Jun 2026 (Q2 FY26) — Aug 5, 2026
Arcus Biosciences, Inc. Q2 FY26 — Casdatifan Advances Across RCC Treatment Lines with Key Data Readouts Expected
Read the full callArcus Biosciences (RCUS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Arcus Biosciences earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 41.0 | −74.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -234.2 | −229.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -91.0 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
10 of 10 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 GAAP revenue | $45 million to $55 million | Dec 2025 | now expect full year 2026 GAAP revenue of $65 to $75 million. | Revised Up |
| AB102 (MRGPRX2 antagonist) first-in-human clinic entry | later this year | Dec 2025 | We expect to initiate human dosing of AB102, an oral small molecule MRGPRX2 antagonist, this month. | On Track |
| PRISM-1 (quemli) Phase III full enrollment | fully enrolled by the end of 2025 | Mar 2025 | In PRISM-1, our Phase III study evaluating quemli plus gemcitabine and nab-paclitaxel, versus gemcitabine and nab-paclitaxel in the frontline pancreatic study, completed enrollment in September of 2025. | Achieved |
12 of Arcus Biosciences, Inc.'s 22 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Casdatifan's PEAK-1 Phase III trial for second-line clear cell RCC is on track to complete enrollment by year-end 2026.
- Multiple new clinical trial collaborations for casdatifan were initiated in the last 2 months, including with BMS, Summit Therapeutics, and AVEO, allowing Arcus to retain full rights.
- AB102, an oral MRGPRX2 antagonist, is entering human dosing this month, with PK profile data expected in Q4 FY26.
- Cash and investments of $775 million as of June 30, 2026, provide a runway into at least H2 2028.
- Full-year 2026 GAAP revenue is expected to be $65 million to $75 million.
Qualified
- Merck's LITESPARK-012 study failure was noted, though framed as creating an opportunity for Arcus by removing a key competitor in the frontline.
- Collaboration revenue is expected to decrease due to the wind-down of the domvanalimab program.
- Belzutifan has failed to show statistically significant benefit in OS in 3 out of 3 registrational trials, highlighting a potential challenge for HIF-2 inhibitors if not sufficiently potent.
Price
$22.82 +1.29% · +$0.29
Performance +46.1% 1Y
1Y: $15.62 on 14 Oct 2025 → $22.82. High $31.57 (25 Aug 2026), low $15.62 (14 Oct 2025).
- Previous close
- $22.53
- 52-week range
- $15.62 – $31.57
- One year
- +35.03%
Overview
- Symbol
- RCUS
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 10 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 GAAP revenue | $45 million to $55 million | Dec 2025 | now expect full year 2026 GAAP revenue of $65 to $75 million. | Revised Up |
| AB102 (MRGPRX2 antagonist) first-in-human clinic entry | later this year | Dec 2025 | We expect to initiate human dosing of AB102, an oral small molecule MRGPRX2 antagonist, this month. | On Track |
| PRISM-1 (quemli) Phase III full enrollment | fully enrolled by the end of 2025 | Mar 2025 | In PRISM-1, our Phase III study evaluating quemli plus gemcitabine and nab-paclitaxel, versus gemcitabine and nab-paclitaxel in the frontline pancreatic study, completed enrollment in September of 2025. | Achieved |
Claimed
- Casdatifan's PEAK-1 Phase III trial for second-line clear cell RCC is on track to complete enrollment by year-end 2026.
- Multiple new clinical trial collaborations for casdatifan were initiated in the last 2 months, including with BMS, Summit Therapeutics, and AVEO, allowing Arcus to retain full rights.
- AB102, an oral MRGPRX2 antagonist, is entering human dosing this month, with PK profile data expected in Q4 FY26.
- Cash and investments of $775 million as of June 30, 2026, provide a runway into at least H2 2028.
- Full-year 2026 GAAP revenue is expected to be $65 million to $75 million.
Qualified
- Merck's LITESPARK-012 study failure was noted, though framed as creating an opportunity for Arcus by removing a key competitor in the frontline.
- Collaboration revenue is expected to decrease due to the wind-down of the domvanalimab program.
- Belzutifan has failed to show statistically significant benefit in OS in 3 out of 3 registrational trials, highlighting a potential challenge for HIF-2 inhibitors if not sufficiently potent.
