Arcus Biosciences Inc · Q2 2025 earnings

Briefing

Arcus Biosciences reported zero net income for the second quarter of 2025 as collaboration revenues offset operating expenses.

For the three months ended June 30, 2025, Arcus recognized $160 million in total revenues, primarily from the Gilead collaboration, resulting in a net income of zero and basic and diluted EPS of zero. Operating expenses totaled $168 million, including $139 million in R&D and $29 million in G&A, leading to an operating loss of $8 million that was fully offset by non-operating income. The company maintained a strong liquidity position with $248 million in cash and cash equivalents and $679 million in marketable securities.

• Total revenues reached $160 million in Q2 2025, driven by $152 million in license and development services revenue from the Gilead collaboration.
• Net income was exactly zero for the quarter, with EPS at $0.00, reflecting balanced revenues and expenses.
• R&D expenses increased to $139 million while G&A expenses were $29 million, resulting in an operating loss of $8 million.
• Cash and cash equivalents stood at $248 million with additional marketable securities supporting ongoing clinical development programs.

Headline financials

Revenue & EPS history