Arcus Biosciences, Inc. · NYSE:RCUS
Arcus Biosciences — Investor Day (October 2026)
91 slides from Arcus Biosciences's investor day presentation, Oct 20, 2026
Slide 1: Casdatifan Investor Day
Casdatifan Investor Day New monotherapy and combination data in first-line, second- line and late-line kidney cancer October 20, 2026
Slide 2: Forward-Looking Statements
FLS 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 in this presentation th
Slide 3: Cross-trial comparison caution and data cut-off
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 many other factors. All data based on Sept. 4, 2026 data cut off unless otherwise stated © Arcu
Slide 4: Agenda
Agenda TOPIC PRESENTER(S) TIME (ET) Casdatifan Strategy & Takeaways from Today Terry Rosen, Ph.D. 8:30-9:00 Opportunities for Improving the Treatment Dr. Rana McKay 9:00-9:30 Paradigm in ccRCC with Q&A Translational Science Supports the Best-in- Juan Jaen, Ph.D. 9:30-9:40 Class Profile of Casdatifan
Slide 5: Casdatifan Strategy & Takeaways from Today
Casdatifan Strategy & Takeaways from Today Terry Rosen, Ph.D., Chief Executive Officer 5 © Arcus Biosciences 2026
Slide 6: 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
Slide 7: Emerging Casdatifan Franchise Transforms Kidney Cancer Treatment Paradigm
Emerging Casdatifan Franchise Has all the Pieces to Transform the Treatment Paradigm for 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 Cas de
Slide 8: 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
Slide 9: 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 Arcus8 and Merck9 Casdatifan monotherapy 20 % EPO Change from Baseline Cas 100mg QD
Slide 10: First study connecting clinical outcomes with HIF-2α biomarker changes
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 co
Slide 11: 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
Slide 12: 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 P R_24m Other 50 (%) Baseline (%) → → fromBaseline → →→ ~25% of patients continue 0 → → → treatment beyond 24 months → → → from → → → Change → → → Change -50 → → →→ → → → → → → → → New ‘respon
Slide 13: Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit
Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan 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. cabo + nivo, lenva + pem
Slide 14: Late Line: Unprecedented OS in Heavily Pretreated Patients
Late Line: Unprecedented OS in Heavily Pretreated Patients 14 © Arcus Biosciences 2026
Slide 15: Pooled Casdatifan Cohorts Continue to Exceed Belzutifan Benchmarks
Late Line Data from the “Pooled” Casdatifan Cohorts Continue to Improve and Exceed Benchmarks for Belzutifan casdatifan belzutifan7 pooled monotherapy 120mg QD (n = 374) Efficacy-evaluable populationa (n = 121) TODAY’S DATA Median Follow-Up, mos (range) 20.8 (11.8, 31.5) 27.9 (19.0, 38.7) 25.7 (16.8
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-0057 • mOS of 35 months, with median casdatifan belzutifan follow-up of 28 months (ARC-20 pooled) (LS-005) • OS cur
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
Slide 18: LS-011 Underrepresented Patients Previously Treated with 2nd-Generation TKIs
2L LS-011 Underrepresented the Patients Previously Treated with 2nd-Generation TKIs, Who Respond Poorly to Cabo ARC-20 LITESPARK-01111 cas + cabo belz + lenva cabo Prior Therapy Agent (n = 44) (n = 371) (n = 376) Patients with prior lenva expected to perform N % N % N % ‡ much worse on cabo Adjuvant
Slide 19: Cas + Cabo Provides Durable Clinical Benefit
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
Slide 20: Comparison to LS-011 Shows Similar PFS and Potential OS Benefit
2L Despite Population Differences, Comparison to LS-011 Shows Similar PFS and Reveals Potential OS Benefit PFS curves: cas + cabo vs LS-0113,11 OS curves: cas + cabo vs LS-0113,11 84% 77% 79% 56% 78% 55% 70% 44% 66% 41% 41% 30% LS-011 HR was 0.90 at IA1 and 0.85 at IA2 for belz + lenva vs. cabo More
