Arcus Biosciences, Inc. · NYSE:RCUS

Arcus Biosciences — Investor Presentation (November 2026)

43 slides from Arcus Biosciences's investor presentation, Nov 4, 2026

  1. Slide 1: Corporate Presentation

    Corporate Presentation Premier Chemistry. Proven Biology. November 2026

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements Forward-Looking Statements Safe Harbor: This presentation contains forward-looking statements about Arcus Biosciences, Inc. (“we,” “Arcus” or the “Company”) made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements

  3. Slide 3: Arcus Has a Robust Portfolio of Potential Best-in-Class Medicines

    Arcus Has a Robust Portfolio of Potential Best-in-Class Medicines FOUNDED 2015 R&D ENGINE LATE-STAGE & IMMUNOLOGY • World class medicinal chemistry ONCOLOGY MRGPRX2 TNF • Goal of 1-2 new molecules casdatifan CCR6 CD89 advancing to the clinic each year quemliclustat CD40L CAPITAL EFFICIENCY & RISK SH

  4. Slide 4: Leveraging our Small Molecule Capabilities to Create Best-in-Class Oral Medicines

    Leveraging our Small Molecule Capabilities to Create Best-in- Class Oral Medicines 2 PHASE 3 PROGRAMS IN ONCOLOGY EXPANDING ORAL SMALL-MOLECULE IMMUNOLOGY PORTFOLIO CASDATIFAN Enormous Opportunity to Displace Injectable, Wholly-owned* HIF-2α inhibitor Blockbuster Biologic Drugs with "best in class"

  5. Slide 5: Overview of Casdatifan

    Overview of Casdatifan All data based on Sept. 4, 2026 data cut off unless otherwise stated Data are not from head-to-head studies. Cross-trial comparisons should be interpreted with caution due to differences in study populations, sample sizes, inclusion and exclusion criteria, trial design and man

  6. Slide 6: Increased HIF-2α Activity Allows ccRCC Tumors to Survive and Metastasize

    Increased HIF-2α Activity Allows ccRCC Tumors to Survive and Metastasize • Proliferation Cell Growth/ • DNA repair Cycle • Ribosome biogenesis • E2F/MYC targets • Hypoxic response, incl. Angiogenesis VEGF HIF-2α • EPO/red blood & Oxygen HIF-1β Supply cell generation Hypoxia or Epithelial- • Stemness

  7. Slide 7: Casdatifan is a Hard-Hitting HIF-2α Inhibitor to Transform Kidney Cancer Treatment

    Casdatifan is a Hard-Hitting HIF-2α Inhibitor With all the Pieces to Transform the Treatment of Kidney Cancer Our development plan provides every ccRCC patient the opportunity to benefit from casdatifan $5B – $10B 1L 2L Late Line $4B+ $2B+ $1B+ cas + ipi + nivo cas + cabo cas + tivo Molecular Design

  8. Slide 8: Profile of Casdatifan Reveals the True Potential of HIF-2α Inhibition

    Profile of Casdatifan Reveals the True Potential of HIF-2α Inhibition and Drives Dramatic Clinical Differentiation Casdatifan is the only molecule to provide robust and sustained HIF-2α inhibition Published data from Arcus1 and Merck2 Casdatifan monotherapy 20 % EPO Change from Baseline Cas 100mg QD

  9. Slide 9: Casdatifan Addresses Clinical Need in Every Line of Therapy

    Casdatifan Addresses Clinical Need in Every Line of Therapy 1L 2L Late line Early efficacy Profound benefit Unprecedented 35-month OS (PD, ORR, PFS) vs IO for all patients (including post TKI (cas mono) benchmarks progression, ~60% of 2L) Potential for best 1L treatment Strong OS signal >12-month be

  10. Slide 10: Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit

    Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan in Every Line of Therapy MARKET CURRENT SOC PRACTICE-CHANGING TRIALS OPPORTUNITY 1L 1L $4B+ IO/IO = anti-PD-1 + anti-CTLA4 PEAK-20 TKI-Free ~1/3 market cas + ipi + nivo vs ipi + nivo TKI- IO+TKI PEAK-21 e.g.

