your badges 52W Range $19–$32 47% of range Analyst Rating BUY 14 analysts Price Target $37 +47% upside P/E 114.4 ROE 15.9% Net Profit Margin 6.1%

ARQT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $25.16
Market Cap (MRQ) $3.16B
P/E (TTM) 114.4
EPS (TTM) $0.22
Revenue (TTM) $464M
ROE (TTM) 15.9%
Debt/Equity (MRQ) 0.5
52W Range $19–$32

ARQT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04
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10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$376M
2020-12-31 → 2025-12-31
EPS$-0.13
2019-12-31 → 2025-12-31
Free Cash Flow$-6M
2020-12-31 → 2025-12-31
Net margin6.1%
2023-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend ARQT 5Y avg Peer Median Verdict
P/E (TTM) 114.45Y avg ≈-48.8 ≈-48.8 27.9 Overvalued
P/S (TTM) 6.85Y avg ≈7.7 ≈7.7 11.9 Undervalued
P/B (MRQ) 14.35Y avg ≈10.9 ≈10.9 4.9 Overvalued
EV / EBITDA -259.25Y avg ≈-104.4 ≈-104.4 · ·
Price / FCF (TTM) 80.75Y avg ≈-194.5 ≈-194.5 · ·
Price / Cash Flow (TTM) 80.45Y avg ≈-217.5 ≈-217.5 · ·
EV / Revenue 8.45Y avg ≈8.5 ≈8.5 · ·
EV / FCF -502.25Y avg ≈-198.2 ≈-198.2 · ·
Price / Tangible Book (MRQ) 15.35Y avg ≈8.7 ≈8.7 · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 56.7%
Next Report Oct 26, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 4, 2026 $0.11 $0.04 150.6%
March 31, 2026 $-0.09 $-0.08 -7.4%
Dec. 31, 2025 $0.13 $0.12 12.4%
Sept. 30, 2025 $0.06 $-0.10 158.9%
June 30, 2025 $-0.13 $-0.16 19.4%
March 31, 2025 $-0.20 $-0.21 6.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 15
Metric Trend 202520242023202220212020
Revenue $376M$197M$60M$4M$0$0
Cost of Revenue $37M$19M$5M$754.0K$0·
R&D Expense $77M$76M$111M$182M$146M$115M
SG&A Expense $275M$229M$185M$122M$61M$21M
Operating Expenses $388M$325M$301M$305M$207M$137M
Operating Income $-12M$-128M$-241M$-302M$-207M$-137M
Interest Expense ··$30M$16M$0$0
Other Non-op $443.0K$47.0K$-731.0K$6M$173.0K$967.0K
Income Tax $1M$647.0K$3M$0$0$0
Net Income $-16M$-140M$-262M$-311M$-206M$-136M
EPS (Basic) $-0.13$-1.16$-3.78$-5.66$-4.18$-3.80
EPS (Diluted) $-0.13$-1.16$-3.78$-5.66$-4.18$-3.80
Shares (Basic) 127,234,000120,958,00069,305,00055,032,26549,405,57535,668,152
Shares (Diluted) 127,234,000120,958,00069,305,00055,032,26549,405,57535,668,152
EBITDA $-12M$-128M$-241M··$-137M
Balance Sheet 26
Metric Trend 202520242023202220212020
Cash & Equivalents $43M$71M$88M$54M$96M$65M
Receivables $146M$73M$26M$8M$0·
Inventory $23M$15M$13M$8M$0·
Prepaid Expense $21M$20M$19M$11M$14M$7M
Current Assets $411M$336M$330M$437M$403M$293M
PP&E (Net) $1M$1M$2M$2M$2M$2M
PP&E (Gross) $4M$4M$3M$3M$3M$2M
Accum. Depreciation $3M$3M$2M$1M$532.0K$78.0K
Intangibles $15M$9M$6M$7M$0·
Other Non-current Assets $1M$596.0K$596.0K$78.0K$78.0K$78.0K
Total Assets $433M$349M$341M$449M$408M$298M
Accounts Payable $13M$14M$12M$9M$7M$7M
Accrued Liabilities $116M$67M$34M$28M$26M$15M
Current Liabilities $130M$81M$47M$38M$33M$23M
