RCUS

MKT CAP:$3B

Arcus Biosciences, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NYSE

Healthcare·Biotechnology·🇺🇸·NYSE

Stock Price

$25.13+$1.84 (+7.90%)

Apr 23, 2026

Company Details

Arcus Biosciences, Inc., a clinical-stage biopharmaceutical company, develops and commercializes cancer therapies in the United States. Its product pipeline includes, Etrumadenant, a dual A2a/A2b adenosine receptor antagonist, which is in a...

CEO

Terry J. Rosen

IPO Date

Mar 15, 2018

Website

www.arcusbio.com

Key Metrics TTM

Revenue

$128M

-48.2% YoY

Net Income

-$433M

EPS (Diluted)

-$4.45

Free Cash Flow

-$306M

Revenue / Share

$1.20

Gross Margin

98.4%

Operating Margin

-368.8%

Net Margin

-338.3%

FCF Margin

-239.1%

P/S

20.1x

P/E

—

Earnings Reports

Q4 2025

May 5, 2026

PENDING

FY 2025

Feb 25, 2026

$247M-4.3%EPS -$3.29

Q3 2025

Oct 28, 2025

$26M-45.8%EPS -$1.27

Q1 2025

May 6, 2025

$28M-80.7%EPS -$1.14

FY 2024

Feb 25, 2025

$258M+120.5%EPS -$3.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$9M	$9M	-$78M
Q4 21	$354M	$354M	$281M
Q1 22	$18M	$18M	-$67M
Q2 22	$27M	$27M	-$69M
Q3 22	$33M	$33M	-$70M
Q4 22	$34M	$34M	-$74M
Q1 23	$25M	$25M	-$86M
Q2 23	$29M	$29M	-$83M
Q3 23	$32M	$32M	-$80M
Q4 23	$31M	$31M	-$91M
Q1 24	$145M	$145M	-$16M
Q2 24	$39M	$39M	-$106M
Q3 24	$48M	$48M	-$105M
Q4 24	$26M	$26M	-$103M
Q1 25	$28M	$28M	-$122M
Q3 25	$26M	$24M	-$142M

Valuation

Quarter	P/S	P/E
Q3 21	69.8x	—
Q4 21	7.8x	56.4x
Q1 22	6.6x	45.3x
Q2 22	4.4x	27.4x
Q3 22	4.4x	24.0x
Q4 22	11.4x	—
Q1 23	11.3x	—
Q2 23	12.6x	—
Q3 23	10.8x	—
Q4 23	13.8x	—
Q1 24	7.1x	—
Q2 24	5.7x	—
Q3 24	5.2x	—
Q4 24	5.2x	—
Q1 25	5.0x	—
Q3 25	11.0x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$54M	-$62M
Q4 21	-$62M	-$71M
Q1 22	$654M	$651M
Q2 22	-$65M	-$72M
Q3 22	-$81M	-$82M
Q4 22	-$70M	-$70M
Q1 23	-$98M	-$101M
Q2 23	-$57M	-$62M
Q3 23	-$63M	-$73M
Q4 23	-$88M	-$94M
Q1 24	-$2M	-$6M
Q2 24	-$94M	-$94M
Q3 24	$26M	$25M
Q4 24	-$100M	-$101M
Q1 25	-$132M	-$133M
Q3 25	-$97M	-$97M

Capital Expenditures

Quarter	CapEx
Q3 21	$8M
Q4 21	$9M
Q1 22	$3M
Q2 22	$7M
Q3 22	$1M
Q4 22	$380.0K
Q1 23	$3M
Q2 23	$5M
Q3 23	$10M
Q4 23	$6M
Q1 24	$4M
Q2 24	$0
Q3 24	$1M
Q4 24	$1M
Q1 25	$1M
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	-85.3%	+39.1%
Q4 21	+3636.7%	+19.1%
Q1 22	+90.3%	+3.4%
Q2 22	+185.4%	+12.2%
Q3 22	+248.8%	+17.6%
Q4 22	-90.5%	+47.6%
Q1 23	+38.9%	+30.6%
Q2 23	+7.4%	+16.7%
Q3 23	-3.0%	+8.7%
Q4 23	-7.9%	+12.9%
Q1 24	+480.0%	+45.0%
Q2 24	+34.5%	+29.5%
Q3 24	+50.0%	+36.6%
Q4 24	-16.1%	+5.7%
Q1 25	-80.7%	-6.8%
Q3 25	-33.3%	+15.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$15M	55.6%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$18M	62.1%
Q3 23	$18M	56.3%
Q4 23	$0	0.0%
Q1 24	$20M	13.8%
Q2 24	$20M	51.3%
Q3 24	$19M	39.6%
Q4 24	$17M	65.4%
Q1 25	$16M	57.1%
Q3 25	$14M	53.8%

