Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-17

Arcutis Biotherapeutics, Inc. (ARQT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$7,223,065
Todd Franklin Watanabe total, FY2025
47th
CEO pay percentile vs peers
28:1
CEO-to-median pay ratio
95.97%
Say-on-pay support, latest vote
Companies that benchmark against ARQT
7 companies name ARQT as a compensation peer

Each company listed discloses ARQT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ARQT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Todd Franklin Watanabe$713,333$0$2,067,190$3,848,958$579,584$0$14,000$7,223,065
President and Chief Executive Officer
L. Todd Edwards535,0000752,9501,380,182334,376027,8293,030,337
Executive Vice President and Chief Commercial Officer
Patrick Burnett535,0000752,9501,380,182334,376014,0003,016,508
Executive Vice President and Chief Medical Officer
Masaru Matsuda495,1670465,460865,044278,532014,0002,118,203
Executive Vice President, Chief Legal Officer and Corporate Secretary
David Topper196,4580465,460865,04400419,7711,946,733
Former Chief Financial Officer
Latha Vairavan419,4850440,413839,463213,402012,0171,924,780
Senior Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Todd Franklin Watanabe$7,223,065$3,689,491$4,935,266+3,533,574
L. Todd Edwards3,030,3371,965,145+1,065,192
Patrick Burnett3,016,5082,513,0501,666,345+503,458
Masaru Matsuda2,118,2031,737,5321,603,149+380,671
David Topper1,946,7335,311,203−3,364,470
Latha Vairavan1,924,780

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Howard G. WelgusDirector2026-05-01D7,144$23$164,220Common, open-market saleForm 4 ↗
Todd Franklin WatanabeDirector2026-05-04D3,1722474,893Common, open-market saleForm 4 ↗
Latha VairavanSVP Chief Financial Officer2026-05-04D1,3412431,662Common, open-market saleForm 4 ↗
Masaru MatsudaSee Remarks2026-05-04D8842420,872Common, open-market saleForm 4 ↗
Masaru MatsudaSee Remarks2026-05-04D7,37223171,543Common, open-market saleForm 4 ↗
Patrick BurnettSee Remarks2026-05-04D6842416,150Common, open-market saleForm 4 ↗
Patrick BurnettSee Remarks2026-05-11D222214,673CommonForm 4 ↗
Latha VairavanSVP Chief Financial Officer2026-05-11D435219,157CommonForm 4 ↗
Halley GilbertDirector2026-06-05A5,77800CommonForm 4 ↗
Keith R. LeonardDirector2026-06-05A5,77800CommonForm 4 ↗
Amit D. MunshiDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Terrie CurranDirector2026-06-05A5,77800CommonForm 4 ↗
Halley GilbertDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Keith R. LeonardDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-06-05A5,77800CommonForm 4 ↗
Terrie CurranDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Sue-Jean LinDirector2026-06-05A5,77800CommonForm 4 ↗
Sue-Jean LinDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Amit D. MunshiDirector2026-06-05A5,77800CommonForm 4 ↗
Neha KrishnamohanDirector2026-06-05A5,77800CommonForm 4 ↗
Neha KrishnamohanDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Patrick J. HeronDirector2026-06-05A5,77800CommonForm 4 ↗
Patrick J. HeronDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-06-151,8411 insider, 2 accrual rows
Howard G. WelgusDirector2026-06-15A1,01987,653CommonForm 4 ↗
Sue-Jean LinDirector2026-06-15D4,94624120,587Common, open-market saleForm 4 ↗
Howard G. WelgusDirector2026-06-15A82275,361CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D6352616,300CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D4,0962499,980Common, open-market saleForm 4 ↗
Howard G. WelgusDirector2026-06-15A2,255919,461CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D2,25500Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15A2,255919,461CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15A1,01987,653CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15D4,73027127,284CommonForm 4 ↗
Dividend-equivalent accruals2026-07-151,8411 insider, 2 accrual rows
