# Arcutis Biotherapeutics, Inc. (ARQT) insider trading

> In the 12 months to Nov 5, 2026, 10 ARQT insiders reported open-market sales of $13.4M across 34 filings; no open-market purchases were filed.

Canonical: https://massive.com/quote/arqt/insider-trading
Latest filing: 2026-11-04 (last 12 months; source: SEC EDGAR)
Source: Massive (https://massive.com/docs/llms.txt)

## Summary

| Measure | Value | Detail |
| --- | --- | --- |
| Open-market sales | $13.4M | 34 filings · 10 insiders |
| Open-market purchases | $0 | 0 filings |
| Pre-arranged sales (10b5-1) | 28 of 34 | $10.0M of $13.4M sold (75%) |

## Open-market trades by insider

| Insider | Role | Sold | Bought | Filings | Pre-arranged (10b5-1) | Last filed |
| --- | --- | --- | --- | --- | --- | --- |
| Masaru Matsuda | Officer (see filing) → EVP, Chief Legal Officer | $2.9M | — | 7 | 100% of sales | 2026-11-04 |
| Howard G. Welgus | Director | $2.4M | — | 12 | 100% of sales | 2026-10-19 |
| Patrick Burnett | Officer (see filing) | $1.6M | — | 6 | 75% of sales | 2026-08-13 |
| Todd Watanabe | Officer (see filing) | $1.5M | — | 1 | 100% of sales | 2025-11-24 |
| Keith R. Leonard | Director | $997.2K | — | 1 | 100% of sales | 2026-03-04 |
| Terrie Curran | Director | $984.0K | — | 2 | — | 2026-08-28 |
| Neha Krishnamohan | Director | $939.5K | — | 1 | 100% of sales | 2025-11-17 |
| Sue-Jean Lin | Director | $898.5K | — | 2 | 13% of sales | 2026-06-17 |
| Larry Todd Edwards | Officer (see filing) | $732.9K | — | 1 | — | 2025-11-10 |
| Halley E. Gilbert | Director | $455.4K | — | 1 | — | 2025-11-21 |

## Open-market trades by filing

34 filings in the last 12 months, newest first.

