Arcus Biosciences, Inc. · NYSE:RCUS

Arcus Biosciences — Q1 2026 Earnings Presentation

40 slides from Arcus Biosciences's earnings presentation, May 5, 2026

  1. Slide 1: 1Q26 Corporate Presentation

    1Q26 Corporate Presentation Oncology and Immunology Portfolio Summary May 5, 2026

  2. Slide 2: Forward-looking Statements/Safe Harbor

    Forward-looking Statements/Safe Harbor 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

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

    Arcus Has Created 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 &

  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 I&I PORTFOLIO CASDATIFAN Enormous Opportunity to Displace Injectable, Wholly-owned* HIF-2α inhibitor Blockbuster Biologic Drugs with "best in class" data; t

  5. Slide 5: Clinical Data from >120 Patients Support Casdatifan's Potential as the Best-in-Class HIF-2α Inhibitor

    Clinical Data from >120 Patients Support Casdatifan’s Potential as the Best-in-Class HIF-2α Inhibitor Top Priority is to Establish Longer PFS than Median PFS, months (95% CI) Median follow-up (range) Casdatifan as the SOC Across IMPROVED other HIF-2α Multiple Settings of RCC CLINICAL inhibitors and

  6. Slide 6: Superior Profile of Casdatifan Drives Clinical Differentiation

    Superior Profile of Casdatifan Drives Clinical Differentiation 100mg QD of cas results in substantial and sustained EPO suppression Published data from Arcus4 and Merck5 ✓ Lower PD rate* 20 Cas 100mg QD (N=31) ✓ Higher ORR* 0 Belz 120mg QD -20 ✓ Longer PFS* -40 ✓ Shorter onset to disease -60 control

  7. Slide 7: Program Updates: New Cas Data and Emerging I&I Portfolio

    Program Updates: New Cas Data and Emerging I&I Portfolio IMPRESSIVE With longer follow up, data have improved even further (Jan. 30, 2026 DCO1) CASDATIFAN MONO-TX •cORR increased to 45% with a mPFS of 15.1 months for the 100mg QD DATA IN LATE-LINE tablet cohort (dose and formulation selected for Pha

  8. Slide 8: Arcus Milestones Will Generate Near- and Long-Term Value for Shareholders

    Arcus Milestones Will Generate Near- and Long-Term Value for Shareholders NEXT 24+ MONTHS NEXT NEXT NEXT 6-12 MONTHS 12-24 MONTHS 3-6 MONTHS Phase 3 data Phase 3 fully AB102 enrolled POC data Cas + cabo PFS data 1Q26 Cas combinations TNF inhibitor Phase 3 data in early-line RCC Complete Phase 1 & OS

  9. Slide 9: ASCO GU Casdatifan Data

    ASCO GU Casdatifan Data Data Based on a January 30, 2026 DCO Unless Otherwise Stated 9 Copyright © Arcus Biosciences 2026

  10. Slide 10: Cohorts Evaluating Cas Mono in anti-PD-1/TKI Experienced ccRCC

    Cohorts Evaluating Cas Mono in anti-PD-1/TKI Experienced ccRCC DOSE ESCALATION DOSE EXPANSION Patients with advanced solid tumors N = ~30 per cohort Casdatifan monotherapy 2L+ ccRCC 200mg QD Cas mono Post-IO ccRCC 50mg BID capsule Cas 100mg QD + Cabo 60mg QD 150mg QD 2L+ ccRCC Favorable-risk 1L ccRC

  11. Slide 11: Data Have Been Consistently Robust and Have Improved Over Time, Exceeding Benchmarks

    Data Have Been Consistently Robust and Have Improved Over Time, Exceeding Benchmarks Oct.2025 Investor Event 5 mos med. Follow-up 12 mos med. Follow-up 17.9 mos med. Follow-up 100mg QD cORR: 33% cORR: 35% cORR: 45% (n=32) mPFS: Not reached mPFS: Not reached mPFS: 15.1mos PD: 15% PD: 16%** PD: 16%**

