$RCUS
Arcus Biosciences, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022008502 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $26.76M $18.01M $9.461M
YoY Change 182.83% 90.31% 440.63%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.84M $23.97M $15.82M
YoY Change 53.55% 51.54% 125.68%
% of Gross Profit
Research & Development $69.91M $61.21M $66.39M
YoY Change 1.65% -7.8% 186.87%
% of Gross Profit
Depreciation & Amortization $1.505M $1.457M $800.0K
YoY Change 83.54% 82.13% 0.0%
% of Gross Profit
Operating Expenses $95.74M $85.19M $82.21M
YoY Change 11.85% 3.62% 172.66%
Operating Profit -$68.98M -$67.18M -$72.75M
YoY Change -9.4% -7.65% 156.15%
Interest Expense $2.861M $582.0K $150.0K
YoY Change 1623.49% 288.0% -76.92%
% of Operating Profit
Other Income/Expense, Net $2.350M $191.0K $154.0K
YoY Change 1315.66% 24.03%
Pretax Income -$66.63M -$66.99M -$72.59M
YoY Change -12.29% -7.72% 161.6%
Income Tax $0.00 $1.000M $0.00
% Of Pretax Income
Net Earnings -$66.63M -$67.99M -$72.59M
YoY Change -12.29% -6.34% 161.57%
Net Earnings / Revenue -249.01% -377.63% -767.29%
Basic Earnings Per Share
Diluted Earnings Per Share -$927.8K -$955.0K -$1.082M
COMMON SHARES
Basic Shares Outstanding 71.72M 71.06M 70.88M
Diluted Shares Outstanding 71.80M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.173B $1.214B $826.9M
YoY Change 62.66% 46.76% 423.69%
Cash & Equivalents $272.6M $548.8M $390.3M
Short-Term Investments $900.1M $664.8M $436.7M
Other Short-Term Assets $15.67M $18.53M $8.700M
YoY Change -28.66% 112.95% 8.75%
Inventory
Prepaid Expenses
Receivables $39.03M $32.17M $6.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.227B $1.264B $841.9M
YoY Change 64.55% 50.16% 406.51%
LONG-TERM ASSETS
Property, Plant & Equipment $33.42M $33.48M $27.10M
YoY Change -44.25% 23.55% 209.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $98.33M $128.8M $58.00M
YoY Change 16.92% 122.13%
Other Assets $10.52M $10.89M $8.200M
YoY Change 19.85% 32.77% 751.51%
Total Long-Term Assets $249.3M $279.2M $93.20M
YoY Change 63.13% 199.57% 838.85%
TOTAL ASSETS
Total Short-Term Assets $1.227B $1.264B $841.9M
Total Long-Term Assets $249.3M $279.2M $93.20M
Total Assets $1.477B $1.543B $935.1M
YoY Change 64.31% 65.05% 430.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.98M $18.09M $24.50M
YoY Change 29.65% -26.15% 909.89%
Accrued Expenses $14.44M $16.20M $7.536M
YoY Change 48.75% 114.92% -25.9%
Deferred Revenue $90.12M $89.31M $74.57M
YoY Change 19.77% 965.3%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $164.0M $161.3M $132.1M
YoY Change 25.81% 22.07% 528.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.68M $13.87M $138.3M
YoY Change -91.04% -89.97% 21509.38%
Total Long-Term Liabilities $14.68M $13.87M $138.3M
YoY Change -91.04% -89.97% 21509.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $164.0M $161.3M $132.1M
Total Long-Term Liabilities $14.68M $13.87M $138.3M
Total Liabilities $729.4M $746.8M $270.3M
YoY Change 147.91% 176.3% 661.28%
SHAREHOLDERS EQUITY
Retained Earnings -$410.0M -$343.3M -$400.8M
YoY Change -14.33% 71.95%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0% 75.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $747.4M $796.6M $664.8M
YoY Change
Total Liabilities & Shareholders Equity $1.477B $1.543B $935.1M
YoY Change 64.31% 65.05% 430.88%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$66.63M -$67.99M -$72.59M
YoY Change -12.29% -6.34% 161.57%
Depreciation, Depletion And Amortization $1.505M $1.457M $800.0K
YoY Change 83.54% 82.13% 0.0%
Cash From Operating Activities -$65.30M $654.0M -$66.32M
YoY Change -11.77% -1086.19% 112.03%
INVESTING ACTIVITIES
Capital Expenditures -$1.514M $2.788M $3.641M
YoY Change -75.24% -23.43% 1642.11%
Acquisitions
YoY Change
Other Investing Activities -$213.7M -$265.3M $66.50M
YoY Change -2462.97% -498.91% 65.01%
Cash From Investing Activities -$215.2M -$268.1M $62.83M
YoY Change -7204.56% -526.67% 56.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $220.2M
YoY Change 34151.17%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.346M 14.93M 222.1M
YoY Change 93.07% -93.28% 36313.11%
NET CHANGE
Cash From Operating Activities -65.30M 654.0M -66.32M
Cash From Investing Activities -215.2M -268.1M 62.83M
Cash From Financing Activities 4.346M 14.93M 222.1M
Net Change In Cash -276.2M 400.9M 218.6M
YoY Change 301.79% 83.35% 2228.58%
FREE CASH FLOW
Cash From Operating Activities -$65.30M $654.0M -$66.32M
Capital Expenditures -$1.514M $2.788M $3.641M
Free Cash Flow -$63.79M $651.2M -$69.96M
YoY Change -6.05% -1030.88% 122.18%

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IncreaseDecreaseInAccruedResearchAndDevelopmentExpenses
4716000
CY2022Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-8462000
CY2021Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-2007000
CY2022Q1 rcus Deferred Revenue From Related Party
DeferredRevenueFromRelatedParty
16255000
CY2021Q1 rcus Deferred Revenue From Related Party
DeferredRevenueFromRelatedParty
7711000
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-18005000
CY2021Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-9461000
CY2022Q1 rcus Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
92000
CY2021Q1 rcus Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-605000
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
2270000
CY2021Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-2000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
654001000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-66316000
CY2022Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
377573000
CY2021Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
