 2025 22:23 UTC SaleCommon Stock 10,000 $30.21 $302,133.00
Disclosure

SEC source: 0001801050-25-000008 · wk-form4_1764800618.xml · nonDerivative · entry 1

Welgus Howard G. · CIK 0001801050 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 79,744

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on March 11, 2025, by the Reporting Person, with a plan end date of May 29, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $29.85 to $30.5650, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

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November 24, 2025 Filed Nov 24, 2025 23:45 UTC
Watanabe ToddDirector · See Remarks
SaleCommon Stock 48,945 $30.36 $1,485,754.84
Disclosure

SEC source: 0001801061-25-000012 · wk-form4_1764027931.xml · nonDerivative · entry 2

Watanabe Todd · CIK 0001801061 · Director · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 740,537

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on June 3, 2025, by the Reporting Person, with a plan end date of September 30, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $30.00 to $30.73, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · balance_after: The Reporting Person's holdings reflect a transfer to ex-spouse pursuant to a domestic relations order.

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November 24, 2025 Filed Nov 25, 2025 23:27 UTC
LIN SUE-JEANDirector
Exercise / conversionStock Option (right to buy) · Derivative 7,220 $0.00 Strike: $7.51 $0.00
Disclosure

SEC source: 0001867788-25-000005 · wk-form4_1764113246.xml · derivative · entry 5

LIN SUE-JEAN · CIK 0001867788 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,000

Underlying: Common Stock · 7,220 shares

Expires 2033-05-31

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023, subject to the non-employee director's continuous service.

F2 · derivative.exercise_date: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023, subject to the non-employee director's continuous service.

Read SEC document
November 24, 2025 Filed Nov 25, 2025 23:27 UTC
LIN SUE-JEANDirector
Exercise / conversionStock Option (right to buy) · Derivative 18,052 $0.00 Strike: $8.63 $0.00
Disclosure

SEC source: 0001867788-25-000005 · wk-form4_1764113246.xml · derivative · entry 4

LIN SUE-JEAN · CIK 0001867788 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,000

Underlying: Common Stock · 18,052 shares

Expires 2034-06-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of June 14, 2024, subject to the non-employee director's continuous service.

F1 · derivative.exercise_date: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of June 14, 2024, subject to the non-employee director's continuous service.

Read SEC document
November 24, 2025 Filed Nov 25, 2025 23:27 UTC
LIN SUE-JEANDirector
SaleCommon Stock 25,272 $30.78 $777,955.56
Disclosure

SEC source: 0001867788-25-000005 · wk-form4_1764113246.xml · nonDerivative · entry 3

LIN SUE-JEAN · CIK 0001867788 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,735

F3 · kind: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $30.56 to $30.91, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F3 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $30.56 to $30.91, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
November 24, 2025 Filed Nov 25, 2025 23:27 UTC
LIN SUE-JEANDirector
Exercise / conversionCommon Stock 7,220 $7.51 $54,222.20
Disclosure

SEC source: 0001867788-25-000005 · wk-form4_1764113246.xml · nonDerivative · entry 2

LIN SUE-JEAN · CIK 0001867788 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 52,007

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · kind: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023, subject to the non-employee director's continuous service.

Read SEC document
November 24, 2025 Filed Nov 25, 2025 23:27 UTC
LIN SUE-JEANDirector
Exercise / conversionCommon Stock 18,052 $8.63 $155,788.76
Disclosure

SEC source: 0001867788-25-000005 · wk-form4_1764113246.xml · nonDerivative · entry 1

LIN SUE-JEAN · CIK 0001867788 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,787

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of June 14, 2024, subject to the non-employee director's continuous service.

Read SEC document
November 21, 2025 Filed Nov 24, 2025 23:45 UTC
Watanabe ToddDirector · See Remarks
SaleCommon Stock 1,055 $30.00 $31,650.00
Disclosure

SEC source: 0001801061-25-000012 · wk-form4_1764027931.xml · nonDerivative · entry 1

Watanabe Todd · CIK 0001801061 · Director · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 793,838

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on June 3, 2025, by the Reporting Person, with a plan end date of September 30, 2026.

Read SEC document
November 20, 2025 Filed Nov 21, 2025 23:21 UTC Exercise / conversionStock Option (right to buy) · Derivative 12,220 $0.00 Strike: $7.51 $0.00
Disclosure

SEC source: 0001601360-25-000007 · wk-form4_1763767283.xml · derivative · entry 3

Gilbert Halley E · CIK 0001601360 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 12,220 shares

Expires 2033-05-31

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023, subject to the non-employee director's continuous service.

F1 · derivative.exercise_date: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023, subject to the non-employee director's continuous service.

Read SEC document
November 20, 2025 Filed Nov 21, 2025 23:21 UTC SaleCommon Stock 16,532 $27.55 $455,441.72
Disclosure

SEC source: 0001601360-25-000007 · wk-form4_1763767283.xml · nonDerivative · entry 2

Gilbert Halley E · CIK 0001601360 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,123

F2 · kind: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $27.32 to $27.72, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $27.32 to $27.72, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
November 20, 2025 Filed Nov 21, 2025 23:21 UTC Exercise / conversionCommon Stock 12,220 $7.51 $91,772.20
Disclosure

SEC source: 0001601360-25-000007 · wk-form4_1763767283.xml · nonDerivative · entry 1

Gilbert Halley E · CIK 0001601360 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,655

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023, subject to the non-employee director's continuous service.

Read SEC document
November 19, 2025 Filed Nov 21, 2025 23:34 UTC
Matsuda MasaruSee Remarks
SaleCommon Stock 1,561 $28.50 $44,488.50
Disclosure

SEC source: 0001798679-25-000006 · wk-form4_1763768041.xml · nonDerivative · entry 2

Matsuda Masaru · CIK 0001798679 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 151,476

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units.

