$RCUS
Arcus Biosciences, Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021003471 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $354.5M $9.461M $64.53M
YoY Change 3636.68% -85.34% 3587.43%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $23.30M $16.34M $11.18M
YoY Change 82.14% 46.18% 44.07%
% of Gross Profit
Research & Development $49.94M $71.25M $51.80M
YoY Change 2.52% 37.55% 200.47%
% of Gross Profit
Depreciation & Amortization $1.260M $963.0K $800.0K
YoY Change 80.0% 20.38% -11.11%
% of Gross Profit
Operating Expenses $73.23M $87.60M $62.98M
YoY Change 19.08% 39.09% 151.92%
Operating Profit -$78.14M $1.552M
YoY Change -5134.54%
Interest Expense $176.0K $161.0K $270.0K
YoY Change 10.0% -40.37% -70.0%
% of Operating Profit 17.4%
Other Income/Expense, Net -$260.0K $161.0K $270.0K
YoY Change -40.37% -69.9%
Pretax Income $281.2M -$77.98M $1.820M
YoY Change -642.3% -4384.34% -108.14%
Income Tax $1.815M $0.00
% Of Pretax Income 0.65%
Net Earnings $279.4M -$77.98M $1.822M
YoY Change -638.77% -4379.64% -108.15%
Net Earnings / Revenue 78.81% -824.17% 2.82%
Basic Earnings Per Share -$1.11 $0.03
Diluted Earnings Per Share $3.143M -$1.11 $0.03
COMMON SHARES
Basic Shares Outstanding 70.25M 70.11M 62.60M
Diluted Shares Outstanding 70.11M 65.15M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $499.3M $524.6M $782.4M
YoY Change -31.47% -32.94% 309.63%
Cash & Equivalents $147.9M $179.4M $221.8M
Short-Term Investments $351.4M $345.2M $560.6M
Other Short-Term Assets $15.62M $17.57M $11.80M
YoY Change 184.0% 48.93% 180.95%
Inventory
Prepaid Expenses
Receivables $746.8M $3.072M $3.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.262B $545.3M $797.2M
YoY Change 71.48% -31.6% 297.61%
LONG-TERM ASSETS
Property, Plant & Equipment $32.46M $28.82M $8.700M
YoY Change 200.31% 231.24% -13.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $182.0M $218.7M $2.700M
YoY Change 2743.59% 8001.11% -55.0%
Other Assets $7.730M $7.896M $2.400M
YoY Change 23.76% 229.0% 380.0%
Total Long-Term Assets $330.1M $294.0M $13.90M
YoY Change 805.09% 2015.12% -15.76%
TOTAL ASSETS
Total Short-Term Assets $1.262B $545.3M $797.2M
Total Long-Term Assets $330.1M $294.0M $13.90M
Total Assets $1.592B $839.3M $811.1M
YoY Change 106.13% 3.48% 273.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.26M $13.22M $8.100M
YoY Change -34.57% 63.2% 179.31%
Accrued Expenses $24.18M $14.63M $7.496M
YoY Change 153.39% 95.1% -22.72%
Deferred Revenue $102.0M $74.34M
YoY Change 36.79%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $166.1M $142.9M $162.9M
YoY Change 36.5% -12.3% 672.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.260M $10.20M $103.8M
YoY Change 868.69% -90.17% 455.08%
Total Long-Term Liabilities $5.260M $10.20M $103.8M
YoY Change 868.69% -90.17% 455.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $166.1M $142.9M $162.9M
Total Long-Term Liabilities $5.260M $10.20M $103.8M
Total Liabilities $750.4M $296.7M $266.7M
YoY Change 177.96% 11.24% 571.79%
SHAREHOLDERS EQUITY
Retained Earnings -$275.4M -$554.7M
YoY Change -16.1%
Common Stock $7.000K $7.000K
YoY Change 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $841.5M $542.6M $544.4M
YoY Change
Total Liabilities & Shareholders Equity $1.592B $839.3M $811.1M
YoY Change 106.13% 3.48% 273.85%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $279.4M -$77.98M $1.822M
YoY Change -638.77% -4379.64% -108.15%
Depreciation, Depletion And Amortization $1.260M $963.0K $800.0K
YoY Change 80.0% 20.38% -11.11%
Cash From Operating Activities -$62.10M -$53.76M $216.3M
YoY Change 24.45% -124.85% -889.42%
INVESTING ACTIVITIES
Capital Expenditures -$8.506M -$7.858M -$1.000M
YoY Change 431.63% 685.8% 100.0%
Acquisitions
YoY Change
Other Investing Activities $27.42M -$80.75M -$386.0M
YoY Change 2009.23% -79.08% -1349.19%
Cash From Investing Activities $18.91M -$88.61M -$387.1M
YoY Change -6404.67% -77.11% -1377.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.67M 1.318M 107.5M
YoY Change 586.53% -98.77%
NET CHANGE
Cash From Operating Activities -62.10M -53.76M 216.3M
Cash From Investing Activities 18.91M -88.61M -387.1M
Cash From Financing Activities 11.67M 1.318M 107.5M
Net Change In Cash -31.52M -141.0M -63.30M
YoY Change -35.01% 122.83% -2282.76%
FREE CASH FLOW
Cash From Operating Activities -$62.10M -$53.76M $216.3M
Capital Expenditures -$8.506M -$7.858M -$1.000M
Free Cash Flow -$53.60M -$45.90M $217.3M
YoY Change 10.97% -121.12% -907.81%

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6002000
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q1 rcus Stock Issued During Period Value Stock Options Exercised And Vesting Of Restricted Stock
StockIssuedDuringPeriodValueStockOptionsExercisedAndVestingOfRestrictedStock
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CY2021Q1 rcus Stock Issued During Period Value Vesting Of Early Exercised Stock Option
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOption
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
12761000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
664790000
CY2021Q2 rcus Stock Issued During Period Value Stock Options Exercised And Vesting Of Restricted Stock
StockIssuedDuringPeriodValueStockOptionsExercisedAndVestingOfRestrictedStock
843000
CY2021Q2 rcus Stock Issued During Period Value Vesting Of Early Exercised Stock Option
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOption
175000
CY2021Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1394000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13367000
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-44000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
604555000
CY2021Q3 rcus Stock Issued During Period Value Stock Options Exercised And Vesting Of Restricted Stock
StockIssuedDuringPeriodValueStockOptionsExercisedAndVestingOfRestrictedStock
1318000
