Arcus Biosciences disclosed its fourth‑quarter and full‑year 2025 financial results on February 25, 2026, reporting total revenue of $247 million for the year, down from $258 million in 2024, and a net loss of $106 million for the quarter, compared with a $94 million loss in the prior year. The company’s non‑GAAP earnings per share were a loss of $0.89, beating the consensus estimate of roughly $-1.05 to $-1.03 and representing a $0.16 to $0.14 improvement over expectations. The EPS beat was largely driven by disciplined cost management, which helped offset the impact of a $33 million quarterly revenue miss against an estimate of $36.4 million. The revenue shortfall was attributed to lower collaboration revenue than anticipated, while research and development expenses rose to $523 million for the year, reflecting heavy investment in Phase 3 oncology trials for casdatifan and domvanalimab. General and administrative costs for the year were reported at $110 million, a figure that aligns with quarterly expenses of $26 million in Q4 and $27 million in Q3. Arcus maintained a cash balance of $1.01 billion as of December 31, 2025, providing a runway that extends into 2028. The company reiterated its 2026 GAAP revenue guidance of $45 million to $55 million, a range that signals modest growth expectations amid ongoing clinical development. Investors reacted cautiously to the results, with muted market activity reflecting a balance between the EPS beat, the revenue miss, and the company’s continued focus on advancing its oncology pipeline.
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