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Jun 30, 2021
Arcus Biosciences Q2 2021 Earnings Report
Reported financial results for the second quarter and provided operational highlights.
Key Takeaways
Arcus Biosciences reported its second quarter 2021 financial results, highlighting the advancement of its clinical-stage molecules and partnerships, particularly with Gilead. The company ended the quarter with $805.1 million in cash and investments, and collaboration revenue was $9.5 million. Net loss for the quarter was $76.0 million.
All five clinical-stage molecules continue to advance with six ongoing randomized Phase 2 and Phase 3 studies in major tumor types.
AB521, a small molecule HIF-2α inhibitor, expected to enter the clinic in 4Q21.
Encouraging results were reported from the interim analysis for ARC-7, providing initial validation of domvanalimab combinations.
The company ended the quarter with $805 million of cash and investments.
Forward Guidance
Arcus Biosciences anticipates several milestones in the near future.
Positive Outlook
- Results from the interim analysis for ARC-7 are expected to be submitted later this year for a presentation in 4Q21 or in 1H22.
- An opt-in trigger decision by Gilead for the anti-TIGIT program is anticipated by year-end 2021.
- Initiation of PACIFIC-8, in collaboration with AstraZeneca, is anticipated to start in 4Q21.
- Opening of a new arm to evaluate quemli in second-line pancreatic cancer is expected in 3Q21.
- Initiation of clinical development for the HIF-2α inhibitor, AB521, is anticipated to occur in 4Q21.
Challenges Ahead
- The inherent uncertainty associated with the COVID-19 pandemic, including the duration and/or severity of the pandemic and actions by government authorities to contain or slow the spread of the virus
- The inherent uncertainty associated with pharmaceutical product development and clinical trials
- Dependence on the collaboration with Gilead for the successful development and commercialization of investigational products
Historical Earnings Impact
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