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Arcus Biosciences Investor Event 2025 October 6, 2025
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© Arcus Biosciences 2025 TOPIC PRESENTER(S) TIME (ET) Overview of Arcus Dr. Terry Rosen 10:00-10:10 Overview of Casdatifan Dr. Terry Rosen 10:10-10:20 New Casdatifan Monotherapy Data Dr. Richard Markus 10:20-10:35 Treatment Paradigm in ccRCC Dr. Rana McKay 10:35-10:55 Q&A 10:55-11:15 Role of HIF-2α in ccRCC and Casdatifan Biomarker Data Dr. Juan Jaen 11:15-11:25 Panel Conversation Dr. Bill Kaelin, Dr. Juan Jaen 11:25-11:45 Break 11:45-12:00 Casdatifan Development Strategy Dr. Richard Markus 12:00-12:10 Casdatifan Market Opportunity Jennifer Jarrett 12:10-12:25 Our Emerging I&I Portfolio Dr. Juan Jaen 12:25-12:40 Q&A 12:40-1:00 Closing Remarks Dr. Terry Rosen 1:00-1:05 2 Agenda ccRCC: clear cell renal cell carcinoma; I&I: immunology and inflammation
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© Arcus Biosciences 2025 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 regarding events or results to occur in the future contained in this presentation are forward-looking statements, including statements about: our anticipated cash runway through the initial pivotal readouts for domvanalimab, quemliclustat and casdatifan, including PEAK-1; expected potential, advantages, efficacy or safety of casdatifan, including potential opportunities and benefits from our differentiated development strategy; estimates related to the market opportunities for our product candidates; and achievement and expected timing of clinical and developmental milestones, including the timing of additional data from the casdatifan program, timing of advancement into the clinic for Arcus’s inflammation and immunology programs and results from clinical studies. Forward-looking statements may be identified by words suchas “anticipate,” “believe,” “expect,” “intend,” “may,” “should,” “plan,” “project,” “target,” “will,” and similar expressions, although not all forward- looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied by any forward-looking statements, including, but not limited to: risks associated with interim clinical data not being replicated in other studies for casdatifan or other product candidates; the unexpected emergence of adverse events or other undesirable side effects; difficulties or delays in conducting or completing our clinical trials due to regulatory review, site activation, patient identification or enrollment, or manufacturing and supply of investigational or standard-of-care products for such clinical trials, all of which may be exacerbated by unfavorable global economic, political, public health and trade conditions; changes in the competitive landscape; our ability to successfully market and commercialize any investigational product that is approved; our ability to obtain and maintain intellectual property protection for our product candidates; our reliance on collaboration partners, including Gilead, and the timing and success of activities conducted by such partners; our ability to obtain additional funding as needed; and the inherent uncertainty associated with pharmaceutical product development and clinical trials. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Further information on these and other factors that could affect the forward-looking statements made herein is described in our most recent periodic reports filed with the U.S. Securities and Exchange Commission, including our most recent Quarterly Report on Form 10-Q, and in other filings and reports we make with the SEC from time to time. You should not rely upon forward-looking statements as predictions of future events. Except as required by law, neither we nor any other person assumes responsibility for the accuracy or completeness of the forward-looking statements. We undertake no obligation to update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, except as required by law. Third-Party Sources Disclaimer: Additionally, this presentation contains certain information related to or based on studies, publications, surveys and other data obtained from third-party sources, and our own internal estimates and research, including without limitation relating to market size and potential. This information is based on a number of assumptions, projections and estimates, including with respect to our future performance and the future performance of markets in which we operate, and are necessarily subject to a high degree of uncertainty and risk and you are cautioned not to give undue weight to such estimates. No Regulatory Approval: All of Arcus’s molecules are investigational and Arcus (and Gilead for all of the molecules in each optioned program) has not received approval from any regulatory authority for any use globally, nor established the safety and efficacy of these investigational molecules. Notice of Trademarks: The Arcus name and logo are the property of Arcus. All other trademarks used herein are the property of their respective owners and are used for reference purposes only. Such use should not be construed as an endorsement of Arcus. 3 Forward-looking Statements/Safe Harbor
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© Arcus Biosciences 2025 Overview of Arcus Dr. Terry Rosen CEO, Arcus Biosciences 4
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© Arcus Biosciences 2025 5 Arcus is Capitalized to Advance its Broad Portfolio of Late- Stage Programs Through Phase 3 Readouts 1L: first-line; 2L: second-line; cabo: cabozantinib; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; dom: domvanalimab; I&I: immunology and inflammation; NSCLC: non- small cell lung cancer; PD-L1: programmed cell death ligand 1; quemli: quemliclustat; R&D: research & development DOMVANALIMAB: APPROACHING PHASE 3 DATA 1L Gastric Ph 3 Data expected in 2026 1L NSCLC (PD-L1 all comer) Stage 3 NSCLC CASDATIFAN: COMMERCIALLY-VALIDATED MECHANISM Phase 1/1b in ccRCC WORLD-CLASS DRUG DISCOVERY $927 MILLION IN CASH* Funded through initial pivotal readouts for dom, quemli and cas, including PEAK-1** Small molecules, with focus on oncology and I&I * cash, cash equivalents and marketable securities as of June 30, 2025 ** runway estimate based on cash, cash equivalents, marketable securities, available facilities, and current planned operations Phase 1b/3 in 1L ccRCC Phase 3 in 2L ccRCC QUEMLICLUSTAT: PHASE 3 FULLY ENROLLED 1L Pancreatic
