Company: RCUS
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001724521-25-000101
Chunk: 240

Company: Arcus Biosciences, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 240
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 the fourth anniversary of the Gilead Collaboration Agreement, which was received in the third quarter 2024 (ii) provides that we will operationalize and fund the Phase 3 PRISM-1 study evaluating quemliclustat in pancreatic cancer subject to Gilead's right to reinstate the study as part of the parties' joint development activities upon regulatory approval, (iii) provides that we will solely fund our share of PACIFIC-8, subject to Gilead’s right to reinstate PACIFIC-8 as part of the parties’ joint development activities for the TIGIT Program in the first quarter 2026, and (iv) provides that we will fund certain other activities. All other terms of the existing collaboration agreements, remain unchanged.As of June 30, 2025, Gilead has licenses to domvanalimab, AB308, quemliclustat and zimberelimab. In the second quarter 2025, Gilead returned its license to the adenosine receptor antagonist program, which includes etrumadenant. In the first quarter 2025, Gilead's time-limited exclusive option rights to our HIF-2α program, which includes casdatifan, expired.

8

For the three and six months ended June 30, 2025, under the Gilead Agreements we recognized revenue of $160 million and $188 million, respectively, and for the three and six months ended June 30, 2024, we recognized revenue of $36 million and $177 million, respectively. For the three and six months ended June 30, 2025, we recognized net expense to Gilead of $13 million and $8 million, respectively, and for the three and six months ended June 30, 2024, we recognized net reimbursements from Gilead of $14 million and $30 million, respectively, in Operating expense, allocated between R&D and General and Administrative ("G&A") based upon the activity that generated the expense. At June 30, 2025 we had a net $13 million payable to Gilead, recorded in Accounts payable on our Condensed Consolidated Balance Sheets. At June 30, 2025 and December 31, 2024, we had $4 million and $6 million, respectively, receivable from Gilead, recorded in Receivable from collaboration partners on our Condensed Consolidated Balance Sheets. For a more detailed discussion on revenues recognized under