Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Partnerships AstraZeneca: worldwide in-license (2018) for topical roflumilast in dermatology; milestones paid $7.5M (2022), $5M (2024), $10M (2025), up to $5M more + low-to-high single-digit royalties. Huadong: Greater China + SE Asia (2023), $30M upfront + milestones. Sato: Japan (2024), $25M upfront, up to $10M regulatory + $30M sales milestones.
Indications
Plaque psoriasis (cream 0.3%)(Approved)
Seborrheic dermatitis (foam 0.3%)(Approved)
Scalp & body plaque psoriasis (foam 0.3%)(Approved)
Atopic dermatitis, 6+ years (cream 0.15%)(Approved)
Atopic dermatitis, 2-5 years (cream 0.05%)(Approved)
Atopic dermatitis, infants 3 mo-<2 y (cream 0.05%)(Phase 2)
Status note Lead commercial product. sNDA submitted to FDA for cream 0.05% in infants 3 mo-<2 y based on INTEGUMENT-INFANT Phase 2 (topline Feb 2026); Health Canada SNDS accepted Oct 2025 for cream 0.05% (2-5 y). Kowa US promotion agreement mutually terminated Jan 23, 2026.
ARQ-234
Phase 1 · ActiveModality: fusion protein
Aliases DS-234
Target CD200R
Partnerships Ducentis BioTherapeutics: acquired Sep 2022; $10M milestone paid Q1 2026 on first patient dosed in Phase 1a/1b
Indications
Atopic dermatitis (moderate-to-severe)(Phase 1)
Status note Fusion protein targeting CD200R. First participant enrolled in Phase 1a/1b study March 2026. Positioned as potential biologic complement to ZORYVE cream 0.15% in atopic dermatitis.
ARQ-255
Phase 1 · Active
Target JAK1
Indications
not disclosed(Phase 1)
Status note JAK inhibitor program; Phase 1b clinical study completed in 2025 per 10-Q. Indication and further plans not stated in excerpts.
Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (1 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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