Arcus Biosciences (RCUS)
Market Price (8/8/2026): $28.62 | Market Cap: $3.6 BilSector: Health Care | Industry: Biotechnology
Arcus Biosciences (RCUS)
Market Price (8/8/2026): $28.62Market Cap: $3.6 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Weak multi-year price returns3Y Excs Rtn is -22% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.92 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -486 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -415% Stock price has recently run up significantly12M Rtn12 month market price return is 208% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -55%, Rev Chg QQuarterly Revenue Change % is -74% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 54% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -405%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -406% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 169% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% Key risksRCUS key risks include [1] the recent discontinuation of its Phase 3 STAR-221 study due to futility and [2] a significant bankruptcy risk as indicated by its low Altman Z-Score. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -22% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.92 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -486 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -415% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 208% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -55%, Rev Chg QQuarterly Revenue Change % is -74% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 54% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -405%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -406% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 169% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -17% |
| Key risksRCUS key risks include [1] the recent discontinuation of its Phase 3 STAR-221 study due to futility and [2] a significant bankruptcy risk as indicated by its low Altman Z-Score. |
Qualitative Assessment
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Arcus Biosciences (RCUS) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Advancement and Expansion of the Casdatifan Program.
Arcus Biosciences' lead investigational drug, casdatifan, a HIF-2α inhibitor for clear cell renal cell carcinoma (ccRCC), has demonstrated significant progress and strategic expansion during the period. Management has outlined a vision for casdatifan as a potential "backbone therapy" with a market opportunity of $5 billion to $10 billion. The company has initiated multiple new clinical trial collaborations, including partnerships with Bristol Myers Squibb, Summit Therapeutics, and AVEO Oncology, to evaluate casdatifan in various combinations and settings. Key milestones include the ongoing Phase 3 PEAK-1 trial for second-line ccRCC, which is on track to complete enrollment by the end of fiscal year 2026, and the planned initiation of the first-line registrational Phase 3 PEAK-20 trial by year-end 2026. Furthermore, new research published in Nature highlighted that casdatifan produced deep and sustained suppression of serum erythropoietin, which correlated with higher response rates and longer progression-free survival in ccRCC patients.
2. Better-than-Expected Fiscal Q2 2026 Earnings.
Arcus Biosciences reported stronger-than-anticipated financial results for its fiscal Q2 2026, which ended June 30, 2026. The company posted a diluted earnings per share (EPS) of -$0.72, exceeding analyst estimates of -$0.90 by $0.18. Additionally, revenue for the quarter reached $41 million, significantly surpassing the consensus estimate of $22.2 million. While year-over-year revenue declined due to a substantial one-time licensing catch-up in the prior year, the beat against expectations provided a positive signal to investors regarding the company's financial performance.
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Arcus Biosciences (RCUS) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Advancement and Expansion of the Casdatifan Program.
Arcus Biosciences' lead investigational drug, casdatifan, a HIF-2α inhibitor for clear cell renal cell carcinoma (ccRCC), has demonstrated significant progress and strategic expansion during the period. Management has outlined a vision for casdatifan as a potential "backbone therapy" with a market opportunity of $5 billion to $10 billion. The company has initiated multiple new clinical trial collaborations, including partnerships with Bristol Myers Squibb, Summit Therapeutics, and AVEO Oncology, to evaluate casdatifan in various combinations and settings. Key milestones include the ongoing Phase 3 PEAK-1 trial for second-line ccRCC, which is on track to complete enrollment by the end of fiscal year 2026, and the planned initiation of the first-line registrational Phase 3 PEAK-20 trial by year-end 2026. Furthermore, new research published in Nature highlighted that casdatifan produced deep and sustained suppression of serum erythropoietin, which correlated with higher response rates and longer progression-free survival in ccRCC patients.
2. Better-than-Expected Fiscal Q2 2026 Earnings.
Arcus Biosciences reported stronger-than-anticipated financial results for its fiscal Q2 2026, which ended June 30, 2026. The company posted a diluted earnings per share (EPS) of -$0.72, exceeding analyst estimates of -$0.90 by $0.18. Additionally, revenue for the quarter reached $41 million, significantly surpassing the consensus estimate of $22.2 million. While year-over-year revenue declined due to a substantial one-time licensing catch-up in the prior year, the beat against expectations provided a positive signal to investors regarding the company's financial performance.
3. Favorable Analyst Sentiment and Increased Price Targets.
Wall Street analysts maintained a predominantly positive outlook on Arcus Biosciences, with a consensus "Strong Buy" or "Buy" rating for RCUS shares during the period. The average price target ranged from approximately $36.40 to $38.63, suggesting a notable upside potential (e.g., 29% upside from the $28.80 share price as of August 5, 2026). Notably, H.C. Wainwright raised its price target for RCUS from $32 to $45 in July 2026, explicitly citing the potential for casdatifan to be the first HIF-2α inhibitor marketed in first-line ccRCC and its competitive profile against rival treatments.