Slide 21: Cas + Cabo Efficacy in Prior IO Only and Prior IO + TKI Patients
2L Cas + Cabo Demonstrated Similar Efficacy in Prior IO Only and Prior IO + TKI Patients, Including Lenva-Pretreated Patients Cas + Cabo PFS by prior TKI exposure Cas + cabo by prior TKI exposure →→ → → → → → → →→ → → → →→→ → → 0 5 10 15 20 25 Time from First Dose (month) Lenva Axi/Other TKIs* IO Re
Slide 22: In 2L, Cas + Cabo PFS and OS Support PEAK-1 Success
2L In 2L, Cas + Cabo PFS and OS Support High Likelihood of PEAK-1 Success Both PFS and OS for cas + cabo are trending substantially better than those of Phase 3 cabo mono benchmarks3-6,11 PFS: cas + cabo vs cabo benchmarks OS: cas + cabo vs cabo benchmarks 84% 77% 78% 78% 69% 73% 56% 66% 58% 48% 41%
Slide 23: 1L: Unprecedented Early Efficacy vs IO Benchmarks
1L: Unprecedented Early Efficacy vs IO Benchmarks 23 © Arcus Biosciences 2026
Slide 24: Cas + Zim in 1L Shows Deep Tumor Volume Reduction
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
Slide 25: 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)2 (n=110)1 65% (n=30) (n=31) 61% 50% Prim
Slide 26: Emerging Casdatifan Franchise Transforms Kidney Cancer Treatment Paradigm
Emerging Casdatifan Franchise Has all the Pieces to Transform the Treatment Paradigm for 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 Cas de
Slide 27: Introducing Dr. Rana McKay
Introducing Dr. Rana McKay • Winner of the 2024 Christopher G. Wood Rising Star Award at IKCS Europe • Winner of the 2023 KCA Trailblazer Award for research on “Dissecting predictors of response to immunotherapy in patients with renal cell carcinoma” • Winner of the KidneyCan Catalyst Award at 2025
Slide 28: Opportunities for Improving the Treatment Paradigm in ccRCC
Opportunities for Improving the Treatment Paradigm in ccRCC Dr. Rana McKay, University of California San Diego 28 © Arcus Biosciences 2026
Slide 29: The RCC Patient Journey Today
The RCC Patient Journey Today 1L / "IO-NAIVE" 2L / "IO-EXPERIENCED" LATE-LINE Anti-PD-1 + CTLA-4 TKI mono TKI mono (30-40%) Anti-PD-1 + TKI TKI + HIF-2α HIF-2α mono (50-60%) Includes patients Anti-PD-1 is the Belzutifan now has that progressed backbone in the 1L 20-30% share in this on anti-PD-1 in
Slide 30: TKI Sequencing is an Important Consideration for Physicians
TKI Sequencing is an Important Consideration for Physicians 1L 2L 3L 16.4k pts 11.2k pts 7.3k pts Anti-PD-1 + TKI (50-60%) TKI mono (50-60%) TKI mono (~25-35%) OF WHICH OF WHICH OF WHICH ~30% pembro + lenva ~55% tivo mono ~80% cabo mono ~40% nivo + cabo ~30% cabo mono ~30% anti-PD-1 + axi ~20% ~15%
Slide 31: 1L Opportunity: Durable Remission With a TKI-Free Regimen
1L Opportunity: Durable Remission With a TKI-Free Regimen Early cas + zim data showing Opportunity for cas + ipi + nivo improvement in primary PD and PFS Ipi + nivo is the most widely used regimen in 1L ccRCC, particularly in the 86% academic setting 69% 65% Greatest liability of nivo-ipi is its
Slide 32: 2L Opportunity: Cas + Cabo Potential to Improve PFS and OS
2L Opportunity: Cas + Cabo Has the Potential to Improve PFS and OS and Provide Dramatic Benefit to TKI-Pretreated Patients Overall 2L cabo mono performance has been consistent… If approved, cas + cabo likely to be the Phase 3 Trial Study Arms N Median PFS Median OS preferred HIF-2α- based LITESPARK-
Slide 33: Late-line Opportunity: Improve Upon Existing Regimens
Late-line Opportunity: Improve Upon Existing Regimens, Including in HIF-2α-Experienced Patients Cas + tivo could address the limitations of TKI and belz mono Reduce the high rate of primary progression Potential to substantially increase median PFS Opportunity to show an OS benefit over TKI mo
