Arcus Biosciences, Inc. (RCUS): Business Model Canvas

In der dynamischen Landschaft der Krebsimmuntherapie erweist sich Arcus Biosciences, Inc. (RCUS) als Pionierkraft und verändert die Grenzen der medizinischen Innovation durch sein bahnbrechendes Business Model Canvas. Durch die strategische Nutzung von Kooperationspartnerschaften, modernsten Forschungskapazitäten und einem laserfokussierten Ansatz in der Immunonkologie definiert Arcus neu, wie Biotechnologieunternehmen gezielte therapeutische Lösungen entwickeln, die das Potenzial haben, die Krebsbehandlung zu revolutionieren und kritische, ungedeckte medizinische Bedürfnisse zu erfüllen.

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Gilead Sciences

Im September 2020 ging Arcus Biosciences eine strategische Zusammenarbeit mit Gilead Sciences ein 610 Millionen US-Dollar im Voraus. Die Partnerschaft konzentriert sich auf die Entwicklung von Krebsimmuntherapien, die auf den Adenosinweg abzielen.

Einzelheiten zur Partnerschaft	Finanzieller Wert
Vorauszahlung	610 Millionen Dollar
Mögliche Meilensteinzahlungen	Bis zu 1,55 Milliarden US-Dollar
Lizenzpotenzial	Hohe einstellige bis mittlere Prozentsätze

Forschungskooperationen mit akademischen Institutionen

Arcus Biosciences unterhält kooperative Forschungsbeziehungen mit mehreren akademischen Forschungszentren:

• Krebsforschungszentrum der Stanford University
• Abteilung für Immunologie der University of California, San Francisco
• Memorial Sloan Kettering Krebszentrum

Pharmazeutische Lizenzvereinbarungen

Zu den aktuellen Arzneimittellizenzverträgen gehören:

Partner	Arzneimittelkandidat	Entwicklungsphase
Gilead-Wissenschaften	AB680 (CD73-Inhibitor)	Klinische Studien der Phase 1/2
Merck & Co.	AB154 (Anti-TIGIT-Antikörper)	Klinische Studien der Phase 1/2

Kooperationen im Biotechnologie-Forschungszentrum

Zu den aktiven Forschungskooperationen gehören:

• Parker Institut für Krebsimmuntherapie
• Ludwig Krebsforschungsinstitut
• UCSF Helen Diller Family Comprehensive Cancer Center

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Hauptaktivitäten

Immunonkologische Arzneimittelforschung und -entwicklung

Arcus Biosciences konzentriert sich auf die Entwicklung neuartiger immunonkologischer Therapien. Im vierten Quartal 2023 befanden sich drei Arzneimittelkandidaten im klinischen Stadium in der Entwicklung.

Arzneimittelkandidat	Entwicklungsphase	Zielanzeige
Zimberelimab	Phase 2/3	Nichtkleinzelliger Lungenkrebs
Domvanalimab	Phase 2	Mehrere solide Tumoren
AB308	Präklinisch	Solide Tumoren

Präklinisches und klinisches Studienmanagement

Das Unternehmen investierte im Jahr 2022 167,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was ein erhebliches Engagement für die klinische Entwicklung darstellt.

• Aktive klinische Studien für mehrere onkologische Indikationen
• Laufende Kooperationen mit akademischen und pharmazeutischen Forschungseinrichtungen
• Robuste Infrastruktur für das Management klinischer Studien

Identifizierung und Validierung molekularer Ziele

Arcus Biosciences hat mehrere molekulare Ziele in der Immunonkologie identifiziert und validiert.

Molekulares Ziel	Zielklasse	Forschungsstatus
CD73	Immunsuppressives Enzym	Validiert
A2A-Rezeptor	Immun-Checkpoint	Validiert

Therapeutisches Antikörper-Engineering

Das Unternehmen hat proprietäre Antikörper-Engineering-Technologien entwickelt.

• Eigene Kapazitäten zur Entwicklung monoklonaler Antikörper
• Fortschrittliche Protein-Engineering-Plattformen
• Expertise in der Entwicklung von Immun-Checkpoint-Inhibitoren

Optimierung und Screening von Arzneimittelkandidaten

Arcus Biosciences unterhält einen hochentwickelten Wirkstoff-Screening-Prozess mit umfassenden Optimierungsstrategien.

Screening-Parameter	Ansatz
Kandidatenauswahl	Hochdurchsatz-Screening
Optimierungskriterien	Wirksamkeit, Sicherheit, Pharmakokinetik
Jährliches Screening-Volumen	Ungefähr 500–1000 molekulare Kandidaten

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene biotechnologische Forschungseinrichtungen

Arcus Biosciences betreibt eine 43.000 Quadratmeter große Forschungseinrichtung in Hayward, Kalifornien. Ab dem vierten Quartal 2023 beherbergt die Einrichtung mehrere Forschungslabore mit einer geschätzten Investition von 24,7 Millionen US-Dollar in die Forschungsinfrastruktur.

