$RCUS
Arcus Biosciences, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018019459 Filed on August 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.250M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.450M $1.830M
YoY Change 88.52%
% of Gross Profit
Research & Development $13.70M $7.834M
YoY Change 74.87%
% of Gross Profit
Depreciation & Amortization $900.0K $600.0K
YoY Change 50.0%
% of Gross Profit
Operating Expenses $17.15M $9.664M
YoY Change 77.45%
Operating Profit -$15.90M -$9.664M
YoY Change 64.52%
Interest Expense $2.370M $110.0K
YoY Change 2054.55%
% of Operating Profit
Other Income/Expense, Net $2.366M $114.0K
YoY Change 1975.44%
Pretax Income -$13.53M -$9.550M
YoY Change 41.68%
Income Tax
% Of Pretax Income
Net Earnings -$13.53M -$9.550M
YoY Change 41.71%
Net Earnings / Revenue -1082.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$318.1K -$229.3K
COMMON SHARES
Basic Shares Outstanding 44.45M 3.900M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.7M
YoY Change
Cash & Equivalents $170.0M $29.62M
Short-Term Investments $95.70M
Other Short-Term Assets $1.600M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $267.4M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $12.51M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.711M
YoY Change
Other Assets $205.0K
YoY Change
Total Long-Term Assets $26.42M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $267.4M
Total Long-Term Assets $26.42M
Total Assets $293.9M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.388M
YoY Change
Accrued Expenses $4.342M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.38M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.308M
YoY Change
Total Long-Term Liabilities $2.308M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $16.38M
Total Long-Term Liabilities $2.308M
Total Liabilities $39.29M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$99.72M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.6M
YoY Change
Total Liabilities & Shareholders Equity $293.9M
YoY Change

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$13.53M -$9.550M
YoY Change 41.71%
Depreciation, Depletion And Amortization $900.0K $600.0K
YoY Change 50.0%
Cash From Operating Activities -$10.90M -$6.800M
YoY Change 60.29%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$2.300M
YoY Change -43.48%
Acquisitions
YoY Change
Other Investing Activities -$14.90M -$1.000M
YoY Change 1390.0%
Cash From Investing Activities -$16.10M -$3.200M
YoY Change 403.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M 600.0K
YoY Change -283.33%
NET CHANGE
Cash From Operating Activities -10.90M -6.800M
Cash From Investing Activities -16.10M -3.200M
Cash From Financing Activities -1.100M 600.0K
Net Change In Cash -28.10M -9.400M
YoY Change 198.94%
FREE CASH FLOW
Cash From Operating Activities -$10.90M -$6.800M
Capital Expenditures -$1.300M -$2.300M
Free Cash Flow -$9.600M -$4.500M
YoY Change 113.33%

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<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Note </font><font style="color:#000000;">1. </font>Organization</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Description of Business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Arcus Biosciences, Inc. (Company or the Company) is a clinical-stage biopharmaceutical company focused on creating innovative cancer immunotherapies by leveraging underexploited biological opportunities. Specifically, the Company targets well-characterized biological pathways with significant scientific data supporting their importance in regulating the immune response against cancer and for which either there are no molecules in development or those that exist have suboptimal profiles. To exploit these pathways, the Company has built a robust and highly efficient discovery capability to create and optimize highly differentiated small-molecule immuno-oncology product candidates. Since its inception in 2015, the Company has built a broad portfolio of small molecule and antibody product candidates that it plans to develop together as intra-portfolio combinations. </p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Initial Public Offering</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On March 21, 2018, the Company completed its initial public offering (IPO) pursuant to which the Company issued 9,200,000 shares of common stock, including the exercise of the underwriters&#8217; overallotment option to purchase 1,200,000 shares of common stock, at an offering price at $15.00 per share. The Company received aggregate net proceeds of approximately $124.7 million after deducting underwriting discounts and other offering related costs. In addition, in connection with the completion of the Company&#8217;s IPO, all outstanding shares of convertible preferred stock were converted into 30,459,574 shares of common stock and the Company amended and restated its certificate of incorporation and bylaws, which, among other things, changed the authorized capital stock to 400,000,000 shares of common stock and 10,000,000 shares of preferred stock, each with a par value of $0.0001 per share. </p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Liquidity and Capital Resources</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2018, the Company had cash and investments of $277.5 million, of which $265.7 million are cash, cash equivalents, and short-term investments which the Company believes will be sufficient to fund its planned operations for a period of at least twelve months following the filing date of this report.</p></div>
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;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 disclosure of contingent assets and liabilities. Estimates were used to determine the fair value of common stock prior to the IPO and are used to determine 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&#8217;s estimates. </p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash equivalents, short-term and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk.&nbsp;&nbsp;The Company invests in money market funds, treasury bills and notes, government bonds, commercial paper and corporate notes.&nbsp;&nbsp;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 highly credit worthy and in highly rated investments. </p></div>
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2018Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q2 us-gaap Investments And Cash
InvestmentsAndCash
277500000
rcus Description To Be Remained In Emerging Growth Company
DescriptionToBeRemainedInEmergingGrowthCompany
The Company will remain an emerging growth company until the earliest of (1) the last day of its first fiscal year (a) following the fifth anniversary of the completion of our initial public offering, (b) in which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates exceeds $700.0 million of the prior June 30th and (2) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.
rcus Minimum Annual Gross Revenue To Remain Classified As Emerging Growth Company
MinimumAnnualGrossRevenueToRemainClassifiedAsEmergingGrowthCompany
1070000000
CY2017Q2 rcus Minimum Market Value Of Common Stock Held By Non Affiliates To Be Remained In Emerging Growth Company
MinimumMarketValueOfCommonStockHeldByNonAffiliatesToBeRemainedInEmergingGrowthCompany
700000000
CY2018Q2 rcus Additional Non Convertible Debt Securities To Be Remained In Emerging Growth Company
AdditionalNonConvertibleDebtSecuritiesToBeRemainedInEmergingGrowthCompany
1000000000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
the Company effected a reverse split of all shares of its common and preferred stock at a ratio of 1-for-3.96
CY2018Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.2525
CY2018Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
3600000
CY2017Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
1300000
CY2018Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2017Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2018Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2017Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2018Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
169998000
CY2017Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
98426000
CY2018Q2 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
277490000
CY2017Q4 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
175703000
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2017 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2017 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2018Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
277574000
CY2018Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
84000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1116000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
131000
CY2018Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
277490000
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
519059
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18235000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15208000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5722000
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
175745000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1772000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1396989
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
190145
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
866582
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.29
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
203000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
210808
CY2018Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
5171
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
713931
CY2017Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
240407
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.76
CY2017Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
2207121
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
2012330
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1100000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
2153582
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.32
CY2018Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1902000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1026000
CY2018Q2 rcus Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
2082000
CY2017Q4 rcus Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1193000
CY2018Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
100000
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.64
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
706000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.01
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-10.66
CY2017Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3040153
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23978512
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3978000
CY2018Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1700000
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
258000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
212000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44450312
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3900271
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28248337
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3725487
CY2018Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1916671

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