Arcus Biosciences, Inc. · NYSE:RCUS

Arcus Biosciences — Q2 2026 Earnings Presentation

42 slides from Arcus Biosciences's earnings presentation, Aug 5, 2026

  1. Slide 1: 2Q26 Corporate Presentation

    2Q26 Corporate Presentation Oncology and Immunology Portfolio Summary August 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 IMMUNOLOGY PORTFOLIO CASDATIFAN Enormous Opportunity to Displace Injectable, Wholly-owned* HIF-2α inhibitor Blockbuster Biologic Drugs with "best in class"

  5. Slide 5: Clinical Data from >120 Patients Support Casdatifan as 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 Lines of Therapy for RCC CLINICAL inhibitors and

  6. Slide 6: Program Updates: Casdatifan and Emerging Immunology Portfolio

    Program Updates: Casdatifan and Emerging Immunology Portfolio • Nature paper is first to comprehensively interconnect clinical outcomes from patients receiving a HIF-2α inhibitor with peripheral biomarker changes and associated tumor biology PUBLICATION AND − HIF-2α inhibition with casdatifan result

  7. Slide 7: Arcus Milestones Will Generate Near- and Long-Term Value Creation for Shareholders

    Arcus Milestones Will Generate Near- and Long-Term Value Creation for Shareholders 2H26 2027 2028 cas combo data Casdatifan cas combo data cas+PD-1, cas+PD-1+CTLA4, Initiation of additional Phase 3 studies 1L RCC Initiate Phase 3 study cas+PD-1/VEGF Casdatifan cas + cabo PFS data cas + cabo data Pha

  8. Slide 8: Summary of Casdatifan Data to Date

    Summary of Casdatifan Data to Date Data Based on a January 30, 2026 DCO Unless Otherwise Stated 8 © Arcus Biosciences 2026

  9. Slide 9: Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs

    Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs Enrollment Complete n= ~30 pts Enrollment Open n= ~30 pts 1L ccRCC 2L+ ccRCC *Post-IO ccRCC cas + zim + ipi monotherapy cas 100mg QD + cas 50mg BID cabo 60mg QD 2L+ ccRCC 1L Favorable-risk ccRCC monotherapy monotherapy Future C

  10. Slide 10: 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 (Nature manuscript data) 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:

  11. Slide 11: First study to comprehensively connect clinical outcomes with HIF-2α inhibitor biomarkers

    • First study to comprehensively connect clinical outcomes from patients receiving a HIF-2α inhibitor with peripheral biomarker changes and associated tumor biology HIF-2α inhibition with casdatifan resulted in deep and sustained suppression of the hormone erythropoietin in blood (serum EPO), which

  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 Median Follow Up: 17.9 months DCO date: Jan. 30, 2026 13 References and acronyms on slide 42 © Arcus Biosciences 2026

  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 Median Follow Up: 20.8 months DCO: Jan. 30, 2026 a. The efficacy evaluable population (N = 121) was defined as all eligible patients who received any study treatment and had ≥ 1 post-baseline efficacy assessmen

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

    Systemic Suppression of HIF-2α–Regulated sEPO Is Highly Correlated with Clinical Benefit from Casdatifan (ORR) **** 512 Baseline sEPO (mlU/mL) 256 Patients with 128 ccRCC had 64 32 significantly higher 16 baseline levels of 8 sEPO than 4 Normal EPO range healthy volunteers 2 n = 58 N = 129 (P < .000

  16. Slide 16: Systemic Suppression of sEPO 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 Maximal sEPO reduction was associated with longer PFS6 those with PD (P <

  17. Slide 17: Casdatifan Data Exceed All PFS Benchmarks for HIF-2α Inhibition 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 with Safety Profile 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 ≥3 related to casdatifan 8 (25) 52 (41)

  19. Slide 19: Casdatifan Development Strategy

    Casdatifan Development Strategy 19 © Arcus Biosciences 2026

  20. Slide 20: Our Vision is a Future in Which Every ccRCC Patient Benefits from Cas

    Our Vision is a Future in Which Every ccRCC Patient Benefits from Cas Throughout Their Treatment Journey 1L Current SOC Practice-Changing Trials Future State TKI- IO/IO = anti-PD-1 + anti-CTLA4 PEAK-20 cas + IO/IO Free ~1/3 market cas + ipi + nivo vs ipi + nivo Grow to ~50% market with DOT >12+ mos

