Revenue remains highly erratic, fluctuating between $17 million and $160 million per quarter, while R&D intensity consistently exceeds $100 million, resulting in persistent net losses.
| Sales/Revenue | 236M | 247M | 258M | 117M | 112M | 383M | 78M | 15M | 8.35M | 1.41M | 0 |
| Revenue Growth % | 67.38% | -4.26% | 120.51% | 4.46% | -70.76% | 391.03% | 420% | 79.58% | 491.15% | - | - |
| Cost of Goods Sold | 5M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.31M |
| COGS % of Revenue | - | 4.05% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 214M | 237M | 258M | 117M | 112M | 383M | 78M | 15M | 8.35M | 1.41M | -1.31M |
| Gross Margin % | 90.68% | 95.95% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | - |
| Gross Profit Growth % | - | -8.14% | 120.51% | 4.46% | -70.76% | 391.03% | 420% | 79.58% | 491.15% | 207.53% | - |
| Operating Expenses | 629M | 623M | 588M | 457M | 392M | 329M | 202M | 103.71M | 63.21M | 54.85M | 18.18M |
| OpEx % of Revenue | - | 252.23% | 227.91% | 390.6% | 350% | 85.9% | 258.97% | 691.39% | 756.76% | 3882.09% | - |
| Selling, General & Admin | 111M | 110M | 120M | 117M | 104M | 72M | 43M | 25.23M | 13.57M | 7.64M | 3.94M |
| SG&A % of Revenue | - | 44.53% | 46.51% | 100% | 92.86% | 18.8% | 55.13% | 168.19% | 162.41% | 540.41% | - |
| Research & Development | 523M | 523M | 448M | 340M | 288M | 257M | 159M | 78.48M | 49.65M | 47.22M | 14.25M |
| R&D % of Revenue | - | 211.74% | 173.64% | 290.6% | 257.14% | 67.1% | 203.85% | 523.21% | 594.35% | 3341.68% | - |
| Other Operating Expenses | -2M | -10M | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -398M | -386M | -330M | -340M | -280M | 54M | -124M | -88.71M | -54.86M | -53.44M | -18.18M |
| Operating Margin % | -168.64% | -156.28% | -127.91% | -290.6% | -250% | 14.1% | -158.97% | -591.39% | -656.76% | -3782.09% | - |
| Operating Income Growth % | - | -16.97% | 2.94% | -21.43% | -618.52% | 143.55% | -39.78% | -61.7% | -2.65% | -193.92% | - |
| EBITDA | -391M | -376M | -320M | -332M | -274M | 58M | -121M | -85.13M | -51.2M | -50.83M | -16.87M |
| EBITDA Margin % | -165.68% | -152.23% | -124.03% | -283.76% | -244.64% | 15.14% | -155.13% | -567.54% | -612.89% | -3597.24% | - |
| EBITDA Growth % | 8.22% | -17.5% | 3.61% | -21.17% | -572.41% | 147.93% | -42.13% | -66.29% | -0.72% | -201.33% | - |
| D&A (Non-Cash Add-back) | 7M | 10M | 10M | 8M | 6M | 4M | 3M | 3.58M | 3.66M | 2.61M | 1.31M |
| EBIT | -214M | -345M | -279M | -299M | -264M | 55M | -123M | -84.71M | -54.86M | -53.44M | -18.18M |
| Net Interest Income | 32M | -8M | 48M | 39M | 14M | 1M | 1M | 5.2M | 4.92M | 775K | 0 |
| Interest Income | 51M | 0 | 52M | 41M | 16M | 1M | 1M | 5.2M | 4.92M | 775K | 212K |
| Interest Expense | 16M | 8M | 4M | 2M | 2M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 29M | 33M | 47M | 39M | 14M | 1M | 1M | 4M | 5.26M | 359K | 212K |
| Pretax Income | -369M | -353M | -283M | -301M | -266M | 55M | -123M | -84.71M | -49.59M | -53.08M | -17.97M |
| Pretax Margin % | -156.36% | -142.91% | -109.69% | -257.26% | -237.5% | 14.36% | -157.69% | -564.73% | -593.73% | -3756.69% | - |
| Income Tax | 0 | 0 | 1M | 6M | 1M | 2M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.35% | -1.99% | -0.38% | 3.64% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -369M | -353M | -283M | -307M | -267M | 53M | -123M | -84.71M | -49.59M | -53.08M | -17.97M |
| Net Margin % | -156.36% | -142.91% | -109.69% | -262.39% | -238.39% | 13.84% | -157.69% | -564.73% | -593.73% | -3756.69% | - |
| Net Income Growth % | 5.63% | -24.73% | 7.82% | -14.98% | -603.77% | 143.09% | -45.2% | -70.81% | 6.57% | -195.39% | - |
