10-K · February 25, 2026
Arcus presents a mixed 2025 picture: clinical progress on casdatifan (Phase 1/1b showed improved efficacy in ~120 late-line ccRCC patients and PEAK-1 is enrolling) and completed PRISM-1 enrollment in September 2025 with…
Earnings analysis · 10-Q
RCUS earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
Arcus Biosciences reported a significant drop in Q1 2026 revenue to $17 million, below the consensus estimate of $26.4 million. The company also experienced an EPS loss of $1.02, which actually beat estimates of -$0.85.…
Read full summary
Arcus Biosciences reported a significant drop in Q1 2026 revenue to $17 million, below the consensus estimate of $26.4 million. The company also experienced an EPS loss of $1.02, which actually beat estimates of -$0.85. Management predicts full-year revenue will be between $50 million and $65 million, indicating a lower outlook compared to previous expectations.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.02
What stood out
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Revenue Decline
Total revenue dropped to $17 million from $28 million, a decrease of 39% year-over-year.
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Improved EPS vs Estimates
Reported EPS loss of $1.02 beat estimates of -$0.85, showcasing better cost management.
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Cash Position Strong
As of March 31, 2026, cash and equivalents stand at $876 million, sufficient to fund operations into 2028.
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R&D Expenses Stabilizing
R&D expenses were flat at $122 million, with a shift in focus to late-stage development.
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Segment Revenue Breakdown
License and development services revenue contributed $12 million, while other collaboration revenue was $5 million.
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Expectations for Future Revenue
Management's guidance for full-year revenue is $50 million to $65 million, reflecting reduced optimism.
What to watch
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Declining Revenue Trend
Total revenue decreased by 39% compared to Q1 2025, primarily due to lower development services revenue.
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High Operating Losses
Net loss for Q1 2026 was $128 million compared to $112 million in the prior year, representing a 14% increase.
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Regulatory Uncertainties
Risks associated with ongoing regulatory approvals and competitive pressures could delay product launches.
Management's outlook
Management expects full-year GAAP revenue to be between $50 million and $65 million.
Earlier filings 4
10-Q · May 6, 2025
Arcus Biosciences reported a decline in revenue and an increased net loss for Q1 2025 compared to the previous quarter and previous year. The significant decrease in total revenue of 81% from $145 million in Q1 2024 to…
10-Q · November 6, 2024
Arcus reported Q3 revenue of $48.0M (up from $32.0M YoY) driven by collaboration/license receipts, while loss from operations widened to $105M and net loss was $92M (EPS $(1.00)). The company holds a strong liquidity…
10-Q · May 8, 2024
Arcus reported Q1 revenue of $145 million (vs $25 million in Q1 2023) and GAAP net loss of $4 million, or $(0.05) per share (vs $(80) million and $(1.09) in Q1 2023). Revenue was driven by collaboration/license activity…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.