# Arcus Biosciences, Inc. (RCUS)

> Source: Nexqual · https://nexqual.com/RCUS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Arcus Biosciences, Inc. (RCUS), nexqual.com/RCUS" · informational, not investment advice.

**Price:** USD 19.36 (+1.36% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 19.1 · day 17.43–19.62 · 52w 16.41–31.74 · market cap $2.43B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $117M, net income -$460M (-393.2% margin), free cash flow -$475M (SEC filings).
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $3.3M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.07 on a 1–5 scale) (15 analysts), mean target USD 41 (range 23–50).
- Total return with dividends: 1Y +15.4% vs S&P 500 +14.9%; 5Y -45.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.89, revenue estimate $8.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $383M | $112M | $117M | $258M | $247M | $117M |
| Operating income | $54.0M | -$280M | -$340M | -$330M | -$386M | -$486M |
| Net income | $53.0M | -$267M | -$307M | -$283M | -$353M | -$460M |
| EPS (diluted) | $0.71 | -$3.71 | -$4.15 | -$3.14 | -$3.29 | — |
| Free cash flow | -$282M | $432M | -$330M | -$176M | -$484M | -$475M |
| Operating margin | 14.1% | -250.0% | -290.6% | -127.9% | -156.3% | -415.4% |
| Net margin | 13.8% | -238.4% | -262.4% | -109.7% | -142.9% | -393.2% |
| Revenue growth | +391.0% | -70.8% | +4.5% | +120.5% | -4.3% | — |
| Cash + short-term investments | $499M | $1.01B | $759M | $978M | $981M | — |
| Total debt | — | — | $0K | $48.0M | $99.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 20.8x · EV/Sales 15.7x · P/B 5.3x · FCF yield -19.51% · Earnings yield -18.89% · Net cash $601M · EV $1.83B

