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Sep 30, 2024
Arcus Biosciences Q3 2024 Earnings Report
Arcus Biosciences reported financial results for the third quarter ended September 30, 2024, and provided a pipeline update.
Key Takeaways
Arcus Biosciences reported Q3 2024 financial results with revenues of $48 million and a net loss of $92 million. The company's cash, cash equivalents, and marketable securities totaled $1.1 billion, expected to fund operations into mid-2027. Key pipeline updates were provided, including progress in casdatifan and domvanalimab development.
Presented data from the Phase 1/1b ARC-20 study of casdatifan at the 2024 EORTC-NCI-AACR Symposium, showcasing a low rate of primary progression and promising objective response rate in heavily pretreated patients with clear-cell renal cell carcinoma.
Announced a clinical trial collaboration agreement with AstraZeneca to evaluate casdatifan in combination with volrustomig in patients with immuno-oncology (IO)-naive ccRCC.
Data from the randomized ARC-10 study will be presented at the Annual Meeting of the Society of Immunotherapy of Cancer (SITC), with domvanalimab plus zimberelimab reducing the risk of death in first-line metastatic non-small cell lung cancer (NSCLC) by 36% compared to zimberelimab.
Arcus is well positioned to advance its full pipeline with $1.1 billion in cash, cash equivalents and marketable securities and runway into mid-2027.
Forward Guidance
Arcus expects cash, cash equivalents and marketable securities to be between $950 million and $985 million at the end of 2024.
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