Arcus Biosciences (RCUS) investor relations material

Executive summary

• Focused on developing best-in-class therapies, with a robust clinical pipeline including multiple Phase 3 studies in oncology targeting lung, GI, and kidney cancers.

• Casdatifan, a HIF-2a inhibitor, showed 12.2 months median PFS and 43% 18-month landmark PFS in late-line kidney cancer; multiple data readouts expected in 2026.

• Domvanalimab plus zimberelimab and chemotherapy achieved 26.7 months median OS in first-line upper GI adenocarcinomas, with data presented at ESMO 2025.

• Five new programs targeting inflammatory and autoimmune diseases were unveiled, with the first candidate expected to enter the clinic in 2026.

• No revenue from product sales; all revenue is from research, collaboration, and license agreements, primarily with Gilead and Taiho.

Financial highlights

• Total revenue for Q3 2025 was $26M, down 46% year-over-year; nine-month revenue was $214M, down 8% year-over-year.

• Net loss for Q3 2025 was $135M (vs. $92M prior year); nine-month net loss was $247M (vs. $189M prior year).

• R&D expenses increased 15% year-over-year for Q3 and 16% for the nine months, driven by late-stage clinical programs.

• Cash, cash equivalents, and marketable securities totaled $841M as of September 30, 2025, down from $992M at year-end 2024.

• G&A expenses decreased to $27M in Q3 2025 from $30M in Q3 2024.

Outlook and guidance

• Cash and investments expected to fund operations for at least 12 months and through initial pivotal readouts for key programs.

• Full-year 2025 GAAP revenue guidance is $225–$235 million.

• R&D expenses expected to peak in 2025 and decline in subsequent years as programs advance toward regulatory approval.

• Multiple key data readouts for casdatifan, domvanalimab, and quemliclustat are anticipated throughout 2026.