At a glance
Arcus Biosciences Inc is worth $2.34B. Revenue fell 4.3% to $247.0M in fiscal 2025, at a loss; over 5 years it has grown 25.9% a year. It pays no dividend. The stock returned −7.5% over the past year with dividends reinvested and −11.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.1% in the 2020 crash (S&P 500: 33.7%) and 58.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Arcus Biosciences is a drug developer working on medicines for cancer and for inflammatory and autoimmune diseases. It has no approved products and has never earned revenue from product sales. Its most advanced drugs are in Phase 3 trials, the final-stage studies used to seek approval. Its in-house research focuses on small molecules, chemical drugs that can often be taken as pills.
Its revenue comes mainly from partners: upfront and milestone payments, research support and reimbursement for clinical materials. In fiscal 2025, which ended December 31, 2025, revenue was $247 million. License and development services made up $221 million, or about 89.5%, and other collaboration revenue $26 million, or 10.5%. Gilead co-develops domvanalimab and quemliclustat and shares U.S. promotion rights. Taiho holds rights in Japan and some other Asian countries.
The lead drug is casdatifan, a pill for clear cell renal cell carcinoma, a kidney cancer. Arcus owns its rights outside Taiho's territory and expects to build a U.S. sales team if Phase 3 results are positive. Quemliclustat is in a Phase 3 pancreatic cancer trial, with results expected in the first half of 2027, according to the 10-K filed February 25, 2026. In December 2025, Arcus ended a Phase 3 domvanalimab trial in gastrointestinal cancers for futility, meaning it was unlikely to succeed.
Price history
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RCUS -7.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| License and development services | $221.0M | 89.5% |
| Other Collaboration Revenue | $26.0M | 10.5% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $41.0M, down 74.4% from a year earlier, and net income was $-91.0M.
- For fiscal 2025, revenue was $247.0M (-4.3% year over year; +25.9% a year from FY2020 to FY2025) with a -142.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +25.9% good |
|---|---|
| Operating margin | -156.3% weak |
| Free cash flow margin | -196% weak |
| Return on equity (FY2025) | -55.9% weak |
| Return on assets (FY2025) | -31% weak |
| Net cash (cash minus debt) | $674.0M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $78.0M | $-123.0M | $108.0M |
| FY2021 | $383.0M | $53.0M | $-282.0M |
| FY2022 | $112.0M | $-267.0M | $432.0M |
| FY2023 | $117.0M | $-307.0M | $-330.0M |
| FY2024 | $258.0M | $-283.0M | $-176.0M |
| FY2025 | $247.0M | $-353.0M | $-484.0M |
Valuation snapshot
| Market value | $2.34B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Arcus Biosciences’s market value went from $478.8M at the end of 2018 to $2.34B on Oct 28, 2026, about 4.9 times as much; since the end of 2025 it is down 9%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.34B | -9.0% |
| 2025 | $2.57B | +88.8% |
| 2024 | $1.36B | -4.7% |
| 2023 | $1.43B | -4.5% |
| 2022 | $1.50B | -47.3% |
| 2021 | $2.84B | +68.7% |
| 2020 | $1.69B | +263.9% |
| 2019 | $463.2M | -3.3% |
| 2018 | $478.8M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| RCUS price data to Oct 28, 2026 | -22.8% | -7.5% | +8.7% | -11.4% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.8% |
| 2025 | +60.0% |
| 2024 | -22.0% |
| 2023 | -7.6% |
| 2022 | -48.9% |
| 2021 | +55.9% |
| 2020 | +157.0% |
| 2019 | -6.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.3% over that stretch · deepest drop along the way 48.1%, back to its old high 0.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.9% over that stretch · deepest drop along the way 58.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 14 sales ($4.1M), 14 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 9, 2026 | Juan C. Jaen President | sell (plan) | $1.5M |
| Jan 5, 2026 | Juan C. Jaen President | sell (plan) | $633K |
| Jul 10, 2026 | Juan C. Jaen President | sell (plan) | $566K |
| Jun 23, 2026 | Juan C. Jaen President | sell (plan) | $389K |
| Jun 22, 2026 | Juan C. Jaen President | sell (plan) | $250K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.4% | Dec 31, 2025 |
| Point72 Asset Management, L.P. | 4.1% | Sep 30, 2025 |
ETFs with the most weight in RCUS
| BBC Virtus LifeSci Biotech Clinical Trials ETF | 0.59% |
| PSCH Invesco S&P SmallCap Health Care ETF | 0.38% |
| RZG Invesco S&P SmallCap 600® Pure Growth ETF | 0.34% |
| XBI SPDR S&P Biotech ETF | 0.23% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.11% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.09% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.08% |
| BMED iShares Health Innovation Active ETF | 0.07% |
What could go wrong
- Phase 3 trials could fail. None of Arcus's drugs is approved. In December 2025, it halted a Phase 3 domvanalimab trial as unlikely to succeed. Early results may not predict later ones, and other late-stage trials could disappoint.
