$RCUS
Arcus Biosciences, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019029385 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $1.750M $1.250M
YoY Change 40.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.910M $3.450M
YoY Change 71.3% 88.52%
% of Gross Profit
Research & Development $25.00M $13.70M
YoY Change 82.49% 74.87%
% of Gross Profit
Depreciation & Amortization $800.0K $900.0K
YoY Change -11.11% 50.0%
% of Gross Profit
Operating Expenses $30.91M $17.15M
YoY Change 80.24% 77.45%
Operating Profit -$29.16M -$15.90M
YoY Change 83.41% 64.52%
Interest Expense $1.070M $2.370M
YoY Change -54.85% 2054.55%
% of Operating Profit
Other Income/Expense, Net $1.070M $2.366M
YoY Change -54.78% 1975.44%
Pretax Income -$28.09M -$13.53M
YoY Change 107.61% 41.68%
Income Tax
% Of Pretax Income
Net Earnings -$28.09M -$13.53M
YoY Change 107.57% 41.71%
Net Earnings / Revenue -1605.14% -1082.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$641.3K -$318.1K
COMMON SHARES
Basic Shares Outstanding 45.41M 44.45M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.4M $265.7M
YoY Change -15.54%
Cash & Equivalents $76.07M $170.0M
Short-Term Investments $148.3M $95.70M
Other Short-Term Assets $3.300M $1.600M
YoY Change 106.25%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $227.7M $267.4M
YoY Change -14.85%
LONG-TERM ASSETS
Property, Plant & Equipment $10.36M $12.51M
YoY Change -17.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $357.0K $1.711M
YoY Change -79.14%
Other Assets $319.0K $205.0K
YoY Change 55.61%
Total Long-Term Assets $11.24M $26.42M
YoY Change -57.46%
TOTAL ASSETS
Total Short-Term Assets $227.7M $267.4M
Total Long-Term Assets $11.24M $26.42M
Total Assets $239.0M $293.9M
YoY Change -18.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.448M $5.388M
YoY Change -54.57%
Accrued Expenses $15.55M $4.342M
YoY Change 258.18%
Deferred Revenue $7.000M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.51M $16.38M
YoY Change 61.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.283M $2.308M
YoY Change -44.41%
Total Long-Term Liabilities $1.283M $2.308M
YoY Change -44.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.51M $16.38M
Total Long-Term Liabilities $1.283M $2.308M
Total Liabilities $42.33M $39.29M
YoY Change 7.73%
SHAREHOLDERS EQUITY
Retained Earnings -$166.4M -$99.72M
YoY Change 66.84%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $196.6M $254.6M
YoY Change
Total Liabilities & Shareholders Equity $239.0M $293.9M
YoY Change -18.68%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$28.09M -$13.53M
YoY Change 107.57% 41.71%
Depreciation, Depletion And Amortization $800.0K $900.0K
YoY Change -11.11% 50.0%
Cash From Operating Activities -$19.80M -$10.90M
YoY Change 81.65% 60.29%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$1.300M
YoY Change -53.85% -43.48%
Acquisitions
YoY Change
Other Investing Activities $27.20M -$14.90M
YoY Change -282.55% 1390.0%
Cash From Investing Activities $26.70M -$16.10M
YoY Change -265.84% 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 600.0K -1.100M
YoY Change -154.55% -283.33%
NET CHANGE
Cash From Operating Activities -19.80M -10.90M
Cash From Investing Activities 26.70M -16.10M
Cash From Financing Activities 600.0K -1.100M
Net Change In Cash 7.500M -28.10M
YoY Change -126.69% 198.94%
FREE CASH FLOW
Cash From Operating Activities -$19.80M -$10.90M
Capital Expenditures -$600.0K -$1.300M
Free Cash Flow -$19.20M -$9.600M
YoY Change 100.0% 113.33%

Facts In Submission

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<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 and clinical development 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;">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, 2019, the Company had cash and investments of $224.4 million, which are cash, cash equivalents, and short-term investments that 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>
CY2018Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
us-gaap Use Of Estimates
UseOfEstimates
<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 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>
CY2018Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2018 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
CY2018 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
CY2018 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
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 credit worthy and in highly rated investments. </p>
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
71064000
CY2018Q4 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
259725000
CY2017Q2 rcus Minimum Market Value Of Common Stock Held By Non Affiliates To Be Remained In Emerging Growth Company
MinimumMarketValueOfCommonStockHeldByNonAffiliatesToBeRemainedInEmergingGrowthCompany
700000000
CY2018 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2019Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q2 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
CY2019Q2 rcus Additional Non Convertible Debt Securities To Be Remained In Emerging Growth Company
AdditionalNonConvertibleDebtSecuritiesToBeRemainedInEmergingGrowthCompany
1000000000
CY2019Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7000000
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 its initial public offering, (b) in which the Company has a total annual gross revenue of at least $1.07 billion, or (c) in which the Company is deemed to be a large accelerated filer, which means the market value of the common stock that is held by non-affiliates exceeds $700.0 million of the prior June 30th or (2) the date on which the Company has 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
CY2019Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
10522000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1750000
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3500000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.05
CY2019Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2019Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
224287000
CY2019Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
111000
CY2019Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
224398000
CY2018Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
259833000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
108000
CY2018Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
259725000
CY2019Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1750000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
3500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3804000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1772000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1311750
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
210808
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
3087650
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
1396989
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.28
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
6.63
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.29
CY2019Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
18701
CY2018Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5171
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
18770
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
713931
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19841000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18750000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9479000
CY2019Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
76068000
CY2019Q2 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
224398000
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
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7643000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44970831
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28248337
CY2019Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1611870
CY2018Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1916671
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1317506
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
2012330
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.32
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.01
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6372642
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3040153
CY2018Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
900000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2301000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2833000
CY2019Q2 rcus Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
12910000
CY2018Q4 rcus Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
2816000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
268000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
211000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
73000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
163000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45409588
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44450312

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