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© Arcus Biosciences 2025 Today, We Will Focus on OurCasdatifan Program and Emerging Portfolio in I&I • Data presented today are from a data cut-off of August 15th – analysis was conducted to support our first manuscript for ARC-20 (target timing early 2026) • Includes ~120 late-line ccRCC patients treated with cas monotherapy, with ~8 months more follow-up since the last data presentation at ASCO GU • Results clearly support cas’s potential best-in- class efficacy profile • With our Phase 3 study, PEAK-1, and eVOLVE-RCC02 now enrolling, today’s data provide another important “tailwind” for enrollment • I&I discovery efforts have been ongoing at Arcus since its founding • We now have 5 active research programs in I&I • Data presented today will provide visibility into Arcus's next wave of programs and future clinical programs • First Phase 1 trial (for our MRGPRX2 program) is expected to begin in 2026 CASDATIFAN: POTENTIAL BEST-IN- CLASS HIF-2α INHIBITOR EMERGING PORTFOLIO IN IMMUNOLOGY AND INFLAMMATION (I&I) 1H: first half; ASCO GU: American Society of Clinical Oncology Genitourinary Cancers Symposium cas: casdatifan; ccRCC: clear cell renal cell carcinoma; I&I: immunology and inflammation; MRGPRX2: mas -related G protein-coupled receptor member X2 6
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© Arcus Biosciences 2025 7 Our Late-Stage Trial Experience Demonstrates Our Ability to Rapidly Enroll Large Studies, Which Should De-Risk PEAK-1 Execution Study Phase 3 trial for dom/zim Phase 3 trial for quemli Phase 1b trial for cas Enrollment Period Nov 2022 – June 2024 Jan 2025 – Sept 2025 June 2023 – Present Time to enrollment completion 18 months 9 months NA # of countries 30 13 5 # of sites 212 135 30 Patients enrolled 1040 (enrollment completed) 649 (enrollment completed) >240 (enrolling new cohorts) cas: casdatifan; dom: domvanalimab; quemli: quemliclustat; zim: zimberelimab
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© Arcus Biosciences 2025 PHASE 3 TRIAL NAME STATUS PARTNERSHIP FUNDING ARCUS ECONOMIC & COMMERCIAL RIGHTS CAS HIF-2α small molecule inhibitor Enrolling -- 100%1 Economics WW Commercial Rights Enrolling (Ph1b) DOM (+ ZIM) Fc-silent anti-TIGIT mAb + anti-PD-1 mAb Data expected 2026 (event-driven) 50% Profit / Co-Promote (US) Royalties (ex-US) Enrolling Enrolling 50% Profit / Co-Promote (US) Royalties (ex-US) QUEMLI CD73 small- molecule inhibitor Enrollment completed + equity investment from 50% Profit / Co-Promote (US) Royalties (ex-US 8 The Majority of Our Phase 3 Studies Have Received Substantial External Support from Partners… 1. Taiho Pharmaceutical has an option to license casdatifan rights in Japan and other Asian countries, excluding China *Sponsored by AstraZeneca cas: casdatifan; mm: million; R&D: research & development; volru: volrustomig * *
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© Arcus Biosciences 2025 PEAK CLINICAL INVESTMENT PHASE 3 TRIAL NAME STATUS INDICATION PATIENTS (MAJOR MARKETS1,2) MARKET POTENTIAL (MAJOR MARKETS2) CAS HIF-2α small molecule inhibitor 2026+ Enrolling Post-IO ccRCC 21K ~$2B Enrolling (Ph1b) 1L ccRCC 24K ~$3B DOM (+ ZIM) Fc-silent anti-TIGIT mAb + anti-PD-1 mAb 2025 Data Expected 2026 (event-driven) 1L Gastric/GEJ/EAC 105K ~$3B Enrollment completing YE 1L NSCLC 307K ~$10B Enrolling Stage 3 NSCLC, PD- L1>1% 35K 3 ~$2B QUEMLI CD73 small molecule inhibitor 2025 Enrollment completed 1L PDAC 109K >$4B 9 …Enabling Multiple Phase 3 Studies, Several of Which Are Approaching Readouts and Targeting Large Opportunities 1. Drug Treatable Addressable Populations (Major Markets, 2024); Decision Resources Group, Arcus analysis 2. Major Markets (US, EU5, JP) - total projected 2034 PD-(L)1 + TIGIT opportunity, Q opportunity & HIF -2α opportunity 3. Post-cCRT consolidation 1L: first-line; 2L: second-line; 3L: third-line; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; dom: domvanalimab; EAC: esophageal adenocarcinoma; EU5: France, Germany, Italy, Spain, and the United Kingdom; GEJ: gastroesophageal junction; IO: immunotherapy; mAb: monoclonal antibody; NSCLC: non-small cell lung cancer; PDAC: pancreatic ductal adenocarcinoma; quemli: quemliclustat; zim: zimberelimab
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© Arcus Biosciences 2025 Overview of Casdatifan Dr. Terry Rosen CEO, Arcus Biosciences 10
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© Arcus Biosciences 2025 11 The Discovery of HIF-2α and Therapeutic Intervention ccRCC: clear cell renal cell carcinoma; monoTx: monotherapy; VHL: Von Hippel-Lindau factor 1990’s Early 2000’s 2010’s 2019 2021 2023 2024 2025+ Peter Ratcliffe, Gregg Semenza and Bill Kaelin elucidate the biology of hypoxia response HIF-2α shown to play a causal role in VHL-deficient kidney cancer; viewed as “non- druggable” Druggable "pocket" on the HIF-2α protein elucidated Kaelin, Ratcliffe and Semenza receive Nobel Prize in Physiology and Medicine Peloton Therapeutics acquired by Merck pre-Phase 3 for $1.05B upfront ($2.2B total) for belzutifan Belzutifan approved by the FDA for VHL- deficient kidney cancer Belzutifan monoTx approved by FDA for advanced ccRCC Casdatifan, the only competitor to belzutifan, enters Phase 3 Casdatifan, a potential best-in- class HIF-2α inhibitor discovered at Arcus, enters the clinic for dose escalation
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© Arcus Biosciences 2025 12 Casdatifan Is a Potential Best-in-Class HIF-2α Inhibitor 1L: first-line; AZ: AstraZeneca; cas: casdatifan; cabo: cabozantinib; ccRCC: clear cell renal cell carcinoma; EPO: erythropoieti n; G7 countries: Canada, France, Germany, Italy, Japan, United Kingdom, United States; h: hours; IO: immunotherapy; ORR: overall response rate; PD: pharmacodynamic; PFS: progression-free survival; PK: pharmacokinetic *Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample size, inclusion and exclusion criteria and many other factors. • Casdatifan is an oral, small-molecule inhibitor of HIF-2α, a target that has been clinically and commercially validated by Merck’s WELIREG® (belzutifan) • Cas's substantially better PK/PD profile has translated into greater clinical activity relative to that of belzutifan: 2x longer PFS, 50% higher ORR, 50% lower rate of PD* − >240 patients have been treated with casdatifan to date • We are pursuing a differentiated development strategy with our Phase 3 program and targeting the two largest RCC market segments: − PEAK-1: cas + cabo in IO-experienced ccRCC, a $2B+ peak sales opportunity − eVOLVE-RCC002 (AZ sponsoring, Phase 1b/3 study): cas + volrustomig in 1L ccRCC, a $3B+ peak sales opportunity • The total RCC market is $9B+ today (in G7 countries alone) and growing
