Arcus Biosciences (NYSE: RCUS) details Q1 loss, cash runway and trial shifts
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Arcus Biosciences reported first-quarter 2026 revenue of $17 million, down from $28 million a year earlier, and a net loss of $128 million versus $112 million. Loss per share improved to $1.02 from $1.14 due to a higher share count.
The company ended March 31, 2026 with $876 million in cash, cash equivalents and marketable securities and expects this to fund operations until at least the second half of 2028, targeting about $600 million in cash at year-end 2026. Management is prioritizing development of casdatifan in clear cell renal cell carcinoma, advancing multiple Phase 3 and Phase 1/1b studies, while expanding an emerging inflammation and immunology portfolio.
Arcus highlighted completion of enrollment in the Phase 3 PRISM-1 study of quemliclustat in first-line metastatic pancreatic cancer, but also disclosed discontinuation of the domvanalimab-based STAR-121 and EDGE-Lung lung cancer studies after a futility analysis showed no overall survival benefit over pembrolizumab plus chemotherapy.
Positive
- None.
Negative
- Domvanalimab lung program setback: The Phase 3 STAR-121 study in first-line metastatic non-small cell lung cancer, and the related Phase 2 EDGE-Lung study, are being discontinued after a futility analysis found the domvanalimab-based regimen did not improve overall survival versus pembrolizumab plus chemotherapy.
Insights
Q1 shows tighter finances, strong cash runway, and mixed pipeline news.
Arcus Biosciences generated Q1 2026 revenue of $17 million versus $28 million a year earlier, mainly from collaborations, and posted a net loss of $128 million. Operating expenses were stable at $151 million, reflecting continued investment in late-stage oncology programs.
Cash, cash equivalents and marketable securities of $876 million as of March 31 2026 support the stated cash runway to at least the second half of 2028, even as the company targets about $600 million in cash by year-end 2026. This provides flexibility to fund multiple Phase 3 and early I&I studies.
Strategically, Arcus is concentrating resources on casdatifan in clear cell renal cell carcinoma and the PRISM-1 Phase 3 pancreatic cancer trial, while discontinuing the domvanalimab-based STAR-121 and EDGE-Lung studies after a futility analysis showed no overall survival advantage over pembrolizumab plus chemotherapy. Subsequent disclosures in company filings may further clarify how resources shift among remaining programs.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $17 million
Q1 2025 revenue: $28 million
Q1 2026 net loss: $128 million
+5 more
8 metrics
Q1 2026 revenue
$17 million
Total revenues for the three months ended March 31, 2026
Q1 2025 revenue
$28 million
Total revenues for the three months ended March 31, 2025
Q1 2026 net loss
$128 million
Net loss for the three months ended March 31, 2026
Loss per share Q1 2026
$1.02 per share
Basic and diluted net loss per share, Q1 2026
Cash and securities
$876 million
Cash, cash equivalents and marketable securities as of March 31, 2026
Total assets
$997 million
Total assets as of March 31, 2026
Total liabilities
$473 million
Total liabilities as of March 31, 2026
GAAP revenue guidance 2026
$50–$65 million
Expected GAAP revenue for full-year 2026
Key Terms
clear cell renal cell carcinoma, HIF-2a inhibitor, Phase 3, MRGPRX2 antagonist, +2 more
6 terms
clear cell renal cell carcinoma medical
"backbone therapy across each line of treatment for clear cell renal cell carcinoma (ccRCC)"
A type of kidney cancer that starts in the tubes of the kidney and is identified by tumor cells that appear clear under a microscope. Think of it as a distinct “breed” of kidney cancer with its own behavior and treatment options; that matters to investors because diagnosis rates, clinical trial outcomes, drug approvals, and treatment costs directly affect the market size and revenue prospects for companies developing therapies or diagnostics.
HIF-2a inhibitor medical
"casdatifan (HIF-2a inhibitor) Casdatifan Development Program"
A HIF-2α inhibitor is a drug that blocks a specific protein (HIF-2α) cells use to switch on survival and growth programs when oxygen is low, similar to turning off a thermostat that tells cells to adapt to stress. It matters to investors because these drugs can change the course of diseases driven by that pathway—clinical trial results, regulatory approvals, safety profiles, patent protection and competition directly affect a developer’s future revenue and stock value.