Capital Leases $5M$3M$3M$4M$5M$5M
Other Non-current Liabilities $431.0K$570.0K$849.0K$0$25.0K$82.0K
Total Liabilities $243M$191M$253M$240M$110M$28M
Long-term Debt $109M$107M$202M$198M$72M$0
Total Debt $109M$107M$202M···
Common Stock $12.0K$12.0K$9.0K$6.0K$5.0K$4.0K
Paid-in Capital $1.33B$1.28B$1.07B$930M$706M$473M
Retained Earnings $-1.14B$-1.12B$-982M$-720M$-408M$-202M
AOCI $-44.0K$-7.0K$4.0K$-1M$-255.0K$-2.0K
Stockholders' Equity $189M$158M$89M$210M$298M$271M
Liabilities + Equity $433M$349M$341M$449M$408M$298M
Shares Outstanding 123,333,000117,848,03396,787,34361,037,40350,255,61443,338,438
Cash Flow 14
Metric Trend 202520242023202220212020
Stock-based Comp $40M$42M$39M$33M$24M$8M
Deferred Tax $54.0K$-152.0K$0$0$0·
Amort. of Intangibles $5M$2M$750.0K$312.0K$0$0
Operating Cash Flow $-6M$-112M$-247M$-258M$-175M$-113M
CapEx $686.0K$143.0K$428.0K$333.0K$995.0K$321.0K
Investing Cash Flow $-30M$29M$180M$-87M$-76M$-182M
Debt Issued ·$0$0$125M$74M$0
Net Debt Issued $0$-100M$0···
Stock Issued $0$162M$0$162M$207M$128M
Net Stock Activity $0$162M$0··$128M
Financing Cash Flow $7M$66M$101M$302M$282M$298M
Net Change in Cash $-29M$-17M$34M$-43M$31M$3M
Taxes Paid $0$0$0···
Free Cash Flow $-6M$-112M$-247M··$-113M
Profitability 5
Metric Trend 202520242023202220212020
Operating Margin -3.2%-65.3%-404.5%···
Net Margin -4.3%-71.2%-439.8%···
EBITDA Margin -3.2%-65.3%-404.5%···
ROA -4.1%-40.6%-66.3%··-67.0%
ROE -9.8%-89.1%-387.2%··-61.2%
Liquidity & Solvency 5
Metric Trend 202520242023202220212020
Current Ratio 3.24.17.1··13.0
Quick Ratio 1.51.82.4··2.9
Debt / Equity 0.60.72.3···
LT Debt / Equity 0.60.72.3···
Interest Coverage ··-8.1···
Efficiency 3
Metric Trend 202520242023202220212020
Asset Turnover 1.00.60.2···
Inventory Turnover 2.01.40.5···
Receivables Turnover 3.44.03.5···
Per Share 5
Metric Trend 202520242023202220212020
Book Value / Share $1.54$1.34$0.92··$6.24
Revenue / Share $2.96$1.62$0.86···
Cash Flow / Share $-0.04$-0.93$-3.56···
Cash / Share $0.35$0.61$0.91··$1.50
EPS (TTM) $-0.13$-1.16$-3.78$-5.66$-4.18$-3.80
Growth Rates 2
Metric Trend 202520242023202220212020
Revenue YoY 91.3%229.7%1517.1%···
Revenue CAGR 3Y 367.3%·····
Valuation (TTM) 14
Metric Trend 202520242023202220212020
Revenue TTM $376M$197M$60M$4M$0$0
Net Income TTM $-16M$-140M$-262M$-311M$-206M$-136M
Market Cap $3.58B$1.64B$313M··$1.22B
Enterprise Value $3.65B$1.68B$426M···
P/E -223.4-12.0-0.9-2.6-5.0-7.4
P/S 9.58.45.2···
P/B 18.910.43.5··4.5
P / Tangible Book 20.511.13.84.53.54.5
P / Cash Flow -636.7-14.6-1.3··-10.8
P / FCF -567.5-14.6-1.3··-10.8
EV / EBITDA -298.3-13.1-1.8···
EV / FCF -578.0-14.9-1.7···
EV / Revenue 9.78.57.1···
Earnings Yield -0.45%-8.3%-117.0%-38.2%-20.2%-13.5%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $376M $197M $60M $4M $0
Operating Margin % -3.2% -65.3% -404.5% · ·
Net Income $-16M $-140M $-262M $-311M $-206M
Diluted EPS $-0.13 $-1.16 $-3.78 $-5.66 $-4.18