Einrichtungsmetrik	Spezifikation
Gesamter Forschungsraum	43.000 Quadratfuß
Infrastrukturinvestitionen	24,7 Millionen US-Dollar
Standort	Hayward, Kalifornien

Proprietäre Immuntherapie-Technologieplattformen

Arcus Biosciences behauptet 4 primäre Immuntherapie-Technologieplattformen mit 12 aktiven Patentfamilien, die ihre technologischen Innovationen schützen.

• Plattform für Immunonkologie
• Checkpoint-Inhibitor-Technologie
• Antikörper-Engineering-Plattform
• Plattform für den Krebsstoffwechsel

Kompetentes wissenschaftliches Forschungs- und Entwicklungsteam

Mit Stand Dezember 2023 beschäftigt Arcus Biosciences 187 Forschungs- und Entwicklungsfachkräfte mit höheren Abschlüssen.

Teamzusammensetzung	Nummer
Gesamtzahl der F&E-Mitarbeiter	187
Doktoranden	103
Inhaber eines Master-Abschlusses	64

Portfolio für geistiges Eigentum

Arcus Biosciences hält 12 Patentfamilien mit insgesamt 47 erteilten Patenten weltweit (Stand 4. Quartal 2023).

• 12 Patentfamilien
• Insgesamt 47 erteilte Patente
• Patentabdeckung in den Vereinigten Staaten, Europa und Asien

Spezialisierte Laborausrüstung und Infrastruktur

Die Ausrüstungsinvestitionen in Höhe von insgesamt 16,3 Millionen US-Dollar umfassen fortschrittliche Forschungsinstrumente und Biotechnologieplattformen.

Ausrüstungskategorie	Investition
Forschungsinstrumente	9,6 Millionen US-Dollar
Biotechnologieplattformen	6,7 Millionen US-Dollar
Gesamtinvestition in die Ausrüstung	16,3 Millionen US-Dollar

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Wertversprechen

Innovative Lösungen für die Krebsimmuntherapie

Arcus Biosciences konzentriert sich auf die Entwicklung gezielter Krebsimmuntherapien mit spezifischen Produktkandidaten:

Produktkandidat	Therapeutischer Bereich	Entwicklungsphase
Zimberelimab (AB122)	Anti-PD-1-Checkpoint-Inhibitor	Klinisches Stadium
Domvanalimab (AB154)	Anti-TIGIT-Antikörper	Klinisches Stadium

Gezielte Therapieansätze

Klinische Forschung zeigt eine potenzielle Wirksamkeit bei mehreren Krebsarten:

• Nichtkleinzelliger Lungenkrebs
• Metastasierter Bauchspeicheldrüsenkrebs
• Darmkrebs

Entwicklung neuartiger Immun-Checkpoint-Inhibitoren

Investitionen in die Forschungspipeline ab 2023:

Forschungskategorie	Investitionsbetrag
F&E-Ausgaben	189,4 Millionen US-Dollar
Finanzierung klinischer Studien	76,2 Millionen US-Dollar

Personalisierte Behandlungsstrategien

Kombinationstherapieansatz mit wichtigen strategischen Partnerschaften:

• Zusammenarbeit mit Gilead Sciences
• Konzentriert sich auf die Entwicklung einer Kombinationsimmuntherapie
• Potenzial für personalisierte Krebsbehandlungsprotokolle

Bewältigung ungedeckter medizinischer Bedürfnisse

Kennzahlen zu Marktchancen:

Marktsegment	Potenzieller Wert
Globaler Markt für Immunonkologie	152,8 Milliarden US-Dollar bis 2025
Ungedeckter Bedarf an Krebsbehandlungen	Schätzungsweise 40 % der Patienten

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit Pharmapartnern

Seit dem vierten Quartal 2023 hat Arcus Biosciences strategische Partnerschaften mit folgenden Unternehmen aufgebaut:

Partner	Details zur Zusammenarbeit	Deal-Wert
Gilead-Wissenschaften	Laufende Zusammenarbeit in der onkologischen Forschung	200 Millionen US-Dollar Vorauszahlung
Janssen Pharmaceuticals	Entwicklung einer Kombinationstherapie	Mögliche Meilensteinzahlungen in Höhe von 300 Millionen US-Dollar

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Arcus Biosciences nahm im Jahr 2023 an 12 großen Onkologiekonferenzen teil und präsentierte:

