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RCUS

Arcus Biosciences, Inc.

RCUS

Arcus Biosciences, Inc. • NYSE
$26.10 ▲ 2.11% (+0.54)
Market Cap $2.82 B
52w High $26.32
52w Low $6.50
Dividend Yield 0%
P/E -7.63
Volume 669.87K
Outstanding Shares 107.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $26M ▼ $166M ▼ $-135M ▼ -519.231% ▼ $-1.27 ▼ $-130M ▼
Q2-2025 $160M ▲ $168M ▲ $-8M ▲ -5% ▲ $0.043 ▲ $4M ▲
Q1-2025 $28M ▲ $150M ▲ $-112M ▼ -400% ▼ $-1.14 ▼ $-108M ▼
Q4-2024 $26M ▼ $129M ▼ $-94M ▼ -361.538% ▼ $-1.03 ▼ $-89M
Q3-2024 $48M $153M $-92M -191.667% $-1.01 $-89M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $831M ▼ $974M ▼ $538M ▲ $436M ▼
Q2-2025 $911M ▼ $1.075B ▼ $526M ▼ $549M ▲
Q1-2025 $997M ▲ $1.156B ▲ $625M ▼ $531M ▲
Q4-2024 $978M ▼ $1.15B ▼ $665M ▼ $485M ▼
Q3-2024 $1.089B $1.252B $687M $565M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-135M ▼ $-97M ▲ $79M ▼ $8M ▼ $-10M ▼ $-97M ▲
Q2-2025 $0 ▲ $-133M ▼ $137M ▲ $52M ▼ $56M ▲ $-133M
Q1-2025 $-112M ▼ $-132M ▼ $32M ▼ $142M ▲ $42M ▲ $-133M ▼
Q4-2024 $-94M ▼ $-100M ▼ $51M ▲ $-2M ▼ $-51M ▼ $-101M ▼
Q3-2024 $-92M $26M $-29M $48M $45M $25M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License And RD Services
License And RD Services
 $0 ▲$0 ▲$190.00M ▲$190.00M ▲
RD Services
RD Services
 $0 ▲$0 ▲$20.00M ▲$20.00M ▲
License and Development Services Revenue
License and Development Services Revenue
 $0 ▲$20.00M ▲$0 ▼$0 ▲
Other Collaboration Revenue
Other Collaboration Revenue
 $20.00M ▲$10.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Arcus is still very much in the investment phase. Revenue is relatively small and lumpy, likely tied to collaboration milestones rather than steady product sales. The company has been loss‑making in most years, with research and development and other operating costs comfortably exceeding revenue. There was a brief period of profitability a few years ago, but results have since moved back into meaningful losses. The recent dip into a negative gross margin hints at non‑routine costs or accounting effects layered on top of the ongoing R&D spend. Overall, the income statement reflects a classic clinical‑stage biotech profile: heavy spending today in the hope of future drug approvals, with significant uncertainty on timing and scale of any eventual profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company that is still reasonably well capitalized but gradually drawing down its cushion. Total assets have trended down from earlier peaks, and shareholders’ equity has been eroded by repeated losses, though it remains clearly positive. Cash on hand is material but not huge relative to the pace of cash burn, suggesting a finite runway that will need to be watched. Debt has increased from very low levels but is still modest compared with the size of the overall balance sheet, so financial leverage does not appear extreme. In short, the company has some room to keep funding its programs, but its financial strength is not unlimited and will increasingly depend on partnership support or future capital raises.

Cash Flow

Cash Flow Cash flow patterns are typical for a development‑stage biotech. Operating cash flow is negative in most years, reflecting high spending on trials and no commercial product income, with one standout year of strong positive cash inflow likely driven by a large partnership payment rather than ongoing operations. Free cash flow closely tracks operating cash flow because capital spending needs are low; the business is not asset‑intensive. The key takeaway is that the company burns cash in a normal year and depends on external funding events—such as collaboration payments or financing—to replenish its resources. Sustainability of the cash position hinges on the pace of R&D spend, the timing of new collaborations or milestone receipts, and access to capital markets.

Competitive Edge

Competitive Edge Arcus operates in one of the most competitive areas of biotech: cancer immunotherapy. Its main differentiators are its focused expertise in specific immune pathways, its portfolio designed for combination use, and, most importantly, its broad, long‑term partnership with Gilead. That alliance provides external validation, shared development costs, and access to global commercial infrastructure, giving Arcus an edge over many smaller peers. At the same time, the company competes against large, well‑funded players chasing similar targets, and its future position will depend heavily on how its clinical data stack up in late‑stage trials. Dependence on a relatively small number of key programs and on one major partner is also a strategic risk if trial results disappoint or partnership priorities shift.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Arcus. The company has built a coherent platform around the adenosine and TIGIT pathways, with multiple drugs designed to work together rather than as stand‑alone products. Having its own PD‑1 antibody gives it flexibility to design and control combination regimens, which is unusual for a company of its size. Late‑stage programs, especially in lung and gastrointestinal cancers, plus a growing pipeline that now reaches into inflammation and autoimmune disease, show a broad and evolving research engine. However, all of this remains high‑risk: most value still rests on unproven clinical outcomes, and setbacks in a few flagship trials could significantly change the outlook. R&D intensity is high by design, and success will depend on turning this scientific depth into compelling, reproducible clinical results.

Summary

Arcus Biosciences looks like a textbook late‑stage clinical biotech: scientifically ambitious, heavily invested in R&D, and not yet economically self‑sustaining. The income statement is dominated by recurring losses and volatile collaboration revenue, while the balance sheet and cash flow show a company with meaningful but finite resources, reliant on partnerships and external funding. Its competitive story is defined by a strong, multi‑year alliance with Gilead and a differentiated focus on specific immuno‑oncology pathways and combinations, set against intense competition and significant trial risk. The innovation pipeline is broad and promising, extending beyond oncology into inflammation, but the ultimate financial and strategic outcomes will depend on upcoming clinical readouts and the company’s ability to convert scientific potential into approved, commercially successful therapies.

NEWS

November 18, 2025 · 4:05 PM UTC

Arcus Biosciences to Participate in Two Upcoming Investor Conferences

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October 30, 2025 · 11:35 PM UTC

Arcus Biosciences Announces Pricing of $250 Million Public Offering of Common Stock

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October 30, 2025 · 4:01 PM UTC

Arcus Biosciences Announces Commencement of Public Offering of Common Stock

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October 28, 2025 · 4:05 PM UTC

Arcus Biosciences Reports Third-Quarter 2025 Financial Results and Provides a Pipeline Update

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October 19, 2025 · 7:00 PM UTC

Taiho Pharmaceutical Exercises Option for an Exclusive License to Casdatifan in Japan and Certain Territories in Asia

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