Institutional owners (13F) 289 filers · $3.6B total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 289
Value held $3.6B
New positions 39
Exited positions 33
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
39 (-4 vs prior Q) 33 (-9 vs prior Q) 93 (-10 vs prior Q) 101 (+13 vs prior Q) -1.9M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
MONTANOVA CAPITAL, LLC $326,098,140 12,437,000 8.97% Shares
BlackRock, Inc. $276,502,120 10,545,466 7.61% Shares
Frazier Life Sciences Management, L.P. $258,909,678 9,874,511 7.12% Shares
Rubric Capital Management LP $216,880,749 8,271,577 5.97% Shares
VANGUARD GROUP INC $210,654,301 7,253,936 5.80% Shares
Polar Capital Holdings Plc $173,234,098 6,606,945 4.77% Shares
STATE STREET CORP $152,674,865 5,822,840 4.20% Shares
VANGUARD CAPITAL MANAGEMENT LLC $130,805,182 4,988,756 3.60% Shares
MORGAN STANLEY $116,705,607 4,451,014 3.21% Shares
JENNISON ASSOCIATES LLC $110,623,703 4,219,058 3.04% Shares
D. E. Shaw & Co., Inc. $103,558,748 3,949,609 2.85% Shares
UBS Group AG $87,391,654 3,333,015 2.40% Shares
BANK OF AMERICA CORP /DE/ $78,330,441 2,987,431 2.16% Shares
GEODE CAPITAL MANAGEMENT, LLC $78,214,092 2,982,446 2.15% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $63,688,511 2,429,005 1.75% Shares
ORBIMED ADVISORS LLC $53,541,240 2,042,000 1.47% Shares
FRANKLIN RESOURCES INC $50,630,354 1,930,982 1.39% Shares
AMERICAN CENTURY COMPANIES INC $50,474,363 1,925,031 1.39% Shares
GOLDMAN SACHS GROUP INC $43,744,582 1,668,367 1.20% Shares
JANUS HENDERSON GROUP PLC $43,684,303 1,854,566 1.20% Shares
OBERWEIS ASSET MANAGEMENT INC/ $35,998,513 1,372,941 0.99% Shares
GILDER GAGNON HOWE & CO LLC $34,432,392 1,313,211 0.95% Shares
Pivotal bioVenture Partners Investment Advisor LLC $33,175,720 1,265,283 0.91% Shares
BAMCO INC /NY/ $32,856,806 1,253,120 0.90% Shares
CITADEL ADVISORS LLC $30,415,567 1,160,014 0.84% Shares
FEDERATED HERMES, INC. $29,487,772 1,124,629 0.81% Shares
Perpetual Ltd $29,095,206 1,109,657 0.80% Shares
Aberdeen Group plc $28,800,336 1,098,411 0.79% Shares
Jones Hill Capital LP $28,571,960 1,089,701 0.79% Shares
NORTHERN TRUST CORP $27,755,837 1,058,575 0.76% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $27,555,489 1,050,934 0.76% Shares
Ensign Peak Advisors, Inc $25,552,281 974,534 0.70% Shares
Candriam S.C.A. $24,880,817 949,839 0.68% Shares
Driehaus Capital Management LLC $23,032,330 878,426 0.63% Shares
Nuveen, LLC $21,874,324 834,261 0.60% Shares
VANGUARD FIDUCIARY TRUST CO $21,372,918 815,138 0.59% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $21,284,137 811,752 0.59% Shares
TWO SIGMA INVESTMENTS, LP $17,406,855 663,877 0.48% Shares
FISHMAN JAY A LTD/MI $15,601,031 595,005 0.43% Shares
MILLENNIUM MANAGEMENT LLC $14,789,968 564,072 0.41% Shares
BNP PARIBAS FINANCIAL MARKETS $14,349,629 547,278 0.39% Shares
Squarepoint Ops LLC $14,099,726 537,747 0.39% Shares
CAPITOLIS LIQUID GLOBAL MARKETS LLC $13,110,000 500,000 0.36% Shares
Nearwater Capital Markets, Ltd $12,761,274 486,700 0.35% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $12,218,520 466,000 0.34% Shares
MARSHALL WACE, LLP $11,716,827 446,866 0.32% Shares
Privium Fund Management B.V. $10,471,403 399,367 0.29% Shares
NORGES BANK $10,286,106 392,300 0.28% Shares
DEUTSCHE BANK AG\ $10,033,923 382,682 0.28% Shares
Patient Square Capital LP $9,701,400 370,000 0.27% Shares

