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what it is
Arcus builds experimental cancer drugs and tries to turn trial data into approvals and partner cash.
how it gets paid
Last year Arcus Biosciences made $33M in revenue.
why growth slowed
Full-year revenue fell 35.3% last year. A single quarter can still print a huge vs. prior year percent vs an easy compare—that does not undo the trailing-year decline on this feed.
what just happened
Revenue hit $22M in the quarter, but EPS stayed at -$2.39.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
trailing P/E not meaningful — net losses in this feed
return on capital not meaningful here — net losses in this feed (ignore stray positive %)
-$3.14 fy2024 eps est
xvary composite: 53/100 — below average
What they do
Arcus builds experimental cancer drugs and tries to turn trial data into approvals and partner cash.
You are buying 7 clinical programs, not a finished drug business. Domvanalimab is in multiple Phase 3 registrational studies, the late trials built to win approval. Gilead has exclusive licenses to 3 programs, so one partner covers 43% of the pipeline.
How they make money
$33M
annual revenue · revenue declined -35.3% last year
total revenue
$33M
35.3%
The products that matter
lead oncology asset
Casdatifan (HIF-2α inhibitor)
pipeline centerpiece
at a roughly $3B market cap and with no approved product revenue, this lead asset carries a disproportionate share of the valuation story.
pipeline
checkpoint immunotherapy program
Anti-TIGIT program
earlier-stage optionality
this is part of the broader portfolio. trailing revenue on this page is ~$33M—collaborations and grants, not approved product sales.
pipeline
partner-funded research base
Collaboration platform
~$33M trailing revenue
this is what currently pays the bills on the numbers shown here. it funds development, but it is not the same thing as a commercial oncology franchise.
current revenue
Key numbers
$33M
TTM revenue
That is tiny against a $3B market cap. You are paying for trial success, not current sales.
n/m
operating margin
Operating losses dwarf ~$33M revenue—percentage margin is not a clean headline.
$98M
long-term debt
Debt is only 3% of capital, so leverage is not the first thing breaking.
1.15
beta
Slightly more swing than the market means your position can move faster than your conviction.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $98M (3% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for RCUS right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $22M in the quarter, but EPS stayed at -$2.39.
Sales were up 267% vs. prior year on the quarter in this feed—easy compare vs a weak prior period. A scraped ~112% “gross margin” line does not square with a -$2.39 EPS print here; treat that margin field as unreconciled until you map it to GAAP. The net story is still losses on a $3B market cap.
~$22M
rev (q)
~-$2.39
eps (q)
+267%
rev vs. prior year (q)
the number that mattered
The +267% revenue jump matters because it shows partners are still paying, but $22M is still tiny for a $3B company.
source: company earnings report, 2026
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What could go wrong
the top risk is clinical disappointment or delay in casdatifan. This is not a diversified pharmaceutical cash machine. It is a pre-commercial oncology name where pipeline evidence does most of the valuation work.
med
casdatifan misses the market's hopes
The current setup is simple: no approved products, a roughly $3B market cap, and a lead asset doing the heavy lifting. Weak efficacy, safety issues, or a delay would hit the thesis at its center.
A failed or delayed lead program would pressure the part of the story investors are actually paying for.
med
the revenue base is not yet commercial
Trailing revenue on this page is ~$33M, from collaborations and grants. If partner economics weaken, there is no approved-product engine underneath to absorb the blow.
This exposes the full current revenue base to partner decisions rather than end-market demand.
med
burn stays high for longer
A -142.91% net margin is the accounting version of a clinical-stage biotech telling you development still comes first. If losses stay in this zone while revenue remains non-commercial, financing risk does not disappear.
Persistent heavy losses can force more dependence on outside capital or partner funding.
With ~$33M of trailing revenue on this page from collaborations and grants and no approved product sales, the downside case is not subtle: the clinical thesis breaks, and the valuation argument breaks with it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
casdatifan data and 2026 development plans
Management called 2026 transformative, and new data was presented on feb 28, 2026. For this stock, the trial calendar matters more than the usual quarterly script.
metric
collaboration revenue trend
Trailing revenue here is ~$33M and was down 35.3% on a full-year view. You want to know whether partner funding is stable or quietly shrinking.
risk
losses versus revenue
A -142.91% net margin means the company still loses more than it brings in. If that does not improve as programs advance, financing becomes part of the thesis whether you like it or not.
trend
institutional conviction
Institutional ownership sits at 92.89%, and the data set shows $625M in inflows last year. If that support fades, pay attention. In biotech, institutions often move first.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts can model the burn rate, but they cannot model clinical timing with much confidence.
risk rank
2
this score says the company is safer than 80% of stocks on balance-sheet terms. That does not make the pipeline safer.
analyst coverage
15
fifteen analysts follow the name. You are not early to the ticker. The question is whether the next data point changes the script.
source: institutional data
Institutional activity
institutional ownership data for RCUS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$19
current price
n/a
target midpoint · n/a from current
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