Positive context积极背景
Stocks股票 / Health Care / ARQT
Arcutis Biotherapeutics Inc · Health Care
ARQT US listed · USD美股 · 美元
Health Care
Russell 2000罗素2000
Speculative / unprofitable投机／未盈利
$25.96
+$0.58 · +2.29%
52w low52周低 $16.40high高 $31.92
Neutral — no clear edge中性 — 无明显优势
The daily turn is in off a real pullback, but the cycle count is stretched well past its usual window — so this is an UNCONFIRMED new cycle, not a fresh low…日线已在一次真实回调后转向，但周期天数已远超通常窗口——因此这是未确认的新周期，尚非全新低点。请在确认后买入（更高的低点 + 周线转向），而非此处。
As of 2026-09-23截至 2026-09-23
Company intelligence公司情报
The latest call, in context把最新财报放回历史脉络
A synthesized event record across management commentary and recorded metrics. Read as context; verify exact wording in the transcript before relying.综合管理层表述与记录指标形成事件档案。仅供参考；使用前请在电话会原文中核对准确措辞。
Live company record实时公司记录
JavaScript loads the source-bounded event record here. Open Terminal if the live module does not start.JavaScript 会在此加载受来源约束的事件记录。如实时模块未启动，请打开终端。
Continue with full transcript history继续查看完整电话会历史 ↗Pressure context压力背景
History mode历史模式
Context only仅供参考 · not a signal or recommendation不构成信号或建议
Narrative claims may await line-level citation; verify in the transcript.叙述性内容可能仍待逐行引用，请在电话会原文中核对。
Price chart价格图表
daily · interactive日线 · 可交互
Open in Terminal打开终端 ↗
Loading chart…图表加载中…
The interactive chart could not load here.互动图表暂时无法在此加载。
Open the live chart in Terminal在终端中打开实时图表 ↗
Candles, volume and moving averages — pan and zoom inside the chart.蜡烛图、成交量与均线 — 图内可缩放拖动。
MMastermind Terminal — live & interactiveMastermind 终端 — 实时互动 ↗
Technicals技术面
daily bars日线数据 · 2026-09-23
Momentum (RSI 14)动量（RSI 14）
56
Neutral zone中性区域
vs 50-day average相对50日均线
+0.2% above上方
Uptrend intact趋势完好
vs 200-day average相对200日均线
+2.3% above上方
Long trend up长期向上
Volatility波动率
55th percentile第55百分位
These readings feed the stance at the top — one source per number, refreshed nightly.以上读数构成页首的引擎立场 — 每个数字只有一个来源，每晚更新。
Earnings财务业绩
next report下次财报 2026-10-2734
Beat in 3 of last 4 quarters近 4 季中 3 季超预期
EPS surprise vs consensus, last quarters每股收益相对预期的超预期幅度（近几个季度） · average平均 41.4%
Financials财务数据
fiscal years财年Revenue营业收入
$376.1M2025
20202025
Earnings per share每股收益
$-0.132025
20202025
Free cash flow自由现金流
-$6.3M2025
20202025
Operating margin营业利润率
-3.3%
Net margin净利率
-4.3%
FCF margin自由现金流利润率
-1.5%
Balance-sheet quality财务体质 4/9
Return on equity股本回报率 -8%
Watch关注
Leverage杠杆
Current ratio流动比率3.17
Capital allocation资本配置
Stock-based comp股权薪酬$40.4M
Share count change (1y)股数变化（1年）+4.7%
Debt coming due到期债务
FY2025 10-KThe 12-month bucket following fiscal period end 2025-12-31 is not reported. The years below are what the filing did report.文件未披露财年期末 2025-12-31 之后12个月区间的到期金额；下方为其确实披露的年度。
All maturity buckets are measured from fiscal period end 2025-12-31, not from today.所有到期区间均从财年期末 2025-12-31 起算，而非从今天起算。
First 12 months after period end报告期末之后首12个月
not reported未披露
Year 2第2年
not reported未披露
Year 3第3年
not reported未披露
Year 4第4年
$107.0M
Year 5第5年
not reported未披露
After year 55年以后
not reported未披露
Cash reported at 2025-12-31: $42907000.截至 2025-12-31 披露的现金：$42907000。 At the cash-burn pace reported over 2025-01-01 to 2025-12-31, that cash represented about 81.6 months. This scenario excludes debt payments and future financing.按 2025-01-01 至 2025-12-31 期间披露的现金消耗速度，该现金约对应 81.6 个月。此情景不包括债务偿还与未来融资。
Capital-need coverage is partial; incomplete or incompatible filing inputs are not combined.资本需求覆盖信息不完整；不会合并不完整或不兼容的报告数据。
Any available cash-flow scenario is context only. Missing or incompatible inputs are not replaced with zero or a financing forecast.可用现金流情景仅供参考；缺失或不兼容的输入不以零值或融资预测替代。
Sources and cash-flow calculation来源与现金流计算
Figures are XBRL facts from one filing — no two years are mixed. Filing数据取自同一份文件中的 XBRL 事实，不跨文件拼接。文件
0001787306-26-000018, period ending报告期截至 2025-12-31, unit单位 USD.
