NYSE$RCUS
Arcus Biosciences Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Arcus Biosciences reported financial results for the second quarter ended June 30, 2023, and provided a pipeline update.
Arcus Biosciences reported revenues of $29 million for the second quarter of 2023, compared to $27 million for the same period in 2022. Cash, cash equivalents and marketable securities were $1.0 billion as of June 30, 2023. Net loss was $75 million for the quarter.
- Presented data from the ongoing ARC-7 Phase 2 trial in non-small cell lung cancer at ASCO, demonstrating clinically meaningful improvements over anti-PD-1 monotherapy with domvanalimab.
- Initiated the dose-expansion phase of the Phase 1b ARC-20 study of AB521 in clear-cell renal cell carcinoma patients.
- Conducted an analysis of data from the Phase 1/1b ARC-8 study of quemliclustat, with encouraging overall survival data relative to historical benchmarks for chemotherapy alone.
- Based on data from ARC-6, the etrumadenant-based combination is not expected to demonstrate sufficient clinical benefit in castrate resistant prostate cancer.
Headline financials
Revenue & EPS history
Arcus Biosciences · Revenue · Quarterly
$29M
Revenue by segment
Arcus Biosciences · $10M total across 1 segment · Q2 2023
- Other collaboration$10M—100.0%
Forward guidance
Arcus expects to present several key datasets across its pipeline, including data from the Phase 2 EDGE-Gastric study (ARC-21), overall survival data from ARC-8, and data from the Phase 1b ARC-20 study for AB521.
Tailwinds
- Initial ORR data from the ongoing EDGE-Gastric (ARC-21) Phase 2 study of domvanalimab plus zimberelimab and chemotherapy in first-line upper GI cancers are anticipated in the fourth quarter of 2023.
- A Phase 2 study evaluating AB521 in combination with other agents is anticipated to begin in the fourth quarter of 2023.
- Arcus expects to initiate a Phase 1 study in healthy volunteers of AB801, its potent and highly selective Axl inhibitor, in the third quarter of 2023.
- Initial pharmacokinetic (PK), pharmacodynamic (PD) and safety data, along with any preliminary signs of anti-tumor activity from the dose-escalation phase of ARC-20, are expected in late 2023 or early 2024.
- Data from ARC-9, a Phase 1b/2 study evaluating etrumadenant plus zimberelimab plus chemotherapy in second-line and third-line metastatic colorectal cancer (mCRC), which is fully enrolled, are expected in the first half of 2024.
Headwinds
- Based on our most recent analysis of data from ARC-6, the etrumadenant-based combination is not expected to demonstrate sufficient clinical benefit in castrate resistant prostate cancer to warrant further investment.
- The trial will continue to completion, further development of etrumadenant in mCRPC has been deprioritized.
- Data from ARC-9 are expected in the first half of 2024, due to a slower-than-anticipated event rate.
- Arcus now expects cash utilization between $290 million and $325 million for the year ended December 31, 2023.
- Net Loss was $75 million for the second quarter 2023, compared to $67 million for the same period in 2022.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+2.4%
Avg return
Earnings day
+3.6%
Avg return
5 days after
+6.7%
Avg return
30 days after
59%
19 / 32 earnings
Positive
+19.2%
Q4 2021
Best reaction
-7.9%
Q1 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | -2.6% | -5.6% | |
| Q4 2025 | -4.0% | +10.7% | +0.0% | |
| Q3 2025 | -1.1% | +2.7% | +28.9% | |
| Q1 2025 | -1.2% | +8.4% | +22.8% | |
| Q4 2024 | -1.0% | -7.3% | -18.4% | |
| Q3 2024 | +7.7% | +16.1% | +13.1% | |
| Q2 2024 | +11.5% | +11.7% | +12.3% | |
| Q1 2024 | +3.8% | +10.6% | -0.4% | |
| Q4 2023 | +18.5% | +18.4% | -1.0% | |
| Q3 2023 | +2.8% | -13.0% | +0.4% | |
| Q2 2023 | -3.0% | -4.3% | +18.3% | |
| Q1 2023 | -5.2% | -6.9% | +9.0% | |
| Q4 2022 | -4.0% | +0.6% | -3.7% | |
| Q3 2022 | -2.2% | -7.9% | +43.2% | |
| Q2 2022 | +6.0% | +7.9% | -2.1% | |
| Q1 2022 | +11.9% | -9.7% | +10.1% | |
| Q4 2021 | +19.2% | +24.6% | +20.4% | |
| Q3 2021 | +11.4% | +9.1% | +26.5% | |
| Q2 2021 | -7.3% | -2.5% | +13.7% | |
| Q1 2021 | -7.9% | -11.7% | -23.4% | |
| Q4 2020 | +2.9% | +10.3% | -1.7% | |
| Q3 2020 | -7.1% | +3.8% | +33.1% | |
| Q2 2020 | +2.3% | +8.1% | -1.1% | |
| Q1 2020 | -0.7% | +11.4% | +11.3% | |
| Q4 2019 | +7.1% | -2.6% | -19.8% | |
| Q3 2019 | +1.6% | -6.3% | -3.2% | |
| Q2 2019 | +1.8% | +10.3% | +18.2% | |
| Q1 2019 | +4.9% | +9.1% | -15.5% | |
| Q4 2018 | -6.8% | +11.6% | -3.7% | |
| Q3 2018 | +8.9% | -1.1% | +8.0% | |
| Q2 2018 | +2.2% | +7.5% | +19.0% | |
| Q1 2018 | +2.9% | -1.1% | +6.9% | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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