OpEx Breakdown

Quarter	R&D	G&A
Q3 21	$71M	$16M
Q4 21	$50M	$23M
Q1 22	$61M	$24M
Q2 22	$70M	$26M
Q3 22	$77M	$26M
Q4 22	$80M	$28M
Q1 23	$81M	$30M
Q2 23	$84M	$28M
Q3 23	$82M	$30M
Q4 23	$93M	$29M
Q1 24	$109M	$32M
Q2 24	$115M	$30M
Q3 24	$123M	$30M
Q4 24	$101M	$28M
Q1 25	$122M	$28M
Q3 25	$141M	$27M

Revenue Segments

Quarter	Gilead Access Rights	License and Development Services for All Gilead Programs	Taiho Access Rights	License and Development Services Revenue	Other Collaboration Revenue
Q1 22	$8M	$8M	$2M	—	—
Q2 22	$8M	$17M	$2M	—	—
Q3 22	$8M	$24M	$2M	—	—
Q4 22	—	—	—	$26M	$8M
Q1 23	—	—	—	$17M	$8M
Q2 23	—	—	—	$19M	$10M
Q3 23	—	—	—	$22M	$10M
Q1 24	—	—	—	$135M	$10M
Q2 24	—	—	—	$28M	$11M
Q3 24	—	—	—	$41M	$7M
Q1 25	—	—	—	$20M	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$549M	$665M	$1.2B
Q2 22	$273M	$900M	$1.2B
Q3 22	$218M	$831M	$1.0B
Q4 22	$206M	$803M	$1.0B
Q1 23	$238M	$716M	$954M
Q2 23	$230M	$700M	$930M
Q3 23	$184M	$615M	$799M
Q4 23	$127M	$632M	$759M
Q1 24	$185M	$810M	$995M
Q2 24	$156M	$813M	$969M
Q3 24	$201M	$888M	$1.1B
Q4 24	$150M	$828M	$978M
Q1 25	$192M	$805M	$997M
Q2 25	$248M	$663M	$911M
Q3 25	$238M	$593M	$831M
Q4 25	$222M	$759M	$981M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	70M	+0.5%	+7.6%
Q4 21	75M	+7.5%	+18.6%
Q1 22	71M	-5.5%	+6.1%
Q2 22	72M	+0.9%	+3.0%
Q3 22	72M	+0.6%	+3.0%
Q4 22	73M	+0.5%	-3.7%
Q1 23	73M	+0.6%	+2.5%
Q2 23	73M	+0.3%	+1.9%
Q3 23	75M	+1.9%	+3.3%
Q4 23	75M	+0.5%	+3.3%
Q1 24	86M	+14.9%	+18.1%
Q2 24	91M	+5.7%	+24.5%
Q3 24	91M	+0.3%	+22.5%
Q4 24	92M	+0.3%	+22.3%
Q1 25	98M	+7.3%	+14.2%
Q3 25	107M	+8.2%	+16.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$40.1K	236
Q4 21	$968.6K	366
Q1 22	$49.2K	366
Q2 22	$73.8K	366
Q3 22	$90.2K	366
Q4 22	$67.3K	500
Q1 23	$50.0K	500
Q2 23	$58.0K	500
Q3 23	$64.0K	500
Q4 23	$53.7K	577
Q1 24	$251.3K	577
Q2 24	$67.6K	577
Q3 24	$83.2K	577
Q4 24	$41.5K	627
Q1 25	$44.7K	627
Q3 25	$41.5K	627

Revenue / Employee