  12. Slide 12: Confirmed ORR for the Pooled Cohort (n=121) is Now 35%

    Confirmed ORR for the “Pooled” Cohort (n=121) is Now 35% Dose Expansion: 2L+ ccRCC Belzutifan2 150mg QD All Pooled 50mg BID (n = 31) 50mg QD (n = 28) 100mg QD (n=31) 120mg QD (n = 374) Efficacy-Evaluable Populationa (n = 31) (n = 121) Median Follow-Up, mos (range) 28.3 (19.9, 31.5) 25.2 (21.4, 26.7)

  13. Slide 13: 15.1 Months mPFS for Patients Treated with Casdatifan 100mg QD

    15.1 Months mPFS for Patients Treated with Casdatifan 100mg QD Phase 3 Dose and Formulation In the unlikely scenario that all censored patients (still on therapy) progress at the next scan, the mPFS would only decline to 14.4 months Median Follow Up: 17.9 months DCO date: Jan. 30, 2026 13 References

  14. Slide 14: 12.2 Months mPFS for Patients Treated with Casdatifan Across All Four Monotherapy Cohorts

    12.2 Months mPFS for Patients Treated with Casdatifan Across All Four Monotherapy Cohorts Substantial number of patients remain on treatment beyond 14 months and 24 months Median Follow Up: 20.8 months DCO: Jan. 30, 2026 a. The efficacy evaluable population (N = 121) was defined as all eligible pati

  15. Slide 15: Systemic Suppression of sEPO Is Highly Correlated with Clinical Benefit (ORR)

    Systemic Suppression of HIF-2α–Regulated sEPO Is Highly Correlated with Clinical Benefit from Casdatifan (ORR) 12 m ) 2 Patients with 12 ccRCC had aseline s PO (ml 2 significantly higher 1 baseline levels of sEPO than Normal PO ran e healthy volunteers 2 n 12 (P < .0001)1 ealth RC 2 ol nteer ( RCC)

  16. Slide 16: Systemic Suppression of sEPO Is Highly Correlated with Clinical Benefit (PFS)

    Systemic Suppression of HIF-2α–Regulated sEPO Is Highly Correlated with Clinical Benefit from Casdatifan (PFS) The degree of maximal sEPO reduction was significantly greater in patients who achieved CR, PR, or SD compared with those with PD (P < .05)1 Maximal sEPO reduction was associated with longe

  17. Slide 17: Casdatifan Data Exceed All PFS Benchmarks for Belzutifan and TKIs

    Casdatifan Data Exceed All PFS Benchmarks for Both Monotherapy HIF-2α Inhibition (Belz) and TKIs SETTING TRIAL REGIMEN cORR mPFS ARC-20 Cas (100mg QD) 45% 15.1m (Phase 1b/2) Cas (Pooled) 35% 12.2m LITESPARK-005 EARLIER-LINE PATIENT POPULATIONS 3L+ Belz 22% 5.6m (Phase 3)3 TIVO-3 Tivo 18% 5.6m (Phase

  18. Slide 18: Casdatifan Was Well Tolerated in All Cohorts, With Safety Comparable to Belzutifan

    Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan Belzutifan 100mg QD Pooled (LITESPARK- Safety-Evaluable Population (n=32) (n=127) 005)2 Anemia, n (%) Anemia: All grades 29 (91) 117 (92) All grade: 83% Grade ≥ related to casdatifan 8 (25) 52 (41) G

  19. Slide 19: Casdatifan Development Strategy

    Casdatifan Development Strategy 19 Copyright © Arcus Biosciences 2026

  20. Slide 20: First Phase 3 Study Evaluating a Differentiated TKI Combination in Post-IO ccRCC is Enrolling

    First Phase 3 Study Evaluating a Differentiated TKI Combination in Post-IO ccRCC is Enrolling Only Phase 3 study evaluating a HIF-2α inhibitor with cabozantinib, the most widely used TKI in ccRCC PATIENT POPULATION: 100MG CASDATIFAN + • Unresectable, locally CABOZANTINIB PRIMARY ENDPOINT advanced or