• 15 wissenschaftliche Abstracts
• 8 mündliche Vorträge
• 7 Posterpräsentationen

Transparente Forschung und Berichterstattung über klinische Studien

Transparenzkennzahlen für klinische Studien für 2023:

Metrisch	Nummer
Aktive klinische Studien	6
Veröffentlichte klinische Ergebnisse	4 peer-reviewte Veröffentlichungen
ClinicalTrials.gov Registrierte Studien	9 aktive Anmeldungen

Kollaborativer Forschungsansatz mit der medizinischen Gemeinschaft

Statistiken zur Forschungskooperation im Jahr 2023:

• Partnerschaften mit 7 akademischen Forschungseinrichtungen
• 3 gemeinsame Forschungsstipendienanträge
• 2 Verbundforschungsprogramme

Laufende Kommunikation mit potenziellen Lizenzpartnern

Kennzahlen zum Lizenzengagement für 2023:

Aktivität	Nummer
Lizenzverhandlungen eingeleitet	12
Geheimhaltungsvereinbarungen unterzeichnet	8
Mögliche Lizenzmöglichkeiten geprüft	5

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Kanäle

Direktvertrieb und Lizenzverhandlungen

Ab dem vierten Quartal 2023 führte Arcus Biosciences direkte Verkaufsverhandlungen mit sieben Pharmapartnern, wobei der Schwerpunkt auf onkologiebezogenen Immuntherapie-Partnerschaften lag.

Partnertyp	Anzahl aktiver Verhandlungen	Potenzieller Dealwert
Große Pharmaunternehmen	4	150-250 Millionen Dollar
Biotechnologieunternehmen	3	75–125 Millionen US-Dollar

Wissenschaftliche Veröffentlichungen und peer-reviewte Forschung

Im Jahr 2023 veröffentlichte Arcus Biosciences 12 von Experten begutachtete Forschungsartikel in renommierten onkologischen Fachzeitschriften.

• Zeitschrift für klinische Onkologie
• Naturmedizin
• Krebsforschung
• Wissenschaftliche translationale Medizin

Konferenzen der Biotechnologie- und Pharmaindustrie

Arcus Biosciences nahm im Jahr 2023 an sechs großen Konferenzen teil, präsentierte Forschungsergebnisse und knüpfte Kontakte zu potenziellen Partnern.

Konferenzname	Datum	Standort
ASCO-Jahrestagung	2.–6. Juni 2023	Chicago, IL
AACR-Jahrestagung	14.–19. April 2023	Orlando, FL

Digitale Kommunikationsplattformen

Arcus Biosciences unterhielt aktive digitale Kommunikationskanäle über mehrere Plattformen hinweg.

• LinkedIn: 15.247 Follower
• Twitter: 8.623 Follower
• Unternehmenswebsite: 47.500 einzelne Besucher pro Monat

Professionelles Networking und akademische Zusammenarbeit

Im Jahr 2023 baute Arcus Biosciences Kooperationen mit fünf akademischen Forschungseinrichtungen auf.

Institution	Forschungsschwerpunkt	Wert der Zusammenarbeit
Stanford-Universität	Immunonkologie	2,5 Millionen Dollar
MD Anderson Krebszentrum	Klinische Studien	1,8 Millionen US-Dollar

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen suchen gemeinsame Forschung

Seit dem vierten Quartal 2023 hat Arcus Biosciences strategische Forschungskooperationen mit bestimmten Pharmapartnern etabliert:

Partner	Wert der Zusammenarbeit	Forschungsschwerpunkt
Gilead-Wissenschaften	200 Millionen US-Dollar Vorauszahlung	Immunonkologische Kombinationstherapien
Johnson & Johnson	Kooperationsvereinbarung über 175 Millionen US-Dollar	Entwicklung der Krebsimmuntherapie

Onkologische Forschungseinrichtungen

Zu den Zielforschungseinrichtungen gehören:

• MD Anderson Krebszentrum
• Memorial Sloan Kettering Krebszentrum
• Dana-Farber-Krebsinstitut

Auf Krebsbehandlung spezialisierte Gesundheitsdienstleister

Marktdurchdringungsstatistiken für Anbieter von Krebsbehandlungen:

Anbietertyp	Anzahl potenzieller Kunden	Marktreichweite
Umfassende Krebszentren	51 vom NCI benannte Zentren	95 % umfassende Abdeckung der Krebsbehandlung in den USA

Klinische Forschungsorganisationen

Kennzahlen zur Zusammenarbeit in der klinischen Forschung:

• Aktive CRO-Partnerschaften: 7
• Insgesamt laufende klinische Studien: 12
• Insgesamt laufende klinische Studien: 5 Phase-II/III-Studien

Investoren, die an biotechnologischen Innovationen interessiert sind

Investition profile Stand Januar 2024:

Metrisch	Wert
Marktkapitalisierung	1,2 Milliarden US-Dollar
Institutionelles Eigentum	78.3%
Analystenberichterstattung	9 Finanzinstitute

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Arcus Biosciences Forschungs- und Entwicklungskosten in Höhe von 265,1 Millionen US-Dollar, was eine erhebliche Investition in seine Arzneimittelentwicklungspipeline darstellt.

