Arcus Bioscience Financials
Arcus Bioscience (RCUS) reported $247.0M in revenue for fiscal year 2025, down 4.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing is supporting a research-heavy development model while revenue remains too small to absorb operating costs.
From FY2024 to FY2025, revenue edged down while R&D rose to$523M . Operating margin worsened from-127.9% to-156.3% , pointing to higher spending intensity rather than fixed-cost absorption; investment is rising faster than the commercial base, so operating leverage has not yet emerged.
R&D equaled 2.1x FY2025 revenue, while net margin was
Operating cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Arcus Bioscience's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Arcus Bioscience scores 2.66, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($3.9B) relative to total liabilities ($508.0M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Arcus Bioscience passes 0 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Arcus Bioscience reported a net loss of $353.0M while operations used $482.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Arcus Bioscience reported an operating loss of $386.0M against $9.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Arcus Bioscience generated $247.0M in revenue in fiscal year 2025. This represents a decrease of 4.3% from the prior year.
Arcus Bioscience's EBITDA was -$376.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 17.5% from the prior year.
Arcus Bioscience reported -$353.0M in net income in fiscal year 2025. This represents a decrease of 24.7% from the prior year.
Arcus Bioscience earned -$3.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 4.8% from the prior year.
Cash & Balance Sheet
Arcus Bioscience recorded an outflow of $484.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 175.0% from the prior year.
Arcus Bioscience held $222.0M in cash against $99.0M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Arcus Bioscience's ROE was -55.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.4 percentage points from the prior year.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Arcus Bioscience invested $523.0M in research and development in fiscal year 2025. This represents an increase of 16.7% from the prior year.
Arcus Bioscience invested $2.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 66.7% from the prior year.
Not reported for fiscal year 2025.
RCUS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $117.0M | $247.0M-4.3% | $258.0M+120.5% | $117.0M+4.5% | $112.0M-70.8% | $383.0M+391.0% | $78.0M+420.0% | $15.0M+79.6% | $8.4M+491.2% | $1.4M | N/A |
| R&D Expenses | $497.0M | $523.0M+16.7% | $448.0M+31.8% | $340.0M+18.1% | $288.0M+12.1% | $257.0M+61.6% | $159.0M+102.6% | $78.5M+58.1% | $49.6M+5.1% | $47.2M+231.4% | $14.2M |
| SG&A Expenses | $106.0M | $110.0M-8.3% | $120.0M+2.6% | $117.0M+12.5% | $104.0M+44.4% | $72.0M+67.4% | $43.0M+70.4% | $25.2M+86.0% | $13.6M+77.7% | $7.6M+94.1% | $3.9M |
| Operating Income | -$486.0M | -$386.0M-17.0% | -$330.0M+2.9% | -$340.0M-21.4% | -$280.0M-618.5% | $54.0M+143.5% | -$124.0M-39.8% | -$88.7M-61.7% | -$54.9M-2.7% | -$53.4M-193.9% | -$18.2M |
| Interest Expense | $12.0M | $9.0M+350.0% | $2.0M0.0% | $2.0M0.0% | $2.0M | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | $0-100.0% | $1.0M-83.3% | $6.0M+500.0% | $1.0M-50.0% | $2.0M | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$460.0M | -$353.0M-24.7% | -$283.0M+7.8% | -$307.0M-15.0% | -$267.0M-603.8% | $53.0M+143.1% | -$123.0M-45.2% | -$84.7M-70.8% | -$49.6M+6.6% | -$53.1M-195.4% | -$18.0M |