  21. Slide 21: 1L TKI-Free Approach Is Enabled by Cas's Low Rate of Primary Progression

    1L TKI-Free roa h Is na led Cas’s ow Rate of Primary Progression ARC-20 Data To Date Show a Three TKI-Free Cohorts in the 1L Setting Consistently Low Rate of Primary PD, Will Inform Initial 1L Phase 3 Strategy for Cas with Avoiding the Need for a TKI the Goal of Initiation by YE:26 Efficacy-Evaluabl

  22. Slide 22: Half of Patients (17 of 31) Remain on Treatment with Disease Control in the 100mg Cohort

    Half of Patients (17 of 31) Remain on Treatment with Disease Control in the 100mg Cohort of ARC-20 DCO date: Aug. 15, 2025, 12.4 months of median follow up 22 References and acronyms on slide 40 © Arcus Biosciences 2026

  23. Slide 23: Future State of RCC Treatment: Every Patient to Have Opportunity to Benefit from Cas

    Future State of RCC Treatment: Every Patient to Have Opportunity to Benefit from Cas 1L Current SOC Practice-Changing Trials Future State IO/IO PEAK-20 Cas + IO/IO TKI-Free ~1/3 market Cas + IO/IO study Grow to ~50% market with DOT >12+mos TKI- IO/TKI Cas + IO/TKI Cas + IO/TKI study Containing ~2/3

  24. Slide 24: Casdatifan Market Opportunity

    Casdatifan Market Opportunity 24 Copyright © Arcus Biosciences 2026

  25. Slide 25: Metastatic ccRCC Treatment Algorithm (assumes LS-011 approval)

    Metastatic ccRCC Treatment Algorithm (assumes LS-011 approval) ~20% of 1L patients have received adjuvant treatment Patients who start on anti-PD-1 + VEGFR- Patients who start on anti-PD-1 + anti- TKI (50-60%) CTLA4 (30-40%) 1L Anti-PD-1 + VEGFR-TKI Anti-PD-1 + anti-CTLA4 16.4k pts 2L TKI + TKI + TK

  26. Slide 26: $5B+ Opportunity for Casdatifan in 1L & 2L ccRCC Market

    $5B+ Opportunity for Casdatifan in 1L & 2L ccRCC Market 2026 US ccRCC Drug Treatable Incidence and Market Share 14.4k 9.8k Grow IO+IO to >50% ~10% ~10-20% of 1L with addition of casdatifan ~30-40% ~10% Other TKI + mTOR Dual IO ~10-20% Anti-PD-1/anti-CTLA-4 + HIF-2α cas TKI mono IO + IO Secure domina

  27. Slide 27: Oncologists Clearly Preferred the 1L Cas + Anti-PD1/anti-CTLA4 Regimen

    Oncologists Clearly Preferred the 1L Cas + Anti-PD1/anti-CTLA4 Regimen Over the 1L Cas + Anti-PD1/TKI Regimen When Presented With Both Options Prefer cas+PD1+TKI (n=4) Neutral (n=1) Prefer cas+Dual-IO (n=15) ✓ Familiarity with anti-PD1+anti-CTLA4 ✓ Preferred for patients with rapidly progressing com

  28. Slide 28: Quemliclustat in Pancreatic Cancer

    Quemliclustat in Pancreatic Cancer 28 Copyright © Arcus Biosciences 2026

  29. Slide 29: Quemli Could be the First Transformative Therapy for All-Comer 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/nP12 All pooled Q100 SCA 1.00 Q(±Z) + G/nP (n=122) Kaplan-Meir Estimate of Overall Survival (%) (n=122) Median OS, m 15.7 9.8 0.75 HR [95% CI] 0.634 (

