Arcus Biosciences RCUS offering news

Top story · Oct 22, 2026 · SEC filing 424B5

Arcus Biosciences files an offering prospectus

Source: 424B5 filed Oct 22, 2026 on SEC EDGAR

The world Arcus works in, not its own labs. Credits in the footer.

Ticker: RCUS
Listing: NYSE, United States
Next date: By year-end 2026
Chief executive: Terry Rosen, Ph.D.

Desk view · Opinion · Updated Oct 22, 2026

Arcus bets the company on casdatifan, and now has the cash to do it

Arcus has turned into a kidney cancer company built on casdatifan, with strong single-arm data and money to run two phase 3 trials. The company followed the October data with a $250 million share sale at $17.50. The PEAK-1 readout, still a ways off, is the event that decides the story.

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aibio.space Investor Rank · Opinion

5/10 Neutral view

Funded into 2028 to run casdatifan phase 3 trials on strong single-arm data, but with TIGIT gone a PEAK-1 miss would leave little else late stage.

Technology: 1/2
Odds: 1/2
Balance sheet: 2/2
Risk: 0/2
Momentum: 1/2

Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. How the rank works.

Technology: Promising, not proven. Casdatifan monotherapy showed 35-month median overall survival in heavily pretreated kidney cancer, but all efficacy data so far are single-arm.
Odds: Better than average phase 3 odds. PEAK-1 tests a combination with 14.5-month median PFS in phase 1b against a cabozantinib benchmark of about 10 months.
Balance sheet: Well funded. About $694 million at Sept. 30 plus about $234.5 million in net offering proceeds, against a guided runway into at least the second half of 2028.
Main risk: One-asset company. With TIGIT gone, a PEAK-1 miss or a weak first-line showing would leave little else late-stage besides quemliclustat.
Watch next: Two phase 3 milestones. PEAK-1 enrollment should finish and PEAK-20 should start by year-end 2026.

Dates

By year-end 2026
Complete enrollment in the PEAK-1 phase 3 trial Source

Q4 2026
Start of PEAK-20, the first-line phase 3 of casdatifan plus ipilimumab and nivolumab Source

First half of 2027
PRISM-1 phase 3 results for quemliclustat in pancreatic cancer Source

By mid-2027
Initial data for casdatifan plus Summit's ivonescimab Source

The money

About $694.0 million in cash, cash equivalents and marketable securities at Sept. 30, 2026 (preliminary, unaudited), before roughly $234.5 million of expected net proceeds from the October 2026 offering. At June 30 Arcus had $775 million and guided to runway until at least the second half of 2028. Source

No product revenue. Collaboration revenue was $41 million in Q2 2026; full-year 2026 GAAP revenue guidance is $65 million to $75 million. Source

Risks on the record

Arcus has no approved products and no product revenue, and its candidates may not be approved even if phase 3 trials hit their primary endpoints. Source
Its anti-TIGIT antibody domvanalimab program ended: STAR-221, STAR-121 and PACIFIC-8 were all discontinued, leaving casdatifan as the main late-stage asset. Source
Gilead owned about 24.7% of the common stock at June 30, 2026, giving one holder significant influence. Source

Questions investors ask

What is aibio.space's Investor Rank for Arcus Biosciences?

5 out of 10, our neutral view. Funded into 2028 to run casdatifan phase 3 trials on strong single-arm data, but with TIGIT gone a PEAK-1 miss would leave little else late stage. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. Source

What is casdatifan?

Casdatifan is Arcus Biosciences' oral HIF-2 alpha inhibitor for clear cell renal cell carcinoma, taken once a day. It is investigational and not approved anywhere. Taiho holds rights in Japan and other Asian countries excluding China, and Arcus holds rights elsewhere. Source

When will Arcus finish enrolling the PEAK-1 trial?

Arcus said it remains on track to complete PEAK-1 enrollment by year-end 2026. The phase 3 trial compares casdatifan plus cabozantinib with cabozantinib alone in immunotherapy-experienced metastatic clear cell kidney cancer. Source

How much cash does Arcus Biosciences have?

Arcus estimated about $694.0 million in cash, cash equivalents and marketable securities at Sept. 30, 2026, a preliminary figure. It then priced a $250 million stock offering expected to bring in about $234.5 million net. Source

Why did Arcus stock drop in October 2026?

Arcus's prospectus filings show the last sale price was $23.75 on Oct. 20, the day of its casdatifan data event, and $19.10 on Oct. 21. That day it priced 14,285,715 shares at $17.50. The filings do not give a reason for the move. Source

Is Gilead still partnered with Arcus?

Partly. Gilead let its broad option period end on July 14, 2026, and gave up its three board seats on Aug. 5, 2026, but it keeps time-limited options on some programs. It owned about 24.7% of Arcus at June 30. Source

What is the latest Arcus Biosciences (RCUS) stock news?

Our latest story on Arcus Biosciences, dated Oct 21, 2026: "Arcus raises $250 million at $17.50 a share a day after kidney cancer data". The offering priced below the $19.10 last reported sale price. Arcus says the money goes mainly to casdatifan, its HIF-2 alpha inhibitor now in two phase 3 programs. Source

What is Arcus Biosciences's latest stock offering or financing news?

