RCUS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $24.44

Market Cap (MRQ) $3.10B

P/E (TTM) -6.3

EPS (TTM) $-3.89

Revenue (TTM) $117M

ROE (TTM) -90.8%

52W Range $14–$32

RCUS Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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About Arcus Biosciences, Inc. Common Stock Company overview from Wikipedia

05 · wikidata

Wikidata ↗

sectorHealthcare industryBiotechnology employees601 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$247M

2017-12-31 → 2025-12-31

EPS$-3.29

2019-12-31 → 2025-12-31

Free Cash Flow$-484M

2018-12-31 → 2025-12-31

Net margin-393.2%

2018-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	RCUS	5Y avg	Peer Median	Verdict
P/E (TTM)	-6.35Y avg ≈7.0	≈7.0	·	·
P/S (TTM)	26.55Y avg ≈10.1	≈10.1	28.1	Pricier
P/B (MRQ)	6.75Y avg ≈3.3	≈3.3	4.9	Overvalued
Price / FCF (TTM)	-6.55Y avg ≈-5.0	≈-5.0	·	·
Price / Cash Flow (TTM)	-6.55Y avg ≈-5.3	≈-5.3	·	·
Price / Tangible Book	4.95Y avg ≈3.3	≈3.3	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	RCUS	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-415.4%5Y avg ≈-162.1%	≈-162.1%	12.5%	Weak
EBITDA Margin	-156.3%5Y avg ≈-162.1%	≈-162.1%	12.5%	Weak
Pretax Margin (TTM)	-393.2%5Y avg ≈-146.5%	≈-146.5%	25.8%	Weak
Net Profit Margin (TTM)	-393.2%5Y avg ≈-147.9%	≈-147.9%	10.9%	Weak
ROA (TTM)	-46.0%5Y avg ≈-19.0%	≈-19.0%	-6.2%	Weak
ROE (TTM)	-90.8%5Y avg ≈-41.6%	≈-41.6%	-7.0%	Weak
ROIC	-61.2%5Y avg ≈-48.2%	≈-48.2%	-20.6%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	5Y trend	RCUS	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)		3.85Y avg ≈5.3	≈5.3	4.6	Low liquidity
Quick Ratio		1.05Y avg ≈0.9	≈0.9	4.4	Low liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	RCUS	5Y avg	Peer Median	Verdict
Revenue YoY	-4.3%5Y avg ≈88.2%	≈88.2%	·	·
Revenue CAGR 3Y	30.2%5Y avg ≈10.8%	≈10.8%	·	·
Revenue CAGR 5Y	25.9%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	RCUS	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-3.295Y avg ≈$-2.72	≈$-2.72	·	·
Revenue / Share	$2.305Y avg ≈$2.70	≈$2.70	·	·
Cash Flow / Share	$-4.495Y avg ≈$-1.58	≈$-1.58	·	·
Cash / Share	$1.775Y avg ≈$2.00	≈$2.00	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	5Y trend	RCUS	5Y avg	Peer Median	Verdict
Asset Turnover		0.25Y avg ≈0.2	≈0.2	0.2	Top tier
Revenue / Employee		≈$411.0K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 19.8%

Next Report Oct 26, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 12, 2026	$-0.72	$-0.92	21.4%
March 31, 2026	May 12, 2026	$-1.02	$-0.89	-14.0%
Dec. 31, 2025		$-0.89	$-1.05	15.0%
Sept. 30, 2025		$-1.27	$-1.34	5.0%
June 30, 2025		$0.00	$-1.15	100.0%
March 31, 2025		$-1.14	$-1.05	-8.4%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 14

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$247M	$258M	$117M	$112M	$383M	$78M	$15M	$8M	$1M
R&D Expense	$523M	$448M	$340M	$288M	$257M	$159M	$78M	$50M	$47M
SG&A Expense	$110M	$120M	$117M	$104M	$72M	$43M	$25M	$14M	$8M
Operating Expenses	$633M	$588M	$457M	$392M	$329M	$202M	$104M	$63M	$55M
Operating Income	$-386M	$-330M	$-340M	$-280M	$54M	$-124M	$-89M	$-55M	$-53M
Other Non-op	$33M	$48M	$39M	$14M	$1M	$1M	$4M	$5M	$359.0K
Pretax Income	$-353M	$-282M	$-301M	$-266M	$55M	$-123M	$-85M	·	·
Income Tax	$0	$1M	$6M	$1M	$2M	·	·	·	·
Net Income	$-353M	$-283M	$-307M	$-267M	$53M	$-123M	$-85M	$-50M	$-53M
EPS (Basic)	$-3.29	$-3.14	$-4.15	$-3.71	$0.76	$-2.24	$-1.93	·	·
EPS (Diluted)	$-3.29	$-3.14	$-4.15	$-3.71	$0.71	$-2.24	$-1.93	·	·
Shares (Basic)	107,400,000	90,100,000	74,000,000	72,000,000	69,300,000	54,800,000	43,825,991	36,357,336	3,885,508
Shares (Diluted)	107,400,000	90,100,000	74,000,000	72,000,000	74,000,000	54,800,000	43,825,991	·	·
EBITDA	$-386M	$-330M	$-340M	$-280M	$54M	$-124M	$-89M	$-55M	·

