What is Arcus Biosciences's anti-pd-1 — royalty expense?

Arcus Biosciences (RCUS) reported anti-pd-1 — royalty expense of $0 in Q4 2025.

What does anti-pd-1 — royalty expense mean?

Represents the cost of royalties paid to third-party licensors or partners based on the sales or development progress of anti-PD-1 therapeutic candidates. This metric highlights the long-term financial burden of in-licensing intellectual property or technology. It is a critical component in assessing the net profitability and margin potential of the company's proprietary drug pipeline.

Arcus Biosciences RCUS anti-PD-1 — Royalty expense

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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+226%

Enterprise value$3.53B+275%

P/S15.4×+7.5×

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 ratio4×-1.3×

Where this comes from

Reported directly by Arcus Biosciences in its filing.

Tagged under the XBRL concept us-gaap:RoyaltyExpense.

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 — royalty expense?: Arcus Biosciences (RCUS) reported anti-pd-1 — royalty expense of $0 in Q4 2025.
What does anti-pd-1 — royalty expense mean?: Represents the cost of royalties paid to third-party licensors or partners based on the sales or development progress of anti-PD-1 therapeutic candidates. This metric highlights the long-term financial burden of in-licensing intellectual property or technology. It is a critical component in assessing the net profitability and margin potential of the company's proprietary drug pipeline.