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© Arcus Biosciences 2025 EPO Suppression: PD Biomarker for HIF-2α Inhibition 13 Casdatifan’s Advantages Stem from an Improved PK / PD Profile, Enabling it to “Hit the Target Harder” Cas: median (solid purple line) and inter-quartile range (shaded area) of population PK/PD simulations using model developed from data. ‡ Source: Marathe DD, J Clin Pharm 2024, Fig S20. Comparison not based on head- to-head studies. Casdatifan (AB521) is an investigational molecule and its safety and efficacy have not been established. PK/PD data are from both escalati on and expansion cohorts. belz: belzutifan; cas: casdatifan; EPO: erythropoietin; PD: pharmacodynamic; PK: pharmacokinetic; SEM: standard error of mean; QD: once daily 20mg of cas achieves the same EPO reduction as that of 120mg of belz, with significantly greater sustained suppression Dotted line = EPO% change for belzutifan at 120mg ‡ EPO% change for cas from 20mg to 100mg 100mg QD of cas results in substantial and sustained EPO suppression20mg of cas is one fifth our going-forward dose of 100mg
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© Arcus Biosciences 2025 50mg BID (n=31) 11 MOS MED. FOLLOW-UP PD: 19% cORR: 25% mPFS: Not reached 15 MOS MED. FOLLOW-UP PD: 19% cORR: 25% mPFS: 9.7 mos -- 50mg QD (n=28) 8 MOS MED. FOLLOW-UP PD: 14% cORR: 21% mPFS: Not reached 12 MOS MED. FOLLOW-UP PD: 14% cORR: 32% mPFS: Not reached -- 100mg QD (n=27) -- 5 MOS MED. FOLLOW-UP PD: 15% cORR: 33% mPFS: Not reached -- Cas + Cabo (n=24) -- -- 5 MOS MED. FOLLOW-UP PD: 4% cORR: 46% mPFS: Not reached 14 Three Oral Presentations at Major Medical Meetings in Less Than a Year Have Created Substantial Interest in Casdatifan DCOs - ENA 2024: August 30, 2024; ASCO GU 2025: January 3, 2025; ASCO 2025: March 14, 2025 BID: twice daily; cabo: cabozantinib; cas: casdatifan; cORR: confirmed overall response rate; DCO: data cut -off; mos: months; mPFS: median progression-free survival; PD: pharmacodynamic; QD: once daily
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© Arcus Biosciences 2025 50mg BID (n=31) 11 MOS MED. FOLLOW-UP PD: 19% cORR: 25% mPFS: Not reached 15 MOS MED. FOLLOW-UP PD: 19% cORR: 25% mPFS: 9.7 mos 23 MOS MED. FOLLOW-UP PD: 19% cORR: 26% mPFS: 9.7 mos 50mg QD (n=28) 8 MOS MED. FOLLOW-UP PD: 14% cORR: 21% mPFS: Not reached 12 MOS MED. FOLLOW-UP PD: 14% cORR: 32% mPFS: Not reached 20 MOS MED. FOLLOW-UP PD: 14% cORR: 36% mPFS: 19.2 mos 100mg QD (n=31) -- 5 MOS MED. FOLLOW-UP PD: 15% cORR: 33% mPFS: Not reached 12 MOS MED. FOLLOW-UP PD: 16% cORR: 35% / uORR: 42%* mPFS: Not reached 15 *Includes two unconfirmed responses, both pending confirmation, in the 100mg cohort. One was recorded prior to the DCO, and one was recorded after the DCO. If both confirm, the cORR for the 100mg cohort would increase from 35% to 42% and the cORR for the pooled analysis would increase from 31% to 33%. Today And the Data Have Been Consistently Robust and Have Improved Over Time DCOs - ENA 2024: August 30, 2024; ASCO GU 2025: January 3, 2025; “Today”: August 15, 2025 BID: twice daily; cabo: cabozantinib; cas: casdatifan; cORR: confirmed overall response rate; DCO: data cut -off; mPFS: median progression-free survival; mos: months; PD: pharmacodynamic; QD: once daily
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© Arcus Biosciences 2025 Primary PD for monotherapy 16% 34% cORR for monotherapy 35% (42% uORR*) 22% mPFS for monotherapy 12+ months 5.6 months cORR in combination with cabo ("IO-experienced") 46% 31% TKI combo partner in post-IO setting + cabo + lenva (data in 2026?) + zanza (data in ??) 1L strategy + anti-PD-1/CTLA-4 (volru; TKI-free) + pembro (anti-PD-1) + lenva (TKI) Pill burden 1 (+1 for cabo) 3 (+2 for lenva) With a Differentiated Efficacy Profile and Development Plan, Cas is Poised to Become the HIF-2α Treatment of Choice *Includes two unconfirmed responses, both pending confirmation, in the 100mg cohort. One was recorded prior to the DCO, and one w as recorded after the DCO. If both confirm, the cORR for the 100mg cohort would increase from 35% to 42% and the cORR for the pooled analysis would increase from 31% to 33%. DCO for casdatifan data: August 15, 2025 1. Clinical data from LITESPARK-005. Sources: Albiges L. et al. Abstract LBA88, ESMO 2023; Choueiri et al. 2024. Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. 1L: first-line; belz: belzutifan; cabo: cabozantinib; cas: casdatifan; ccRCC: clear -cell renal cell carcinoma; cORR: confirmed overall response rate; DCO: data cut -off; IO: immunotherapy; lenva: lenvatinib; mPFS: median progression free survival; m: months; pembro: pembrolizumab; QD: once daily; TKI: tyrosine kinase inhibitor; uORR: unconfirmed overall response rate; volru: volrustomig; zanza: zanzalintinib belzutifan1 EFFICACY & SAFETY DATA BASED ON ARC-20 (CAS) AND LITESPARK-005 (BELZ), MONOTHERAPY DATA IS FOR PATIENTS THAT HAVE RECEIVED BOTH PRIOR ANTI- PD-1 AND TKI casdatifan 100mg QD 16
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© Arcus Biosciences 2025 Casdatifan Clinical Data: Monotherapy in Late-Line ccRCC Dr. Richard Markus CMO, Arcus Biosciences 17
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© Arcus Biosciences 2025 • For the first time, we are presenting data from all four late-line monotherapy cohorts from ARC-20, including PFS – a 121-patient dataset • Across this dataset (n=121), we have observed*: Substantially higher ORR vs. that of belzutifan ~50% lower rate of primary progressive disease ~2x longer median PFS Faster time to response • Responses observed have been highly durable with the vast majority of patients still on treatment • We believe these data substantially de-risk PEAK-1 and demonstrate the potential for casdatifan to displace TKIs in earlier line settings 18 The Data We Are Presenting Today Support Cas’s Best-in- Class Profile *Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample size, inclusion and exclusion criteria and many other factors. Cas: casdatifan; ORR: overall response rate; PFS: progression-free survival; TKI: tyrosine kinase inhibitor
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© Arcus Biosciences 2025 Today’s Data Focuses on the ARC-20 Cohorts Evaluating Cas Mono in anti-PD-1/TKI Experienced ccRCC 1L: first-line; 2L: second-line; BID: twice daily; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; IO: immunotherapy; mono: monotherapy; QD: once daily; TKI: tyrosine kinase inhibitor 2L+ ccRCC Casdatifan mono 50mg BID capsule 2L+ ccRCC Casdatifan mono 50mg QD capsule 2L+ ccRCC Casdatifan mono 150mg QD tablet 2L+ ccRCC Casdatifan mono 100mg QD tablet Favorable-risk 1L ccRCC Casdatifan mono 100mg QD 1L ccRCC Casdatifan 100mg QD + Zimberelimab 360mg Q3W Post-IO ccRCC Casdatifan mono 100mg QD Post-IO ccRCC Casdatifan 100mg QD + Cabozantinib 60mg QD Casdatifan monotherapy DOSE EXPANSION N = ~30 per cohort DOSE ESCALATION Patients with advanced solid tumors 150mg QD 50mg BID 50mg QD 20mg QD 200mg QD 19 To date, over 240 patients have received casdatifan across all cohorts of ARC-20