CY2021Q3 rcus Stock Issued During Period Value Vesting Of Early Exercised Stock Option
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOption
170000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
14585000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
5082000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
6906000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-750000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1373000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-5424000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3165000
rcus Increase Decrease In Accrued Research And Development Expenses
IncreaseDecreaseInAccruedResearchAndDevelopmentExpenses
19163000
rcus Increase Decrease In Accrued Research And Development Expenses
IncreaseDecreaseInAccruedResearchAndDevelopmentExpenses
23665000
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-46000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
542607000
us-gaap Profit Loss
ProfitLoss
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us-gaap Profit Loss
ProfitLoss
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us-gaap Share Based Compensation
ShareBasedCompensation
40713000
us-gaap Share Based Compensation
ShareBasedCompensation
13934000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2583000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2371000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1701000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
552000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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rcus Receivable From Related Party
ReceivableFromRelatedParty
-326000
rcus Receivable From Related Party
ReceivableFromRelatedParty
2504000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
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us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
2447000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5290000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
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rcus Increase Decrease In Other Current Liabilities Related Party
IncreaseDecreaseInOtherCurrentLiabilitiesRelatedParty
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rcus Increase Decrease In Other Current Liabilities Related Party
IncreaseDecreaseInOtherCurrentLiabilitiesRelatedParty
1869000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
1869000
rcus Deferred Revenue From Related Party
DeferredRevenueFromRelatedParty
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rcus Deferred Revenue From Related Party
DeferredRevenueFromRelatedParty
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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-28383000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
187890000
rcus Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1405000
rcus Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-790000
rcus Increase Decrease In Other Long Term Liabilities Related Party
IncreaseDecreaseInOtherLongTermLiabilitiesRelatedParty
0
rcus Increase Decrease In Other Long Term Liabilities Related Party
IncreaseDecreaseInOtherLongTermLiabilitiesRelatedParty
7344000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
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us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-194068000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
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rcus Proceeds From Sale Of Short Term And Long Term Investments
ProceedsFromSaleOfShortTermAndLongTermInvestments
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rcus Proceeds From Sale Of Short Term And Long Term Investments
ProceedsFromSaleOfShortTermAndLongTermInvestments
1003000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17572000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1536000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-22782000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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rcus Proceeds From Issuance Of Common Stock From Related Party
ProceedsFromIssuanceOfCommonStockFromRelatedParty
220235000
rcus Proceeds From Issuance Of Common Stock From Related Party
ProceedsFromIssuanceOfCommonStockFromRelatedParty
164207000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
220235000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
433776000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3271000
rcus Repurchase Of Unvested Shares Of Stock
RepurchaseOfUnvestedSharesOfStock
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rcus Repurchase Of Unvested Shares Of Stock
RepurchaseOfUnvestedSharesOfStock
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8819000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
163912000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222052000
rcus Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
3074000
rcus Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
1572000
rcus Cash Received From Tenant Improvement Allowances
CashReceivedFromTenantImprovementAllowances
792000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
24473000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13004000
rcus Recognition Of Tenant Improvement Allowance Receivable Included In Other Current Assets
RecognitionOfTenantImprovementAllowanceReceivableIncludedInOtherCurrentAssets
10598000
rcus Recognition Of Tenant Improvement Allowance Receivable Included In Other Current Assets
RecognitionOfTenantImprovementAllowanceReceivableIncludedInOtherCurrentAssets
979000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
245000
rcus Unpaid Portion Of Other Assets Included In Accrued Research And Development
UnpaidPortionOfOtherAssetsIncludedInAccruedResearchAndDevelopment
3000000
rcus Unpaid Portion Of Other Assets Included In Accrued Research And Development