Slide 34: Casdatifan Potential to Benefit Every ccRCC Patient
Casdatifan Has the Potential to Benefit Every ccRCC Patient Throughout Their Treatment Journey CURRENT SOC PRACTICE-CHANGING TRIALS 1L 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. cabo + nivo, lenva + pembro, axi + pembro Contain
Slide 35: Translational Science Supports the Best-in-Class Profile of Casdatifan
Translational Science Supports the Best-in-Class Profile of Casdatifan Juan Jaen, Ph.D., President 35 © Arcus Biosciences 2026
Slide 36: 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
Slide 37: Casdatifan's Advantages Stem from Improved PK/PD Profile
Casdatifan’s Advantages Stem from an Improved PK / PD Profile, Enabling it to “Hit the Target Harder” EPO suppression: PD biomarker for HIF-2α inhibition 20mg of cas achieves the same EPO reduction as that of 120mg of belz, with significantly greater sustained suppression 20 Cas 100mg QD (N=31) % EP
Slide 38: sEPO Suppression Correlated with Clinical Benefit (ORR)
Systemic Suppression of HIF-2α–Regulated sEPO is Highly Correlated with Clinical Benefit from Casdatifan (ORR) Across all doses, most patients (88/129 [68%]) experienced > 80% maximal sEPO reduction20 Deeper reductions in sEPO were highly correlated with clinical responses20 a. PD was defined accord
Slide 39: Deeper HIF-2α Inhibition Associated with Better PFS and OS
Deeper and Sustained HIF-2α Inhibition by Casdatifan is Associated with Better PFS and OS PFS – relationship with sEPO change OS – relationship with sEPO change ARC-20 pooled monotherapy cohorts (50mg QD, 50mg BID, 100mg QD, 150mg QD) Tick marks indicate censored patients 39 References and acronyms
Slide 40: HIF-2α Regulates the Transcription of Many Genes
HIF-2α Regulates the Transcription of Many Genes21 • Proliferation Cell Growth/ • DNA repair Cycle • Ribosome biogenesis • E2F/MYC targets • Hypoxic response HIF-2α Angiogenesis • EPO/red blood cell generation EPO & Oxygen HIF-1β Supply Hypoxia or Epithelial- • Stemness Pseudohypoxia* Mesenchymal Tr
Slide 41: Tumor Responses Show Deeper sEPO and sPAI-1 Decreases
Patients with Tumor Responses Experience Deeper sEPO and sPAI-1 Decreases with Cas Monotherapy EPO PAI-1 0 0.026 50 0.00028 0.035 0.022 Best sPAI-1 Change (%) Best sEPO Change (%) 0.00026 -30 0.043 0 -60 -50 -90 -100 n=22 n=51 n=42 n=23 n=53 n=42 PD SD PR+CR PD SD PR+CR ARC-20 pooled monotherapy coh
Slide 42: PAI-1 Changes Correlate with Clinical Results
Changes in New Biomarker (PAI-1) Correlate with Clinical Results: Better PFS and OS are Reflective of Biology PAI-1 is also controlled by HIF-2α, and deeper suppression is associated with longer PFS and OS PFS – relationship with sPAI-1 change OS – relationship with sPAI-1 change ) ARC-20 pooled mon
Slide 43: Most Patients Experience Pronounced Reduction in sEPO or sPAI-1
Vast Majority of Patients Experience Pronounced Reduction in sEPO or sPAI-1 and Respond Well to Cas Monotherapy At Risk sEPO Deeper, sPAI-1 Deeper 84 52 30 12 sEPO Deeper, sPAI-1 Less Deep 9 3 0 0 sEPO Less Deep, sPAI-1 Deeper 17 5 2 1 sEPO Less Deep, sPAI-1 Less Deep 5 1 1 0 ARC-20 pooled monothera
Slide 44: Casdatifan Can Overcome Increased HIF-2α Activity Induced by TKIs
Casdatifan Can Overcome the Apparent Increase in HIF-2α Activity Induced by TKI Therapies PFS with casdatifan is not impacted by more PFS with belzutifan is diminished by more prior prior lines with TKIs lines with TKIs (LS-013)22 12-month landmark PFS 12-month landmark PFS 1 prior TKI 50.9% 0 prior
Slide 45: Observations Following TKI Treatment Support Adaptive HIF-2α Model
Key Experimental Observations Following TKI Treatment Support Adaptive HIF-2α Model In the tumor In the periphery • Increased HIF-2α protein (IHC) • Increased serum EPO • Increased HIF-2α • Increased serum PAI-1 signature (mRNA) We believe TKI exposure leads to increased HIF-2α activity and a more r