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© Arcus Biosciences 2025 We Are Focusing on LITESPARK-005 as the Benchmark, but Data from Multiple Belzutifan Studies Are Consistent 20 1. Phase 3; belzutifan vs. everolimus in previously treated ccRCC (NCT04195750); ref: ESMO 2023 LBA88. 2. Phase 1; belzutifan in previously treated ccRCC (Dose Expansion Cohort) (NCT02974738); refs: Jonasch et al 2024; Choueiri et al 2021; ASCO GU 2021 273. 3. Phase 2; belzutifan 120mg and 200mg (pooled) in previously treated ccRCC (NCT04489771); ref: ASCO 2024 4534. 4. Phase 2;belzutifan + pembro in PDx and VEGF TKI experienced ccRCC (NCT04626518); ref: ASCO GU 2025 440; note: IO rechallenge not known to be effective in post -IO ccRCC. 2L: second-line; ccRCC: clear cell renal cell carcinoma; CPI: checkpoint inhibitor; ORR: overall response rate; PFS: progression- free survival; Pts: patients; RECIST: Response Evaluation Criteria in Solid Tumors; TKI: tyrosine kinase inhibitor STUDY DESCRIPTION # OF LINES OF THERAPY PRIOR TKI PRIOR CPI ORR (PRIOR CPI AND TKI PTS ONLY) MEDIAN PFS (PRIOR CPI AND TKI PTS ONLY) LITESPARK- 0051 • 1-3 prior lines for inclusion • Mostly 2-3 prior lines • 100% had prior TKI • 100% had prior CPI • 21.9% 5.6 months LITESPARK- 001 2 • Median 3 prior lines • 91% had prior VEGF TK • 80% had prior CPI • 20.5% NA LITESPARK- 013 3 • Mostly 1-2 prior lines • 71.4% had prior TKI • 100% had prior CPI • 19.1% 7.3 months KEYMAKER- U03B 4 • Mostly ≥3 prior lines • 100% had prior TKI • 100% had prior CPI • 19.4% 5.4 months
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© Arcus Biosciences 2025 Safety-Evaluable Population1 Dose Expansion: 2L+ ccRCC Belzutifan3 50mg BID (n = 33) 50mg QD (n = 31) 100mg QD (n = 32) 150mg QD (n = 31) Pooled (n = 127) 120mg QD (n = 374) Age, years, median (range) 62 (41–79) 65 (43–82) 60 (45–77) 65 (53–78) 62 (41–82) 66 (49–78) Sex, Female/Male, n (%) 8 (24) / 25 (76) 10 (32) / 21 (68) 5 (16) / 27 (84) 8 (26) / 23 (74) 31 (24) / 96 (76) 77 (21) / 297 (79) ECOG PS 0/1, n (%) 16 (48) / 17 (52) 18 (58) / 13 (42) 15 (47) / 17 (53) 13 (42) / 18 (58) 62 (49) / 65 (51) NA IMDC Risk Score, n (%)2 Favorable 10 (30) 8 (26) 7 (22) 9 (29) 34 (27) 79 (21) Intermediate 21 (64) 17 (55) 20 (63) 19 (61) 77 (61) 249 (67) Poor 2 (6) 5 (16) 3 (9) 3 (10) 13 (10) 46 (12) Prior lines of therapy, n (%) 1 2 (6) 5 (16) 5 (17) 7 (23) 21 (17) 46 (12) 2 14 (42) 9 (29) 7 (24) 6 (19) 39 (30) 157 (42) 3 8 (24) 8 (26) 10 (34) 7 (23) 33 (26) 171 (46) 4 or more 9 (27) 9 (29) 7(24) 11 (36) 35 (28) 0 (0) 21 Patients in ARC-20 Had Greater Number of Prior Therapies Relative to the Patients in LITESPARK-005 DCO date: August 15, 2025 1. The safety-evaluable population included all dose expansion enrolled patients who received any amount of study treatment. 2. One patient in the 50 mg QD group had an unknown IMDC risk score and one patient in the 100 mg QD group had a missing IMDC risk score. 3. IA1 for LITESPARK-005. Source: Albiges L. et al. Abstract LBA88, ESMO 2023; *2 or 3 prior VEGF-R TKI regimens; DCO date: August 30, 2024.; Baseline was defined as the last non-missing assessment prior to the first dosing of treatment. Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. 2L: second-line; BID: twice daily; ccRCC: clear cell renal cell carcinoma; DCO: data cut -off; ECOG PS: Eastern Cooperative Oncol ogy Group Performance Status; IMDC: International Metastatic Renal Cell Carcinoma Database Consortium; QD: once daily; VEGFR-TKI: vascular endothelial growth factor receptor tyrosine kinase inhibitor
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© Arcus Biosciences 202522 Confirmed ORR for the “Pooled” Cohort (n=121) is >30% Efficacy-Evaluable Population1 Dose Expansion: 2L+ ccRCC Belzutifan2 50mg BID (n = 31) 50mg QD (n = 28) 100mg QD (n=31) 150mg QD (n = 31) All Pooled (n = 121) 120mg QD (n = 374) Median Follow-Up, mos (range) 22.8 (14.4, 26.0) 19.7 (15.9, 21.3) 12.4 (6.3, 13.5) 14.4 (12.5, 15.5) 15.2 (6.3, 26.0) 18.4 (9.4–31.7) Median Time to Response, mos 2.7 4.1 2.6 2.7 2.8 3.8 Confirmed ORR (95% CI) 26% (12, 45) 36% (19, 56) 35% (19, 55) 29% (14, 48) 31% (23, 40) 22% (18, 27) Complete Response, % (n) 0% (0) 4% (1) 0% (0) 0% (0) 1% (1) 3% (10) Partial Response, % (n) 26% (8) 32% (9) 35% (11) 29% (9) 31% (37) 19% (72) Stable Disease, % (n) 55% (17) 50% (14) 48% (15) 45% (14) 50% (60) 39% (147) Progressive Disease, % (n) 19% (6) 14% (4) 16% (5)3 26% (8) 19% (23)3 34% (126) ORR, including responses pending confirmation (95% CI)* 26% (12, 45) 36% (19, 56) 42% (25, 61) 29% (14, 48) 33% (25, 42) NA *Includes two unconfirmed responses, both pending confirmation, in the 100mg cohort. One was recorded prior to the DCO, and one was recorded after the DCO. If both confirm, the cORR for the 100mg cohort would increase from 35% to 42% and the cORR for the pooled analysis would increase from 31% to 33%. DCO date: August 15, 2025 1. Efficacy-evaluable population for this expansion cohort is defined as all eligible participants who received any study treatment and have at least one post -baseline efficacy assessment, or who discontinued study treatment due to progressive disease or death, regardless of whether they had a scan. 2. IA1 for LITESPARK-005. Source: Albiges L. et al. Abstract LBA88, ESMO 2023; *2 or 3 prior VEGF-R TKI regimens; DCO date: August 30, 2024; Baseline was defined as the last non-missing assessment prior to the first dosing of treatment. 3. Includes three patients with radiological progressive disease and two patients who had clinical progression before the first scan, which have been included by do not meet criteria for progressive disease per RECIST. Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. 2L: second-line; BID: twice daily; ccRCC: clear cell renal cell carcinoma; CI: confidence interval; cORR: confirmed overall response rate; DCO: data cut -off; ECOG PS: Eastern Cooperative Oncology Group Performance Status; IMDC: International Metastatic Renal Cell Carcinoma Database Consortium; NA: not applicable; ORR: overall response rate; QD: once daily; u: unconfirmed; VEGFR -TKI: vascular endothelial growth factor receptor tyrosine kinase inhibitor
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© Arcus Biosciences 202523 Vast Majority of Patients Have Achieved Meaningful Clinical Benefit *Includes two unconfirmed responses, both pending confirmation, in the 100mg cohort. One was recorded prior to the DCO, and one was recorded after the DCO. If both confirm, the cORR for the 100mg cohort would increase from 35% to 42% and the cORR for the pooled analysis would increase from 31% to 33%. DCO date: August 15, 2025 DCO: data cut-off; QD: once daily; SD: stable disease; SLD: sum of lesion diameter Percent Change from Baseline in SLD, % -100 -80 -60 -40 -20 0 20 40 60 80 Majority of patients remain on treatment, even with 12+ months median follow-up Waterfall Plot (100mg QD)Spider Plot (100mg QD) -100 -80 -60 -40 -20 0 20 40 60 80 100 Best Percent Change from Baseline in SLD (%) 24211815129630 Time (months) Treatment Ongoing Complete Response (CR) Partial Response (PR) Stable Disease (SD) Progressive Disease (PD) Partial ResponseComplete Response Stable Disease Progressive Disease Ongoing Best Response Type Best Response Type Two of these patients now have unconfirmed responses*