  11. Slide 11: Arcus Milestones Will Generate Additional Data To Solidify Kidney Cancer Franchise

    Arcus Milestones Will Generate Additional Data To Solidify Kidney Cancer Franchise 2H26 2027 2028 cas combo data cas+PD-1 (OS), cas+PD-  cas combo data 1+CTLA4 (PFS), cas+PD- 1/VEGF (ivo) (early efficacy) Casdatifan 1L RCC Initiate PEAK-20 Initiation of additional Phase 3 studies Phase 3 study More

  12. Slide 12: Summary of Casdatifan Clinical Data

    Summary of Casdatifan Clinical Data Data Presented October 20, 2026 12 © Arcus Biosciences 2026

  13. Slide 13: Platform Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs

    Platform Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs Cohorts with data in October 2026 New cohorts w/data in 2027+ Late-line randomized cohort 2L+ ccRCC (post HIF-2α) Monotherapy 11 cas + tivo vs tivo 2L+ ccRCC Post-IO ccRCC 1L Cohorts 1 cas 50mg BID 4 cas + cabo 1L ccRC

  14. Slide 14: Late Line: Unprecedented OS in Heavily Pretreated Patients

    Late Line: Unprecedented OS in Heavily Pretreated Patients 14 © Arcus Biosciences 2026

  15. Slide 15: Robust HIF-2α Inhibition Provides Remarkable and Enduring Clinical Benefit

    Late Line Robust HIF-2α Inhibition Provides Remarkable and Enduring Clinical Benefit Cas monotherapy pooled CR PR SD PD 50 (%) Baseline (%) → → fromBaseline → →→ ~25% of patients continue 0 → treatment beyond 24 months → → → → → from → → → Change → → → Change -50 → → →→ → → → → → → → → -100 → → 0 10

  16. Slide 16: Casdatifan Monotherapy Shows an Exceptional OS Trend

    Late Line Casdatifan Monotherapy Shows an Exceptional OS Trend With Potential to Drive Survival Across Lines of Therapy OS of pooled casdatifan monotherapy compared to belzutifan in LS-0059 • mOS of 35 months, with median casdatifan (ARC-20 pooled) belzutifan (LS-005) follow-up of 28 months • OS cur

  17. Slide 17: 2L: Cas + Cabo Positioned to be the Regimen of Choice

    2L: Cas + Cabo Positioned to be the Regimen of Choice 17 © Arcus Biosciences 2026

  18. Slide 18: PEAK-1 Is Well-Positioned for Success on PFS and OS

    2L PEAK-1 Is Well-Positioned for Success on PFS and OS, With Potential for an Improved Hazard Ratio vs. LS-011 1 ARC-20 Cas + cabo PFS and OS trending substantially better than Phase 3 cabo benchmarks5-8,11 Data suggest prior treatment with current- 2 generation TKIs impacts performance of 2L cabo P

  19. Slide 19: Cas + Cabo Provides Durable Clinical Benefit for the Vast Majority of Patients

    2L Cas + Cabo Provides Durable Clinical Benefit for the Vast Majority of Patients Best percent change in target lesions Change in target lesions over time 25 50 CR PR SD (%) PD 25 Baseline 0 (%) Baseline (%) (%) → → Baseline 0 from Baseline → → → -25 from → fromfrom -25 → → Best Change ChangeChange

  20. Slide 20: Comparison to LS-011 Shows Similar PFS for ITT and Improvement for TKI-Pretreated

    2L Despite Population Differences, Comparison to LS-011 Shows Similar PFS for ITT and Dramatic Improvement for TKI- Pretreated Patients LS-011 underrepresented the patients previously treated with current-generation TKIs, who respond poorly to cabo PFS (ITT): cas + cabo vs LS-0115 PFS (TKI-Pretreate

  21. Slide 21: Cas + Cabo is Positioned to Demonstrate an OS Benefit in PEAK-1

    2L Cas + Cabo is Positioned to Demonstrate an OS Benefit in PEAK-1 OS: ARC-20 cas + cabo vs cabo benchmarks5-8 Opportunity to show OS benefit in • With 21 months median follow-up, OS is already 84% trending far better than historical cabo benchmarks 77% 78% (and belz+lenva in LS-011) 78% 69% 73% • I

