--- title: "Arcus Biosciences (RCUS) news: offering" url: "https://aibio.space/companies/arcus-biosciences/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "RCUS offering news. Arcus Biosciences news for investors: Arcus Biosciences is a clinical-stage biotech in Hayward, Calif., developing casdatifan, an oral…" --- 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. Read the full desk view 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](https://aibio.space/disclosures/#rank). - **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. ## Top news on Arcus 1. 2026-10-21 Financings [Arcus raises $250 million at $17.50 a share a day after kidney cancer data](https://aibio.space/news/arcus-raises-250-million-17-50-share-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. 2. 2026-08-05 Financings [Arcus ends last TIGIT phase 3 as Gilead gives up its three board seats](https://aibio.space/news/arcus-ends-last-tigit-phase-3-gilead-gives-up-three-board-seats/) Arcus and AstraZeneca will stop PACIFIC-8 in stage III lung cancer. Second-quarter cash was $775 million, with runway guided to at least the second half of 2028. ## Dates **By year-end 2026** Complete enrollment in the PEAK-1 phase 3 trial [Source](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) **Q4 2026** Start of PEAK-20, the first-line phase 3 of casdatifan plus ipilimumab and nivolumab [Source](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Presents-New-Data-from-ARC-20-that-Demonstrate-the-Opportunity-for-Casdatifan-to-Become-a-Foundational-Treatment-Across-All-Lin-N7V7C.pdf) **First half of 2027** PRISM-1 phase 3 results for quemliclustat in pancreatic cancer [Source](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) **By mid-2027** Initial data for casdatifan plus Summit's ivonescimab [Source](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-and-Summit-Therapeutics-Enter-Into-Clinical-Trial-Collaboration-to-Evaluate-Casdatifan-Combined-with-Ivonescimab-in-H04HP.pdf) ## 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](https://www.sec.gov/Archives/edgar/data/1724521/000119312526427829/d130368d8k.htm) No product revenue. Collaboration revenue was $41 million in Q2 2026; full-year 2026 GAAP revenue guidance is $65 million to $75 million. [Source](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) ## 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000044/rcus-20260630.htm) - 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) - Gilead owned about 24.7% of the common stock at June 30, 2026, giving one holder significant influence. [Source](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000044/rcus-20260630.htm) ## 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](https://aibio.space/disclosures/#rank) ### 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](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Presents-New-Data-from-ARC-20-that-Demonstrate-the-Opportunity-for-Casdatifan-to-Become-a-Foundational-Treatment-Across-All-Lin-N7V7C.pdf) ### 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1724521/000119312526427829/d130368d8k.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) ### 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](https://aibio.space/news/arcus-raises-250-million-17-50-share-day-after-kidney-cancer-data/) ### 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](https://aibio.space/news/arcus-raises-250-million-17-50-share-day-after-kidney-cancer-data/) ### 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](https://aibio.space/news/arcus-raises-250-million-17-50-share-day-after-kidney-cancer-data/) ### 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](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm) ### 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000044/rcus-20260630.htm) 1. 2025-12-18 Financing 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452125000122/rcus-20251218.htm) 2. 2025-12-12 Other 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452125000120/rcus-20251212.htm) 3. 2025-11-03 Financing 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](https://www.sec.gov/Archives/edgar/data/1724521/000119312525262589/d912891d8k.htm) 4. 2025-02-19 Financing 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](https://www.sec.gov/Archives/edgar/data/1724521/000119312525029591/d932072d8k.htm) ## 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) | | Casdatifan plus ipilimumab and nivolumab (PEAK-20) | First-line clear cell renal cell carcinoma | Phase 3 planned to start in Q4 2026 [Source](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Presents-New-Data-from-ARC-20-that-Demonstrate-the-Opportunity-for-Casdatifan-to-Become-a-Foundational-Treatment-Across-All-Lin-N7V7C.pdf) | | Casdatifan (ARC-20 platform study) | Clear cell renal cell carcinoma, first line to late line, alone and in combinations | Phase 1/1b [Source](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000047/rcus-20261020.htm) | | 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](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) | | AB102 (oral MRGPRX2 antagonist) | Atopic dermatitis and chronic spontaneous urticaria | First-in-human healthy volunteer study expected to start August 2026 [Source](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NYSE:RCUS on TradingView](https://www.tradingview.com/symbols/NYSE-RCUS/). ## 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](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm) filed 2026-10-22 - [424B5](https://www.sec.gov/Archives/edgar/data/1724521/000119312526427888/d117931d424b5.htm) filed 2026-10-21 - [8-K](https://www.sec.gov/Archives/edgar/data/1724521/000119312526427829/d130368d8k.htm) filed 2026-10-21 - [8-K](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000047/rcus-20261020.htm) filed 2026-10-20 - [10-Q](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000044/rcus-20260630.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/rcus-20260805.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000037/rcus-20260611.htm) filed 2026-06-12 - [10-Q](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000034/rcus-20260331.htm) filed 2026-05-05 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001724521), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/arcus-biosciences/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Arcus Biosciences (RCUS) news: offering", 2026-10-31, https://aibio.space/companies/arcus-biosciences/