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© Arcus Biosciences 2025 Tumor Reduction Has Deepened with Longer Follow-up Partial ResponseComplete Response Stable Disease Progressive Disease* Ongoing Best Response Type -100 -80 -60 -40 -20 0 20 40 60 80 100 12 Months Median Follow-up: 100mg QD Cohort25 Months Median Follow-up: 100mg QD Cohort1 -100 -80 -60 -40 -20 0 20 40 60 80 100 Best Percent Change from Baseline in SLD (%) Best Percent Change from Baseline in SLD (%) Partial ResponseComplete Response Stable Disease Progressive Disease Ongoing Best Response Type *Includes two unconfirmed responses, both pending confirmation, in the 100mg cohort. One was recorded prior to the DCO, and one was recorded after the DCO. If both confirm, the cORR for the 100mg cohort would increase from 35% to 42% and the cORR for the pooled analysis would increase from 31% to 33%. 1.DCO: January 3, 2025 as presented at ASCO GU 2025. 2. DCO: August 15, 2025. cORR: confirmed response rate; QD: once daily; SLD: sum of lesion diameter; u: unconfirmed n = 27, cORR: 33% n = 31, cORR: 35% / uORR: 42%* 24
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© Arcus Biosciences 2025 Stable Disease Patients Have Also Benefited Meaningfully from Treatment, With Many on Treatment >12 Months Percent Change from Baseline in SLD, % -100 -80 -60 -40 -20 0 20 40 60 80 24 211815129630 Time (months) Treatment OngoingComplete Response (CR) Partial Response (PR) Stable Disease (SD) Progressive Disease (PD) 100mg QD Cohort 50mg BID Cohort DCO date: August 15, 2025 BID: twice daily; DCO: data cut-off; QD: once daily; SLD: sum of lesion diameter Go-forward Dose for Phase 3 Cohort with Longest Follow-up Percent Change from Baseline in SLD (%) -100 -80 -60 -40 -20 0 20 40 60 80 24 211815129630 Time (months) 25
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© Arcus Biosciences 2025 Most Patients Remain on Treatment, Including Almost All of the Responders in the 100mg QD Cohort 0 3 6 9 12 15 Time on Treatment (months) AB521 100mg QD Stable Disease (SD) Partial Response (PR) Progressive Disease (PD) Ongoing Not Evaluable (NE) DCO date: August 15, 2025 DCO: data cut-off; QD: once daily26
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© Arcus Biosciences 2025 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 Months Survival Casdatifan 100mg QD Censored Number at Risk 31 25 20 17 8 0 27 Median PFS for the 100mg QD Cohort Has Still Not Been Reached with >12 Months Follow-Up DCO date: August 15, 2025 *Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample size, inclusion and exclusion criteria and many other factors. CI: confidence interval; DCO: data cut-off; mos: months; NE: not estimable; PFS: progression-free survival; QD: once daily Median PFS, months (95% CI) Median follow-up (range) Not reached (5.7, NE) 12.4 (6.3, 13.5) 60% Landmark 12-Month PFS compares very favorably to the 34% for belzutifan in LITESPARK-005* PFS Landmarks % (95% CI) 6 Months 67% (48, 81) 12 Months 60% (40, 75)
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© Arcus Biosciences 202528 Median PFS for the Four Monotherapy Cohorts Pooled (n=121) is 2x+ the mPFS for Belz Monotherapy in LS-005 12.2 months mPFS compares to 5.6 mos PFS for belzutifan in LITESPARK-005* Median PFS, months (95% CI) Median follow-up (range) 12.2 (9.4, 20.6) 15.2 (6.3, 26.0) DCO date: August 15, 2025 *Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample size, inclusion and exclusion criteria and many other factors. belz: belzutifan; CI: confidence interval; DCO: data cut -off; mPFS: median progression-free survival 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 18 21 Months Survival All Casdatifan Monotherapy Censored Number at Risk 24 121 88 72 66 48 22 20 6 0 PFS Landmarks % (95% CI) 12 Months 50% (41, 59) 18 Months 43% (33, 53)
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© Arcus Biosciences 202529 IMDC Risk Score Did Not Impact ORRs and Even the Intermediate / Poor Patients Outperformed LS-005 PFS DCO date: August 15, 2025 1. Albiges et al, LS-005 Subgroup Analysis, KCRS 2024. Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. belz: belzutifan; CI: confidence interval; DCO: data cut -off; IMDC: International Metastatic Renal Cell Carcinoma Database Consortium; mPFS: median progression-free survival; NE: not estimable; ORR: overall response rate; PFS: progression- free survival; QD: once daily 100MG QD ALL POOLED IMDC Favorable n=7 (21% of cohort) n=31 (27% of population) ORR (95% CI) 29% (4, 71) 32% (17, 51) Median PFS (months) (95% CI) NE (0.3; NE) NE (10.9; NE) IMDC Intermediate or Poor n=22 n=87 ORR (95% CI) 41% (21, 64) 31% (22, 42) Median PFS (months) (95% CI) NE (5.4; NE) 9.7 (5.5; 17.5) mPFS in LS-005 for belz in IMDC intermediate / poor patients was 5.3 months1
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© Arcus Biosciences 2025 Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan DCO date: August 15, 2025 1. The safety-evaluable population included all dose expansion enrolled patients who received any amount of any study treatment. 2. Belzutifan safety details not reported at IA1. Data from IA2 of LITESPARK -005. Source: Choueiri et al. 2024. Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. AE: adverse event; BID: twice daily; DCO: data cut -off; QD: once daily; TEAE: treatment-emergent adverse event; TRAE: treatment -related adverse event Safety-Evaluable Population1 50mg BID (n=33) 50mg QD (n=31) 100mg QD (n=32) 150mg QD (n=31) Pooled (n=127) Belzutifan (LITESPARK-005)2 Median follow-up, months (range) 22.8 (14.4, 26.0) 19.7 (15.9, 21.3) 12.4 (6.3, 13.5) 14.4 (12.5,15.5) 15.5 (6.3, 26.0) Any TEAEs, n (%) 32 (97) 30 (97) 31 (97) 31 (100) 124 (98) Related to casdatifan 31 (94) 29 (94) 29 (91) 31 (100) 120 (95) Any Grade ≥3 TEAEs, n (%) 19 (58) 19 (61) 16 (50) 22 (71) 76 (60) Related to casdatifan 17 (52) 13 (42) 12 (38) 20 (65) 62 (49) Serious AEs: Any Serious TEAEs, n (%) 6 (18) 11 (35) 10 (31) 12 (39) 39 (31) All-cause: 43% Related to casdatifan 1 (3) 3 (10) 2 (6) 4 (13) 10 (8) TRAEs: 13% 30 Serious TEAEs related to casdatifan have been low for an anti-cancer drug with such meaningful single agent activity
