RCUSArcus Biosciences, Inc.

Pharmaceutical Preparations

Revenue: $33M; 35% YoY
Operating margin: -1169.7%; 81% YoY
EBITDA: −$376M; 18% YoY
Market cap: $2.3B
Employees: 601; $55K revenue each
Net debt / EBITDA: —; −$49M net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
182% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$55K · 31st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 26th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$383M	$38M	$37M	$51M	$33M	35%
Operating income	$54M	−$280M	−$340M	−$330M	−$386M	17%
Net income	$53M	−$267M	−$307M	−$283M	−$353M	25%
Operating cash flow	−$256M	$438M	−$306M	−$170M	−$482M	184%
Capex	$26M	$6M	$24M	$6M	$2M	67%
Stock-based comp	$55M	$65M	$73M	$76M	$60M	21%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 17, 2024	ROSEN TERRY J	SC 13D/A	4.1%	Passive
Oct 15, 2020	Jaen Juan C.	SC 13D	2.9%	Passive
Mar 5, 2020	Jaen Juan C.	SC 13D	6.6%	Passive
Mar 5, 2020	ROSEN TERRY J	SC 13D	9.3%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 36
Net: −$11M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$18M	90	88
FY2024	$7M	$5M	147	95
FY2023	$10M	$7M	194	94
FY2022	$9M	−$2M	205	88
FY2021	$9M	$15M	401	118