Company: RCUS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001724521-25-000063
Chunk: 246

Company: Arcus Biosciences, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 246
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 cost for the investment at maturity. No credit related losses have been recognized for any of the periods presented.The following table provides a reconciliation of cash, cash equivalents, and restricted cash within the Condensed Consolidated Balance Sheets to the total shown in the Condensed Consolidated Statements of Cash Flows (in millions):As of March 31,20252024Cash and cash equivalents$192 $185 Restricted cash (included in Other noncurrent assets)3 3 Total cash, cash equivalents and restricted cash$195 $188 Restricted cash at March 31, 2025 and 2024 represents cash balances held as security in connection with our facility lease agreements.

Note 10. Condensed consolidated balance sheet components

Prepaid Expenses and Other Current AssetsPrepaid expenses and other current assets consisted of the following (in millions):March 31, 2025December 31, 2024Prepaid expenses and other assets$13 $13 Accrued interest receivable6 5 Total prepaid expenses and other current assets$19 $18 Other Current LiabilitiesOther current liabilities consisted of the following (in millions):March 31, 2025December 31, 2024Accrued research and development$52 $65 Accrued personnel expenses17 31 Current portion of lease liabilities12 12 Other17 15 Total other current liabilities$98 $123 

17

Note 11. Long-term debt

The following table summarizes our borrowings (in millions):March 31, 2025December 31, 2024Long-term debt, non-current (Contractual maturity 2029)$50 $50 Unamortized discounts and issuance costs(2)(2)Total long-term debt$48 $48 On August 27, 2024, we and Hercules Capital, Inc. ("Hercules") entered into a loan and security agreement (the "Hercules Agreement"), under which Hercules agreed to lend us up to $250 million in term loans in various tranches subject to minimum draw requirements for each tranche. Under the terms of this agreement, $50 million was drawn at closing and an additional $100 million is committed and fully available at our sole option in minimum increments of $25 million. A second tranche of $100 million will be available subject to future approval by Hercules.

As of March 31, 2025 and December 31, 202