Masaru Matsuda, EVP and Chief Legal Officer of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), filed a Form 4 on November 4, 2026, disclosing multiple transactions in the company's common stock and a stock option exercise between November 2 and November 4, 2026.

Key Highlights

  • Tax-withholding sale: Matsuda disposed of 1,219 shares on November 2, 2026, at a weighted average price of $31.8634, to cover tax withholding obligations from vesting Restricted Stock Units.
  • Option exercise: On November 4, 2026, Matsuda acquired 40,000 shares via a stock option exercise at an exercise price of $3.64 per share.
  • Planned sale: On November 4, 2026, Matsuda sold 40,000 shares at a weighted average price of $34.3168, with individual transaction prices ranging from $34.00 to $37.7966.
  • Post-transaction ownership: Following all reported transactions, Matsuda directly beneficially owns 111,289 shares of common stock.
  • 10b5-1 plan: The November 4, 2026, option exercise and share sale were effected pursuant to a 10b5-1 trading plan adopted on June 5, 2026, with a plan end date of September 1, 2027.
  • Remaining options: Matsuda holds 136,000 stock options (right to buy) with an exercise price of $3.64 and an expiration date of January 12, 2034.

Matsuda's November 2026 Transactions at Arcutis Biotherapeutics

According to the Form 4 filed with the SEC, Masaru Matsuda, serving as EVP and Chief Legal Officer of Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT), reported three transactions in the company's common stock. The first, on November 2, 2026, was a sale of 1,219 shares at a weighted average price of $31.8634, with individual prices ranging from $31.57 to $32.23. The filing states this sale "represents shares sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Restricted Stock Units."

On November 4, 2026, Matsuda exercised a stock option to acquire 40,000 shares at an exercise price of $3.64 per share, then sold those same 40,000 shares at a weighted average price of $34.3168, with individual transaction prices ranging from $34.00 to $37.7966. The filing states both of these transactions "was effected pursuant to a 10b5-1 trading plan adopted on June 5, 2026, by the Reporting Person, with a plan end date of September 1, 2027." The price of the derivative security in connection with the option exercise is reported as $0.

After all reported transactions, the filing indicates Matsuda directly and beneficially owns 111,289 shares of common stock. Matsuda also retains 136,000 stock options with an exercise price of $3.64 and an expiration date of January 12, 2034. Per the filing, those options vest at 1/48th on each monthly anniversary measured from January 12, 2024, the stated vesting commencement date, subject to continued service to the issuer. The filing was signed by Latha Vairavan as Attorney-in-Fact for Masaru Matsuda.

What Was Disclosed

Masaru Matsuda, EVP and Chief Legal Officer of Arcutis Biotherapeutics, disclosed three transactions between November 2 and November 4, 2026: a tax-withholding RSU sale, a stock option exercise, and a planned sale under a 10b5-1 trading plan, leaving him with 111,289 shares directly owned.