192398000
CY2022Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
93817000
CY2021Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
251365000
CY2022Q1 rcus Proceeds From Sale Of Short Term And Long Term Investments
ProceedsFromSaleOfShortTermAndLongTermInvestments
18484000
CY2021Q1 rcus Proceeds From Sale Of Short Term And Long Term Investments
ProceedsFromSaleOfShortTermAndLongTermInvestments
7500000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2788000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3641000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-268060000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
62826000
CY2022Q1 rcus Proceeds From Issuance Of Common Stock From Related Party
ProceedsFromIssuanceOfCommonStockFromRelatedParty
0
CY2021Q1 rcus Proceeds From Issuance Of Common Stock From Related Party
ProceedsFromIssuanceOfCommonStockFromRelatedParty
220235000
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
220235000
CY2022Q1 rcus Proceeds From Sale Of Future Royalties
ProceedsFromSaleOfFutureRoyalties
5000000
CY2022Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
9928000
CY2021Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1885000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14928000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
222120000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
400869000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
218630000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
150919000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
173618000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
551788000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
392248000
CY2022Q1 rcus Unpaid Acquisition Of In Process Research And Development
UnpaidAcquisitionOfInProcessResearchAndDevelopment
2500000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
691000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2784000
CY2022Q1 rcus Vesting Of Early Exercised Stock Options And Restricted Stock
VestingOfEarlyExercisedStockOptionsAndRestrictedStock
52000
CY2021Q1 rcus Vesting Of Early Exercised Stock Options And Restricted Stock
VestingOfEarlyExercisedStockOptionsAndRestrictedStock
183000
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">Arcus Biosciences, Inc. (the Company) is a clinical-stage biopharmaceutical company focused on creating best-in-class cancer therapies. Using its robust and highly efficient drug discovery capability, the Company has now advanced six investigational products into clinical development, with its most advanced molecule, an anti-TIGIT antibody, now in two Phase 3 registrational studies. The Company’s deep portfolio of novel small molecules and enabling antibodies allows it to create highly differentiated combination therapies, which the Company is developing to treat multiple large tumor types including lung, colorectal, prostate and pancreatic cancers. The Company expects its clinical-stage portfolio to continue to expand and to include molecules targeting both immuno-oncology and cancer cell-intrinsic pathways. The Company’s vision is to create, develop and commercialize highly differentiated combination cancer therapies that have a meaningful impact on patients. 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;min-width:fit-content;">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;min-width:fit-content;"> investigational products in clinical development: domvanalimab (previously referred to as AB154), etrumadenant (previously referred to as AB928), quemliclustat (previously referred to as AB680), zimberelimab (previously referred to as AB122), AB308 and AB521.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">In 2020, the Company entered into an Option, License and Collaboration Agreement (Gilead Collaboration Agreement) with Gilead Sciences, Inc. (Gilead), whereby Gilead obtained an exclusive license to zimberelimab and time-limited exclusive options to all of the Company's then-current and future programs during the 10-year collaboration term. In December 2021, Gilead obtained rights to an additional </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;min-width:fit-content;">four</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;min-width:fit-content;"> of the Company's investigational products: domvanalimab, etrumadenant, quemliclustat and AB308. For each program to which Gilead exercised or exercises its option, the parties will co-develop globally and co-commercialize the program in the U.S., subject to certain exceptions, and Gilead will have the right to commercialize the program outside of the United States, subject to the rights of our existing partners in certain territories.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">Liquidity and Capital Resources</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">As of March 31, 2022, 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;min-width:fit-content;">$</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;min-width:fit-content;">1,342.4</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;min-width:fit-content;"> 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;min-width:fit-content;">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>
CY2022Q1 rcus Number Of Investigational Product
NumberOfInvestigationalProduct
6
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
548783000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
390260000
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3005000
CY2021Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1988000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