  22. Slide 22: Phase 3 Registrational Study Evaluating Casdatifan in 2L ccRCC is Ongoing

    Phase 3 Registrational Study Evaluating Casdatifan in 2L ccRCC is Ongoing Only Phase 3 study evaluating casdatifan with cabozantinib, the most widely used TKI in ccRCC PATIENT POPULATION: • Unresectable, locally 100mg casdatifan + cabozantinib PRIMARY ENDPOINT advanced or metastatic • PFS ccRCC R KE

  23. Slide 23: 1L: Early Efficacy vs IO Benchmarks

    1L: Early Efficacy vs IO Benchmarks 23 © Arcus Biosciences 2026

  24. Slide 24: Casdatifan Addresses the Key Limitations of Ipi + Nivo, Positioning PEAK-20

    1L Casdatifan Addresses the Key Limitations of Ipi + Nivo, Positioning PEAK-20 for a High Probability of Success 1 Ipi + nivo is the most prescribed 1L 2 Cas + zim ± ipi shows single-digit primary progression, and cas + zim PFS is already substantially regimen, but has key limitations better than ip

  25. Slide 25: Cas + Zim in 1L Shows Deep Tumor Volume Reduction and Disease Control

    1L Cas + Zim in 1L Shows Deep Tumor Volume Reduction and Meaningful Disease Control Best percent change in target lesions Change in target lesions over time 20 CR 0 PR SD (%) PD 0 → NE (%) →→ Baseline → Baseline (%) (%) -25 → Baseline -20 → → from Baseline → →→ -40 → → → from fromfrom -50 Best Chang

  26. Slide 26: Casdatifan Enhances Disease Control Relative to Ipi + Nivo in 1L

    1L Casdatifan Enhances Disease Control Relative to Ipi + Nivo in 1L Efficacy data are unprecedented for a TKI-sparing regimen Rate of primary progression & ORR Progression-free survival CM-214 KN-427 86% cas + cas + ipi + nivo pembro 69% zim zim + ipi (n=550)4 (n=110)3 65% (n=30) (n=31) 61% 50% Prim

  27. Slide 27: ARC-20 Cas + Zim + Ipi (Cohort 9) Safety Summary

    1L ARC-20 Cas + Zim + Ipi (Cohort 9) Safety Summary cas + zim + ipi safety data are consistent with expectations for cas + nivo + ipi • 31 patients, median follow-up 3.0 months • 18 patients completed induction phase (first 4 cycles or 12 weeks) − 9 (50%) pts. received all 4 doses of zim + ipi and 5

  28. Slide 28: 1L Phase 3 Study to Evaluate Cas with TKI-Free SOC

    1L Phase 3 Study to Evaluate Cas with TKI-Free SOC Potential for novel treatment to combine low PD rates with survival benefit 100mg casdatifan + nivolumab + PATIENT POPULATION: ipilimumab PRIMARY ENDPOINT • 1L advanced or • PFS metastatic ccRCC R • No prior systemic therapy 1:1 SECONDARY in the met

  29. Slide 29: Casdatifan Market Opportunity

    Casdatifan Market Opportunity 29 © Arcus Biosciences 2026

  30. Slide 30: Casdatifan is Positioned to be the Backbone Therapy for All Patients with ccRCC

    Casdatifan is Positioned to be the Backbone Therapy for All Patients with ccRCC Attribute Casdatifan profile ✓ Extremely low rate of primary progression in every setting to date CR PR SD PD 50 Change from Baseline (%) Disease → → ✓ Tumor reduction seen in the vast majority of patients → →→ 0 → → → →

  31. Slide 31: Cas Will Be Offered as a Single 100mg QD Tablet

    Cas Will Be Offered as a Single 100mg QD Tablet LITESPARK-011 (Merck) Cas 100mg Cabo 20-60mg Belz 120mg Lenva 20mg (1 x 100mg) (1 x Xmg) (3 x 40mg) (2 x 10mg) • Cas tablet strength is expected to minimize pill burden 31 References and acronyms on slide 43 © Arcus Biosciences 2026