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-21 | Azoy Alexander | Chief Accounting Officer | 2,827 | $85K | 6.7% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-07-09…2026-07-10 | Jaen Juan C. | President | 68,569 | $2.0M | 5.4% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-22…2026-06-24 | Jaen Juan C. | President | 31,431 | $878K | 2.4% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Azoy Alexander | Chief Accounting Officer | 2,562 | $66K | 6.1% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-11 | Goeltz Ii Robert C. | Chief Financial Officer | 7,763 | $199K | 8.4% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.07 on a 1–5 scale), 15 analysts; mean target USD 41 (low 23, high 50).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Citigroup | Target raised | Buy | $45 → $50 |
| 2026-10-21 | Truist Securities | Target raised | Buy | $40 → $41 |
| 2026-10-21 | Wedbush | Target raised | Outperform | $43 → $49 |
| 2026-10-16 | William Blair | Initiated | Outperform |  |
| 2026-10-14 | JP Morgan | Initiated | Overweight | $41 |
| 2026-09-30 | Wedbush | Reiterated | Outperform | $43 |
| 2026-09-16 | TD Cowen | Initiated | Buy |  |
| 2026-09-08 | Truist Securities | Target raised | Buy | $35 → $40 |
| 2026-08-06 | Wells Fargo | Target raised | Equal-Weight | $23 → $26 |
| 2026-08-06 | Wedbush | Target raised | Outperform | $41 → $43 |
| 2026-07-20 | HC Wainwright & Co. | Target raised | Buy | $32 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +15.4% | -45.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +15.4% | -11.3% |
| Volatility (annualized) | 62.9% | 62.3% |
| Max drawdown | -39.5% (Aug 2026→Oct 2026) | -85.5% (Nov 2021→Mar 2025) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/RCUS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in RCUS's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1724521/000172452126000009/rcus-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | GILEAD SCIENCES, INC. (GILD) | "•We expect to depend on our collaboration with Gilead for the research, development, manufacture and commercialization of certain of our investigational products." |
| Partner | Taiho Pharmaceutical | "With respect to quemliclustat, domvanalimab and zimberelimab and subject to timely exercise of Gilead's and Taiho's respective option rights to other molecules in our pipeline, as discussed below, Gilead has certain comm…" |
| Partner | WuXi | "Our PD-1 license agreement (the "WuXi PD-1 Agreement") with WuXi Biologics Ireland Limited ("WuXi Biologics"), which we entered into in 2017 as subsequently amended, provides us with an exclusive license to (i) develop, …" |
| Partner | ASTRAZENECA PLC (AZN) | "There are many other companies that have commercialized and/or are developing oncology treatments for cancer including large pharmaceutical and biotechnology companies such as AstraZeneca, BeiGene, Ltd. ("BeiGene"), The …" |
| Partner | Hercules Capital, Inc. (HTGC) | "•Our operating activities may be restricted as a result of covenants related to the indebtedness under our loan and security agreement with Hercules Capital, Inc., as amended, and we may be required to repay the outstand…" |
| Partner | Abmuno Therapeutics | "In 2016, we entered into a license agreement (the "Abmuno Agreement") with Abmuno Therapeutics LLC ("Abmuno") for a worldwide exclusive license to develop, use, manufacture, and commercialize products that include an ant…" |
| Partner | Merck (MRK) | "There are many other companies that have commercialized and/or are developing oncology treatments for cancer including large pharmaceutical and biotechnology companies such as AstraZeneca, BeiGene, Ltd. ("BeiGene"), The …" |
| Partner | NOVARTIS AG (NVS) | "There are many other companies that have commercialized and/or are developing oncology treatments for cancer including large pharmaceutical and biotechnology companies such as AstraZeneca, BeiGene, Ltd. ("BeiGene"), The …" |
| Partner | Pfizer (PFE) | "There are many other companies that have commercialized and/or are developing oncology treatments for cancer including large pharmaceutical and biotechnology companies such as AstraZeneca, BeiGene, Ltd. ("BeiGene"), The …" |
| Partner | REGENERON PHARMACEUTICALS, INC. (REGN) | "There are many other companies that have commercialized and/or are developing oncology treatments for cancer including large pharmaceutical and biotechnology companies such as AstraZeneca, BeiGene, Ltd. ("BeiGene"), The …" |
| Partner | BVF Partners | "We have a liability for sale of future royalties which consists of the current balance of estimated contingent milestone and royalty payments under our agreement with BVF." |
| Partner | WuXi Biologics Ireland | "Our PD-1 license agreement (the "WuXi PD-1 Agreement") with WuXi Biologics Ireland Limited ("WuXi Biologics"), which we entered into in 2017 as subsequently amended, provides us with an exclusive license to (i) develop, …" |
| Competitor | AbbVie (ABBV) | "For our inflammation and immunology portfolio, we will be competing against large pharmaceutical and biotechnology companies with established products, such as Dupixent®, which is marketed by Sanofi and Regeneron, Xolair…" |

Other companies that name RCUS in their own reports (relationship from RCUS's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | GILEAD SCIENCES, INC. (GILD) | 10-K 2026-02-24 | "(1) For additional information regarding our collaborations with Merck, Arcellx and Arcus, see Note 7." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other collaboration | $25.0M | 61.0% | +212.5% |
| License and development services | $16.0M | 39.0% | -89.5% |
| Total revenue | $41.0M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.89 | $-0.83 | +8.1% | $8.3M | 9 |
| Next quarter (ends 2026-12-31) | $-0.84 | $-0.74 | +13.1% | $6.0M | 9 |
| Current fiscal year (ends 2026-12-31) | $-3.52 | $-3.48 | +1.0% | $73.1M | 9 |
| Next fiscal year (ends 2027-12-31) | $-3.12 | $-3.10 | +0.7% | $56.5M | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±14.9%; last 8 reports averaged ±5.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 63.9% | ±14.9% |
| 2026-12-18 | 56 | 84.7% | ±27.0% |
| 2027-01-15 | 84 | 74.5% | ±30.9% |
| 2027-03-19 | 147 | 60.8% | ±31.0% |
| 2027-04-16 | 175 | 61.1% | ±33.8% |