Phase 3 medical
"Phase 3 PEAK-1 study is enrolling in immunotherapy (IO)-experienced patients"
Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.
MRGPRX2 antagonist medical
"AB102, an MRGPRX2 antagonist, which is expected to enter the clinic"
A mrgprx2 antagonist is a drug or compound that blocks the MRGPRX2 receptor on certain immune cells, stopping those cells from releasing histamine and other chemicals that trigger itch, swelling and pseudo‑allergic reactions. For investors, it represents a potential new approach to treat conditions like chronic itch, hives and some drug‑induced reactions; a successful antagonist could create new market opportunities, lower side‑effect risks and drive value through clinical and regulatory milestones.
non-small cell lung cancer medical
"as a 1L treatment for metastatic non-small cell lung cancer (NSCLC)"
A broad category of lung tumors that grow from the cells lining the airways and make up the majority of lung cancer cases; it includes several subtypes that behave and respond to treatment differently, like different models of the same car family. It matters to investors because its large patient population and variety of treatment options — surgery, traditional chemo, targeted drugs and immunotherapies — create major markets where clinical trial results, drug approvals or changing treatment guidelines can quickly affect a company’s revenue and stock value.
cash runway financial
"With $876 million in cash... with cash runway until at least the second half of 2028"
Cash runway is the amount of time a company can continue operating using its available cash before needing additional funding or generating enough revenue. It’s like a countdown showing how long a business can keep running with its current funds. Knowing the cash runway helps investors assess the company's financial health and whether it has enough resources to reach its goals or needs to find more support soon.
Earnings Snapshot
Revenue: $17 million · Guidance included
Q1 2026
Revenue
$17 million
Net loss
$128 million
Loss per share (basic and diluted)
$1.02
Cash, cash equivalents and marketable securities
$876 million
Guidance
Arcus expects to recognize GAAP revenue of between $50 million and $65 million for the full year 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________
FORM 8-K
________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2026
________________________________________________________
(Exact name of Registrant as Specified in Its Charter)
________________________________________________________
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s Telephone Number, Including Area Code: (510 ) 694-6200
(Former Name or Former Address, if Changed Since Last Report)
________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2026 , Arcus Biosciences, Inc. issued a press release announcing its financial results for the three months ended March 31, 2026. The full text of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information in this Item 2.02 of this Form 8-K (including Exhibit 99.1) is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated May 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ARCUS BIOSCIENCES, INC. | ||||||||
Date: | By: | /s/ Terry Rosen, Ph. D. | ||||||
| Terry Rosen, Ph.D. | ||||||||
Chief Executive Officer (Principal Executive Officer) | ||||||||
Exhibit 99.1
Arcus Biosciences Reports First-Quarter 2026 Financial Results and Provides a Pipeline Update
May 5, 2026
•Arcus outlines development strategy to establish casdatifan as a backbone therapy across each line of treatment for clear cell renal cell carcinoma (ccRCC), including the potential to become the first HIF-2a inhibitor-based tyrosine kinase inhibitor (TKI)-free regimen in the first-line (1L) setting
•Phase 3 PEAK-1 study is enrolling in immunotherapy (IO)-experienced patients with ccRCC, with enrollment completion and the initiation of a 1L Phase 3 study, both expected by year-end 2026
•Arcus selected its first inflammation program clinical candidate AB102, an MRGPRX2 antagonist, which is expected to enter the clinic in the third quarter of 2026; its preclinical profile will be presented in an oral presentation at the Society for Investigative Dermatology Annual Meeting in May
•With $876 million in cash, cash equivalents and marketable securities at quarter-end, Arcus is well positioned to advance casdatifan aggressively, with cash runway until at least the second half of 2028
HAYWARD, Calif. – (BUSINESS WIRE) – Arcus Biosciences, Inc. (NYSE:RCUS), a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules and combination therapies for people with cancer and inflammatory and autoimmune diseases, today reported financial results for the first quarter ended March 31, 2026 and provided a pipeline update on its clinical-stage investigational molecules and discovery programs.