  21. Slide 21: First Phase 3 Study of 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

  22. Slide 22: Foundational 1L TKI-Free Approach Enabled by Low Rate of Primary Progression

    Foundational 1L TKI-Free Approach Is Enabled by the Low Rate of Primary Progression Seen with Cas ARC-20 Data To Date Show a Consistently Low Rate of Primary PD, TKI-Free Cohorts Will Inform 1L Phase 3 Studies Avoiding the Need for a TKI Efficacy-Evaluable Primary PD Enrollment Population* Rate % (n

  23. Slide 23: Casdatifan Market Opportunity

    Casdatifan Market Opportunity 23 © Arcus Biosciences 2026

  24. Slide 24: Metastatic ccRCC Treatment Algorithm

    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 14.4k pts 2L TKI mono TKI +

  25. Slide 25: Substantial Opportunity for Casdatifan in 1L & 2L ccRCC

    Substantial Opportunity for Casdatifan in 1L & 2L ccRCC 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 + cas HIF-2α TKI mono IO + IO Secure domina

  26. Slide 26: Quemliclustat in Pancreatic Cancer

    Quemliclustat in Pancreatic Cancer 26 © Arcus Biosciences 2026

  27. Slide 27: Quemli Could be the First Transformative Therapy for All-Comer 1L Pancreatic Cancer

    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/nP13 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

  28. Slide 28: 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

  29. Slide 29: 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

  30. Slide 30: Research Updates

    Research Updates HIF-2α Pathway and Emerging Immunology Portfolio 30 © Arcus Biosciences 2026

  31. Slide 31: Role of HIF-2α VEGF Axis in RCC

    Role of HIF-2α VEGF Axis in RCC Increasing our Understanding of the Relationship Between Anti-Angiogenic Therapy and HIF-2α Innate HIF-2α 1 Driven by VHL deficiency, HIF-2α regulates multiple survival mechanisms, including well vascularized HIF- tumors 2α Adaptive HIF-2α 2 In response to TKI-induced

  32. Slide 32: Immunology Program

    Immunology Program 32 © Arcus Biosciences 2026

  33. Slide 33: 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

  34. Slide 34: 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

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

    AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist 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 •

  36. Slide 36: AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist

    AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist 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 60

  37. Slide 37: AB102 Healthy Volunteer Study

    AB102 Healthy Volunteer Study Double-Blind, Randomized, Placebo-Controlled SAD and MAD Dose Single Ascending Doses Level 6 Dose Dose Level 5 Level 5 Multiple Ascending Doses Dose Dose Level 4 Level 4 Dose Dose Level 3 Level 3 Dose Dose Level 2 Level 2 Dose Level 1 August ‘26 • Primary objective is t

  38. Slide 38: CSU is an Underserved Market with Limited Oral Treatment Options

    CSU is an Underserved Market with Limited Oral Treatment Options US / 7MM*  Estimated CSU prevalence16,17  CSU patients uncontrolled on second-generation, high-dose antihistamines  CSU patients untreated by advanced therapies • omalizumab (2014) − dupilumab (2025) − remibrutinib (2026) *US, EU4,

  39. Slide 39: Small-molecule Inhibitors of TNF with Potentially Improved Efficacy/Safety

    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

  40. Slide 40: Small-molecule CCR6 Antagonists as 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

  41. Slide 41: Appendix

    Appendix 41 © Arcus Biosciences 2026

  42. Slide 42: References and Acronym Key

    References and Acronym Key 1. Choueiri T, et al. J Clin Oncol. 2026. (ARC-20) 11. Pal S, et al. Lancet. 2023. (CONTACT-03) 2. Albiges L, et al. Ann Oncol. 2023. (LITESPARK-005) 12. Tannir N, et al. JAMA. 2022. (CANTATA) 3. Choueiri T, et al. NEJM. 2024. (LITESPARK-005) 13. Wainberg Z, et al. J Clin

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