551788000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
392248000
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;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;min-width:fit-content;">Concent</span><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;min-width:fit-content;">ration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.1020833333333333;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;min-width:fit-content;">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, corporate notes, and certificates of deposit. 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;min-width:fit-content;"> </span></p>
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1470000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
927000
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
548783000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
147914000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
664751000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
351394000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
128836000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
181990000
CY2022Q1 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
1342370000
CY2021Q4 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
681298000
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2021 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2022Q1 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0
CY2021 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
1347030000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
41000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4701000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1342370000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
682559000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1265000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
681298000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11665000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16648000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
234000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4938000
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2819000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1815000
CY2022Q1 rcus Other Accrued Liabilities
OtherAccruedLiabilities
1478000
CY2021Q4 rcus Other Accrued Liabilities
OtherAccruedLiabilities
780000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
16196000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24181000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18005000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9461000
CY2022Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
18005000
CY2021Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
9461000
CY2021Q4 rcus Option Continuation Payment Due Upon Second Anniversary Of Agreement
OptionContinuationPaymentDueUponSecondAnniversaryOfAgreement
100000000
CY2021Q4 rcus Deferred Revenues At Amendment Closing Date
DeferredRevenuesAtAmendmentClosingDate
165086000
CY2021Q4 rcus Option Payment For Domvanalimab
OptionPaymentForDomvanalimab
275000000
CY2021Q4 rcus Option Payment For Etrumadenant
OptionPaymentForEtrumadenant
250000000
CY2021Q4 rcus Option Payment For Quemliclustat
OptionPaymentForQuemliclustat
200000000
CY2021Q4 rcus Allocation Of Transaction Price
AllocationOfTransactionPrice
890086000
CY2021Q4 rcus Domvanalimab License
DomvanalimabLicense
328838000
CY2021Q4 rcus Etrumadenant License And Research And Development Activities
EtrumadenantLicenseAndResearchAndDevelopmentActivities
218722000
CY2021Q4 rcus Quemliclustat License And Research And Development Activities
QuemliclustatLicenseAndResearchAndDevelopmentActivities
175618000
CY2021Q4 rcus Domvanalimab Research And Development Activities
DomvanalimabResearchAndDevelopmentActivities
34528000
CY2021Q4 rcus Zimberelimab Research And Development Services
ZimberelimabResearchAndDevelopmentServices
11243000
CY2021Q4 rcus Access Rights Related To Company S Research And Development Pipeline
AccessRightsRelatedToCompanySResearchAndDevelopmentPipeline
84076000
CY2021Q4 rcus Material Rights To Option Continuation Periods
MaterialRightsToOptionContinuationPeriods
37061000
CY2021Q4 rcus Allocation To Performance Obligations
AllocationToPerformanceObligations
890086000
CY2021 rcus Remaining Capitalized Fees At Closing
RemainingCapitalizedFeesAtClosing
3800000
CY2021 rcus Fees Allocated Among Performance Obligations
FeesAllocatedAmongPerformanceObligations
8300000
CY2021Q1 rcus Development Milestone Expense
DevelopmentMilestoneExpense
0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16541000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12761000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000.0
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.014
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-67993000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-72593000
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
71194778
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
68476799
CY2021Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1394638
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
71194778
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
67082161
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.96
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.08
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14225764
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14706123

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