Arcus Biosciences Q3 2024 10-Q Filed

TL;DR

Arcus Bio 10-Q filed: Q3 revenue details out.

AI Summary

Arcus Biosciences, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported License and Development Services Revenue for the third quarter of 2024 and year-to-date. Specific financial figures for these revenue streams are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance data for Arcus Biosciences, including revenue generated from its licensing and development activities.

Risk Assessment

Risk Level: medium — As a biotechnology company, Arcus Biosciences faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024)
• 2024-09-30 — Fiscal Year End (Indicates the end of the fiscal year)

Key Players & Entities

• Arcus Biosciences, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-06 (date) — Filing date

FAQ

Key Financial Figures

• $0.0001 — ich Registered Common Stock, Par Value $0.0001 Per Share RCUS The New York Stock Excha

Filing Documents

• rcus-20240930.htm (10-Q) — 1295KB
• ex101.htm (EX-10.1) — 507KB
• a2024q3exhibit311.htm (EX-31.1) — 10KB
• a2024q3exhibit312.htm (EX-31.2) — 10KB
• a2024q3exhibit321.htm (EX-32.1) — 5KB
• a2024q3exhibit322.htm (EX-32.2) — 5KB
• rcus-20240930_g1.jpg (GRAPHIC) — 18KB
• rcus-20240930_g2.jpg (GRAPHIC) — 64KB
• rcus-20240930_g3.jpg (GRAPHIC) — 43KB
• rcus-20240930_g4.jpg (GRAPHIC) — 35KB
• rcus-20240930_g5.jpg (GRAPHIC) — 9KB
• rcus-20240930_g6.jpg (GRAPHIC) — 10KB
• rcus-20240930_g7.jpg (GRAPHIC) — 9KB
• 0001724521-24-000160.txt ( ) — 7792KB
• rcus-20240930.xsd (EX-101.SCH) — 63KB
• rcus-20240930_cal.xml (EX-101.CAL) — 58KB
• rcus-20240930_def.xml (EX-101.DEF) — 243KB
• rcus-20240930_lab.xml (EX-101.LAB) — 611KB
• rcus-20240930_pre.xml (EX-101.PRE) — 417KB
• rcus-20240930_htm.xml (XML) — 885KB

Financial Statements

Financial Statements 1 Condensed Consolidated Statements of Operations 1 Condensed Consolidated Statements of Comprehensive Loss 2 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 59 Item 6. Exhibits 60

SIGNATURES

SIGNATURES 61 Table of Contents RISK FACTOR SUMMARY The following is a summary of the key risks and uncertainties that make an investment in our securities speculative and risky. The summary does not contain all of the information that may be important to you, and you should read this summary together with the more detailed description of the risks set forth under "Part II. Item 1A. Risk Factors" of the Quarterly Report. Risks Related to our Limited Operating History, Financial Position and Capital Requirements We have a history of operating losses, have never generated any revenue from product sales and anticipate that we will continue to incur significant losses for the foreseeable future. As a result, we may need to obtain additional funding to finance our operations. If we do not receive substantial 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, if we are unable to develop, obtain regulatory approval for and commercialize our investigational products, or experience significant delays in doing so, our business will be materially harmed. The results of preclinical studies and early clinical trials, including interim data from our clinical studies that we announce or publish from time to time, are not always predictive of future results and could materially change due to audit and verification procedures or as more patient data become available. Competing treatments, clinical trials of competing investigational products, geopolitical instability and public health epidemics, each of which could result in significant delays and additional costs in our product development activities, or in the failure of such activities. Serious adverse events, undesirable side effects or other unexpected properties of our investigational pr

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ARCUS BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: License and development services revenue (Includes $ 23 , $ 18 , $ 179 and $ 54 from a related party) $ 41 $ 22 $ 204 $ 58 Other collaboration revenue (Includes $ 7 , $ 10 , $ 28 and $ 28 from a related party) 7 10 28 28 Total revenues 48 32 232 86 Operating expenses: Research and development (Includes $ 2 , $ 22 , $ 32 and $ 89 of net recoveries from a related party) 123 82 347 247 General and administrative 30 30 92 88 Impairment of long-lived assets (see Note 12, Leases) — — 20 — Total operating expenses 153 112 459 335 Loss from operations ( 105 ) ( 80 ) ( 227 ) ( 249 ) Non-operating income (expense): Interest and other income, net 14 12 40 30 Interest expense ( 1 ) ( 1 ) ( 2 ) ( 2 ) Total non-operating income, net 13 11 38 28 Loss before income taxes ( 92 ) ( 69 ) ( 189 ) ( 221 ) Income tax expense — ( 2 ) — ( 5 ) Net loss $ ( 92 ) $ ( 71 ) $ ( 189 ) $ ( 226 ) Net loss per share: Basic and diluted $ ( 1.00 ) $ ( 0.94 ) $ ( 2.11 ) $ ( 3.07 ) Shares used to compute net loss per share: Basic and diluted 91.4 74.6 89.6 73.6 See accompanying notes. 1 Table of Contents ARCUS BIOSCIENCES, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (In millions) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ ( 92 ) $ ( 71 ) $ ( 189 ) $ ( 226 ) Other comprehensive income 2 1 1 4 Comprehensive loss $ ( 90 ) $ ( 70 ) $ ( 188 ) $ ( 222 ) See accompanying notes. 2 Table of Contents ARCUS BIOSCIENCES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except per share amounts) (unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 201 $ 127 Marke

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View this 10-Q filing on SEC EDGAR