Arcus Biosciences
RCUS on NYSE. Arcus Biosciences develops medicines to treat cancer in patients. Market value $3.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-15.36 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -68 cents a year. Above 10 is good.
Quality score: 44 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$24.28 a share, 77% above its 1-year low
Over the past year the price has ranged from $13.71 to $31.74.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $383m | $112m | $117m | $258m | $247m |
| Operating margin | |||||
| Operating margin | 14.1% | -250.0% | -290.6% | -127.9% | -156.3% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 0.00 | 0.10 | 0.16 |
| Shares outstanding | |||||
| Shares outstanding | 0.07bn | 0.07bn | 0.09bn | 0.11bn | 0.13bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.16× equity
- Revenue growth, five yearsStrong, 25.9% a year
- Buying back its own sharesNo, 76% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $41 million last quarter, down 74% on a year ago.
- A loss of $91 million, after breaking even a year ago.
- It loses 415 cents on each $1 of sales, compared with 129 cents a year earlier.
- Over the past 12 months it spent $475 million more cash than it brought in, compared with $342 million a year earlier.
- 18% more shares than a year ago. Each share owns a bit less of the company.
- It has $49 million more cash than debt, down from $151 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $48m |
| December 2024 | $26m |
| March 2025 | $28m |
| June 2025 | $160m |
| September 2025 | $26m |
| December 2025 | $33m |
| March 2026 | $17m |
| June 2026 | $41m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$92m |
| December 2024 | -$94m |
| March 2025 | -$112m |
| June 2025 | $0 |
| September 2025 | -$135m |
| December 2025 | -$106m |
| March 2026 | -$128m |
| June 2026 | -$91m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 230 funds in all.
- Platinum Investment ManagementPlatinum team
- Value
- $4m
- Share of fund
- 1.0%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Platinum Investment ManagementPlatinum team | $4m | 1.0% |
Largest holders overall
- Gilead Sciences$969m
- BlackRock$506mAdded
- State Street$186mAdded
- Wellington Management Group LLP$182mCut
- Montanova Capital$147mCut
- Vanguard Portfolio Management$138mAdded
- FMR$125mAdded
- Vanguard Capital Management$120m
- Citadel Advisors$97mAdded
- Woodline Partners LP$93mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Gilead Sciences, Inc.Strategic holder24.7%−0.9 ptsSince 5 August 2026
What they said
On May 27, 2020, Gilead and the Issuer entered into an Option, License and Collaboration Agreement (the "Collaboration Agreement") pursuant to with Gilead obtained an exclusive option to acquire an exclusive license to all of the Issuer's current and future clinical programs…
Read the filing - BlackRock, Inc.Passive investor10.4%+1.0 ptsSince 31 December 2025
- Point72 Asset Management, L.P.Passive investorat least 4.1%−1.4 pts(filed with 2 related holders)Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Gilead Sciences, Inc. Strategic holder | 24.7%−0.9 pts | 5 August 2026 | What they saidOn May 27, 2020, Gilead and the Issuer entered into an Option, License and Collaboration Agreement (the "Collaboration Agreement") pursuant to with Gilead obtained an exclusive option to acquire an exclusive license to all of the Issuer's current and future clinical programs… Read the filing |
BlackRock, Inc. Passive investor | 10.4%+1.0 pts | 31 December 2025 | |
Point72 Asset Management, L.P. Passive investor | at least 4.1%−1.4 pts (filed with 2 related holders) | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $14m, $14m of it under preset trading plans.
- Azoy AlexanderChief Accounting OfficerSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 2,827
- Price
- $30.00
- Value
- $84,810
- Jaen Juan C.PresidentSoldunder a preset trading plan
- Date
- 10 July 2026
- Shares
- 20,067
- Price
- $28.62
- Value
- $574,288
- Jaen Juan C.PresidentSoldunder a preset trading plan
- Date
- 9 July 2026
- Shares
- 48,502
- Price
- $30.05
- Value
- $1m
- Jaen Juan C.PresidentSoldunder a preset trading plan
- Date
- 24 June 2026
- Shares
- 6,431
- Price
- $29.66
- Value
- $190,743
- Jaen Juan C.PresidentSoldunder a preset trading plan
- Date
- 23 June 2026
- Shares
- 15,764
- Price
- $27.73
- Value
- $437,133
- Jaen Juan C.PresidentSoldunder a preset trading plan
- Date
- 22 June 2026
- Shares
- 9,236
- Price
- $27.03
- Value
- $249,649
- Azoy AlexanderChief Accounting OfficerSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 2,562
- Price
- $25.77
- Value
- $66,023
- Goeltz II Robert C.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 11 May 2026
- Shares
- 7,763
- Price
- $25.63
- Value
- $198,966
- Jaen Juan C.PresidentSoldunder a preset trading plan
- Date
- 5 January 2026
- Shares
- 31,823
- Price
- $21.41
- Value
- $681,342
- Goeltz II Robert C.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 31 December 2025
- Shares
- 6,552
- Price
- $23.38
- Value
- $153,186
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 August 2026 | Azoy Alexander Chief Accounting Officer | Sold under a preset trading plan | 2,827 | $30.00 | $84,810 |
| 10 July 2026 | Jaen Juan C. President | Sold under a preset trading plan | 20,067 | $28.62 | $574,288 |
| 9 July 2026 | Jaen Juan C. President | Sold under a preset trading plan | 48,502 | $30.05 | $1m |
| 24 June 2026 | Jaen Juan C. President | Sold under a preset trading plan | 6,431 | $29.66 | $190,743 |
| 23 June 2026 | Jaen Juan C. President | Sold under a preset trading plan | 15,764 | $27.73 | $437,133 |
| 22 June 2026 | Jaen Juan C. President | Sold under a preset trading plan | 9,236 | $27.03 | $249,649 |
| 1 June 2026 | Azoy Alexander Chief Accounting Officer | Sold under a preset trading plan | 2,562 | $25.77 | $66,023 |
| 11 May 2026 | Goeltz II Robert C. Chief Financial Officer | Sold under a preset trading plan | 7,763 | $25.63 | $198,966 |
| 5 January 2026 | Jaen Juan C. President | Sold under a preset trading plan | 31,823 | $21.41 | $681,342 |
| 31 December 2025 | Goeltz II Robert C. Chief Financial Officer | Sold under a preset trading plan | 6,552 | $23.38 | $153,186 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 5 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.