Balance Sheet 23

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Cash & Equivalents	$222M	$150M	$127M	$206M	$148M	$173M	$58M	$71M	$98M
Short-term Investments	·	·	·	·	·	$555M	$130M	$185M	$77M
Prepaid Expense	$15M	$18M	$34M	$19M	$18M	$5M	$4M	$2M	$1M
Current Assets	$1.01B	$1.02B	$831M	$1.07B	$1.26B	$736M	$193M	$259M	$177M
PP&E (Net)	$40M	$47M	$51M	$35M	$32M	$11M	$9M	$11M	$11M
PP&E (Gross)	$90M	$88M	$82M	$58M	$50M	$25M	$21M	$19M	$15M
Accum. Depreciation	$50M	$41M	$31M	$23M	$18M	$14M	$11M	$8M	$4M
Other Non-current Assets	$63M	$73M	$106M	$114M	$116M	$6M	$872.0K	$284.0K	$2M
Total Assets	$1.14B	$1.15B	$1.09B	$1.34B	$1.59B	$772M	$203M	$275M	$190M
Accounts Payable	$42M	$18M	$17M	$20M	$10M	$16M	$5M	$3M	$4M
Accrued Liabilities	·	·	·	·	$24M	$10M	$5M	$6M	$3M
Current Liabilities	$231M	$226M	$184M	$193M	$166M	$122M	$23M	$17M	$13M
Capital Leases	$86M	$99M	$110M	$117M	$117M	$15M	·	·	·
Other Non-current Liabilities	$135M	$157M	$142M	$140M	$122M	$543.0K	$806.0K	$2M	$565.0K
Total Liabilities	·	·	·	·	$750M	$270M	$39M	$40M	$37M
Long-term Debt	$99M	$48M	$0	·	·	·	·	·	·
Common Stock	$2.12B	$1.62B	$1.31B	$1.21B	$1.12B	$6.0K	$4.0K	$4.0K	·
Paid-in Capital	·	·	·	·	$1.12B	$830M	$369M	$358M	$948.0K
Retained Earnings	$-1.49B	$-1.13B	$-849M	$-542M	$-275M	$-328M	$-205M	$-123M	$-73M
AOCI	$0	·	$0	$-7M	$-1M	$44.0K	$64.0K	$-107.0K	$-42.0K
Stockholders' Equity	$631M	$485M	$462M	$657M	$842M	$502M	$164M	$235M	$-72M
Liabilities + Equity	$1.14B	$1.15B	$1.09B	$1.34B	$1.59B	$772M	$203M	$275M	$190M
Shares Outstanding	125,300,000	92,200,000	75,500,000	72,900,000	70,800,000	63,700,000	44,200,000	43,610,823	3,278,129

Cash Flow 12

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
D&A	$10M	$10M	$8M	$6M	$4M	$3M	$4M	$4M	$3M
Stock-based Comp	$60M	$76M	$73M	$65M	$55M	$22M	$9M	$4M	$495.0K
Operating Cash Flow	$-482M	$-170M	$-306M	$438M	$-256M	$111M	$-73M	$-43M	$-25M
CapEx	$2M	$6M	$24M	$6M	$26M	$3M	$2M	$4M	$6M
Investing Cash Flow	$66M	$-84M	$194M	$-413M	$-4M	$-434M	$59M	$-113M	$-49M
Stock Issued	$429M	$228M	$25M	$0	$220M	$434M	$1M	$4M	·
Stock Repurchased	·	·	·	·	·	·	$94.0K	$0	·
Net Stock Activity	$429M	$228M	$25M	·	$220M	$434M	$1M	·	·
Financing Cash Flow	$488M	$277M	$33M	$33M	$237M	$439M	$1M	$129M	$107M
Net Change in Cash	$72M	$23M	$-79M	$58M	$-23M	$116M	$-13M	$-27M	$33M
Taxes Paid	$0	$0	$5M	·	·	·	·	·	·
Free Cash Flow	$-484M	$-176M	$-330M	$432M	$-282M	$108M	$-75M	$-47M	·

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Operating Margin	-156.3%	-127.9%	-290.6%	-250.0%	14.2%	·	-591.4%	-656.8%	·
Net Margin	-142.9%	-109.7%	-262.4%	-238.4%	13.8%	·	-564.7%	-593.7%	·
Pretax Margin	-142.9%	-109.3%	-257.3%	-237.5%	14.3%	·	·	·	·
EBITDA Margin	-156.3%	-127.9%	-290.6%	-250.0%	14.2%	·	-591.4%	-656.8%	·
ROA	-30.8%	-25.2%	-25.2%	-18.2%	4.5%	-25.2%	-35.4%	-21.3%	·
ROE	-59.8%	-53.9%	-62.5%	-39.4%	7.6%	-23.5%	-49.7%	-20.7%	·
ROIC	-61.2%	-68.3%	-75.1%	-42.8%	6.2%	·	·	·	·

