Company: RCUS
Filing Date: 2025-12-18
Form Type: 8-K
Source: 0001724521-25-000122
Chunk: 0

Company: Arcus Biosciences, Inc.
Filing Date: 2025-12-18
Form: 8-K
Item: Item 1.01
Chunk 0
---
Item 1.01 Entry into a Material Definitive Agreement.

On December 18, 2025 (the “ Closing Date”), Arcus Biosciences, Inc. (the “ Company”) entered into a First Amendment to the Loan and Security Agreement (the “ First Amendment”) with the several banks and other financial institutions or entities party thereto (the “ Lenders”), as lenders, and Hercules Capital, Inc. (“ Hercules”), as administrative agent and collateral agent. The First Amendment amended the terms of that certain Loan and Security Agreement, dated as of August 27, 2024, by and among the Company, Hercules and the Lenders (the “ Loan Agreement”).

The First Amendment amends the terms for the remaining $150.0 million term loan commitments available under the loan facility such that, subject to customary terms and conditions, (a) $25.0 million is available at the Company's sole option through March 15, 2026, (b) $25.0 million is available at the Company's sole option through September 15, 2026, (c) up to $50.0 million is available to the Company following the announcement of certain data from an ongoing Phase 3 pivotal study of its drug candidates (“ Clinical Milestone”) through the earlier of 90 days upon achieving the Clinical Milestone and March 15, 2028, which when taken together with an acceptable safety profile, support the filing of a Biologics License Application or New Drug Application to the U. S. Food and Drug Administration (the “ FDA”), and (d) up to $50.0 million is available to the Company following the FDA’s approval of either a Biologics License Application or New Drug Application (“ Milestone I”) through the earlier of 90 days upon achieving Milestone I and December 15, 2028. The First Amendment further extends the maturity date to September 1, 2030, with no further extension right.

The First Amendment adds certain performance covenants in the event the aggregate outstanding principal amount of the term loan advances exceeds $200.0 million and beginning with the delivery of the quarterly financial statements for the period ending three quarters following the achievement of Milestone I, such that the Company must satisfy either (i) (A) a market capitalization greater or equal to $1.5 billion and “ Qualified Cash” (defined as cash in accounts subject to control agreements minus any accounts payable not paid after the 120th day) in an aggregate