Christopher PeetzDirector2026-07-15A4,31500CommonForm 4 ↗
Christopher PeetzDirector2026-07-15A21,48600Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15D2,25500Derivative, Class A CommonForm 4 ↗
Christopher PeetzDirector2026-07-15A13,01000Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15A82275,361CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 43 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Howard G. WelgusDirector2026-05-01D7,144$23$164,220Common, open-market saleForm 4 ↗
Todd Franklin WatanabeDirector2026-05-04D3,1722474,893Common, open-market saleForm 4 ↗
Latha VairavanSVP Chief Financial Officer2026-05-04D1,3412431,662Common, open-market saleForm 4 ↗
Masaru MatsudaSee Remarks2026-05-04D8842420,872Common, open-market saleForm 4 ↗
Masaru MatsudaSee Remarks2026-05-04D7,37223171,543Common, open-market saleForm 4 ↗
Patrick BurnettSee Remarks2026-05-04D6842416,150Common, open-market saleForm 4 ↗
Patrick BurnettSee Remarks2026-05-11D222214,673CommonForm 4 ↗
Latha VairavanSVP Chief Financial Officer2026-05-11D435219,157CommonForm 4 ↗
Halley GilbertDirector2026-06-05A5,77800CommonForm 4 ↗
Keith R. LeonardDirector2026-06-05A5,77800CommonForm 4 ↗
Amit D. MunshiDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Terrie CurranDirector2026-06-05A5,77800CommonForm 4 ↗
Halley GilbertDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Keith R. LeonardDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-06-05A5,77800CommonForm 4 ↗
Terrie CurranDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Sue-Jean LinDirector2026-06-05A5,77800CommonForm 4 ↗
Sue-Jean LinDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Amit D. MunshiDirector2026-06-05A5,77800CommonForm 4 ↗
Neha KrishnamohanDirector2026-06-05A5,77800CommonForm 4 ↗
Neha KrishnamohanDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Patrick J. HeronDirector2026-06-05A5,77800CommonForm 4 ↗
Patrick J. HeronDirector2026-06-05A16,66700Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D1,01900Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15A1,01987,653CommonForm 4 ↗
Sue-Jean LinDirector2026-06-15D4,94624120,587Common, open-market saleForm 4 ↗
Howard G. WelgusDirector2026-06-15A82275,361CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D6352616,300CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D4,0962499,980Common, open-market saleForm 4 ↗
Howard G. WelgusDirector2026-06-15A2,255919,461CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D82200Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-06-15D2,25500Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15A2,255919,461CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15A1,01987,653CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15D4,73027127,284CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15D82200Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15D1,01900Derivative, Class A CommonForm 4 ↗
Christopher PeetzDirector2026-07-15A4,31500CommonForm 4 ↗
Christopher PeetzDirector2026-07-15A21,48600Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15D2,25500Derivative, Class A CommonForm 4 ↗
Christopher PeetzDirector2026-07-15A13,01000Derivative, Class A CommonForm 4 ↗
Howard G. WelgusDirector2026-07-15A82275,361CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Todd FranklinRSU2025-02-28151,000$2,067,190
Patrick BurnettOPTION2025-02-2899,000962,240
Patrick BurnettRSU2025-02-2838,000520,220
Patrick BurnettOPTION2025-02-2843,000417,942
Latha VairavanRSU2025-02-2811,250154,013
Latha VairavanOPTION2025-02-2823,750230,840
David TopperOPTION2025-02-2889,000865,044
Latha VairavanOPTION2025-05-0660,000608,623
Latha VairavanRSU2025-05-0620,000286,400
Todd FranklinOPTION2025-02-28396,0003,848,958
Patrick BurnettRSU2025-02-2817,000232,730
David TopperRSU2025-02-2834,000465,460