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© Arcus Biosciences 2025 31 Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan DCO date: August 15, 2025 Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. BID: twice daily; DCO: data cut-off; QD: once daily Safety-Evaluable Population1 50mg BID (n=33) 50mg QD (n=31) 100mg QD (n=32) 150mg QD (n=31) Pooled (n=127) Belzutifan (LITESPARK-005) Anemia, n (%) Anemia: All grades 29 (88) 29 (94) 29 (91) 30 (97) 117 (92) All grade: 83% Grade ≥3 related to casdatifan 16 (49) 12 (39) 8 (25) 16 (52) 52 (41) Grade 3+: 33% Related to casdatifan leading to interruptions 11 (33) 10 (32) 9 (28) 15 (48) 45 (35) Leading to dose reductions 4 (12) 5 (16) 3 (9) 6 (19) 18 (14) Leading to discontin. 0 0 0 0 0 Hypoxia, n (%) Hypoxia: All grades 6 (18) 5 (16) 5 (16) 7 (23) 23 (18) All Grade: 15% Grade ≥3 related to casdatifan 3 (9) 3 (10) 3 (9) 5 (16) 14 (11) Grade 3+: 11% Related to casdatifan leading to interruptions 5 (15) 4 (13) 3 (9) 6 (19) 18 (14) Leading to dose reductions 3 (9) 2 (6) 1 (3) 3 (10) 9 (7) Leading to discontin. 0 1 (3) 1 (3) 1 (3) 3 (2)
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© Arcus Biosciences 2025 With Substantial Clinical Benefit and a Well Tolerated Safety Profile, Cas is Positioned to Become the SOC in RCC 32 DCO date: August 15, 2025 *Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. cas: casdatifan; DCO: data cut-off; mPFS: median progression-free survival; ORR: overall response rate; PFS: progression- free survival; RCC: renal cell carcinoma; SOC: standard of care; TEAE: treatment-emergent adverse event In a large cohort of patients (n=121), casdatifan generated robust efficacy data that appears to improve upon "benchmark" data* ~50% higher ORR and the ORR for every cohort was greater than that of LS-005 Median PFS was >12 months, ~2x the mPFS seen in LS-005 Vast majority of patients experienced tumor reduction and clinical benefit Durable disease control observed for both responders and stable disease patients, with 18-month landmark PFS of 43% as of DCO 100mg QD is considered the optimal dose for Phase 3 studies based on multiple metrics Similar safety profile to belzutifan, with no new safety signals Hypoxia and anemia rates are in-line with those of belzutifan in LS-005 TEAEs easily managed by short dose interruptions or reductions Low rate of discontinuation due to TEAEs
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© Arcus Biosciences 2025 33 Introducing Dr. Rana McKay ASCO: American Society of Clinical Oncology; GU: genitourinary; IKCS: International Kidney Cancer Symposium; KCA: Kidney Cancer Association; KCRS: Kidney Cancer Research Summit Rana McKay, MD, FASCO Professor of Medicine and Urology Associate Director, Clinical Research Co-Lead of GU Oncology Program Moores Cancer Center, UCSD • 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 KCRS • Member of the 2026-29 ASCO nominating committee and current member of the Annual Meeting Education Program Committee’s Genitourinary Cancer – Kidney and Bladder Track
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© Arcus Biosciences 2025 Treatment Paradigm in ccRCC Dr. Rana McKay University of California San Diego 34
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© Arcus Biosciences 2025 35 Overview of My GU Oncology Practice 1. DRG (Clarivate) ccRCC: clear cell renal cell carcinoma; GU: genitourinary; RCC: renal cell carcinoma • Types of tumors I treat: ~50% RCC, ~40% Prostate, ~10% Bladder and Other • Typical ccRCC patient in my clinic is 64-year old male who presents with a large renal mass found incidentally on imaging and then found to have metastatic disease • I have experience treating patients with belzutifan and casdatifan (the latter in clinical trials) RCC Bladder Cancer Prostate Cancer 70k U.S. Cases / Year1 84k U.S. Cases / Year1 273k U.S. Cases / Year1
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© Arcus Biosciences 2025 36 The RCC Patient Journey Today Listed in order of preference by category. Source: Adapted from NCCN guidelines. 1. Arcus primary research 1L: first-line; 2L: second-line; CTLA-4: cytotoxic T-lymphocyte associated protein 4; IO: immunotherapy; mono: monotherapy; mTOR : mechanistic target of rapamycin; NCCN: National Comprehensive Cancer Network; PD -1: programmed cell death protein 1; RCC: renal cell carcinoma; TKI: tyrosine kinase inhibitor Includes patients that progressed on anti-PD-1 in the adjuvant setting 2L / "IO-EXPERIENCED" TKI mono HIF-2α mono (post progression on TKI) 1L / "IO-NAIVE" Anti-PD-1 + CLTA-4 Anti-PD-1 + TKI 3L+ TKI mono HIF-2α mono Belzutifan now has 40% share in this setting1 Anti-PD-1 is the backbone in the 1L setting
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© Arcus Biosciences 2025 ORR / Primary Progressive Disease Median PFS / Hazard Ratio Belzutifan (N=374) Everolimus (N=372) IA1 ORR, % (95% CI) 21.9% (17.8-26.5) 3.5% (1.9-5.9) Estimated difference in % (95% CI) 18.4 (14.0-23.2); P<.00001* CR 2.7% 0 PR 19.3% 3.5% SD 39.3% 65.9% PD 33.7% 21.5% Non-evaluablea 1.3% 2.2% No assessmentb 3.7% 7.0% 37 Belzutifan Has Rapidly Established Itself As the Standard of Care in 3L+ ccRCC, Despite Limitations *Denotes statistical significance. Source: Albiges L. et al. Abstract LBA88, ESMO 2023 a. Insufficient data for response assessment per RECIST 1.1. b. No post-baseline assessment available. 3L: third-line; belz: belzutifan; BICR: blinded independent central review; CI: confidence interval; CR: complete response; ccRCC: clear cell renal cell carcinoma; CI: confidence interval; HR: hazard ratio; IA1: first interim analysis; IA2: second interi m analysis; mo: month; mos: months; ORR: objective response rate; P: probability; PD: progressive disease; PFS: progression- free survival; PR: partial res ponse; RECIST: Response Evaluation Criteria in Solid Tumors; SD: stable disease; SOC: standard of care Data cut-off for IA1 of Nov 1, 2022; median follow-up of 18.4 months IA1 IA2 Belzutifan Everolimus Belzutifan Everolimus Events 257 (68.7%) 262 (70.4%) 289 (77.3%) 276 (74.2%) Median, mo (95% CI) 5.6 (3.9-7.0) 5.6 (4.8-5.8) 5.6 (3.8-6.5) 5.6 (4.8-5.8) HR (95% CI) 0.75 (0.63-0.90); P <.001* 0.74 (0.63-0.88) 5.6 mos median PFS
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© Arcus Biosciences 2025 Casdatifan Data Position it to Become an Important Therapeutic Option for Patients DCO date: August 15, 2025 *Includes two unconfirmed responses, both pending confirmation, in the 100mg cohort. One was recorded prior to the DCO, and one was recorded after the DCO. If both confirm, the cORR for the 100mg cohort would increase from 35% to 42% and the cORR for the pooled analysis would increase from 31% to 33%. CI: confidence interval; DCO: data cut-off; K-M: Kaplan-Meier; NE: not estimable; PFS: progression-free survival; QD: once daily; SLD: sum of lesion diameter Median PFS of >12 months has never been seen before in a late-line refractory population WATERFALL PLOT (100MG QD COHORT) PFS K-M CURVE (100MG QD COHORT) -100 -80 -60 -40 -20 0 20 40 60 80 100 Best Percent Change from Baseline in SLD (%) Partial ResponseComplete Response Stable Disease Progressive Disease Ongoing Best Response Type 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 Months Survival Casdatifan 100mg QD Censored Number at Risk 31 25 20 17 8 0 Median PFS, months (95% CI) Median follow-up (range) NE (5.7, NE) 12.4 (6.3, 13.5) 38 n = 31, cORR: 35% / uORR: 42%*