Liquidity & Solvency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017
Current Ratio		4.4	4.5	4.5	5.5	7.6	6.0	8.5	15.3	·
Quick Ratio		1.0	0.7	0.7	1.1	0.9	6.0	8.3	15.1	·

Efficiency 1

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017
Asset Turnover		0.2	0.2	0.1	0.1	0.3	·	0.1	0.0	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Book Value / Share	$5.04	$5.26	$6.12	$9.01	$11.89	$7.71	$3.57	$5.28	·
Revenue / Share	$2.30	$2.86	$1.58	$1.56	$5.18	·	·	·	·
Cash Flow / Share	$-4.49	$-1.89	$-4.14	$6.08	$-3.46	·	·	·	·
Cash / Share	$1.77	$1.63	$1.68	$2.83	$2.09	$2.66	$1.26	$1.60	·
EPS (TTM)	$-3.29	$-3.14	$-4.15	$-3.71	$0.71	$-2.24	$-1.93	·	·

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue YoY	-4.3%	120.5%	4.5%	-70.8%	391.0%	·	·	·	·
Revenue CAGR 3Y	30.2%	-12.3%	14.5%	·	·	·	·	·	·
Revenue CAGR 5Y	25.9%	·	·	·	·	·	·	·	·

Valuation (TTM) 10

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue TTM	$247M	$258M	$117M	$112M	$383M	$78M	$15M	$8M	·
Net Income TTM	$-353M	$-283M	$-307M	$-267M	$53M	$-123M	$-85M	$-50M	·
Market Cap	$2.99B	$1.37B	$1.44B	$1.51B	$2.86B	$1.69B	$464M	$480M	·
P/E	-7.2	-4.7	-4.6	-5.6	57.0	-11.6	-5.2	·	·
P/S	12.1	5.3	12.3	13.5	7.5	21.7	30.9	57.4	·
P/B	4.7	2.8	3.1	2.3	3.4	3.4	2.8	2.0	·
P / Tangible Book	4.7	2.8	3.1	2.3	3.4	3.4	·	·	·
P / Cash Flow	-6.2	-8.1	-4.7	3.4	-11.2	15.2	-6.3	-11.2	·
P / FCF	-6.2	-7.8	-4.4	3.5	-10.1	15.6	-6.2	-10.3	·
Earnings Yield	-13.8%	-21.1%	-21.7%	-17.9%	1.8%	-8.6%	-19.1%	·	·

Income Statement 14

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$41M	$17M	$33M	$26M	$160M	$28M	$26M	$48M	$39M	$145M	$31M	$32M	$29M	$25M	$34M	$33M
R&D Expense	$113M	$122M	$121M	$141M	$139M	$122M	$101M	$123M	$115M	$109M	$93M	$82M	$84M	$81M	$80M	$77M
SG&A Expense	$24M	$29M	$26M	$27M	$29M	$28M	$28M	$30M	$30M	$32M	$29M	$30M	$28M	$30M	$28M	$26M
Operating Expenses	$137M	$151M	$147M	$168M	$168M	$150M	$129M	$153M	$145M	$161M	$122M	$112M	$112M	$111M	$108M	$103M
Operating Income	$-96M	$-134M	$-114M	$-142M	$-8M	$-122M	$-103M	$-105M	$-106M	$-16M	$-91M	$-80M	$-83M	$-86M	$-74M	$-70M
Other Non-op	$5M	$6M	$8M	$7M	$8M	$10M	$10M	$13M	$13M	$12M	$11M	$11M	$9M	$8M	$7M	$5M
Pretax Income	$-91M	$-128M	$-106M	$-135M	$0	$-112M	$-93M	$-92M	$-93M	$-4M	$-80M	$-69M	$-74M	$-78M	$-67M	$-65M
Income Tax	$0	$0	$0	$0	$0	$0	$1M	$0	$0	$0	$1M	$2M	$1M	$2M	$0	$0
Net Income	$-91M	$-128M	$-106M	$-135M	$0	$-112M	$-94M	$-92M	$-93M	$-4M	$-81M	$-71M	$-75M	$-80M	$-67M	$-65M
EPS (Basic)	$-0.72	$-1.02	$-0.88	$-1.27	$0.00	$-1.14	$-1.07	$-1.00	$-1.02	$-0.05	$-1.08	$-0.94	$-1.04	$-1.09	$-0.93	$-0.90
EPS (Diluted)	$-0.72	$-1.02	$-0.88	$-1.27	$0.00	$-1.14	$-1.07	$-1.00	$-1.02	$-0.05	$-1.08	$-0.94	$-1.04	$-1.09	$-0.93	$-0.90
Shares (Basic)	126,100,000	125,400,000	·	106,500,000	106,100,000	98,400,000	·	91,400,000	91,100,000	86,200,000	·	74,600,000	73,200,000	73,000,000	·	72,200,000
Shares (Diluted)	126,100,000	125,400,000	·	106,500,000	106,500,000	98,400,000	·	91,400,000	91,100,000	86,200,000	·	74,600,000	73,200,000	73,000,000	·	72,200,000
EBITDA	$-96M	$-134M	·	$-142M	$-8M	$-122M	·	$-105M	$-106M	$-16M	·	$-80M	$-83M	$-86M	·	$-69M

