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Dec 31, 2025
Arcus Biosciences Q4 2025 Earnings Report
Arcus Biosciences reported its fourth-quarter 2025 financial results, highlighting progress in its casdatifan clinical program and a cash runway extending into 2028.
Key Takeaways
Arcus Biosciences reported a net loss of $106 million for Q4 2025 on revenues of $33 million. The company is pivoting its focus toward its HIF-2a inhibitor, casdatifan, following the wind-down of certain TIGIT programs, and maintains a strong cash position of over $1 billion.
Updated data for casdatifan in late-line kidney cancer showed a 45% confirmed overall response rate and 15.1 months median PFS.
The company is winding down the Phase 3 STAR-221 and Phase 2 EDGE-Gastric studies for domvanalimab in collaboration with Gilead.
Cash runway is secured until at least the second half of 2028 with $1.0 billion in cash and marketable securities.
Arcus plans to initiate a Phase 3 study for casdatifan in the first-line metastatic setting by the end of 2026.
Revenue by Segment
Forward Guidance
Arcus provided revenue and expense guidance for the full year 2026, focusing on R&D efficiency and casdatifan development.
Positive Outlook
- Full year 2026 GAAP revenue expected between $45 million and $55 million.
- R&D expenses are expected to decrease meaningfully in 2026 relative to 2025.
- Cash runway extends into the second half of 2028.
- Planned initiation of Phase 3 study for casdatifan in 1L ccRCC by end of 2026.
- Advancement of first inflammation program into clinical development in 2026.
Challenges Ahead
- Winding down of STAR-221 and EDGE-Gastric studies indicates a reduction in TIGIT program scope.
- Upcoming futility analysis for STAR-121 creates uncertainty for the domvanalimab program.
- Revenue for Q4 2025 decreased compared to Q4 2024.
- Partnership reimbursements decreased due to Gilead-led activities representing a larger share of costs.
Historical Earnings Impact
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