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Jun 30, 2022
Arcus Biosciences Q2 2022 Earnings Report
Reported financial results for the second quarter and provided a pipeline update.
Key Takeaways
Arcus Biosciences reported collaboration and license revenues of $26.8 million for the second quarter ended June 30, 2022, and a net loss of $66.6 million. The company's cash, cash equivalents, and investments totaled $1.27 billion, expected to fund operations into 2026. They are advancing clinical programs, including four registrational Phase 3 trials with domvanalimab-based combinations.
Four registrational Phase 3 trials evaluating domvanalimab-based combinations are ongoing or expected to start by year-end.
An interim analysis was conducted for the ongoing Phase 1/1b ARC-8 trial of quemliclustat plus chemotherapy, with or without zimberelimab, in pancreatic ductal adenocarcinoma (PDAC).
Arcus is on track to initiate ARC-20, a Phase 1/1b study to evaluate AB521, Arcus’s HIF-2a inhibitor, in cancer patients in Q3 2022.
Arcus nominated a new development candidate, AB801 (an AXL inhibitor), in the second quarter; and at least two new molecules are expected to advance into the clinic in 2023.
Revenue by Segment
Forward Guidance
Arcus Biosciences anticipates several milestones in their clinical programs. Topline disclosure from the Phase 2 ARC-7 study and data from the randomized cohort of ARC-6 are expected in the second half of 2022. Data from ARC-9 are expected in the first half of 2023.
Positive Outlook
- Complete enrollment in Q3 2022 of 150 patients for ARC-7.
- STAR-121 is expected to achieve first site initiation in the third quarter.
- Arcus is on track to initiate ARC-20, a Phase 1/1b study to explore the safety and clinical activity of AB521 in cancer patients in Q3 2022.
- Arcus expects to nominate a potential first-in-class small molecule candidate designed to treat a wide range of inflammatory conditions in the second half of 2022.
- Arcus expects cash, cash equivalents and marketable securities on-hand to be sufficient to fund operations into 2026.
Historical Earnings Impact
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