Arcus Biosciences(RCUS) - 2024 Q4 - Annual Results

Financial Performance - Arcus reported revenues of $36 million for Q4 2024, up from $31 million in Q4 2023, with $28 million from license and development service revenues related to Gilead collaboration[13]. - Total revenues for Q4 2024 were $36 million, a 16% increase from $31 million in Q4 2023[24]. - License and development service revenue increased to $28 million in Q4 2024, up from $22 million in Q4 2023, representing a 27% growth[24]. - The net loss for Q4 2024 was $94 million, compared to a net loss of $81 million in Q4 2023, indicating a 16% increase in losses[24]. - The company reported a basic and diluted net loss per share of $1.03 for Q4 2024, compared to $1.08 for Q4 2023[24]. Research and Development - Research and Development (R&D) expenses increased to $111 million in Q4 2024 from $93 million in Q4 2023, driven by higher costs in early-stage R&D and increased headcount[13]. - Research and development expenses rose to $111 million in Q4 2024, compared to $93 million in Q4 2023, reflecting a 19% increase[24]. - The Phase 3 PEAK-1 trial for casdatifan is expected to initiate in Q2 2025, evaluating its combination with cabozantinib in ccRCC patients[5]. - Casdatifan demonstrated a median progression-free survival (PFS) of 9.7 months in the 50mg twice-daily monotherapy cohort[12]. - Two cohorts in the ARC-20 study exceeded a 30% confirmed overall response rate (ORR) in ccRCC patients, with disease control rates between 81% and 87%[6]. - Arcus initiated the PRISM-1 Phase 3 trial for quemliclustat in pancreatic cancer in Q4 2024, with the first patient dosed in Japan in February 2025[9]. - The company expects to present initial data from the ARC-20 cohort evaluating casdatifan plus cabozantinib in mid-2025[12]. - Arcus plans to meet with the FDA in H1 2025 to discuss next steps for the ARC-9 study evaluating etrumadenant plus zimberelimab in metastatic colorectal cancer[10]. Financial Position - As of December 31, 2024, cash, cash equivalents, and marketable securities totaled $992 million, an increase from $866 million at the end of 2023, primarily due to a $320 million cash infusion from Gilead[13]. - Cash, cash equivalents, and marketable securities totaled $992 million as of December 31, 2024, up from $866 million a year earlier, representing a 15% increase[26]. - Total assets increased to $1,150 million in 2024 from $1,095 million in 2023, a growth of 5%[26]. - Total liabilities rose to $665 million in 2024, compared to $633 million in 2023, marking a 5% increase[26]. - Total stockholders' equity increased to $485 million in 2024 from $462 million in 2023, a 5% growth[26]. - The company expects its cash and investments to be sufficient to fund operations through initial pivotal readouts for its investigational products[19]. General and Administrative Expenses - General and Administrative (G&A) expenses were $28 million in Q4 2024, slightly down from $29 million in Q4 2023[13].