Arcus Biosciences, Inc.
RCUS · Pharmaceutical Preparations · 125.8M shares · +14%/yr ↑ dilution · EDGAR filings ↗
Reference price $29.66 · est. market cap ~$3.7B — last insider sale, 2026-06-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Late clinical-stage oncology biotech with a well-funded balance sheet and a best-in-class casdatifan signal offset by a Phase 3 futility failure.
Strengths
- Strong cash position ~$1.0B (91st pct) and clean balance sheet (tangible book 96th pct), Gilead/AstraZeneca/Taiho partnerships
- Casdatifan ARC-20 data materially de-risking: 100mg cohort cORR 45% and mPFS 15.1 mo vs belzutifan's 5.6 mo
Risks
- Phase 3 STAR-221 (domvanalimab) discontinued for futility and eVOLVE-RCC02 paused on immune-mediated AEs
- Deep cash burn: FCF -$484M (2nd pct), EBITDA -$376M, revenue -48% YoY; runway ~8 quarters
- Value concentrated in casdatifan, whose pivotal PEAK-1 readout is still pending
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -142.9%)
- Cash burnNegative free cash flow (-484.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +14%/yr over 4y (dilution, book value/share -56%)
- Strong balance sheetStrong balance sheet — $1.0B cash & investments, ~8 quarters of runway
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, FMR LLC +2 more (as of 2026-03-31)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Insider sellingInsider selling — 10 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$2M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE3 · Advanced Upper Gastrointestinal Tract Adenocarcinoma
- Revenue declineRevenue -48.5% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-156.3%
Net margin
-142.9%
Return on equity
-55.9%
Return on assets
-31.0%
ROIC
-41.8%
Revenue growth (QoQ)
-48.5%
Debt / equity
0.2×
Current ratio
4.4×
Free cash flow
-$484M
EBITDA
-$376M
Tangible book value
$631M
Cash & investments
$1.0B
Cash runway
8q
Stock comp / revenue
24.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Jaen Juan C. | Sell | 6.4K | $29.66 |
| 2026-06-23 | Jaen Juan C. | Sell | 1.7K | $28.06 |
| 2026-06-23 | Jaen Juan C. | Sell | 14K | $27.69 |
| 2026-06-22 | Jaen Juan C. | Sell | 9.2K | $27.03 |
| 2026-06-11 | Machado Patrick | Grant | 5.7K | — |
| 2026-06-11 | KANEKO YASUNORI | Grant | 5.7K | — |
| 2026-06-11 | FALBERG KATHRYN E | Grant | 5.7K | — |
| 2026-06-11 | PERLMAN ANDREW J | Grant | 5.7K | — |
| 2026-06-11 | Tang Carolyn C. | Option exercise | 34K | $2.57 |
| 2026-06-11 | Ribas Antoni | Grant | 5.7K | — |
| 2026-06-11 | Lambert Nicole | Grant | 5.7K | — |
| 2026-06-11 | Lacey David L. | Grant | 5.7K | — |
| 2026-06-01 | Azoy Alexander | Sell | 2.6K | $25.77 |
| 2026-05-11 | Goeltz II Robert C. | Sell | 7.8K | $25.63 |
| 2026-01-23 | Azoy Alexander | Grant | 21K | — |
| 2026-01-23 | Markus Richard | Grant | 24K | — |
| 2026-01-23 | Tang Carolyn C. | Grant | 24K | — |
| 2026-01-23 | Jarrett Jennifer | Grant | 31K | — |
| 2026-01-23 | Goeltz II Robert C. | Grant | 24K | — |
| 2026-01-23 | Jaen Juan C. | Grant | 31K | — |
| 2026-01-23 | ROSEN TERRY J | Grant | 79K | — |
| 2026-01-08 | ROSEN TERRY J | Gift | 35K | — |
| 2026-01-05 | Jaen Juan C. | Sell | 30K | $21.34 |
| 2026-01-05 | Jaen Juan C. | Sell | 2.1K | $22.34 |
| 2026-01-05 | Jaen Juan C. | Sell | 100 | $23.20 |
| 2025-12-31 | Goeltz II Robert C. | Sell | 6.6K | $23.38 |
| 2025-12-30 | ROSEN TERRY J | Gift | 2.4K | — |
| 2025-12-18 | Azoy Alexander | Sell | 4.3K | $22.25 |
| 2025-12-17 | Azoy Alexander | Sell | 2.1K | $22.16 |
| 2025-12-17 | Jaen Juan C. | Sell | 10.0K | $22.16 |
| 2025-12-17 | Markus Richard | Sell | 4.5K | $22.16 |
| 2025-12-17 | Goeltz II Robert C. | Sell | 6.0K | $22.16 |
| 2025-12-17 | ROSEN TERRY J | Sell | 26K | $22.16 |
| 2025-12-17 | Tang Carolyn C. | Sell | 6.8K | $22.16 |
| 2025-12-17 | Jarrett Jennifer | Sell | 10.0K | $22.16 |