F3 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $28.24 to $28.95, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
November 19, 2025 Filed Nov 21, 2025 23:34 UTC
Matsuda MasaruSee Remarks
SaleCommon Stock 989 $27.95 $27,646.60
Disclosure

SEC source: 0001798679-25-000006 · wk-form4_1763768041.xml · nonDerivative · entry 1

Matsuda Masaru · CIK 0001798679 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 153,037

F1 · kind: The sale reported on this Form 4 represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $27.21 to $28.21, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
November 13, 2025 Filed Nov 18, 2025 00:56 UTC Exercise / conversionStock Option (right to buy) · Derivative 12,220 $0.00 Strike: $7.51 $0.00
Disclosure

SEC source: 0001866171-25-000007 · wk-form4_1763427396.xml · derivative · entry 6

Krishnamohan Neha · CIK 0001866171 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 12,220 shares

Expires 2033-05-31

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on August 14, 2025, by the Reporting Person, with a plan end date of November 2, 2026.

F4 · derivative.exercise_date: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of May 31, 2023.

Read SEC document
November 13, 2025 Filed Nov 18, 2025 00:56 UTC Exercise / conversionStock Option (right to buy) · Derivative 27,052 $0.00 Strike: $8.63 $0.00
Disclosure

SEC source: 0001866171-25-000007 · wk-form4_1763427396.xml · derivative · entry 5

Krishnamohan Neha · CIK 0001866171 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 27,052 shares

Expires 2034-06-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on August 14, 2025, by the Reporting Person, with a plan end date of November 2, 2026.

F3 · derivative.exercise_date: The underlying shares subject to the option vest and become exercisable as to 100% on the first anniversary of June 14, 2024, subject to the non-employee director's continuous service.

Read SEC document
November 13, 2025 Filed Nov 18, 2025 00:56 UTC SaleCommon Stock 1,232 $23.37 $28,791.84
Disclosure

SEC source: 0001866171-25-000007 · wk-form4_1763427396.xml · nonDerivative · entry 4

Krishnamohan Neha · CIK 0001866171 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 22,123

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on August 14, 2025, by the Reporting Person, with a plan end date of November 2, 2026.

Read SEC document
November 13, 2025 Filed Nov 18, 2025 00:56 UTC SaleCommon Stock 39,272 $23.19 $910,701.97
Disclosure

SEC source: 0001866171-25-000007 · wk-form4_1763427396.xml · nonDerivative · entry 3

Krishnamohan Neha · CIK 0001866171 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 23,355

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on August 14, 2025, by the Reporting Person, with a plan end date of November 2, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $22.86 to $23.60, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document
November 13, 2025 Filed Nov 18, 2025 00:56 UTC Exercise / conversionCommon Stock 12,220 $7.51 $91,772.20
Disclosure

SEC source: 0001866171-25-000007 · wk-form4_1763427396.xml · nonDerivative · entry 2

Krishnamohan Neha · CIK 0001866171 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 62,627

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on August 14, 2025, by the Reporting Person, with a plan end date of November 2, 2026.

Read SEC document
November 13, 2025 Filed Nov 18, 2025 00:56 UTC Exercise / conversionCommon Stock 27,052 $8.63 $233,458.76
Disclosure

SEC source: 0001866171-25-000007 · wk-form4_1763427396.xml · nonDerivative · entry 1

Krishnamohan Neha · CIK 0001866171 · Director

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 50,407

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on August 14, 2025, by the Reporting Person, with a plan end date of November 2, 2026.

Read SEC document
November 13, 2025 Filed Nov 17, 2025 21:39 UTC GiftCommon Stock 4,312 $0.00 $0.00
Disclosure

SEC source: 0001416180-25-000009 · wk-form4_1763415543.xml · nonDerivative · entry 1

Leonard Keith R · CIK 0001416180 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,123

F1 · kind: The Reporting Person gifted shares to a Charitable Remainder Unitrust.

Read SEC document
November 06, 2025 Filed Nov 10, 2025 22:41 UTC
Burnett PatrickSee Remarks
Exercise / conversionStock Option (right to buy) · Derivative 17,250 $0.00 Strike: $3.64 $0.00
Disclosure

SEC source: 0001741987-25-000008 · wk-form4_1762814517.xml · derivative · entry 3

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 155,250

Underlying: Common Stock · 17,250 shares

Expires 2034-01-12

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on December 12, 2024, by the Reporting Person, with a plan end date of February 27, 2026.

F3 · derivative.exercise_date: On January 12, 2024, the Reporting Person was granted options, in which 1/48th of the shares subject to the option vest on each monthly anniversary measured from January 12, 2024 (the "Vesting Commencement Date"), such that 100% of the shares subject to the option will be fully vested and exercisable on the fourth anniversary of the Vesting Commencement Date, subject to the Reporting Person's continued service to the Issuer.

Read SEC document
November 06, 2025 Filed Nov 10, 2025 22:41 UTC
Burnett PatrickSee Remarks
SaleCommon Stock 17,250 $24.18 $417,144.68
Disclosure

SEC source: 0001741987-25-000008 · wk-form4_1762814517.xml · nonDerivative · entry 2

Burnett Patrick · CIK 0001741987 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 98,325

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a 10b5-1 trading plan adopted on December 12, 2024, by the Reporting Person, with a plan end date of February 27, 2026.

F2 · price: The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $23.79 to $24.4493, inclusive. The Reporting Person hereby undertakes to provide to the Securities and Exchange Commission staff, the Issuer, or a security holder of the Issuer, upon request, full information regarding the number of shares sold at each respective price within the range set forth in this footnote.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.