Revenue: As of FY2026 Q2, the actual value is USD 41 M, beating the estimate of USD 21.98 M.

EPS: As of FY2026 Q2, the actual value is USD -0.72, beating the estimate of USD -0.8921.

EBIT: As of FY2026 Q2, the actual value is USD -88 M.

Financial Performance for Second Quarter 2026

Cash, Cash Equivalents and Marketable Securities

Arcus Biosciences, Inc. reported $775 million in cash, cash equivalents, and marketable securities as of June 30, 2026. This represents a decrease from $1.0 billion as of December 31, 2025.

Revenues

• Total Revenues: Total revenues were $41 million for the second quarter of 2026, down from $160 million for the same period in 2025. For the six months ended June 30, 2026, total revenues were $58 million, compared to $188 million for the same period in 2025.
• License and development services: Revenues from license and development services were $16 million for the second quarter of 2026, a decrease from $152 million in the second quarter of 2025. For the six months ended June 30, 2026, these revenues totaled $28 million, down from $172 million for the same period in 2025.
• Other collaboration: Other collaboration revenues increased to $25 million for the second quarter of 2026, up from $8 million in the second quarter of 2025. For the six months ended June 30, 2026, these revenues were $30 million, compared to $16 million for the same period in 2025.

Operating Expenses

• Total Operating Expenses: Total operating expenses for the second quarter of 2026 were $137 million, a reduction from $168 million in the second quarter of 2025. For the six months ended June 30, 2026, total operating expenses were $288 million, down from $318 million for the same period in 2025.
• Research and Development (R&D) Expenses: R&D expenses decreased to $113 million for the second quarter of 2026, from $139 million in the second quarter of 2025. For the six months ended June 30, 2026, R&D expenses were $235 million, compared to $261 million for the same period in 2025.
• General and Administrative (G&A) Expenses: G&A expenses were $24 million for the second quarter of 2026, down from $29 million in the second quarter of 2025. For the six months ended June 30, 2026, G&A expenses were $53 million, compared to $57 million for the same period in 2025.

Operational Metrics

• Non-cash stock-based compensation expense: Non-cash stock-based compensation expense for R&D was $9 million for the second quarter of 2026, compared to $8 million for the same period in 2025. For G&A, it was $6 million for the second quarter of 2026, compared to $7 million for the same period in 2025.
• Gross reimbursements from collaborations: Arcus Biosciences, Inc. recognized gross reimbursements of $17 million for shared expenses from collaborations in the second quarter of 2026, a decrease from $33 million in the same period of 2025.

Profitability

• Loss from Operations: The loss from operations for the second quarter of 2026 was -$96 million, compared to -$8 million for the second quarter of 2025. For the six months ended June 30, 2026, the loss from operations was -$230 million, compared to -$130 million for the same period in 2025.
• Net Income (Loss): Arcus Biosciences, Inc. reported a net loss of -$91 million for the second quarter of 2026, compared to $0 million for the same period in 2025. For the six months ended June 30, 2026, the net loss was -$219 million, compared to -$112 million for the same period in 2025.

Balance Sheet Data (as of June 30, 2026)

• Total assets: Total assets were $924 million.
• Total liabilities: Total liabilities were $460 million.
• Total stockholders’ equity: Total stockholders’ equity was $464 million.

Outlook and Guidance

Arcus Biosciences, Inc. anticipates ending 2026 with approximately $600 million in cash, cash equivalents, and marketable securities, which is expected to fund operations until at least the second half of 2028. The company projects GAAP revenue for the full year 2026 to be between $65 million and $75 million. R&D expenses are expected to decline in the near-term due to the wind-down of domvanalimab studies and streamlining initiatives, partially offset by increased investment in casdatifan development and immunology programs.