| EPS (Diluted) | — | -$3.29-4.8% | -$3.14+24.3% | -$4.15-11.9% | -$3.71-622.5% | $0.71+131.7% | -$2.24-16.1% | -$1.93 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RCUS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B-1.0% | $1.1B+5.0% | $1.1B-18.6% | $1.3B-15.5% | $1.6B+106.1% | $772.3M+280.2% | $203.1M-26.1% | $274.9M+44.3% | $190.5M | N/A |
| Current Assets | $1.0B-0.9% | $1.0B+22.3% | $831.0M-22.1% | $1.1B-15.5% | $1.3B+71.5% | $735.8M+281.8% | $192.7M-25.6% | $258.9M+46.4% | $176.9M | N/A |
| Cash & Equivalents | $222.0M+48.0% | $150.0M+18.1% | $127.0M-38.3% | $206.0M+39.2% | $148.0M-14.7% | $173.4M+199.3% | $57.9M-18.5% | $71.1M-27.8% | $98.4M+51.1% | $65.2M |
| Total Liabilities | $508.0M-23.6% | $665.0M+5.1% | $633.0M-8.0% | $688.0M-8.3% | $750.4M+178.0% | $270.0M+587.6% | $39.3M-1.8% | $40.0M-84.8% | $262.8M | N/A |
| Current Liabilities | $231.0M+2.2% | $226.0M+22.8% | $184.0M-4.7% | $193.0M+16.3% | $166.0M+36.4% | $121.7M+435.8% | $22.7M+34.1% | $16.9M+33.1% | $12.7M | N/A |
| Long-Term Debt | $99.0M+106.3% | $48.0M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $631.0M+30.1% | $485.0M+5.0% | $462.0M-29.7% | $657.0M-22.0% | $842.0M+67.7% | $502.0M+206.1% | $164.0M-30.2% | $234.9M+424.8% | -$72.3M-261.7% | -$20.0M |
| Retained Earnings | -$1.5B-31.2% | -$1.1B-33.3% | -$849.0M-56.6% | -$542.0M-97.1% | -$275.0M+16.2% | -$328.2M-59.8% | -$205.3M-67.2% | -$122.8M-67.7% | -$73.2M | N/A |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
RCUS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$474.0M | -$482.0M-183.5% | -$170.0M+44.4% | -$306.0M-169.9% | $438.0M+271.1% | -$256.0M-330.6% | $111.0M+251.1% | -$73.5M-70.9% | -$43.0M-71.6% | -$25.1M-93.6% | -$12.9M |
| Capital Expenditures | $1.0M | $2.0M-66.7% | $6.0M-75.0% | $24.0M+300.0% | $6.0M-76.9% | $26.0M+766.7% | $3.0M+55.8% | $1.9M-48.6% | $3.7M-32.1% | $5.5M+34.5% | $4.1M |
| Free Cash Flow | -$475.0M | -$484.0M-175.0% | -$176.0M+46.7% | -$330.0M-176.4% | $432.0M+253.2% | -$282.0M-361.1% | $108.0M+243.3% | -$75.4M-61.3% | -$46.7M-52.9% | -$30.6M-79.4% | -$17.0M |
| Investing Cash Flow | $63.0M | $66.0M+178.6% | -$84.0M-143.3% | $194.0M+147.0% | -$413.0M-10225.0% | -$4.0M+99.1% | -$434.0M-833.0% | $59.2M+152.2% | -$113.4M-131.2% | -$49.1M-26.3% | -$38.9M |
| Financing Cash Flow | $313.0M | $488.0M+76.2% | $277.0M+739.4% | $33.0M0.0% | $33.0M-86.1% | $237.0M-46.0% | $439.0M+38991.7% | $1.1M-99.1% | $129.1M+20.2% | $107.4M+53.2% | $70.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $94K | $0 | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RCUS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -156.3% | -127.9% | -290.6% | -250.0% | 14.1% | -159.0% | -591.4% | -656.8% | -3782.1% | N/A |
| Net Margin | -142.9% | -109.7% | -262.4% | -238.4% | 13.8% | -157.7% | -564.7% | -593.7% | -3756.7% | N/A |
| Return on Equity | -55.9%+2.4pp | -58.4%+8.1pp | -66.5%-25.8pp | -40.6%-46.9pp | 6.3%+30.8pp | -24.5%+27.1pp | -51.6%-30.5pp | -21.1% | N/A | N/A |
| Return on Assets | -31.0%-6.4pp | -24.6%+3.4pp | -28.0%-8.2pp | -19.9%-23.2pp | 3.3%+19.3pp | -15.9%+25.8pp | -41.7%-23.7pp | -18.0%+9.8pp | -27.9% | N/A |
| Current Ratio | 4.36-0.1x | 4.500.0x | 4.52-1.0x | 5.53-2.1x | 7.60+1.6x | 6.05-2.4x | 8.49-6.8x | 15.29+1.4x | 13.90 | N/A |
