Q1 25 EPS
$-1.14
MISS 12.61%
Est. $-1.01
Q1 25 Revenue
$28.0M
MISS 27.47%
Est. $38.6M
vs S&P Since Q1 25
+214.7%
BEATING MARKET
RCUS +249.3% vs S&P +34.5%
Market Reaction
Did RCUS Beat Earnings? Q1 2025 Results
Arcus Biosciences delivered a sharp miss on both the top and bottom lines in Q1 2025, as the clinical-stage oncology company absorbed the reversal of a landmark licensing windfall that had inflated year-ago comparisons. Revenue collapsed 80.7% year o… Read more Arcus Biosciences delivered a sharp miss on both the top and bottom lines in Q1 2025, as the clinical-stage oncology company absorbed the reversal of a landmark licensing windfall that had inflated year-ago comparisons. Revenue collapsed 80.7% year over year to $28.00 million, falling 27.47% below the $38.61 million consensus, as license and development services revenue plunged to $20.00 million from $135.00 million in Q1 2024 following the prior year's Gilead agreement milestone. The net loss widened dramatically to $112.00 million, or $1.14 per share, missing the $1.01 consensus estimate by 12.61%, with rising R&D expenses of $122.00 million reflecting accelerated Phase 2 enrollment across its pipeline. On the forward outlook, management guided for full-year 2025 GAAP revenue of $75.00 million to $90.00 million, a range that analysts have already received with skepticism, with recent estimates for the year revised meaningfully lower. The company's $1.00 billion cash position is expected to fund operations through pivotal readouts for its three lead programs, including the PEAK-1 Phase 3 trial in renal cell carcinoma, set to initiate in Q2 2025.
Key Takeaways
- • Revenue decline driven by lower license and development services revenue from Gilead collaboration ($20M vs. $135M in Q1 2024)
- • R&D expense increase of $13M driven by higher enrollment in Phase 2 studies and early-stage/preclinical activities
- • G&A expense decrease driven by absence of one-time costs related to Third Gilead Agreement Amendment in Q1 2024
- • February 2025 underwritten equity offering bolstered cash position
RCUS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
RCUS Revenue by Segment
With YoY comparisons, source: SEC Filings
“Beginning with an oral presentation at ASCO for casdatifan in ccRCC, we expect to report a steady stream of data from ARC-20 throughout the remainder of 2025 and into 2026. We believe these data will support our robust development plan for casdatifan across multiple settings. This includes our Phase 3 trial, PEAK-1 in the IO-experienced setting, our clinical trial with AstraZeneca, which will combine casdatifan with their anti-PD-1/CTLA-4 bispecific antibody in the IO-naive setting, and three new cohorts in ARC-20 evaluating casdatifan in first- and second-line ccRCC.”
— Terry Rosen, Q1 2025 Earnings Press Release
RCUS Earnings Trends
RCUS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RCUS EPS Trend
Earnings per share: estimate vs actual
RCUS Revenue Trend
Quarterly revenue: estimate vs actual
RCUS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.83 | $-1.02 | -23.26% | $17.0M | -42.34% |
| Q4 25 BEAT FY | $-1.01 | $-0.89 | +11.59% | $33.0M | +25.00% |
| FY Full Year | $-3.50 | $-3.29 | +6.00% | $247.0M | +3.96% |
| Q3 25 BEAT | $-1.29 | $-1.27 | +1.57% | $26.0M | +28.40% |
| Q2 25 BEAT | $-1.17 | $0.00 | +100.00% | $160.0M | +386.96% |
| Q1 25 MISS | $-1.01 | $-1.14 | -12.61% | $28.0M | -27.47% |