Balance Sheet 22

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$150M	$201M	$222M	$238M	$248M	$192M	$150M	$201M	$156M	$185M	·	$184M	$230M	$238M	·	$218M
Prepaid Expense	$18M	$19M	$15M	$15M	$20M	$19M	$18M	$22M	$25M	$34M	·	$31M	$22M	$28M	·	$22M
Current Assets	$756M	$844M	$1.01B	$857M	$946M	$1.03B	$1.02B	$1.13B	$1.02B	$1.06B	·	$882M	$986M	$1.01B	·	$1.10B
PP&E (Net)	$36M	$38M	$40M	$42M	$44M	$46M	$47M	$48M	$49M	$51M	·	$50M	$45M	$37M	·	$34M
PP&E (Gross)	·	·	$90M	·	·	·	$88M	·	·	·	·	·	·	·	·	·
Accum. Depreciation	·	·	$50M	·	·	·	$41M	·	·	·	·	·	·	·	·	·
Other Non-current Assets	$59M	$61M	$63M	$65M	$69M	$71M	$73M	$75M	$75M	$78M	·	$108M	$109M	$112M	·	$11M
Total Assets	$924M	$997M	$1.14B	$974M	$1.07B	$1.16B	$1.15B	$1.25B	$1.19B	$1.29B	·	$1.19B	$1.22B	$1.25B	·	$1.39B
Accounts Payable	$34M	$39M	$42M	$42M	$29M	$22M	$18M	$13M	$15M	$16M	·	$17M	$12M	$28M	·	$11M
Accrued Liabilities	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$21M
Current Liabilities	$198M	$209M	$231M	$235M	$210M	$192M	$226M	$215M	$199M	$204M	·	$200M	$180M	$179M	·	$177M
Capital Leases	·	·	$86M	·	·	·	$99M	·	·	·	·	·	·	·	·	$119M
Other Non-current Liabilities	$124M	$119M	$135M	$152M	$159M	$166M	$157M	$136M	$138M	$140M	·	$145M	$144M	$145M	·	$16M
Total Liabilities	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$695M
Long-term Debt	$101M	$100M	$99M	$98M	$97M	$48M	$48M	$47M	·	·	·	·	·	·	·	·
Common Stock	$2.17B	$2.14B	$2.12B	$1.81B	$1.79B	$1.77B	$1.62B	$1.60B	$1.58B	$1.56B	·	$1.29B	$1.27B	$1.23B	·	$7.0K
Paid-in Capital	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$1.18B
Retained Earnings	$-1.70B	$-1.61B	$-1.49B	$-1.38B	$-1.24B	$-1.24B	$-1.13B	$-1.04B	$-946M	$-853M	·	$-768M	$-697M	$-622M	·	$-475M
AOCI	$-1M	$-1M	·	·	·	·	·	$1M	$-1M	$-1M	·	$-3M	$-4M	$-4M	·	$-10M
Stockholders' Equity	$464M	$524M	$631M	$436M	$549M	$531M	$485M	$565M	$635M	$707M	$462M	$520M	$566M	$600M	$657M	$699M
Liabilities + Equity	$924M	$997M	$1.14B	$974M	$1.07B	$1.16B	$1.15B	$1.25B	$1.19B	$1.29B	·	$1.19B	$1.22B	$1.25B	·	$1.39B
Shares Outstanding	127,000,000	125,500,000	125,300,000	107,100,000	106,400,000	105,900,000	92,200,000	91,500,000	91,300,000	90,900,000	75,500,000	74,800,000	74,500,000	73,100,000	72,900,000	72,352,380

