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Arcus Biosciences, Inc.

RCUS

Healthcare · 26.27 -7.8% today

Isolated · not yet confirmedMarket checked 11 Sept, 09:30 GMT-4

Market read

Arcus Biosciences, Inc.'s current read is isolated; its market group is not confirming.

No new filing conclusion is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.

Company-7.8% todayVolume comparison unavailable
Market group0 of 37 activeBiotechnology · unavailable
Disclosed network0 of 7 confirmingNo filing-linked name is confirming now
What would change this read
  • Company reports an additional drawdown under the Hercules agreement increased interest expense; Hercules facility is $250M and contains covenants including minimum cash (begin July 2027) and net product revenue tests.

Invalidation: The isolated read changes if RCUS's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Healthcare · Biotechnology

No new filing conclusion is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Company reports an additional drawdown under the Hercules agreement increased interest expense; Hercules facility is $250M and contains covenants including minimum cash (begin July 2027) and net product revenue tests.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations327
Usable filing statements76
Verified relationships7
Evidence supporting the case

No qualifying supportive evidence was identified.

Evidence challenging the case
  • Latest annual revenue changed -35.3% year over year.
  • Operating margin changed -522.6 percentage points in the latest annual period.
  • Net margin changed -514.8 percentage points in the latest annual period.
  • Diluted shares increased 19.2% in the latest annual period.
  • Credit and interest rates has repeated adverse evidence across 4 filings.
Questions before a position
  • EV/sales is 2343% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

26.14
6m+7.0%12m+130.9%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$383.0M+391.0%$0.71+35.0%
2022-12-31$38.0M-90.1%$-3.71-2.7%
2023-12-31$37.0M-2.6%$-4.15+2.8%
2024-12-31$51.0M+37.8%$-3.14+21.8%
2025-12-31$33.0M-35.3%$-3.29+19.2%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesnegative · 4 filings
Non-Operating Income, net The decrease in Non-operating income, net for the three months ended March 31, 2026, was primarily due to: lower yields and a lower average balance for our investment portfolio; and higher interest expense on our long-term debt due t…
10-Q · May 5, 2026
Legal and regulatory exposuremixed · 4 filings
The Third Gilead Collaboration Agreement Amendment, among other things, (i) required Gilead to pay the $ 100 million option continuation payment due on the fourth anniversary of the Gilead Collaboration Agreement, which was received in 2024, (ii) provides tha…
10-Q · May 5, 2026
Product pipeline and R&Dmixed · 2 filings
The increase in G&A expenses for 2024 as compared to 2023 was primarily driven by the increased complexity of supporting our expanding clinical pipeline and partnership obligations.
10-K · Feb 25, 2026
Restructuring and cost reductionsmixed · 2 filings
Impairment of Long-Lived Assets The impairment expense for the nine months ended September 30, 2024 was due to our 2024 evaluation and sublease of a portion of our office space, resulting in an impairment charge of $20 million.
10-Q · Oct 28, 2025

Valuation discipline

Descriptive valuation snapshot

Price/sales 85.1× · EV/sales 81.3×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

26.27-7.8% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 09:30 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for RCUS. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Filing analysis

No comparable filing assessment is available yet

Jodie has not yet found a suitable current-versus-prior filing comparison for RCUS. This does not mean the latest filing was neutral or immaterial.

Business ecosystem

The relationships behind RCUS

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

GILDGilead Sciences, Inc.partnerMay 5, 2026

TIGIT Program (domvanalimab) • In December 2025, we announced the discontinuation of the Phase 3 STAR-221 study, conducted in partnership with Gilead and Taiho, evaluating a domvanalimab-based combination in upper gastrointestinal cancers due to futility: ◦ T…

AZNAstraZeneca PLCpartnerOct 28, 2025

In October 2025, we announced eVOLVE-RCC02, a Phase 1b/3 study sponsored and operationalized by AstraZeneca, evaluating casdatifan plus volrustomig, AstraZeneca's investigational anti-PD-1/CTLA-4 bispecific antibody, in first-line, metastatic clear cell renal…

Depended on by

GILDGilead Sciences, Inc.investeeMay 7, 2026

For equity investments in our strategic partners, such as in connection with our collaborations with Arcus Biosciences, Inc.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

RCUS is currently a Follower in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for RCUS; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.