Company: RCUS
Filing Date: 2025-10-31
Form Type: 424B5
Source: 0001193125-25-260836
Chunk: 16

Company: Arcus Biosciences, Inc.
Filing Date: 2025-10-31
Form: 424B5
Chunk 16
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 of common stock. This amount represents an immediate increase in net tangible book value of $1.48 per share to our existing stockholders and an immediate dilution in net tangible book value of $12.70 per share to new investors in this offering. The following table illustrates this dilution on a per share basis:

| Public offering price per share                                                               |     |   |      |     | $ | 18.25 |
| Net tangible book value per share as of September 30, 2025                                    |     | $ | 4.07 |     |   |       |
| Increase in net tangible book value per share attributable to investors purchasing our common 
 stock in this offering                                                                        |     |   | 1.48 |     |   |       |
| As adjusted net tangible book value per share after giving effect to this offering            |     |   |      |     |   |  5.55 |
| Dilution per share to investors purchasing our common stock in this offering                  |     |   |      |     | $ | 12.70 |

The foregoing discussion and table do not take into account further dilution to new investors that could occur upon the exercise of the underwriters’ option to purchase up to 2,055,000 additional shares of common stock within 30 days of the date of the final prospectus supplement for this offering, or the exercise of other outstanding options having a per share exercise price less than the public offering price per share in this offering. If the underwriters exercise in full their option to purchase additional shares, our net tangible book value as of September 30, 2025, after giving effect to this offering, would have been approximately $705.2 million, or approximately $5.74 per share, representing an immediate dilution of $12.51 per share to new investors purchasing shares of common stock in this offering and an immediate increase in net tangible book value of $1.67 per share to our existing stockholders. The above discussion and table are based on 107,101,086 shares of our common stock outstanding as of September 30, 2025 and excludes:

| • |     | 800,000 shares of our common stock sold through our “at the market offerings” under our equity 
 distribution agreement after September 30, 2025 at a weighted-average sales price of $13.3563; |

| • |     | 17,315,226 shares of our common stock issuable upon the exercise of stock