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Sep 30, 2022
Arcus Biosciences Q3 2022 Earnings Report
Reported financial results for the third quarter ended September 30, 2022 and provided a pipeline update on its six clinical-stage molecules.
Key Takeaways
Arcus Biosciences reported Q3 2022 financial results, highlighting a strategic amendment to the ARC-10 Phase 3 study and advancements in its clinical pipeline, including the initiation of the ARC-20 Phase 1/1b study. The company's cash, cash equivalents, and marketable securities totaled $1.2 billion, sufficient to fund operations into 2026.
Arcus and Gilead Sciences are pursuing a broad development strategy for their anti-TIGIT antibody domvanalimab in lung cancer, which now includes three ongoing registrational Phase 3 trials in multiple non-small cell lung cancer (NSCLC) settings.
Topline data disclosure for the ongoing ARC-7 trial in NSCLC is on track for this quarter with a planned presentation of the data at a medical conference in 2023.
Arcus initiated ARC-20, a Phase 1/1b study of HIF-2a inhibitor AB521 in cancer patients; data from the healthy volunteer study enable Arcus to start dose escalation in patients at 25 mg once-daily, a pharmacologically active dose.
With $1.2 billion in cash, cash equivalents, and marketable securities and funding into 2026, Arcus is well-positioned to advance its extensive pipeline.
Revenue by Segment
Forward Guidance
Arcus Biosciences anticipates several key milestones, including data disclosures and presentations for ARC-7, ARC-6, and ARC-9 trials, initiation of the EDGE-Lung Phase 2 platform study, and a Phase 1 trial for AB598.
Positive Outlook
- Fourth interim analysis and topline data disclosure for ARC-7 is on track for this quarter, with a planned presentation of data at a medical conference in 2023.
- Data from the randomized cohort of ARC-6 evaluating etrumadenant plus zimberelimab and docetaxel versus docetaxel in second-line (2L) metastatic castrate-resistant prostate cancer (CRPC) are expected in house by year-end, with a data presentation planned for 2023.
- Data from ARC-9, a Phase 1b/2 study evaluating etrumadenant-based combinations in 2L and third-line (3L) metastatic colorectal cancer (mCRC), are expected in the first half of 2023.
- In the first half of 2023, Arcus expects PFS and OS data from all 90 patients in its ongoing ARC-8 trial evaluating quemliclustat plus chemotherapy with or without zimberelimab in first-line pancreatic cancer.
- Arcus remains on track to initiate a Phase 1 trial in cancer patients for AB598, its anti-CD39 antibody, in the first half of 2023.
Challenges Ahead
- Risks associated with preliminary and interim data not being guarantees that future data will be similar.
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