$RCUS
Arcus Biosciences, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022014280 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $33.58M $26.76M $18.01M
YoY Change 254.94% 182.83% 90.31%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $26.29M $25.84M $23.97M
YoY Change 60.89% 53.55% 51.54%
% of Gross Profit
Research & Development $76.68M $69.91M $61.21M
YoY Change 7.62% 1.65% -7.8%
% of Gross Profit
Depreciation & Amortization $1.560M $1.505M $1.457M
YoY Change 61.99% 83.54% 82.13%
% of Gross Profit
Operating Expenses $103.0M $95.74M $85.19M
YoY Change 17.56% 11.85% 3.62%
Operating Profit -$69.40M -$68.98M -$67.18M
YoY Change -11.18% -9.4% -7.65%
Interest Expense $5.013M $2.861M $582.0K
YoY Change 3013.66% 1623.49% 288.0%
% of Operating Profit
Other Income/Expense, Net $4.478M $2.350M $191.0K
YoY Change 2681.37% 1315.66% 24.03%
Pretax Income -$64.92M -$66.63M -$66.99M
YoY Change -16.74% -12.29% -7.72%
Income Tax $0.00 $0.00 $1.000M
% Of Pretax Income
Net Earnings -$64.92M -$66.63M -$67.99M
YoY Change -16.74% -12.29% -6.34%
Net Earnings / Revenue -193.32% -249.01% -377.63%
Basic Earnings Per Share -$0.90
Diluted Earnings Per Share -$0.90 -$927.8K -$955.0K
COMMON SHARES
Basic Shares Outstanding 72.16M 71.72M 71.06M
Diluted Shares Outstanding 72.24M 71.80M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.049B $1.173B $1.214B
YoY Change 99.9% 62.66% 46.76%
Cash & Equivalents $217.6M $272.6M $548.8M
Short-Term Investments $831.1M $900.1M $664.8M
Other Short-Term Assets $21.63M $15.67M $18.53M
YoY Change 23.05% -28.66% 112.95%
Inventory
Prepaid Expenses
Receivables $30.71M $39.03M $32.17M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.101B $1.227B $1.264B
YoY Change 101.93% 64.55% 50.16%
LONG-TERM ASSETS
Property, Plant & Equipment $33.89M $33.42M $33.48M
YoY Change 17.61% -44.25% 23.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $143.1M $98.33M $128.8M
YoY Change -34.56% 16.92% 122.13%
Other Assets $10.60M $10.52M $10.89M
YoY Change 34.22% 19.85% 32.77%
Total Long-Term Assets $292.7M $249.3M $279.2M
YoY Change -0.44% 63.13% 199.57%
TOTAL ASSETS
Total Short-Term Assets $1.101B $1.227B $1.264B
Total Long-Term Assets $292.7M $249.3M $279.2M
Total Assets $1.394B $1.477B $1.543B
YoY Change 66.07% 64.31% 65.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.55M $21.98M $18.09M
YoY Change -20.22% 29.65% -26.15%
Accrued Expenses $20.53M $14.44M $16.20M
YoY Change 40.36% 48.75% 114.92%
Deferred Revenue $103.3M $90.12M $89.31M
YoY Change 38.94% 19.77%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.2M $164.0M $161.3M
YoY Change 24.02% 25.81% 22.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.17M $14.68M $13.87M
YoY Change 58.51% -91.04% -89.97%
Total Long-Term Liabilities $16.17M $14.68M $13.87M
YoY Change 58.51% -91.04% -89.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.2M $164.0M $161.3M
Total Long-Term Liabilities $16.17M $14.68M $13.87M
Total Liabilities $695.1M $729.4M $746.8M
YoY Change 134.3% 147.91% 176.3%
SHAREHOLDERS EQUITY
Retained Earnings -$474.9M -$410.0M -$343.3M
YoY Change -14.39% -14.33%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $698.7M $747.4M $796.6M
YoY Change
Total Liabilities & Shareholders Equity $1.394B $1.477B $1.543B
YoY Change 66.07% 64.31% 65.05%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$64.92M -$66.63M -$67.99M
YoY Change -16.74% -12.29% -6.34%
Depreciation, Depletion And Amortization $1.560M $1.505M $1.457M
YoY Change 61.99% 83.54% 82.13%
Cash From Operating Activities -$80.96M -$65.30M $654.0M
YoY Change 50.6% -11.77% -1086.19%
INVESTING ACTIVITIES
Capital Expenditures -$1.318M -$1.514M $2.788M
YoY Change -83.23% -75.24% -23.43%
Acquisitions
YoY Change
Other Investing Activities $24.76M -$213.7M -$265.3M
YoY Change -130.67% -2462.97% -498.91%
Cash From Investing Activities $23.45M -$215.2M -$268.1M
YoY Change -126.46% -7204.56% -526.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.531M 4.346M 14.93M
YoY Change 92.03% 93.07% -93.28%
NET CHANGE
Cash From Operating Activities -80.96M -65.30M 654.0M
Cash From Investing Activities 23.45M -215.2M -268.1M
Cash From Financing Activities 2.531M 4.346M 14.93M
Net Change In Cash -54.98M -276.2M 400.9M
YoY Change -61.02% 301.79% 83.35%
FREE CASH FLOW
Cash From Operating Activities -$80.96M -$65.30M $654.0M
Capital Expenditures -$1.318M -$1.514M $2.788M
Free Cash Flow -$79.64M -$63.79M $651.2M
YoY Change 73.51% -6.05% -1030.88%

Facts In Submission

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CY2022Q1 rcus Stock Issued During Period Value Stock Options Exercised And Vesting Of Restricted Stock
StockIssuedDuringPeriodValueStockOptionsExercisedAndVestingOfRestrictedStock
9928000
CY2022Q1 rcus Stock Issued During Period Value Vesting Of Early Exercised Stock Option
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOption
52000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16541000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-3399000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-67993000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
796579000
CY2022Q2 rcus Stock Issued During Period Value Stock Options Exercised And Vesting Of Restricted Stock
StockIssuedDuringPeriodValueStockOptionsExercisedAndVestingOfRestrictedStock
2050000
CY2022Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2296000
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
15677000
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2584000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
747386000
us-gaap Profit Loss
ProfitLoss
-134625000
us-gaap Profit Loss
ProfitLoss
-148563000
us-gaap Share Based Compensation
ShareBasedCompensation
32218000
us-gaap Share Based Compensation
ShareBasedCompensation
26128000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2962000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1620000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
4000000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1117000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-2380000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-1412000
rcus Acquired In Process Research And Development
AcquiredInProcessResearchAndDevelopment
2500000
rcus Effective Interest On Liability For Sale Of Future Royalties
EffectiveInterestOnLiabilityForSaleOfFutureRoyalties
902000
rcus Receivable From Related Party
ReceivableFromRelatedParty
708815000
rcus Receivable From Related Party
ReceivableFromRelatedParty
381000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-708764000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
526000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-4028000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-18922000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19274000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
224351000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
9086000
rcus Increase Decrease In Other Noncurrent Assets Related Party
IncreaseDecreaseInOtherNoncurrentAssetsRelatedParty
-1322000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
124715000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
12102000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3569000