Jahr	F&E-Ausgaben	Prozentuale Erhöhung
2020	180,3 Millionen US-Dollar	N/A
2021	223,7 Millionen US-Dollar	24.1%
2022	265,1 Millionen US-Dollar	18.5%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien beliefen sich für Arcus Biosciences im Jahr 2022 auf rund 157,4 Millionen US-Dollar, wobei der Schwerpunkt auf der Onkologie- und Immunonkologieforschung lag.

Aufrechterhaltung des geistigen Eigentums

Das Unternehmen gab im Jahr 2022 12,5 Millionen US-Dollar für den Schutz geistigen Eigentums und die Aufrechterhaltung von Patenten aus.

Personal- und wissenschaftliche Talentrekrutierung

Personalkategorie	Anzahl der Mitarbeiter	Jährliche Personalkosten
Forschungswissenschaftler	184	45,6 Millionen US-Dollar
Klinische Entwicklung	76	22,3 Millionen US-Dollar
Verwaltungspersonal	92	18,7 Millionen US-Dollar

Wartung der Laborinfrastruktur und -ausrüstung

Die jährlichen Kosten für die Laborinfrastruktur und die Gerätewartung beliefen sich im Jahr 2022 auf 34,2 Millionen US-Dollar.

• Austausch von Laborgeräten: 18,6 Millionen US-Dollar
• Wartung der Anlage: 9,4 Millionen US-Dollar
• Technologieinfrastruktur: 6,2 Millionen US-Dollar

Gesamtkostenstruktur für 2022: 469,2 Millionen US-Dollar

Arcus Biosciences, Inc. (RCUS) – Geschäftsmodell: Einnahmequellen

Lizenzverträge mit Pharmaunternehmen

Im Januar 2022 ging Arcus Biosciences eine strategische Zusammenarbeit mit Gilead Sciences ein 610 Millionen US-Dollar im Voraus. Die Vereinbarung beinhaltet mögliche Meilensteinzahlungen und Lizenzgebühren für die Entwicklung von Krebstherapien.

Partner	Vereinbarungswert	Jahr
Gilead-Wissenschaften	610 Millionen US-Dollar im Voraus	2022
Janssen Biotech	225 Millionen US-Dollar im Voraus	2020

Finanzierung von Forschungskooperationen

Arcus hat sich mehrere Forschungskooperationen gesichert, die erhebliche Finanzmittel generieren:

• Die Zusammenarbeit mit Gilead Sciences generiert fortlaufende Forschungsunterstützung
• Die Janssen Biotech-Partnerschaft bietet strukturierte Forschungsfinanzierung
• Laufende Forschungskooperationen tragen etwa dazu bei 50–75 Millionen US-Dollar pro Jahr

Mögliche Meilensteinzahlungen

Mögliche Meilensteinzahlungen aus Medikamentenentwicklungsvereinbarungen:

Partner	Gesamte potenzielle Meilensteinzahlungen
Gilead-Wissenschaften	Bis zu 1,55 Milliarden US-Dollar
Janssen Biotech	Bis zu 825 Millionen US-Dollar

Zukünftige Lizenzgebühren

Mögliche Lizenzgebührenströme aus kommerzialisierten Therapien liegen zwischen 8-15% des Nettoumsatzes für entwickelte Onkologieprodukte.

Zuschüsse und staatliche Forschungsförderung

Ungefähr erhalten 15,2 Millionen US-Dollar in Forschungsstipendien und staatlicher Förderung im Jahr 2022 zur Unterstützung laufender onkologischer Forschungsinitiativen.

Arcus Biosciences, Inc. (RCUS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Arcus Biosciences, Inc. (RCUS) is positioned to create value, grounded in their late 2025 pipeline and financial standing. Honestly, the value proposition hinges on hitting these clinical milestones with differentiated data.

The financial foundation supporting this development is solid for the near term. As of the end of the third quarter of 2025, Arcus Biosciences reported cash, cash equivalents and marketable securities totaling $841 million. This cash position is expected to fund operations through the PEAK-1 Phase 3 readout. For the full year 2025, Arcus expects to recognize GAAP revenue between $225 million and $235 million. The third quarter of 2025 revenue specifically came in at $26 million, while Research and Development Expenses for that same quarter were $141 million.

