Full Press Release Details
Arcus Biosciences Announces First Quarter 2018 Financial Results and Recent Corporate Updates
Completed dosing in the Phase 1 trial for AB928 in healthy volunteers
Regulatory submissions underway to initiate combination trials for AB928 in patients
Hayward, CA. (BUSINESS WIRE) May 9, 2018 - Arcus Biosciences, Inc. (NYSE:RCUS), a clinical-stage
biopharmaceutical company focused on creating innovative cancer immunotherapies, today announced financial results and recent corporate updates for the first quarter ended March 31, 2018.
The first quarter of 2018 was another exciting period for the Company, as our immuno-oncology pipeline continues to advance, said Terry Rosen,
Ph.D., Chief Executive Officer at Arcus. We have submitted regulatory filings to initiate our first combination trials of AB928, our internally discovered dual adenosine receptor antagonist, with other anti-cancer agents, including our anti-PD-1 antibody, AB122, and expect to initiate dosing in patients in mid-2018. We are also on track to submit regulatory filings for our next two product candidates, AB154
and AB680 in the third quarter, and to end the year with four product candidates in clinical development.
Pipeline Updates and Upcoming
AB928 (dual A2R receptor antagonist)
AB122 (anti-PD-1 antibody)
AB154 (anti-TIGIT antibody)
AB680 (small molecule CD73 inhibitor)
First Quarter Financial Results:
About Arcus Biosciences
Arcus Biosciences is a clinical-stage biopharmaceutical company focused on creating innovative cancer immunotherapies. Arcus has several programs
targeting important immuno-oncology pathways, including a dual adenosine receptor antagonist and an anti-PD-1 antibody, both of which are in Phase 1 trials, as well as a
small molecule inhibitor of CD73 and an anti-TIGIT antibody, which are in IND-enabling studies. Arcus has extensive in-house expertise in medicinal chemistry,
immunology, biochemistry, pharmacology, and structural biology. For more information about Arcus Biosciences, please visit www.arcusbio.com.
Forward-Looking Statements
This press release contains
forward-looking statements. All statements other than statements of historical facts contained herein, including, but not limited to, Arcus s clinical development plans, are forward-looking statements reflecting the current beliefs and
expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve known and unknown risks, uncertainties and other important factors that may
cause Arcus s actual results, performance or achievements to differ significantly from those expressed or implied. Factors that could cause or contribute to such differences include, but are not limited to, the inherent uncertainty
associated with pharmaceutical product development and clinical trials; the applicability of the results described herein to Arcus s clinical development plans and subsequent clinical trials; risks associated with preliminary data; and delays
in our clinical trials due to difficulties or delays in the regulatory process, enrolling subjects or manufacturing or supplying product for such clinical trials. Risks and uncertainties facing Arcus are described more fully in Arcus s
quarterly report on Form 10-Q for the quarter ended March 31, 2018 filed on May 9, 2018 with the SEC. You are cautioned not to place undue reliance on the forward-looking statements, which speak only
as of the date of this press release. Arcus disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release.
Source: Arcus Biosciences
ARCUS BIOSCIENCES, INC.
Condensed Consolidated Statement of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| Three Months Ended | ||||||||
| March 31 | ||||||||
| 2018 | 2017 | |||||||
| Collaboration and license revenue | $ | 1,250 | $ | |||||
| Operation expenses: | ||||||||
| Research and development | 11,652 | 5,804 | ||||||
| General and administrative | 2,929 | 1,496 | ||||||
| Total operating expenses | 14,581 | 7,300 | ||||||
| Loss from operations | (13,331 | ) | (7,300 | ) | ||||
| Interest and other income, net | 377 | 100 | ||||||
| Net loss | (12,954 | ) | (7,200 | ) | ||||
| Other comprehensive loss | (55 | ) | (8 | ) | ||||
| Comprehensive loss | $ | (13,009 | ) | $ | (7,208 | ) | ||
| Net loss per share, basic and diluted | $ | (1.37 | ) | $ | (4.96 | ) | ||
| Weighted-average number of shares used to compute basic and diluted net loss per share | 9,488,352 | 1,452,215 |
ARCUS BIOSCIENCES, INC.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| March 31, | December 31, | |||||||
| 2018 | 2017 (1) | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 198,116 | $ | 98,426 | ||||
| Short-term investments | 82,064 | 77,277 | ||||||
| Prepaid expenses and other current assets | 1,834 | 1,141 | ||||||
| Amounts owed by a related party | 54 | 25 | ||||||
| Total current assets | 282,068 | 176,869 | ||||||
| Long-term investments | 10,595 | |||||||
| Property, plant and equipment-net | 11,813 | 11,230 | ||||||
| Equity investment in related party | 515 | 682 | ||||||
| Restricted cash | 203 | 203 | ||||||
| Other long-term assets | 205 | 1,502 | ||||||
| Total assets | $ | 305,399 | $ | 190,486 | ||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 3,920 | $ | 3,820 | ||||
| Accrued liabilities | 3,610 | 3,137 | ||||||
| Deferred revenue, current | 5,000 | 5,000 | ||||||
| Other current liabilities | 1,732 | 769 | ||||||
| Total current liabilities | 14,262 | 12,726 | ||||||
| Deferred revenue, noncurrent | 17,337 | 18,587 | ||||||
| Deferred rent | 4,655 | 4,740 | ||||||
| Other long-term liabilities | 2,554 | 565 | ||||||
| Total liabilities | 38,808 | 36,618 | ||||||
| Convertible preferred stock | 226,196 | |||||||
| Stockholders equity (deficit): | ||||||||
| Common stock | 4 | |||||||
| Additional paid-in capital | 352,872 | 948 | ||||||
| Accumulated deficit | (86,188 | ) | (73,234 | ) | ||||
| Accumulated other comprehensive loss | (97 | ) | (42 | ) | ||||
| Total stockholders equity (deficit) | 266,591 | (72,328 | ) | |||||
| Total liabilities, convertible preferred stock and stockholders equity (deficit) | $ | 305,399 | $ | 190,486 |