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Todd Franklin$2,067,190$0$3,848,9580.0%
Patrick Burnett752,95001,380,1820.0%
Latha Vairavan440,4130839,4630.0%
David Topper465,4600865,0440.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Masaru MatsudaRSU21,000$609,840
Latha VairavanRSU11,250326,700
Todd Franklin WatanabeRSU43,7501,270,500
L. Todd EdwardsOption91,6673.64
Latha VairavanOption22,6563.64
L. Todd EdwardsRSU38,0001,103,520
L. Todd EdwardsOption80,43713.69
Patrick BurnettRSU21,000609,840
L. Todd EdwardsRSU21,000609,840
Todd Franklin WatanabeRSU17,725514,734
L. Todd EdwardsRSU17,000493,680
Masaru MatsudaRSU11,456332,682
Patrick BurnettRSU4,450129,228
Patrick BurnettRSU10,500304,920
Masaru MatsudaRSU10,500304,920
Latha VairavanRSU2,22564,614
Latha VairavanOption19,29713.69
Latha VairavanRSU8,625250,470
Patrick BurnettRSU4,187121,590
Latha VairavanRSU4,050117,612
Masaru MatsudaRSU3,32596,558
Latha VairavanOption1,56215.82
Todd Franklin WatanabeOption34417.67
Todd Franklin WatanabeRSU15,889461,417
Patrick BurnettRSU11,625337,590
Latha VairavanRSU20,000580,800
Latha VairavanRSU2376,882
Masaru MatsudaRSU11,625337,590
Patrick BurnettRSU38,0001,103,520
Todd Franklin WatanabeOption321,75013.69
Masaru MatsudaRSU34,000987,360
Todd Franklin WatanabeRSU151,0004,385,040
Patrick BurnettRSU17,000493,680
Patrick BurnettOption110,0005.58
Latha VairavanOption143,7503.64
Todd Franklin WatanabeOption213,5423.64
Latha VairavanOption51,25014.32
Patrick BurnettOption80,43713.69
Masaru MatsudaOption72,31213.69
Patrick BurnettOption34,93713.69
L. Todd EdwardsOption34,93713.69
Patrick BurnettRSU4,144120,342
Todd Franklin WatanabeRSU48,3751,404,810
L. Todd EdwardsRSU30,000871,200
Todd Franklin WatanabeRSU93,7502,722,500
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation objectives are designed to support these goals by: Attracting, retaining and motivating superior executive talent; Providing fair and competitive compensation packages that are designed to incentivize executives to drive company performance; Focusing on variable compensation that rewards the achievement of short-term and long-term goals and emphasizing our commitment to pay-for-performance; and Aligning our executives interests with those of our stockholders to ensure that their compensation is meaningfully related to increasing shareholder value.

CEO STI target (% of salary)65%
CEO LTI target (% of salary)
Independent consultantPay Governance
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0588,728,2693,723,408824,86095.97%Passed
20252025-06-1274,469,06013,477,5861,185,19384.68%Passed
20242024-06-1456,906,21526,716,60255,14268.05%Passed
20232023-05-3143,770,3137,343,87428,77285.63%Passed
20222022-06-0141,014,2562,066,501501,67795.2%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0595.97%a
20252025-06-1284.68%b
20242024-06-1468.05%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast and thus will have no effect, however, Proposal No.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast and thus will have no effect, however, Proposal No.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not considered votes cast and will not be counted in determining the outcome of the advisory vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)28 : 1
CEO total compensation$7,223,065
Median employee compensation$262,613
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Amit D. MunshiIndependent · Compensation (Chair) · Newly elected$4,946$92,794$401,503$0$0$499,243
Keith R. LeonardIndependent · Board Chair · Compensation92,500102,722189,73400384,956
Sue-Jean LinIndependent · Audit (Chair) · Nominating/Governance75,000102,722189,73400367,456
Bhaskar ChaudhuriIndependent · Compensation · Departed during FY60,054102,722189,73400352,510
Halley GilbertIndependent · Audit60,000102,722189,73400352,456
