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Sep 30, 2020
Arcus Biosciences Q3 2020 Earnings Report
Arcus Biosciences reported net income for Q3 2020, driven by revenue recognized under the Gilead agreements.
Key Takeaways
Arcus Biosciences announced financial results for the third quarter ended September 30, 2020. The company reported a net income of $1.8 million, a significant increase compared to the net loss of $22.4 million for the same period in the prior year. The increase was primarily attributable to revenue recognized under the Gilead agreements.
Commenced a 10-year strategic partnership with Gilead to co-develop and co-commercialize next-generation cancer immunotherapies.
Announced a collaboration with AstraZeneca for registrational trial, PACIFIC-8, further validating domvanalimab’s therapeutic potential.
Presented safety data and preliminary evidence of clinical activity from ARC-4, a Phase 1/1b study of etrumadenant plus carboplatin, pemetrexed and anti-PD-1 therapy in patients with metastatic non-small cell lung cancer.
Cash, cash equivalents and investments were $785.1 million as of September 30, 2020, expected to fund operations into at least 2023.
Revenue by Segment
Forward Guidance
Arcus Biosciences anticipates several corporate milestones.
Positive Outlook
- Present preliminary biomarker data from the ARC-3 study evaluating etrumadenant plus mFOLFOX-6 in metastatic colorectal cancer (mCRC) at the Society for Immunotherapy Cancer’s (SITC) Annual Meeting, November 9-14, 2020.
- Present preliminary data from the ARC-2 study evaluating etrumadenant plus pegylated liposomal doxorubicin with or without eganelisib (IPI-549), a PI3K-gamma inhibitor, in gynecological cancers at the 2020 San Antonio Breast Cancer Symposium (SABCS) Annual Meeting, December 8-11, 2020.
- File the IND for AB308, Arcus’s FcR-competent anti-TIGIT antibody. The activity of an FcR-competent antibody may be important for targeting specific cancer types, such as hematological malignancies.
- Initiate ARC-9, a randomized Phase 1b/2 platform study to evaluate etrumadenant in combination with other agents in 2L+ mCRC cohorts.
- Preliminary dose-escalation data from ARC-8, our Phase 1/1b study, evaluating AB680 in combination with zimberelimab and gemcitabine/nab-paclitaxel in first-line metastatic pancreatic cancer, are expected to be presented at the ASCO Gastrointestinal (GI) Cancers Symposium, January 15-17, 2021.
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