Arcus Biosciences Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The red distress scanner deceives here: no acute bankruptcy risk, but a well-financed research lab with a billion in cash into at least 2028 and a strong partner. Caution is nonetheless warranted, because the value hangs on binary trial results (PEAK-1, STAR-121) and on the dependence on Gilead — a disappointing Phase 3 result can move the price within hours many times more than any balance-sheet metric, and the losses continue to be financed through new shares. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Arcus is the teaching case for why a warning-scanner hit is not the same as a restructuring case. The "Going Concern (Distress-Proxy)" triggers because the company earns no profit and burns cash — for a clinical biotech without product revenue the normal state. Behind it, however, stand about $1.0 billion in cash, no going-concern qualification, little debt and, in Gilead, a billion-dollar partner that holds a quarter. The real risk lies not in the balance sheet, but in the clinic and in the dependence on this one partner. Not investment advice.
Financing & liquidity
About $1.0 billion in cash and securities (December 31, 2025), runway per the annual report into at least the second half of 2028, no going-concern qualification, low debt (debt-to-equity about 0.2), positive equity. For a clinical biotech, a comfortable starting position.
Earnings & cash burn
No product revenue, net loss $353 million (2025), accumulated deficit $1.5 billion, operating cash outflow risen to a record $482 million. Fundamental rating D, Piotroski 0 of 9, Altman Z around 1.03 — precisely what triggers the distress proxy.
Partner Gilead
Gilead Sciences holds about 25.1 percent, appoints three board members and supplies almost all revenue through collaboration and option payments ($214 of $247 million in 2025). Backbone and cluster risk in one: if Gilead passes on a program, money and experience are missing — and the market reads that as a warning signal.
Pipeline & clinical risk
Broad pipeline with lead compound casdatifan (HIF-2-alpha, renal cell cancer, peak-sales opportunity per the 10-K of more than $2 billion), domvanalimab (TIGIT, Phase 3 lung cancer), zimberelimab and quemliclustat. The value hangs on binary trial results (including PEAK-1, STAR-121) that no one can predict with certainty.
Market & momentum
Intact uptrend (Stage 2), RS rating 93, only 3.8 percent below the 52-week high, plus 234 percent over twelve months, about 72 percent institutional ownership (data as of July 8, 2026). A clear momentum vote — that likewise hangs on the next trial data.
Worth Noting
The "revenue" of Arcus consists almost entirely of collaboration and option payments (above all from Gilead, plus the partner Taiho) and therefore fluctuates with contract milestones, not with product demand — Arcus has no approved product.
The scanner hit "Going Concern (Distress-Proxy)" is by definition a quantitative approximation and not an auditor qualification; the auditor did not cast doubt on the survival of Arcus.
Price, valuation and scanner figures are dated to July 8, 2026 (about $30, about $3.8 billion in market value); analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at RCUS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 12.00 $ to 31.60 $ · Last price: 25.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Arcus Biosciences Inc RCUS | 3.2 | – | 4.0 | -324.8 | -788.2 | -4.3 | 112.3 |
| Vertex Pharmaceuticals Inc VRTX | 130.6 | 31.3 | 24.5 | 55.0 | 38.1 | 9.6 | 33.4 |
| Regeneron Pharmaceuticals Inc REGN | 82.0 | 19.9 | 13.1 | 44.5 | 20.7 | 1.0 | 35.5 |
| Moderna Inc MRNA | 62.7 | – | 4.6 | -66.0 | -131.1 | -39.2 | 532.3 |
| argenx NV ARGX | 61.9 | 38.1 | 34.2 | 59.1 | 32.0 | 89.6 | 30.9 |
| Revolution Medicines Inc RVMD | 40.9 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 338.3 |
| BeiGene, Ltd. ONC | 40.0 | 63.1 | 34.1 | 88.9 | 19.1 | 40.2 | 6.4 |
| Alnylam Pharmaceuticals Inc ALNY | 32.6 | 61.8 | 28.4 | 79.7 | 23.0 | 65.2 | -48.1 |
| Royalty Pharma Plc RPRX | 32.5 | 31.8 | 19.6 | 95.8 | 100.3 | 5.1 | 68.6 |
| Median of companies shown | 40.9 | 34.9 | 19.6 | 55.0 | 20.7 | 5.1 | 35.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -18 | -18 | -0.73 | -13 | 99 | 110 |
| 2017 | 1 | -53 | -53 | -2.16 | -25 | 154 | 190 |
| 2018 | 8 | -55 | -50 | -1.43 | -43 | 235 | 275 |
| 2019 | 15 | -89 | -76 | -1.73 | -73 | 164 | 203 |
| 2020 | 78 | -124 | -123 | -2.25 | 111 | 502 | 772 |
| 2021 | 383 | 54 | 53 | 0.72 | -256 | 841 | 1,592 |
| 2022 | 112 | -280 | -267 | -3.71 | 438 | 657 | 1,345 |
| 2023 | 117 | -340 | -307 | -4.15 | -306 | 462 | 1,095 |
| 2024 | 258 | -330 | -283 | -3.14 | -170 | 485 | 1,150 |