Neha KrishnamohanIndependent · Audit60,000102,722189,73400352,456
Terrie CurranIndependent · Nominating/Governance (Chair)60,000102,722189,73400352,456
Patrick J. HeronIndependent · Compensation57,500102,722189,73400349,956
Howard G. WelgusIndependent · Nominating/Governance55,000102,722189,73400347,456
Todd Franklin WatanabeEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$300,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline3x annual cash retainer for non-employee directors; 3x annual base salary for CEO
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$525,000
Equity awards (grant-date value)$914,570
All other compensation$0
Total cost of the board$1,439,570

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Arcutis Biotherapeutics, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Arcutis Biotherapeutics, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Ocular Therapeutics2025Pravin Dugel$819,200$18,608,000$15,567,000$0$35,946,958
2BioCryst Pharmaceuticals2025Jon Stonehouse728,466011,132,4581,052,63312,951,082
3Protagonist Therapeutics2025Dinesh Patel715,5005,839,2045,618,010686,88012,871,506
4Vericel2025Dominick Colangelo860,0003,964,6305,456,287860,00011,156,368
5Mirum Pharmaceuticals2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
6MannKind Corporation2025Michael Castagna789,4367,689,4800675,7579,300,485
7Travere Therapeutics2025Eric Dube854,2503,314,5203,309,384964,1258,457,151
8Dynavax Technologies2024Ryan Spencer835,0014,902,1501,824,299641,9078,210,775
9Ardelyx2025Michael Raab797,0002,953,7243,413,948627,6387,796,171
10Arcutis Biotherapeutics, Inc.2025Todd Franklin Watanabe713,3332,067,1903,848,958579,5847,223,065
11Sage Therapeutics2024Barry Greene830,7123,164,3642,669,263431,9707,112,589
12Phathom Pharmaceuticals2025Steven Basta525,0001,986,6003,983,144455,7016,968,070
13Tarsus Pharmaceuticals2025Bobak Azamian726,3332,648,2842,651,487555,7006,617,979
14Evolus2025David Moatazedi775,0003,886,5691,296,697429,0006,412,214
15AnaptysBio2025Daniel Faga706,0111,592,0013,345,653465,9686,133,943
16Agios Pharmaceuticals2025Brian Goff846,8641,291,6802,627,252592,8045,370,389
17Y-mAbs Therapeutics2024Michael Rossi705,6001,170,7322,288,662392,5964,557,590
18Vanda Pharmaceuticals2025Mihael Polymeropoulos965,6552,007,0000834,3263,851,468

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Arcutis Biotherapeutics, Inc.125%not disclosedNoPay Governance
Agios Pharmaceuticals100%Options 40 · PSU 40 · RSU 20NoAon
AnaptysBio110%not disclosedNoAlpine Rewards
Ardelyx105%Options 50 · RSU 50not disclosedPearl Meyer
BioCryst Pharmaceuticals170%not disclosednot disclosedAon Human Capital Solutions (division of Aon plc)
Dynavax Technologies102.5%Options 34 · RSU 33 · PSU 33Yes — Relative Total Stockholder Return (rTSR) ranking vs. Nasdaq Biotechnology IndexAlpine
Evolus55%not disclosedNoRadford, an Aon Company
MannKind Corporation107%PSU 55 · RSU 45Yes — Total Stockholder Return (TSR) relative to Russell 3000 Pharmaceutical & Biotechnology IndexMercer LLC
Mirum Pharmaceuticals200%not disclosedNoAlpine Rewards
Ocular Therapeutics145%not disclosedNoAon
Phathom Pharmaceuticals124%not disclosedNoPay Governance LLC
Protagonist Therapeutics160%Options 50 · RSU 50not disclosedAon Human Capital Solutions
Sage Therapeutics80%not disclosedYes — TSR milestones / Relative TSR vs. Nasdaq Biotechnology IndexAlpine Rewards
Tarsus Pharmaceuticals108%Options 50 · RSU 50NoPay Governance
Travere Therapeutics150%not disclosedNoAon
Vanda Pharmaceuticals108%not disclosedYes — Relative TSRWillis Towers Watson
Vericel100%Options 58 · RSU 42not disclosedFW Cook
Y-mAbs Therapeutics85.6%PSU 34 · Options 33 · RSU 33NoAon's Human Capital Solutions practice (division of Aon plc)

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Arcutis Biotherapeutics, Inc. in fiscal 2025?
