Arcus Biosciences, Inc. (RCUS) Balance Sheet

NYSE: RCUSAssets, liabilities, debt and equity over 10 years.

RCUS balance sheet, 2025

December 31, 2025 · U.S. dollars

$1.14B assets = $508.0M liabilities + $631.0M equity

Both columns are drawn to the same scale: what RCUS owns equals what it owes plus shareholders’ equity. Hover a block for its value.

RCUS financial health

Current ratio4.36

Comfortable · current assets cover current liabilities 4.36×

Debt / equity0.18

Low leverage · $0.18 of debt for each $1 of equity

Equity / assets55.4%

Equity-funded · of assets funded by shareholders

Cash / debt875.9%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

RCUS balance sheet trends, 2016–2025

Arcus Biosciences, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$109.7M2016	$1.14B2025	+29.7%/yr
Total liabilities	$10.2M2016	$508.0M2025	+54.3%/yr
Shareholders’ equity	$99.5M2016	$631.0M2025	+22.8%/yr
Cash & short-term investments	$98.9M2016	$981.0M2025	+29.0%/yr
Total debt	$3.1M2017	$112.0M2025	+56.3%/yr
Net cash (debt)	$172.6M2017	$869.0M2025	+$696.4M
Working capital	$94.1M2016	$776.0M2025	+$681.9M
Book value per share	$6.792018	$5.882025	−2.0%/yr
Current ratio	17.982016	4.362025	−13.62
Debt / equity	0.022017	0.182025	+0.16
Shares outstanding	34.6M2018	107.4M2025	+17.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

RCUS assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

RCUS liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

RCUS debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

RCUS balance sheet

Arcus Biosciences, Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$981.0M	$978.0M	$759.0M	$1.01B	$499.3M	$728.6M	$188.3M	$256.5M	$175.7M	$98.9M
Cash & equivalents	$222.0M	$150.0M	$127.0M	$206.0M	$147.9M	$173.4M	$57.9M	$71.1M	$98.4M	$65.2M
Short-term investments	$759.0M	$828.0M	$632.0M	$803.0M	$351.4M	$555.2M	$130.3M	$185.5M	$77.3M	$33.7M
Receivables	$16.0M	$25.0M	$42.0M	$43.0M	$746.8M	$1.7M	$132,000	$83,000	$25,000	$405,000
Inventory	$0	$0	$0	−$172.0M	−$762.4M	−$7.2M	$0	$0	$0	$0
Other current assets	$10.0M	$13.0M	$30.0M	$186.0M	$778.1M	$12.6M	$4.3M	$2.3M	$1.1M	$390,000
Total current assets	$1.01B	$1.02B	$831.0M	$1.07B	$1.26B	$735.8M	$192.7M	$258.9M	$176.9M	$99.7M
Property, plant & equipment (net)	$40.0M	$47.0M	$51.0M	$135.0M	$137.4M	$23.6M	$9.3M	$11.1M	$11.2M	$8.6M
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$29.0M	$14.0M	$107.0M	$129.0M	$182.0M	$6.4M	$0	$4.4M	$682,000	$1.0M
Other non-current assets	$63.0M	$73.0M	$106.0M	$15.0M	$10.7M	$6.4M	$1.1M	$487,000	$1.7M	$403,000
Total assets	$1.14B	$1.15B	$1.09B	$1.34B	$1.59B	$772.3M	$203.1M	$274.9M	$190.5M	$109.7M
Liabilities
Accounts payable	$42.0M	$18.0M	$17.0M	$20.0M	$10.3M	$15.7M	$4.7M	$3.1M	$3.8M	$3.9M
Short-term debt	$13.0M	$12.0M	$11.0M	$3.0M	$5.1M	$2.9M	$9.5M	$6.0M	$3.1M	—
Deferred revenue	$35.0M	$85.0M	$91.0M	$97.0M	$102.0M	$74.6M	$7.0M	$6.2M	$5.0M	—
Total current liabilities	$231.0M	$226.0M	$184.0M	$193.0M	$166.1M	$121.7M	$22.7M	$16.9M	$12.7M	$5.5M
Long-term debt	$99.0M	$48.0M	$0	$0	$0	$0	$0	$0	$0	$0
Lease obligations	$13.0M	$12.0M	$11.0M	$3.0M	$116.9M	$15.2M	—	—	—	—
Other long-term liabilities	$178.0M	$391.0M	$449.0M	$495.0M	$584.4M	$148.3M	$16.6M	$23.0M	$23.9M	$4.7M
Total liabilities	$508.0M	$665.0M	$633.0M	$688.0M	$750.4M	$270.0M	$39.3M	$40.0M	$36.6M	$10.2M
Shareholders' equity
Common stock & paid-in capital	$2.12B	$1.62B	$1.31B	$1.21B	$7,000	$6,000	$4,000	$4,000	$3,000	$1,000
Retained earnings (deficit)	−$1.49B	−$1.13B	−$849.0M	−$542.0M	−$275.4M	−$328.2M	−$205.3M	−$122.8M	−$73.2M	−$20.2M
Accumulated other comprehensive income	—	—	—	−$7.0M	−$1.3M	$44,000	$64,000	−$107,000	−$42,000	−$26,000
Total shareholders' equity	$631.0M	$485.0M	$462.0M	$657.0M	$841.5M	$502.3M	$163.8M	$234.9M	$153.9M	$99.5M
Key figures
Total debt	$112.0M	$60.0M	$11.0M	$120.0M	$122.0M	$18.1M	$9.5M	$6.0M	$3.1M	—
Net cash (debt)	$869.0M	$918.0M	$748.0M	$889.0M	$377.3M	$710.5M	$178.7M	$250.5M	$172.6M	—
Working capital	$776.0M	$790.0M	$647.0M	$873.0M	$1.10B	$614.1M	$170.0M	$242.0M	$164.1M	$94.1M
Tangible book value	$631.0M	$485.0M	$462.0M	$657.0M	$841.5M	$502.3M	$163.8M	$234.9M	$153.9M	$99.5M
Book value per share	$5.88	$5.38	$6.24	$9.12	$11.38	$9.17	$3.74	$6.79	—	—
Shares outstanding	107.4M	90.1M	74.0M	72.0M	74.0M	54.8M	43.8M	34.6M	—	—
Current ratio	4.36	4.50	4.52	5.52	7.60	6.05	8.49	15.29	13.90	17.98
Quick ratio	4.32	4.44	4.35	5.45	7.50	6.00	8.30	15.15	13.81	17.90
Debt / equity	0.18	0.12	0.02	0.18	0.14	0.04	0.06	0.03	0.02	—
Equity / assets	55.4%	42.2%	42.2%	48.8%	52.9%	65.0%	80.7%	85.5%	80.8%	90.7%

