Arcus Reports Third-Quarter Revenue of $9 Million, Cash Runway Into 2029

The Tip Desk · November 11, 2026 · 3 min read

Third-quarter 2026 revenue fell to $9 million from $26 million a year earlier. Arcus said $694 million of cash, cash equivalents and marketable securities at quarter-end, together with $288 million of October equity proceeds, will fund planned operations into 2029.

Arcus Biosciences (RCUS), a clinical-stage biopharmaceutical company developing cancer and immune-disease therapies, reported third-quarter 2026 revenue of $9 million, down from $26 million a year earlier. It ended the quarter with $694 million in cash, cash equivalents and marketable securities, down from $775 million at June 30 as research and development spending continued. Together with $288 million of gross proceeds from an October equity financing, the company said that cash is sufficient to fund planned operations into 2029.

Revenue was $9 million in the quarter, compared with $26 million a year earlier, as Gilead collaboration work wound down or reached completion, partially offset by higher Taiho collaboration revenue. Arcus expects GAAP revenue of $70 million to $75 million for full-year 2026.

Research and development expenses were $117 million, down from $141 million a year earlier. The company said late-stage work declined as domvanalimab Phase 3 studies wound down and PRISM-1 enrollment completed, partially offset by increasing casdatifan Phase 3 activity. General and administrative expenses were $23 million, compared with $27 million a year earlier, primarily due to streamlining. Net loss was $128 million, or $1.00 a share, versus $135 million, or $1.27 a share, a year earlier.

Arcus said it expects R&D expenses to remain relatively consistent in the near term as increased investment in casdatifan and small-molecule immunology offsets decreases in other programs.

The quarter’s clinical update centered on casdatifan, the HIF-2α inhibitor for clear cell renal cell carcinoma. Enrollment in PEAK-1, the Phase 3 study of casdatifan plus cabozantinib versus cabozantinib in the second line, is expected to complete in the next two to three months. First-line Phase 3 study PEAK-20, evaluating casdatifan plus ipilimumab and nivolumab, is on track to initiate by year-end 2026.

In October, Arcus presented ARC-20 data with a Sept. 4, 2026 cut-off. In first-line ccRCC, casdatifan plus zimberelimab (n=30; 11.5 months median follow-up) showed progression-free survival of 86% at 6 months and 69% at 12 months, a 50% confirmed objective response rate and a 6.7% primary-progression rate. The company said those results exceeded third-party benchmarks for pembrolizumab monotherapy and for ipilimumab plus nivolumab. In second-line ccRCC, casdatifan plus cabozantinib (n=43; 21.3 months median follow-up) had median PFS of 14.5 months and overall survival not reached; among patients who had progressed on a prior TKI, median PFS was 16.5 months. In late-line ccRCC, casdatifan monotherapy across four pooled cohorts (n=121; 28 months median follow-up) showed median overall survival of 35 months, median PFS of 13 months and a 36% confirmed response rate, with 52% of patients having received at least three prior lines.

More mature PFS and OS data from first-line ARC-20 cohorts and more mature OS data from the second-line cohort are expected in 2027. Arcus will initiate a randomized ARC-20 cohort of casdatifan plus tivozanib versus tivozanib in late-line ccRCC in the fourth quarter of 2026. An interim analysis of fully enrolled Phase 3 PRISM-1, evaluating quemliclustat plus gemcitabine/nab-paclitaxel in first-line metastatic pancreatic ductal adenocarcinoma, is scheduled for the fourth quarter of 2026.

Chief executive Terry Rosen said October data showed casdatifan can address needs at every line of kidney cancer therapy and that the company is building registrational evidence to make it the backbone of treatment in clear cell renal cell carcinoma.