4. Robust Cash Runway.
Arcus Biosciences reported a solid financial position with cash, cash equivalents, and marketable securities totaling $775 million as of June 30, 2026. The company's management projects ending fiscal year 2026 with approximately $600 million in cash and expects these resources to be sufficient to fund planned operations until at least the second half of 2028. This extended cash runway alleviates concerns about near-term financing needs and provides confidence in the company's ability to advance its clinical pipeline.
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Stock Movement Drivers
Fundamental Drivers
The 12.2% change in RCUS stock from 4/30/2026 to 8/7/2026 was primarily driven by a 152.1% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.50 | 28.62 | 12.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 247 | 117 | -52.6% |
| P/S Multiple | 12.2 | 30.8 | 152.1% |
| Shares Outstanding (Mil) | 118 | 126 | -6.0% |
| Cumulative Contribution | 12.2% |
Market Drivers
4/30/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| RCUS | 12.2% | |
| Market (SPY) | 7.6% | 35.1% |
| Sector (XLV) | 13.5% | 4.1% |
Fundamental Drivers
The 36.0% change in RCUS stock from 1/31/2026 to 8/7/2026 was primarily driven by a 230.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.04 | 28.62 | 36.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 240 | 117 | -51.2% |
| P/S Multiple | 9.3 | 30.8 | 230.4% |
| Shares Outstanding (Mil) | 106 | 126 | -15.5% |
| Cumulative Contribution | 36.0% |
Market Drivers
1/31/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| RCUS | 36.0% | |
| Market (SPY) | 12.1% | 42.2% |
| Sector (XLV) | 7.5% | 16.3% |
Fundamental Drivers
The 213.5% change in RCUS stock from 7/31/2025 to 8/7/2026 was primarily driven by a 384.1% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.13 | 28.62 | 213.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 141 | 117 | -17.0% |
| P/S Multiple | 6.4 | 30.8 | 384.1% |
| Shares Outstanding (Mil) | 98 | 126 | -22.0% |
| Cumulative Contribution | 213.5% |
Market Drivers
7/31/2025 to 8/7/2026| Return | Correlation | |
|---|---|---|
| RCUS | 213.5% | |
| Market (SPY) | 23.4% | 35.8% |
| Sector (XLV) | 28.7% | 16.4% |
Fundamental Drivers
The 43.8% change in RCUS stock from 7/31/2023 to 8/7/2026 was primarily driven by a 152.7% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.90 | 28.62 | 43.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 119 | 117 | -1.7% |
| P/S Multiple | 12.2 | 30.8 | 152.7% |
| Shares Outstanding (Mil) | 73 | 126 | -42.1% |
| Cumulative Contribution | 43.8% |
Market Drivers
7/31/2023 to 8/7/2026| Return | Correlation | |
|---|---|---|
| RCUS | 43.8% | |
| Market (SPY) | 74.9% | 36.8% |
| Sector (XLV) | 29.3% | 30.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RCUS Return | 56% | -49% | -8% | -22% | 60% | 19% | 9% |
| Peers Return | -7% | 32% | -21% | -50% | 56% | 2547480% | 1909342% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| RCUS Win Rate | 58% | 42% | 42% | 50% | 58% | 50% | |
| Peers Win Rate | 42% | 67% | 46% | 34% | 46% | 31% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RCUS Max Drawdown | -45% | -59% | -43% | -32% | -55% | -23% | |
| Peers Max Drawdown | -27% | -19% | -12% | -62% | -64% | -58% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VRTX, APMD, ATTO, BLSM, BRVE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | RCUS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.1% | -18.8% |
| % Gain to Breakeven | 61.6% | 23.1% |
| Time to Breakeven | 152 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.3% | -9.5% |
| % Gain to Breakeven | 43.6% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.9% | -6.7% |
| % Gain to Breakeven | 24.8% | 7.1% |
| Time to Breakeven | 30 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.5% | -33.7% |
| % Gain to Breakeven | 57.4% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.2% | -19.2% |
| % Gain to Breakeven | 59.2% | 23.8% |
| Time to Breakeven | 411 days | 105 days |
In The Past
Arcus Biosciences's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.6% gain to breakeven.
