Arcus Biosciences, Inc. reported a net loss of $135 million for the third quarter of 2025, a 47% increase compared to a net loss of $92 million in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $247 million, up from $189 million in the prior year. Total revenues for the third quarter were $26 million, a decline of 46% from $48 million in the third quarter of 2024. The decrease in revenue was primarily attributed to lower license and development services revenue from Gilead, as well as a lack of significant milestone payments compared to the previous year.
Operating expenses for the third quarter increased to $168 million, up 10% from $153 million in the same quarter of 2024. Research and development expenses rose by 15% to $141 million, driven by increased costs associated with late-stage clinical programs. General and administrative expenses decreased by 10% to $27 million, reflecting a reduction in personnel costs. The company’s cash, cash equivalents, and marketable securities totaled $841 million as of September 30, 2025, which management believes will be sufficient to fund operations for at least the next twelve months.
In terms of strategic developments, Arcus announced that Taiho Pharmaceutical exercised its option for an exclusive license to casdatifan, an investigational small molecule HIF-2α inhibitor, in Japan and certain other territories. This agreement includes milestone payments and royalties on net sales. Additionally, the company is advancing its clinical pipeline, with its anti-TIGIT antibody, domvanalimab, currently in multiple Phase 3 registrational studies targeting lung and gastrointestinal cancers.
Arcus continues to rely heavily on its collaboration with Gilead Sciences for the development and commercialization of its investigational products. As of September 30, 2025, Gilead owned approximately 29.3% of Arcus's outstanding common stock. The company has paused further development of etrumadenant to focus resources on its late-stage clinical portfolio. Looking ahead, Arcus anticipates that its research and development expenses will peak in 2025 before declining as it advances its programs toward regulatory approval. However, the company acknowledges the need for additional funding to support ongoing operations and future development initiatives.
About Arcus Biosciences, Inc.
Arcus Biosciences, Inc. is a clinical-stage biopharmaceutical company developing novel immuno-oncology therapies for cancer treatment. Its portfolio includes small molecules and antibodies targeting immune checkpoints and cancer cell pathways, such as TIGIT, PD-1, and adenosine receptors. Arcus focuses on combination therapies for lung, gastrointestinal, renal, and other cancers, collaborating with partners like Gilead for development and commercialization, while leveraging third-party manufacturing and strategic licensing.
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