Arcus Biosciences, Inc. · NYSE:RCUS

Arcus Biosciences — Q4 2025 Earnings Presentation

35 slides from Arcus Biosciences's earnings presentation, Feb 25, 2026

  1. Slide 1: Full Year 2025 Investor Presentation

    Full Year 2025 Investor Presentation Oncology and Immunology Portfolio Summary February 25, 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 Quemliclustat CD40L year CAPITAL EFFICIENCY & RI

  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 Wholly-owned* HIF-2α inhibitor Injectable, Blockbuster Biologic Drugs with "best in class" data; t

  5. Slide 5: Key Updates: New Casdatifan Data and Emerging I&I Portfolio

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

  6. Slide 6: 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 12-24 MONTHS NEXT Phase 3 data 9-12 MONTHS NEXT Phase 3 data 6-9 MONTHS NEXT TNF inhibitor in Data for 3 MONTHS clinic cas combinations in early-line RCC Cas + cabo PFS POC data for data MRGPRX2  Cas Initi

  7. Slide 7: Clinical Data from >120 Patients Support Casdatifan's Potential 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 Multiple Settings of RCC CLINICAL inhibitors and

  8. Slide 8: Updated Casdatifan Data

    Updated Casdatifan Data Data Based on a January 30, 2026 DCO Unless Otherwise Stated 8 Copyright © Arcus Biosciences 2026

  9. Slide 9: 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 Casdatifan mono Post-IO ccRCC 50mg BID capsule Casdatifan 100mg QD + Cabozantinib 60mg QD 150mg QD 2L+ ccRCC

  10. Slide 10: 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)

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

    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: 15.1 Months mPFS for Patients Treated with Casdatifan

    15.1 Months mPFS for Patients Treated with Casdatifan 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 12 DCO: Jan. 30, 2026 © Arcus Biosciences 2026

  13. Slide 13: 12.2 Months mPFS 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 patie

  14. Slide 14: Systemic Suppression of sEPO Correlated with Clinical Benefit (ORR)

    Systemic Suppression of HIF-2α–Regulated sEPO Is Highly Correlated with Clinical Benefit with Casdatifan (ORR) **** 512 Patients with Baseline sEPO (mlU/mL) 256 128 ccRCC had 64 significantly higher 32 baseline levels of 16 sEPO than 8 4 Normal healthy volunteers 2 EPO range (P < .0001)1 n = 58 N =

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

    Systemic Suppression of HIF-2α–Regulated sEPO Is Highly Correlated with Clinical Benefit with 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

  16. Slide 16: Casdatifan Data Exceed All PFS Benchmarks

    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

  17. Slide 17: Casdatifan Was Well Tolerated in All Cohorts

    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)

  18. Slide 18: Casdatifan Development Strategy

    Casdatifan Development Strategy 18 Copyright © Arcus Biosciences 2026

  19. Slide 19: First Phase 3 Study 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

  20. Slide 20: 1L Strategy for Cas Will Focus on TKI-Free Regimens

    1L Strategy for Cas Will Focus on TKI-Free Regimens, Enabled by its Low Rate of Primary Progression ARC-20 Data To Date Show a Four TKI-Free Cohorts in the 1L Setting Consistently Low Rate of Primary PD, Will Inform 1L Strategy for Cas with the Goal of Avoiding the Need for a TKI Initiating Phase 3

  21. Slide 21: Casdatifan Market Opportunity

    Casdatifan Market Opportunity 21 Copyright © Arcus Biosciences 2026

  22. Slide 22: RCC Is a Growing Multi-Billion Dollar Market

    RCC Is a Growing Multi-Billion Dollar Market, Driven by the Introduction of HIF-2α Inhibition and Long DoT's Annual RCC Sales – 7 Major Markets ($M) • RCC is currently a ~$9B market in $14,000 Major Markets $12,000 − This is despite multiple generic TKIs $10,000 (e.g., axitinib, pazopanib, everolimu

  23. Slide 23: Belzutifan Today is Only Scratching the Surface on the RCC Opportunity

    Belzutifan Today is Only "Scratching the Surface" on the RCC Opportunity (Major Markets) Potential HIF-2α Peak Sales ($M) $3,000 24k pts 21k pts $2,500 Arcus is pursuing early lines of treatment, and cas has the potential to $2,000 achieve long durations of therapy $5B+ for $1,500 1L and "IO- ~ $2,8

  24. Slide 24: Oncologists Clearly Preferred the PD1/CTLA4 + Cas Regimen

    Oncologists clearly preferred the PD1/CTLA4 + cas regimen over the PD1/TKI + cas regimen when presented with both options Oncologist Regimen Preferences anti-PD-1 + anti-CTLA-4 + cas Neutral anti-PD1 + TKI + cas # of Oncs Preferred 15 out of 20 1 out of 20 4 out of 20 anti-PD-1 + anti-CTLA-4 + cas a

  25. Slide 25: Quemliclustat in Pancreatic Cancer

    Quemliclustat in Pancreatic Cancer 25 Copyright © Arcus Biosciences 2026

  26. Slide 26: Quemli Could Be the First Transformative Therapy for 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 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 (

  27. Slide 27: 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

  28. Slide 28: Our Emerging I&I Portfolio

    Our Emerging I&I Portfolio 28 Copyright © Arcus Biosciences 2026

  29. Slide 29: 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

  30. Slide 30: Potential Best-in-Class MRGPRX2 Antagonist to Treat Atopic Skin Diseases

    Potential Best-in-Class 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 Activity

  31. Slide 31: Small-molecule Inhibitors of TNF

    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

  32. Slide 32: Multiple Programs Targeting Substantial Market Opportunities and Unmet Medical Need

    Multiple Programs Targeting Substantial Market Opportunities and Unmet Medical Need MARKET POTENTIAL INDICATION (Major markets*) CAS Post-IO ccRCC ~$2B Small molecule HIF-2α inhibitor IO-naive ccRCC ~$3B QUEMLI Small molecule 1L PDAC >$4B CD73 inhibitor MRGPRX2 Small molecule CSU & Atopic dermatitis

  33. Slide 33: Multiple Catalysts are Expected over the Next Months

    Multiple Catalysts are Expected over the Next 12 Months NEXT 24+ MONTHS NEXT 12-24 MONTHS NEXT Phase 3 data 9-12 MONTHS NEXT Phase 3 data 6-9 MONTHS NEXT TNF inhibitor in Data for 3 MONTHS clinic cas combinations in early-line RCC Cas + cabo PFS POC data for data MRGPRX2  Cas Initiate first antagon

  34. Slide 34: Q&A

    Q&A 34 Copyright © Arcus Biosciences 2026

  35. Slide 35: References and Acronym Key

    References and Acronym Key 1. Choueiri T. et al 2026 (ARC-20) 9. Rini B. et al. 2011 (AXIS) 2. Albiges L. et al. 2023 (LITESPARK-005) 10. Pal S. et al. 2023 (CONTACT-03) 3. Choueiri T. et al. 2024 (LITESPARK-005) 11. Tannir N. et al. 2022 (CANTATA) 4. Choueiri T. et al. 2025 (ARC-20) 12. Merck 4QFY

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