“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 ↗
Arcus Biosciences, Inc.
RCUS
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 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.
Research brief
The story so far
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.
No thresholded supportive filing evidence is available yet.
No thresholded adverse filing evidence is available yet.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
No qualifying supportive evidence was identified.
- 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.
- EV/sales is 2343% above the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
26.14Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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 ↗
“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.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
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.