Q4 25 EPS
$-0.89
BEAT +11.59%
Est. $-1.01
Q4 25 Revenue
$33.0M
BEAT +25.00%
Est. $26.4M
vs S&P Since Q4 25
+33.1%
BEATING MARKET
RCUS +42.7% vs S&P +9.5%
Full Year 2025 Results
FY 25 EPS
$-3.29
BEAT +6.00%
Est. $-3.50
FY 25 Revenue
$247.0M
BEAT +3.96%
Est. $237.6M
Market Reaction
Did RCUS Beat Earnings? Q4 2025 Results
Arcus Biosciences delivered a stronger-than-expected Q4 2025, beating on both the top and bottom lines as investors focused increasingly on the promise of its lead oncology asset casdatifan. The clinical-stage biotech posted a loss of $0.89 per share… Read more Arcus Biosciences delivered a stronger-than-expected Q4 2025, beating on both the top and bottom lines as investors focused increasingly on the promise of its lead oncology asset casdatifan. The clinical-stage biotech posted a loss of $0.89 per share, ahead of the $1.10 consensus estimate by 19.09%, while revenue of $33.00 million topped the $23.60 million consensus by 39.83% and rose 26.9% year over year. The outperformance was underpinned by the company's deepening late-stage pipeline investments, with R&D spend climbing to $121.00 million in the quarter as Phase 3 studies of casdatifan and quemliclustat advanced. Compelling updated data for casdatifan in clear cell renal cell carcinoma, including a 45.2% confirmed response rate and 15.1-month median progression-free survival, helped send shares sharply higher around the print. Looking ahead, management guided 2026 GAAP revenue of $45.00 million to $55.00 million and expects R&D expenses to decline meaningfully, with cash runway extending at least into the second half of 2028.
Key Takeaways
- • Revenue from Gilead collaboration programs ($23 million in Q4 2025)
- • Taiho option exercise for casdatifan generating $7 million in Q4 2025
- • Gilead pipeline access fees of $3 million in Q4 2025
- • Higher R&D expenses driven by increased enrollment in Phase 3 studies for casdatifan and quemliclustat
- • Lower collaboration reimbursements as Gilead-led activities represented larger share of costs
RCUS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
RCUS Revenue by Segment
With YoY comparisons, source: SEC Filings
“This week's updated data at ASCO GU continue to validate casdatifan's profile as the best-in-class HIF-2a inhibitor and new potential standard-of-care therapy for ccRCC. We are focused on rapidly enrolling PEAK-1, our Phase 3 study evaluating casdatifan plus cabozantinib in IO-experienced patients, as well as determining the optimal TKI-free casdatifan-based regimen for a registrational trial in the 1L setting by the end of the year. Together, the IO-experienced and first line settings represent an over $5 billion peak sales opportunity for casdatifan. We remain extremely well-positioned to execute on our casdatifan program and our emerging inflammation portfolio, with cash runway until at least the second half of 2028.”
— Terry Rosen, Q4 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% |