Arcutis Biotherapeutics is a biopharmaceutical company that develops topical and systemic therapies for immune-mediated skin diseases, with its lead product ZORYVE—a potent phosphodiesterase-4 inhibitor available in multiple formulations and strengths for conditions including plaque psoriasis, atopic dermatitis, and seborrheic dermatitis. The company generates revenue through direct commercialization of ZORYVE in the United States and Canada via a specialty sales force, as well as through royalty-bearing licensing agreements with international partners in Japan and Greater China that provide upfront payments, regulatory milestones, and sales-based milestones. Arcutis targets large patient populations across dermatology and primary care channels, competing against biologics, systemic therapies, and other topical treatments, while building a pipeline that includes ARQ-234, a checkpoint agonist for atopic dermatitis, and pursuing indication expansions in additional immune-mediated skin conditions.