Cash Flow 10

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$3M	$2M	$3M	$2M	$2M	$3M	$3M	$2M	$2M	$3M	$3M	$1M	$2M	$2M	$1M	$2M
Stock-based Comp	$15M	$19M	$15M	$14M	$15M	$16M	$17M	$19M	$20M	$20M	$18M	$18M	$18M	$19M	$17M	$16M
Operating Cash Flow	$-119M	$-138M	$-120M	$-97M	$-133M	$-132M	$-100M	$26M	$-94M	$-2M	$-88M	$-63M	$-57M	$-98M	$-70M	$-81M
CapEx	$0	$0	$1M	$0	$0	$1M	$1M	$1M	$0	$4M	$6M	$10M	$5M	$3M	$0	$2M
Investing Cash Flow	$52M	$114M	$-182M	$79M	$137M	$32M	$51M	$-29M	$63M	$-169M	$28M	$11M	$26M	$129M	$47M	$23M
Stock Issued	$0	$0	$279M	$8M	$0	$142M	$0	$0	$0	$228M	$0	$5M	$20M	$0	$0	·
Net Stock Activity	·	$0	·	·	·	$142M	·	·	·	$228M	·	·	·	·	·	·
Financing Cash Flow	$16M	$3M	$286M	$8M	$52M	$142M	$-2M	$48M	$2M	$229M	$3M	$6M	$23M	$1M	$11M	$3M
Net Change in Cash	$-51M	$-21M	$-16M	$-10M	$56M	$42M	$-51M	$45M	$-29M	$58M	$-57M	$-46M	$-8M	$32M	$-12M	$-55M
Free Cash Flow	·	$-138M	·	·	·	$-133M	·	·	·	$-6M	·	·	·	$-101M	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-234.1%	-788.2%	·	-546.1%	-5.0%	-435.7%	·	-218.8%	-271.8%	-11.0%	·	-250.0%	-286.2%	-344.0%	·	-206.7%
Net Margin	-221.9%	-752.9%	·	-519.2%	0.00%	-400.0%	·	-191.7%	-238.5%	-2.8%	·	-221.9%	-258.6%	-320.0%	·	-193.3%
Pretax Margin	-221.9%	-752.9%	·	-519.2%	0.00%	-400.0%	·	-191.7%	-238.5%	-2.8%	·	-215.6%	-255.2%	-312.0%	·	-193.3%
EBITDA Margin	-234.1%	-788.2%	·	-546.1%	-5.0%	-435.7%	·	-218.8%	-271.8%	-11.0%	·	-250.0%	-286.2%	-344.0%	·	-206.7%
ROA	-9.1%	-11.9%	·	-12.1%	0.00%	-9.2%	·	-7.5%	-7.7%	-0.31%	·	-5.5%	-5.6%	-5.7%	·	-5.8%
ROE	-18.0%	-24.3%	·	-27.0%	0.00%	-18.1%	·	-17.0%	-15.5%	-0.61%	·	-11.7%	-11.4%	-11.5%	·	-10.5%
ROIC	-20.7%	-25.6%	·	-32.6%	·	-23.0%	·	-18.6%	-16.7%	-2.3%	·	-15.8%	-14.9%	-14.7%	·	-9.9%

Liquidity & Solvency 2

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio		3.8	4.0	·	3.6	4.5	5.4	·	5.2	5.1	5.2	·	4.4	5.5	5.7	·	6.2
Quick Ratio		0.8	1.0	·	1.0	1.2	1.0	·	0.9	0.8	0.9	·	0.9	1.3	1.3	·	1.2

Efficiency 1

Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		0.0	0.0	·	0.0	0.1	0.0	·	0.0	0.0	0.1	·	0.0	0.0	0.0	·	0.0

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$3.65	$4.18	·	$4.07	$5.16	$5.01	·	$6.17	$6.96	$7.78	·	$6.95	$7.60	$8.21	·	$9.66
Revenue / Share	$0.33	$0.14	·	$0.24	$1.50	$0.28	·	$0.53	$0.43	$1.68	·	$0.43	$0.40	$0.34	·	$0.46
Cash Flow / Share	·	$-1.10	·	·	·	$-1.34	·	·	·	$-0.02	·	·	·	$-1.34	·	·
Cash / Share	$1.18	$1.60	·	$2.22	$2.33	$1.81	·	$2.20	$1.71	$2.04	·	$2.46	$3.09	$3.26	·	$3.01
EPS (TTM)	$-3.89	$-3.17	·	$-3.48	$-3.21	$-4.23	·	$-3.15	$-3.09	$-3.11	·	$-4.00	$-3.96	·	·	·

