Arcus Q1 net loss widens to $112M; cash $1.0B; casdatifan Phase 3 to start Q2

Arcus Biosciences, Inc.

2025-Q1 EPS reported -$1.14 revenue$28,000,000

Revenue fell to $28M from $145M YoY; full-year 2025 revenue guidance $75M-$90M.
Net loss of $112M vs $4M in Q1 2024; R&D expenses rose to $122M from $109M.
Cash, equivalents, marketable securities $1.0B; sufficient to fund through initial pivotal readouts.
Phase 3 PEAK-1 trial of casdatifan + cabozantinib in ccRCC expected to initiate Q2 2025.
FDA feedback on etrumadenant supports registrational path but Arcus not pursuing Phase 3 now.

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