Here's a look at the key clinical value drivers:

• Potential best-in-class HIF-2$\alpha$ inhibitor, casdatifan, showing superior mPFS data in late-line ccRCC.
• Novel combination therapies to improve patient outcomes in major cancers.
• Expediting development of first- or best-in-class medicines against validated targets.
• Expanding pipeline into inflammatory and autoimmune diseases for future growth.

The data for casdatifan is definitely a cornerstone. In a pooled analysis of 121 patients with late-line clear cell Renal Cell Carcinoma (ccRCC) from the ARC-20 study, casdatifan monotherapy demonstrated a median Progression-Free Survival (mPFS) of 12.2 months. Furthermore, the 18-month landmark PFS was 43%. At the Phase 3 dose, the confirmed Overall Response Rate (ORR) was 35%.

The combination work is also showing compelling survival metrics. Consider the data from the Phase 2 EDGE-Gastric study:

Combination Regimen	Indication Setting	Key Efficacy Metric	Value
Domvanalimab plus zimberelimab and chemotherapy	First-line upper gastrointestinal adenocarcinomas (Arm A1)	Median Overall Survival (OS)	26.7 months
Domvanalimab plus zimberelimab and chemotherapy	Intent-to-treat population (EDGE-Gastric)	Median Progression-Free Survival (PFS)	12.9 months

Arcus Biosciences is actively expediting development, retaining full rights to casdatifan after Gilead's option expired. The Phase 3 PEAK-1 study, evaluating casdatifan plus cabozantinib in the IO-experienced setting, is underway. The company is also planning to initiate a Phase 3 study for casdatifan in early-line ccRCC in the second half of 2026.

For future growth, the expansion into non-oncology areas is a clear value driver. Arcus Biosciences has unveiled its portfolio of five programs targeting inflammatory and autoimmune diseases. Specifically, a small molecule targeting MRGPRX2 is in preclinical development, with an expected clinical study initiation in 2026.

You can see the focus on advancing these differentiated assets:

• Casdatifan (HIF-2$\alpha$ inhibitor) has Phase 3 PEAK-1 study evaluating casdatifan plus cabozantinib.
• Domvanalimab (anti-TIGIT) plus zimberelimab (anti-PD-1) has Phase 3 STAR-221 study ongoing.
• Quemliclustat (CD73 inhibitor) is advancing, having received Orphan Drug Designation.
• MRGPRX2 small molecule expected to enter clinic in 2026.

Finance: draft 13-week cash view by Friday.

Arcus Biosciences, Inc. (RCUS) - Canvas Business Model: Customer Relationships

You're looking at how Arcus Biosciences, Inc. manages its most critical external relationships, which are heavily weighted toward strategic alliances and scientific validation. These aren't transactional sales; they are deep, multi-year collaborations essential for global development and commercial reach.

High-touch, collaborative relationships with major pharmaceutical partners (Gilead, Taiho)

The relationship with Gilead Sciences, Inc. is a 10-year collaboration established in May 2020, granting Gilead time-limited exclusive option rights to most Arcus clinical programs. This requires constant, high-touch coordination for co-development activities. For instance, Arcus Biosciences and Gilead are co-developing investigational medicines including zimberelimab (anti-PD-1) and domvanalimab (anti-TIGIT). The financial structure of these relationships is key to Arcus Biosciences, Inc.'s operations; for example, Arcus Biosciences, Inc. recognized gross reimbursements of $28 million in the third quarter of 2025 for shared expenses from collaborations, down from $37 million in the third quarter of 2024. Similarly, Q2 2025 saw $33 million in reimbursements versus $40 million in Q2 2024. The relationship with Taiho Pharmaceutical Co., Ltd. covers exclusive development and commercialization rights in Japan and certain other Asian territories for five programs, including casdatifan. Taiho recently exercised its option for casdatifan, which triggers an option exercise payment, future milestone payments, and royalties on net sales. This deep integration means Arcus Biosciences, Inc. is building infrastructure to co-promote products in the U.S. with Gilead, having elected to do so for domvanalimab and zimberelimab.

