Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information and Holders of Record
Our common stock trades on the New York Stock Exchange under the symbol “RCUS.”
As of January 31, 2021, we had 80 stockholders of record as reported by our transfer agent. This does not include beneficial owners whose shares are held in street name.
Dividend Policy
We have never declared or paid cash dividends on our capital stock. We intend to retain all available funds and any future earnings, if any, to fund the development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our board of directors.
Performance Graph
The following graph compares the cumulative stockholders returns from March 15, 2018 (first day of trading of our common stock), through December 31, 2020 for (i) our common stock, (ii) the S&P Biotechnology Index and (iii) S&P 500 Index, assuming $100 invested on March 15, 2018, and reinvestment of dividends if paid. The stockholder return shown on the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder returns. This graph shall not be deemed “soliciting material” or be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any of our filings under the Securities Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.
$100 investment in stock or index
Ticker
3/15/2018
12/31/2018
12/31/2019
12/31/2020
Arcus Biosciences, Inc.
RCUS
$
100
$
63
$
59
$
153
S&P Biotechnology Index
^SPSIBI
$
100
$
77
$
101
$
150
S&P 500 Index
S&P 500
$
100
$
91
$
118
$
137
70
Issuer Purchases of Equity Securities
The following table summarizes repurchases of our common stock during the fourth quarter of fiscal 2020:
Period
Total Number
of Shares
Purchased
Average
Price Paid
Per Share
Total Number
of Shares
Purchased
as Part of
Publicly
Announced
Plans or
Programs
Maximum
Number of
Shares that
May Yet be
Repurchased
Under the
Plans or
Programs
October 1, 2020 to October 31, 2020
769
4.59
-
-
November 1, 2020 to November 30, 2020
79
2.57
-
-
December 1, 2020 to December 31, 2020
18,270
4.02
-
-
Total
19,118
-
-
All of the shares repurchased, as reflected in the table above, were repurchases of unvested shares of our common stock that had been issued upon early exercise of stock options. Upon termination of employment of a person holding unvested shares, we are entitled to repurchase the unvested shares.
Item 6. Selected Financial Data
The following selected financial data should be read in conjunction with Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8, “Financial Statements and Supplemental Data” of this Annual Report on Form 10-K.
Year Ended December 31,
(in thousands, except share and per share data)
2020
2019
2018
2017
2016
Consolidated Statements of Operations Data:
Revenues:
License revenue
$
55,096
$
8,000
$
3,000
$
-
$
-
Collaboration revenue
22,421
7,000
5,353
1,413
-
Total license and collaboration revenue (1)
77,517
15,000
8,353
1,413
-
Operating expenses:
Research and development
159,348
78,481
49,646
47,218
14,247
General and administrative
42,404
25,228
13,566
7,636
3,935
Total operating expenses
201,752
103,709
63,212
54,854
18,182
Loss from operations
(124,235
)
(88,709
)
(54,859
)
(53,441
)
(18,182
)
Total non-operating income, net
1,377
3,999
5,265
359
212
Net loss
$
(122,858
)
$
(84,710
)
$
(49,594
)
$
(53,082
)
$
(17,970
)
Net loss per share, basic and diluted (2)
$
(2.24
)
$
(1.93
)
$
(1.43
)
$
(29.03
)
$
(20.80
)
Weighted-average number of shares used to
compute basic and diluted net loss per common share
54,787,118
43,825,991
34,618,237
1,828,262
863,983
(1)
Includes $70.5 million of revenue related to Gilead transaction in 2020. Please see Note 7 of our consolidated financial statements for further information on our licensing agreements.
(2)
See Note 10 to our consolidated financial statements for an explanation of the calculation of our basic and diluted net loss per share.
71
As of December 31,
(in thousands)
2020
2019
2018
2017
2016
Consolidated Balance Sheet Data:
Cash and investments in marketable securities
$
735,086
$
188,270
$
259,725
$
175,703
$
98,896
Working capital (1)
614,146
169,999
242,013
164,143
94,145
Total assets
772,292
203,110
274,925
190,486
109,702
Convertible preferred stock
-
-
-
226,196
119,454
Accumulated deficit
(328,184
)
(205,326
)
(122,828
)
(73,234
)
(20,152
)
Total stockholders’ equity
502,304
163,842
234,942
(72,328
)
(19,994
)
(1)
We define working capital as current assets less current liabilities. See our consolidated financial statements for further details regarding our current assets and current liabilities.
72