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| Event | RCUS | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -38.1% | -18.8% |
| % Gain to Breakeven | 61.6% | 23.1% |
| Time to Breakeven | 152 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.3% | -9.5% |
| % Gain to Breakeven | 43.6% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.5% | -33.7% |
| % Gain to Breakeven | 57.4% | 50.9% |
| Time to Breakeven | 21 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -37.2% | -19.2% |
| % Gain to Breakeven | 59.2% | 23.8% |
| Time to Breakeven | 411 days | 105 days |
In The Past
Arcus Biosciences's stock fell -38.1% during the 2025 US Tariff Shock. Such a loss loss requires a 61.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Arcus Biosciences (RCUS)
Arcus Biosciences (RCUS) is a clinical-stage biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative cancer therapies. Operating within the dynamic oncology sector, the company focuses on creating new treatment options by targeting novel biological pathways to combat various forms of cancer. Its headquarters are located in Hayward, California.
The company's pipeline features several investigational drugs, each designed to address specific aspects of cancer progression. Key assets include Etrumadenant, a dual adenosine receptor antagonist; Zimberelimab, an anti-PD-1 antibody; and Domvanalimab, an anti-TIGIT monoclonal antibody. Domvanalimab is a significant focus, particularly for first-line metastatic non-small cell lung cancer, often developed in combination with Zimberelimab, and is also being evaluated in a registrational Phase 3 trial in collaboration with AstraZeneca. Additionally, Arcus is advancing Quemliclustat, a CD73 inhibitor for pancreatic cancer, and AB521, a HIF-2a inhibitor for von Hippel-Lindau disease, among others.
Arcus Biosciences' business model centers on advancing these drug candidates through clinical trials with the goal of ultimately securing regulatory approval and commercialization. To accelerate its development efforts and expand its market reach, the company engages in strategic collaborations with partners such as AstraZeneca, Strata Oncology, Taiho Pharmaceutical, Abmuno Therapeutics, and WuXi Biologics. The primary customers and markets Arcus serves are patients battling various advanced cancers, including non-small cell lung cancer and pancreatic cancer, as well as those with specific conditions like von Hippel-Lindau disease, aiming to fulfill critical unmet medical needs in the global oncology landscape.
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1. An early-stage Genentech for cancer treatments.
2. A nascent Amgen, focused on developing new cancer drugs.
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- Etrumadenant: A dual A2a/A2b adenosine receptor antagonist in clinical trials for cancer therapy.
- Zimberelimab: An anti-PD-1 antibody undergoing clinical trials as a monotherapy and in combination for cancer treatment.
- Domvanalimab: An anti-TIGIT monoclonal antibody in clinical development, notably for non-small cell lung cancer in combination with other therapies.
- Quemliclustat: A small-molecule CD73 inhibitor being studied in clinical trials for metastatic pancreatic cancer.
- AB521: An oral and small molecule HIF-2a inhibitor in clinical studies for patients with von Hippel-Lindau disease.
- Anti-CD39 Antibody: An investigational antibody being developed for the treatment of cancer through licensing agreements.
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Arcus Biosciences (RCUS) is a clinical-stage biopharmaceutical company. As such, it does not currently sell therapies directly to individuals or healthcare providers. Instead, its primary business model involves collaborations, partnerships, and licensing agreements with other pharmaceutical and biotechnology companies for the development and potential commercialization of its drug candidates.
Based on the provided information, the major customer companies, in the form of collaboration and licensing partners, are:
- Strata Oncology, Inc.
- AstraZeneca (NASDAQ: AZN)
- Taiho Pharmaceutical Co., Ltd
- Abmuno Therapeutics LLC
- WuXi Biologics (HKEX: 2269)
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- WuXi Biologics (HKEX: 2269)
- Strata Oncology, Inc.
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Terry Rosen, Chief Executive Officer
Dr. Terry Rosen co-founded Arcus Biosciences in 2015 and has served as its Chief Executive Officer since May 2015. He has over 30 years of experience leading drug discovery and development organizations in the biotechnology and pharmaceutical industries. Dr. Rosen also serves as a Director at PACT Pharma, Inc. and Epiodyne, Inc. and is on the boards of scientific institutions such as the Salk Institute Board of Trustees and the California Life Sciences Association.
Robert Goeltz, Chief Financial Officer
Mr. Robert Goeltz joined Arcus Biosciences as Chief Financial Officer on August 1, 2020. He possesses extensive financial leadership and operational experience in both large and small biopharmaceutical companies. Prior to Arcus, Mr. Goeltz served as Chief Financial Officer and Senior Vice President of UNITY Biotechnology and previously as Chief Financial Officer of CytomX Therapeutics, where he led both companies' initial public offerings (IPOs). He also spent 11 years at Amgen, where his roles included Chief Financial Officer of Onyx Pharmaceuticals following its acquisition by Amgen, as well as senior financial positions in commercial and R&D finance, business development, and accounting.