| 2025-12-16 | Tang Carolyn C. | Sell | 7.7K | $21.88 |
| 2025-12-16 | Ribas Antoni | Gift | 5.0K | — |
| 2025-12-16 | Markus Richard | Sell | 5.1K | $21.88 |
| 2025-12-16 | Azoy Alexander | Sell | 2.4K | $21.88 |
| 2025-12-16 | Jarrett Jennifer | Sell | 11K | $21.88 |
| 2025-12-16 | Goeltz II Robert C. | Sell | 6.7K | $21.88 |
| 2025-12-16 | Jaen Juan C. | Sell | 11K | $21.88 |
| 2025-12-16 | ROSEN TERRY J | Sell | 29K | $21.88 |
| 2025-12-04 | Jaen Juan C. | Sell | 83K | $24.71 |
| 2025-11-26 | Azoy Alexander | Option exercise | 1.9K | $13.33 |
| 2025-11-26 | Azoy Alexander | Sell | 1.9K | $26.00 |
| 2025-11-26 | Goeltz II Robert C. | Sell | 5.0K | $25.00 |
| 2025-11-18 | Jaen Juan C. | Sell | 5.0K | $19.75 |
| 2025-11-17 | Jaen Juan C. | Sell | 37K | $20.23 |
| 2025-11-17 | Jaen Juan C. | Sell | 7.8K | $20.71 |
| 2025-11-07 | Jarrett Jennifer | Option exercise | 50K | $1.23 |
| 2025-11-07 | Jarrett Jennifer | Sell | 50K | $18.97 |
| 2025-10-30 | Jaen Juan C. | Sell | 4.3K | $20.32 |
| 2025-10-29 | Jaen Juan C. | Sell | 800 | $22.04 |
| 2025-10-29 | Jaen Juan C. | Sell | 48K | $20.49 |
| 2025-10-29 | Jaen Juan C. | Sell | 29K | $21.53 |
| 2025-10-28 | Jaen Juan C. | Sell | 19K | $20.19 |
| 2025-10-28 | Goeltz II Robert C. | Sell | 5.0K | $20.00 |
| 2025-10-08 | Jarrett Jennifer | Option exercise | 38K | $1.23 |
| 2025-10-08 | Jarrett Jennifer | Sell | 38K | $15.05 |
| 2025-10-06 | Jarrett Jennifer | Option exercise | 12K | $1.23 |
| 2025-10-06 | Jarrett Jennifer | Sell | 12K | $14.54 |
| 2025-09-29 | Azoy Alexander | Sell | 2.8K | $13.00 |
| 2025-09-05 | Azoy Alexander | Sell | 1.6K | $11.88 |
| 2025-06-10 | PERLMAN ANDREW J | Grant | 13K | — |
| 2025-06-10 | FALBERG KATHRYN E | Grant | 13K | — |
| 2025-06-10 | Machado Patrick | Grant | 13K | — |
| 2025-06-10 | Ribas Antoni | Grant | 13K | — |
| 2025-06-10 | Lacey David L. | Grant | 13K | — |
| 2025-06-10 | KANEKO YASUNORI | Grant | 13K | — |
| 2025-06-10 | Lambert Nicole | Grant | 13K | — |
| 2025-02-27 | KANEKO YASUNORI | Buy | 20K | $10.06 |
| 2025-02-27 | ROSEN TERRY J | Buy | 20K | $10.18 |
| 2025-02-10 | Markus Richard | Grant | 75K | — |
| 2025-01-23 | Tang Carolyn C. | Grant | 37K | — |
| 2025-01-23 | ROSEN TERRY J | Grant | 165K | — |
| 2025-01-23 | Jarrett Jennifer | Grant | 50K | — |
| 2025-01-23 | Goeltz II Robert C. | Grant | 37K | — |
| 2025-01-23 | Azoy Alexander | Grant | 17K | — |
| 2025-01-23 | Jaen Juan C. | Grant | 50K | — |
| 2024-12-31 | Goeltz II Robert C. | Sell | 3.6K | $15.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06608927 ↗ | Study of Quemliclustat and Chemotherapy Versus Placebo and Chemotherapy in Patients With Metastatic Pancreatic Ductal Adenocarcinoma Metastatic Pancreatic Ductal Adenocarcinoma | PHASE3 | Active Not Recruiting | 2030-11-30 |
| NCT05536141 ↗ | A Phase 1 Study of AB521 Monotherapy and Combination Therapies in Renal Cell Carcinoma and Other Solid Tumors Clear Cell Renal Cell Carcinoma, Solid Tumors | PHASE1 | Recruiting | 2029-03-01 |
| NCT07011719 ↗ | Study of Casdatifan and Cabozantinib Versus Placebo and Cabozantinib in Patients With Advanced Clear Cell Renal Cell Carcinoma Metastatic Clear Cell Renal Cell Carcinoma, Advanced Clear Cell Renal Cell Carcinoma | PHASE3 | Recruiting | 2028-04-01 |
| NCT05891171 ↗ | Study of AB598 Monotherapy and Combination Therapy in Participants With Advanced Cancers Advanced Cancer, Advanced Malignancies | PHASE1 | Active Not Recruiting | 2027-09-01 |
| NCT04104672 ↗ | A Study to Evaluate the Safety and Tolerability of AB680 in Participants With Gastrointestinal Malignancies Advanced Pancreatic Cancer | PHASE1 | Active Not Recruiting | 2027-05-01 |
| NCT04736173 ↗ | Study Evaluating Effectiveness and Safety of Zimberelimab and Domvanalimab in Lung Cancer Non Small Cell Lung Cancer, Nonsquamous Non Small Cell Lung Cancer | PHASE2 | Active Not Recruiting | 2027-05-01 |