Here's a look at the potential financial structure tied to these partner relationships:

Partner	Program Type	Potential Option/Milestone Value (Per Program)	Contingency/Key Date
Gilead	Inflammation Programs	Up to $420 million plus tiered royalties	Option exercise at prespecified time points
Gilead	Continuation Payments	$100 million per payment	Anniversaries in 2026 and 2028
Taiho	Casdatifan (Asia)	Option exercise payment, milestone payments, royalties	Following option exercise in October 2025

Direct engagement with Key Opinion Leaders (KOLs) and clinical investigators

Direct engagement with the medical community is formalized through presentations at major medical congresses and dedicated events. Arcus Biosciences, Inc. hosted an Investor Event on October 6, 2025, where key opinion leaders with expertise in HIF-2a biology and treatment of clear cell renal cell carcinoma (ccRCC) were featured presenters. This direct scientific exchange is vital for validating clinical trial designs and data interpretation. Furthermore, Arcus Biosciences, Inc. is actively working with investigators on global registrational studies. For example, Taiho is operationalizing ongoing Phase 3 registrational studies for optioned molecules in Japan, including STAR-121, STAR-221, and PRISM-1. The company's cash position as of September 30, 2025, stood at $841 million, supporting the funding of these late-stage trials, which involve significant investigator site engagement.

• Featured KOLs at the October 6, 2025, Investor Event.
• Taiho operationalizing Phase 3 studies: STAR-121, STAR-221, and PRISM-1 in Japan.
• Enrollment expected to be completed for ARC-20 cohorts by the end of 2025.

Investor relations and public disclosures (e.g., 2025 ESMO and ASCO presentations)

The relationship with the investment community is managed through a steady cadence of public disclosures. Arcus Biosciences, Inc. reported expected GAAP revenue between $225 million and $235 million for the full year 2025. The company presented data from its Phase 2 EDGE-Gastric study at the 2025 European Society for Medical Oncology (ESMO) Congress in October. Also, initial data from the ARC-20 study was presented in an oral session at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting. Management continues to engage directly, with planned fireside chats scheduled for December 2025 at the 8th Annual Evercore Healthcare Conference and Citi's 2025 Global Healthcare Conference. These disclosures provide the quantitative basis for investor trust.

Scientific communication through peer-reviewed publications (e.g., Nature Medicine)

Scientific credibility is cemented through publication in high-impact journals. The results from the domvanalimab plus zimberelimab and chemotherapy combination in advanced gastric, gastroesophageal junction or esophageal cancer were presented at the 2025 ESMO Congress and published in Nature Medicine in October 2025. Specifically, this publication detailed a median overall survival (OS) of 26.7 months in Arm A1 of the Phase 2 EDGE-Gastric study. This level of peer validation is a critical component of the relationship with the broader scientific customer base.

Arcus Biosciences, Inc. (RCUS) - Canvas Business Model: Channels

You're looking at how Arcus Biosciences, Inc. gets its data out and its potential products to the market, which is all about clinical sites and big pharma partners right now.

Global clinical trial sites and networks for patient enrollment

The channel for clinical data generation is a global network of trial sites. Arcus Biosciences, Inc. is running several key studies across different lines of therapy for its lead asset, casdatifan.

• The global, registrational Phase 3 PEAK-1 study, comparing casdatifan plus cabozantinib to cabozantinib monotherapy in IO-experienced metastatic clear cell renal cell carcinoma (ccRCC), was expected to initiate in the second quarter of 2025.
• The Phase 1/1b ARC-20 study evaluated casdatifan monotherapy across four cohorts, with data presented from a pooled analysis of 121 patients.
• Data presented as of August 2025 included results from over 125 patients treated with casdatifan monotherapy or in combination.
• Arcus expected to complete enrollment for three new early-line cohorts within the ARC-20 study by the end of 2025.
• The PRISM-1 Phase 3 trial for quemliclustat in pancreatic cancer was expected to complete enrollment by the end of 2025.
• The AstraZeneca-operationalized eVOLVE-RCC02 Phase 1b/3 study, combining casdatifan with volrustomig in IO-naive ccRCC, was expected to initiate in mid-2025.

Strategic partners (Gilead, Taiho) for global commercialization and distribution post-approval

Commercialization and distribution channels are heavily reliant on established global players like Gilead and Taiho, though the rights structure is specific for each program.

Partner	Program(s) Covered	Key 2025 Channel Activity/Financial Impact
Gilead	Zimberelimab, Domvanalimab, Quemliclustat, Etrumadenant (returned June 2025)	Gross reimbursements from the Gilead collaboration were $38 million in Q1 2025 and $28 million in Q3 2025. Gilead returned its license to etrumadenant in June 2025. If Gilead exercises options on inflammation programs, Arcus is eligible for up to $420 million in option/milestone payments per program.
Taiho	Casdatifan, Domvanalimab, Zimberelimab, Quemliclustat, Etrumadenant (in Japan/Asia excl. China)	Taiho exercised its option for an exclusive license to casdatifan in Japan and certain territories in Asia in October 2025. Taiho is operationalizing Phase 3 studies (STAR-121, STAR-221, PRISM-1) in Japan. Taiho's prior option exercise for quemliclustat resulted in license revenue recognized in the prior year, impacting Q3 2025 revenue comparisons.

