Company: RCUS
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260836
Chunk: 15

Company: Arcus Biosciences, Inc.
Filing Date: 2025-10-31
Form: 424B5
Chunk 15
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 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 expansion of our clinical
development program for casdatifan and the discovery and clinical development of investigational candidates from our immunology and inflammation portfolio 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-12

DILUTION If you invest in our common stock in this offering, your interest will be immediately diluted to the extent of the difference between the public offering price per share of our common stock in this offering and the as adjusted net tangible book value per share of our common stock after this offering. Our net tangible book value as of September 30, 2025, was approximately $435.5 million, or $4.07 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, 2025. 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 value per share of our common stock immediately after this offering. After giving effect to the sale of 13,700,000 shares of our common stock at the public offering price of $18.25 per share, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been $670.0 million, or $5.55 per share