  30. Slide 30: 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 ENDPOI

  31. Slide 31: Our Emerging I&I Portfolio

    Our Emerging I&I Portfolio 31 Copyright © Arcus Biosciences 2026

  32. Slide 32: I&I Small-Molecule Strategy is Targeting Validated Blockbuster Biologics

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

  33. Slide 33: Potential Best-in-Class AB102 MRGPRX2 Antagonist to Treat Atopic Skin Diseases

    Potential Best-in-Class AB102 MRGPRX2 Antagonist to Treat Atopic Skin Diseases OPPORTUNITY FOR IMPROVEMENT Validated biology Mast cell (LAD2) degranulation Modeled steady-state with multi-billion (CD107a) in 100% human serum human PK dollar potential 120 AB102 Concentration (ng/mL) 100 Percent of Ac

  34. Slide 34: AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist

    AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist14 CD107a Externalization [AB102] nM CD107 Externalization 120 0 120 100 8 100 % Activity % Activity 80 16 80 IC50: 8 nM 60 31 60 IC90: 46 nM 40 63 40 20 125 20 0 250 0 10 -2 10 0 10 2 10 -4 10 -2 10 0 10 2 [Substance P] μM [AB102] μM

  35. Slide 35: AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist

    AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist14 CHO-K1 Expression Human Skin Mast Cells LAD2 Cells IP-1 Accumulation β-hexosaminidase Release CD107a Externalization 120 120 50 MRGPRX2 C3aR/IgER % CD107a+ Cells 100 100 40 % Activity % Activity PAMP-12 80 WT 80 Somatostatin-14 60 6

  36. Slide 36: AB102 Predicted Human PK Supports MRGPRX2 Inhibition at Low Systemic Exposures

    AB102 Predicted Human PK Supports MRGPRX2 Inhibition at Low Systemic Exposures14 ✓AB102 potently inhibits Modeled Steady State MRGPRX2 activity under Human PK physiologically relevant conditions AB102 Concentration (ng/mL) ✓Due to this potency, we expect maximal pharmacological activity at relativel

  37. Slide 37: Small-molecule Inhibitors of TNF with Potentially Improved Efficacy/Safety Relative to anti-TNF Biologics

    Small-molecule Inhibitors of TNF with Potentially Improved Efficacy/Safety Relative to anti-TNF Biologics OPPORTUNITY FOR IMPROVEMENT VALIDATED BIOLOGY WITH MULTI-BILLION $ Anti-TNF antibodies block TNF signaling at 2 receptors: POTENTIAL • TNFR1 (pro-inflammatory) Anti-TNF antibodies are • TNFR2 (p

  38. Slide 38: Small-molecule CCR6 Antagonists as Potential Alternatives to anti-IL-17 Biologics - Psoriasis

    Small-molecule CCR6 Antagonists as Potential Therapeutic Alternatives to anti-IL-17 Biologics - Psoriasis OPPORTUNITY FOR IMPROVEMENT VALIDATED BIOLOGY WITH MULTI-BILLION $ • CCR6 inhibition creates opportunity to interfere with a group POTENTIAL of cytokines (beyond IL-17) produced by key inflammat

  39. Slide 39: Appendix

    Appendix 39 Copyright © Arcus Biosciences 2026

  40. Slide 40: References and Acronym Key

    References and Acronym Key 1. Choueiri T. et al 2026 (ARC-20) 10. Pal S. et al. 2023 (CONTACT-03) 2. Albiges L. et al. 2023 (LITESPARK-005) 11. Tannir N. et al. 2022 (CANTATA) 3. Choueiri T. et al. 2024 (LITESPARK-005) 12. Wainberg Z. et al. 2024 (ARC-8) 4. Choueiri T. et al. 2025 (ARC-20) 13. Sanof

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