Show all 289 institutional owners →

Activists & 5%+ owners 3 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Frazier Life Sciences VIII, L.P., FHM LIFE SCIENCES VIII, L.P., FHM LIFE SCIENCES VIII, L.L.C., Frazier Life Sciences X, L.P., FHMLS X, L.P., FHMLS X, L.L.C., Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences Public Overage Fund, L.P., FHMLSP Overage, L.P., FHMLSP Overage, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., Frazier Life Sciences XII, L.P., FHMLS XII, L.P., FHMLS XII, L.L.C., James N. Topper, Patrick J. Heron ×8 filings Aug. 20, 2025 7.50% Amendment Passive investment SEC
OrbiMed Advisors LLC, OrbiMed Capital GP VII LLC, OrbiMed Capital LLC ×7 filings Aug. 26, 2022 · Initial filing · SEC
Bain Capital Life Sciences Fund, L.P., BCIP Life Sciences Associates, LP ×4 filings Aug. 8, 2022 · Initial filing · SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 26 insiders · 12 officers · 14 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Todd Franklin Watanabe Reporting Person's title: President and Chief Executive Officer Aug. 3, 2026 S 717,203 0 13 $-5,324,269
Latha Vairavan SVP Chief Financial Officer May 11, 2026 S 85,978 0 6 $-148,496
David Joseph Topper Chief Financial Officer April 2, 2025 S 182,774 0 0 $0
John W Smither Chief Financial Officer Feb. 13, 2024 D 11,365 0 0 $0
Scott L Burrows Chief Financial Officer March 6, 2023 S 59,115 0 0 $0
Masaru Matsuda Reporting Person's title: EVP, Chief Legal Officer Sept. 16, 2026 S 112,508 0 18 $-2,207,960
Patrick Burnett Reporting Person's title: EVP, Chief Medical Officer Aug. 19, 2026 S 117,592 0 18 $-2,019,340
Larry Todd Edwards Reporting Person's title: EVP, Chief Commercial Officer Feb. 27, 2026 A 175,178 0 6 $-968,374
Matthew Richard Moore SVP and Chief Business Officer May 2, 2024 S 145,505 0 0 $0
Kenneth A. Lock Chief Commercial Officer March 6, 2023 S 63,429 0 0 $0
Patricia A. Turney SVP, Operations March 6, 2023 S 62,862 0 0 $0
David W Osborne Chief Technical Officer March 6, 2023 S 268,854 0 0 $0
Howard G. Welgus Director Sept. 15, 2026 M 35,841 0 14 $-2,425,410
Terrie Curran Director Aug. 27, 2026 M 23,526 0 3 $-984,061
Christopher Peetz Director July 15, 2026 A 4,315 0 0 $0
Sue-Jean Lin Director June 15, 2026 S 27,567 0 2 $-898,455
Neha Krishnamohan Director June 5, 2026 A 27,901 0 2 $-939,510
Amit Munshi Director June 5, 2026 A 9,799 0 0 $0
Halley E Gilbert Director June 5, 2026 A 27,901 0 1 $-455,457
Keith R Leonard Director June 5, 2026 A 27,901 0 1 $-997,116
Patrick J. Heron Director June 5, 2026 A 32,213 0 0 $0
Bhaskar Chaudhuri Director June 12, 2025 A 867,826 0 0 $0
Joseph L Turner Director June 1, 2022 A 4,312 0 0 $0
Jonathan Silverstein Director Oct. 2, 2020 P 902,286 0 0 $0
Daniel Estes Director Feb. 27, 2020 A · 0 0 $0
Ricky Sun · June 9, 2021 A · 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 37 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
RZG · Invesco Exchange-Traded Fund Trust 1.71% 77,200 SH Oct. 1, 2026 Daily
PSCH · Invesco Exchange-Traded Fund Trust … 1.63% 109,981 SH Oct. 1, 2026 Daily
BBP · ETFis Series Trust I 1.52% 55,666 NS July 31, 2026 N-PORT