Juan Jaen, Co-Founder & President
Dr. Juan Jaen co-founded Arcus Biosciences in 2015 and serves as its President. With over 30 years of experience, he has been involved in all aspects of drug discovery and development. Before co-founding Arcus, Dr. Jaen was also the co-founder and President of Flexus Biosciences.
Jennifer Jarrett, Chief Operating Officer
Ms. Jennifer Jarrett holds the position of Chief Operating Officer at Arcus Biosciences.
Richard Markus, Chief Medical Officer
Dr. Richard Markus was appointed Chief Medical Officer of Arcus Biosciences effective January 31, 2025, bringing over 20 years of experience in biopharmaceuticals and clinical development. He previously held increasing roles of responsibility during a 13-year tenure at Amgen, including Vice President of Global Development, where he oversaw the development and approval of multiple products. Dr. Markus was also the first R&D head for Amgen's biosimilars division, leading the development of a 10-product pipeline. Most recently, he founded Dantari, a clinical-stage oncology-focused antibody-drug conjugate company, serving as its President, CEO, and board member.
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The primary key risk to Arcus Biosciences is the inherent uncertainty and potential for failure in its extensive clinical trial pipeline, and the subsequent challenge of obtaining regulatory approval for any of its investigational products.
As a clinical-stage biopharmaceutical company, all of Arcus Biosciences' product candidates—including Etrumadenant, Zimberelimab, Domvanalimab, Quemliclustat, and AB521—are in various phases of clinical development and have not yet received regulatory approval for commercialization. There is a high risk that these clinical trials may not demonstrate sufficient safety or efficacy, or that regulatory bodies may not grant approval, which would prevent the company from bringing any products to market and generating significant revenue.
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Merck's belzutifan (Welireg), an oral HIF-2a inhibitor, is already approved for the treatment of patients with von Hippel-Lindau disease-associated tumors. Arcus Biosciences is developing AB521, an oral and small molecule HIF-2a inhibitor, which is in a Phase 1 study for the treatment of patients with von Hippel-Lindau disease. The established market presence of belzutifan presents a significant competitive threat to AB521's potential market entry and commercial viability.
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Here are the addressable market sizes for Arcus Biosciences' main products:
-
Domvanalimab (anti-TIGIT monoclonal antibody):
- For first-line metastatic non-small cell lung cancer (NSCLC) and unresectable Stage III NSCLC: The global metastatic non-small cell lung cancer market size was estimated at USD 18.50 billion in 2025 and is projected to increase to approximately USD 50.30 billion by 2035. The non-small cell lung cancer market in the 7MM (United States, EU4, United Kingdom, and Japan) is projected to reach approximately USD 65 billion by 2034. The global TIGIT inhibitors market, which includes Domvanalimab, was estimated at USD 1.52 billion in 2025 and is projected to reach USD 4.98 billion by 2032. The United States holds the largest share of the TIGIT inhibitors market among the 7MM.
-
Zimberelimab (anti-PD-1 antibody):
- The global PD-1 inhibitor drugs market size was USD 42.11 billion in 2024 and is predicted to increase to approximately USD 179.77 billion by 2034. Another source indicates the global PD-1 and PD-L1 inhibitors market size was valued at USD 48.7 billion in 2024 and is predicted to reach USD 166.9 billion by 2034.
-
Quemliclustat (small-molecule CD73 inhibitor):
- For first-line metastatic pancreatic cancer: The global pancreatic cancer treatment market size was valued at USD 6.4 billion in 2024 and is expected to reach USD 12.4 billion by 2030. Another estimate places the global pancreatic cancer treatment market size at USD 3.82 billion in 2025, growing to USD 14.43 billion by 2034. The Pancreatic Cancer market size was valued at USD 3.28 billion in 2025 and is likely to cross USD 12.05 billion by 2035.
-
AB521 (oral and small molecule HIF-2a inhibitor):
- For patients with von Hippel-Lindau disease: The global Von Hippel-Lindau Disease Market is estimated to be valued at USD 325.3 million in 2025 and is expected to reach USD 557.5 million by 2032. The global von Hippel-Lindau disease market reached US$ 293.47 million in 2023 and is expected to reach US$ 501.24 million by 2031. The total Von Hippel-Lindau Market Size in the 7MM (United States, EU4 countries, United Kingdom, and Japan) was around USD 300 million in 2023.
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Arcus Biosciences (RCUS) is poised for potential revenue growth over the next 2-3 years, driven by its advancing clinical pipeline, strategic collaborations, and expansion into new therapeutic areas. Key drivers include:
- Commercialization and Pipeline Expansion of Casdatifan: Casdatifan, Arcus's HIF-2α inhibitor, is currently in Phase 3 trials for clear cell renal cell carcinoma (ccRCC) with the PEAK-1 study actively enrolling patients. Promising efficacy data from the ARC-20 study, showing a confirmed objective response rate (ORR) of 45% and a median progression-free survival (PFS) of 15.1 months in late-line ccRCC, suggests its potential as a best-in-class therapy. Arcus plans to initiate another Phase 3 trial for casdatifan in first-line metastatic kidney cancer by the end of 2026, further broadening its market opportunity. Additionally, Taiho Pharmaceutical Co., Ltd. has exercised its option for an exclusive license to casdatifan in Japan and other Asian territories, contributing milestone and royalty payments.
