$RCUS
Arcus Biosciences, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020051355 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $64.53M $1.750M $1.750M
YoY Change 3587.43% -59.22% 40.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.18M $7.760M $5.910M
YoY Change 44.07% 116.76% 71.3%
% of Gross Profit
Research & Development $51.80M $17.24M $25.00M
YoY Change 200.47% 34.07% 82.49%
% of Gross Profit
Depreciation & Amortization $800.0K $900.0K $800.0K
YoY Change -11.11% 0.0% -11.11%
% of Gross Profit
Operating Expenses $62.98M $25.00M $30.91M
YoY Change 151.92% 52.1% 80.24%
Operating Profit $1.552M -$29.16M
YoY Change 83.41%
Interest Expense $270.0K $900.0K $1.070M
YoY Change -70.0% -32.33% -54.85%
% of Operating Profit 17.4%
Other Income/Expense, Net $270.0K $897.0K $1.070M
YoY Change -69.9% -32.71% -54.78%
Pretax Income $1.820M -$22.35M -$28.09M
YoY Change -108.14% 106.75% 107.61%
Income Tax
% Of Pretax Income
Net Earnings $1.822M -$22.35M -$28.09M
YoY Change -108.15% 106.73% 107.57%
Net Earnings / Revenue 2.82% -1277.26% -1605.14%
Basic Earnings Per Share $0.03 -$0.51
Diluted Earnings Per Share $0.03 -$0.51 -$641.3K
COMMON SHARES
Basic Shares Outstanding 62.60M 43.94M 45.41M
Diluted Shares Outstanding 65.15M 43.94M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $782.4M $191.0M $224.4M
YoY Change 309.63% -25.91% -15.54%
Cash & Equivalents $221.8M $79.20M $76.07M
Short-Term Investments $560.6M $112.0M $148.3M
Other Short-Term Assets $11.80M $4.200M $3.300M
YoY Change 180.95% 82.61% 106.25%
Inventory
Prepaid Expenses
Receivables $3.000M $5.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $797.2M $200.5M $227.7M
YoY Change 297.61% -24.42% -14.85%
LONG-TERM ASSETS
Property, Plant & Equipment $8.700M $10.00M $10.36M
YoY Change -13.0% -14.98% -17.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.700M $6.000M $357.0K
YoY Change -55.0% 293.44% -79.14%
Other Assets $2.400M $500.0K $319.0K
YoY Change 380.0% 143.9% 55.61%
Total Long-Term Assets $13.90M $16.50M $11.24M
YoY Change -15.76% -23.04% -57.46%
TOTAL ASSETS
Total Short-Term Assets $797.2M $200.5M $227.7M
Total Long-Term Assets $13.90M $16.50M $11.24M
Total Assets $811.1M $217.0M $239.0M
YoY Change 273.78% -24.32% -18.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.100M $2.900M $2.448M
YoY Change 179.31% 37.51% -54.57%
Accrued Expenses $7.496M $9.700M $15.55M
YoY Change -22.72% 45.49% 258.18%
Deferred Revenue $7.000M $7.000M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $162.9M $21.10M $26.51M
YoY Change 672.04% 27.02% 61.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $103.8M $18.70M $1.283M
YoY Change 455.08% 813.53% -44.41%
Total Long-Term Liabilities $103.8M $18.70M $1.283M
YoY Change 455.08% 813.53% -44.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $162.9M $21.10M $26.51M
Total Long-Term Liabilities $103.8M $18.70M $1.283M
Total Liabilities $266.7M $39.70M $42.33M
YoY Change 571.79% -4.57% 7.73%
SHAREHOLDERS EQUITY
Retained Earnings -$188.7M -$166.4M
YoY Change 70.74% 66.84%
Common Stock $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $544.4M $177.2M $196.6M
YoY Change
Total Liabilities & Shareholders Equity $811.1M $217.0M $239.0M
YoY Change 273.85% -24.33% -18.68%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $1.822M -$22.35M -$28.09M
YoY Change -108.15% 106.73% 107.57%
Depreciation, Depletion And Amortization $800.0K $900.0K $800.0K
YoY Change -11.11% 0.0% -11.11%
Cash From Operating Activities $216.3M -$27.40M -$19.80M
YoY Change -889.42% 132.2% 81.65%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$500.0K -$600.0K
YoY Change 100.0% -54.55% -53.85%
Acquisitions
YoY Change
Other Investing Activities -$386.0M $30.90M $27.20M
YoY Change -1349.19% -137.59% -282.55%
Cash From Investing Activities -$387.1M $30.30M $26.70M
YoY Change -1377.56% -136.33% -265.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 107.5M 0.000 600.0K
YoY Change -154.55%
NET CHANGE
Cash From Operating Activities 216.3M -27.40M -19.80M
Cash From Investing Activities -387.1M 30.30M 26.70M
Cash From Financing Activities 107.5M 0.000 600.0K
Net Change In Cash -63.30M 2.900M 7.500M
YoY Change -2282.76% -103.05% -126.69%
FREE CASH FLOW
Cash From Operating Activities $216.3M -$27.40M -$19.80M
Capital Expenditures -$1.000M -$500.0K -$600.0K
Free Cash Flow $217.3M -$26.90M -$19.20M
YoY Change -907.81% 151.4% 100.0%

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;"><span style="Background-color:#FFFFFF;">Note </span><span style="color:#000000;">1. </span>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. (the Company) is a clinical-stage biopharmaceutical company focused on creating best-in-class cancer therapies. The Company’s initial focus has been on well-characterized biological pathways with significant scientific data supporting their importance. Since its inception in 2015, the Company has built a robust and highly efficient drug discovery capability to create highly differentiated small molecules, which the Company is developing in combination with its in-licensed monoclonal antibodies through rationally designed, indication-specific, adaptive clinical trial designs. </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 September 30, 2020, the Company had cash and investments of $785.1 million, 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 filing date of this report.</p>
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<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’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 were used to determine 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, and uncertain tax positions. Actual results could differ materially from the Company’s estimates. </p>
