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Jun 30, 2020
Arcus Biosciences Q2 2020 Earnings Report
Announced financial results for the second quarter ended June 30, 2020 and provided corporate updates.
Key Takeaways
Arcus Biosciences reported a net loss of $45.1 million for the second quarter of 2020. The company strengthened its balance sheet by raising approximately $348 million in gross proceeds from a public offering and established a 10-year global partnership with Gilead.
Established a 10-year global partnership with Gilead to co-develop and co-commercialize next-generation cancer immunotherapies.
Raised approximately $348 million in gross proceeds from a public offering of Arcus’s common stock.
Presented early clinical activity of etrumadenant (AB928) in late-line metastatic colorectal cancer patients.
Initiated enrollment in ARC-6, a Phase 1b/2 platform trial in metastatic castrate resistant prostate cancer.
Forward Guidance
Arcus Biosciences anticipates several near-term corporate milestones.
Positive Outlook
- Presentation of efficacy and safety data from the ongoing ARC-4 study at ESMO Virtual Congress 2020 in September.
- Recommended dose for expansion for AB680 from the Phase 1 dose-escalation portion of ARC-8.
- Preliminary randomized data from two Phase 2 clinical collaborations with Genentech involving combination trials with etrumadenant in metastatic colorectal and pancreatic cancers, expected in the fourth quarter of 2020.
- Preliminary randomized data from ARC-7, a Phase 2 trial involving domvanalimab (AB154) with unique intra-portfolio combinations in first-line metastatic high PD-L1 NSCLC, expected in the fourth quarter of 2020.
- Initiation of a Phase 1 clinical trial for at least one of our existing discovery/preclinical development programs in late 2020/early 2021.
Challenges Ahead
- Uncertainty associated with the COVID-19 pandemic.
- Dependence on collaboration with Gilead for successful development and commercialization.
Historical Earnings Impact
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