Arcutis Biotherapeutics, Inc., a leading biopharmaceutical company with a focus on creating meaningful innovations in immuno-dermatology, is pleased to announce the grant of 84,000 restricted stock units of its common stock and 15,000 options to purchase shares of its common stock to nine new employees.
These awards were approved by the Compensation Committee of the Board of Directors and were granted as part of the Arcutis Biotherapeutics, Inc. 2022 Inducement Plan, on May 1, 2023, as an inducement for the new employees joining the team.
Arcutis has granted its employees restricted stock units and stock options that vest over four years. Each year, 25 percent of the units and options vest, provided that the employee remains continuously employed by Arcutis.
The stock options have a ten-year term and an exercise price of $14.39 per share – the same price as the per share closing price of Arcutis’ common stock reported by Nasdaq on May 1, 2023. These grants provide employees the opportunity to benefit from Arcutis’ long-term growth and success.
In keeping with Nasdaq Listing Rule 5635(c)(4), Arcutis is providing this important information to its stakeholders. This is a necessary step that helps to ensure transparency and trust.
About Arcutis
Arcutis Biotherapeutics, Inc. (Nasdaq: ARQT) is leading the way in medical dermatology innovation, striving to meet the urgent needs of those suffering from immune-mediated dermatological diseases and conditions.
Our cutting-edge dermatology development platform and dermatology expertise ensures that our growing portfolio of therapies is targeted to the biologically validated conditions that cause the most persistent patient challenges.
Our pipeline consists of multiple clinical programs that aim to tackle inflammatory dermatological conditions such as scalp and body psoriasis, atopic dermatitis, seborrheic dermatitis, and alopecia areata. Together, we are paving the way for more effective treatments and improved patient outcomes.