As disclosed, Todd Franklin Watanabe, President and Chief Executive Officer, was the highest-paid executive with total compensation of $7,223,065.
How does Arcutis Biotherapeutics, Inc.'s chief executive pay compare to its disclosed peer group?
The filing shows the CEO's pay was at the 47th percentile of the disclosed peer group.
What is Arcutis Biotherapeutics, Inc.'s CEO-to-median employee pay ratio?
The company reported a CEO-to-median employee pay ratio of 28:1.
How did shareholders vote on Arcutis Biotherapeutics, Inc.'s executive compensation?
Shareholders voted 95.97% in support of the executive compensation plan.
How much does Arcutis Biotherapeutics, Inc. spend in total on board compensation for fiscal 2025?
The total board compensation for fiscal 2025 was $1,439,570.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Todd Franklin WatanabeDEF 14A2026-04-210001787306-26-000028Section “2025 Summary Compensation Table”. As printed: 7,223,065. Filing ↗machine: r2 · c42 · span 646815–646824
2Section 01, L. Todd EdwardsDEF 14A2026-04-210001787306-26-000028Section “2025 Summary Compensation Table”. As printed: 3,030,337. Filing ↗machine: r10 · c42 · span 663794–663803
3Section 01, Patrick BurnettDEF 14A2026-04-210001787306-26-000028Section “2025 Summary Compensation Table”. As printed: 3,016,508. Filing ↗machine: r7 · c42 · span 656934–656943
4Section 01, Masaru MatsudaDEF 14A2026-04-210001787306-26-000028Section “2025 Summary Compensation Table”. As printed: 2,118,203. Filing ↗machine: r12 · c42 · span 668261–668270
5Section 01, David TopperDEF 14A2026-04-210001787306-26-000028Section “2025 Summary Compensation Table”. As printed: 1,946,733. Filing ↗machine: r15 · c42 · span 674970–674979
6Section 01, Latha VairavanDEF 14A2026-04-210001787306-26-000028Section “2025 Summary Compensation Table”. As printed: 1,924,780. Filing ↗machine: r5 · c42 · span 653705–653714
7Section 03, Todd Franklin RSUDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r2 · c8 · span 466152–466159
8Section 03, Patrick Burnett OPTIONDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r5 · c6 · span 469829–469835
9Section 03, Patrick Burnett RSUDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r5 · c8 · span 470122–470128
10Section 03, Patrick Burnett OPTIONDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r6 · c6 · span 471315–471321
11Section 03, Latha Vairavan RSUDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r3 · c8 · span 467397–467403
12Section 03, Latha Vairavan OPTIONDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r3 · c6 · span 467154–467160
13Section 03, David Topper OPTIONDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r10 · c6 · span 476567–476573
14Section 03, Latha Vairavan OPTIONDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r4 · c6 · span 468400–468406
15Section 03, Latha Vairavan RSUDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r4 · c8 · span 468643–468649
16Section 03, Todd Franklin OPTIONDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r2 · c6 · span 465826–465833
17Section 03, Patrick Burnett RSUDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r6 · c8 · span 471608–471614
18Section 03, David Topper RSUDEF 14A2026-04-210001787306-26-000028Section “Grants of Plan Based Awards Tables” · grants of plan-based awards table. Filing ↗machine: t20 · r10 · c8 · span 476810–476816
19Section 07, pay ratioDEF 14A2026-04-210001787306-26-000028Section “CEO Pay Ratio”. As printed: 28 : 1. Filing ↗machine: span 577178–577180
20Section 08, Amit D. MunshiDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 499,243. Filing ↗machine: t33 · r9 · c10 · span 880805–880812
21Section 08, Keith R. LeonardDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 384,956. Filing ↗machine: t33 · r7 · c10 · span 877202–877209
22Section 08, Sue-Jean LinDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 367,456. Filing ↗machine: t33 · r8 · c10 · span 878919–878926
23Section 08, Bhaskar ChaudhuriDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 352,510. Filing ↗machine: t33 · r2 · c10 · span 868417–868424
