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RCUS Arcus Biosciences

Arcus Biosciences is an oncology-focused biopharmaceutical company leveraging its deep cross-disciplinary expertise to discover highly differentiated therapies and to develop a broad portfolio of novel combinations addressing significant unmet needs. Arcus currently has four molecules in clinical development: Etrumadenant (AB928), the first dual A2a/A2b adenosine receptor antagonist to enter the clinic, is being evaluated in multiple Phase 2 and 1b studies across different indications, including prostate, colorectal, non-small cell lung, pancreatic and triple-negative breast cancers. AB680, the first small-molecule CD73 inhibitor to enter the clinic, is in Phase 1/1b development for first-line treatment of metastatic pancreatic cancer in combination with zimberelimab and gemcitabine/nab-paclitaxel. Domvanalimab (AB154), an anti-TIGIT monoclonal antibody and new potential immuno-oncology backbone therapy, is in a three-arm randomized Phase 2 study for first-line treatment of PD-L1- 1.

Company profile

RCUS stock data

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Calendar

5 Aug 21
19 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
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Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 323.49M 323.49M 323.49M 323.49M 323.49M 323.49M
Cash burn (monthly) 22.92M (positive/no burn) 25.38M 16.61M 24.67M (positive/no burn)
Cash used (since last report) 83.8M n/a 92.79M 60.74M 90.18M n/a
Cash remaining 239.68M n/a 230.7M 262.75M 233.31M n/a
Runway (months of cash) 10.5 n/a 9.1 15.8 9.5 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
21 Sep 21 Jarrett Jennifer Common Stock Sell Dispose S No Yes 35.98 4,885 175.76K 112,843
21 Sep 21 Jarrett Jennifer Common Stock Sell Dispose S No Yes 35.5 11,981 425.33K 117,728
20 Sep 21 Jarrett Jennifer Common Stock Sell Dispose S No Yes 35.67 600 21.4K 129,709
20 Sep 21 Jarrett Jennifer Common Stock Sell Dispose S No Yes 35.06 21,900 767.81K 130,309
20 Sep 21 Jarrett Jennifer Common Stock Sell Dispose S No No 35.4819 8,134 288.61K 152,209
3 Aug 21 Nicole Lambert Common Stock Grant Acquire A No No 0 4,700 0 4,700
3 Aug 21 Nicole Lambert Stock Option Common Stock Grant Acquire A No No 30.02 21,700 651.43K 21,700
17 Jun 21 Grossman William Common Stock Sell Dispose S No No 23.68 3,891 92.14K 20,723
16 Jun 21 Grossman William Common Stock Sell Dispose S No No 24.77 127 3.15K 24,614
16 Jun 21 Grossman William Common Stock Sell Dispose S No No 24.13 3,047 73.52K 24,741

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

90.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 133 149 -10.7%
Opened positions 16 26 -38.5%
Closed positions 32 26 +23.1%
Increased positions 45 51 -11.8%
Reduced positions 45 52 -13.5%
13F shares
Current Prev Q Change
Total value 1.14B 1.42B -19.2%
Total shares 64.83M 64.26M +0.9%
Total puts 494.5K 438K +12.9%
Total calls 123.6K 111.8K +10.6%
Total put/call ratio 4.0 3.9 +2.1%
Largest owners
Shares Value Change
GILD Gilead Sciences 22.72M $0 0.0%
BLK Blackrock 4.04M $110.9M +19.0%
Partner Fund Management 3.5M $96.06M 0.0%
EcoR1 Capital 3.34M $91.59M +51.9%
FMR 3.09M $84.88M +38.4%
BVF 2.8M $76.83M +49.1%
STT State Street 2.69M $73.75M +24.0%
Vanguard 2.47M $67.73M -2.3%
Boxer Capital 2.08M $57.25M 0.0%
Invus Financial Advisors 1.84M $50.58M 0.0%
Largest transactions
Shares Bought/sold Change
Victory Capital Management 70.86K -1.46M -95.4%
EcoR1 Capital 3.34M +1.14M +51.9%
AMP Ameriprise Financial 298.41K -1.07M -78.2%
BVF 2.8M +921.7K +49.1%
FMR 3.09M +857.51K +38.4%
BLK Blackrock 4.04M +645.08K +19.0%
HealthCor Management 0 -536.97K EXIT
STT State Street 2.69M +520.31K +24.0%
Woodline Partners 1.66M +425.84K +34.4%
Candriam Luxembourg S.C.A. 0 -408.99K EXIT