Cache acquired缓存获取时间: 2026-09-21T09:30:03.673792+00:00.
1/6 buckets reported.个区间有披露。
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths— absentLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo— absentLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree— absentLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFourLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive— period_mismatchLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive— absent
Annual period年度区间 2025-01-01 — 2025-12-31 · USD · 10-K · 0001787306-26-000018 · Filed提交日期 2026-02-25.
Cache acquired缓存获取时间: 2026-09-21T09:30:03.673792+00:00 · Evaluated as of评估截至 2026-09-23.
- Reported operating cash flow已披露经营活动现金流: $-5625000
- Reported equipment spending (capex outflow)已披露设备支出（资本开支流出）: $686000
- Derived free cash flow (operating cash flow minus capex)计算所得自由现金流（经营现金流减资本开支）: $-6311000
Cash is the reported balance at period end. The runway scenario holds this annual cash-flow pace constant and excludes debt payments, restricted-cash adjustments and future financing.现金为期末已披露余额。现金跑道情景假设本年度现金流速度保持不变，不包括债务偿还、受限现金调整与未来融资。
Research context only — reported figures from SEC filings, not a rating, a signal or investment advice.仅供研究参考 — 数据摘自 SEC 文件披露口径，不构成评级、信号或投资建议。
Why is it moving为何波动
6 checks · nightly六项检查 · 每晚
Positioning持仓
Insider cluster activity内部人集中交易
Technical技术面
ARQT reclaimed its 200-day averageARQT 收复200日均线
Ownership & smart money持仓与聪明钱
13FInsider activity:内部人动向： -$6.4M net (0 buyers, 8 sellers)-$6.4M 净值（0 买家，8 卖家）
Signal history信号历史
engine events引擎事件
UNCONFIRMED TURN → BOTTOMING未确认转向 → 筑底中
BUY SETUP. A new cycle low likely formed 7 day(s) ago (2026-09-10 @ 23.38): swing low in, price back above the 10-day average — but the weekly timeframe hasn't turned yet, so conviction is partial买入预备。新的周期低点可能已在 7 天前形成 （2026-09-10 @ 23.38）：摆动低点已现，价格重新站上 10 日均线——但周线周期尚未转向，因此信心仅为部分
Sep 21, 2026
ARQT reclaimed its 200-day averageARQT 收复200日均线
Price closed back above the 200-day moving average — the classic bull dividing line. $25.96.收盘重回200日均线 — 经典的多头分界线。$25.96。
Sep 18, 2026
ARQT lost its 200-day averageARQT 跌破200日均线
Price closed below the 200-day moving average — the classic bear dividing line. $25.38.收盘跌破200日均线 — 经典的空头分界线。$25.38。
Sep 16, 2026
DOWNTREND → UNCONFIRMED TURN下跌趋势 → 未确认转向
HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作
Sep 16, 2026
ARQT reclaimed its 200-day averageARQT 收复200日均线
Price closed back above the 200-day moving average — the classic bull dividing line. $26.14.收盘重回200日均线 — 经典的多头分界线。$26.14。
Sep 14, 2026
NEARING A HIGH → UNCONFIRMED TURN接近高点 → 未确认转向
HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作
Sep 14, 2026
ARQT daily MACD crossed upARQT 日线MACD上穿
The daily MACD histogram turned positive — fast and noisy, context rather than a standalone trigger. $24.27.日线MACD柱状图转正 — 快速且嘈杂，仅作背景。$24.27。
Sep 11, 2026
DOWNTREND → NEARING A HIGH下跌趋势 → 接近高点
TAKE PROFITS止盈
Sep 9, 2026
UNCONFIRMED TURN → DOWNTREND未确认转向 → 下跌趋势
AVOID回避
Sep 8, 2026
DOWNTREND → UNCONFIRMED TURN下跌趋势 → 未确认转向
HIGH-RISK · NIMBLE ONLY高风险 · 仅限灵活操作
Sep 8, 2026
ARQT StochRSI turned up from oversoldARQT StochRSI自超卖区上行
StochRSI popped back above 20 — the earliest oscillator heads-up that downside momentum is easing. $24.39.StochRSI重回20上方 — 下行动量趋缓的最早预警。$24.39。
Showing the last 15 of显示最近15条，共 176 signals条信号
Company profile公司档案
Watch items — what could change the story关注项 — 可能改变故事的因素
- Margin compression despite revenue growth
