Howard G. Welgus - 15 Feb 2023 Form 4 Insider Report for Arcutis Biotherapeutics, Inc. (ARQT)

Role: Director
Signature: /s/ Scott Burrows, as Attorney-in-Fact for Howard G. Welgus
Issuer symbol: ARQT
Transactions as of: 15 Feb 2023
Transactions value $: -$130,067
Form type: 4
Date filed: 21 Feb 2023, 06:20
Previous filing: 18 Jan 2023
Next filing: 10 Apr 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARQT	Common Stock	Options Exercise	$14.3K	+8.5K	+5.13%	$1.68	174K	15 Feb 2023	Direct	F1
transaction	ARQT	Common Stock	Sale	-$144K	-8.5K	-4.88%	$16.98	166K	15 Feb 2023	Direct	F1, F2
holding	ARQT	Common Stock						25K	15 Feb 2023	By Trust	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ARQT	Stock Option (right to buy)	Options Exercise	$0	-8.5K	-26.6%	$0.00	23.5K	15 Feb 2023	Common Stock	8.5K	$1.68	Direct	F1, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Transaction made pursuant to a 10b5-1 trading plan adopted by the Reporting Person.
F2	The price reported in Column 4 is a weighted average sale price. The shares were sold in multiple transactions at prices ranging from $16.84 to $17.10, 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	The securities are held of record by The Welgus Living Trust, of which the Reporting Person is trustee. The Reporting Person disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of such securities for purposes of Section 16 or for any other purposes.
F4	The option began vesting on March 13, 2019 and will vest monthly over a four year period, subject to the Reporting Person's continuous provision of services to the Issuer on each vesting date. The option contains an early-exercise provision and is exercisable as to unvested shares, subject to the Issuer's right of repurchase.