Arcus Biosciences, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$702.0M	$822.0M	$981.0M	$831.0M	$911.0M	$997.0M	$978.0M	$1.09B	$969.0M	$995.0M	$759.0M	$799.0M
Cash & equivalents	$150.0M	$201.0M	$222.0M	$238.0M	$248.0M	$192.0M	$150.0M	$201.0M	$156.0M	$185.0M	$127.0M	$184.0M
Short-term investments	$552.0M	$621.0M	$759.0M	$593.0M	$663.0M	$805.0M	$828.0M	$888.0M	$813.0M	$810.0M	$632.0M	$615.0M
Receivables	$36.0M	$7.0M	$16.0M	$14.0M	$20.0M	$21.0M	$25.0M	$21.0M	$33.0M	$40.0M	$42.0M	$56.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	−$207.0M
Other current assets	$18.0M	$15.0M	$10.0M	$12.0M	$15.0M	$13.0M	$13.0M	$17.0M	$20.0M	$29.0M	$30.0M	$233.0M
Total current assets	$756.0M	$844.0M	$1.01B	$857.0M	$946.0M	$1.03B	$1.02B	$1.13B	$1.02B	$1.06B	$831.0M	$881.0M
Property, plant & equipment (net)	$36.0M	$38.0M	$40.0M	$42.0M	$44.0M	$46.0M	$47.0M	$48.0M	$49.0M	$51.0M	$51.0M	$50.0M
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-term investments	$73.0M	$54.0M	$29.0M	$10.0M	$16.0M	$8.0M	$14.0M	$2.0M	$40.0M	$100.0M	$107.0M	$151.0M
Other non-current assets	$59.0M	$61.0M	$63.0M	$65.0M	$69.0M	$71.0M	$73.0M	$75.0M	$75.0M	$78.0M	$106.0M	$109.0M
Total assets	$924.0M	$997.0M	$1.14B	$974.0M	$1.07B	$1.16B	$1.15B	$1.25B	$1.19B	$1.29B	$1.09B	$1.19B
Liabilities
Accounts payable	$34.0M	$39.0M	$42.0M	$42.0M	$29.0M	$22.0M	$18.0M	$13.0M	$15.0M	$16.0M	$17.0M	$17.0M
Short-term debt	$13.0M	$13.0M	$13.0M	$13.0M	$12.0M	$12.0M	$12.0M	$11.0M	$11.0M	$11.0M	$11.0M	$9.0M
Deferred revenue	$19.0M	$34.0M	$35.0M	$52.0M	$71.0M	$72.0M	$85.0M	$105.0M	$113.0M	$124.0M	$91.0M	$103.0M
Total current liabilities	$198.0M	$209.0M	$231.0M	$235.0M	$210.0M	$192.0M	$226.0M	$215.0M	$199.0M	$204.0M	$184.0M	$200.0M
Long-term debt	$101.0M	$100.0M	$99.0M	$98.0M	$97.0M	$48.0M	$48.0M	$47.0M	$0	$0	$0	$0
Lease obligations	$13.0M	$13.0M	$13.0M	$13.0M	$12.0M	$12.0M	$12.0M	$11.0M	$11.0M	$11.0M	$11.0M	$9.0M
Other long-term liabilities	$161.0M	$164.0M	$178.0M	$205.0M	$219.0M	$385.0M	$391.0M	$425.0M	$352.0M	$382.0M	$449.0M	$471.0M
Total liabilities	$460.0M	$473.0M	$508.0M	$538.0M	$526.0M	$625.0M	$665.0M	$687.0M	$551.0M	$586.0M	$633.0M	$671.0M
Shareholders' equity
Common stock & paid-in capital	$2.17B	$2.14B	$2.12B	$1.81B	$1.79B	$1.77B	$1.62B	$1.60B	$1.58B	$1.56B	$1.31B	$1.29B
Retained earnings (deficit)	−$1.70B	−$1.61B	−$1.49B	−$1.38B	−$1.24B	−$1.24B	−$1.13B	−$1.04B	−$946.0M	−$853.0M	−$849.0M	−$768.0M
Accumulated other comprehensive income	−$1.0M	−$1.0M	—	—	—	—	—	$1.0M	−$1.0M	−$1.0M	—	−$3.0M
Total shareholders' equity	$464.0M	$524.0M	$631.0M	$436.0M	$549.0M	$531.0M	$485.0M	$565.0M	$635.0M	$707.0M	$462.0M	$520.0M
Key figures
Total debt	$114.0M	$113.0M	$112.0M	$111.0M	$109.0M	$60.0M	$60.0M	$58.0M	$11.0M	$11.0M	$11.0M	$9.0M
Net cash (debt)	$588.0M	$709.0M	$869.0M	$720.0M	$802.0M	$937.0M	$918.0M	$1.03B	$958.0M	$984.0M	$748.0M	$790.0M
Working capital	$558.0M	$635.0M	$776.0M	$622.0M	$736.0M	$839.0M	$790.0M	$912.0M	$823.0M	$860.0M	$647.0M	$681.0M
Tangible book value	$464.0M	$524.0M	$631.0M	$436.0M	$549.0M	$531.0M	$485.0M	$565.0M	$635.0M	$707.0M	$462.0M	$520.0M
Book value per share	$3.68	$4.18	$5.88	$4.09	$5.15	$5.40	$5.29	$6.18	$6.97	$8.20	$6.16	$6.97
Shares outstanding	126.1M	125.4M	107.4M	106.5M	106.5M	98.4M	91.7M	91.4M	91.1M	86.2M	75.0M	74.6M
Current ratio	3.82	4.04	4.36	3.65	4.50	5.37	4.50	5.24	5.14	5.22	4.52	4.41
Quick ratio	3.73	3.97	4.32	3.60	4.43	5.30	4.44	5.16	5.04	5.07	4.35	4.28
Debt / equity	0.25	0.22	0.18	0.25	0.20	0.11	0.12	0.10	0.02	0.02	0.02	0.02
Equity / assets	50.2%	52.6%	55.4%	44.8%	51.1%	45.9%	42.2%	45.1%	53.5%	54.7%	42.2%	43.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.

