Arcus Biosciences Inc
RCUSHealthcare|Biotechnology|USA
$28.92
-1.04 (-3.47%)
Tangible Book
$4.18
Financials
Financial Snapshot
Market Cap
$3.64B
Enterprise Value
$709.0M
Revenue (TTM)
$236.0M
Net Income (TTM)
$-369.0M
Cash & Equivalents
—
Net Cash/Share
$2.78
Free Cash Flow (TTM)
$-488.0M
Operating CF (TTM)
$-488.0M
Debt/Equity
0.22
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$122.0M
Monthly Burn
$40.7M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $98.9M | $175.7M | $256.5M | $188.3M | $728.6M | $499.0M | $1.01B | $759.0M | $978.0M | $981.0M | $822.0M | |
| Operating Cash Flow | $-12.9M | $-25.1M | $-43.0M | $-73.5M | $111.0M | $-256.0M | $438.0M | $-306.0M | $-170.0M | $-482.0M | $-488.0M | |
| Free Cash Flow | $-17.0M | $-30.6M | $-46.7M | $-75.4M | $108.0M | $-282.0M | $432.0M | $-330.0M | $-176.0M | $-484.0M | $-489.0M | |
| Capital Expenditure | $-4.1M | $-5.5M | $-3.7M | $-1.9M | $-3.0M | $-26.0M | $-6.0M | $-24.0M | $-6.0M | $-2.0M | $-1.0M | |
| Financing Cash Flow | $70.1M | $107.4M | $129.1M | $1.1M | $439.0M | $237.0M | $33.0M | $33.0M | $277.0M | $488.0M | $349.0M |
R&D Spending
R&D (TTM)
$523.0M
R&D Intensity
221.6%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $1.4M | $8.4M | $15.0M | $78.0M | $383.0M | $112.0M | $117.0M | $258.0M | $247.0M | $236.0M | |
| R&D Expense | $14.2M | $47.2M | $49.6M | $78.5M | $159.0M | $257.0M | $288.0M | $340.0M | $448.0M | $523.0M | $523.0M | |
| R&D % of Revenue | — | 3341.7% | 594.3% | 523.2% | 203.8% | 67.1% | 257.1% | 290.6% | 173.6% | 211.7% | 221.6% | |
| SG&A | $3.9M | $7.6M | $13.6M | $25.2M | $43.0M | $72.0M | $104.0M | $117.0M | $120.0M | $110.0M | $111.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $1.4M | $8.4M | $15.0M | $78.0M | $383.0M | $112.0M | $117.0M | $258.0M | $247.0M | $236.0M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $1.4M | $8.4M | $15.0M | $78.0M | $383.0M | $112.0M | $117.0M | $258.0M | $247.0M | $236.0M | |
| R&D | $14.2M | $47.2M | $49.6M | $78.5M | $159.0M | $257.0M | $288.0M | $340.0M | $448.0M | $523.0M | $523.0M | |
| SG&A | $3.9M | $7.6M | $13.6M | $25.2M | $43.0M | $72.0M | $104.0M | $117.0M | $120.0M | $110.0M | $111.0M | |
| Operating Income | $-18.2M | $-53.4M | $-54.9M | $-88.7M | $-124.0M | $54.0M | $-280.0M | $-340.0M | $-310.0M | $-386.0M | $-398.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-2.0M | $-2.0M | $-4.0M | $-8.0M | $-10.0M | |
| Pretax Income | $-18.0M | $-53.1M | $-49.6M | $-84.7M | $-123.0M | $55.0M | $-266.0M | $-301.0M | $-282.0M | $-353.0M | $-369.0M | |
| Net Income | $-18.0M | $-53.1M | $-49.6M | $-84.7M | $-123.0M | $53.0M | $-267.0M | $-307.0M | $-283.0M | $-353.0M | $-369.0M | |
| EPS (Diluted) | -0.73 | -1.25 | -1.43 | -1.93 | -2.24 | 0.71 | -3.71 | -4.15 | -3.14 | -3.29 | -3.18 | |