UnpaidPortionOfOtherAssetsIncludedInAccruedResearchAndDevelopment
0
rcus Vesting Of Early Exercised Stock Options And Restricted Stock
VestingOfEarlyExercisedStockOptionsAndRestrictedStock
529000
rcus Vesting Of Early Exercised Stock Options And Restricted Stock
VestingOfEarlyExercisedStockOptionsAndRestrictedStock
643000
rcus Unpaid Portion Of Financing Costs Included In Accrued Liabilities
UnpaidPortionOfFinancingCostsIncludedInAccruedLiabilities
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us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Note 1. Organization</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Description of Business</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Arcus Biosciences, Inc. (the Company) is a clinical-stage biopharmaceutical company focused on creating best-in-class cancer therapies. The Company’s initial focus has been on well-characterized biological pathways with significant scientific data supporting their importance. Since its inception in 2015, the Company has built a robust and highly efficient drug discovery capability to create highly differentiated small molecules, which the Company is developing in combination with its in-licensed monoclonal antibodies through rationally designed, indication-specific clinical trial designs. The Company currently has </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">six</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> investigational products in clinical development: domvanalimab (formerly referred to as AB154), etrumadenant (formerly referred to as AB928), quemliclustat (formerly referred to as AB680), zimberelimab (formerly referred to as AB122), AB308 and AB521.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Liquidity and Capital Resources</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">As of September 30, 2021, the Company had cash and investments of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">$</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">743.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> m</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">illion, which are cash, cash equivalents, and investments in marketable securities, which the Company believes will be sufficient to fund its planned operations for a period of at least twelve months following the date of filing of this report.</span></p>
rcus Number Of Investigational Product
NumberOfInvestigationalProduct
6
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as related disclosures of contingent assets and liabilities. Estimates were used to determine the standalone selling price of performance obligations and the timing of revenue recognition, the value of stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, and uncertain tax positions. Actual results could differ materially from the Company’s estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
179432000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
221849000
CY2021Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3005000
CY2020Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
203000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
182437000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
222052000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2458333333333333;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Cash equivalents, short-term and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. The Company invests in money market funds, treasury bills and notes, government bonds, commercial paper and corporate notes. The Company limits its credit risk associated with cash equivalents, short-term and long-term investments by placing them with banks and institutions it believes are credit worthy and in highly rated investments.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2020Q4 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
735086000
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2020 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2021Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
179432000
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
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CY2021Q3 us-gaap Available For Sale Securities Current
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CY2020Q4 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
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CY2021Q3 us-gaap Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
218730000
CY2020Q4 us-gaap Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
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CY2021Q3 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
743372000
CY2020 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
us-gaap Provision For Loan Losses Expensed
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CY2020 us-gaap Provision For Loan Losses Expensed
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CY2021Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
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CY2021Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
62000
CY2021Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
154000
CY2021Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
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CY2020Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
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CY2020Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
57000
CY2020Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
13000
CY2020Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
735086000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
295000
CY2021Q3 rcus Other Accrued Liabilities
OtherAccruedLiabilities
603000
CY2020Q4 rcus Other Accrued Liabilities
OtherAccruedLiabilities
