$RCUS
Arcus Biosciences, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023038760 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $32.00M $29.00M $26.76M
YoY Change -4.71% 8.37% 182.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $30.00M $28.00M $25.84M
YoY Change 14.09% 8.38% 53.55%
% of Gross Profit
Research & Development $82.00M $84.00M $69.91M
YoY Change 6.93% 20.16% 1.65%
% of Gross Profit
Depreciation & Amortization $1.000M $2.000M $1.505M
YoY Change -35.9% 32.89% 83.54%
% of Gross Profit
Operating Expenses $112.0M $112.0M $95.74M
YoY Change 8.76% 16.98% 11.85%
Operating Profit -$80.00M -$83.00M -$68.98M
YoY Change 15.28% 20.32% -9.4%
Interest Expense $12.00M $9.000M $2.861M
YoY Change 139.38% 214.58% 1623.49%
% of Operating Profit
Other Income/Expense, Net $11.00M $0.00 $2.350M
YoY Change 145.65% -100.0% 1315.66%
Pretax Income -$69.00M -$74.00M -$66.63M
YoY Change 6.29% 11.06% -12.29%
Income Tax $2.000M $1.000M $0.00
% Of Pretax Income
Net Earnings -$71.00M -$75.00M -$66.63M
YoY Change 9.37% 12.56% -12.29%
Net Earnings / Revenue -221.88% -258.62% -249.01%
Basic Earnings Per Share -$0.94 -$1.04
Diluted Earnings Per Share -$0.95 -$1.03 -$927.8K
COMMON SHARES
Basic Shares Outstanding 74.50M 73.20M 71.72M
Diluted Shares Outstanding 74.60M shares 73.20M 71.80M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $799.0M $930.0M $1.173B
YoY Change -23.82% -20.7% 62.66%
Cash & Equivalents $184.0M $230.0M $272.6M
Short-Term Investments $615.0M $700.0M $900.1M
Other Short-Term Assets $27.00M $19.00M $15.67M
YoY Change 24.86% 21.24% -28.66%
Inventory
Prepaid Expenses
Receivables $56.00M $37.00M $39.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $882.0M $986.0M $1.227B
YoY Change -19.9% -19.67% 64.55%
LONG-TERM ASSETS
Property, Plant & Equipment $50.00M $45.00M $33.42M
YoY Change 47.53% 34.67% -44.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $151.0M $80.00M $98.33M
YoY Change 5.49% -18.64% 16.92%
Other Assets $108.0M $109.0M $10.52M
YoY Change 919.06% 935.83% 19.85%
Total Long-Term Assets $309.0M $234.0M $249.3M
YoY Change 5.57% -6.14% 63.13%
TOTAL ASSETS
Total Short-Term Assets $882.0M $986.0M $1.227B
Total Long-Term Assets $309.0M $234.0M $249.3M
Total Assets $1.191B $1.220B $1.477B
YoY Change -14.55% -17.39% 64.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.00M $12.00M $21.98M
YoY Change 61.2% -45.41% 29.65%
Accrued Expenses $72.00M $55.00M $14.44M
YoY Change 250.74% 280.94% 48.75%
Deferred Revenue $103.0M $103.0M $90.12M
YoY Change -0.28% 14.3%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $200.0M $180.0M $164.0M
YoY Change 12.88% 9.74% 25.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $145.0M $474.0M $14.68M
YoY Change 796.94% 3128.66% -91.04%
Total Long-Term Liabilities $145.0M $474.0M $14.68M
YoY Change 796.94% 3128.66% -91.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $200.0M $180.0M $164.0M
Total Long-Term Liabilities $145.0M $474.0M $14.68M
Total Liabilities $345.0M $654.0M $729.4M
YoY Change -50.37% -10.34% 147.91%
SHAREHOLDERS EQUITY
Retained Earnings -$768.0M -$697.0M -$410.0M
YoY Change 61.72% 70.01%
Common Stock $1.291B $1.267B $7.000K
YoY Change 18442757.14% 18099900.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $520.0M $566.0M $747.4M
YoY Change
Total Liabilities & Shareholders Equity $1.191B $1.220B $1.477B
YoY Change -14.55% -17.39% 64.31%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$71.00M -$75.00M -$66.63M
YoY Change 9.37% 12.56% -12.29%
Depreciation, Depletion And Amortization $1.000M $2.000M $1.505M
YoY Change -35.9% 32.89% 83.54%
Cash From Operating Activities -$63.00M -$57.00M -$65.30M
YoY Change -22.18% -12.71% -11.77%
INVESTING ACTIVITIES
Capital Expenditures $10.00M $5.000M -$1.514M
YoY Change -858.73% -430.25% -75.24%
Acquisitions
YoY Change
Other Investing Activities $21.00M $31.00M -$213.7M
YoY Change -15.2% -114.51% -2462.97%
Cash From Investing Activities $11.00M $26.00M -$215.2M
YoY Change -53.08% -112.08% -7204.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $23.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.000M 23.00M 4.346M
YoY Change 137.06% 429.22% 93.07%
NET CHANGE
Cash From Operating Activities -63.00M -57.00M -65.30M
Cash From Investing Activities 11.00M 26.00M -215.2M
Cash From Financing Activities 6.000M 23.00M 4.346M
Net Change In Cash -46.00M -8.000M -276.2M
YoY Change -16.34% -97.1% 301.79%
FREE CASH FLOW
Cash From Operating Activities -$63.00M -$57.00M -$65.30M
Capital Expenditures $10.00M $5.000M -$1.514M
Free Cash Flow -$73.00M -$62.00M -$63.79M
YoY Change -8.34% -2.8% -6.05%

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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: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:&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: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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Organization</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;">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></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: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:&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 June 30, 2023, 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;">1.0</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;"> b</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;">illion, 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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<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: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:&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 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 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 and updated each period to reflect current information. Actual results may differ materially from those estimates.</span></p>
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DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
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