Arcus Biosciences(US:RCUS)2025-10-28 20:08Financial Performance - Arcus reported revenues of $26 million for Q3 2025, down from $48 million in Q3 2024, primarily due to a prior year license revenue of $15 million and lower revenues from the Gilead collaboration[13] - Total revenues for Q3 2025 were $26 million, a decrease of 45.8% compared to $48 million in Q3 2024[24] - License and development services revenue was $20 million in Q3 2025, down from $41 million in Q3 2024, representing a decline of 51.2%[24] - Net loss for Q3 2025 was $135 million, compared to a net loss of $92 million in Q3 2024[13] - Net loss for Q3 2025 was $135 million, compared to a net loss of $92 million in Q3 2024, reflecting a 46.7% increase in losses[24] - Basic and diluted net loss per share for Q3 2025 was $1.27, compared to $1.00 for Q3 2024[24] - Non-operating income for Q3 2025 was $7 million, a decrease of 46.2% from $13 million in Q3 2024[24] Research and Development - Research and Development (R&D) expenses increased to $141 million in Q3 2025 from $123 million in Q3 2024, driven by costs for late-stage programs[13] - Research and development expenses increased to $141 million in Q3 2025, up 14.6% from $123 million in Q3 2024[24] - The Phase 3 PEAK-1 study of casdatifan is currently enrolling, with a primary endpoint of progression-free survival (PFS)[5] - Arcus plans to initiate a Phase 3 study for casdatifan in early-line ccRCC in the second half of 2026, informed by emerging data from ongoing studies[9] - The company disclosed five new research and preclinical programs targeting inflammatory and autoimmune diseases, with the first candidate expected to enter the clinic in 2026[14] Cash and Assets - The company has $841 million in cash, cash equivalents, and marketable securities as of September 30, 2025, down from $992 million at the end of 2024, with a cash runway expected to fund operations through pivotal readouts for key programs[13] - Cash, cash equivalents, and marketable securities totaled $841 million as of September 30, 2025, down from $992 million at the end of 2024[26] - Total assets decreased to $974 million as of September 30, 2025, compared to $1,150 million at the end of 2024[26] - Total liabilities were $538 million as of September 30, 2025, down from $665 million at the end of 2024[26] - Total stockholders' equity decreased to $436 million as of September 30, 2025, from $485 million at the end of 2024[26] Clinical Results - Casdatifan demonstrated a median progression-free survival (mPFS) of 12.2 months and an 18-month landmark PFS of 43% in a pooled analysis of 121 patients with late-line kidney cancer[6] - Domvanalimab plus zimberelimab and chemotherapy showed a median overall survival (OS) of 26.7 months in the Phase 2 EDGE-Gastric study[6] Revenue Expectations - Arcus expects to recognize GAAP revenue of between $225 million and $235 million for the full year 2025[13]