| 2025 | 247 | -386 | -353 | -3.29 | -482 | 631 | 1,139 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.03 | – | 26 | -16.10 | -361.50 | -100 | -101 |
| 2025: Q1 | -1.14 | – | 28 | -80.70 | -400.00 | -132 | -133 |
| 2025: Q2 | -0.08 | – | 160 | 310.30 | -5.00 | -133 | -133 |
| 2025: Q3 | -1.27 | – | 26 | -45.80 | -519.20 | -97 | -97 |
| 2025: Q4 | -0.91 | – | 33 | 26.90 | -297.00 | -120 | -121 |
| 2026: Q1 | -1.02 | – | 17 | -39.30 | -752.90 | -138 | -138 |
| 2026: Q2 | -0.72 | -800.00 | 41 | -74.40 | -222.00 | -119 | -119 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 20 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Near 52-Week High
- Power Trend
- RS Leader (≥90)
- RS New Highs
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -3.53 | -4.35 – -2.79 | 79 | -7.2% | 7 |
| 12/31/2027 | -3.34 | -4.50 – -2.16 | 52 | 5.3% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 14.07.2026 gegen den Geschäftsbericht (10-K) 2025 (eingereicht 25.02.2026), den 10-K 2024 sowie die vier jüngsten Quartalsberichte (10-Q). In den ausgewerteten SEC-Filings von Arcus Biosciences findet sich kein wesentlicher KI-Bezug im Sinne des Kriterienkatalogs. Das Geschäftsmodell ist klinische Immunonkologie (HIF-2-alpha-, TIGIT-, PD-1-, CD73-Programme); KI ist weder Umsatzquelle noch dokumentierter operativer Einsatz noch ein konkretes, aufs eigene Modell bezogenes Geschäftsrisiko. Die einzigen drei Nennungen von „artificial intelligence“ bzw. „machine learning“ im 10-K 2025 sind generische Floskeln: (1) im Cybersecurity-Abschnitt („threat actors use techniques and tools – including artificial intelligence – that circumvent security controls“), (2) im Datenschutz-/Vertraulichkeits-Kontext zur Nutzung generativer KI durch Mitarbeiter und (3) im Zusammenhang mit Datenschutzgesetzen einzelner US-Bundesstaaten, die Algorithmen und maschinelles Lernen adressieren. Keine davon stützt „verkauft“, „nutzt“ oder „bedroht“ — nach der Vorrang-Regel bleibt es damit bei „neutral“ (dokumentierter Negativ-Befund; Boilerplate-Risk-Floskeln zählen laut Skill nicht als Bedroht-Beleg).
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-02-25 · 10-K 2025-02-25 · 10-Q 2026-05-05 · 10-Q 2025-10-28 · 10-Q 2025-08-06 · 10-Q 2025-05-06
Rated on July 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 30.2%
- More than 10% revenue growth is expected for the coming year 9.4%
- Share count grows by less than 3% a year 14.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -200.2%
- Gross margin at 40% or higher and without meaningful erosion 96.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 869 m net cash
- Operating cash flow covers the profits of the last three years -15 m
- Return on capital at 15% or higher, or up versus two years ago -42.5%
- Insiders hold at least 10% or are net buyers 29.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% -54.1%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -54.1%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -55.9%
- ROCE > 15% -42.5%
- Expected return > 10% -61.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 21, 2026 | Azoy Alexander | Chief Accounting Officer | Sell | 2,827 | 30.00 | 84,810 |
| Aug 21, 2026 | Azoy Alexander | Chief Accounting Officer | Other | 2,827 | 15.44 | 43,649 |
| Jul 10, 2026 | Jaen Juan C. | President | Sell | 268 | 29.40 | 7,878 |
| Jul 10, 2026 | Jaen Juan C. | President | Sell | 19,799 | 28.61 | 566,410 |
| Jul 9, 2026 | Jaen Juan C. | President | Sell | 48,502 | 30.05 | 1,457,631 |
The company
About the Company
Arcus Biosciences, Inc., ein biopharmazeutisches Unternehmen im klinischen Stadium, entwickelt und vermarktet Krebstherapien in den USA.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 601
- Headquarters
- Hayward, CA
- Address
- 3928 Point Eden Way, 94545 Hayward, United States
- Phone
- 510 694 6200
- Website
- arcusbio.com
- IPO Date
- 03/15/2018
- ISIN
- US03969F1093
Management
| Name | Title | Birth Year |
|---|---|---|
| Terry J. Rosen Ph.D. | Co-Founder, Chairman & CEO | 1960 |
| Juan Carlos Jaen Ph.D. | Co- Founder & President | 1958 |
| Robert C. Goeltz II | Principal Financial Officer & CFO | 1973 |
| Richard A. Markus M.D., Ph.D. | Chief Medical Officer | – |
| K. Christopher Garcia Ph.D. | Co-Founder & Member of Scientific Advisory Board | – |
| Alexander Azoy CPA | Chief Accounting Officer | 1976 |
| Jonathan Yingling Ph.D. | Chief Scientific Officer | 1969 |
| Pia Eaves | Vice President of Investor Relations & Strategy | – |
| Carolyn C. Tang J.D. | General Counsel & Corporate Secretary | 1979 |
| Holli Kolkey | Vice President of Corporate Communications | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/05/2026 Arcus Biosciences, Inc. (RCUS): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.