- Potential Approvals and Launch of Domvanalimab: Domvanalimab, an anti-TIGIT monoclonal antibody, is in late-stage development for various oncology indications. Pivotal data readouts for the STAR-221 study in gastric cancer and the ARC-10 study in non-small cell lung cancer are anticipated in 2025 and 2026, respectively, which could pave the way for commercialization. Positive data from the EDGE-Gastric trial, demonstrating strong survival benefits for domvanalimab-zimberelimab-chemotherapy in esophagogastric cancer, further supports its potential. Analysts have projected multi-billion dollar peak sales potential for successful TIGIT launches.
- Continued Revenue and Market Access through Gilead Collaboration: The strategic collaboration with Gilead Sciences remains a significant source of revenue for Arcus and provides crucial commercial infrastructure. This deep integration with Gilead facilitates market access and distribution scale across North America, Europe, and Asia. Collaboration revenue offers non-dilutive financial support, and expanding partnership income is expected to streamline the path to commercialization for Arcus's product candidates. Gilead increased its investment in Arcus in early 2024 to accelerate oncology programs.
- Advancement of Inflammation and Immunology (I&I) Pipeline: Arcus is expanding its therapeutic focus into inflammation and immunology, with two promising programs expected to enter clinical development in the near future. An oral MRGPRX2 antagonist for atopic dermatitis and chronic spontaneous urticaria is slated to enter clinical trials in 2026. Furthermore, an oral small-molecule TNF inhibitor, targeting rheumatoid arthritis, psoriasis, and inflammatory bowel disease, is expected to enter the clinic in late 2026 or early 2027. These I&I programs represent new avenues for revenue generation with large market potential.
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Share Issuance
- In October 2025, Arcus Biosciences priced an underwritten public offering of 13,700,000 shares of its common stock at $18.25 per share, expecting gross proceeds of $250 million.
- In February 2025, the company announced the pricing of an underwritten offering of 13,636,364 shares of its common stock at $11.00 per share, for total gross proceeds of approximately $150 million.
- For the full year 2025, net proceeds from issuances of common stock were $429 million.
Inbound Investments
- In early 2024, Gilead increased its stake to 33% by investing $320 million to accelerate Arcus's oncology programs.
- Arcus established a 10-year collaboration with Gilead in May 2020, which included a significant capital investment and equity stake by Gilead. This collaboration was expanded in November 2021 and May 2023.
- For the full year 2025, total revenue was $247 million, which included $23 million related to Gilead collaboration programs, $7 million from Taiho for exercising its option to casdatifan, and $3 million from Gilead's ongoing rights to access Arcus's research and development pipeline.
Capital Expenditures
- Management has guided for disciplined research and development (R&D) spending of roughly $350–$400 million per year, with R&D being the primary focus of capital allocation.
- For the fourth quarter of 2025, R&D expenses were $121 million, driven by increased late-stage trial activity. For the full year 2025, total R&D expenses contributed to a net loss of $353 million.