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© Arcus Biosciences 2025 39 With a 12+ Month PFS, Casdatifan Exceeds All PFS Benchmarks for Monotherapy DCO date for casdatifan: August 15, 2025 1. Rini et al 2020 (TIVO-3); 2. Choueiri et al 2024 (LS-005); 3. Motzer et al 2010 (RECORD-1); 4. Choueiri et al 2016 (METEOR); 5. Motzer et al 2015 ( lenva +everolimus); 6. Rini et al 2011 (AXIS); 7. Pal et al 2023 (CONTACT -03); 8. Tannir et al 2022 (CANTATA) Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. 2L: second-line; 3L: third-line; 4L: fourth-line;atezo: atezolizumab; belz: belzutifan; BSC: Biopharmaceutics Classification System; cabo: cabozantinib; cas: casdatifan; cORR: confirmed overall response rate; ccRCC: clear cell renal cell carcinoma; lDCO: data cut-off; enva: lenvatinib; m: months; mPFS: median progression-free survival; PFS: progression-free survival; tela: teleglenastat; TKI: tyrosine kinase inhibitor TRIAL TRIAL RECRUITMENT COMPLETION YEAR PATIENT POPULATION TRIAL DESIGN cORR mPFS ARC-20 (Phase 1b/2) 2025 PDx/TKI Experienced ccRCC (mostly 3L+) Cas (Pooled) Cas (100mg QD) 31% 35% 12.2m Not reached TIVO-3 (Phase 3) 1 2017 3L-4L TKI Experienced ccRCC Tivozanib vs. sorafenib 18% vs. 8% 5.6m vs. 3.9m LITESPARK- 005 (Phase 3) 2 2022 PDx/TKI Experienced ccRCC (mostly 3L-4L) Belz vs. everolimus 22% vs. 4% 5.6m vs 5.6m RECORD-1 (Phase 3) 3 2007 ccRCC with prior sunitinib and/or sorafenib (mostly 3L+) Everolimus + BSC vs placebo + BSC 2% vs. 0% 4.9m vs. 1.9m METEOR (Phase 3) 4 2014 2L+ TKI Experienced ccRCC (mostly 2L) Cabo vs everolimus 17% vs. 3% 7.4m vs. 3.9m Lenva + ev (Phase 2)5 2013 2L TKI Experienced ccRCC Lenva + everolimus vs. Lenva vs. everolimus 43% vs. 27% vs 6% 14.6m vs. 7.4m vs. 5.5m AXIS (Phase 3) 6 2010 2L ccRCC Axitinib vs sorafenib 19% vs. 9.9% 6.7m vs. 4.7m CONTACT-03 (Phase 3)7 2021 PDx Experienced ccRCC (did not require prior TKI) Atezo + cabo vs. cabo 41% vs. 41% 10.6m vs. 10.8m CANTATA8 2019 PDx Experienced ccRCC (did not require prior TKI) Tela + cabo vs. cabo 31% vs 28% 9.2m vs. 9.3m Earlier-line patient populations
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© Arcus Biosciences 2025 40 Avoiding Overlapping Toxicity is Key and Positions Casdatifan as the Optimal Combination Partner cabo: cabozantinib; CTLA-4: cytotoxic T-lymphocyte antigen 4; nivo: nivolumab; PD-1: programmed cell death protein 1; PPE: palmar-plantar erythrodysesthesia; TKI: tyrosine kinase inhibitor • Anemia • Hypoxia • Fatigue • Diarrhea • Rash • Hepatotoxicity • Hypothyroidism • Pneumonitis • Diarrhea • Rash • Hepatotoxicity • Hypothyroidism • Hypertension • Fatigue • PPE • Diarrhea • Rash • Hepatotoxicity • Hypothyroidism • Fatigue • Pneumonitis • Pyrexia TKIs anti-PD-1 anti-PD-1/CTLA-4 Casdatifan 100mg coated tablet 25mg coated tablet Checkmate-9ER (cabo + nivo): increases in hepatitis, diarrhea, endocrinopathies
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© Arcus Biosciences 2025 41 PEAK-1 Is Evaluating Cas On Top of the Most Widely Used TKI, Cabozantinib 1. Welireg package insert 2. MIDAS, Arcus primary research 3. Pal et al 2023 4. Choueiri et al 2016 5. Tannir et al 2022 1L: first-line; 2L: second-line; AE: adverse events; atezo: atezolizumab; cabo: cabozantinib; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; lenva: lenvatinib; m: months; mono: monotherapy; mPFS: median progression-free survival; nivo: nivolumab; PD-1: programmed cell death protein 1; PFS: progression-free survival; tivo: tivozanib; TKI: tyrosine kinase inhibitor Cabo Monotherapy is the Gold Standard in IO-Experienced ccRCC Easy to titrate (60mg=>40mg=>20mg)1 Significant experience with managing cabo-related toxicities Multiple registrational studies and substantial data support cabo’s use in 1L and 2L ccRCC >2x greater usage than lenvatinib in the U.S. 2, 10x greater usage in certain ex-US countries Opportunity to Improve Upon Cabo Monotherapy PHASE 3 TRIAL STUDY ARMS N MEDIAN PFS FOR CABO MONO CONTACT-033 atezo + cabo vs. cabo 263 vs. 259 10.8m METEOR4 cabo vs. everolimus 320 vs. 328 7.4m CANTATA5 Telaglena- stat + cabo vs. cabo 221 vs. 223 9.3m
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© Arcus Biosciences 2025 Targeting the IO-Experienced ccRCC Patient Population, Including Patients Who Progress after Adjuvant Therapy 42 1L: first-line; ccRCC: clear cell renal cell carcinoma; DCR: disease control rate; DOR: duration of response; IMDC: International Metastatic RCC D atabase Consortium; IO: immunotherapy; ORR: objective response rate; OS: overall survival; PD-1: programmed cell death protein 1; PD-L1: programmed cell death ligand 1; PFS: progression-free survival; R: randomized; RCC: renal cell carcinoma; RECIST: Response Evaluation Criteria in Solid Tumors; SOC: standard of care; VEGF: vascular endothelial growth factor PRIMARY ENDPOINT: • PFS KEY SECONDARY ENDPOINTS: • OS • ORR, DOR, DCR PATIENT POPULATION: • Unresectable, locally advanced or metastatic ccRCC • Measurable disease per RECIST 1.1 • Have had prior anti- PD-1/PD-L1 (either in adjuvant or 1L metastatic setting) • Have not received cabozantinib • HIF-2α-inhibitor naïve 100mg CASDATIFAN + CABOZANTINIB PLACEBO + CABOZANTINIB R 2:1 N~700 PEAK-1 is Currently Enrolling STRATIFICATION FACTORS: • IMDC Risk Score • Prior VEGF • Region
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© Arcus Biosciences 2025 15.0 17.0 10.1 22.3 19.9 16.0 0.0 5.0 10.0 15.0 20.0 25.0 METEOR (n=658) CONTACT-03 (n=522) CANTATA (n=444) LITESPARK-005 (n=746) CheckMate-9ER (n=651) CheckMate-214 (n=1,096) Months to Enroll 43 RCC Studies Have Historically Enrolled Quickly, Which Bodes Well for PEAK-1 Source: Study Publications 1L: first-line; 2L: second-line; EPO: Erythropoietin; RCC: renal cell carcinoma 2L/2L+ Trials 1L Trials COVID COVID Enrollment Ended 11/1/14 12/27/21 9/30/19 1/19/22 5/1/19 2/1/16