| EBITDA | $-16.9M | $-50.8M | $-51.2M | $-81.1M | $-120.0M | $59.0M | $-258.0M | $-291.0M | $-268.0M | $-335.0M | $-350.0M | |
| Shares Out. (M) | 24.55 | 42.55 | 34.62 | 43.83 | 54.80 | 74.00 | 72.00 | 74.00 | 90.10 | 107.40 | 125.40 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $65.2M | $98.4M | $71.1M | $57.9M | $173.4M | $148.0M | $206.0M | $127.0M | $150.0M | $222.0M | $201.0M | |
| Marketable Securities | $33.7M | $77.3M | $185.5M | $130.3M | $555.2M | $351.0M | $803.0M | $632.0M | $828.0M | $759.0M | $621.0M | |
| Total Current Assets | $99.7M | $176.9M | $258.9M | $192.7M | $735.8M | $1.26B | $1.07B | $831.0M | $1.02B | $1.01B | $844.0M | |
| Total Assets | $109.7M | $190.5M | $274.9M | $203.1M | $772.3M | $1.59B | $1.34B | $1.09B | $1.15B | $1.14B | $997.0M | |
| Total Current Liabilities | $5.5M | $12.7M | $16.9M | $22.7M | $121.7M | $166.0M | $193.0M | $184.0M | $226.0M | $231.0M | $209.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $48.0M | $99.0M | $100.0M | |
| Total Liabilities | $10.2M | $36.6M | $40.0M | $39.3M | $270.0M | $750.0M | $688.0M | $633.0M | $665.0M | $508.0M | $473.0M | |
| Stockholders' Equity | $99.5M | $153.9M | $234.9M | $163.8M | $502.3M | $842.0M | $657.0M | $462.0M | $485.0M | $631.0M | $524.0M | |
| Retained Earnings | $-20.2M | $-73.2M | $-122.8M | $-205.3M | $-328.2M | $-275.0M | $-542.0M | $-849.0M | $-1.13B | $-1.49B | $-1.61B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-12.9M | $-25.1M | $-43.0M | $-73.5M | $111.0M | $-256.0M | $438.0M | $-306.0M | $-170.0M | $-482.0M | $-488.0M | |
| Capital Expenditure | $-4.1M | $-5.5M | $-3.7M | $-1.9M | $-3.0M | $-26.0M | $-6.0M | $-24.0M | $-6.0M | $-2.0M | $-1.0M | |
| Free Cash Flow | $-17.0M | $-30.6M | $-46.7M | $-75.4M | $108.0M | $-282.0M | $432.0M | $-330.0M | $-176.0M | $-484.0M | $-489.0M | |
| Investing Cash Flow | $-38.9M | $-49.1M | $-113.4M | $59.2M | $-434.0M | $-4.0M | $-413.0M | $194.0M | $-84.0M | $66.0M | $148.0M | |
| Financing Cash Flow | $70.1M | $107.4M | $129.1M | $1.1M | $439.0M | $237.0M | $33.0M | $33.0M | $277.0M | $488.0M | $349.0M | |
| Issuance of Stock | $0.00 | $0.00 | $125.1M | $0.00 | $434.0M | $220.0M | $0.00 | $25.0M | $228.0M | $429.0M | $287.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $-94.0K | $-54.0K | $-6.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $47.0M | $49.0M | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $90.0K | $495.0K | $3.9M | $9.0M | $22.0M | $55.0M | $65.0M | $73.0M | $76.0M | $60.0M | $63.0M | |
| Net Change in Cash | $18.3M | $33.3M | $-27.4M | $-13.1M | $116.0M | $-23.0M | $58.0M | $-79.0M | $23.0M | $72.0M | $9.0M |
Dilution Tracker
Shares outstanding grew 69.5% over 5 years — significant dilution
Shares Outstanding
125M
5-Year Share Growth
+69.5%
Stock Issuance (TTM)
$287.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 24.55 | 42.55 | 34.62 | 43.83 | 54.80 | 74.00 | 72.00 | 74.00 | 90.10 | 107.40 | 125.40 | |