- R&D expenses are expected to decrease meaningfully for the full year 2026 compared to 2025, with the exact magnitude dependent on the results of the futility analysis of the STAR-121 study. Arcus also anticipates advancing its first inflammation program into clinical development in 2026.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Arcus Biosciences Earnings Notes | 12/29/2026 | |
| Can Arcus Biosciences Stock Hold Up When Markets Turn? | 10/17/2025 | |
| Arcus Biosciences (RCUS) Operating Cash Flow Comparison | 08/08/2025 | |
| Arcus Biosciences (RCUS) Tax Expense Comparison | 08/08/2025 | |
| Arcus Biosciences (RCUS) Debt Comparison | 08/08/2025 | |
| Arcus Biosciences (RCUS) EBITDA Comparison | 08/08/2025 | |
| Arcus Biosciences (RCUS) Net Income Comparison | 08/08/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 11/25/2025 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.81 |
| Mkt Cap | 64.7 |
| Rev LTM | 6,352 |
| Op Inc LTM | 2,145 |
| FCF LTM | 1,661 |
| FCF 3Y Avg | 798 |
| CFO LTM | 1,909 |
| CFO 3Y Avg | 1,023 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -22.6% |
| Rev Chg 3Y Avg | 14.1% |
| Rev Chg Q | -31.0% |
| QoQ Delta Rev Chg LTM | -23.7% |
| Op Inc Chg LTM | 1,227.1% |
| Op Inc Chg 3Y Avg | 387.0% |
| Op Mgn LTM | -188.7% |
| Op Mgn 3Y Avg | -97.2% |
| QoQ Delta Op Mgn LTM | -123.5% |
| CFO/Rev LTM | -185.5% |
| CFO/Rev 3Y Avg | -96.0% |
| FCF/Rev LTM | -187.9% |
| FCF/Rev 3Y Avg | -99.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Developing and commercializing highly differentiated therapies that have a meaningful impact | 247 | 258 | 117 | 112 | |
| License and development services revenue | 345 | ||||
| Other collaboration revenue | 38 | ||||
| Total | 247 | 258 | 117 | 112 | 383 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Developing and commercializing highly differentiated therapies that have a meaningful impact | -353 | -283 | -307 | -267 |
| Total | -353 | -283 | -307 | -267 |
| $ Mil | 2025 | 2024 | 2022 |
|---|---|---|---|
| Developing and commercializing highly differentiated therapies that have a meaningful impact | 1,100 | 1,200 | 1,300 |
| Total | 1,100 | 1,200 | 1,300 |
Price Behavior
| Market Price | $28.62 | |
| Market Cap ($ Bil) | 3.6 | |
| First Trading Date | 03/15/2018 | |
| Distance from 52W High | -7.9% | |
| 50 Days | 200 Days | |
| DMA Price | $26.87 | $23.48 |
| DMA Trend | up | up |
| Distance from DMA | 6.5% | 21.9% |
| 3M | 1YR | |
| Volatility | 54.7% | 62.2% |
| Downside Capture | 58.73 | 117.37 |
| Upside Capture | 98.79 | 218.20 |
| Correlation (SPY) | 36.3% | 37.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.33 | 1.26 | 1.40 | 1.86 | 1.74 | 1.50 |
| Up Beta | 5.79 | 2.80 | 2.43 | 1.62 | 2.19 | 1.63 |
| Down Beta | 1.41 | 2.67 | 2.19 | 2.05 | 1.54 | 1.17 |
| Up Capture | -64% | 67% | 100% | 266% | 406% | 380% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 24 | 35 | 68 | 141 | 378 |
| Down Capture | 71% | -4% | 69% | 154% | 109% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 19 | 28 | 58 | 110 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RCUS | |
|---|---|---|---|---|
| RCUS | 202.9% | 62.1% | 2.02 | - |
| Sector ETF (XLV) | 28.7% | 15.5% | 1.42 | 16.5% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 36.7% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 19.4% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -0.2% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 5.3% |
| Bitcoin (BTCUSD) | -44.2% | 42.9% | -1.23 | 24.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RCUS | |
|---|---|---|---|---|
| RCUS | -1.0% | 67.1% | 0.27 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 32.4% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 39.1% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 9.3% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 3.2% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 29.6% |
| Bitcoin (BTCUSD) | 8.8% | 53.0% | 0.35 | 20.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RCUS | |
|---|---|---|---|---|