616000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14625000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9543000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13499000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8632000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
523000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
the lease amendment and replaced by two options to extend the lease term for the entire 150,753 square feet then under lease in the Hayward premises for a period of eight years each.
CY2021Q2 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2021Q2 rcus Operating Lease Option To Extend Lease Term
OperatingLeaseOptionToExtendLeaseTerm
P8Y
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y3M18D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.052
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1500000
us-gaap Operating Lease Cost
OperatingLeaseCost
4100000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
700000
us-gaap Operating Lease Cost
OperatingLeaseCost
1800000
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
300000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
100000
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35600000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
51700000
CY2021Q3 rcus Lessee Operating Lease Tenant Improvement Allowance Receivable
LesseeOperatingLeaseTenantImprovementAllowanceReceivable
10800000
rcus Lessee Operating Lease Tenant Improvement Allowance Receivable Expected Period
LesseeOperatingLeaseTenantImprovementAllowanceReceivableExpectedPeriod
P1Y
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2800000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
48900000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1159000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5722000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5908000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6101000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6302000
CY2021Q3 rcus Lessee Operating Lease Liability Payments Due Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueThereafter
42489000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
67681000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
15905000
CY2021Q3 rcus Lessee Operating Lease Tenant Improvement Allowance Receivable
LesseeOperatingLeaseTenantImprovementAllowanceReceivable
10785000
CY2021Q3 rcus Operating Lease Liability Net Of Tenant Improvement Allowances Receivable
OperatingLeaseLiabilityNetOfTenantImprovementAllowancesReceivable
40991000
CY2021Q3 rcus Tenant Improvement Allowance Expected To Be Received In Less Than One Year Net Of Current Portion Of Lease Liability
TenantImprovementAllowanceExpectedToBeReceivedInLessThanOneYearNetOfCurrentPortionOfLeaseLiability
7952000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
48943000
us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
LesseeOperatingLeaseLeaseNotYetCommencedDescription
Total undiscounted future minimum lease payments do not include approximately $90.3 million and $5.3 million, respectively, related to the Company’s Brisbane lease and its additional space in Hayward, neither of which have yet commenced.
CY2021Q3 us-gaap Security Deposit
SecurityDeposit
3000000.0
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9461000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64530000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28383000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68030000
CY2021Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
9461000
CY2020Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1750000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
28383000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
5250000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14585000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6002000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
40713000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13934000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-77975000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
1822000
us-gaap Net Income Loss
NetIncomeLoss
-226538000
us-gaap Net Income Loss
NetIncomeLoss
-71005000
CY2021Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
71286685
CY2020Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
64132283
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
70296187
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
53452007
CY2021Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1176547
CY2020Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1533090
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1305897
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1599760
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70110138
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62599193
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68990290
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51852247
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2538926
CY2020Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
7588
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65145707
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68990290
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51852247
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.11
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.37
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.11
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.37
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14191837
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3442953
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14191837
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10073646

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