24Section 08, Halley GilbertDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 352,456. Filing ↗machine: t33 · r4 · c10 · span 871854–871861
25Section 08, Neha KrishnamohanDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 352,456. Filing ↗machine: t33 · r6 · c10 · span 875469–875476
26Section 08, Terrie CurranDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 352,456. Filing ↗machine: t33 · r3 · c10 · span 870135–870142
27Section 08, Patrick J. HeronDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 349,956. Filing ↗machine: t33 · r5 · c10 · span 873747–873754
28Section 08, Howard G. WelgusDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 347,456. Filing ↗machine: t33 · r10 · c10 · span 882532–882539
29Section 08, Todd Franklin WatanabeDEF 14A2026-04-210001787306-26-000028Section “Director Compensation”. As printed: 0. Filing ↗
30Section 02, Howard G. Welgus 2026-05-01Form 42026-05-050001801050-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Todd Franklin Watanabe 2026-05-04Form 42026-05-060001801061-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Latha Vairavan 2026-05-04Form 42026-05-060002065881-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Masaru Matsuda 2026-05-04Form 42026-05-060001798679-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Masaru Matsuda 2026-05-04Form 42026-05-060001798679-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Patrick Burnett 2026-05-04Form 42026-05-060001741987-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Patrick Burnett 2026-05-11Form 42026-05-130001741987-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Latha Vairavan 2026-05-11Form 42026-05-130002065881-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Halley Gilbert 2026-06-05Form 42026-06-090001628280-26-042040Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Keith R. Leonard 2026-06-05Form 42026-06-090001628280-26-042043Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Amit D. Munshi 2026-06-05Form 42026-06-090001628280-26-042041Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Terrie Curran 2026-06-05Form 42026-06-090001628280-26-042042Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Halley Gilbert 2026-06-05Form 42026-06-090001628280-26-042040Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Keith R. Leonard 2026-06-05Form 42026-06-090001628280-26-042043Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Howard G. Welgus 2026-06-05Form 42026-06-090001628280-26-042044Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Terrie Curran 2026-06-05Form 42026-06-090001628280-26-042042Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Sue-Jean Lin 2026-06-05Form 42026-06-090001628280-26-042045Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Sue-Jean Lin 2026-06-05Form 42026-06-090001628280-26-042045Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Howard G. Welgus 2026-06-05Form 42026-06-090001628280-26-042044Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Amit D. Munshi 2026-06-05Form 42026-06-090001628280-26-042041Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Neha Krishnamohan 2026-06-05Form 42026-06-090001628280-26-042039Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Neha Krishnamohan 2026-06-05Form 42026-06-090001628280-26-042039Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Patrick J. Heron 2026-06-05Form 42026-06-090001628280-26-042046Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Patrick J. Heron 2026-06-05Form 42026-06-090001628280-26-042046Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Sue-Jean Lin 2026-06-15Form 42026-06-170001628280-26-044083Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Howard G. Welgus 2026-06-15Form 42026-06-170001628280-26-044079Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Howard G. Welgus 2026-07-15Form 42026-07-170001628280-26-048641Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Howard G. Welgus 2026-07-15Form 