Arcus Biosciences (RCUS) Q2 2026 earnings summary

Executive summary

• Advanced casdatifan as a potential $5–10 billion backbone therapy for clear cell RCC, supported by multiple new clinical collaborations (BMS, Summit, AVEO) and foundational research published in Nature linking biomarker changes to clinical outcomes.

• Robust late-stage oncology and immunology portfolio, with quemliclustat advancing in pancreatic cancer and AB102 (MRGPRX2 antagonist) entering the clinic; TNF receptor 1 inhibitor and CCR6 antagonist expected to reach IND or clinic by 2027.

• Gilead's option rights to early-stage pipeline ended in July 2026, with Taiho remaining a key partner in Asia; two major domvanalimab Phase 3 studies discontinued due to futility.

• Multiple ARC-20 data readouts for casdatifan expected in October 2026 and 2H 2026, with PRISM-1 and quemliclustat Phase 3 trial results anticipated in 2027.

• Strong cash position of $775 million as of June 30, 2026, supporting operations through at least the second half of 2028.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $775 million as of June 30, 2026, with a projected year-end balance of $600 million and runway into at least 2H 2028.

• Q2 2026 GAAP revenue was $41 million, down 74% year-over-year due to a prior one-time Gilead revenue event; full-year 2026 GAAP revenue guidance is $65–75 million, primarily from collaborations.

• R&D expenses for Q2 2026 were $113 million, down from $139 million year-over-year, reflecting program wind-downs and cost efficiencies.

• G&A expenses for Q2 2026 were $24 million, with non-cash stock-based compensation of $15 million; G&A declined 17% year-over-year.

• Net loss for Q2 2026 was $91 million, with an accumulated deficit of $1.7 billion as of June 30, 2026.

Outlook and guidance

• Cash runway expected to last until at least the second half of 2028, with a year-end 2026 cash balance of approximately $600 million.

• Multiple Phase 3 data readouts for casdatifan and quemliclustat expected between 2026 and 2028, with additional Phase 3 studies and immunology INDs planned through 2027.

• R&D expenses expected to decline near-term as domvanalimab studies wind down, offset by increased investment in casdatifan and immunology programs.

• No product sales expected in the near term; revenue to be driven by collaborations and license agreements.