Arcus Biosciences reported third quarter revenue of $9 million, exceeding expectations despite a significant year-over-year decline as Gilead collaboration activities wind down. The company posted a net loss of $1.00 per share, slightly wider than the anticipated $0.92 loss, as it shifts R&D investment toward the registrational development of its HIF-2α inhibitor, casdatifan.
Key Highlights
- Cash and marketable securities of $694 million at quarter-end, combined with $288 million from a post-quarter equity financing, extends the company's operational runway into 2029.
- Enrollment in the PEAK-1 Phase 3 study of casdatifan is projected to complete within the next three months, with the PEAK-20 Phase 3 trial scheduled for initiation by year-end 2026.
- Management established full-year 2026 revenue guidance between $70 million and $75 million, reflecting the milestone-dependent nature of existing partnerships.