Arcus Biosciences, Inc. · NYSE:RCUS

Arcus Biosciences — Q2 2025 Earnings Presentation

41 slides from Arcus Biosciences's earnings presentation, Aug 6, 2025

1. Slide 1: Combining to Cure

   COMBINING TO CURE ® Arcus is at the forefront of designing combination therapies, with best-in-class potential, in the relentless pursuit of cures for cancer. CORPORATE PRESENTATION August 6, 2025

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 is Capitalized to Advance its Broad Portfolio of Late-Stage Programs

   Arcus is Capitalized to Advance its Broad Portfolio of Late- Stage Programs Through Phase 3 Readouts CASDATIFAN: POTENTIAL BEST-IN-CLASS HIF-2α INHIBITOR $927 Million IN CASH* Funded through initial pivotal readouts for dom, Phase 1/1b in Phase 1b/3 in 1L Phase 3 in 2L quemli and cas, which ccRCC cc

4. Slide 4: Three Late-Stage Programs Targeting Substantial Market Opportunities and Unmet Medical Need

   Three Late-Stage Programs Targeting Substantial Market Opportunities and Unmet Medical Need Designed to improve upon the current standard of care MARKET PHASE 3 PATIENTS (MAJOR POTENTIAL COMMERCIAL TRIAL NAME INDICATION MARKETS1) (MAJOR MARKETS2) RIGHTS CAS Post-IO ccRCC 19K ~$2B HIF-2α small Arcus

5. Slide 5: New Disclosures in the Second Quarter 2025 Earnings

   New Disclosures in the Second Quarter 2025 Earnings • Initial data from the Phase 1 ARC-20 study were presented in an oral presentation at ASCO and showed that nearly half of patients with IO- experienced ccRCC treated with cas plus cabo had a confirmed response1 • Casdatifan plus cabozantinib showe

6. Slide 6: Multiple Milestones in 2H25+ Expected to Enhance Clarity

   Multiple Milestones in 2H25+ Expected to Enhance Clarity on Multi-Billion $ Opportunities for Casdatifan and Domvanalimab TIMING STUDY PRODUCT EVENT ✓ Updated data from 50mg BID, 50mg QD (ORR, PFS) ASCO GU Casdatifan ✓ Initial data from 100mg QD tablet (ORR) 2025 mono cohort ✓ Safety and initial eff

7. Slide 7: Our Partnerships Enable Cost-Efficiency and Greatly Expand Our Opportunities

   Our Partnerships Enable Cost-Efficiency and Greatly Expand Our Opportunities COST-SHARING R&D • Arcus retains co-promotion • Taiho has development / • Both parties retain rights and profit share in commercial rights in Japan economics on their the U.S. and rest of Asia (ex-China) respective molecule

8. Slide 8: Casdatifan (HIF-2α) in ccRCC

   Casdatifan (HIF-2α) in ccRCC 8 © Arcus Biosciences 20 25

9. Slide 9: Casdatifan has an Optimal Pharmacological Profile Relative to Belzutifan

   Casdatifan has an Optimal Pharmacological Profile Relative to That of the Competitor Belzutifan • Belzutifan achieves its maximal PD effect (approx. 63% EPO suppression) at 120mg, its approved dose; dose reductions to 80mg or 40mg could result in a loss of efficacy GREATER INHIBITION • Casdatifan ac

10. Slide 10: Our Initial Focus Is on the IO-naive and Post-IO Settings

    Our Initial Focus Is on the IO-naive and Post-IO Settings, Both Multi-Billion Dollar Market Opportunities POTENTIAL FUTURE MARKET SIZE CURRENT SOC TREATMENT (MAJOR MARKETS1,2) CAS FUTURE DEVELOPMENT 21k patients IO-naive New cohorts of PD-1 + CTLA4 ~$3B metastatic cas + volru ARC-20 enrolling: OPPOR

11. Slide 11: Monotherapy Cohorts Presented at ASCO GU; Cas + Cabo Cohort Presented at ASCO

    Monotherapy Cohorts Presented at ASCO GU; Cas + Cabo Cohort Presented at ASCO Annual Meeting • To date, over 200 patients have received casdatifan across all cohorts of ARC-20 DOSE ESCALATION DOSE EXPANSION Patients with advanced solid tumors N = ~30 per cohort, except cas + cabo (n=45) Casdatifan m

