---
schema_version: "secwatch.filing_event.v1"
accession: "0001724521-25-000122"
form_type: "8-K"
ticker: "RCUS"
cik: "0001724521"
company_name: "Arcus Biosciences, Inc."
filed_at: "2025-12-18T23:59:59+00:00"
generated_at: "2026-05-16T12:45:46.133217+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Arcus Biosciences amends loan agreement to access up to $150M tied to clinical and FDA milestones

## Summary
- First Amendment to Loan and Security Agreement with Hercules Capital dated December 18, 2025.
- Up to $50M available after announcement of Phase 3 data supporting FDA filing; $50M after FDA approval.
- $50M available at company's sole option through March 2026 and September 2026 ($25M each).
- Maturity extended to September 1, 2030.
- Performance covenants apply if draws exceed $200M: market cap ≥ $1.5B or cash/revenue thresholds.

## SEC filing metadata
- accession: 0001724521-25-000122
- form_type: 8-K
- ticker: RCUS
- cik: 0001724521
- company_name: Arcus Biosciences, Inc.
- filed_at: 2025-12-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1724521/000172452125000122/0001724521-25-000122-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1724521/000172452125000122/rcus-20251218.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001724521-25-000122
- JSON: https://secwatch.observer/filing/0001724521-25-000122.json
- Plain text: https://secwatch.observer/filing/0001724521-25-000122.txt

## Key facts
- Debt Financings
  Arcus Biosciences, Inc. amended credit facility of $150.0 million term loan commitments with Hercules Capital, Inc. maturing September 1, 2030.
  - Instrument: credit facility
  - Principal: $150.0 million term loan commitments
  - Counterparty: Hercules Capital, Inc.
  - Maturity: September 1, 2030
  - Event: amendment
  source text: Agreement, dated as of August 27, 2024, by and among the Company, Hercules and the Lenders (the “Loan Agreement”). The First Amendment amends the terms for the remaining $150.0 million term loan commitments available under the loan facility such that, subject to customary terms and conditions, (a) $25.0 million is available at the Company's sole option through
  evidence_url: https://www.sec.gov/Archives/edgar/data/1724521/000172452125000122/0001724521-25-000122-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.