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Arcus Biosciences

RCUS Lead: Phase 3 10 Biotech Distilled articles ↓ 33 filings & releases ↓ Cash $151M (Sep 30, 2026) ↓ 10 verdicts ↓
DermatologyImmunologyOncology ProteinSmall Molecule

Market cap $2.63B 144.0M shares (10-Q, Oct 29, 2026) × $18.28 close Nov 6, 2026

Most recent annual filing: 2026-02-15

Catalyst timeline

8 trackedQuarter catalyst calendar →
  1. PEAK-1 / PEAK-20 enrollment doneYear-end 2026PEAK-1 / PEAK-20 enrollment done, Year-end 2026, notable
  2. I&I portfolio MRGPRX2 antagonist trialLate 2026 / Early 2027I&I portfolio MRGPRX2 antagonist trial, Late 2026 / Early 2027, routine
  3. quemliclustat Ph3 interim4Q 2026quemliclustat Ph3 interim, 4Q 2026, material
  4. ARC-20 cohorts cas+axitinib trial start4Q 2026ARC-20 cohorts cas+axitinib trial start, 4Q 2026, notable
  5. PEAK-20 trial start4Q 2026PEAK-20 trial start, 4Q 2026, notable
  6. PEAK-1 enrollment done4Q 2026PEAK-1 enrollment done, 4Q 2026, routine
  7. Summit ivonescimab PDUFA dateNov 14, 2026Summit ivonescimab PDUFA date, Nov 14, 2026, material
  8. TNFR1 inhibitor RA trial startearly 2027TNFR1 inhibitor RA trial start, early 2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (8 active programs)

Discontinued (3)

Capital (as filed)

Cash
$151M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$479M Sep 30, 2026
Long-term investments
$64.0M Sep 30, 2026
Operating cash flow
−$88.0M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$694M cash, runway 2029 per the update of Nov 4, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (10)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (10 calls)

Every verdict Biotech Distilled has published on Arcus Biosciences, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-02-25 Watch Arcus Biosciences (RCUS): Scientific Deep Dive for Casdatifan and Pipeline Products Casdatifan shows impressive early efficacy but unproven safety in IO combinations (AZ trial pause) makes it too risky to buy until mid-2026 combination data validates the drug can be safely combined.
  2. 2026-03-02 Hold UPDATE: Arcus Biosciences (RCUS) - The Catalyst Wrap-Up Single-agent casdatifan efficacy is durable and management is pivoting to TKI-free combinations to avoid toxicity, but mid-2026 combination safety data is still needed before upgrading to BUY.
  3. 2026-04-27 Hold UPDATE: Arcus Biosciences (RCUS) - Gilead Walks Further Away, TIGIT Officially Dies, Stock Rips +25% TIGIT is fully dead removing R&D drag, casdatifan efficacy remains durable, but mid-2026 combination safety data is still the trigger to upgrade to outright BUY; accumulate only on dips into mid-$20s.
  4. 2026-05-05 Hold UPDATE: Arcus Biosciences (RCUS) - The TKI-Free Bet Gets Its First Receipt eVOLVE-RCC02 is buried, TKI-free pivot has first positive datapoint (7% primary progression), and I&I pipeline has clinic dates, but mid-2026 cas+cabo ARC-20 readout remains the trigger to upgrade to outright BUY.
  5. 2026-06-03 Speculative buy speculative UPDATE: Arcus Biosciences (RCUS) - The Bispecific Bet Gets a Second Swing BMS collaboration restores bispecific optionality with a more chemistry-sensible partner, stock pulled back to the low-$20s accumulation range, and three Big Pharma partners now engaged, though mid-2026 cabo data remains the gate to outright BUY.
  6. 2026-07-22 Speculative buy speculative UPDATE: Arcus Biosciences (RCUS) - Two More Partners in One Day, and the Backbone Pitch Stops Being a Pitch Two same-day partnerships (AVEO tivozanib randomized cohort, Summit ivonescimab) bring casdatifan combination partners to five and introduce the first randomized comparator inside ARC-20, but mid-2026 cabo data is still the gate to outright BUY.
  7. 2026-08-06 Speculative buy speculative UPDATE: Arcus Biosciences (RCUS) - Gilead Leaves the Boardroom, the Trigger Slips to Fall PACIFIC-8 death removes last TIGIT drain, Gilead board exit reads as post-TIGIT housekeeping that simplifies M&A plumbing, PEAK-20 named as 1L registrational trial, but the cabo ARC-20 trigger slipped to 2H 2026 with ≥18-month follow-up bar.
  8. 2026-10-20 Buy core UPDATE: Arcus Biosciences (RCUS) - The Trigger Fires The pre-specified BUY trigger fired: cas+cabo posted 14.5-month mPFS vs ~10 months for cabo alone with clean qualitative safety, front-line data held up, and PEAK-20 remains on track, making the stock a de-risked Phase 1b dataset trading below pre-data levels.
  9. 2026-10-22 Buy core UPDATE: Arcus Biosciences (RCUS) - The Dilution Gap Opens Clinical data is untouched by the offering; dilution is real but funds the three-Phase-3 plan; readers on the sidelines should let the deal price before acting.
  10. 2026-10-24 Buy core UPDATE: Arcus Biosciences (RCUS) - The Deal Prices, the Greenshoe Goes Offering priced at tight 8.4% discount with full greenshoe exercised signaling strong institutional demand; pro forma cash ~$960M funds three registrational trials; clinical data unchanged and PEAK-1 remains the real binary.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (33)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

3 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)