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Develops immuno-oncology combination therapies, partnered with Gilead, for lung and gastrointestinal cancers.
Develops immuno-oncology combination therapies, partnered with Gilead, for lung and gastrointestinal cancers.
Revenue comes from Gilead, which since a 2020 deal has paid up front, shares development costs and owes milestone payments as drugs advance, while no Arcus drug is yet sold. Gilead is also a major shareholder, tying the two companies' fortunes together.
Moat: narrow (IP / patents). Broad immuno-oncology combination pipeline backed by a major Gilead partnership, but unproven vs standard of care.
Headquarters: Hayward, California, US · Founded: 2015 · Employees: 601
Size Arcus Biosciences (RCUS) is a United States Health Care company (Biotechnology) with a market value of $2.59B, the 1630th largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.28 on 6 Nov 2026.
Performance Over six months the shares fell 27.9%, against +14.3% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue fell 55.3% over the last twelve months (peer median +2.8%); the operating margin is -415.4% (peer median -2.6%).
Valuation It trades at 17.1× enterprise value to sales against a peer median of 9.5× (6th most expensive of 17).
Backlog Backlog (remaining performance obligations) was $256M at 31 Dec 2025, down 51% on a year earlier — 1.0 years of trailing revenue. Backlog detail →
Short interest Short interest is 9.7% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $117M | $247M | $258M | $117M | $112M |
| Revenue growth | — | -4% | +121% | +4% | — |
| Gross profit | $108M | $237M | $248M | $101M | $98.0M |
| EBITDA | -$477M | -$376M | -$300M | -$324M | -$266M |
| Net income | -$460M | -$353M | -$283M | -$307M | -$267M |
| Free cash flow | -$475M | -$484M | -$176M | -$330M | $432M |
| Capital expenditure | $1.00M | $2.00M | $6.00M | $24.0M | $6.00M |
| Total debt | $114M | $198M | $159M | $121M | $120M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Arcus Biosciences RCUS | $2.59B | -28% | -55% | -415% | 17.1× | n/a |
| Gilead Sciences GILD | $207B | +28% | +7% | 38% | 7.2× | -2.9% |
| Merck & MRK | $362B | +33% | +5% | 18% | 5.4× | 4.1% |
| Bristol Myers Squibb BMY | $127B | +12% | +4% | 33% | 3.2× | -12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RCUS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.3% | +3.4% | lowest of 21 |
| 6-month return | -27.9% | +14.3% | 3rd lowest of 20 |
| Distance from 52-week high | -42.4% | -27.1% | 5th lowest of 21 |
| Revenue growth (TTM) | -55.3% | +2.8% | 3rd lowest of 17 |
| Operating margin | -415.4% | -2.6% | 2nd lowest of 16 |
| EV / Sales | 17.1× | 9.5× | 6th most expensive of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Arcus Biosciences RCUS | United States | $2.59B | -28% | -55% | -415% | 17.1× | n/a | n/a |
| Evopoint Biosciences 688837.SS | China | $2.58B | n/a | n/a | n/a | 67.9× | n/a | n/a |
| Palvella Therapeutics PVLA | United States | $2.53B | +45% | -100% | n/a | n/a | n/a | n/a |
| Xencor XNCR | United States | $2.66B | +178% | -29% | -206% | 22.6× | n/a | n/a |
| Hebei Changshan Biochemical Pharmaceutical 300255.SZ | China | $2.68B | -52% | 0% | -25% | 21.9× | n/a | n/a |
| MBX Biosciences MBX | United States | $2.47B | +25% | n/a | n/a | n/a | n/a | n/a |
| Walvax Biotechnology 300142.SZ | China | $2.71B | -12% | -23% | 5% | 10.3× | 31.3% | -3.8% |
| Beam Therapeutics BEAM | United States | $2.73B | -18% | +163% | -268% | 13.2× | n/a | n/a |
| Xiamen Amoytop Biotech 688278.SS | China | $2.76B | -23% | +18% | 27% | 4.7× | 0.5% | +36.0% |
| Xeris Biopharma XERS | United States | $2.77B | +133% | +36% | 11% | 8.8× | 33.3% | +70.2% |
| Pharvaris PHVS | United States | $2.41B | +14% | n/a | n/a | n/a | n/a | n/a |
| BGI Genomics 300676.SZ | China | $2.39B | -4% | 0% | -14% | 3.7× | n/a | n/a |
| ADMA Biologics ADMA | United States | $2.85B | +56% | +8% | 42% | 5.7× | -0.8% | +64.6% |
| Sunshine Lake Pharma 6887.HK | Hong Kong | $2.85B | -9% | +20% | -3% | 6.1× | n/a | n/a |
| Celldex Therapeutics CLDX | United States | $2.35B | -12% | -97% | -206,220% | 10,375.3× | n/a | n/a |
| Zealand Pharma A/S ZEAL.CO | Denmark | $2.32B | -32% | -49% | 51% | 0.3× | n/a | n/a |
| Rubicon Research RUBICON.NS | India | $2.91B | +74% | +37% | 21% | 14.2× | n/a | n/a |
| Zai Lab 9688.HK | Hong Kong | $2.92B | +13% | +5% | -59% | 5.5× | n/a | n/a |
| Hemab Therapeutics COAG | United States | $2.29B | +95% | n/a | n/a | n/a | n/a | n/a |
| Bavarian Nordic A/S BAVA.CO | Denmark | $2.93B | +27% | -3% | 16% | 2.8× | -2.0% | +27.4% |
| Septerna SEPN | United States | $2.28B | +105% | +13,520% | -57% | 19.5× | 18.7% | n/a |
Arcus Biosciences reported $256M of remaining performance obligations at 31 Dec 2025, down 51% from a year earlier and flat from the previous quarter. That is 1.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.