The full ledger
Open Arcus Biosciences, Inc.’s full ledger
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Call summaries
Dec 2025 (Q4 FY25) — Feb 25, 2026
Arcus Biosciences Q4 FY25 — Casdatifan's Best-in-Class Profile and Frontline RCC Strategy
Read the full callEvery analysed call
Arcus Biosciences earnings calls (RCUS)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 48 | 26 | 28 | 160 | 26 | 33 | 17 | 41 |
| Operating profit | -105 | -103 | -122 | -8 | -142 | -114 | -134 | -96 |
| Operating margin | −218.8% | −396.1% | −435.7% | −5.0% | −546.1% | −345.4% | −788.2% | −234.2% |
| Other income | 13 | 10 | 10 | 8 | 7 | 8 | 6 | 5 |
| Interest | 1 | 2 | 1 | 2 | 3 | 2 | 3 | 3 |
| Profit before tax | -92 | -93 | -112 | 0 | -135 | -106 | -128 | -91 |
| Tax rate | 0.0% | −1.1% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% |
| Net profit | -92 | -94 | -112 | 0 | -135 | -106 | -128 | -91 |
| EPS ($ per share) | -1 | — | -1.14 | 0 | -1.27 | — | -1.02 | -0.72 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 1,118 | 1,206 | 1,311 | 1,617 | 2,116 |
| Reserves | -123 | -205 | -328 | -275 | -542 | -849 | -1,132 | -1,485 |
| Total liabilities | 40 | 39 | 270 | 750 | 688 | 633 | 665 | 508 |
| Fixed assets | 11 | 9 | 11 | 32 | 35 | 51 | 47 | 40 |
| Total assets | 275 | 203 | 772 | 1,592 | 1,345 | 1,095 | 1,150 | 1,139 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -43 | -73 | 111 | -256 | 438 | -306 | -170 | -482 |
| Cash from investing | -113 | 59 | -434 | -4 | -413 | 194 | -84 | 66 |
| Cash from financing | 129 | 1 | 439 | 237 | 33 | 33 | 277 | 488 |
| Net cash flow | -27 | -13 | 116 | -23 | 58 | -79 | 23 | 72 |
| Capital expenditure | -4 | -2 | -3 | -26 | -6 | -24 | -6 | -2 |
| Free cash flow | -47 | -75 | 108 | -282 | 432 | -330 | -176 | -484 |
RCUS revenue by segment
| Segment | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Reportable | — | — | 100% | 100% | 100% | 100% | 100% | 100% | -74.4% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
63 filings between Oct 28, 2025 and Aug 21, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$13.62M
42 sales by 7 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 14
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
Also filed: 3 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Jaen Juan C. | — | $9.22M | Jul 10, 2026 |
| Jarrett Jennifer | — | $1.42M | Dec 17, 2025 |
| ROSEN TERRY J | — | $1.20M | Dec 17, 2025 |
| Goeltz II Robert C. | — | $855.9K | May 11, 2026 |
| Azoy Alexander | — | $395.7K | Aug 21, 2026 |
| Tang Carolyn C. | — | $318.5K | Dec 17, 2025 |
| Markus Richard | — | $210.1K | Dec 17, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 21, 2026 | Azoy Alexander Chief Accounting Officer | Option exercise 10b5-1 plan | 2,827 | $43.6K |
| Aug 21, 2026 | Azoy Alexander Chief Accounting Officer | Sale 10b5-1 plan | 2,827 | $84.8K |
| Jul 10, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 268 | $7.9K |
| Jul 10, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 19,799 | $566.4K |
| Jul 9, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 48,502 | $1.46M |
| Jun 24, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 6,431 | $190.7K |
| Jun 23, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 14,067 | $389.5K |
| Jun 23, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 1,697 | $47.6K |
| Jun 22, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 9,236 | $249.7K |
| Jun 11, 2026 | Lambert Nicole Director | Award | 5,700 | $0 |