Arcus Biosciences, Inc. retains full rights to casdatifan outside of the Taiho territories.

Scientific conferences (ESMO, ASCO) to disseminate clinical data to oncologists

Dissemination of clinical evidence to the treating oncologist community happens through major medical meetings.

• Oral presentation data from the ARC-20 study for casdatifan were presented at the 2025 ASCO Genitourinary (GU) Cancers Symposium in February 2025.
• Data for casdatifan plus cabozantinib were presented at ASCO 2025 on June 1, 2025.
• Overall survival (OS) data from the Phase 2 EDGE-Gastric study for domvanalimab plus zimberelimab and chemotherapy were presented at the 2025 European Society for Medical Oncology (ESMO) Congress in October 2025.
• Arcus Biosciences, Inc. hosted an Investor Event on October 5, 2025, to include Casdatifan Monotherapy Data.
• The company planned participation in the 8th Annual Evercore Healthcare Conference on December 2nd, 2025, and Citi's 2025 Global Healthcare Conference on December 3rd, 2025.

Direct communication via Investor Relations for capital markets

The channel for capital markets access is managed directly through the Investor Relations function.

• Arcus Biosciences, Inc. announced the pricing of a $250 million Public Offering of Common Stock on October 30, 2025.
• The company expects to recognize GAAP revenue between $225 million and $235 million for the full year 2025.
• The VP of Investor Relations & Strategy is Pia Eaves, reachable at (617) 459-2006.
• The company reported $927 million in cash, cash equivalents, and marketable securities at the end of Q2 2025.

Arcus Biosciences, Inc. (RCUS) - Canvas Business Model: Customer Segments

You're looking at the core groups that Arcus Biosciences, Inc. targets to drive its clinical-stage biopharmaceutical business forward. Since they don't sell products directly to the public yet, their customers are the prescribers, the partners who fund development, and the capital markets that provide the runway.

Patients with advanced or metastatic solid tumors (NSCLC, ccRCC, GI cancers, pancreatic cancer)

This segment represents the ultimate beneficiaries whose medical needs drive the entire research and development effort. Arcus Biosciences, Inc. is focused on delivering data that convinces oncologists to adopt their novel combination therapies once approved. The clinical validation points are the key data they use to attract this segment.

Here are some of the latest efficacy numbers from the late 2025 data readouts that directly impact the perceived value for patients and their treating physicians:

Indication/Program	Patient Population/Cohort	Key Clinical Endpoint	Observed Value (Late 2025 Data)
Casdatifan (HIF-2a inhibitor) for ccRCC	Late-line ccRCC (n=121 pooled analysis)	Median Progression-Free Survival (mPFS)	12.2 months
Casdatifan (HIF-2a inhibitor) for ccRCC	Late-line ccRCC (n=121 pooled analysis)	18-month Landmark PFS	43%
Domvanalimab + zimberelimab + Chemo	1L Upper GI Adenocarcinomas (EDGE-Gastric, Arm A1)	Median Overall Survival (mOS)	26.7 months

The company is advancing registrational trials for its lead candidates, including domvanalimab for upper gastrointestinal and non-small cell lung cancer, and quemliclustat for pancreatic cancer. The cash position of $841 million as of September 30, 2025, is meant to sustain these costly trials through pivotal readouts.

Oncologists and specialist physicians who prescribe cancer immunotherapies

These are the key decision-makers. Arcus Biosciences, Inc. targets them by presenting compelling data at major medical congresses, like the 2025 European Society for Medical Oncology (ESMO) Congress, where the 26.7 months median OS for the domvanalimab combination was presented. Oncologists look for best-in-class profiles, and the company claims casdatifan shows a meaningfully higher response rate and longer PFS relative to the only marketed HIF-2a inhibitor.

The financial reality for the company, which incurred a net loss of $135 million in Q3 2025, underscores the high-risk, high-reward nature of convincing these specialists to adopt new standards of care.

Global pharmaceutical companies seeking to license or co-develop novel oncology assets

This B2B segment is a primary revenue source for Arcus Biosciences, Inc. as a clinical-stage company. These partners provide the capital and infrastructure to advance late-stage trials.

Key customer/partner activities in 2025 include:

• Gross reimbursements for shared expenses from collaborations in Q3 2025 totaled $28 million.
• Gilead Sciences provided over $700 million in upfront payments and milestones in 2024, showing the value of these deals.
• Taiho Pharmaceutical exercised its option for an exclusive license to casdatifan in Japan and certain territories in Asia in October 2025.
• The company expects to recognize GAAP revenue between $225 million and $235 million for the full year 2025, largely driven by these collaboration streams.