| Debt-to-Equity | 0.16+0.1x | 0.10+0.1x | 0.00-1.0x | 1.05+0.2x | 0.89+0.4x | 0.54+0.3x | 0.24+0.1x | 0.17 | N/A | N/A |
| FCF Margin | -195.9% | -68.2% | -282.1% | 385.7% | -73.6% | 138.5% | -502.6% | -559.6% | -2163.7% | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Arcus Bioscience Ranks
Frequently Asked Questions
What is Arcus Bioscience's annual revenue?
Arcus Bioscience (RCUS) reported $247.0M in total revenue for fiscal year 2025. This represents a -4.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Arcus Bioscience's revenue growing?
Arcus Bioscience (RCUS) revenue declined by 4.3% year-over-year, from $258.0M to $247.0M in fiscal year 2025.
Is Arcus Bioscience profitable?
No, Arcus Bioscience (RCUS) reported a net income of -$353.0M in fiscal year 2025.
What is Arcus Bioscience's EBITDA?
Arcus Bioscience (RCUS) had EBITDA of -$376.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Arcus Bioscience have?
As of fiscal year 2025, Arcus Bioscience (RCUS) had $222.0M in cash and equivalents against $99.0M in long-term debt.
What is Arcus Bioscience's return on equity (ROE)?
Arcus Bioscience (RCUS) has a return on equity of -55.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arcus Bioscience's free cash flow?
Arcus Bioscience (RCUS) recorded an outflow of $484.0M in free cash flow during fiscal year 2025. This represents a -175.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Arcus Bioscience's operating cash flow?
Arcus Bioscience (RCUS) recorded an outflow of $482.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Arcus Bioscience's total assets?
Arcus Bioscience (RCUS) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arcus Bioscience's capital expenditures?
Arcus Bioscience (RCUS) invested $2.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arcus Bioscience spend on research and development?
Arcus Bioscience (RCUS) invested $523.0M in research and development during fiscal year 2025.
What is Arcus Bioscience's current ratio?
Arcus Bioscience (RCUS) had a current ratio of 4.36 as of fiscal year 2025, which is generally considered healthy.
What is Arcus Bioscience's debt-to-equity ratio?
Arcus Bioscience (RCUS) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arcus Bioscience's return on assets (ROA)?
Arcus Bioscience (RCUS) had a return on assets of -31.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Arcus Bioscience's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Arcus Bioscience (RCUS) held $1.0B in cash, cash equivalents and investments, and reported an operating cash outflow of $482.0M over that year. Dividing the one by the other, the reported balance equals about 25 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Arcus Bioscience's Altman Z-Score?
Arcus Bioscience (RCUS) has an Altman Z-Score of 2.66, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Arcus Bioscience's Piotroski F-Score?
Arcus Bioscience (RCUS) has a Piotroski F-Score of 0 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arcus Bioscience's earnings high quality?
Arcus Bioscience (RCUS) reported a net loss of $353.0M while operations used $482.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Arcus Bioscience cover its interest payments?
Arcus Bioscience (RCUS) reported an operating loss of $386.0M against $9.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Arcus Bioscience?
Arcus Bioscience (RCUS) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.