"Arcus is entering a new era, with a clear path for casdatifan to be both first and best in the first-line setting, and a portfolio of wholly owned molecules for inflammation and immunology that provide a new strategic optionality as they move into and through development," said Terry Rosen, Ph.D., chief executive officer of Arcus. "Our highest priority is to establish casdatifan as a foundational standard of care in kidney cancer so that patients have the opportunity to benefit from casdatifan-based regimens across lines of treatment.”
Arcus is focused on completing enrollment for PEAK-1 and initiating a Phase 3 study in the 1L setting, where casdatifan has the potential to become the first HIF-2a inhibitor-based, TKI-free option, by year-end 2026.
Casdatifan (HIF-2a inhibitor)
Casdatifan Development Program:
Arcus’s development strategy is designed to generate evidence to secure casdatifan as a backbone therapy in ccRCC so that every patient has the opportunity to benefit from casdatifan across each line of therapy over the course of their care. The company is aggressively executing on a holistic strategy to embed casdatifan into the treatment paradigm, including in combination with the most commonly used regimen in the 1L setting, anti-PD-1 plus anti-CTLA-4. Arcus is now enrolling a cohort in the Phase 1/1b ARC-20 study to generate the dataset that will support the initiation of the corresponding Phase 3 study at year-end 2026. Arcus’s choice of combination partners has been designed to complement this casdatifan-IO regimen, which has the opportunity to be the first and only such HIF-2a inhibitor-based TKI-sparing 1L therapy, with consecutive treatments with casdatifan-containing regimens in first-, second-, and third-line-plus settings. In this context, Arcus will also begin to evaluate casdatifan plus TKI-containing regimens in 1L and late-line settings, the latter in both HIF-2a inhibitor-experienced and HIF-2a inhibitor-naive patients.
•IO-experienced ccRCC: Enrollment in PEAK-1, the global Phase 3 study evaluating casdatifan plus cabozantinib versus cabozantinib in IO-experienced metastatic ccRCC, is accelerating, and Arcus is on track to complete enrollment by year-end 2026.
•1L ccRCC: Arcus has been focused on the evaluation of casdatifan-based TKI-free regimens, which have demonstrated a consistently low rate of primary progression across all cohorts and settings evaluated to date.
▪Most notably, casdatifan plus zimberelimab (anti-PD-1) showed a primary progression rate of 7% (2 of 30 patients), comparing quite favorably to published rates observed with anti-PD-1 monotherapy or ipilimumab (anti-CTLA-4) plus nivolumab (anti-PD-1) in the 1L setting. This ARC-20 cohort is fully enrolled.
▪A cohort evaluating casdatifan plus zimberelimab and ipilimumab in ARC-20 is currently enrolling with the purpose of supporting Arcus’s first Phase 3 study in the 1L setting.
Planned Data Readouts:
Arcus expects to have multiple data readouts for casdatifan in 2026:
•More mature overall response rate data and initial progression-free survival data for approximately 45 patients treated in the ARC-20 cohort evaluating casdatifan plus cabozantinib in the IO-experienced setting will be presented at an investor event or at a medical conference. All patients will have had at least 12 months of follow-up.
•Initial data from the ARC-20 cohorts evaluating casdatifan in early-line settings, including the cohort evaluating casdatifan plus zimberelimab in 1L ccRCC.
•Updated data from ARC-20 late-line monotherapy cohorts including overall survival (OS) data.
Quemliclustat (small-molecule CD73 inhibitor)
•Enrollment was completed for PRISM-1, a Phase 3 trial of quemliclustat combined with gemcitabine/nab-paclitaxel versus gemcitabine/nab-paclitaxel in 1L metastatic pancreatic ductal adenocarcinoma, in September 2025. Results from this study are expected in the first half of 2027.