GURU · Global X Funds 1.46% 33,313 NS July 31, 2026 N-PORT
PTH · Invesco Exchange-Traded Fund Trust 1.43% 199,300 SH Oct. 1, 2026 Daily
LABU · Direxion Shares ETF Trust 0.54% 98,745 NS July 31, 2026 N-PORT
DWAS · Invesco Exchange-Traded Fund Trust … 0.42% 64,059 SH Oct. 1, 2026 Daily
FYC · First Trust Exchange-Traded AlphaDE… 0.41% 197,027 NS July 31, 2026 N-PORT
NUSC · Nushares ETF Trust 0.22% 107,502 NS July 31, 2026 N-PORT
IBBQ · Invesco Exchange-Traded Fund Trust … 0.22% 8,879 SH Oct. 1, 2026 Daily
IBB · iShares Trust 0.19% 842,985 SH Sept. 11, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.18% 122,691 SH Aug. 19, 2026 Daily
IWO · iShares Trust 0.18% 1,074,467 SH Sept. 11, 2026 Daily
PWS · Pacer Funds Trust 0.15% 1,349 NS July 31, 2026 N-PORT
FYX · First Trust Exchange-Traded AlphaDE… 0.13% 66,540 NS July 31, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.12% 3,883 NS July 31, 2026 N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.11% 29,355 NS July 31, 2026 N-PORT
RSSL · Global X Funds 0.10% 54,786 NS July 31, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.09% 658,480 SH Aug. 19, 2026 Daily
IWM · iShares Trust 0.09% 2,915,298 SH Sept. 11, 2026 Daily
FAD · First Trust Exchange-Traded AlphaDE… 0.08% 17,847 NS July 31, 2026 N-PORT
ISCG · iShares Trust 0.08% 34,084 SH Sept. 11, 2026 Daily
ESML · iShares Trust 0.07% 88,662 SH Sept. 11, 2026 Daily
VFMO · VANGUARD WELLINGTON FUND 0.07% 55,080 SH Aug. 19, 2026 Daily
OMFS · Invesco Exchange-Traded Self-Indexe… 0.06% 5,568 SH Oct. 1, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust 0.05% 46,067 SH Oct. 1, 2026 Daily
FHLC · FIDELITY COVINGTON TRUST 0.04% 53,372 NS July 31, 2026 N-PORT
VHT · VANGUARD WORLD FUND 0.04% 335,913 SH Aug. 19, 2026 Daily
RWJ · Invesco Exchange-Traded Fund Trust … 0.03% 24,646 SH Oct. 1, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.03% 1,307,970 SH Aug. 19, 2026 Daily
WSML · iShares Trust 0.02% 6,362 SH Sept. 11, 2026 Daily
TILT · FlexShares Trust 0.00% 3,204 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 152,928 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 31,652 SH Sept. 10, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 3,565,928 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 9,521 SH Aug. 19, 2026 Daily
ISCB · iShares Trust · 4,781 SH Sept. 11, 2026 Daily

ARQT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 14 analysts BUY
Median target $38.00 +51.0%
4 28.6% Strong Buy
8 57.1% Buy
2 14.3% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

7 analysts · 2026-10-01

Mean target $37.00 +47.1%

← Below all targets Current price $25.16
Low$34.00 Mean$37.00 High$40.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ARQT $3.58B -223.4 91.3% -4.3% -9.8% ·
CDNA $959M -47.1 13.8% -5.6% -6.8% ·
ACAD $4.55B 11.6 11.9% 36.5% 38.1% ·
DNLI $2.58B -5.6 204.7% · -50.2% ·
RCUS $2.99B -7.2 -4.3% -142.9% -59.8% ·
PGEN $1.48B -3.1 146.7% -2588.2% 3159.1% ·
PURR $1.58B 2.5 · 3229.8% 24.8% ·
DYN $3.23B -5.6 · · -57.8% ·
BEAM $2.82B -34.2 120.0% -57.2% -7.0% ·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 5, 2026