Arcutis Biotherapeutics, Inc. (NASDAQ:ARQT) Q3 2023 Earnings Call Transcript

John Smither: On the SLR covenant, the way it works is if you were to look at it today, there is a table with specific revenue targets that prior to the amendment, we were held to with respect to the loan agreement. That’s been replaced with an agreement around a plan, which we do every year as due course. And there’s agreement and approval of that plan by our Board and SLR. And whatever that plan is, you apply this 75%, and if we’re above the 75%, we’ve met the covenant — is how it mechanically works.

Operator: Thank you. That concludes the question-and-answer session. At this time, I would like to turn the call back to Frank Watanabe for closing remarks.

Frank Watanabe: Okay. Well, I appreciate everyone making the time to call into our earnings call this quarter, and we look forward to talking to you all in another quarter with an update on further progress at Arcutis. Thanks again.

Operator: Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.