Domvanalimab (Fc-silent anti-TIGIT antibody) plus Zimberelimab (anti-PD-1 antibody)
Status Update:
•In April 2026, Arcus announced the discontinuation of the Phase 3 STAR-121 study evaluating domvanalimab plus zimberelimab and chemotherapy versus pembrolizumab plus chemotherapy as a 1L treatment for metastatic non-small cell lung cancer (NSCLC), based on the recommendation from the Independent Data Monitoring Committee following its review of data from a pre-planned futility analysis. At the futility analysis, the domvanalimab-based combination did not improve OS relative to that observed with pembrolizumab plus chemotherapy. STAR-121, along with the Phase 2 EDGE-Lung study, will be discontinued.
◦STAR-121 also evaluated zimberelimab plus chemotherapy as an exploratory endpoint. Zimberelimab plus chemotherapy performed consistently with respect to OS as compared to pembrolizumab plus chemotherapy.
Emerging I&I Portfolio
•AB102, a highly selective, oral MRGPRX2 antagonist and potential best-in-class treatment for atopic dermatitis and chronic spontaneous urticaria, is expected to enter the clinic in the third quarter of 2026.
◦In May, Arcus will present the preclinical profile for AB102 in an oral presentation at the Society for Investigative Dermatology Annual Meeting, highlighting its ability to fully block MRGPRX2-dependent degranulation and transcriptional activation in LAD2 and primary skin mast cells and its inhibition of all common human MRGPRX2 variants.
◦Clinical development will begin with a first-in-human healthy volunteer study followed by a proof-of-concept study, with potential for proof-of-concept data in early 2027.
•Arcus has selected a development candidate for an oral small-molecule TNF inhibitor, a potential treatment for rheumatoid arthritis, psoriasis and inflammatory bowel disease, and expects it to enter the clinic in early 2027.
◦The molecule is designed to selectively block TNFR1 signaling. It is believed that this could lead to better safety and efficacy than those of approved anti-TNF antibodies that block both TNFR1 and
TNFR2 signaling, the latter of which can paradoxically lead to an inflammatory response in some patients.
•Arcus has also selected an orally active small-molecule antagonist of CCR6 as a development candidate for potential treatment of psoriasis and expects it to enter the clinic in the first half of 2027.
Financial Results for First Quarter 2026:
•Cash, Cash Equivalents and Marketable Securities were $876 million as of March 31, 2026, compared to $1.0 billion as of December 31, 2025. The decrease during the period is primarily due to the use of cash in our research and development activities. Based on our existing business plan, we believe that our cash, cash equivalents and marketable securities will be sufficient to fund our planned level of operations until at least the second half of 2028. We also expect to end 2026 with approximately $600 million in cash.
•Revenues were $17 million for the first quarter 2026, compared to $28 million for the same period in 2025. The decrease in revenue was primarily driven by lower development services revenue from the Gilead collaboration. Revenues reflect the recognition of payments previously received from our collaboration partners as we satisfy underlying performance obligations over time, and fluctuate each period based on our estimated progress toward completing those obligations rather than on the timing of cash receipts. Arcus expects to recognize GAAP revenue of between $50 million and $65 million for the full year 2026.
•Research and Development (R&D) Expenses were flat for the first quarter 2026, with (i) late-stage development programs increasing due to our investment in casdatifan and our Phase 3 PRISM-1 study for quemliclustat, partially offset by the wind-down of studies related to domvanalimab, (ii) early-stage development activities decreasing primarily due to the absence of prior-year Phase 2 study costs for domvanalimab, and (iii) partnership reimbursements decreasing, primarily due to Gilead-led activities representing a larger share of total joint development costs and a shift towards programs fully funded by us. Non-cash stock-based compensation expense was $9 million for the first quarter 2026, compared to $8 million for the same period in 2025. For the first quarters 2026 and 2025, Arcus recognized gross reimbursements of $19 million and $38 million, respectively, for shared expenses from its collaborations. R&D expenses by quarter may fluctuate due to the timing of clinical manufacturing and standard-of-care therapeutic purchases with a corresponding impact on reimbursements.
We expect R&D expenses to decline in the near term relative to what we have incurred as we wind down studies for domvanalimab. Streamlining initiatives we have undertaken across our R&D operations in connection with this wind-down, together with efficiencies we are pursuing across our programs outside the Gilead collaboration, are expected to further reduce costs. These decreases will be partially offset by our increased investment in the development of casdatifan and advancement of our small-molecule inflammation and immunology programs.
