Arcus Biosciences
Develops small-molecule and antibody therapies for cancer and inflammatory diseases.
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Profile
Develops small-molecule and antibody therapies for cancer, led by late-stage casdatifan in kidney cancer and quemliclustat in pancreatic cancer, while advancing oral inflammation programs. With no approved products, revenue comes from research, licensing, and collaborations; partnered programs share development or territorial rights with Gilead and Taiho.
Develops small-molecule and antibody therapies for cancer while building an oral-drug pipeline for inflammatory and autoimmune diseases. The oncology portfolio centers on casdatifan, a HIF-2α inhibitor in late-stage kidney-cancer trials, and quemliclustat, a CD73 inhibitor in a registrational pancreatic-cancer study. Zimberelimab supports combination regimens; AB598 and AB801 extend the earlier-stage pipeline.
Uses internal small-molecule discovery and partner-supplied medicines to test combinations across global clinical programs. No product is approved, so revenue comes from research, licensing, and collaboration arrangements rather than product sales. Casdatifan is owned globally except for rights licensed to Taiho in Japan and other Asian markets outside China. Gilead retains commercialization rights for partnered programs outside the United States, while the domvanalimab program is being wound down.
Company facts
Key statistics
Year to date +25.3% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Morgan Stanley | Target | $22 | $23 | ||
| Aug 7, 2026 | Goldman Sachs | Reiterate | Buy | $28 | $42 | |
| Aug 6, 2026 | Wedbush | Reiterate | Outperform | $35 | $43 | |
| Jul 20, 2026 | H.C. Wainwright | Reiterate | Buy | $32 | $45 | |
| May 18, 2026 | Truist Financial | Target | $30 | $35 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | −$0.89 | −$0.72 | +19.2% | $22.0M | $41.0M | +86.5% | +2.27% |
| May 5, 2026Q1 FY26 | −$0.92 | −$1.02 | −10.9% | $29.5M | $17.0M | −42.3% | −0.23% |
| Feb 25, 2026Q4 FY25 | −$1.11 | −$0.89 | +19.8% | $35.7M | $33.0M | −7.6% | −3.60% |
| Oct 28, 2025Q3 FY25 | −$1.33 | −$1.27 | +4.5% | $24.9M | $26.0M | +4.3% | +2.06% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $28.0M | $160.0M | $26.0M | $33.0M | $17.0M | $41.0M | |
| Gross profit | $28.0M | $160.0M | $24.0M | $30.0M | $15.0M | $41.0M | |
| Operating income | −$122.0M | −$8.0M | −$142.0M | −$114.0M | −$134.0M | −$96.0M | |
| Net income | −$112.0M | −$8.0M | −$135.0M | −$98.0M | −$128.0M | −$91.0M | |
| Diluted EPS | −$1.14 | −$0.08 | −$1.27 | −$0.92 | −$1.02 | −$0.72 | |
| Gross margin | 100.0% | 100.0% | 92.3% | 90.9% | 88.2% | 100.0% | |
| Operating margin | -435.7% | -5.0% | -546.2% | -345.5% | -788.2% | -234.1% |
Fiscal years (4-quarter sums)FY21 $382.9M · FY22 $111.7M · FY23 $117.0M · FY24 $258.0M · FY25 $247.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $702.0M · Total debt $114.0M · Total assets $924.0M · Shareholders' equity $464.0M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 125.77M · Float 88.98M · 70.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Gilead Sciences, Inc. | 31.42M | 24.70% | 13D | Aug 7, 2026 |
| BlackRock, Inc. | 16.42M | 13.05% | 13F | Aug 7, 2026 |
| State Street Corp | 6.03M | 4.79% | 13F | Aug 7, 2026 |
| Wellington Management Group LLP | 5.90M | 4.69% | 13F | Aug 14, 2026 |
| Suvretta Capital Management, LLC | 4.78M | 3.80% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Alexander Azoy | officer: Chief Accounting Officer | −2,827 | $30.00 |
| Jul 10, 2026 | Juan C. Jaen | officer: President | −20,067 | $28.62 |
| Jul 9, 2026 | Juan C. Jaen | officer: President | −48,502 | $30.05 |
| Jun 24, 2026 | Juan C. Jaen | officer: President | −6,431 | $29.66 |
| Jun 23, 2026 | Juan C. Jaen | officer: President | −15,764 | $27.73 |
Peers
- Merck
Dominant PD-1 franchise and the only approved HIF-2α inhibitor in ccRCC.
- AstraZeneca (ADR)
Rilvegostomig (anti-TIGIT/PD-1 bispecific, Phase 3) and Imfinzi compete in NSCLC
- Bristol-Myers Squibb
Broad IO franchise (Opdivo/Yervoy) in NSCLC and GI; TIGIT program stalled.
- BeOne Medicines (ADR)
Tevimbra (tislelizumab) anti-PD-1 backbone; TIGIT ociperlimab discontinued 2025
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Arcus Biosciences | $29.21 | +0.07% | $3.67B | — | — | 31.4 | −74.4% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| AstraZeneca (ADR) | $161.79 | −0.55% | $252.33B | 24.4 | 15.2 | 4.1 | +6.4% |
| Bristol-Myers Squibb | $66.60 | +0.05% | $136.00B | 14.7 | 10.5 | 2.8 | +5.7% |
| BeOne Medicines (ADR) | $366.73 | −0.01% | $39.19B | 5.1 | 46.7 | 6.9 | +29.6% |
| Median | 19.5 | 16.2 | 4.8 | +6.1% |