12. Slide 12: Two Datasets Demonstrate Casdatifan's Potential to be Best-in-Class HIF-2α Inhibitor

    Two Datasets Now Demonstrate Casdatifan's Potential to be the Best-in-Class HIF-2α Inhibitor for ccRCC 100mg Cas + 60mg cabo in IO- Cas mono in 2L+ ccRCCb experienced ccRCCa (n=24) (n=89 across 3 cohorts) cas + cabo (ARC-20) belz + cabo (LS-003)1 cas 100mg QD (ARC-20) belz (LS-005)2 5m follow-up 24m

13. Slide 13: Initial Data from the Cas + Cabo Cohort Presented at ASCO 2025

    Initial Data from the Cas + Cabo Cohort Were Presented in an Oral Presentation at ASCO 2025 Combination Casdatifan Plus Cabozantinib in Previously Treated Patients With Clear Cell Renal Cell Carcinoma: Results From the Expansion Cohort of the Phase 1 ARC-20 Study Toni K Choueiri, MD, FASCO1; Moshe O

14. Slide 14: Initial Cas + Cabo Data Substantially De-Risk PEAK-1

    Initial Cas + Cabo Data Substantially De-Risk PEAK-1 • The 46% ORR for cas + cabo exceeds benchmarks for either agent ROBUST EFFICACY alone1 and the Phase 2 LITESPARK-003 benchmark for belz + cabo2 • All responses to date have confirmed and all 11 responders remain RESPONSES ALREADY on treatment as

15. Slide 15: Almost All Patients in Cas + Cabo Cohort Achieved Tumor Reduction

    Almost All Patients in Cas + Cabo Cohort Achieved Tumor Reductiona,b 100 80 60 From Baseline in SLD, % Best Percent Change 40 20 0 -20 -40 -60 -80 n = 24 Complete Response Partial Response Stable Disease Progressive Disease Ongoing SLD: sum of lesion diameter; ORR: overall response rate Pre sen ted

16. Slide 16: Tumor Reduction Has Deepened Over Time and Responses Appear Very Durable

    Tumor Reduction Has Deepened Over Time and Responses Already Appear Very Durable for Cas + Cabo 40 20 From Baseline in SLD (%) Percent Change 0 -20 -40 -60 -80 0 5 10 15 20 25 30 35 40 45 Time (Weeks) Complete Response Partial Response Stable Disease Progressive Disease Treatment Ongoing ORR: overal

17. Slide 17: Most Patients in Cas + Cabo Cohort Remain on Treatment

    Most Patients in Cas + Cabo Cohort Remain on Treatmenta,b n = 24 0 5 10 15 20 25 30 35 40 45 Time on Treatment, Weeks Complete Response Partial Response Stable Disease Progressive Disease Ongoing Pre sen ted at ASCO 2025 by Ton i K Choueir i, MD, FA SCO . Data cutoff date: Ma rch 14 , 2025 . a All e

18. Slide 18: Casdatifan Dose Intensity was Consistently 95%+

    Casdatifan Dose Intensity was Consistently 95%+, Driving Efficacy and Durability CAS 100MG QD + CABO 60MG QD* CAS 100MG QD* CAS 50MG QD* CAS 50MG BID* N=27 N=29 N=31 N=33 Median duration of follow- 3.7 5.1 12.3 15.5 up, months Median Tx duration, 3.0 4.1 10.6 7.1 months Cas relative dose intensity,

19. Slide 19: Very Few Grade 3 or Higher Treatment Related AEs in Cas + Cabo Cohort

    Very Few Grade 3 or Higher Treatment Related AEs in Cas + Cabo Cohort • No casdatifan-related grade 4 or 5 AEs were observed SAFETY POPULATION,a n (%) (N = 42) GRADE 3 OR HIGHER AE RELATED TO: casdatifan cabozantinib any study drug Patients with any treatment-related ≥ grade 3 AEb 13 (31%) 16 (38%)

20. Slide 20: Key Takeaways from the Cas + Cabo Cohort

    Key Takeaways from the Cas + Cabo Cohort ORR for cas + cabo already exceeds that of belzutifan + cabo in LITESPARK-003 Vast majority of patients experience some tumor reduction and clinical benefit While follow-up is limited, responses already appear very durable Safety profile of the combination ap

21. Slide 21: Initial PFS Data from Three Cas Monotherapy Cohorts Presented at ASCO GU 2025

    Initial PFS Data from Three Cas Monotherapy Cohorts Were Presented in an Oral Presentation at ASCO GU 2025 Data cut off of January 3, 2025, presentation date of February 15, 2025 21 ASCO: American Society of Clinical Oncology; cas: casdatifan; G U: genitourin ary © Arcus Biosciences 20 25