- Capital intensity rising
The whole US universe — S&P 1500 and Russell 2000 — read nightly.覆盖标普1500与罗素2000全部成分股 — 每晚更新解读。
Signals, options positioning, smart-money moves and factor DNA — the same engine that wrote this page covers 2,700+ US stocks.信号、期权持仓、聪明钱动向与因子基因 — 撰写本页的引擎覆盖2700多只美股。
Statistics — full detail统计数据 — 完整明细
Price history价格历史
| Period周期 | This stock本股 | S&P 500标普500 |
|---|---|---|
| 1 Week近1周 | +7.0% | +1.9% |
| 1 Month近1月 | +3.5% | +1.3% |
| 3 Months近3月 | -1.2% | +5.7% |
| 6 Months近6月 | +14.2% | +18.4% |
| Year to date年初至今 | -10.5% | +14.1% |
| 1 Year近1年 | +49.4% | +17.8% |
Trading information交易信息
Volatility rank波动率分位
55th pctile
EPS (trailing)每股收益
$-0.13
Off 52-week high距52周高点
-16.8%
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Financials — full detail财务数据 — 完整明细
Multi-year record多年财务记录
| 20202020 | 20212021 | 20222022 | 20232023 | 20242024 | 20252025 | |
|---|---|---|---|---|---|---|
| Revenue营业收入 | — | — | $4M | $60M | $197M | $376M |
| EPS每股收益 | $-3.80 | $-4.18 | $-5.66 | $-3.78 | $-1.16 | $-0.13 |
| Free cash flow自由现金流 | $-113M | $-176M | $-258M | $-247M | $-112M | $-6M |
| Gross margin毛利率 | — | — | — | 91.6% | 90.3% | 90.2% |
| Net margin净利率 | — | — | -8449.8% | -439.8% | -71.3% | -4.3% |
| FCF margin自由现金流利润率 | — | — | -7000.8% | -415.2% | -57.1% | -1.7% |
Latest fiscal year最近财年
Revenue (FY)营业收入（财年）
$376M
Net income净利润
$-16M
Operating cash flow经营现金流
$-6M
Total assets总资产
$433M
Shareholder equity股东权益
$189M
Long-term debt长期负债
$108M
Shares outstanding总股本
0.12B
Returns & growth回报与增长
Return on equity股本回报率
-8.5%
Return on assets资产回报率
-3.7%
Debt / assets负债/资产
24.9%
Asset growth资产增速
+24.1%
Accounting quality checks会计质量检查
- Earnings quality: accruals trending up over 6 fiscal years — earnings increasingly not cash-backed盈利质量：应计利润在 6 个财年间走高——盈利的现金支撑减弱
- Working capital: inventory & receivables lean vs sales营运资本：存货与应收相对销售保持精简
- Pricing power: gross margin −1.4pts over 3 years定价能力：毛利率 3 年下降 1.4 个百分点
- Capital discipline: share count +184.6% over 6 years (dilution)资本纪律：股本 6 年增加 184.6%（稀释）
- Balance sheet: leverage unremarkable资产负债表：杠杆水平一般
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Technicals — full detail技术面 — 完整明细
Indicator readings指标读数
RSI (14-day)RSI（14日）
56
RSI (2-day)RSI（2日）
63
vs 20-day average相对20日均线
+6.0%
vs 50-day average相对50日均线
+0.2%
vs 200-day average相对200日均线
+2.3%
Golden cross (50>200)金叉（50>200）
in effect生效中
MACDMACD
above signal位于信号线上方
Timeframe alignment多周期共振
Daily日线
momentum up动能向上
3-day3日线
momentum down — turning up soon动能向下——接近转强
Weekly周线
momentum down — turning up soon动能向下——接近转强
When daily through monthly point the same way, moves carry further.当日线到月线方向一致时，行情往往更有延续性。
Volatility regime波动状态
Range width percentile波幅宽度分位
35/100
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Earnings — full detail财务业绩 — 完整明细
Surprise history超预期历史
| Quarter季度 | Reported实际 | Expected预期 | Surprise超预期 |
|---|---|---|---|
| Jun 2026 | $0.11 | $0.09 | +22.2% |
| Mar 2026 | $-0.09 | $-0.02 | -350.0% |
| Dec 2025 | $0.13 | $0.03 | +333.3% |
| Sep 2025 | $0.06 | $-0.10 | +160.0% |
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。
Ownership — full detail持仓 — 完整明细
Insiders & shorts内部人与空头
Insider net buying (6 months)内部人净买入（6个月）
-$6.4M
Insider buyers vs sellers内部人买家vs卖家
0 : 8
Recent fund flows近期基金流向
SPDR S&P BiotechSPDR S&P Biotech
accumulating持续增持
Research context only — refreshed nightly. Not investment advice.仅供研究参考 — 每晚更新，不构成投资建议。