$RCUS
Arcus Biosciences, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023005112 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $25.00M $33.66M $112.0M
YoY Change 38.85% -90.51% -70.75%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $30.00M $27.90M $104.0M
YoY Change 25.14% 19.75% 43.87%
% of Gross Profit
Research & Development $81.00M $80.20M $288.0M
YoY Change 32.33% 60.61% 12.35%
% of Gross Profit
Depreciation & Amortization $2.000M $1.478M $6.000M
YoY Change 37.27% 17.3% 56.13%
% of Gross Profit
Operating Expenses $111.0M $108.1M $392.0M
YoY Change 30.3% 47.61% 19.28%
Operating Profit -$86.00M -$280.0M
YoY Change 28.01% -616.15%
Interest Expense $9.000M $7.544M $16.00M
YoY Change 1446.39% 4186.36% 2335.31%
% of Operating Profit
Other Income/Expense, Net -$1.000M -$563.0K $14.00M
YoY Change -623.56% 116.54% 3426.45%
Pretax Income -$78.00M -$67.46M -$266.0M
YoY Change 16.44% -123.99% -586.78%
Income Tax $2.000M -$4.000K $1.000M
% Of Pretax Income
Net Earnings -$80.00M -$67.46M -$267.0M
YoY Change 17.66% -124.15% -605.39%
Net Earnings / Revenue -320.0% -200.43% -238.39%
Basic Earnings Per Share -$1.09 -$3.71
Diluted Earnings Per Share -$1.10 -$0.93 -$3.71
COMMON SHARES
Basic Shares Outstanding 73.01M 72.41M 72.00M
Diluted Shares Outstanding 73.00M shares 72.00M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $954.0M $1.009B $1.009B
YoY Change -21.39% 102.08% 102.08%
Cash & Equivalents $238.0M $206.0M $206.0M
Short-Term Investments $716.0M $803.0M $803.0M
Other Short-Term Assets $25.00M $19.00M $19.00M
YoY Change 34.94% 21.64% 21.64%
Inventory
Prepaid Expenses
Receivables $36.00M $39.00M $39.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.015B $1.067B $1.067B
YoY Change -19.71% -15.43% -15.43%
LONG-TERM ASSETS
Property, Plant & Equipment $37.00M $35.00M $135.0M
YoY Change 10.51% 7.84% -1.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $90.00M $129.0M $129.0M
YoY Change -30.14% -29.12% -29.12%
Other Assets $112.0M $114.0M $14.00M
YoY Change 928.75% 1374.77% 30.41%
Total Long-Term Assets $239.0M $278.0M $278.0M
YoY Change -14.4% -15.8% -15.8%
TOTAL ASSETS
Total Short-Term Assets $1.015B $1.067B $1.067B
Total Long-Term Assets $239.0M $278.0M $278.0M
Total Assets $1.254B $1.345B $1.345B
YoY Change -18.75% -15.51% -15.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.00M $20.00M $20.00M
YoY Change 54.75% 94.91% 94.91%
Accrued Expenses $49.00M $76.00M $76.00M
YoY Change 202.54% 214.3% 46.29%
Deferred Revenue $97.00M
YoY Change -4.9%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $179.0M $193.0M $193.0M
YoY Change 11.0% 16.21% 16.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $475.0M $140.0M $495.0M
YoY Change 3323.67% 2561.6% -15.29%
Total Long-Term Liabilities $475.0M $140.0M $495.0M
YoY Change 3323.67% 2561.6% -15.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $179.0M $193.0M $193.0M
Total Long-Term Liabilities $475.0M $140.0M $495.0M
Total Liabilities $654.0M $333.0M $688.0M
YoY Change -12.43% -55.63% -8.32%
SHAREHOLDERS EQUITY
Retained Earnings -$542.0M
YoY Change 96.84%
Common Stock $1.206B
YoY Change 17228471.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $600.0M $657.0M $657.0M
YoY Change
Total Liabilities & Shareholders Equity $1.254B $1.345B $1.345B
YoY Change -18.75% -15.51% -15.51%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$80.00M -$67.46M -$267.0M
YoY Change 17.66% -124.15% -605.39%
Depreciation, Depletion And Amortization $2.000M $1.478M $6.000M
YoY Change 37.27% 17.3% 56.13%
Cash From Operating Activities -$98.00M -$69.74M $438.0M
YoY Change -114.98% 12.3% -270.98%
INVESTING ACTIVITIES
Capital Expenditures $3.000M $380.0K $6.000M
YoY Change 7.6% -104.47% -76.99%
Acquisitions
YoY Change
Other Investing Activities $132.0M $47.19M -$407.0M
YoY Change -149.76% 72.1% -1932.51%
Cash From Investing Activities $129.0M $46.81M -$413.0M
YoY Change -148.12% 147.49% 10577.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000M 11.20M 33.00M
YoY Change -93.3% -4.08% -86.1%
NET CHANGE
Cash From Operating Activities -98.00M -69.74M 438.0M
Cash From Investing Activities 129.0M 46.81M -413.0M
Cash From Financing Activities 1.000M 11.20M 33.00M
Net Change In Cash 32.00M -11.73M 58.00M
YoY Change -92.02% -62.77% -355.52%
FREE CASH FLOW
Cash From Operating Activities -$98.00M -$69.74M $438.0M
Capital Expenditures $3.000M $380.0K $6.000M
Free Cash Flow -$101.0M -$70.12M $432.0M
YoY Change -115.51% 30.83% -253.06%

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CY2021 rcus Proceeds From Issuance Of Common Stock From Related Party
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10000000
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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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58000000
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CapitalExpendituresIncurredButNotYetPaid
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CY2022 us-gaap Nature Of Operations
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 1. Organization, liquidity and capital resources</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Organization</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Arcus Biosciences, Inc. (referred to as “Arcus,” “we,” “our,” “us,” or the “Company”) is a clinical-stage biopharmaceutical company focused on creating best-in-class therapies. Using our robust and highly efficient drug discovery capability, we have created a significant portfolio of investigational products which are in clinical development, with our most advanced molecule, an anti-TIGIT antibody, now in four Phase 3 registrational studies targeting lung and gastrointestinal cancers. Our deep portfolio of novel small molecules and enabling antibodies allows us to create highly differentiated therapies, which we are developing to treat multiple large indications.</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">We operate and manage our business as </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">one</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> reportable and operating segment, which is the business of developing and commercializing highly differentiated therapies that have a meaningful impact on patients.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Liquidity and Capital Resources</span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">As of December 31, 2022, we had cash, cash equivalents and marketable securities 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">$</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1.14</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> billion</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, which we believe will be sufficient to fund our planned operations for a period of at least twelve months following the date of filing of this report.</span></p>
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1
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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the 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 and related disclosures. We base our estimates on historical experience and on various market-specific and other relevant assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Estimates are assessed each period and updated to reflect current information. Actual results may differ materially from those estimates.</span></p>
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CY2022 rcus Effective Income Tax Rate Reconciliation Nondeductible Expenses And Other
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CY2021 rcus Effective Income Tax Rate Reconciliation Nondeductible Expenses And Other
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CY2022Q4 rcus Deferred Tax Assets Depreciation And Amortization
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 rcus Deferred Tax Liabilities Right Of Use Assets
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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CY2022Q4 rcus Liabilities For Indemnification Rights And Agreements
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0
CY2021Q4 rcus Liabilities For Indemnification Rights And Agreements
LiabilitiesForIndemnificationRightsAndAgreements
0

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