Financial report summary

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Competition
PfizerIncyteAstrazenecaRocheSeagenAgenusCurisInfinity PharmaceuticalsNovartisCompugen
Risks
  • The impact of the COVID-19 pandemic and related risks could have a material adverse impact on our research and development programs and financial condition.
  • Risks Related to our Limited Operating History, Financial Position and Capital Requirements
  • We are an early-stage immuno-oncology company with a limited operating history. We have incurred annual net losses since our inception and anticipate that we will continue to incur significant losses for the foreseeable future. We have never generated any revenue from product sales and may never be profitable.
  • We may need to obtain additional funding to finance our operations and complete the development and any commercialization of our investigational products. If we do not receive substantial opt-in, milestone or royalty payments from our existing collaboration agreements, or are unable to raise additional capital when needed, we may be forced to restrict our operations or delay, reduce or eliminate our product development programs.
  • Risks Related to the Discovery and Development of our Investigational Products
  • Clinical drug development is a lengthy, expensive and uncertain process. The results of preclinical studies and early clinical trials are not always predictive of future results. Any investigational product that we advance into clinical trials may not achieve favorable results in later clinical trials, if any, or receive marketing approval.
  • Enrollment and retention of subjects in clinical trials is expensive and time consuming, can be made more difficult or rendered impossible by competing treatments, clinical trials of competing investigational products, and public health epidemics, each of
  • If we do not achieve our product development goals in the time frames we announce and expect, the commercialization of our investigational products may be delayed, our share price may decline and our commercial prospects may be adversely affected.
  • Preliminary and interim data from our clinical studies that we announce or publish from time to time are subject to audit and verification procedures that could result in material changes in the final data and may change as more patient data become available.
  • Serious adverse events, undesirable side effects or other unexpected properties of our investigational products may be identified during development or after approval, which could lead to the discontinuation of our clinical development programs, refusal by regulatory authorities to approve our investigational products or limitations on the use of our investigational products or, if discovered following marketing approval, revocation of marketing authorizations or subsequent limitations on the use of our investigational products.
  • Adverse findings from clinical trials conducted by third parties investigating the same investigational products as us in different territories could adversely affect our development program.
  • A key element of our strategy is the development of intra-portfolio combinations. If we are not successful in discovering, developing and commercializing investigational products that take advantage of different mechanisms of action to achieve superior outcomes relative to the use of single agents or other combination therapies, our ability to achieve our strategic objectives would be impaired.
  • Our intra-portfolio combination strategy relies on discovering, developing and commercializing highly differentiated small molecules. If we are not able to differentiate our small molecules from other products which are approved or in development, our business prospects would be materially adversely affected.
  • The design or our execution of our ongoing and future clinical trials may not support marketing approval.
  • We have conducted, and continue to conduct, portions of our clinical trials outside the United States, and the FDA may not accept data from trials conducted in foreign locations.
  • We expect to depend on our collaboration with Gilead for the research, development, manufacture and commercialization of our investigational products. If this collaboration is not successful, our business could be adversely affected.
  • We rely on third parties to conduct our clinical trials and perform some of our research and preclinical studies. If these third parties do not satisfactorily carry out their contractual duties or fail to meet expected deadlines, our development programs may be delayed or subject to increased costs, each of which may have an adverse effect on our business and prospects.
  • We contract with third parties for the manufacturing and supply of investigational products for use in preclinical testing and clinical trials, which supply may become limited or interrupted or may not be of satisfactory quality and quantity.
  • We, or our third-party manufacturers, may be unable to successfully produce or scale-up manufacturing of our investigational products in sufficient quality and quantity, which would delay or prevent us and/or our third-party collaborators from conducting clinical trials and developing our investigational products.
  • Changes in methods of investigational product manufacturing or formulation may result in additional costs or delay.
  • The manufacture of biologics is complex and our third-party manufacturers may encounter difficulties in production. If any of our third-party manufacturers encounter such difficulties, our ability to provide supply of our investigational products for clinical trials or our products for patients, if approved, could be delayed or prevented.
  • Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • Our employees, clinical trial investigators, CROs, consultants, vendors, collaboration partners and any potential commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Even if we receive marketing approval, we may not be successful in commercializing our investigational products.
  • Even if our investigational products are approved by the FDA, they may never be approved or commercialized outside the United States, which would limit our ability to realize their full market potential.
  • Any investigational products for which we intend to seek approval as biologic products may face competition sooner than anticipated.
  • Risks Related to our In-Licenses and Other Strategic Agreements
  • We are currently party to several in-license agreements under which we acquired rights to use, develop, manufacture and/or commercialize certain of our investigational products. If we breach our obligations under these agreements, we may be required to pay damages, lose our rights to these investigational products or both, which would adversely affect our business and prospects.
  • We may not realize the benefits of any acquisitions, in-license or other collaborations or strategic alliances that we enter into.
  • We may wish to acquire rights to future assets through in-licensing or may attempt to form collaborations in the future with respect to our investigational products, but may not be able to do so, which may cause us to alter or delay our development and commercialization plans.
  • Our operating activities may be restricted by certain covenants in our license and other strategic agreements, which could limit our development and commercial opportunities.
  • Risks Related to Intellectual Property
