Q1 26 EPS
$-1.02
MISS 23.26%
Est. $-0.83
Q1 26 Revenue
$17.0M
MISS 42.34%
Est. $29.5M
vs S&P Since Q1 26
+4.5%
BEATING MARKET
RCUS +9.9% vs S&P +5.4%
Market Reaction
Did RCUS Beat Earnings? Q1 2026 Results
Arcus Biosciences delivered a sharply disappointing first quarter for fiscal 2026, missing on both the top and bottom lines as the fallout from its abandoned lung cancer program weighed heavily on results. The company posted an EPS loss of $1.02, com… Read more Arcus Biosciences delivered a sharply disappointing first quarter for fiscal 2026, missing on both the top and bottom lines as the fallout from its abandoned lung cancer program weighed heavily on results. The company posted an EPS loss of $1.02, coming in 23.26% below the consensus estimate of $0.83, while revenue of $17.00 million missed expectations by 42.34% and fell 39.3% from $28.00 million a year ago, with the decline driven primarily by lower development services revenue from its Gilead collaboration following the April discontinuation of the Phase 3 STAR-121 domvanalimab study after an independent monitoring committee found no overall survival benefit. Net loss widened to $128.00 million from $112.00 million, and analysts have since trimmed their 2026 revenue forecasts meaningfully in response. Management is pivoting sharply toward casdatifan in clear cell renal cell carcinoma, targeting multiple Phase 3 initiations by year-end, and guided for full-year 2026 revenue of $50.00 million to $65.00 million, with $600.00 million in projected year-end cash supporting a runway into at least the second half of 2028.
Key Takeaways
- • Revenue decline driven by lower development services revenue from Gilead collaboration
- • R&D expenses flat as increased casdatifan and PRISM-1 spending offset domvanalimab wind-down
- • G&A increase driven by stock-based compensation related to officer separation agreement
- • Partnership reimbursements decreased as Gilead-led activities represent larger share of joint development costs
RCUS YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
RCUS Revenue by Segment
With YoY comparisons, source: SEC Filings
“Arcus is entering a new era, with a clear path for casdatifan to be both first and best in the first-line setting, and a portfolio of wholly owned molecules for inflammation and immunology that provide a new strategic optionality as they move into and through development.”
— Terry Rosen, Q1 2026 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Q2 2025 included a $143 million cumulative catch-up from license and development services revenue relating to pausing future development of etrumadenant and Gilead's related return of its license; Q2 2026 includes access rights revenues recognized related to the expiration of Gilead's option rights | $-0.81 | $-0.72 | +11.58% | $41.0M | +86.52% |
| 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% |