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:6pt;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. The Company invests in money market funds, treasury bills and notes, government bonds, commercial paper and corporate notes. 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>
CY2019Q4 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
CY2019 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
CY2019 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
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2020Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2020Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
221849000
CY2019Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
57937000
CY2020Q3 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
560583000
CY2019Q4 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
130333000
CY2020Q3 us-gaap Available For Sale Securities Noncurrent
AvailableForSaleSecuritiesNoncurrent
2700000
CY2020Q3 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
785132000
CY2019Q4 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
188270000
CY2019 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
CY2019 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
0
CY2020Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
785051000
CY2020Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
87000
CY2020Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
6000
CY2020Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
785132000
CY2019Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
188206000
CY2019Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
67000
CY2019Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000
CY2019Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
188270000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
632000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
183000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
617000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
196000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7496000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6247000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4571000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4950000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
64530000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1750000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68030000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5250000
CY2020Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1750000
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
5250000
rcus Upfront Cash Payment
UpfrontCashPayment
175000000
rcus Payment For Access Rights Related To The Company S Research
PaymentForAccessRightsRelatedToTheCompanySResearch
99126000
rcus Premium From Stock Purchase Agreement
PremiumFromStockPurchaseAgreement
90600000
rcus Allocation Of Transaction Price
AllocationOfTransactionPrice
364726000
rcus Access Rights Related To Company S Research And Development Pipeline
AccessRightsRelatedToCompanySResearchAndDevelopmentPipeline
136653000
rcus Development And Commercialization Services For Zimberelimab
DevelopmentAndCommercializationServicesForZimberelimab
9680000
rcus Allocation To Performance Obligations
AllocationToPerformanceObligations
364726000
rcus Zimberelimab License
ZimberelimabLicense
55096000
rcus Etrumadenant Option
EtrumadenantOption
126657000
rcus Domvanalimab Option
DomvanalimabOption
36640000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6002000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2740000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13934000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6544000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
1822000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-22352000
us-gaap Net Income Loss
NetIncomeLoss
-71005000
us-gaap Net Income Loss
NetIncomeLoss
-68112000
CY2020Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
64132283
CY2019Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
45787137
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
53452007
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
45253176
CY2020Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1533090
CY2019Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1847856
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1599760
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1503022
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
62599193
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43939281
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51852247
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43750154
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2538926
CY2020Q3 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
7588
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65145707
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43939281
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51852247
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43750154
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.56
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.56
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3442953
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6084178
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10073646
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6084178
rcus Operating Lease Expiration Year
OperatingLeaseExpirationYear
2025
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
10100000
CY2020Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
eight-year

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