•General and Administrative (G&A) Expenses were $29 million for the first quarter 2026, compared to $28 million for the same period in 2025. The increase was primarily due to an increase in non-cash stock-based compensation, which was primarily attributable to a separation agreement with an officer. Non-cash stock-based compensation expense was $10 million for the first quarter 2026, compared to $8 million for the same period in 2025.
•Net Loss was $128 million for the first quarter 2026, compared to $112 million for the same period in 2025.
Conference Call Information:
Arcus will host a conference call and webcast today, May 5, 2026, at 1:30 PM PT/4:30 PM ET to discuss its first-quarter 2026 financial results and pipeline updates. To access the call, please dial +1 (585) 542-9983 (local) or +1 (833) 461-5787 (toll-free), using Meeting ID: 304747896. Participants may also register for the call online using the following link: https://events.q4inc.com/attendee/304747896. To access the live webcast and accompanying slide presentation, please visit the “Investors & Media” section of the Arcus Biosciences website at www.arcusbio.com. A replay of the webcast will be available following the live event.
About Arcus Biosciences
Arcus Biosciences is a clinical-stage, global biopharmaceutical company focused on developing differentiated molecules for the treatment of cancer and inflammatory and autoimmune diseases. In partnership with industry collaborators, patients and physicians around the world, Arcus is expediting the development of its late-stage portfolio of first- and/or best-in-class medicines against well-characterized biological targets and pathways and studying novel, biology-driven combinations that have the potential to help people with cancer live longer. Founded in 2015, the company has advanced multiple investigational medicines into registrational clinical trials including casdatifan, a HIF-2a inhibitor for clear cell renal cell carcinoma, and quemliclustat, a small-molecule CD73 inhibitor for pancreatic cancer. For more information about Arcus Biosciences’ clinical and preclinical programs, please visit www.arcusbio.com.
Forward-Looking Statements
This press release contains forward-looking statements. All statements regarding events or results to occur in the future contained herein are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Arcus’s development strategies and opportunities, including the potential for casdatifan to become the first and only HIF-2a inhibitor-based TKI-free regimen in the first line setting and plans to secure casdatifan as the backbone therapy in ccRCC; the timing and achievement of milestones, including the completion of enrollment in PEAK-1, the initiation of the next Phase 3 study for casdatifan, and the advancement of AB102 into the clinic; the progression into the clinic of additional molecules from Arcus’s inflammation and immunology programs; the timing of future data presentations; and expectations regarding the decline in its operating expenses, year-end cash balance and its anticipated cash runway. All forward-looking statements involve known and unknown risks and uncertainties and other important factors that may cause Arcus’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, risks associated with: Arcus’s ability to manage the breadth and pace of its development plans for casdatifan; the unexpected emergence of adverse events or other undesirable side effects with casdatifan; difficulties or delays in initiating, enrolling and completing clinical trials, including due to regulatory review, site activation, patient identification or enrollment, or manufacturing and supply constraints of investigational or standard-of-care products for such clinical trials; interim data not being guarantees of future data or replicated in other studies evaluating casdatifan, including the Phase 3 PEAK-1 study; adverse data from toxicology studies that affect Arcus’s ability to advance development candidates from its immunology and inflammation programs; the risk that the preclinical profiles of Arcus’s development candidates may not translate in clinical trials; changes in the competitive landscape for Arcus’s programs; the inherent uncertainty associated with pharmaceutical product development and clinical trials; and risks associated with Arcus’s ability to accurately forecast financial results and changes in Arcus’s operating plans. Risks and uncertainties facing Arcus are described more fully in the “Risk Factors” section of Arcus’s most recent periodic report filed with the U.S. Securities and Exchange Commission (SEC) and in other filings that Arcus makes with the SEC from time to time, which are available at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Arcus disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release, except to the extent required by law.
The Arcus name and logo are trademarks of Arcus Biosciences, Inc. All other trademarks belong to their respective owners.