- Large losses may require more fundraising. Arcus lost $353 million in fiscal 2025. It expected its $1.0 billion of year-end cash and investments to last until at least the second half of 2028. Issuing new shares could shrink existing holders' stakes.
- Heavy reliance on the Gilead partnership. Arcus's revenue comes mainly from partners, and Gilead co-develops domvanalimab and quemliclustat, with commercial rights outside the U.S. apart from Taiho's territory. If the collaboration falters, those programs and payments could suffer.
- Competition, including an approved Merck drug. Casdatifan targets the same protein as Merck's approved drug belzutifan. Rivals may develop or market products faster, or prove safer or more effective, which could shrink or eliminate Arcus's opportunity.
- Combination trials and outside results add risk. AstraZeneca paused recruitment in a trial pairing casdatifan with its own antibody after immune-related side effects. Setbacks in partners' or rivals' trials on the same targets could also hurt Arcus's programs.
- Loan terms could restrict the company. A loan agreement with Hercules Capital limits some activities. In a default, Arcus could have to repay early. Total debt was $101 million as of June 30, 2026, against $775 million in cash and investments.
Recent events
- Other company announcement
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Other company announcement
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
Arcus Biosciences pays no dividend and bought back no shares from fiscal 2021 through fiscal 2025. It lost $353 million in fiscal 2025, and free cash flow, the cash left after running and investing in the business, was about negative $484 million. The share count rose about 81% between October 29, 2021, and July 30, 2026, shrinking each share's slice of the company. For income investors, that means no regular cash; any return depends on the share price, which hinges largely on trial results.
The stock has fallen hard in downturns. In the 2020 COVID crash, it dropped 48.1% between March 6 and March 19, 2020, then recovered by April 16, 2020. In the 2022 bear market, it fell 58.8% from January 3 to May 11, 2022, and had not recovered as of October 28, 2026. Its deepest peak-to-trough fall in 8.6 years of price history was 85.8%. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Arcus Biosciences make money?
Through partners, not drug sales. Arcus has no approved products, so its revenue has come mainly from upfront and milestone payments, research support and clinical materials reimbursement from partners such as Gilead and Taiho. In fiscal 2025, revenue was $247 million: $221 million (89.5%) from license and development services and $26 million (10.5%) from other collaboration revenue. These payments swing widely. Revenue in the quarter ended June 30, 2026, was $41 million, down 74.4% from a year earlier.
Does Arcus Biosciences pay a dividend?
No. Arcus paid no dividends and bought back no shares from fiscal 2021 through fiscal 2025. Drug development is costly, and free cash flow was about negative $484 million in fiscal 2025. Its share count also rose about 81% between October 29, 2021, and July 30, 2026, which dilutes existing holders. Investors who need regular income would get none from this stock; any return would depend on the share price.
Is Arcus Biosciences profitable?
No. Arcus had a net loss of $353 million in fiscal 2025, which ended December 31, 2025, and an accumulated deficit, the running total of its losses, of $1.5 billion by that date. Its only profitable year from fiscal 2020 to 2025 was 2021, with net income of $53 million. As of June 30, 2026, it held $775 million in cash and investments and $101 million of debt. The company expects significant losses to continue for the foreseeable future.
What drugs is Arcus Biosciences developing?
Mainly cancer drugs, led by casdatifan, a pill for clear cell renal cell carcinoma, a kidney cancer. As of its 10-K filed February 25, 2026, casdatifan was in the Phase 3 PEAK-1 trial with cabozantinib. Quemliclustat was in a Phase 3 pancreatic cancer trial, with results expected in the first half of 2027. Domvanalimab and zimberelimab are antibodies meant to help the immune system fight cancer. Arcus also has five early inflammation programs, led by an oral candidate for chronic hives.
How volatile is Arcus Biosciences stock?
Very volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 62.1%, and its beta was 1.41, meaning it tended to move more than the broad market. Full calendar-year price returns ranged from a 48.9% loss in 2022 to a 157% gain in 2020. The stock was down 22.8% year to date and 26.5% over the prior month as of that date. Over five years, the price fell 45% in total.