| NCT05329766 ↗ | A Safety and Efficacy Study of Treatment Combinations With and Without Chemotherapy in Adult Participants With Advanced Upper Gastrointestinal Tract Malignancies Gastrointestinal Tract Malignancies | PHASE2 | Active Not Recruiting | 2027-01-01 |
| NCT06120075 ↗ | A Study of AB801 Monotherapy and Combination Therapy in Participants With Advanced Malignancies Advanced Cancer | PHASE1 | Active Not Recruiting | 2026-11-01 |
| NCT07641881 ↗ | A Bioequivalence Study Between Two Casdatifan Tablet Strengths and Food Effect Study of Casdatifan in Healthy Adult Participants Healthy Participants | PHASE1 | Recruiting | 2026-07-01 |
| NCT05568095 ↗ | A Clinical Trial of a New Combination Treatment, Domvanalimab and Zimberelimab, Plus Chemotherapy, for People With an Upper Gastrointestinal Tract Cancer That Cannot be Removed With Surgery That Has Spread to Other Parts of the Body Advanced Upper Gastrointestinal Tract Adenocarcinoma | PHASE3 | Active Not Recruiting | 2026-06-01 |
| NCT07662057 ↗ | A Study to Investigate the Safety, Tolerability, and PK of AB102 in Healthy Participants Healthy Volunteers | PHASE1 | Not Yet Recruiting | 2026-12-01 |
| NCT07364214 ↗ | Metabolism, Excretion, and Mass Balance Study of Quemliclustat in Healthy Adult Participants (ARC-24) Healthy Participants | PHASE1 | Completed | 2026-04-06 |
| NCT06919991 ↗ | Drug-Drug Interaction Study of Casdatifan in Healthy Adult Participants (ARC-29) Healthy Participants | PHASE1 | Completed | 2025-10-18 |
| NCT04660812 ↗ | An Open Label Study Evaluating the Efficacy and Safety of Etrumadenant (AB928) Based Treatment Combinations in Participants With Metastatic Colorectal Cancer. Metastatic Colorectal Cancer | PHASE1/PHASE2 | Completed | 2025-09-05 |
| NCT04772989 ↗ | A Study to Evaluate AB308 in Combination With AB122 in Participants With Advanced Malignancies Advanced Solid Tumor, Non Small Cell Lung Cancer (NSCLC) | PHASE1 | Completed | 2025-08-25 |
| NCT04262856 ↗ | Study to Evaluate Monotherapy and Combination Immunotherapies in Participants With PD-L1 Positive Non-small Cell Lung Cancer Non Small Cell Lung Cancer, Nonsquamous Non Small Cell Lung Cancer | PHASE2 | Completed | 2025-07-09 |
| NCT03628677 ↗ | A Study to Evaluate the Safety and Tolerability of AB154 in Participants With Advanced Malignancies Solid Tumor, Unspecified, Adult | PHASE1 | Completed | 2025-01-23 |
| NCT03846310 ↗ | A Study to Evaluate Immunotherapy Combinations in Participants With Lung Cancer Non Small Cell Lung Cancer Metastatic, Non Small Cell Lung Cancer | PHASE1 | Completed | 2024-11-18 |
| NCT04381832 ↗ | Adenosine Receptor Antagonist Combination Therapy for Metastatic Castrate Resistant Prostate Cancer Prostatic Neoplasms, Castration-Resistant, Androgen-Resistant Prostatic Neoplasms | PHASE1/PHASE2 | Completed | 2024-08-30 |
| NCT04087018 ↗ | Study to Evaluate Safety and Clinical Activity of AB122 in Biomarker Selected Participants With Advanced Solid Tumors Advanced Solid Tumors | PHASE1 | Completed | 2024-06-17 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001724521-26-000037 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001724521-26-000032 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001724521-26-000034 ↗ |
| 8-K | 2026-04-20 | 2026-04-20 | 0001724521-26-000021 ↗ |
| 8-K | 2026-03-23 | 2026-03-17 | 0001724521-26-000014 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001724521-26-000007 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001724521-26-000009 ↗ |
| 8-K | 2025-12-18 | 2025-12-18 | 0001724521-25-000122 ↗ |
| 8-K | 2025-12-12 | 2025-12-12 | 0001724521-25-000120 ↗ |
| 8-K | 2025-11-03 | 2025-10-30 | 0001193125-25-262589 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001724521-25-000114 ↗ |
| 10-Q | 2025-10-28 | 2025-09-30 | 0001724521-25-000116 ↗ |