Arcus Biosciences reports Q2 EPS 0c, may not compare to consensus ($1.17)

Reports Q2 revenue $160M, may not compare to consensus $32.86M. The increase in revenue was driven by a cumulative catch-up to revenue of $143M relating to pausing future development of etrumadenant and Gilead’s related return of its license to the program. Arcus expects to recognize GAAP revenue of between $225M-$235M for FY25, which includes the cumulative catch-up. “We have now presented data from over 125 patients treated with casdatifan monotherapy or casdatifan plus cabozantinib, which we believe demonstrate the potential for casdatifan to be the best-in-class HIF-2a inhibitor for clear cell RCC,” said Terry Rosen, CEO of Arcus. “We are forging ahead with speed and efficiency in our development of casdatifan across multiple ccRCC settings, including our global Phase 3 PEAK-1 trial in the IO-experienced setting and Phase 1b/3 eVOLVE-RCC02 trial in the first-line metastatic setting, the latter in collaboration with AstraZeneca. With a strong balance sheet and focused investment, we are well equipped to fund casdatifan through data for PEAK-1, which has been designed to enroll rapidly and to achieve a readout as quickly as possible.”