$RCUS
Arcus Biosciences, Inc.

2023 Q4 Form 10-Q Financial Statement

#000172452123000021 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $31.00M $32.00M
YoY Change -7.89% -4.71%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $29.00M $30.00M
YoY Change 3.96% 14.09%
% of Gross Profit
Research & Development $93.00M $82.00M
YoY Change 15.96% 6.93%
% of Gross Profit
Depreciation & Amortization $3.000M $1.000M
YoY Change 102.98% -35.9%
% of Gross Profit
Operating Expenses $122.0M $112.0M
YoY Change 12.86% 8.76%
Operating Profit -$80.00M
YoY Change 15.28%
Interest Expense $11.00M $12.00M
YoY Change 45.81% 139.38%
% of Operating Profit
Other Income/Expense, Net $0.00 $11.00M
YoY Change -100.0% 145.65%
Pretax Income -$80.00M -$69.00M
YoY Change 18.59% 6.29%
Income Tax $1.000M $2.000M
% Of Pretax Income
Net Earnings -$81.00M -$71.00M
YoY Change 20.08% 9.37%
Net Earnings / Revenue -261.29% -221.88%
Basic Earnings Per Share -$0.94
Diluted Earnings Per Share -$1.08 -$0.95
COMMON SHARES
Basic Shares Outstanding 74.86M shares 74.50M
Diluted Shares Outstanding 74.60M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $759.0M $799.0M
YoY Change -24.78% -23.82%
Cash & Equivalents $127.0M $184.0M
Short-Term Investments $632.0M $615.0M
Other Short-Term Assets $30.00M $27.00M
YoY Change 57.89% 24.86%
Inventory
Prepaid Expenses
Receivables $42.00M $56.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $831.0M $882.0M
YoY Change -22.12% -19.9%
LONG-TERM ASSETS
Property, Plant & Equipment $51.00M $50.00M
YoY Change 45.71% 47.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $107.0M $151.0M
YoY Change -17.05% 5.49%
Other Assets $106.0M $108.0M
YoY Change -7.02% 919.06%
Total Long-Term Assets $264.0M $309.0M
YoY Change -5.04% 5.57%
TOTAL ASSETS
Total Short-Term Assets $831.0M $882.0M
Total Long-Term Assets $264.0M $309.0M
Total Assets $1.095B $1.191B
YoY Change -18.59% -14.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.00M $17.00M
YoY Change -15.0% 61.2%
Accrued Expenses $76.00M $72.00M
YoY Change 0.0% 250.74%
Deferred Revenue $91.00M $103.0M
YoY Change -6.19% -0.28%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $184.0M $200.0M
YoY Change -4.66% 12.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $142.0M $145.0M
YoY Change 1.43% 796.94%
Total Long-Term Liabilities $142.0M $145.0M
YoY Change 1.43% 796.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $184.0M $200.0M
Total Long-Term Liabilities $142.0M $145.0M
Total Liabilities $326.0M $345.0M
YoY Change -2.1% -50.37%
SHAREHOLDERS EQUITY
Retained Earnings -$849.0M -$768.0M
YoY Change 56.64% 61.72%
Common Stock $1.311B $1.291B
YoY Change 8.71% 18442757.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $462.0M $520.0M
YoY Change
Total Liabilities & Shareholders Equity $1.095B $1.191B
YoY Change -18.59% -14.55%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$81.00M -$71.00M
YoY Change 20.08% 9.37%
Depreciation, Depletion And Amortization $3.000M $1.000M
YoY Change 102.98% -35.9%
Cash From Operating Activities -$88.00M -$63.00M
YoY Change 26.18% -22.18%
INVESTING ACTIVITIES
Capital Expenditures $6.000M $10.00M
YoY Change 1478.95% -858.73%
Acquisitions
YoY Change
Other Investing Activities $34.00M $21.00M
YoY Change -27.95% -15.2%
Cash From Investing Activities $28.00M $11.00M
YoY Change -40.18% -53.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.000M 6.000M
YoY Change -73.2% 137.06%
NET CHANGE
Cash From Operating Activities -88.00M -63.00M
Cash From Investing Activities 28.00M 11.00M
Cash From Financing Activities 3.000M 6.000M
Net Change In Cash -57.00M -46.00M
YoY Change 385.81% -16.34%
FREE CASH FLOW
Cash From Operating Activities -$88.00M -$63.00M
Capital Expenditures $6.000M $10.00M
Free Cash Flow -$94.00M -$73.00M
YoY Change 34.06% -8.34%

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Organization, liquidity and capital resources<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Organization </span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate and manage our business as one reportable and operating segment, which is the business of developing and commercializing highly differentiated therapies that have a meaningful impact on patients.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity and Capital Resources</span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2023, we had cash, cash equivalents and marketable securities of $950 million, 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></div>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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></div>
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
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CY2022Q3 us-gaap Deferred Revenue Revenue Recognized1
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us-gaap Deferred Revenue Revenue Recognized1
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us-gaap Deferred Revenue Revenue Recognized1
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CY2023Q3 us-gaap Contract With Customer Liability
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rcus Allocation To Performance Obligations
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000 usd
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.005
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15800000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13800000 shares
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18000000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16000000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48000000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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953000000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q3 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
7000000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
1138000000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
184000000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
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CY2023Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
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CY2023Q3 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
151000000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
129000000 usd
CY2023Q3 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
950000000 usd
CY2022Q4 rcus Cash Cash Equivalents And Available For Sale Investments
CashCashEquivalentsAndAvailableForSaleInvestments
1138000000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
159 position
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
219 position
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
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us-gaap Provision For Loan Losses Expensed
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CY2022 us-gaap Provision For Loan Losses Expensed
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 us-gaap Restricted Cash Noncurrent
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CY2022Q3 us-gaap Restricted Cash Noncurrent
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3000000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
187000000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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221000000 usd
CY2023Q3 rcus Prepaid Expenses And Other Current Assets
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CY2022Q4 rcus Prepaid Expenses And Other Current Assets
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2023Q3 rcus Accrued Research And Development Expenses Current
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41000000 usd
CY2022Q4 rcus Accrued Research And Development Expenses Current
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CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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EmployeeRelatedLiabilitiesCurrent
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CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2023Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
3000000 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
0 usd
CY2023Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
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CY2022Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
3000000 usd
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
80000000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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rcus Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
12000000 usd
rcus Cash Paid For Amounts Included In Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
8000000 usd
rcus Cash Received From Tenant Improvement Allowances
CashReceivedFromTenantImprovementAllowances
8000000 usd
rcus Cash Received From Tenant Improvement Allowances
CashReceivedFromTenantImprovementAllowances
8000000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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rcus Recognition Of Tenant Improvement Allowance Receivable
RecognitionOfTenantImprovementAllowanceReceivable
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rcus Recognition Of Tenant Improvement Allowance Receivable
RecognitionOfTenantImprovementAllowanceReceivable
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CY2023Q3 us-gaap Security Deposit
SecurityDeposit
3000000 usd
CY2022Q4 us-gaap Security Deposit
SecurityDeposit
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Trd Arr Ind Name
TrdArrIndName
Juan C. Jaen
CY2023Q3 ecd Trd Arr Ind Title
TrdArrIndTitle
President and Director

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