Shares of Arcutis Biotherapeutics fell Thursday after the company announced a $100 million public offering.
The stock was down 8.9% to $2.76 in after-hours trading, following a 6.2% decline at Thursday’s close. Shares are down 80% this year.
The Westlake Village, Calif.-based company, which is developing treatments for dermatological diseases, said it would sell $100 million worth of shares and, for certain investors, prefunded warrants for the purchase of common stock.
Arcutis said it would give the underwriters an option to purchase up to $15 million worth of additional shares.