42026-07-170001628280-26-048641Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Howard G. Welgus 2026-07-15Form 42026-07-170001628280-26-048641Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Howard G. Welgus 2026-07-15Form 42026-07-170001628280-26-048641Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Howard G. Welgus 2026-07-15Form 42026-07-170001628280-26-048641Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Christopher Peetz 2026-07-15Form 42026-07-170001628280-26-048655Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Christopher Peetz 2026-07-15Form 42026-07-170001628280-26-048655Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Howard G. Welgus 2026-07-15Form 42026-07-170001628280-26-048641Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Christopher Peetz 2026-07-15Form 42026-07-170001628280-26-048655Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Howard G. Welgus 2026-07-15Form 42026-07-170001628280-26-048641Insider equity transaction reported since the proxy statement. Filing ↗
73Section 06, 2026 voteForm 8-K2026-06-090001628280-26-041883Item 5.07 · say-on-pay result. As reported: 95.97% (votes for as printed: 88,728,269). Filing ↗
74Section 06, 2025 voteForm 8-K2025-06-170001787306-25-000096Item 5.07 · say-on-pay result. As reported: 84.68% (votes for as printed: 74,469,060). Filing ↗
75Section 06, 2024 voteForm 8-K2024-06-180001787306-24-000090Item 5.07 · say-on-pay result. As reported: 68.05% (votes for as printed: 56,906,215). Filing ↗
76Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
77Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
78Section 09b board cost (computed)ComputedcomputedCash 525,000 + equity 914,570 + all other 0 = 1,439,570, summed across the director compensation table rows.machine: formula: Σ = 1,439,570
79Ocular Therapeutics, Section 10b CEO totalDEF 14A2026-04-300001104659-26-053176CEO total compensation as printed in Ocular Therapeutics's own proxy. As printed: 35,946,958. Filing ↗machine: t128 · r3 · c15 · span 574379–574389
80BioCryst Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-230001628280-26-026822CEO total compensation as printed in BioCryst Pharmaceuticals's own proxy. As printed: 12,951,082. Filing ↗machine: span 512256–512266
81Protagonist Therapeutics, Section 10b CEO totalDEF 14A2026-04-280001104659-26-050429CEO total compensation as printed in Protagonist Therapeutics's own proxy. As printed: 12,871,506. Filing ↗machine: r1 · c47 · span 613195–613205
82Vericel, Section 10b CEO totalDEF 14A2026-03-190001308179-26-000094CEO total compensation as printed in Vericel's own proxy. As printed: 11,156,368. Filing ↗machine: t258 · r1 · c27 · span 627744–627754
83Mirum Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-230001759425-26-000027CEO total compensation as printed in Mirum Pharmaceuticals's own proxy. As printed: 10,441,224. Filing ↗machine: r2 · c21 · span 580200–580210
84MannKind Corporation, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145613CEO total compensation as printed in MannKind Corporation's own proxy. As printed: 9,300,485. Filing ↗machine: t24 · r5 · c27 · span 606612–606621
85Travere Therapeutics, Section 10b CEO totalDEF 14A2026-04-060001438533-26-000027CEO total compensation as printed in Travere Therapeutics's own proxy. As printed: 8,457,151. Filing ↗machine: span 558514–558523
86Dynavax Technologies, Section 10b CEO totalDEF 14A2025-04-170000930413-25-001273CEO total compensation as printed in Dynavax Technologies's own proxy. As printed: 8,210,775. Filing ↗
87Ardelyx, Section 10b CEO totalDEF 14A2026-04-290001140361-26-017800CEO total compensation as printed in Ardelyx's own proxy. As printed: 7,796,171. Filing ↗machine: r2 · c25 · span 677112–677121
88Arcutis Biotherapeutics, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-210001787306-26-000028CEO total compensation as printed in Arcutis Biotherapeutics, Inc.'s own proxy. As printed: 7,223,065. Filing ↗machine: r2 · c42 · span 646815–646824