Investor & Media Inquiries:
Holli Kolkey
VP of Corporate Affairs
(650) 922-1269
hkolkey@arcusbio.com
VP of Corporate Affairs
(650) 922-1269
hkolkey@arcusbio.com
Maryam Bassiri
Director of Corporate Affairs
(510) 406-8520
mbassiri@arcusbio.com
ARCUS BIOSCIENCES, INC.
Consolidated Statements of Operations
(unaudited)
(In millions, except per share amounts)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues: | |||||||||||
| License and development services | $ | 12 | $ | 20 | |||||||
| Other collaboration | 5 | 8 | |||||||||
| Total revenues | 17 | 28 | |||||||||
| Operating expenses: | |||||||||||
| Research and development | 122 | 122 | |||||||||
| General and administrative | 29 | 28 | |||||||||
| Total operating expenses | 151 | 150 | |||||||||
| Loss from operations | (134) | (122) | |||||||||
| Non-operating income (expense): | |||||||||||
| Interest and other income, net | 9 | 11 | |||||||||
| Interest expense | (3) | (1) | |||||||||
| Total non-operating income, net | 6 | 10 | |||||||||
| Loss before income taxes | (128) | (112) | |||||||||
| Income tax expense | — | — | |||||||||
| Net loss | $ | (128) | $ | (112) | |||||||
| Net loss per share: | |||||||||||
| Basic and diluted | $ | (1.02) | $ | (1.14) | |||||||
| Shares used to compute net loss per share: | |||||||||||
| Basic and diluted | 125.4 | 98.4 | |||||||||
Selected Consolidated Balance Sheet Data
(unaudited)
(In millions)
| March 31, 2026 | December 31, 2025 (1) | ||||||||||
| Cash, cash equivalents and marketable securities | $ | 876 | $ | 1,010 | |||||||
| Total assets | 997 | 1,139 | |||||||||
| Total liabilities | 473 | 508 | |||||||||
| Total stockholders’ equity | 524 | 631 | |||||||||
(1)Derived from the audited financial statements for the year ended December 31, 2025, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2026.
FAQ
What were Arcus Biosciences (RCUS) Q1 2026 revenues?
Arcus Biosciences reported Q1 2026 revenue of $17 million, down from $28 million in Q1 2025. Revenue mainly reflects recognition of previously received collaboration payments as performance obligations are satisfied and can fluctuate with progress on partnered development activities rather than cash receipts.
What was Arcus Biosciences (RCUS) net loss in Q1 2026?
Arcus Biosciences posted a Q1 2026 net loss of $128 million, compared with $112 million a year earlier. Loss from operations was $134 million, partly offset by $6 million of net non-operating income, resulting in basic and diluted net loss per share of $1.02.
How much cash does Arcus Biosciences (RCUS) have and what is its runway?
Arcus ended March 31, 2026 with $876 million in cash, cash equivalents and marketable securities. Management believes this will fund planned operations until at least the second half of 2028 and expects to finish 2026 with approximately $600 million in cash.
What happened to Arcus Biosciences’ STAR-121 lung cancer trial?
Arcus is discontinuing the Phase 3 STAR-121 study of domvanalimab plus zimberelimab and chemotherapy in first-line metastatic non-small cell lung cancer. A pre-planned futility analysis showed this regimen did not improve overall survival versus pembrolizumab plus chemotherapy, leading to termination of STAR-121 and the Phase 2 EDGE-Lung study.
What are the key casdatifan development plans for Arcus Biosciences (RCUS)?
Arcus aims to establish casdatifan as a backbone therapy in clear cell renal cell carcinoma, including TKI-free first-line regimens. The Phase 3 PEAK-1 study in IO-experienced patients is enrolling, with enrollment completion and initiation of a first-line Phase 3 study both expected by year-end 2026.
What full-year 2026 revenue outlook did Arcus Biosciences provide?
Arcus Biosciences expects to recognize GAAP revenue between $50 million and $65 million for full-year 2026. These revenues will primarily come from collaboration agreements, recognized over time as the company fulfills performance obligations under its partnered development programs.