Our latest financing story, dated Oct 21, 2026: "Arcus raises $250 million at $17.50 a share a day after kidney cancer data". The offering priced below the $19.10 last reported sale price. Arcus says the money goes mainly to casdatifan, its HIF-2 alpha inhibitor now in two phase 3 programs. Source

Who were the underwriters or placement agents on Arcus Biosciences's offering?

From our story: Jefferies, Leerink Partners and TD Securities (USA) represented the underwriters, and Evercore ISI and Mizuho joined them as joint book-running managers. Source

What is Arcus Biosciences's market cap?

We do not publish live share prices. In its annual report, Arcus Biosciences, Inc. put the market value of shares held by non-affiliates (public float) at $565.9 million as of Jun 30, 2025. Source

Is Arcus Biosciences a smaller reporting company?

SEC records list Arcus Biosciences, Inc.'s filer category as: Large accelerated filer. Source

Where is Arcus Biosciences headquartered?

SEC records list its business address as 3928 POINT EDEN WAY, HAYWARD, CA, 94545. Source

When does Arcus Biosciences's fiscal year end?

Arcus Biosciences, Inc.'s fiscal year ends on December 31, per SEC records. Source

What did Arcus Biosciences last file with the SEC?

Its most recent filing in our record is a 424B5 filed 2026-10-22. All of its filings are on SEC EDGAR. Source

What industry is Arcus Biosciences in?

Its SEC industry code (SIC 2834) is Pharmaceutical Preparations. Source

Legal and investor matters

Checked against Arcus Biosciences filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026.

Part II, Item 1 of the 10-Q filed 2026-08-05 states that Arcus is not currently a party to any material legal proceedings. It covers that quarterly report only. Source

Dec 18, 2025Financing
Arcus amends Hercules loan facility terms for remaining $150 million
On 2025-12-18 Arcus signed a first amendment to its 2024-08-27 loan and security agreement with Hercules Capital as agent. The amendment reset the availability of the remaining $150.0 million of term loan commitments: $25.0 million through 2026-03-15, $25.0 million through 2026-09-15, and two further $50.0 million tranches tied to a Phase 3 clinical milestone and to FDA approval of a BLA or NDA.
Arcus 8-K filed 2025-12-18
Dec 12, 2025Other
Arcus discontinues Phase 3 STAR-221 gastric cancer study for futility
Arcus announced on 2025-12-12 that it was discontinuing the Phase 3 STAR-221 study of domvanalimab plus zimberelimab and chemotherapy in first-line advanced gastric and esophageal cancers. An interim overall survival analysis showed the combination did not improve survival versus nivolumab plus chemotherapy, on the recommendation of the independent data monitoring committee. The filing reported no new safety findings.
Arcus 8-K filed 2025-12-12
Nov 3, 2025Financing
Arcus closes public offering of 15.8 million shares at $18.25
Arcus signed an underwriting agreement on 2025-10-30 for a public offering of 13,700,000 shares of common stock at $18.25 per share. The offering closed on 2025-11-03 and, with the underwriters' option exercised in full, totaled 15,755,000 shares. Arcus filed the underwriting agreement in an 8-K dated 2025-11-03.
Arcus 8-K filed 2025-11-03
Feb 19, 2025Financing
Arcus sells 13.6 million shares at $11.00 in public offering
Arcus entered an underwriting agreement on 2025-02-18 to sell 13,636,364 shares of common stock at $11.00 per share under its effective shelf registration statement. The offering closed on 2025-02-19. Arcus estimated net proceeds of approximately $141.6 million after underwriting discounts and commissions and estimated offering expenses.
Arcus 8-K filed 2025-02-19

Pipeline

Program	Indication	Stage
Casdatifan plus cabozantinib (PEAK-1)	Immunotherapy-experienced metastatic clear cell renal cell carcinoma	Phase 3, enrolling; completion expected by year-end 2026 Source
Casdatifan plus ipilimumab and nivolumab (PEAK-20)	First-line clear cell renal cell carcinoma	Phase 3 planned to start in Q4 2026 Source
Casdatifan (ARC-20 platform study)	Clear cell renal cell carcinoma, first line to late line, alone and in combinations	Phase 1/1b Source
Quemliclustat (CD73 inhibitor) plus gemcitabine/nab-paclitaxel (PRISM-1)	First-line metastatic pancreatic ductal adenocarcinoma	Phase 3, fully enrolled; results expected first half of 2027 Source
AB102 (oral MRGPRX2 antagonist)	Atopic dermatitis and chronic spontaneous urticaria	First-in-human healthy volunteer study expected to start August 2026 Source

Stock chart

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SEC filings and registration

SEC name: Arcus Biosciences, Inc.
CIK: 1724521
Industry (SIC): Pharmaceutical Preparations (2834)
US tickers: RCUS (NYSE)
State or country of incorporation: DE
Fiscal year ends: December 31
Filer category: Large accelerated filer
Business address: 3928 POINT EDEN WAY, HAYWARD, CA, 94545
Phone: (510) 694-6200
Shares outstanding: 127,333,376 as of 2026-07-30 (10-Q filed 2026-08-05)

Recent filings (8-K and 6-K are the company's own announcements)

424B5 filed 2026-10-22
424B5 filed 2026-10-21
8-K filed 2026-10-21
8-K filed 2026-10-20
10-Q filed 2026-08-05
8-K filed 2026-08-05
8-K filed 2026-06-12
10-Q filed 2026-05-05

Source: SEC EDGAR, retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices.

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