22. Slide 22: Key Efficacy Measures All Compare Very Favorably to Contemporary Benchmark Studies

    Key Efficacy Measures All Compare Very Favorably to Contemporary Benchmark Studies Casdatifan 50mg BID Casdatifan 50mg QD Casdatifan 100mg QD Efficacy-Evaluable Population1,2 (n = 32) (n = 28) (n = 27) 25% (8) 32% (9)** 33% (9) Confirmed ORR (n) [95% CI] [11.5, 43.4] [15.9, 52.4]** [16.5, 54.0] Med

23. Slide 23: 100mg QD Cohort: Rapid Response to Casdatifan Treatment

    100mg QD Cohort: Rapid Response to Casdatifan Treatment With Almost All Patients Still on Therapy 100mg QD Tablet Waterfall Plot 100mg QD Tablet Spider Plot 100 80 80 60 Best Percent Change from 60 Percent Change from 40 Baseline in SLD, % Baseline in SLD, % 40 20 20 0 0 -20 -20 -40 -40 -60 -60 -80

24. Slide 24: Spider Plots for 50mg BID and 50mg QD: Highly Durable Disease Control

    Spider Plots for 50mg BID and 50mg QD: Highly Durable Disease Control Even in SD Patients Only two confirmed responders across all cohorts have discontinued due to progression* 50mg BID Daily Cohort 50mg QD Cohort 80 80 ~40% of patients on 60 60 ~70% of patients on treatment ≥1 year treatment ≥9 mon

25. Slide 25: 50mg BID and 50mg QD Cohorts Show Substantially Improved PFS Relative to LITESPARK-005

    50mg BID and 50mg QD Cohorts Show Substantially Improved PFS Relative to that of LITESPARK-005 50mg BID Cohort (n=32) 50mg QD Cohort (n=28) 1.0 1.0 Belz LS-005 Belz LS-005 mPFS (Ph 3): mPFS (Ph 3): 0.9 0.9 5.6 months 5.6 months 0.8 0.8 Kaplan-Meier Estimates of Kaplan-Meier Estimates of Progression

26. Slide 26: Casdatifan Has the Potential to Change the Treatment Paradigm in ccRCC

    Casdatifan Has the Potential to Change the Treatment Paradigm in ccRCC and Displace TKIs in Early Lines POTENTIAL PARADIGM SHIFT HIF-2α mono CURRENT SOC cas Watch and Wait 1L Favorable Risk anti-PD-1 + TKI HIF-2α + anti-PD-1/CTLA-4 TKI mono cas + volrustomig anti-PD-1 + anti-CTLA-4 1L all-comers HIF

27. Slide 27: First Phase 3 Study for Cas Has a Simple Design (PEAK-1)

    First Phase 3 Study for Cas Has a Simple Design that Utilizes the Preferred SOC in Post-IO ccRCC PATIENT POPULATION: • Unresectable, locally advanced or metastatic N~700 PRIMARY ccRCC 100MG CASDATIFAN + ENDPOINT: • Measurable disease per CABOZANTINIB • PFS RECIST 1.1 KEY SECONDARY R • Have had prior

28. Slide 28: eVOLVE-RCC02: Seamless Phase 1b/3 Design to Evaluate Cas + Volru

    eVOLVE-RCC02: Seamless Phase 1b/3 Design to Evaluate Cas + Volru in 1L Advanced ccRCC PHASE 1B PHASE 3 ARM 3A volrustomig + casdatifan ARM 1A volrustomig + casdatifan PATIENT POPULATION: R R ARM 3B • Advanced ccRCC 1:1 1:1:1 volrustomig monotherapy ARM 1B • No prior systemic volrustomig + casdatifan

29. Slide 29: The 8 Cohorts in the ARC-20 Study Enable a Steady Cadence of Data

    The 8 Cohorts in the ARC-20 Study Enable a Steady Cadence of Data Over the Next ~18 Months TIMING ARC-20 COHORTS EVENT ✓ Updated data from 50mg BID, 50mg QD (ORR, • 50mg BID ASCO GI PFS) • 50mg QD 2025 ✓ Initial data from 100mg QD tablet (ORR) • 100mg QD mono cohort ✓ Safety and initial efficacy dat

30. Slide 30: Domvanalimab in Upper GI Cancers and Non-Small Cell Lung Cancer

    Domvanalimab in Upper GI Cancers and Non-Small Cell Lung Cancer 30 © Arcus Biosciences 20 25

