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Sep 30, 2023
Arcus Biosciences Q3 2023 Earnings Report
Arcus Biosciences' financial position was strengthened by strategic pipeline advancements.
Key Takeaways
Arcus Biosciences reported $32 million in revenues for Q3 2023, with a net loss of $71 million. The company's cash reserves are expected to fund operations into 2026, supporting ongoing clinical trials and research programs.
Presented data from the EDGE-Gastric Phase 2 study in first-line upper GI cancers at ASCO, highlighting domvanalimab's potential.
Shared encouraging objective response rates (ORR) of 80% (confirmed ORR (cORR) of 73%) in patients with PD-L1-high tumors (TAP ≥5%), 46% (all confirmed) in patients with PD-L1-low tumors (TAP <5%) and 59% (cORR of 56%) for patients overall.
Reported pharmacokinetic and pharmacodynamic data from the ARC-20 Phase 1b study of AB521, showing consistency with healthy volunteer results.
Anticipates presenting efficacy and safety data from the ARC-8 study of quemliclustat in advanced pancreatic cancer in early 2024.
Revenue by Segment
Forward Guidance
Arcus Biosciences is focused on advancing its clinical trials and research programs, with several data readouts expected in the near term.
Positive Outlook
- Cash reserves are expected to fund operations into 2026.
- Advancing Phase 3 trials for domvanalimab in lung and GI cancers.
- AB521 continues to show a potentially improved clinical profile.
- Planning to share mature OS data from the Phase 1/1b study of quemliclustat in pancreatic cancer.
- Initiated a Phase 1 study in healthy volunteers of AB801.
Challenges Ahead
- Net Loss was $71 million for the third quarter 2023, compared to $65 million for the same period in 2022.
- Research and Development (R&D) Expenses were $82 million for the third quarter 2023, compared to $77 million for the same period in 2022.
- General and Administrative (G&A) Expenses were $30 million for the third quarter 2023, compared to $26 million for the same period in 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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