  32. Slide 32: Substantial Opportunity for Casdatifan in 1L, 2L & 3L ccRCC

    Substantial Opportunity for Casdatifan in 1L, 2L & 3L ccRCC 2026 ccRCC drug treatable incidence (US/MM) and US market share 14.4k/28.2k 9.8k/18.6k 6.3k/12.0k ~10% Grow IO+IO to >50% ~10-20% of 1L with addition of casdatifan ~30-40% ~10% ~40-50% Other Cas + ipi + nivo Secure ~10-20% TKI + mTOR domina

  33. Slide 33: Appendix

    Appendix 33 © Arcus Biosciences 2026

  34. Slide 34: Casdatifan in ccRCC

    Casdatifan in ccRCC 34 © Arcus Biosciences 2026

  35. Slide 35: Casdatifan Was Well Tolerated in All Cohorts, Comparable Safety to Belzutifan

    Late Line Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan 100mg QD Pooled belzutifan Safety-Evaluable Population* (n=32) (n=127) (LITESPARK-005)9 Median follow-up, months 25.0 28.1 (19.0, 38.7) (range) (19.0, 26.2) Any TEAEs, n (%) 31 (97) 125 (98

  36. Slide 36: Other than Anemia, Very Few Grade 3 or Higher AEs Related to Casdatifan

    2L Other than Anemia, Very Few Grade 3 or Higher AEs Related to Casdatifan SAFETY POPULATION,a n (%) (N = 44) GRADE 3 OR HIGHER AE RELATED TO: casdatifan cabozantinib any study drug Patients with any treatment-related ≥ grade 3 AEb 28 (64%) 27 (61%) 34 (77%) Anemia 23 (52%) 13 (30%) 23 (52%) Hyperte

  37. Slide 37: Quemliclustat in Pancreatic Cancer

    Quemliclustat in Pancreatic Cancer 37 © Arcus Biosciences 2026

  38. Slide 38: Quemli Could be the First Transformative Therapy for 1L Pancreatic Cancer in 30+ Years

    Quemli Could be the First Transformative Therapy for All- Comer 1L Pancreatic Cancer in 30+ Years PHASE 1 STUDY SHOWED 5.9 MONTH mOS IMPROVEMENT VS G/nP18 All pooled Q100 SCA 1.00 Kaplan-Meier Estimate of Overall Survival (%) Q(±Z) + G/nP (n=122) (n=122) Median OS, m 15.7 9.8 0.75 HR [95% CI] 0.634

  39. Slide 39: Phase 3 Study of Quemli + Chemo in 1L Metastatic PDAC

    Phase 3 Study of Quemli + Chemo in 1L Metastatic PDAC 1L mPDAC Stratification Arm A: quemli 100mg Q2W + • ECOG 0/1 PRIMARY ENDPOINT: • Liver metastases G/nP • Confirmed PDAC untreated • OS • Region in metastatic setting • Metastatic disease diagnosed 2:1 KEY SECONDARY within 6 weeks prior to ENDPOIN

  40. Slide 40: Quemli is Well Positioned to Capitalize on the $4B+ 1L PDAC Market

    Quemli is Well Positioned to Capitalize on the $4B+ 1L PDAC Market Strong POC Data ARC-8 OS HR of 0.63 with ~6-month survival benefit vs. synthetic control for G/nP Market Entry Expected to be 1st of potential upcoming agents to launch in 1L PDAC (est. ~1+ year lead) Tolerability ARC-8 data indicate

  41. Slide 41: Immunology Programs

    Immunology Programs 41 © Arcus Biosciences 2026

  42. Slide 42: Immunology Small-Molecule Strategy is Targeting Validated Blockbuster Biologics

    Immunology Small-Molecule Strategy is Targeting Validated Blockbuster Biologics 2-PRONG IMMUNOLOGY STRATEGY: IN-HOUSE EXPERTISE IN IMMUNOLOGY • Small-molecule improvements of cytokine-targeted therapeutics has been a core aspect • Target immune cell types that play key roles in human disease and of

  43. Slide 43: References and Acronym Key

    References and Acronym Key 10. WELIREG (belzutifan) prescribing information. Merck Sharp & Dohme LLC; revised 1. Choueiri T, et al. J Clin Oncol. 2025. (ARC-20) 09/2026. 2. Marathe D, et al. J Clin Pharm. 2024. (belzutifan) 11. Motzer R, et al. Lancet. 2026. (LITESPARK-011) including suppl. Material

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