Slide 46: ccRCC Dependence on Innate and Adaptive HIF-2α
ccRCC Dependence on Innate and Adaptive HIF-2α Innate HIF-2α Adaptive HIF-2α Tumors depend on VEGF to The hypoxia induced by anti-angiogenic agents leads to increased HIF activity generate/maintain blood supply – production of VEGF may be controlled by HIF and other mechanisms HIF-2α HIF-2α inhibito
Slide 47: Review of Casdatifan Development Plan
Review of Casdatifan Development Plan Dr. Richard Markus, Chief Medical Officer 47 © Arcus Biosciences 2026
Slide 48: Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit
Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan MARKET CURRENT SOC PRACTICE-CHANGING TRIALS OPPORTUNITY 1L 1L IO/IO = anti-PD-1 + anti-CTLA4 PEAK-20 TKI-Free ~1/3 market cas + ipi + nivo vs ipi + nivo $4B+ TKI- IO+TKI PEAK-21 e.g. cabo + nivo, lenva + pem
Slide 49: Platform Study Cohorts Provide Enabling Data for Phase 3 Programs
Platform Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs Cohorts with data today 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 ccRCC 2L+ ccRC
Slide 50: Late Line: Unprecedented OS in Heavily Pretreated Patients
Late Line: Unprecedented OS in Heavily Pretreated Patients 50 © Arcus Biosciences 2026
Slide 51: Casdatifan Provides Unprecedented OS in Late-line Setting
Late Line Casdatifan Provides Unprecedented OS in Late-line Setting OS Landmarks casdatifan belzutifan7 12 months 82% 68% 24 months 67% 45% mOS: 34.7m mOS: 21.4m Median follow-up 28 months Tick marks indicate censored patients 51 References and acronyms on slide 91 © Arcus Biosciences 2026
Slide 52: Casdatifan Well Tolerated with Safety Comparable 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)7 Median follow-up, months 25.0 28.1 (19.0, 38.7) (range) (19.0, 26.2) Any TEAEs, n (%) 31 (97) 125 (98
Slide 53: Casdatifan + Tivozanib Potential Dominant Regimen in Late-line ccRCC
Late Line Casdatifan + Tivozanib Has the Potential to be the Dominant Regimen in Late-line ccRCC Combination strategy has the potential to delay monotherapy to very late-line use and consolidate the fragmented landscape Current 3rd-line options in metastatic ccRCC Potential future regimen belzutifan
Slide 54: Casdatifan Monotherapy Improved PFS and OS Relative to Tivozanib
Late Line Casdatifan Monotherapy Demonstrates Substantially Improved PFS and OS Relative to Tivozanib in Late-Line ccRCC PFS: cas mono pooled (n=121) vs. tivo mono24 OS: cas mono pooled (n=121) vs. tivo mono24 Median follow-up 28 months Tick marks indicate censored patients 54 References and acronym
Slide 55: Platform Study Cohorts Enable Future Phase 3 Programs
Platform Study Cohorts Enable Future Phase 3 Programs New cohorts w/data in 2027+ Cohorts with data today Late-line randomized cohort 2L+ ccRCC (post HIF-2α) 11 cas + tivo vs tivo Post-IO ccRCC 4 cas + cabo 55 References and acronyms on slide 91 © Arcus Biosciences 2026
Slide 56: 2L: Cas + Cabo Positioned to be the Regimen of Choice
2L: Cas + Cabo Positioned to be the Regimen of Choice 56 © Arcus Biosciences 2026
Slide 57: Cas + Cabo Clear Improvement Relative to Cabo Benchmarks
2L Cas + Cabo Demonstrates Clear Improvement Relative to Cabo Benchmarks; High Probability for PEAK-1 Success Both PFS and OS for cas + cabo are trending substantially better than that of Phase 3 cabo mono benchmarks3-6,11 PFS: cas + cabo vs cabo benchmarks OS: cas + cabo vs cabo benchmarks 84% 77%
Slide 58: Other than Anemia, Very Few Grade 3+ 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
Slide 59: Phase 3 Registrational Study in 2L ccRCC
Phase 3 Registrational Study Evaluating Casdatifan in 2L ccRCC 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 KEY SECONDARY
Slide 60: 1L: Unprecedented Early Efficacy vs IO Benchmarks
