Arcutis Adds Mirum CEO to Board as ZORYVE Turns Profitable
Arcutis Biotherapeutics named Mirum Pharmaceuticals CEO Chris Peetz to its board effective July 15, 2026, a governance move that arrives without the quarterly revenue or guidance update that accompanied each of its prior four releases.
Arcutis Biotherapeutics (ARQT), the maker of the topical psoriasis and atopic dermatitis treatment ZORYVE, appointed Chris Peetz, chief executive of Mirum Pharmaceuticals, to its board effective July 15, 2026. The addition is the second board change in three quarters, following Amit Munshi's appointment in December 2025 alongside founder Bhaskar Chaudhuri's retirement.
The July 16 release contained no financial results, margin data, or guidance figures, a departure from the pattern set by Arcutis's four prior quarterly disclosures, each of which led with revenue, gross margin, and an outlook update. The board move instead lands against a backdrop of a company that has spent the past several quarters converting rapid ZORYVE sales growth into sustained profitability.
ZORYVE net product revenue rose to $127.5 million in the fourth quarter of 2025, up 84% from a year earlier and 29% sequentially, extending a run that saw $99.2 million in the third quarter (up 122% year-over-year) and $81.5 million in the second quarter (up 164%). The year-over-year growth rate has decelerated for three consecutive quarters even as sequential gains have held in the high-20% range, a pattern consistent with a maturing but still-expanding revenue base.
That growth pushed Arcutis into consecutive profitable quarters. The company reported net income of $7.4 million in the third quarter of 2025, reversing a $41.5 million loss a year earlier, and followed with $17.4 million in net income in the fourth quarter versus a $10.8 million loss in the same period of 2024. Both results marked a swing from the $15.9 million net loss Arcutis posted in the second quarter of 2025. Operating cash flow followed a similar arc, moving from $0.3 million generated in the second quarter to a $1.8 million net use of cash in the third quarter before turning to $26.2 million generated in the fourth, and management now guides to positive quarterly operating cash flow going forward, a forward claim absent from earlier releases. Cash, cash equivalents and marketable securities climbed to $221.3 million by the end of the fourth quarter, from $191.4 million and $191.1 million in the two prior quarters.
Gross margin held roughly stable through the period, with cost of sales running near 9% of product revenue in each of the second, third and fourth quarters even as absolute cost of goods sold rose with unit volume, indicating pricing and gross-to-net pressure were not eroding margins. Selling, general and administrative expense told a different story: after slowing to 6% year-over-year growth in the third quarter, SG&A jumped 37% year-over-year in the fourth quarter to $79.0 million, the sharpest increase of the three quarters, which the company tied to sales-force expansion and a push into pediatric and primary-care commercialization.
That commercialization push followed a structural change in how Arcutis sells ZORYVE. The company terminated its promotion agreement with Kowa in January 2026 and is building an in-house pediatric and primary-care sales team to replace it. Alongside that shift, Arcutis disclosed new payer-access data showing it secured Medicare coverage for ZORYVE beginning in January 2026, with roughly one in three Medicare patients holding non-preferred coverage status.
With the fourth-quarter release, Arcutis raised its full-year 2026 net product revenue guidance to a range of $480 million to $495 million, up from the $455 million to $470 million initial guide issued alongside third-quarter results, a roughly $25 million increase at the midpoint. On the pipeline side, Arcutis halted development of ARQ-255, a topical treatment for alopecia areata, after Phase 1b results, deprioritizing the program in favor of other research priorities; it appeared in the company's second-quarter 2025 release but was absent from subsequent disclosures.
The board appointment adds governance experience from outside the dermatology space at a moment when Arcutis is rebuilding its commercial infrastructure in-house and absorbing higher SG&A to support it, with the next quarterly release expected to show whether the revenue and margin trends established over the past year have continued.