1. An early-stage Genentech for cancer treatments.

2. A nascent Amgen, focused on developing new cancer drugs.

• 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.

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)

• WuXi Biologics (HKEX: 2269)
• Strata Oncology, Inc.

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.

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.

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.

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.

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:

1. 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.
2. 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.
3. 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.
4. 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.

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.