Company: RCUS
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001724521-25-000040
Chunk: 2

Company: Arcus Biosciences, Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 8
Chunk 2
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 addressing the risks of material misstatement relating to the Company’s process for estimating the total effort expected to be incurred to satisfy the identified performance obligations pursuant to the Gilead Agreements. Our audit procedures included, among others, obtaining and reading applicable board and committee meeting minutes, inquiring of research and development personnel, including program managers, and testing the completeness and accuracy of the data used by management to estimate the total effort expected to be incurred to satisfy the identified performance obligations pursuant to the Gilead Agreements.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2016. 

San Mateo, California 

February 25, 2025

73

ARCUS BIOSCIENCES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

Year Ended December 31,202420232022Revenues:License and development service revenue(Includes $207, $75 and $74 from a related party)$222 $80 $74 Other collaboration revenue(Includes $36, $37 and $33 from a related party)36 37 38 Total revenues258 117 112 Operating expenses:Research and development(Includes $39, $110 and $132 of net recoveries froma related party)448 340 288 General and administrative(Includes ($2), $— and $1 of net recoveries from (payments to) a related party)120 117 104 Impairment of long-lived assets (see Note 14, Leases)20 — — Total operating expenses588 457 392 Loss from operations(330)(340)(280)Non-operating income (expense):Interest and other income, net52 41 16 Interest expense(4)(2)(2)Total non-operating income, net48 39 14 Loss before income taxes(282)(301)(266)Income tax expense(1)(6)(1)Net loss$(283)$(307)$(267)Net loss per share:Basic and diluted$(3.14)$(4.15)$(3.71)Shares used to compute net loss per share:Basic and diluted90.174.072.0

See accompanying notes.

74

ARCUS BIOSCIENCES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In millions)

Year Ended December 31,202420232022Net loss$(283)$(307)$(267)Other comprehensive income