Arcus Biosciences, Inc.
RCUS evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for RCUS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · RCUS
Arcus Biosciences is a late clinical-stage biopharmaceutical company developing a portfolio of investigational cancer therapies, including its lead anti-TIGIT antibody domvanalimab and small-molecule programs casdatifan and quemliclustat, with multiple Phase 3 studies underway.
Key risk: Need for additional financing
BioSniper Score
Based on 6 of 6 signals
Market Cap
$3.72B
Cash Runway
17.4 moLead Asset
AB308 (Phase 1)
Next Catalyst
Phase3_Topline · Nov 30, 2030Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 28 clinical trials · 2 catalysts for Arcus Biosciences, Inc..
Arcus Biosciences is a late clinical-stage biopharmaceutical company developing a portfolio of investigational cancer therapies, including its lead anti-TIGIT antibody domvanalimab and small-molecule programs casdatifan and quemliclustat, with multiple Phase 3 studies underway.
- Arcus is a late clinical-stage biopharmaceutical company focused on creating best-in-class therapies using its drug discovery capabilities [sec_mda · as of 2025-05-06].
- The company's most advanced molecule is an anti-TIGIT antibody, now in multiple Phase 3 registrational studies targeting lung and GI cancers [sec_mda · as of 2025-05-06].
- As of June 30, 2026, Arcus reported cash & equivalents of $150.0M, total revenue of $41.0M, and a net loss of -$91.0M [sec].
- The company believes its cash, cash equivalents, and marketable securities as of June 30, 2026 will be sufficient to fund planned operations until at least the second half of 2028 [sec_mda · as of 2026-08-05].
- Arcus has strategic collaborations with partners including Gilead and has financed operations through equity sales, milestone payments, and debt financing [sec_mda · as of 2026-02-25].
What works
- Arcus has multiple late-stage programs, including Phase 3 studies for domvanalimab, casdatifan, and quemliclustat, indicating a broad pipeline with several potential catalysts [sec · filed 2026-04-21].
- The company completed enrollment of the Phase 3 PRISM-1 study for quemliclustat in pancreatic cancer several months ahead of schedule, demonstrating operational execution [sec · filed 2026-04-21].
- Arcus is advancing its discovery programs into inflammation and autoimmune disease, expanding beyond oncology [sec · filed 2026-04-21].
- The company has a strong cash position, with $1.0 billion in cash, cash equivalents, and marketable securities as of December 31, 2025, providing a runway into at least the second half of 2028 [sec_mda · as of 2026-02-25].
What to weigh
- Arcus has a history of net losses, reporting a net loss of -$91.0M for the period ending June 30, 2026, and expects to incur substantial expenditures for development and potential commercialization [sec] [sec_mda · as of 2026-02-25].
- The company will need substantial additional financing to support its operations and pipeline, as it has not yet generated product revenue [sec_mda · as of 2026-05-05].
- Arcus faces significant competition, particularly for its HIF-2α inhibitor casdatifan, which competes with Merck's belzutifan [sec · filed 2026-04-21].
- The company is under IRS examination for the 2023 tax year, though it does not expect a material impact [sec_mda · as of 2026-08-05].
From the filings
Quoted directly from source documents.
The company completed enrollment of the Phase 3 PRISM-1 study for quemliclustat ahead of schedule.
“completing enrollment for the Phase 3 PRISM-1 study for quemliclustat in pancreatic cancer”
SEC filings · April 21, 2026
Arcus believes its cash will fund operations until at least the second half of 2028.
“we believe that our cash, cash equivalents, and marketable securities as of June 30, 2026 will be sufficient to fund our planned level of operations until at least the second half of 2028.”
SEC MD&A · August 5, 2026
The company has a strategic collaboration with Gilead.
“research, collaboration and license agreements with our strategic partners, including Gilead”
SEC MD&A · February 25, 2026
Catalyst timeline
- 2030-11-30 · Phase3_Topline · quemliclustat — Topline results from a randomized, placebo-controlled Phase 3 trial of quemliclustat in combination with chemotherapy for pancreatic cancer.
- 2030-12-01 · Phase3_Topline · casdatifan — Topline results from a randomized, active-controlled Phase 3 trial of casdatifan in combination with cabozantinib for kidney cancer.
Risks & what to watch (4)›
Key risks
- Need for additional financing — Arcus will need substantial additional capital to fund operations and development, as it has not yet generated product revenue [sec_mda · as of 2026-05-05].
- Clinical trial risks — Late-stage trials may fail to meet endpoints, delaying or preventing regulatory approval and commercialization [sec_mda · as of 2026-02-25].
- Competition from Merck — Casdatifan competes directly with Merck's belzutifan, which may limit market opportunity [sec · filed 2026-04-21].
- IRS examination — The company is under IRS examination for the 2023 tax year, though no material impact is expected [sec_mda · as of 2026-08-05].
What to watch
- Phase 3 topline data for quemliclustat in pancreatic cancer, expected around November 2030 [upcoming catalysts].
- Phase 3 topline data for casdatifan in kidney cancer, expected around December 2030 [upcoming catalysts].
- Progress of BLA-enabling activities for domvanalimab and zimberelimab [sec · filed 2026-04-21].
- Updates on the company's cash runway and any new financing or partnership deals [sec_mda · as of 2026-08-05].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
17.4 months
D/E 0.99 · 0% dilution
Lead: Phase 3
6 candidates
2 upcoming, next in ~1553d
0 buys · 9 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
209
Total value held
$2.51B
| Holder | Shares | Value |
|---|---|---|
| gilead sciences, inc. | 31,424,760 | $678.8M |
| blackrock, inc. | 15,226,475 | $328.9M |
| vanguard capital management llc | 7,713,450 | $166.6M |
| wellington management group llp | 6,089,516 | $131.5M |
| state street corp | 5,412,901 | $116.9M |
| suvretta capital management, llc | 5,030,993 | $108.7M |
| vanguard portfolio management llc | 4,272,056 | $92.3M |
| marshall wace, llp | 3,761,437 | $81.2M |
| geode capital management, llc | 2,252,367 | $48.7M |
| fisher asset management, llc | 2,190,404 | $47.3M |
Showing top 10 of 209 institutional holders of Arcus Biosciences, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 11.2%
- Days to cover
- 7.6
- Shares short
- 9,876,250
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
RCUS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Arcus Biosciences, Inc.?
Arcus Biosciences is a late clinical-stage biopharmaceutical company developing a portfolio of investigational cancer therapies, including its lead anti-TIGIT antibody domvanalimab and small-molecule programs casdatifan and quemliclustat, with multiple Phase 3 studies underway.
What is Arcus Biosciences, Inc.'s lead drug candidate?
Arcus Biosciences, Inc.'s most advanced tracked candidate is AB308 (Phase 1) for Advanced Solid Tumor.
What is Arcus Biosciences, Inc.'s next catalyst?
Arcus Biosciences, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Randomized, Placebo-Controlled, Double-Blind, Multicenter, Phase 3 Trial of Quemliclustat and Chem" — expected November 30, 2030.
Who is the CEO of Arcus Biosciences, Inc.?
Dr. Terry J. Rosen Ph.D. is the chief executive officer of Arcus Biosciences, Inc. (RCUS).
Where is Arcus Biosciences, Inc. headquartered?
Arcus Biosciences, Inc. (RCUS) is headquartered in Hayward, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.