<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0202</schemaVersion>
<headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Polar Capital Holdings Plc -->
          <cik>0001837309</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, $0.001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2026</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001787306</issuerCik>
        <issuerName>Arcutis Biotherapeutics, Inc.</issuerName>
        <issuerCusips>
          <issuerCusipNumber>03969K108</issuerCusipNumber>
        </issuerCusips>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>3027 TOWNSGATE ROAD</com:street1>
          <com:street2>SUITE 300</com:street2>
          <com:city>WESTLAKE VILLAGE</com:city>
          <com:stateOrCountry>CA</com:stateOrCountry>
          <com:zipCode>91361</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Polar Capital Holdings Plc</reportingPersonName>
      <citizenshipOrOrganization>X0</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>6606945.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>6606945.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6606945.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.28</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Polar Capital LLP</reportingPersonName>
      <citizenshipOrOrganization>X0</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>6606945.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>6606945.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>6606945.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.28</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Arcutis Biotherapeutics, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>2945 TOWNSGATE ROAD SUITE 110, WESTLAKE VILLAGE, CALIFORNIA, 91361</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Polar Capital Holdings Plc

Polar Capital LLP</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>16 Palace Street
London, SW1E 5JD

George's Court, 54-62 Townsend Street
Dublin 2, Ireland</principalBusinessOfficeOrResidenceAddress>
        <citizenship>United Kingdom</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>6,606,945.00</amountBeneficiallyOwned>
        <classPercent>5.28%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>6,606,945.00</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>6,606,945.00</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0

Based on 125,083,374 shares outstanding as reported in the Issuer's Form 10-Q on May 6, 2026.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>Information for each Subsidiary is incorporated on the respective cover pages.</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Exhibit I

JOINT FILING STATEMENT

PURSUANT TO RULE 13d-1(k)

The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

Polar Capital Holdings PLC
By: /s/ Nicholas Farren
Name: Nicholas Farren
Title: Chief Operating Officer

Polar Capital LLP
By: /s/ Nicholas Farren
Name: Nicholas Farren
Title: Chief Operating Officer

Polar Capital Funds PLC - Biotechnology Fund
By: /s/ Nicholas Farren
Name: Nicholas Farren
Title: Chief Operating Officer</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Polar Capital Holdings Plc</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Nicholas Farren</signature>
        <title>Nicholas Farren - Chief Operating Officer</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Polar Capital LLP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Nicholas Farren</signature>
        <title>Nicholas Farren - Chief Operating Officer</title>
        <date>08/14/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