1L: Unprecedented Early Efficacy vs IO Benchmarks 60 © Arcus Biosciences 2026
Slide 61: 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)2 (n=110)1 65% (n=30) (n=31) 61% 50% Prim
Slide 62: ARC-20 Cas + Zim + Ipi 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
Slide 63: 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
Slide 64: Market Opportunity
Market Opportunity Bob Goeltz, Chief Financial Officer 64 © Arcus Biosciences 2026
Slide 65: Casdatifan Positioned to be the Backbone Therapy for All ccRCC Patients
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 → → → →
Slide 66: Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit
Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan MARKET CURRENT SOC PRACTICE-CHANGING TRIALS OPPORTUNITY 1L 1L IO/IO = anti-PD-1 + anti-CTLA4 PEAK-20 TKI-Free ~1/3 market cas + ipi + nivo vs ipi + nivo $4B+ TKI- IO+TKI PEAK-21 e.g. cabo + nivo, lenva + pem
Slide 67: 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
Slide 68: Closing Summary
Closing Summary Terry Rosen, Ph.D., Chief Executive Officer 68 © Arcus Biosciences 2026
Slide 69: Arcus Milestones Will Generate Additional Data
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
Slide 70: Emerging Casdatifan Franchise Transforms Kidney Cancer Treatment Paradigm
Emerging Casdatifan Franchise Has all the Pieces to Transform the Treatment Paradigm for 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 Cas de
Slide 71: Appendix
Appendix 71 © Arcus Biosciences 2026
Slide 72: Late-Line: Cas monotherapy
Late-Line: Cas monotherapy 72 © Arcus Biosciences 2026
Slide 73: ARC-20 Monotherapy Cohorts Had More Prior Therapies than LITESPARK-005
Late Line Patients in ARC-20 Monotherapy Cohorts Had Greater Number of Prior Therapies Relative to the Patients in LITESPARK-005 Dose Expansion: 2L+ ccRCC Belzutifan7,25* 50mg BID 50mg QD 100mg QD 150mg QD Pooled 120mg QD (n = Safety-Evaluable Populationa (n = 33) (n = 31) (n = 32) (n = 31) (n = 127
Slide 74: ORR, PFS and OS for Each Cohort Compare Favorably to LS-005
Late Line ORR, PFS and OS for Each Cohort Compare Favorably to LS-005 Dose Expansion: 2L+ ccRCC Belzutifan7 50mg QD (n = 150mg QD All Pooled 120mg QD (n = 50mg BID (n = 31) 100mg QD (n=31) 28) (n = 31) (n = 121) 374) Efficacy-Evaluable Populationa Median Follow-Up, mos (range) 22.8 (14.4, 26.0) 19.7
Slide 75: Casdatifan Monotherapy Demonstrates Strong PFS
Late Line Casdatifan Monotherapy Demonstrates Strong PFS Despite a More Heavily Pre-Treated Population than that of LS-005 PFS landmarks casdatifan belzutifan7 12 months 51% 34% 24 months 30% 20% mPFS: 13.0m mPFS: 5.6m Median follow-up 28 months Tick marks indicate censored patients 75 References an
Slide 76: Casdatifan Provides Unprecedented OS in Late-line Setting
Late Line Casdatifan Provides Unprecedented OS in Late-line Setting OS landmarks casdatifan belzutifan7 12 months 82% 68% 24 months 67% 45% mOS: 21.4m mOS: 34.7m Median follow-up 28 months Tick marks indicate censored patients 76 References and acronyms on slide 91 © Arcus Biosciences 2026
Slide 77: Casdatifan Well Tolerated in All Cohorts
Late Line Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan 50mg BID 50mg QD 100mg QD 150mg QD Pooled belzutifan7* Safety-Evaluable Populationa (n=33) (n=31) (n=32) (n=31) (n=127) (LITESPARK-005) Median follow-up, months 35.5 (27.1, 32.3 (28.6, 25.0
Slide 78: Casdatifan Well Tolerated: Anemia and Hypoxia Safety Data
Late Line Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Data to That of Belzutifan 50mg BID 50mg QD 100mg QD 150mg QD Pooled belzutifan7 Safety-Evaluable Populationa (n=33) (n=31) (n=32) (n=31) (n=127) (LITESPARK-005) Anemia, n (%) Anemia: All grades 31 (94) 29 (94) 29 (91)
Slide 79: 2L: Cas + Cabo
2L: Cas + Cabo 79 © Arcus Biosciences 2026
