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Arcus Biosciences RCUS anti-PD-1 — Milestone payments

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INSMPayment Of Milestone
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INSMPayment Of Milestone
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ANABAnaptys Bio Generated Anti PD1Jemperli Dostarlimab — Revenue Recognition Milestone Method Contingent
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RPRXPayments For Milestones
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DNLIPeripheral Program License — Milestone payments upon achievement of certain clinical, regulatory and sales milestone events
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DNTHFirst Selected Antibody — Potential Milestone Payments Due
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Other financials

Income statement

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Revenue$17.0M-39.3%
Operating income-$134.0M-9.8%
Net income-$128.0M-14.3%
EPS (diluted)-$1.02+10.5%

Balance sheet

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Cash & equivalents$201.0M+4.7%
Total debt$113.0M+88.3%
Total equity$524.0M-1.3%
Total assets$997.0M-13.8%

Cash flow

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Operating cash flow-$138.0M-4.5%
CapEx--100%
Free cash flow-$138.0M-3.8%

Valuation

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Market cap$3.62B+297%
Enterprise value$3.53B+353%
P/S15.4×+8.9×

Profitability

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Operating margin-168.6%-52.7pp
Net margin-156.4%-47.5pp
FCF margin-207.2%

Returns & leverage

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Return on equity-70%+8.4pp
Debt / equity0.2×+0.1×
Current ratio-1.3×

Where this comes from

Reported directly by Arcus Biosciences in its filing.

Tagged under the XBRL concept rcus:MilestonePayments.

The official record: Arcus Biosciences’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Arcus Biosciences's anti-pd-1 — milestone payments?
Arcus Biosciences (RCUS) reported anti-pd-1 — milestone payments of $0 in Q4 2025.
What is the long-term trend for Arcus Biosciences's anti-pd-1 — milestone payments?
Over 3 years (2021 to 2025), Arcus Biosciences's anti-pd-1 — milestone payments has grown at a -100.0% compound annual growth rate (CAGR), from $10M to $0.
What does anti-pd-1 — milestone payments mean?
Represents general milestone-based payments related to the anti-PD-1 segment that do not fall under specific clinical or commercial sub-categories. These payments are typically contractual obligations to partners or licensors triggered by project-specific achievements. Tracking these helps investors understand the ongoing cost structure of external collaborations and licensing deals.