| Filed | Traded | Insider | Role | Type | Shares | Avg price | Value | Held after | Filing |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026-11-04 | 2026-11-04 | Masaru Matsuda | EVP, Chief Legal Officer | Sale (10b5-1) | 40,000 | $34.32 | $1.4M | 111,289 | — |
| 2026-10-19 | 2026-10-15 | Howard G. Welgus | Director | Sale (10b5-1) | 4,728 | $26.93 | $127.3K | 35,207 | — |
| 2026-09-18 | 2026-09-16 | Masaru Matsuda | Officer (see filing) | Sale (10b5-1) | 3,674 | $25.00 | $91.9K | 112,508 | — |
| 2026-09-17 | 2026-09-15 | Howard G. Welgus | Director | Sale (10b5-1) | 4,730 | $24.18 | $114.4K | 35,841 | — |
| 2026-09-10 | 2026-09-08 | Masaru Matsuda | Officer (see filing) | Sale (10b5-1) | 9,989 | $25.03 | $250.0K | 116,182 | — |
| 2026-08-28 | 2026-08-27 | Terrie Curran | Director | Sale | 38,200 | $25.03 | $956.1K | 23,526 | — |
| 2026-08-24 | 2026-08-20 | Terrie Curran | Director | Sale | 1,072 | $26.04 | $27.9K | 23,526 | — |
| 2026-08-19 | 2026-08-17 | Howard G. Welgus | Director | Sale (10b5-1) | 4,730 | $26.18 | $123.8K | 36,475 | — |
| 2026-08-13 | 2026-08-11 | Patrick Burnett | Officer (see filing) | Sale | 15,000 | $26.33 | $394.9K | 119,289 | — |
| 2026-07-17 | 2026-07-15 | Howard G. Welgus | Director | Sale (10b5-1) | 4,730 | $26.91 | $127.3K | 37,109 | — |
| 2026-06-17 | 2026-06-15 | Howard G. Welgus | Director | Sale (10b5-1) | 4,731 | $24.58 | $116.3K | 37,743 | — |
| 2026-06-17 | 2026-06-15 | Sue-Jean Lin | Director | Sale (10b5-1) | 4,946 | $24.38 | $120.6K | 27,567 | — |
| 2026-05-06 | 2026-05-04 | Masaru Matsuda | Officer (see filing) | Sale (10b5-1) | 7,372 | $23.27 | $171.5K | 127,573 | — |
| 2026-05-05 | 2026-05-01 | Howard G. Welgus | Director | Sale (10b5-1) | 7,144 | $22.99 | $164.2K | 32,600 | — |
| 2026-04-03 | 2026-04-01 | Howard G. Welgus | Director | Sale (10b5-1) | 10,000 | $23.88 | $238.8K | 39,744 | — |
| 2026-03-04 | 2026-03-02 | Howard G. Welgus | Director | Sale (10b5-1) | 10,000 | $25.65 | $256.5K | 49,744 | — |
| 2026-03-04 | 2026-03-02 | Keith R. Leonard | Director | Sale (10b5-1) | 39,272 | $25.39 | $997.2K | 22,123 | — |
| 2026-03-03 | 2026-02-27 | Masaru Matsuda | Officer (see filing) | Sale (10b5-1) | 5,312 | $27.11 | $144.0K | 136,932 | — |
| 2026-02-04 | 2026-02-02 | Howard G. Welgus | Director | Sale (10b5-1) | 10,000 | $25.05 | $250.5K | 59,744 | — |
| 2026-02-04 | 2026-02-04 | Patrick Burnett | Officer (see filing) | Sale (10b5-1) | 9,794 | $25.81 | $252.7K | 80,651 | — |
| 2026-02-04 | 2026-02-02 | Masaru Matsuda | Officer (see filing) | Sale (10b5-1) | 32,655 | $25.23 | $823.7K | 110,003 | — |
| 2026-01-07 | 2026-01-05 | Patrick Burnett | Officer (see filing) | Sale (10b5-1) | 2,490 | $28.98 | $72.2K | 94,120 | — |
| 2026-01-06 | 2026-01-02 | Howard G. Welgus | Director | Sale (10b5-1) | 10,000 | $28.96 | $289.6K | 69,744 | — |
| 2025-12-17 | 2025-12-15 | Patrick Burnett | Officer (see filing) | Sale (10b5-1) | 11,500 | $28.94 | $332.9K | 98,307 | — |
| 2025-12-03 | 2025-12-01 | Masaru Matsuda | Officer (see filing) | Sale (10b5-1) | 1,657 | $30.23 | $50.1K | 150,641 | — |
| 2025-12-03 | 2025-12-01 | Howard G. Welgus | Director | Sale (10b5-1) | 10,000 | $30.21 | $302.1K | 79,744 | — |
| 2025-11-25 | 2025-11-24 | Sue-Jean Lin | Director | Sale | 25,272 | $30.78 | $778.0K | 26,735 | — |
| 2025-11-24 | 2025-11-21 | Todd Watanabe | Officer (see filing) | Sale (10b5-1) | 50,000 | $30.35 | $1.5M | 740,537 | — |
| 2025-11-21 | 2025-11-20 | Halley E. Gilbert | Director | Sale | 16,532 | $27.55 | $455.4K | 22,123 | — |
| 2025-11-17 | 2025-11-13 | Neha Krishnamohan | Director | Sale (10b5-1) | 40,504 | $23.20 | $939.5K | 23,355 | — |
| 2025-11-10 | 2025-11-06 | Patrick Burnett | Officer (see filing) | Sale (10b5-1) | 17,250 | $24.18 | $417.1K | 98,325 | — |
| 2025-11-10 | 2025-11-06 | Larry Todd Edwards | Officer (see filing) | Sale | 29,131 | $25.16 | $732.9K | 150,193 | — |
| 2025-11-05 | 2025-11-05 | Patrick Burnett | Officer (see filing) | Sale (10b5-1) | 3,864 | $23.72 | $91.6K | 98,325 | — |
| 2025-11-05 | 2025-11-03 | Howard G. Welgus | Director | Sale (10b5-1) | 10,000 | $25.27 | $252.7K | 89,744 | — |

## Other insider activity (not market trades)

- Option exercises: 30 records
- Tax withholding (sold to cover): 39 records
- Grants and awards: 17 records
- Gifts: 1 record

Reported on Form 4 but not purchases or sales in the market, so not counted in the totals above.

## How to read this page

- **Open-market purchase or sale**: A buy or sell of the company's stock at market price. Grants, option exercises, shares withheld for tax, gifts and employee stock plan purchases are listed separately and not counted.
- **Pre-arranged (10b5-1)**: The insider marked the filing as made under a trading plan set up in advance (SEC Rule 10b5-1). The mark covers the whole filing, and an unmarked filing may still be under a plan.
- **Role**: The title on each filing. Someone whose title changed shows more than one.
- **Filing date**: Insiders have two business days to report a trade. Totals and the chart use the filing date, when the trade became public.

## FAQ

### How current is ARQT’s insider data?

These are ARQT Form 4 filings from the last year, refreshed daily. The Massive Form 4 API has the full, continuously updated record.

### What counts as an open-market buy or sell?

Only purchases and sales at the market price. Option exercises, grants, gifts, and shares withheld for taxes are reported on Form 4 but are left out of the buy and sell totals.

## Live data

This page joins two Massive endpoints: Form 4 filings and daily prices. The ARQT Form 4 request:

- `GET https://api.massive.com/stocks/filings/vX/form-4?tickers=ARQT&filing_date.gte=2025-11-05&sort=filing_date.desc&limit=500`

Requests need a Massive API key. API reference for agents: https://massive.com/docs/llms.txt. Connect an AI agent through the Massive MCP server: https://massive.com/docs/ai-tools.

## Related

- [Arcutis Biotherapeutics, Inc. (ARQT) stock price](https://massive.com/quote/arqt.md)
- [Recent insider trading](https://massive.com/quote/insider-trading.md)
- [Markets overview](https://massive.com/quote/index.md)

Nothing here is investment advice. Data and content are provided for informational purposes under the Massive Terms of Service: https://massive.com/terms