Valuation (TTM) 9

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$117M	$236M	·	$240M	$262M	$141M	·	$263M	$247M	$237M	·	$120M	$121M	$119M	·	$433M
Net Income TTM	$-460M	$-369M	·	$-341M	$-298M	$-391M	·	$-270M	$-249M	$-231M	·	$-293M	$-287M	$-279M	·	$80M
Market Cap	$3.92B	$2.71B	·	$1.46B	$866M	$831M	·	$1.40B	$1.39B	$1.72B	·	$1.34B	$1.51B	$1.33B	·	$1.89B
P/E	-7.9	-6.8	·	-3.9	-2.5	-1.9	·	-4.9	-4.9	-6.1	·	-4.5	-5.1	·	·	·
P/S	33.5	11.5	·	6.1	3.3	5.9	·	5.3	5.6	7.2	·	11.2	12.5	11.2	·	4.4
P/B	8.4	5.2	·	3.3	1.6	1.6	·	2.5	2.2	2.4	·	2.6	2.7	2.2	·	2.7
P / Tangible Book	8.4	5.2	·	3.3	1.6	1.6	·	2.5	2.2	2.4	·	2.6	2.7	2.2	·	2.7
P / Cash Flow	·	-19.6	·	·	·	-6.3	·	·	·	-858.1	·	·	·	-13.6	·	·
Earnings Yield	-12.6%	-14.7%	·	-25.6%	-39.4%	-53.9%	·	-20.6%	-20.3%	-16.5%	·	-22.3%	-19.5%	·	·	·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$247M	$258M	$117M	$112M	$383M
Operating Margin %	-156.3%	-127.9%	-290.6%	-250.0%	14.2%
Net Income	$-353M	$-283M	$-307M	$-267M	$53M
Diluted EPS	$-3.29	$-3.14	$-4.15	$-3.71	$0.71

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Current Ratio	4.4	4.5	4.5	5.5	7.6
Quick Ratio	1.0	0.7	0.7	1.1	0.9

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-484M	$-176M	$-330M	$432M	$-282M

Institutional owners (13F) 243 filers · $4.0B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 243

Value held $4.0B

New positions 46

Exited positions 23

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
46 (+5 vs prior Q)	23 (-8 vs prior Q)	86 (+2 vs prior Q)	64 (+4 vs prior Q)	+4.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
GILEAD SCIENCES, INC.	$968,825,351	31,424,760	24.50%	Shares
BlackRock, Inc.	$506,112,958	16,416,249	12.80%	Shares
VANGUARD GROUP INC	$189,755,288	7,962,874	4.80%	Shares
STATE STREET CORP	$185,888,992	6,029,484	4.70%	Shares
WELLINGTON MANAGEMENT GROUP LLP	$181,756,661	5,895,448	4.60%	Shares
MONTANOVA CAPITAL, LLC	$147,257,121	4,776,423	3.72%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$137,980,528	4,475,528	3.49%	Shares
FMR LLC	$124,854,021	4,049,757	3.16%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$119,877,707	3,888,346	3.03%	Shares
CITADEL ADVISORS LLC	$96,653,807	3,135,057	2.44%	Shares
Woodline Partners LP	$92,730,412	3,007,798	2.35%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$75,507,790	2,448,749	1.91%	Shares
Siren, L.L.C.	$74,621,857	2,420,430	1.89%	Shares
Fisher Asset Management, LLC	$65,957,578	2,139,396	1.67%	Shares
MARSHALL WACE, LLP	$59,967,064	1,945,088	1.52%	Shares
SAMLYN CAPITAL, LLC	$47,699,621	1,547,182	1.21%	Shares
DIMENSIONAL FUND ADVISORS LP	$44,221,943	1,434,320	1.12%	Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	$43,764,202	1,419,533	1.11%	Shares
GOLDMAN SACHS GROUP INC	$42,778,660	1,387,566	1.08%	Shares
Soleus Capital Management, L.P.	$36,032,193	1,168,738	0.91%	Shares
Sofinnova Investments, Inc.	$29,155,623	945,690	0.74%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$29,034,337	941,756	0.73%	Shares
NORTHERN TRUST CORP	$28,749,685	932,523	0.73%	Shares
Parkman Healthcare Partners LLC	$28,340,971	919,266	0.72%	Shares
Invesco Ltd.	$26,058,533	845,233	0.66%	Shares
BAKER BROS. ADVISORS LP	$26,045,677	844,816	0.66%	Shares
BANK OF AMERICA CORP /DE/	$25,758,589	835,504	0.65%	Shares
MORGAN STANLEY	$24,537,986	795,912	0.62%	Shares
Candriam S.C.A.	$20,389,238	661,981	0.52%	Shares
Aberdeen Group plc	$20,061,451	650,712	0.51%	Shares
Logos Global Management LP	$20,039,500	650,000	0.51%	Shares
TWO SIGMA INVESTMENTS, LP	$19,589,505	635,404	0.50%	Shares
VANGUARD FIDUCIARY TRUST CO	$18,993,993	616,088	0.48%	Shares
Bank of New York Mellon Corp	$16,740,979	543,009	0.42%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$15,787,550	512,084	0.40%	Shares
Ikarian Capital, LLC	$15,555,555	504,559	0.39%	Shares
Decheng Capital LLC	$14,329,137	464,779	0.36%	Shares
DAFNA Capital Management LLC	$13,621,588	441,829	0.34%	Shares
JPMORGAN CHASE & CO	$13,121,105	418,243	0.33%	Shares
PRINCIPAL FINANCIAL GROUP INC	$13,052,373	423,366	0.33%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$11,688,000	379,100	0.30%	Shares
UBS Group AG	$11,377,996	369,056	0.29%	Shares
Patient Square Capital LP	$10,969,314	355,800	0.28%	Shares
PDT Partners, LLC	$9,975,571	323,567	0.25%	Shares
Public Sector Pension Investment Board	$9,192,149	298,156	0.23%	Shares
FIRST TRUST ADVISORS LP	$8,368,310	271,434	0.21%	Shares
Nuveen, LLC	$7,215,824	234,052	0.18%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$6,936,997	225,008	0.18%	Shares
DIADEMA PARTNERS LP	$6,900,062	223,810	0.17%	Shares
RHUMBLINE ADVISERS	$6,757,319	219,181	0.17%	Shares

