Arcus Biosciences raises $269.7 million in full underwritten stock offering

Arcus Biosciences, Inc. has completed a public offering of common stock, receiving net proceeds of approximately $269.7 million after deducting underwriting discounts, commissions, and estimated offering expenses. The company disclosed the transaction in a Form 8-K filed with the U.S. Securities and Exchange Commission, confirming the closing of the offering on October 23, 2026.

The offering, initiated on October 21, 2026, involved the sale and issuance of an aggregate of 16,428,572 shares of Arcus common stock. This total includes the base offering size of 14,285,715 shares and the full exercise of the underwriters' option for an additional 2,142,857 shares. The public offering price was set at $17.50 per share.

Jefferies LLC, Leerink Partners LLC, and TD Securities (USA) LLC served as the representatives of the underwriters in the transaction. Under the terms of the underwriting agreement, these firms agreed to purchase the shares from Arcus at a price of $16.45 per share. The underwriters held an option to purchase up to 2,142,857 additional shares within 30 days of the agreement date, which was exercised in full.

The company entered into the underwriting agreement on October 21, 2026, and the offering closed two days later on October 23, 2026. The transaction was conducted pursuant to an effective registration statement on Form S-3 (Registration Statement No. 333-293750) and accompanying prospectus supplements filed with the SEC.

The underwriting agreement includes customary representations, warranties, and covenants by Arcus, as well as indemnification obligations for liabilities under the Securities Act of 1933. The agreement was filed as Exhibit 1.1 to the Form 8-K. Latham & Watkins LLP provided a legal opinion regarding the issuance and sale of the securities, attached as Exhibit 5.1.

Terry Rosen, Ph.D., Chief Executive Officer and Principal Executive Officer of Arcus Biosciences, signed the report on October 23, 2026. The company is incorporated in Delaware and has its principal executive offices in Hayward, California. Arcus common stock trades on the New York Stock Exchange under the symbol RCUS.