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Mar 31, 2023
Arcus Biosciences Q1 2023 Earnings Report
Arcus Biosciences reported financial results for the first quarter ended March 31, 2023, and provided a pipeline update.
Key Takeaways
Arcus Biosciences reported $25 million in revenues and a net loss of $80 million for the first quarter of 2023. The company's cash, cash equivalents, and marketable securities were $1.0 billion as of March 31, 2023, expected to fund operations into 2026. Clinical development activities are expanding, with multiple Phase 3 and Phase 2 trials ongoing.
Four Phase 3 and two Phase 2 trials are enrolling to evaluate domvanalimab-based combinations in lung and gastrointestinal cancers.
The third dose-escalation cohort (100mg) of ARC-20 for AB521 is enrolling, with the dose-expansion stage of ARC-20 and a Phase 2 combination study expected to begin in the third quarter.
Three new drug candidates are expected to advance into the clinic in 2023 and early 2024.
Arcus Biosciences has $1.0 billion in cash, cash equivalents and marketable securities, providing funding into 2026 to advance its pipeline.
Forward Guidance
Arcus Biosciences is focused on advancing its pipeline and initiating new clinical trials. Data from several ongoing studies are expected in the second half of 2023 and early 2024.
Positive Outlook
- Initiate a Phase 2 combination study for AB521 in the second half of this year.
- Advance two additional molecules into the clinic in 2023.
- Initiate a Phase 1 trial for AB598 in cancer patients in the second quarter of 2023.
- Initiate a Phase 1 study for AB801 in the second half of 2023.
- Advance its first candidate against an inflammation target, AB375, into the clinic in early 2024.
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