| RCUS | 5.8% | 76.0% | 0.41 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 32.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 34.1% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 8.4% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 9.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 23.8% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 13.7% |
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Returns Analyses
Earnings Returns History
Updated 8/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.3% | ||
| 5/5/2026 | -0.2% | -4.5% | -5.3% |
| 2/25/2026 | -3.6% | 11.9% | 4.6% |
| 10/28/2025 | 2.1% | -0.3% | 28.6% |
| 8/6/2025 | -2.2% | 6.0% | 28.5% |
| 5/6/2025 | -1.4% | 6.8% | 18.6% |
| 2/25/2025 | -1.0% | -5.4% | -19.3% |
| 11/6/2024 | 4.6% | 4.5% | 9.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 17 |
| # Negative | 14 | 12 | 7 |
| Median Positive | 5.8% | 10.7% | 15.6% |
| Median Negative | -2.9% | -4.9% | -5.3% |
| Max Positive | 19.9% | 22.1% | 45.9% |
| Max Negative | -10.6% | -12.5% | -19.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.3% | ||
| 5/5/2026 | -0.2% | -4.5% | -5.3% |
| 2/25/2026 | -3.6% | 11.9% | 4.6% |
| 10/28/2025 | 2.1% | -0.3% | 28.6% |
| 8/6/2025 | -2.2% | 6.0% | 28.5% |
| 5/6/2025 | -1.4% | 6.8% | 18.6% |
| 2/25/2025 | -1.0% | -5.4% | -19.3% |
| 11/6/2024 | 4.6% | 4.5% | 9.9% |
| 8/8/2024 | 14.0% | 14.9% | 19.1% |
| 5/8/2024 | 5.8% | 15.0% | 1.6% |
| 2/21/2024 | 19.9% | 16.7% | 5.1% |
| 11/7/2023 | -2.7% | -12.5% | -4.9% |
| 8/7/2023 | -4.3% | -4.3% | 15.6% |
| 5/9/2023 | -3.0% | -5.7% | 11.5% |
| 2/28/2023 | -4.3% | -3.0% | -0.9% |
| 11/2/2022 | -0.4% | -1.0% | 45.9% |
| 8/3/2022 | 1.9% | 2.5% | -2.4% |
| 5/9/2022 | 11.7% | -8.0% | 9.9% |
| 2/23/2022 | 18.6% | 22.1% | 15.7% |
| 11/8/2021 | 12.0% | 9.6% | 27.1% |
| 8/5/2021 | -10.6% | -8.9% | 9.6% |
| 5/5/2021 | -2.6% | -5.8% | -19.0% |
| 2/24/2021 | -3.1% | -2.2% | -5.4% |
| 11/5/2020 | -3.1% | 8.0% | 29.3% |
| 8/6/2020 | 3.7% | 15.8% | 0.3% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 17 |
| # Negative | 14 | 12 | 7 |
| Median Positive | 5.8% | 10.7% | 15.6% |
| Median Negative | -2.9% | -4.9% | -5.3% |
| Max Positive | 19.9% | 22.1% | 45.9% |
| Max Negative | -10.6% | -12.5% | -19.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/05/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 65.00 Mil | 70.00 Mil | 75.00 Mil | 21.7% | Raised | Guidance: 57.50 Mil for 2026 | |
| 2026 Cash | 600.00 Mil | 0 | Affirmed | Guidance: 600.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 50.00 Mil | 57.50 Mil | 65.00 Mil | 15.0% | Raised | Guidance: 50.00 Mil for 2026 | |
| 2026 Cash | 600.00 Mil | ||||||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 45.00 Mil | 50.00 Mil | 55.00 Mil | -78.3% | Lower New | Guidance: 230.00 Mil for 2025 | |
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue | 225.00 Mil | 230.00 Mil | 235.00 Mil | 0 | Affirmed | Guidance: 230.00 Mil for 2025 | |
Insider Activity
Updated 7/13/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jaen, Juan C | President | Trust | Sell | 7132026 | 28.62 | 20,067 | 574,288 | 23,531,306 | Form |
| 2 | Jaen, Juan C | President | Trust | Sell | 7132026 | 30.05 | 48,502 | 1,457,631 | 25,313,852 | Form |
| 3 | Jaen, Juan C | President | Trust | Sell | 6242026 | 29.66 | 6,431 | 190,740 | 26,420,950 | Form |
| 4 | Jaen, Juan C | President | Trust | Sell | 6242026 | 27.73 | 15,764 | 437,100 | 24,878,428 | Form |
| 5 | Jaen, Juan C | President | Trust | Sell | 6242026 | 27.03 | 9,236 | 249,661 | 24,679,685 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jaen, Juan C | President | Trust | Sell | 7132026 | 28.62 | 20,067 | 574,288 | 23,531,306 | Form |
| 2 | Jaen, Juan C | President | Trust | Sell | 7132026 | 30.05 | 48,502 | 1,457,631 | 25,313,852 | Form |
| 3 | Jaen, Juan C | President | Trust | Sell | 6242026 | 29.66 | 6,431 | 190,740 | 26,420,950 | Form |
| 4 | Jaen, Juan C | President | Trust | Sell | 6242026 | 27.73 | 15,764 | 437,100 | 24,878,428 | Form |
| 5 | Jaen, Juan C | President | Trust | Sell | 6242026 | 27.03 | 9,236 | 249,661 | 24,679,685 | Form |
