Company: RCUS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001724521-25-000063
Chunk: 253

Company: Arcus Biosciences, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 253
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 proceeds of approximately $150 million, before deducting underwriting discounts, commissions and offering expenses. 

22

HIF-2⍺ Program

•In February 2025, we presented clinical data from three monotherapy expansion cohorts of ARC-20 in a rapid oral session at the 2025 American Society of Clinical Oncology ("ASCO") Genitourinary Symposium. At the time of data cut-off (January 3, 2025), observations from the expansion cohorts included: 

◦A 9.7-month median progression-free survival ("mPFS") was reached for the 50mg twice-a-day (BID) casdatifan monotherapy cohort; mPFS was not yet reached for other cohorts. 

◦Confirmed objective response rate ("ORR") ranged from 25% to 33%, with two of the cohorts exceeding 30% (including one partial response that confirmed after the data cut-off). 

◦Rates of primary progressive disease (progression at or before their first disease assessment) ranged from 14% to 19%. 

Most patients (81-87%) experienced disease control with either a partial response or stable disease and were still on treatment. 

Etrumadenant

•In March 2025, we engaged with the U.S. Food and Drug Administration ("FDA") regarding promising results from the ARC-9 study evaluating etrumadenant in third-line metastatic colorectal cancer ("mCRC"); although the FDA’s feedback confirmed the potential for a registrational path for this program in third-line mCRC, based on our strategic priorities, we are not pursuing a Phase 3 study at this time.

Components of Operating Results 

Revenues

We have not generated any revenue from product sales and do not expect to generate any revenue from product sales for the foreseeable future. All revenue recognized to date has been through research, collaboration and license arrangements with strategic partners.

License and Development Services Revenue

Our license and development services revenue consists of amounts recognized from the portions of the nonrefundable upfront payments received from Gilead and Taiho and allocated to performance obligations for licenses or R&D activities performed by us as we develop our investigational products under the terms of our collaboration agreements. License and development services revenues are recognized based upon the timing of the delivery of a license or service if delivery is complete, or based on estimates of each performance obligation's percentage of completion at the period end if it is still in process. We calculate percentage of completion as a ratio of