Full Press Release Details
Arcus Biosciences Announces Fourth Quarter and Full Year 2019 Financial Results and Corporate Updates
HAYWARD, Calif. - (BUSINESS WIRE) - March 5, 2020 - Arcus Biosciences, Inc. (NYSE:RCUS), an oncology-focused biopharmaceutical company working to create best-in-class cancer therapies, today announced financial results for the fourth quarter and full year ending December 31, 2019 and provided corporate updates.
"The robust expertise and integrated discovery and clinical organizations at Arcus, combined with the keen foresight of the Arcus team, continue to deliver." said Terry Rosen, Ph.D., Chief Executive Officer. "Early in the genesis of the company, adding both an anti-PD-1 antibody that exhibits clinical activity and safety profiles consistent with those of the currently approved agents and an anti-TIGIT antibody, a potential new immuno-oncology backbone therapy, has placed our development program in a particularly strong position. With emerging data reinforcing our leadership in the development of potential therapeutics that modulate the adenosine pathway and the initiation of a Phase 2 study for our anti-TIGIT antibody AB154, we see the upcoming catalysts in 2020 as important milestones in supporting Arcus's long term vision to consistently create and bring genuinely breakthrough therapies to patients."
Anticipated Corporate Milestones & Presentations
Please refer to Arcus's pipeline at www.arcusbio.com for the company's most current pipeline and development plans.
Financial Results for the Fourth Quarter and Full Year Ended December 31, 2019
About Arcus Biosciences
Arcus Biosciences is an oncology-focused biopharmaceutical company leveraging its deep cross-disciplinary expertise to discover highly differentiated therapies and to develop a broad portfolio of novel combinations addressing significant unmet needs. AB928, the first and only dual A2a/A2b adenosine receptor antagonist in the clinic, is being evaluated in several Phase 1b/2 studies across multiple indications, including prostate, colorectal, non-small cell lung, pancreatic, triple negative breast and renal cell cancers. AB680, the first CD73 small-molecule inhibitor in the clinic, is in Phase 1/1b development for the treatment of first-line metastatic pancreatic cancer. AB154, an anti-TIGIT monoclonal antibody, is in Phase 2 development for the treatment of first-line metastatic non-small cell lung cancer in combination with zimberelimab and AB928. Zimberelimab (AB122), Arcus's anti-PD1 monoclonal antibody, is being evaluated in a Phase 1b study as monotherapy for cancers with no approved anti-PD1 treatment options, as well as in combinations across the portfolio. 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 expectations regarding anticipated milestones and timelines, as well as anticipated operating expenses and capital expenditure requirements, 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, 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, the emergence of adverse events or other undesirable side effects, risks associated with preliminary and interim data, and changes in the competitive landscape for our programs. Risks and uncertainties facing Arcus are described more fully in Arcus's annual report on Form 10-K for the year ended December 31, 2019 filed on March 5, 2020 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.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share amounts)
| (unaudited) | ||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Collaboration and license revenue | $ | 9,750 | $ | 1,562 | $ | 15,000 | $ | 8,353 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 20,686 | 11,436 | 78,481 | 49,646 | ||||||||||||
| General and administrative | 6,591 | 3,610 | 25,228 | 13,566 | ||||||||||||
| Total operating expenses | 27,277 | 15,046 | 103,709 | 63,212 | ||||||||||||
| Loss from operations | (17,527 | ) | (13,484 | ) | (88,709 | ) | (54,859 | ) | ||||||||
| Non-operating income (expense): | ||||||||||||||||
| Interest and other income, net | 929 | 1,512 | 5,201 | 4,922 | ||||||||||||
| Gain on deemed sale from equity method investee | - | - | - | 1,229 | ||||||||||||
| Share of loss from equity method investee | - | (323 | ) | (1,202 | ) | (886 | ) | |||||||||
| Total non-operating income, net | 929 | 1,189 | 3,999 | 5,265 | ||||||||||||
| Net loss | (16,598 | ) | (12,295 | ) | (84,710 | ) | (49,594 | ) | ||||||||
| Other comprehensive income (loss) | 11 | 1 | 171 | (65 | ) | |||||||||||
| Comprehensive loss | $ | (16,587 | ) | $ | (12,294 | ) | $ | (84,539 | ) | $ | (49,659 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.38 | ) | $ | (0.28 | ) | $ | (1.93 | ) | $ | (1.43 | ) | ||||
| Weighted-average number of shares used to compute basic and diluted net loss per share | 44,056,407 | 43,163,412 | 43,825,991 | 34,618,237 |
Selected Consolidated Balance Sheet Data
| As of December 31, | ||||||||
| 2019 | 2018 | |||||||
| Cash, cash equivalents and investments in marketable securities | $ | 188,270 | $ | 259,725 | ||||
| Total assets | 203,110 | 274,925 | ||||||
| Total liabilities | 39,268 | 39,983 | ||||||
| Total stockholders' equity | 163,842 | 234,942 |