Show all 243 institutional owners →

Activists & 5%+ owners 3 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Gilead Sciences, Inc.	Aug. 7, 2026	24.70%	Amendment	·	SEC
Terry Rosen, Ph.D. ×2 filings	Dec. 17, 2024	·	Initial filing	·	SEC
Juan Jaen, Ph.D., Anita Galeana, Juan Carlos Jaen and Anita Galeana 2000 Trust ×2 filings	Oct. 15, 2020	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 23 insiders · 12 officers · 10 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Terry J Rosen	Chief Executive Officer	Jan. 23, 2026 A	2,236,409	2	$-1,203,847
Ii Robert C. Goeltz	Chief Financial Officer	May 11, 2026 S	84,161	6	$-855,866
Rekha Hemrajani	Chief Operating Officer and Chief Financial Officer	March 25, 2019 A	·	0	$0
Juan C. Jaen	President	July 10, 2026 S	822,240	21	$-9,219,575
Jennifer Jarrett	Chief Operating Officer	Jan. 23, 2026 A	224,024	5	$-2,171,366
Alexander Azoy	Chief Accounting Officer	Aug. 21, 2026 M	39,581	6	$-395,676
Carolyn C. Tang	General Counsel	June 11, 2026 M	184,607	2	$-318,467
Richard Markus	Chief Medical Officer	Jan. 23, 2026 A	89,647	2	$-210,125
Nuyten Dimitry SA	Chief Medical Officer	Dec. 15, 2024 F	87,518	0	$0
William Grossman	Chief Medical Officer	June 17, 2021 S	20,723	0	$0
Jason Barker	VP Finance; Principal Financial and Accounting Officer	June 4, 2020 A	10,000	0	$0
Steven Chan	Principal Financial and Accounting Officer	Jan. 16, 2019 A	·	0	$0
Antoni Ribas	Director	June 11, 2026 A	44,300	0	$0
Nicole Lambert	Director	June 11, 2026 A	43,000	0	$0
David L. Lacey	Director	June 11, 2026 A	76,652	0	$0
Patrick Machado	Director	June 11, 2026 A	44,300	0	$0
Yasunori Kaneko	Director	June 11, 2026 A	25,700	0	$0
Kathryn E Falberg	Director	June 11, 2026 A	44,300	0	$0
Andrew J Perlman	Director	June 11, 2026 A	48,325	0	$0
Kristen Hege	Director	June 6, 2019 A	·	0	$0
David W Beier	Director	June 6, 2019 A	·	0	$0
Gilead Sciences, Inc.	10% owner	Feb. 18, 2025 P	31,424,760	0	$0
Hadley Harbor Master Investors (Cayman) II L.P.	10% owner	March 19, 2018 C	1,496,813	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 56 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
IDNA · iShares Trust	2.13%	207,943 SH	Sept. 11, 2026	Daily
PSCH · Invesco Exchange-Traded Fund Trust …	1.25%	85,856 SH	Oct. 2, 2026	Daily
BBC · ETFis Series Trust I	0.79%	13,060 NS	July 31, 2026	N-PORT
XSMO · Invesco Exchange-Traded Fund Trust	0.76%	864,292 SH	Oct. 2, 2026	Daily
FYC · First Trust Exchange-Traded AlphaDE…	0.62%	284,644 NS	July 31, 2026	N-PORT
LABU · Direxion Shares ETF Trust	0.50%	87,676 NS	July 31, 2026	N-PORT
JDOC · J.P. Morgan Exchange-Traded Fund Tr…	0.43%	1,384 NS	July 31, 2026	N-PORT
DWAS · Invesco Exchange-Traded Fund Trust …	0.38%	61,471 SH	Oct. 2, 2026	Daily
FYX · First Trust Exchange-Traded AlphaDE…	0.23%	113,180 NS	July 31, 2026	N-PORT
VFMO · VANGUARD WELLINGTON FUND	0.19%	121,164 SH	Aug. 19, 2026	Daily
VIOG · VANGUARD ADMIRAL FUNDS	0.18%	65,077 SH	Aug. 19, 2026	Daily
IBB · iShares Trust	0.16%	639,708 SH	Sept. 11, 2026	Daily
QVMS · Invesco Exchange-Traded Fund Trust …	0.14%	13,473 SH	Oct. 2, 2026	Daily
PWS · Pacer Funds Trust	0.14%	1,198 NS	July 31, 2026	N-PORT
VIOO · VANGUARD ADMIRAL FUNDS	0.14%	303,431 SH	Aug. 19, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.13%	75,323 SH	Aug. 19, 2026	Daily
FAD · First Trust Exchange-Traded AlphaDE…	0.13%	25,784 NS	July 31, 2026	N-PORT
