--- title: "Arcus raises $250 million at $17.50 a share a day" url: "https://aibio.space/news/arcus-raises-250-million-17-50-share-day-after-kidney-cancer-data/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-10-21" section: "Financings" tickers: "NYSE:RCUS" source: "https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-Announces-Pricing-of-250-Million-Public-Offering-of-Common-Stock-2026.pdf" summary: "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" --- By the aibio.space Arcus desk. Sources - [Arcus Biosciences](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-Announces-Pricing-of-250-Million-Public-Offering-of-Common-Stock-2026.pdf) - [SEC prospectus supplement, Oct. 21, 2026](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm) - [SEC Form 8-K, Oct. 21, 2026](https://www.sec.gov/Archives/edgar/data/1724521/000119312526427829/d130368d8k.htm) [RCUS](https://aibio.space/companies/arcus-biosciences/) 2026-10-21 # Arcus raises $250 million at $17.50 a share a day after kidney cancer data Tickers [RCUS](https://aibio.space/companies/arcus-biosciences/) 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. ## Key facts - **Company**: Arcus Biosciences, Inc. (NYSE: RCUS) - **News type**: Financings - **Primary source**: [Arcus Biosciences](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-Announces-Pricing-of-250-Million-Public-Offering-of-Common-Stock-2026.pdf) *A city skyline seen across a river. Photo: Matt Bango, CC0, via StockSnap. The picture shows the field, not the companies named.* Arcus Biosciences priced an underwritten public offering of [14,285,715 shares at $17.50 each](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-Announces-Pricing-of-250-Million-Public-Offering-of-Common-Stock-2026.pdf) on Oct. 21, for gross proceeds of $250.0 million. The company sold all of the shares itself. Underwriters have a 30-day option to buy up to 2,142,857 more, and the deal was set to close on Oct. 23. The price came at a discount to the market. The final prospectus says the [last reported sale price on Oct. 21 was $19.10](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm). A preliminary prospectus filed the same day gave the [Oct. 20 last reported sale price as $23.75](https://www.sec.gov/Archives/edgar/data/1724521/000119312526427888/d117931d424b5.htm). On those figures the stock fell about 20% between the two dates, and the offering priced about 8% below the Oct. 21 price. Arcus presented the new casdatifan data at an [investor event in New York](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-to-Host-Investor-Event-Featuring-New-Data-for-Casdatifan-as-a-Treatment-for-Kidney-Cancer-Across-Multiple-Lines-of--OBEVH.pdf) beginning at 8:30 AM ET on Oct. 20, so the Oct. 20 price already followed the data, and the filings do not say why the shares fell on Oct. 21. ## The details After underwriting discounts of $1.05 a share and estimated expenses, Arcus expects [net proceeds of about $234.5 million](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm), or about $269.7 million if the underwriters take the extra shares. Jefferies, Leerink Partners and TD Securities (USA) [represented the underwriters](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm), and Evercore ISI and Mizuho joined them as [joint book-running managers](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-Announces-Pricing-of-250-Million-Public-Offering-of-Common-Stock-2026.pdf). The prospectus says the money will fund research and development, ["including the expansion and acceleration"](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm) of the casdatifan clinical program, plus working capital and general corporate purposes. Buyers face immediate dilution of $12.56 a share against net tangible book value as of June 30. After the deal, Arcus will have about [141.3 million shares outstanding](https://www.sec.gov/Archives/edgar/data/1724521/000119312526428916/d117931d424b5.htm). The sale was made under a shelf registration filed on [Feb. 25, 2026](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-Announces-Pricing-of-250-Million-Public-Offering-of-Common-Stock-2026.pdf) that became effective on filing. ## Context Arcus went to market with its balance sheet already disclosed. In an 8-K filed the same day, it estimated it held [about $694.0 million in cash and investments](https://www.sec.gov/Archives/edgar/data/1724521/000119312526427829/d130368d8k.htm) at Sept. 30, 2026, a preliminary figure not yet reviewed by its auditor. That compares with $775 million at June 30, when the company said its cash would last [until at least the second half of 2028](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) and that it expected to end 2026 with about $600 million. The Oct. 20 data covered all lines of kidney cancer treatment. In first-line patients, casdatifan plus the PD-1 antibody zimberelimab showed [12-month landmark progression-free survival of 69%](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000047/rcus-20261020.htm) in 30 patients. In second line, casdatifan plus cabozantinib produced median progression-free survival of 14.5 months in 43 patients. Arcus said the first-line phase 3 trial, PEAK-20, is on track to [start by year-end](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). This is the second $250 million raise in a year. Arcus also [priced a $250 million offering](https://s202.q4cdn.com/599190870/files/doc_news/Arcus-Biosciences-Announces-Pricing-of-250-Million-Public-Offering-of-Common-Stock-2025.pdf) in October 2025. Since then, its anti-TIGIT antibody program with Gilead ended after the discontinuation of [STAR-221 and STAR-121](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm), leaving casdatifan as the main value driver. ## What it means for investors The raise adds roughly a third to the September cash pile and arrives before the expensive part of the plan: running PEAK-1 and PEAK-20 at the same time, plus a planned registrational trial of casdatifan with tivozanib. Funding the casdatifan program through more data is sensible for a company with [no product revenue](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000044/rcus-20260630.htm). The cost is dilution. The offering priced at $17.50, below the $19.10 last reported sale price on Oct. 21. The first-line cohorts remain small, single-arm and compared only against [third-party benchmarks](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), as Arcus itself cautions. Randomized phase 3 results are what will settle the question. ## What to watch Arcus expects to [complete PEAK-1 enrollment](https://www.sec.gov/Archives/edgar/data/1724521/000172452126000042/a2026q28kexhibit991.htm) and start PEAK-20 by the end of 2026. Results from the PRISM-1 phase 3 trial of quemliclustat in pancreatic cancer are due in the first half of 2027. The underwriters' option to buy 2,142,857 more shares runs for 30 days from Oct. 21. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story RCUS Arcus Biosciences, Inc. NYSE ยท United States Open the desk ## More from the Arcus desk 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/) Aug 5, 2026 Debt Financing ### [Pelthos amends Horizon venture loan, funds Loans E to H and adds Loans I and J](https://aibio.space/news/pelthos-amends-horizon-venture-loan-funds-loans-e-h-adds-loans/) Oct 30, 2026 Debt Financing ### [Repligen announces $1.0 billion private convertible notes transaction](https://aibio.space/news/repligen-announces-1-0-billion-private-convertible-notes-transaction/) Oct 30, 2026 --- Source page: https://aibio.space/news/arcus-raises-250-million-17-50-share-day-after-kidney-cancer-data/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Arcus raises $250 million at $17.50 a share a day", 2026-10-21, https://aibio.space/news/arcus-raises-250-million-17-50-share-day-after-kidney-cancer-data/