RCUS financial position

At the end of fiscal 2025 (December 31, 2025), Arcus Biosciences had total assets of $1.1 billion (down 1.0% from a year earlier), total liabilities of $508.0 million and shareholders' equity of $631.0 million. It held $981.0 million in cash and short-term investments against $112.0 million of debt, a net cash position of $869.0 million. Its current ratio was 4.36. In the latest quarter (ended June 30, 2026) total assets were $924.0 million and equity $464.0 million.

Related: RCUS income statement, RCUS cash flow statement, RCUS key metrics. See the RCUS stock overview for the latest quote and news.

RCUS balance sheet FAQ

What are Arcus Biosciences's total assets?

Arcus Biosciences reported total assets of $1.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.1 billion a year earlier.

How much debt does Arcus Biosciences have?

Arcus Biosciences had $112.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.18.

How much cash does Arcus Biosciences have?

Arcus Biosciences held $981.0 million in cash and short-term investments at the end of fiscal 2025; with $112.0 million of debt that is net cash of $869.0 million.

What is Arcus Biosciences's book value?

Arcus Biosciences's shareholders' equity (book value) was $631.0 million at the end of fiscal 2025, or $5.88 per share.

What is Arcus Biosciences's current ratio?

Arcus Biosciences had current assets of $1.0 billion and current liabilities of $231.0 million, a current ratio of 4.36 (it can cover its short-term obligations).