IWO · iShares Trust	0.12%	658,371 SH	Sept. 11, 2026	Daily
VIOV · VANGUARD ADMIRAL FUNDS	0.11%	68,135 SH	Aug. 19, 2026	Daily
BKSE · BNY Mellon ETF Trust	0.11%	3,277 NS	July 31, 2026	N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr…	0.09%	22,969 NS	July 31, 2026	N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust	0.08%	88,996 SH	Oct. 2, 2026	Daily
RSSL · Global X Funds	0.08%	42,828 NS	July 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.08%	514,877 SH	Aug. 19, 2026	Daily
IWM · iShares Trust	0.08%	2,296,266 SH	Sept. 11, 2026	Daily
ESML · iShares Trust	0.06%	61,466 SH	Sept. 11, 2026	Daily
DFAS · Dimensional ETF Trust	0.05%	273,376 NS	July 31, 2026	N-PORT
TECB · iShares Trust	0.04%	8,223 SH	Sept. 11, 2026	Daily
SMDX · Tidal Trust III	0.04%	1,986 NS	July 31, 2026	N-PORT
VBK · VANGUARD INDEX FUNDS	0.04%	586,542 SH	Aug. 19, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.04%	16,721 SH	Aug. 19, 2026	Daily
VHT · VANGUARD WORLD FUND	0.04%	264,113 SH	Aug. 19, 2026	Daily
FHLC · FIDELITY COVINGTON TRUST	0.04%	41,576 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.03%	1,000,271 SH	Aug. 19, 2026	Daily
ISCG · iShares Trust	0.03%	10,730 SH	Sept. 11, 2026	Daily
VB · VANGUARD INDEX FUNDS	0.02%	1,011,587 SH	Aug. 19, 2026	Daily
WSML · iShares Trust	0.02%	5,013 SH	Sept. 11, 2026	Daily
TILT · FlexShares Trust	0.01%	6,162 NS	July 31, 2026	N-PORT
RWJ · Invesco Exchange-Traded Fund Trust …	0.01%	5,350 SH	Oct. 2, 2026	Daily
ITOT · iShares Trust	0.00%	124,162 SH	Sept. 11, 2026	Daily
DCOR · Dimensional ETF Trust	0.00%	3,906 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	12,625 NS	July 31, 2026	N-PORT
IWV · iShares Trust	0.00%	21,339 SH	Sept. 11, 2026	Daily
DFAC · Dimensional ETF Trust	0.00%	11,946 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	2,340 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	2,799,235 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	7,495 SH	Aug. 19, 2026	Daily
IJR · iShares Trust	·	5,294,319 SH	Sept. 10, 2026	Daily
IJT · iShares Trust	·	517,549 SH	Sept. 9, 2026	Daily
IJS · iShares Trust	·	287,856 SH	Sept. 8, 2026	Daily
IWN · iShares Trust	·	185,987 SH	Sept. 11, 2026	Daily
XJR · iShares Trust	·	11,976 SH	Aug. 31, 2026	Daily
ISCB · iShares Trust	·	3,839 SH	Sept. 11, 2026	Daily
ISCV · iShares Trust	·	11,367 SH	Sept. 11, 2026	Daily
SMLF · iShares Trust	·	99,950 SH	Sept. 11, 2026	Daily
SMMV · iShares Trust	·	4,789 SH	Sept. 1, 2026	Daily

RCUS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 19 analysts BUY

Median target $43.00 +75.9%

5 26.3% Strong Buy

10 52.6% Buy

4 21.1% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

11 analysts · 2026-09-30

Mean target $39.91 +63.3%

Now Current price $24.44

Low$23.00 Mean$39.91 High$47.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
RCUS	$2.99B	-7.2	-4.3%	-142.9%	-59.8%	·
CELC	$4.81B	-26.3	·	·	-244.3%	·
CDNA	$959M	-47.1	13.8%	-5.6%	-6.8%	·
ACAD	$4.55B	11.6	11.9%	36.5%	38.1%	·
DNLI	$2.58B	-5.6	204.7%	·	-50.2%	·
ARQT	$3.58B	-223.4	91.3%	-4.3%	-9.8%	·
PGEN	$1.48B	-3.1	146.7%	-2588.2%	3159.1%	·
DYN	$3.23B	-5.6	·	·	-57.8%	·
PURR	$1.58B	2.5	·	3229.8%	24.8%	·
BEAM	$2.82B	-34.2	120.0%	-57.2%	-7.0%	·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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RCUS Arcus Biosciences, Inc. Common Stock