Company: RCUS
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0001724521-25-000116
Chunk: 348

Company: Arcus Biosciences, Inc.
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 2
Chunk 348
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00 per share, for total gross proceeds of approximately $150 million, before deducting underwriting discounts, commissions and offering expense.

Cash Flows 

The following table summarizes our cash flow activities for each of the periods presented below (in millions): 

Nine Months EndedSeptember 30,Net cash provided by (used in):20252024Operating activities$(362)$(70)Investing activities$248 $(135)Financing activities$202 $279 

Operating Activities 

Net cash used in operating activities was $362 million for the nine months ended September 30, 2025 compared to $70 million for the same period in the prior year. The change in operating cash flows is primarily due to the prior year receipt of the $87 million allocated to the performance obligations created by the Third Gilead Collaboration Agreement Amendment and the timing of receipts from Taiho for development milestones for STAR-121, STAR-221, and PRISM-1.

Investing Activities 

Cash provided by investing activities for the nine months ended September 30, 2025 was primarily due to net proceeds from marketable securities of $249 million.

Cash used in investing activities for the nine months ended September 30, 2024 was primarily due to net purchases of marketable securities of $130 million.

Financing Activities 

Cash provided by financing activities for the nine months ended September 30, 2025 was due to net proceeds of $150 million from issuance of our common stock, primarily due to the February 2025 underwritten offering, and $49 

27

million from our borrowings under the Hercules Agreement and proceeds of $3 million for stock issued under our equity award plans.

Cash provided by financing activities for the nine months ended September 30, 2024 was due to net proceeds of $228 million from issuance of our common stock to Gilead under the Third Stock Purchase Agreement Amendment, $47 million from our borrowings under the Hercules Agreement, and proceeds of $6 million for stock issued under our equity award plans.

Contractual Obligations and Commitments

There have been no material changes to our contractual obligations outside the ordinary course of business during the three months ended September 30, 2025, as compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, other than the following:

We are obligated to make principal loan payments and an end of term charge under the loan and security agreement with Hercules that we entered into on August