  • If we are unable to obtain and maintain sufficient intellectual property protection for our investigational products, or if the scope of the intellectual property protection is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products may be adversely affected.
  • We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent which might adversely affect our ability to develop and market our products.
  • In the future, we may need to obtain additional licenses of third-party technology that may not be available to us or are available only on commercially unreasonable terms, and which may cause us to operate our business in a more costly or otherwise adverse manner that was not anticipated.
  • We may become involved in lawsuits alleging that we have infringed the intellectual property rights of third parties or to protect or enforce our patents or other intellectual property, which litigation could be expensive, time consuming and adversely affect our ability to develop or commercialize our investigational products.
  • Because of the expense and uncertainty of litigation, we may not be in a position to enforce our intellectual property rights against third parties.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Changes in patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our investigational products.
  • We may rely on trade secret and proprietary know-how which can be difficult to trace and enforce and, if we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • We may become subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • Patent terms may be inadequate to protect our competitive position on our investigational products for an adequate amount of time.
  • Risks Related to our Business Operations
  • We expect to expand our research and development capabilities and, as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • Our future success depends on our ability to retain key employees, consultants and advisors and to attract, retain and motivate qualified personnel.
  • We are highly dependent on the services of our founders, Terry Rosen, Ph.D., who serves as our Chief Executive Officer, and Juan Jaen, Ph.D., who serves as our President.
  • We face substantial competition, which may result in others discovering, developing or commercializing products more quickly or marketing them more successfully than us. If their investigational products are shown to be safer or more effective than ours, then our commercial opportunity will be reduced or eliminated.
  • The development and commercialization of zimberelimab may face strong competition from other anti-PD-1 antibodies that have already received marketing approval by larger companies with substantial resources and more experience developing, manufacturing and commercializing biologic compounds.
  • Our internal information technology systems, and those of our third-party CROs and other third parties upon which we rely, are subject to failure, security breaches and other disruptions, which could result in a material disruption of our investigational products’ development programs, jeopardize sensitive information, prevent us from accessing critical information or result in a loss of our assets, and potentially expose us to notification obligations, loss, liability or reputational damage and otherwise adversely affect our business.
  • Unfavorable global economic and trade conditions could adversely affect our business, financial condition or results of operations.
  • Our future growth may depend, in part, on our ability to operate in foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.
  • We or the third parties upon whom we depend may be adversely affected by earthquakes, fires or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Risks Related to Our Industry
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit our commercialization of any investigational products that we may develop.
  • Failure to comply with health and data protection laws and regulations could lead to government enforcement actions (which could include civil or criminal penalties), private litigation, and/or adverse publicity and could negatively affect our operating results and business.
  • Our business operations expose us to broadly applicable fraud and abuse, transparency, government price reporting, and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Changes in healthcare law and implementing regulations, as well as changes in healthcare policy, may impact our business in ways that we cannot currently predict, and may have a significant adverse effect on our business and results of operations.
  • We are subject to certain U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions, and other trade laws and regulations. We can face serious consequences for violations.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • Risks Related to Owning our Common Stock
  • The stock price of our common stock has been and may continue to be volatile or may decline regardless of our operating performance.
  • The amount of our future losses is uncertain and our quarterly operating results may fluctuate significantly or may fall below the expectations of investors or securities analysts, each of which may cause our stock price to fluctuate or decline.
  • The concentration of our stock ownership will likely limit our stockholders’ ability to influence corporate matters, including the ability to influence the outcome of director elections and other matters requiring stockholder approval.
  • Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer or proxy contest difficult, thereby depressing the trading price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.
  • Sales of substantial amounts of our outstanding shares may cause the price of our common stock to decline.
  • If we fail to maintain proper and effective internal controls, our ability to produce accurate and timely financial statements could be impaired, which could result in sanctions or other penalties that would harm our business.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • You should read the following discussion and analysis of our financial condition and results of operations together with “Item 6. Selected Financial Data” and our financial statements and related notes included elsewhere in this Annual Report. This discussion and other parts of this report contain forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, expectations, and intentions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section of this report titled “Risk Factors.”
  • We are a clinical-stage biopharmaceutical company focused on creating best-in-class cancer therapies. Our initial focus has been on well-characterized biological pathways with significant scientific data supporting their importance. We have built a robust and highly efficient drug discovery capability to create highly differentiated small molecules, which we have the ability to develop in combinations with our monoclonal antibodies through rationally designed, indication-specific clinical trial designs. Our vision is to create, develop and commercialize highly differentiated combination cancer therapies.
Content analysis
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Legalese
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Readability
H.S. junior Avg
New words: adult, arm, Biothera, checkpoint, classical, cut, dramatically, encouraging, exploring, Exscientia, Hodgkin, immune, insufficient, long, lymphoma, monthly, park, properly, quemliclustat, refractory, relapsed, risen, SeaGen, unlock, vaccination
Removed: accelerated, COVID, distancing, enabling, exposing, furlough, inappropriate, mutational, regular, Seattle, shift, Thailand