| YoY Change % | — | 73.3% | -18.6% | 26.6% | 25.0% | 35.0% | -2.7% | 2.8% | 21.8% | 19.2% | 16.8% | |
| Stock Issuance | $0.00 | $0.00 | $125.1M | $0.00 | $434.0M | $220.0M | $0.00 | $25.0M | $228.0M | $429.0M | $287.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $-94.0K | $-54.0K | $-6.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $90.0K | $495.0K | $3.9M | $9.0M | $22.0M | $55.0M | $65.0M | $73.0M | $76.0M | $60.0M | $63.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | 0.0% | -3782.1% | -656.8% | -591.4% | -159.0% | 14.1% | -250.0% | -290.6% | -120.2% | -156.3% | -168.6% | |
| Net Margin % | 0.0% | -3756.7% | -593.7% | -564.7% | -157.7% | 13.8% | -238.4% | -262.4% | -109.7% | -142.9% | -156.4% | |
| EBITDA Margin % | 0.0% | -3597.2% | -612.9% | -540.9% | -153.8% | 15.4% | -230.4% | -248.7% | -103.9% | -135.6% | -148.3% | |
| FCF Margin % | 0.0% | -2163.7% | -559.5% | -502.6% | 138.5% | -73.6% | 385.7% | -282.1% | -68.2% | -196.0% | -206.8% | |
| ROE % | -18.1% | -41.9% | -25.5% | -42.5% | -36.9% | 7.9% | -35.6% | -54.9% | -59.8% | -63.3% | -69.1% | |
| ROA % | -16.4% | -35.4% | -21.3% | -35.4% | -25.2% | 4.5% | -18.2% | -25.2% | -25.2% | -30.8% | -34.5% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 38.49 / 94.12
Industry Med.27.41
P/S13.39
Historical2.80 / 12.21 / 488.89
Industry Med.9.51
P/B6.93
Historical1.37 / 2.56 / 11.70
Industry Med.2.93
EV/EBITDA-8.37
Historical-16.02 / -2.31 / 52.61
Industry Med.13.14
EV/Revenue12.41
Historical-61.60 / 6.56 / 565.73
Industry Med.8.71
P/FCF—
Historical2.69 / 7.42 / 120.10
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$4.18
Net Current Assets
$2.960
Net-Net Working Capital
$2.80
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | 57.00 | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | 0.00 | 44.69 | 29.53 | 18.24 | 7.82 | 13.29 | 12.08 | 5.20 | 10.36 | 13.39 | |
| PB Ratio | 0.00 | 0.00 | 2.04 | 2.83 | 3.37 | 3.40 | 2.29 | 3.12 | 2.83 | 4.73 | 6.93 | |
| EV/EBITDA | 0.00 | 0.00 | -4.36 | -3.40 | -8.14 | 40.09 | -1.94 | -2.39 | -1.70 | -6.32 | -8.37 | |
| EV/Revenue | 0.00 | 0.00 | 26.71 | 18.37 | 12.53 | 6.18 | 4.48 | 5.93 | 1.76 | 8.57 | 12.41 |
Analyst Estimates & Quality
Altman Z-Score
2.16
Grey Zone
Piotroski F-Score
1
Weak
Beneish M-Score
-1.87
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $84.6M | $118.2M | $192.9M |
| Net Income | $-464.0M | $-449.7M | $-415.8M |
| EPS | -3.77 | -3.41 | -2.83 |
| Book Value per Share | 1.51 | -1.64 | 1.52 |
| Operating Cash Flow per Share | -3.39 | -1.86 | 0.00 |
| Operating CF | $-425.11M | $-233.24M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Developing and commercializing highly differentiated therapies that have a meaningful impact | $247.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $247.0M |