| Net Income (Continuing) | -369M | -353M | -284M | -307M | -267M | 53M | -123M | -84.71M | -49.59M | -53.08M | -17.97M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.94 | -3.29 | -3.14 | -4.15 | -3.71 | 0.71 | -2.13 | -1.73 | -1.43 | -2.16 | -0.73 |
| EPS Growth % | 24.6% | -4.78% | 24.34% | -11.86% | -622.54% | 133.33% | -23.12% | -20.98% | 33.8% | -195.89% | - |
| EPS (Basic) | - | -3.29 | -3.14 | -4.15 | -3.71 | 0.76 | -2.13 | -1.73 | -1.43 | -2.16 | -0.73 |
| Diluted Shares Outstanding | 125.4M | 107.4M | 90.1M | 74M | 72M | 73.97M | 54.79M | 43.83M | 34.62M | 24.55M | 24.55M |
| Basic Shares Outstanding | 125.4M | 107.4M | 90.1M | 74M | 72M | 69.35M | 54.79M | 43.83M | 34.62M | 24.55M | 24.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Clinical Milestone Dependency
As indicated by the quarterly income statements, RCUS revenue remains highly erratic, fluctuating between $17 million and $160 million due to the milestone-driven nature of Gilead collaboration payments, which obscures the underlying organic growth trajectory of the company's clinical-stage pipeline and long-term commercial potential.
The revenue profile is entirely dependent on non-recurring collaboration events rather than consistent product sales. Investors should interpret these swings as accounting artifacts of partnership agreements rather than indicators of market adoption or commercial momentum.
Based on the reported financial data, Arcus Biosciences maintains a heavy R&D expenditure profile, with quarterly costs consistently exceeding $100 million, which significantly dwarfs the company's sporadic revenue inflows and underscores the substantial capital requirements inherent in their multi-node immuno-oncology clinical development strategy.
The company's cost structure is dominated by fixed clinical trial expenses, leaving little room for operational flexibility. This high burn rate suggests that the firm is effectively trading its cash reserves for the potential of future clinical data readouts.
According to recent SEC filings, the company consistently records significant stock-based compensation expenses, often exceeding $15 million per quarter, which serves to dilute existing shareholders while failing to offset the persistent net losses that characterize the firm's current stage of clinical development and operational maturity.
The reliance on equity-based incentives for talent retention adds a layer of non-cash expense that complicates the assessment of true operational efficiency. Analysts should monitor whether these compensation levels remain sustainable if the company's cash position continues to tighten.
As reported in financial statements, the company's cash position has trended downward to $222 million, raising questions about the long-term viability of the current R&D-heavy model without additional capital infusions or successful milestone triggers from the Gilead partnership to sustain ongoing Phase 3 clinical trials.
The primary risk is that the company may be forced into dilutive financing if clinical milestones are delayed or if the partner opts out of key programs. This creates a binary risk profile where the income statement's health is tethered to external decision-making.
Quick answers to the most common questions about buying RCUS stock.
For fiscal year 2025, Arcus Biosciences, Inc. (RCUS) reported total revenue of $247.0M.
Arcus Biosciences, Inc. (RCUS) reported a net loss of $353.0M for the fiscal year ending 2025.
Arcus Biosciences, Inc. (RCUS) reported an operating income of $-386.0M, resulting in an operating profit margin of -156.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Arcus Biosciences, Inc. (RCUS) generated $237.0M in gross profit for the year, representing a gross profit margin of 96.0%. This demonstrates the company's core pricing power and production efficiency.