Slide 80: Baseline Patient Demographics are Consistent with LS-011
2L Baseline Patient Demographics are Consistent with LS-011 cas + caboa belz + lenva11 cabo mono11 CHARACTERISTIC (n = 44) (n = 371) (n = 376) Age, years, median (range) 63 (43–81) 63 (55–70) 62.5 (55–68) Sex, female/male, n (%) 9 (21%) / 33 (79%) 98 (26%) / 273 (74%) 84 (22%) / 292 (78%) Karnofsky
Slide 81: LS-011 Underrepresented Patients Previously Treated with 2nd-Generation TKIs
2L LS-011 Underrepresented the Patients Previously Treated with 2nd-Generation TKIs, Who Respond Poorly to Cabo ARC-20 LITESPARK-01111 CONTACT-034 METEOR5 PFS Population OS Population cabo cabo cas + cabo cabo cabo (n = 187) (n = 330) Prior Therapy Agent (n = 44) (n = 376) (n = 259) All TKI-Pretreat
Slide 82: Prior TKI Exposure Impacts Cabo Performance in 2L
2L Prior TKI Exposure Impacts Cabo Performance in 2L • CaboPoint demonstrated that patients who received prior IO + axitinib had numerically lower mPFS on cabo in 2L than those with prior IO-only • There are at least two retrospective studies demonstrating that prior exposure to lenvatinib specifica
Slide 83: Confirmed ORR of 44% Exceeds Cabo Monotherapy Benchmark
2L Confirmed ORR of 44% Numerically Exceeds Cabo Monotherapy Benchmark from LS-011 cas + cabo LS-011 cabo mono efficacy-evaluable (n = 43)a (n = 376)11 Follow-up, months, median 21 (18–27) 29 (24–35) (range) Confirmed ORR, % (n) 44% (19) 40% (151) (95% CI) (29%, 60%) (35%, 45%) Best Overall Response
Slide 84: 60% of 2L Patients Receive a TKI in 1L
2L 60% of 2L Patients Receive a TKI in 1L and Have a Very Poor Prognosis; Casdatifan Has the Potential to Drive a Paradigm Shift Opportunity to greatly improve PFS for patients with prior TKI (especially lenva) exposure With prior TKI: cas + cabo (n=17) vs CaboPoint prior TKI (n=40) With prior lenva
Slide 85: Casdatifan Dose Intensity Consistently High
Casdatifan Dose Intensity was Consistently High, Driving Efficacy and Durability cas 100mg QD + cabo 60mg QD cas 100mg QD cas mono pooled n=44 N=32 n=127 Median duration of follow-up, 21.3 25.0 28.1 months Median Tx duration, months 15 14 11 Cas relative dose intensity, 88.9% 91.2% 96.6% median Cabo
Slide 86: Other than Anemia, Very Few Grade 3+ 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
Slide 87: AEs Were Manageable with Dose Reductions
2L AEs Were Manageable with Dose Reductions SAFETY POPULATION,a n (%) (N = 44) LEADING TO REDUCTION IN: casdatifan cabozantinib any study drug Patients with any AE leading to dose reductionb 17 (39%) 28 (64%) 32 (73%) Fatigue 1 (2%) 9 (20%) 9 (20%) Anemia 8 (18%) 2 (5%) 8 (18%) Hypoxia 7 (16%) 1 (2%
Slide 88: 1L: Cas + Zim, Cas + Zim + Ipi
1L: Cas + Zim, Cas + Zim + Ipi 88 © Arcus Biosciences 2026
Slide 89: Baseline Characteristics for 1L Cohorts in ARC-20
1L Baseline Characteristics for 1L Cohorts in ARC-20 cas + zim cas + zim + ipi ipi + nivo2 pembro1 CHARACTERISTIC (n = 30) (n = 31) (n = 550) (n = 110) Age, years, median 63 (38, 89) 65 (47, 82) 62 (26-85) 64 (29-87) (range) Sex, female/male, n (%) 8 / 22 (27% / 73%) 5 / 26 (16% / 84%) 137 / 413 (25
Slide 90: Cas + Zim Strong Efficacy for Favorable and Intermediate/Poor Risk
1L Cas + Zim Showed Strong Efficacy for Both Favorable and Intermediate/Poor IMDC Risk Patients Favorable IMDC risk Intermediate / poor IMDC risk 20 20 0 0 Best Change from Baseline (%) Best Change from Baseline (%) -20 -20 -40 -40 -60 -60 -80 -80 -100 NE SD PR Ongoing -100 PD SD PR CR Ongoing Early
Slide 91: References and Acronym Key
References and Acronym Key 1. McDermott D, et al. J. Clin. Oncol. 2021. (KeyNote-427) 14. Motzer R, et al. Ann Oncol. 2026 (CheckMate-9ER) 2. Motzer R, et al. NEJM. 2018. (CheckMate-214) 15. Rini B, et al. Nat Med. 2025. (KeyNote-426) 3. Motzer R, et al. ASCO GU. 2026 (LITESPARK-011, abs LBA417) 16.