31. Slide 31: Dom is the Most Clinically Advanced Fc-Silent Anti-TIGIT Antibody in Development

    Dom is the Most Clinically Advanced Fc-Silent Anti-TIGIT Antibody in Development TIGIT inhibition turns an immuno-suppressive First-to-Market potential in Upper GI & “brake” into an accelerator of adaptive immunity the only Fc-silent anti-TIGIT in Ph3 NSCLC 1 2 Dom blocks TIGIT, an inhibitory TIGIT

32. Slide 32: Dom/Zim/Chemo: Unprecedented mPFS in 1L Gastric Cancer

    Dom/Zim/Chemo: Unprecedented mPFS in 1L Gastric Cancer Phase 2 EDGE-Gastric: TAP ≥ 5% (n=16); Phase 2 EDGE-Gastric Data Exceeded TAP < 5% (n=24) Phase 3 Benchmark Data Janjigian et al. ASCO, Jun. 1, 2024; DCO date of March 12, 2024 CHECK KEY 13.8 months EDGE- RATIONALE MATE- NOTE- 100 GASTRIC -305 3

33. Slide 33: Phase 3 Study was Fully Enrolled in June 2024

    Phase 3 Study was Fully Enrolled in June 2024 Dom + zim is positioned to be the first anti-TIGIT combination approved STAR-221 is evaluating the same regimen in the same setting as EDGE-Gastric 1L locally N=1,046 DUAL PRIMARY ENDPOINTS: advanced • OS ITT domvanalimab + zimberelimab + unresectable or

34. Slide 34: ARC-7 and ARC-10 Demonstrated Consistent Improvement for Dom + Zim in 1L PD-L1 High NSCLC

    ARC-7 and ARC-10 Demonstrated Consistent Improvement for Dom + Zim in 1L PD-L1 High NSCLC 1L PD-L1 High NSCLC 1L PD-L1 High NSCLC dom + zim vs. zim vs. etruma + dom + zim (n=150) dom + zim vs. zim or chemo (n=95) Johnson, et al. ASCO, Jun. 2, 2023; DCO date of Feb. 7, 2023 Johnson, et al. SITC 2024;

35. Slide 35: Phase 3 Evaluating Dom + Zim + Chemo vs. Pembro + Chemo in 1L NSCLC

    Phase 3 Evaluating Dom + Zim + Chemo vs. Pembro + Chemo in 1L NSCLC (All PD-L1 Subgroups) • Uses standard of care, pembrolizumab, in the comparator arm ELIGIBILITY CRITERIA: ARM A ENDPOINTS: • Metastatic NSCLC without dom + zim + platinum doublet PRIMARY actionable mutations (ARM A vs B) • No prior

36. Slide 36: Phase 3 Evaluating Dom + Durva vs Placebo + Durva in Stage III NSCLC

    Phase 3 Evaluating Dom + Durva vs Placebo + Durva in Unresectable, Stage III NSCLC • Combines domvanalimab with durvalumab standard-of-care in Stage III NSCLC • Potential to be first anti-TIGIT combination in this curative intent setting PATIENT POPULATION: ARM A (N=430) PRIMARY ENDPOINT: • Patients

37. Slide 37: Quemliclustat in Pancreatic Cancer

    Quemliclustat in Pancreatic Cancer 37 © Arcus Biosciences 20 25

38. Slide 38: Quemliclustat: A Small Molecule CD73 Inhibitor with Several Key Attributes

    Quemliclustat: A Small Molecule CD73 Inhibitor with Several Key Attributes QUEMLICLUSTAT • Highly potent small molecule Potential advantages over • Target coverage achieved at doses CD73 antibodies1 as low as 25mg Q2W • Extremely long (4+ days) half-life, enabling Q2W dosing by IV infusion ✓ Highly

39. Slide 39: Highlights from the Randomized Phase 1 Study in 1L PDAC

    Highlights from the Randomized Phase 1 Study in 1L PDAC Wainberg ZA, et al. ASCO GI Jan. 19, 2024, DCO date of June 19, 2023 ❖ Median overall survival (mOS) was 15.7 months (n=122) for patients treated with a quemliclustat-based regimen, which exceeds the historical benchmark data for chemotherapy a

40. Slide 40: Phase 3 Study of Quemli + Chemo in 1L Metastatic PDAC

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

41. Slide 41: Combining to Cure

    RCUS BIOSCIENCES COMBINING TO CURE”

Arcus Biosciences — Q2 2025 Earnings Presentation on 6ix