rcus Increase Decrease In Accrued Research And Development Expenses
IncreaseDecreaseInAccruedResearchAndDevelopmentExpenses
8432000
rcus Increase Decrease In Accrued Research And Development Expenses
IncreaseDecreaseInAccruedResearchAndDevelopmentExpenses
10449000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-10220000
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
163000
rcus Deferred Revenue From Related Party
DeferredRevenueFromRelatedParty
41264000
rcus Deferred Revenue From Related Party
DeferredRevenueFromRelatedParty
15422000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-44764000
rcus Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1184000
rcus Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1003000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
2645000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-2000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
588698000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-140311000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
763131000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
370690000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
262824000
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
438733000
rcus Proceeds From Sale Of Short Term And Long Term Investments
ProceedsFromSaleOfShortTermAndLongTermInvestments
26852000
rcus Proceeds From Sale Of Short Term And Long Term Investments
ProceedsFromSaleOfShortTermAndLongTermInvestments
7500000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4302000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9714000
us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
5500000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-483257000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
65829000
rcus Proceeds From Issuance Of Common Stock From Related Party
ProceedsFromIssuanceOfCommonStockFromRelatedParty
0
rcus Proceeds From Issuance Of Common Stock From Related Party
ProceedsFromIssuanceOfCommonStockFromRelatedParty
220235000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
220235000
rcus Proceeds From Sale Of Future Royalties
ProceedsFromSaleOfFutureRoyalties
5000000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
14274000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4122000
rcus Repurchase Of Unvested Shares Of Stock
RepurchaseOfUnvestedSharesOfStock
6000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
149869000
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
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
275634000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
323487000
us-gaap Income Taxes Paid
IncomeTaxesPaid
2743000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
617000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6488000
rcus Vesting Of Early Exercised Stock Options And Restricted Stock
VestingOfEarlyExercisedStockOptionsAndRestrictedStock
52000
rcus Vesting Of Early Exercised Stock Options And Restricted Stock
VestingOfEarlyExercisedStockOptionsAndRestrictedStock
358000
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, provided that the Company has not exercised its opt-out rights, if any, co-commercialize the program in the U.S., 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: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;">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 June 30, 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;">1,271.1</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>
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: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 used include the determination of 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, uncertain tax positions, and valuation allowance for deferred tax assets. 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>
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
147914000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
900147000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
351394000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
98329000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
181990000
CY2022Q2 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
1271105000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
272629000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
320482000
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3005000
CY2021Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
3005000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
275634000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
323487000
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's investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer. 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>
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
272629000
CY2021Q4 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
681298000
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
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
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0
CY2021 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
1278349000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
13000
CY2022Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
7257000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1271105000
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
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12942000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
16648000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
236000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4938000
CY2022Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
18000
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
1815000
CY2022Q2 rcus Other Accrued Liabilities
OtherAccruedLiabilities
1242000
CY2021Q4 rcus Other Accrued Liabilities
OtherAccruedLiabilities
780000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14438000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24181000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Both leases are subject to options by the Company to extend the lease terms.
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
rcus Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
4421000
rcus Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
2000000
rcus Cash Received From Tenant Improvement Allowances
CashReceivedFromTenantImprovementAllowances
8381000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3029000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
24473000
rcus Recognition Of Tenant Improvement Allowance Receivable
RecognitionOfTenantImprovementAllowanceReceivable
5791000
rcus Recognition Of Tenant Improvement Allowance Receivable
RecognitionOfTenantImprovementAllowanceReceivable
10598000
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26759000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9461000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
44764000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
18922000
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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