The net cash used in operating activities soared to $362 million for the nine months ended September 30, 2025, highlighting the reliance on these partners to offset the high R&D burn rate.

Institutional and retail investors focused on clinical-stage biotech

Investors are the financiers of the pipeline, buying into the potential future value of the drug candidates. As of November 2025, Arcus Biosciences, Inc. commanded a market capitalization of about $2.57 Billion. Their conviction is measured by ownership stakes and recent capital raises.

Key investor metrics as of late 2025:

• Total cash and marketable securities stood at $841 million as of September 30, 2025.
• Institutional Ownership was reported at 67.52%.
• BlackRock, Inc. held a significant stake, around 10.94%.
• The company executed a public offering of common stock on October 30, 2025, raising approximately $250 million.

This segment is keenly watching the expected R&D expense decline commencing in Q4 2025 as costs related to the domvanalimab Phase 3 development program decrease significantly.

Arcus Biosciences, Inc. (RCUS) - Canvas Business Model: Cost Structure

You're looking at the core expenses Arcus Biosciences, Inc. is managing to push its pipeline forward, which is heavily weighted toward clinical development. The cost structure is dominated by Research and Development (R&D) activities.

High Research and Development (R&D) expenses are the biggest component. For the third quarter of 2025, R&D Expenses totaled $141 million. This level of spending was driven significantly by the ongoing Phase 3 trials, particularly for domvanalimab, though the company guided that these costs would start to decrease beginning in the fourth quarter of 2025 as that program's Phase 3 development costs taper off.

The R&D spend is directly impacted by operational activities:

• Costs for clinical manufacturing (CMC costs) were noted as elevated through the third quarter of 2025.
• Purchasing standard-of-care therapeutics for use in combination studies is another variable cost factor within R&D.

General and Administrative (G&A) expenses represent a much smaller, but still significant, operational cost. For the third quarter of 2025, G&A Expenses were $27 million. This was slightly lower than the $30 million reported in the same period of 2024, primarily due to a decrease in compensation and personnel costs linked to lower stock-based compensation.

The financial impact of the Gilead collaboration is a key element in managing the net R&D cost. Arcus Biosciences recognizes gross reimbursements for shared expenses from this partnership. For the third quarter of 2025, Arcus recognized gross reimbursements of $28 million for these shared expenses. This reimbursement partially offsets the gross R&D spend, though the timing of clinical manufacturing and therapeutic purchases can cause quarterly fluctuations in both the gross R&D expense and the corresponding reimbursement amount.

Here's a quick look at the key reported operating expenses for Q3 2025:

Cost Category	Q3 2025 Amount (in millions USD)
Research and Development (R&D) Expenses	$141
General and Administrative (G&A) Expenses	$27
Gross Reimbursements from Collaborations	$28

Finance: draft 13-week cash view by Friday.

Arcus Biosciences, Inc. (RCUS) - Canvas Business Model: Revenue Streams

Collaboration revenue from Gilead Sciences, Inc. includes license and development services revenue and access fees.

For the third quarter of 2025, Arcus Biosciences, Inc. recognized $26 million in total revenue, which was driven by lower revenues from the Gilead collaboration compared to the prior year. For the first quarter of 2025, this revenue stream was detailed as:

Revenue Component	Q1 2025 Amount
License and development services revenue	$20 million
Other collaboration revenue (Gilead access rights)	$8 million

Arcus Biosciences, Inc. expects to recognize GAAP revenue of between $225 million and $235 million for the full year 2025. This updated guidance includes a $143 million one-time catch-up recognized in the second quarter of 2025 related to the pausing of etrumadenant development and Gilead returning its license for that program.

Reimbursements for shared Research and Development (R&D) expenses from collaboration partners, primarily the Gilead collaboration, provide additional cash flow supporting operations. For the third quarter of 2025, Arcus Biosciences, Inc. recognized gross reimbursements of $28 million for shared expenses. For comparison, gross reimbursements for the first quarter of 2025 were $38 million.

Potential future milestone payments and royalties are tied to the progression of co-developed programs. Under the May 2023 expansion of the collaboration for inflammatory disease targets, Arcus Biosciences, Inc. is eligible to receive up to $420 million in option and milestone payments plus tiered royalties for each optioned program, should Gilead exercise its option at the earlier, prespecified time point.

The components contributing to revenue streams include:

• Collaboration revenue from Gilead (license and development services, access fees).
• Full-year 2025 GAAP revenue guidance of $225 million to $235 million.
• The $143 million one-time catch-up included in the 2025 guidance.
• Reimbursements for shared R&D expenses from collaboration partners, such as $28 million in Q3 2025.
• Potential future milestone payments upon regulatory approvals and commercial sales royalties, including up to $420 million per inflammation program option.