Company: RCUS
Filing Date: 2025-02-18
Form Type: 424B5
Source: 0001193125-25-028669
Chunk: 14

Company: Arcus Biosciences, Inc.
Filing Date: 2025-02-18
Form: 424B5
Chunk 14
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 the forward-looking statements in the foregoing documents by these cautionary statements.

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are
based upon information available to us as of the date of this prospectus supplement, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be
read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

S-10

USE OF PROCEEDS

We estimate that we will receive net proceeds from the sale of common stock in this offering of approximately $141.6 million, after deducting
underwriting discounts and commissions and estimated offering expenses payable by us.

We currently intend to use the net proceeds from this offering to
fund ongoing research and development activities, including the clinical development of casdatifan, manufacturing-related costs and other general corporate purposes, including working capital and operating expenses.

Our expected use of the net proceeds from this offering represents our current intentions based upon our present plans and business conditions. The amounts
and timing of our actual use of net proceeds will vary depending on numerous factors and any unforeseen delays or cash needs. As a result, our management will have broad discretion in the application of the net proceeds, and investors will be
relying on our judgment regarding the application of the net proceeds from this offering. In addition, we might decide to postpone or not pursue our planned development activities if the net proceeds of this offering and our other sources of cash
are less than, or do not last as long as, expected.

Pending their use, we plan to invest the net proceeds from this offering in short- and
intermediate-term, interest-bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the U.S. government.

S-11

DILUTION Our net tangible book value as of September 30, 2024, was approximately $565 million, or $6.18 per share. Net tangible book value per share is determined by dividing our total tangible assets, less total liabilities, by the number of shares of our common stock outstanding as of September 30, 2024. Dilution with respect to net tangible book value per share represents the difference between the amount per share paid by purchasers of shares of common stock in this offering, and the net tangible book