| Jun 11, 2026 | PERLMAN ANDREW J Director | Award | 5,700 | $0 |
| Jun 11, 2026 | FALBERG KATHRYN E Director | Award | 5,700 | $0 |
| Jun 11, 2026 | KANEKO YASUNORI Director | Award | 5,700 | $0 |
| Jun 11, 2026 | Machado Patrick Director | Award | 5,700 | $0 |
| Jun 11, 2026 | Lacey David L. Director | Award | 5,700 | $0 |
| Jun 11, 2026 | Ribas Antoni Director | Award | 5,700 | $0 |
| Jun 11, 2026 | Tang Carolyn C. General Counsel | Option exercise | 34,090 | $87.7K |
| Jun 1, 2026 | Azoy Alexander Chief Accounting Officer | Sale 10b5-1 plan | 2,562 | $66.0K |
| May 11, 2026 | Goeltz II Robert C. Chief Financial Officer | Sale 10b5-1 plan | 7,763 | $199.0K |
| Jan 23, 2026 | Azoy Alexander Chief Accounting Officer | Award | 21,050 | $0 |
| Jan 23, 2026 | ROSEN TERRY J Chief Executive Officer | Award | 79,000 | $0 |
| Jan 23, 2026 | Jaen Juan C. President | Award | 31,000 | $0 |
| Jan 23, 2026 | Goeltz II Robert C. Chief Financial Officer | Award | 24,000 | $0 |
| Jan 23, 2026 | Jarrett Jennifer Chief Operating Officer | Award | 31,000 | $0 |
| Jan 23, 2026 | Tang Carolyn C. General Counsel | Award | 24,000 | $0 |
| Jan 23, 2026 | Markus Richard Chief Medical Officer | Award | 24,000 | $0 |
| Jan 8, 2026 | ROSEN TERRY J Chief Executive Officer | Gift | 35,000 | $0 |
| Jan 5, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 100 | $2.3K |
| Jan 5, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 29,670 | $633.2K |
| Jan 5, 2026 | Jaen Juan C. President | Sale 10b5-1 plan | 2,053 | $45.9K |
| Dec 31, 2025 | Goeltz II Robert C. Chief Financial Officer | Sale 10b5-1 plan | 6,552 | $153.2K |
| Dec 30, 2025 | ROSEN TERRY J Chief Executive Officer | Gift | 2,400 | $0 |
| Dec 18, 2025 | Azoy Alexander Chief Accounting Officer | Sale 10b5-1 plan | 4,343 | $96.6K |
| Dec 17, 2025 | Tang Carolyn C. General Counsel | Sale 10b5-1 plan | 6,810 | $150.9K |
| Dec 17, 2025 | Jaen Juan C. President | Sale 10b5-1 plan | 9,983 | $221.2K |
| Dec 17, 2025 | Markus Richard Chief Medical Officer | Sale 10b5-1 plan | 4,494 | $99.6K |
| Dec 17, 2025 | Goeltz II Robert C. Chief Financial Officer | Sale 10b5-1 plan | 5,960 | $132.1K |
| Dec 17, 2025 | Jarrett Jennifer Chief Operating Officer | Sale 10b5-1 plan | 9,983 | $221.2K |
| Dec 17, 2025 | Azoy Alexander Chief Accounting Officer | Sale 10b5-1 plan | 2,113 | $46.8K |
| Dec 17, 2025 | ROSEN TERRY J Chief Executive Officer | Sale 10b5-1 plan | 25,744 | $570.5K |
| Dec 16, 2025 | Ribas Antoni Director | Gift | 5,050 | $0 |
| Dec 16, 2025 | Goeltz II Robert C. Chief Financial Officer | Sale 10b5-1 plan | 6,702 | $146.7K |
| Dec 16, 2025 | ROSEN TERRY J Chief Executive Officer | Sale 10b5-1 plan | 28,947 | $633.5K |
| Dec 16, 2025 | Jaen Juan C. President | Sale 10b5-1 plan | 11,225 | $245.7K |
| Dec 16, 2025 | Jarrett Jennifer Chief Operating Officer | Sale 10b5-1 plan | 11,225 | $245.7K |
| Dec 16, 2025 | Azoy Alexander Chief Accounting Officer | Sale 10b5-1 plan | 2,376 | $52.0K |
| Dec 16, 2025 | Tang Carolyn C. General Counsel | Sale 10b5-1 plan | 7,658 | $167.6K |
| Dec 16, 2025 | Markus Richard Chief Medical Officer | Sale 10b5-1 plan | 5,052 | $110.6K |
| Dec 4, 2025 | Jaen Juan C. President | Sale 10b5-1 plan | 82,997 | $2.05M |
| Nov 26, 2025 | Azoy Alexander Chief Accounting Officer | Option exercise 10b5-1 plan | 1,900 | $25.3K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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