| 6 | Azoy, Alexander | Chief Accounting Officer | Direct | Sell | 6012026 | 25.77 | 2,562 | 66,024 | 1,020,018 | Form |
| 7 | Goeltz, Ii Robert C | Chief Financial Officer | Direct | Sell | 5122026 | 25.63 | 7,763 | 198,966 | 2,157,046 | Form |
| 8 | Jaen, Juan C | President | Trust | Sell | 1072026 | 21.41 | 31,823 | 681,342 | 19,745,488 | Form |
| 9 | Goeltz, Ii Robert C | Chief Financial Officer | Direct | Sell | 1022026 | 23.38 | 6,552 | 153,186 | 1,588,063 | Form |
| 10 | Azoy, Alexander | Chief Accounting Officer | Direct | Sell | 12182025 | 22.25 | 4,343 | 96,614 | 412,237 | Form |
| 11 | Tang, Carolyn C | General Counsel | Direct | Sell | 12182025 | 22.16 | 6,810 | 150,906 | 2,764,043 | Form |
| 12 | Markus, Richard | Chief Medical Officer | Direct | Sell | 12182025 | 22.16 | 4,494 | 99,585 | 1,454,705 | Form |
| 13 | Azoy, Alexander | Chief Accounting Officer | Direct | Sell | 12182025 | 22.16 | 2,113 | 46,823 | 506,876 | Form |
| 14 | Goeltz, Ii Robert C | Chief Financial Officer | Direct | Sell | 12182025 | 22.16 | 5,960 | 132,071 | 1,650,351 | Form |
| 15 | Jarrett, Jennifer | Chief Operating Officer | Direct | Sell | 12182025 | 22.16 | 9,983 | 221,218 | 4,277,315 | Form |
| 16 | Jaen, Juan C | President | Direct | Sell | 12182025 | 22.16 | 9,983 | 221,218 | 7,667,453 | Form |
| 17 | Rosen, Terry J | Chief Executive Officer | Direct | Sell | 12182025 | 22.16 | 25,744 | 570,474 | 48,635,870 | Form |
| 18 | Tang, Carolyn C | General Counsel | Direct | Sell | 12182025 | 21.88 | 7,658 | 167,590 | 2,878,748 | Form |
| 19 | Markus, Richard | Chief Medical Officer | Direct | Sell | 12182025 | 21.88 | 5,052 | 110,559 | 1,534,987 | Form |
| 20 | Azoy, Alexander | Chief Accounting Officer | Direct | Sell | 12182025 | 21.88 | 2,376 | 51,997 | 546,823 | Form |
| 21 | Goeltz, Ii Robert C | Chief Financial Officer | Direct | Sell | 12182025 | 21.88 | 6,702 | 146,669 | 1,760,286 | Form |
| 22 | Jarrett, Jennifer | Chief Operating Officer | Direct | Sell | 12182025 | 21.88 | 11,225 | 245,651 | 4,442,666 | Form |
| 23 | Jaen, Juan C | President | Direct | Sell | 12182025 | 21.88 | 11,225 | 245,651 | 7,790,701 | Form |
| 24 | Rosen, Terry J | Chief Executive Officer | Direct | Sell | 12182025 | 21.88 | 28,947 | 633,485 | 48,595,248 | Form |
| 25 | Jaen, Juan C | President | Trust | Sell | 12052025 | 24.71 | 82,997 | 2,050,599 | 23,571,939 | Form |
| 26 | Azoy, Alexander | Chief Accounting Officer | Direct | Sell | 12012025 | 26.00 | 1,900 | 49,400 | 711,438 | Form |
| 27 | Goeltz, Ii Robert C | Chief Financial Officer | Direct | Sell | 11262025 | 25.00 | 5,000 | 125,000 | 2,178,450 | Form |
| 28 | Jaen, Juan C | President | Trust | Sell | 11192025 | 19.75 | 5,050 | 99,738 | 20,481,935 | Form |
| 29 | Jaen, Juan C | President | Trust | Sell | 11192025 | 20.31 | 44,950 | 913,027 | 21,167,394 | Form |
| 30 | Jarrett, Jennifer | Chief Operating Officer | Direct | Sell | 11122025 | 18.97 | 50,291 | 954,066 | 4,064,174 | Form |
| 31 | Jaen, Juan C | President | Trust | Sell | 11032025 | 20.32 | 4,314 | 87,650 | 22,086,342 | Form |
| 32 | Jaen, Juan C | President | Trust | Sell | 10302025 | 20.90 | 77,840 | 1,626,634 | 22,806,607 | Form |
| 33 | Jaen, Juan C | President | Trust | Sell | 10302025 | 20.19 | 19,019 | 383,944 | 23,603,391 | Form |
| 34 | Goeltz, Ii Robert C | Chief Financial Officer | Direct | Sell | 10292025 | 20.00 | 5,000 | 100,000 | 1,842,760 | Form |
| 35 | Jarrett, Jennifer | Chief Operating Officer | Direct | Sell | 10082025 | 15.05 | 37,792 | 568,611 | 3,223,292 | Form |
| 36 | Jarrett, Jennifer | Chief Operating Officer | Direct | Sell | 10082025 | 14.54 | 12,500 | 181,801 | 3,115,812 | Form |
| 37 | Azoy, Alexander | Chief Accounting Officer | Direct | Sell | 9302025 | 13.00 | 2,831 | 36,803 | 355,719 | Form |
| 38 | Azoy, Alexander | Chief Accounting Officer | Direct | Sell | 9052025 | 11.88 | 1,579 | 18,758 | 358,696 | Form |
Investor Activity (13F)
Updated Aug 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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