Arcus Biosciences, Inc. RCUS
We are a late clinical-stage biopharmaceutical company focused on developing differentiated molecules for patients with cancer and inflammatory and autoimmune diseases. Our most advanced molecules are in Phase 3 registrational studies for various cancer indications and we expect our next wave of clinical-stage molecules to come from our inflammation and autoimmune disease programs. Our vision is to leverage our internal small-molecule discovery capabilities to create, develop and commercialize highly differentiated therapies that can have a meaningful impact on patients.
The chart below summarizes our current clinical and late pre-clinical stage portfolio:
* Taiho holds exclusive licenses in Japan and certain other Asian countries, excluding China, for casdatifan (the "Taiho Territory").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.0M | $51.0M | $37.0M | $38.0M | $383.0M | $78.0M | $15.0M | $8.4M | $1.4M | — |
| R&D | $523.0M | $448.0M | $340.0M | $288.0M | $257.0M | $159.0M | $78.5M | $49.6M | $47.2M | $14.2M |
| SG&A | $110.0M | $120.0M | $117.0M | $104.0M | $72.0M | $43.0M | $25.2M | $13.6M | $7.6M | $3.9M |
| Total operating expenses | $633.0M | $588.0M | $457.0M | $392.0M | $329.0M | $202.0M | $103.7M | $63.2M | $54.9M | $18.2M |
| Operating income | -$386.0M | -$330.0M | -$340.0M | -$280.0M | $54.0M | -$124.0M | -$88.7M | -$54.9M | -$53.4M | -$18.2M |
| Interest expense | $8.0M | $4.0M | $2.0M | $2.0M | — | — | — | — | — | — |
| Pre-tax income | -$353.0M | -$282.0M | -$301.0M | -$266.0M | $55.0M | -$123.0M | -$84.7M | — | — | — |
| Income tax | $0 | $1.0M | $6.0M | $1.0M | $2.0M | — | — | — | — | — |
| Net income | -$353.0M | -$283.0M | -$307.0M | -$267.0M | $53.0M | -$123.0M | -$84.7M | -$49.6M | -$53.1M | -$18.0M |
| EPS, basic | -3.29 | -3.14 | -4.15 | -3.71 | 0.76 | -2.24 | -1.93 | — | — | — |
| EPS, diluted | -3.29 | -3.14 | -4.15 | -3.71 | 0.71 | -2.24 | -1.93 | -1.43 | -29.03 | -20.80 |
| Shares, diluted (wtd. avg.) | $107.4M | $90.1M | $74.0M | $72.0M | $74.0M | $54.8M | $43.8M | $36.4M | $3.9M | $3.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $222.0M | $150.0M | $127.0M | $206.0M | $148.0M | $173.4M | $57.9M | $71.1M | $98.4M | $65.2M |
| Short-term investments | $759.0M | $828.0M | $632.0M | $803.0M | $351.0M | $555.2M | — | — | — | — |
| Total current assets | $1.01B | $1.02B | $831.0M | $1.07B | $1.26B | $735.8M | $192.7M | $258.9M | $176.9M | — |
| Property, plant and equipment | $40.0M | $47.0M | $51.0M | $35.0M | $32.0M | $10.8M | $9.3M | $11.1M | $11.2M | — |
| Total assets | $1.14B | $1.15B | $1.09B | $1.34B | $1.59B | $772.3M | $203.1M | $274.9M | $190.5M | — |
| Accounts payable | $42.0M | $18.0M | $17.0M | $20.0M | $10.0M | $15.7M | $4.7M | $3.1M | $3.8M | — |
| Total current liabilities | $231.0M | $226.0M | $184.0M | $193.0M | $166.0M | $121.7M | $22.7M | $16.9M | $12.7M | — |
| Long-term debt | $99.0M | $48.0M | $0 | — | — | — | — | — | — | — |
| Total liabilities | — | — | — | — | $750.4M | $270.0M | $39.3M | $40.0M | $36.6M | — |
| Retained earnings | -$1.49B | -$1.13B | -$849.0M | -$542.0M | -$275.0M | -$328.2M | -$205.3M | -$122.8M | -$73.2M | — |
| Total equity | $631.0M | $485.0M | $462.0M | $657.0M | $842.0M | $502.0M | $164.0M | $234.9M | -$72.3M | -$20.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$482.0M | -$170.0M | -$306.0M | $438.0M | -$256.0M | $111.0M | -$73.5M | -$43.0M | -$25.1M | -$12.9M |
| Stock-based compensation | $60.0M | $76.0M | $73.0M | $65.0M | $55.0M | $22.0M | $9.0M | $3.9M | $495.0K | $90.0K |
| Capital expenditure | $2.0M | $6.0M | $24.0M | $6.0M | $26.0M | $3.0M | $1.9M | $3.7M | $5.5M | $4.1M |
| Investing cash flow | $66.0M | -$84.0M | $194.0M | -$413.0M | -$4.0M | -$434.0M | $59.2M | -$113.4M | -$49.1M | -$38.9M |
| Financing cash flow | $488.0M | $277.0M | $33.0M | $33.0M | $237.0M | $439.0M | $1.1M | $129.1M | $107.4M | $70.1M |
| Buybacks | — | — | — | — | — | — | $94.0K | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001724521-26-000025.
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