89Sage Therapeutics, Section 10b CEO totalDEF 14A2025-04-240000950170-25-058060CEO total compensation as printed in Sage Therapeutics's own proxy. As printed: 7,112,589. Filing ↗machine: r4 · c28 · span 1143784–1143793
90Phathom Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-070001193125-26-144570CEO total compensation as printed in Phathom Pharmaceuticals's own proxy. As printed: 6,968,070. Filing ↗machine: r2 · c21 · span 619155–619164
91Tarsus Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-280001819790-26-000028CEO total compensation as printed in Tarsus Pharmaceuticals's own proxy. As printed: 6,617,979. Filing ↗machine: span 448592–448601
92Evolus, Section 10b CEO totalDEF 14A2026-04-290001570562-26-000059CEO total compensation as printed in Evolus's own proxy. As printed: 6,412,214. Filing ↗machine: span 499358–499367
93AnaptysBio, Section 10b CEO totalDEF 14A2026-06-290001193125-26-288408CEO total compensation as printed in AnaptysBio's own proxy. As printed: 6,133,943. Filing ↗machine: span 694406–694415
94Agios Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177086CEO total compensation as printed in Agios Pharmaceuticals's own proxy. As printed: 5,370,389. Filing ↗machine: r2 · c31 · span 613185–613194
95Y-mAbs Therapeutics, Section 10b CEO totalDEF 14A2025-05-300001558370-25-008299CEO total compensation as printed in Y-mAbs Therapeutics's own proxy. As printed: 4,557,590. Filing ↗machine: t100 · r5 · c23 · span 597595–597604
96Vanda Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-230001628280-26-026893CEO total compensation as printed in Vanda Pharmaceuticals's own proxy. As printed: 3,851,468. Filing ↗machine: span 563696–563705
97Section 10a, Evolus reciprocityDEF 14A0001570562-26-000059Evolus names Arcutis Biotherapeutics, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
98Section 10a, Sage Therapeutics reciprocityDEF 14A0000950170-25-058060Sage Therapeutics's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
99Section 10a, Travere Therapeutics reciprocityDEF 14A0001438533-26-000027Travere Therapeutics's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
100Section 10a, Agios Pharmaceuticals reciprocityDEF 14A0001193125-26-177086Agios Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
101Section 10a, Protagonist Therapeutics reciprocityDEF 14A0001104659-26-050429Protagonist Therapeutics's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
102Section 10a, AnaptysBio reciprocityDEF 14A0001193125-26-288408AnaptysBio's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
103Section 10a, Dynavax Technologies reciprocityDEF 14A0000930413-25-001273Dynavax Technologies's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
104Section 10a, Mirum Pharmaceuticals reciprocityDEF 14A0001759425-26-000027Mirum Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
105Section 10a, Ardelyx reciprocityDEF 14A0001140361-26-017800Ardelyx names Arcutis Biotherapeutics, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
106Section 10a, BioCryst Pharmaceuticals reciprocityDEF 14A0001628280-26-026822BioCryst Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
107Section 10a, MannKind Corporation reciprocityDEF 14A0001193125-26-145613MannKind Corporation's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
108Section 10a, Ocular Therapeutics reciprocityDEF 14A0001104659-26-053176Ocular Therapeutics's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
109Section 10a, Tarsus Pharmaceuticals reciprocityDEF 14A0001819790-26-000028Tarsus Pharmaceuticals names Arcutis Biotherapeutics, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
110Section 10a, Vanda Pharmaceuticals reciprocityDEF 14A0001628280-26-026893Vanda Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
111Section 10a, Vericel reciprocityDEF 14A0001308179-26-000094Vericel's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗
112Section 10a, Y-mAbs Therapeutics reciprocityDEF 14A0001558370-25-008299Y-mAbs Therapeutics's most recent proxy was read; its disclosed peer group does not include Arcutis Biotherapeutics, Inc.. Filing ↗