Arcus Biosciences Inc 2025年季度报告

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549_____________________________________ FORM10-Q (Mark One)xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedSeptember 30, 2025ORoTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _____________to_______________Commission File Number:001-38419_____________________________________ Arcus Biosciences, Inc. (Exact Name of Registrant as Specified in its Charter)_____________________________________ Registrant’s telephone number, including area code: (510)694-6200_____________________________________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subjectto such filing requirements for the past 90 days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNoxAs of October23, 2025, the registrant had107,973,536shares of common stock, $0.0001 par value per share, outstanding. ARCUS BIOSCIENCES, INC.TABLE OF CONTENTS RISK FACTOR SUMMARYiPART I.FINANCIAL INFORMATIONItem 1.Financial Statements1Condensed Consolidated Statements of Operations1Condensed Consolidated Statements of ComprehensiveLoss2Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Stockholders’ Equity4Condensed Consolidated Statements of Cash Flows5Notes to Condensed Consolidated Financial Statements6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations20Item 3.Quantitative and Qualitative Disclosures About Market Risk30Item 4.Controls and Procedures30PART II.OTHER INFORMATIONItem 1.Legal Proceedings31Item 1A.Risk Factors31Item 2.Unregistered Sales of Equity Securities and Use of Proceeds64Item 3.Defaults Upon Senior Securities64Item 4.Mine Safety Disclosures64Item 5.Other Information64Item 6.Exhibits65SIGNATURES66 RISK FACTOR SUMMARY The following is a summary of the key risks and uncertainties that make an investment in our securities speculative and risky.The below summary does not contain all of the information that may be important to you, and you should read this summary togetherwith the more detailed description of the risks set forth under "Part II. Item 1A. Risk Factors" of the Quarterly Report. Risks Related to our Limited Operating History, Financial Position and Capital Requirements •We have a history of operating losses, have never generated any revenue from product sales and anticipate that we willcontinue to incur significant losses for the foreseeable future.•We may need to obtain additional funding. If we do not receive or are unable to raise additional capital when needed, we maybe forced to restrict our operations or delay, reduce or eliminate our product development programs. Risks Related to the Discovery and Development of our Investigational Products •If we are unable to obtain regulatory approval for our investigational products, or experience significant delays in doing so,our business will be materially harmed.•Preliminary, topline and interim data from our clinical studies that we announce or publish from time to time are subject toaudit and verification procedures that could result in material changes in the final data and may change as more patient databecome available.•Enrollment and retention of subjects in clinical trials is expensive and time consuming and can be made more difficult orrendered impossible by competing treatments, clinical trials of competing investigational products, geopolitical instability andpublic health epidemics, each of which could result in significant delays and additional costs in our product developmentactivities, or in the failure of such activities.•Serious adverse events, undesirable side effects or other unexpected properties of