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© Arcus Biosciences 2025 44 Opportunity for Durable Remission With a TKI-Free Regimen in 1L ccRCC 1. Choueiri, et.al. ASCO 2025. 2. Motzer et al, NEJM 2018. 1L: first-line; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; cORR: confirmed overall response rate; CTLA -4: cytotoxic T-lymphocyte antigen 4; CI: confidence interval; IMDC: International Metast atic RCC Database Consortium; ipi: ipilimumab; mos: months: mPFS: median progression-free survival; nivo: nivolumab; OS: overall survival; PD: progressive disease; PFS: progression-free survival; PD-1: programmed cell death protein 1; TKI: tyrosine kinase inhibitor; volru: volrustomig Opportunity for Cas + Volru Ipi + Nivo Results in Long OS in Patients that Respond to Treatment OS in Intermediate/ Poor Risk 1 PATIENTS WITH INTERMEDIATE/POOR IMDC RISK IPI + NIVO (N=422) SUNITINIB (N=422) mPFS1, mos. 12.4 8.5 cORR2, % 42% 27% Progressive disease2, % 20% 17% Anti-PD-1 / anti-CTLA-4 (ipi + nivo) is the most widely used regimen in 1L ccRCC, particularly in the academic setting Best opportunity for patients to achieve durable remission, and enables patients to avoid TKIs in the 1L Greatest liability of nivo-ipi is its high rate of primary progression and shorter PFS relative to anti-PD-1 + TKI Cas has the potential to reduce this high rate of PD and improve PFS with minimal added toxicity
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© Arcus Biosciences 2025 eVOLVE-RCC02: Seamless Phase 1b/3 Design to Evaluate Cas + Volru in 1L Advanced ccRCC 45 PATIENT POPULATION: • Advanced ccRCC • No prior systemic therapy for a/m RCC R 1:1 ARM 1A volrustomig + casdatifan ARM 1B volrustomig + casdatifan PRIMARY ENDPOINT: • Safety SECONDARY ENDPOINTS: • ORR, DOR, PFS, DCR PHASE 1B R 1:1:1 ARM 3C (SOC) nivolumab + ipilimumab ARM 3B volrustomig monotherapy ARM 3A volrustomig + casdatifan PRIMARY ENDPOINTS: • PFS • OS KEY SECONDARY ENDPOINTS: • ORR, DOR 1L: first-line; a/m: advanced or metastatic; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; DCR: disease control rate; DOR: duration of response; I: intermediate risk; IMDC: Internat ional Metastatic RCC Database Consortium: IO: immunotherapy; ORR: overall response rate; OS: overall survival; PFS: progression free survival; R: randomized; RCC: renal cell carcinoma; S OC: standard of care; volru: volrustomig PHASE 3 Sponsored by AstraZeneca | Phase 1b Is Currently Enrolling
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© Arcus Biosciences 2025 46 Cas Is Also Being Evaluated in Other Early-Line Settings 1L: first-line; ccRCC: clear cell renal cell carcinoma; cas: casdatifan; IST: investigator-sponsored trial; mono: monotherapy; TKI: tyrosine kinase inhibitor • Delay TKI use to later lines of therapy • Displace TKI use in 1L • Reduce number of agents used in combination to minimize toxicity • Improve outcomes of nephrectomy in patients with high-risk tumors • Prolong event-free survival NeoSHIFT IST (Toni Chouieri) ARC-20 Cohort ARC-20 Cohort ARC-20 Cohort • ~25% of 1L ccRCC • Alternative to watchful waiting EARLIER STAGE DISEASE Neadjuvant ccRCC casdatifan + zimberelimab 1L ccRCC casdatifan + zimberelimab Favorable -risk 1L ccRCC casdatifan mono Post-IO / TKI-naïve ccRCC casdatifan mono
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CONFIDENTIAL © Arcus Biosciences 2025 Q&A 47
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© Arcus Biosciences 2025 Casdatifan Biomarker Data: Relevance of EPO Reduction to Outcomes with Casdatifan Dr. Juan Jaen President, Arcus Biosciences 48
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© Arcus Biosciences 2025 • Hypoxic response • EPO/red blood cell generation 49 E2F: early region 2 binding factor; EPO: erythropoietin; MYC: myelocytomatosis oncogene; PD: pharmacodynamic; SDH: succinate dehydrogenase; VHL: Von Hippel -Lindau factor Cell Growth/ Cycle Angiogenesis & Oxygen Supply Epithelial- Mesenchymal Transition Metastasis Metabolism • Cholesterol uptake • Fatty Acids • Lipoproteins • Migration/Invasion • Extracellular matrix/cell- cell interaction • Cytoskeleton organization • Stemness • Proliferation • DNA repair • Ribosome biogenesis • E2F/MYC targets Hypoxia or Pseudohypoxia* *VHL deficiency SDH deficiency etc. HIF-2α HIF-1β The Abundance of Erythropoietin (EPO) in Blood Makes it a Great PD Marker for Systemic HIF-2α Activity
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© Arcus Biosciences 202550 ccRCC Patients in ARC-20 Had Higher Baseline Levels of Serum EPO (sEPO) Compared to Healthy Volunteers Source: EPO data obtained from ARC-20 ccRCC patients and ARC-14 healthy volunteers. Statistical comparisons between both groups performed using Wilcoxon ranked-sum test, ****p<0.0001. ccRCC: clear cell renal cell carcinoma; EPO: erythropoietin; HV: healthy volunteer; mlU/ml: milli-international units per milliliter ARC-20 ccRCC (n-175) ARC-14 HV (n-58) 2 4 8 16 32 64 128 256 512Baseline EPO (mIU/ml) ✱✱✱✱ Normal range of serum EPO Based on available evidence, we believe that tumor lesions may be the source of some of the sEPO detected in ccRCC patients
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© Arcus Biosciences 202551 Casdatifan Results in Significantly Decreased Expression of EPO and Other Known HIF-2α Dependent Target Genes in the Tumor cas: casdatifan; sEPO: serum erythropoietin; PAI-1: plasminogen activator inhibitor-1; PTHLH: parathyroid hormone-like hormone; PTHrP: parathyroid hormone-related protein; sEPO: serum of erythropoietin; tx: therapy Known HIF-2α target genes decreased On-TxTumor EPO expression down >20x On-Tx • Archival baseline samples; on-treatment samples 14-20 days after initiation of cas therapy • 83-85% maximal decrease in sEPO seen in both subjects PTHrP gene PAI-1 gene
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© Arcus Biosciences 202552 Cas Demonstrates Deeper and More Durable sEPO Reduction than Belz 1. EPO data for casdatifan obtained from ARC -20 ccRCC patients on casdatifan monotherapy, as of 8/15/25. S amples taken within 28 days post-ESA use or from subjects that received less than 50% of their assigned casdatifan dose during t he previous 4 days were excluded from analysis; Data with incomplete medical records are excluded; Max individual sEPO decrease with casdatifan 100mg QD ranged from 47% to 99%. 2. Belzutifan data from Marathe DD, J Clin Pharm 2024, Table S3. The error bars for belzutifan represent 90% CI. belz: belzutifan; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; CI: confidence interval; ESA: erythropoiesis-stimulating agent; EPO: erythropoietin; QD: once daily; SEM: standard error of the mean; sEPO: serum of erythropoietin % EPO change from baseline (mean ± SEM) 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 Study Week Cas 100mg QD (N=31) Belz 120mg QD 1 2
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© Arcus Biosciences 202553 The Ability of Casdatifan to Achieve Maximal and Sustained HIF-2α Inhibition (as Reflected by sEPO Changes) Leads to Superior Clinical Efficacy in ARC-20 *For the biomarker analysis, there were 42 confirmed responses because the analysis included 8 ccRCC patients from the dose-escalation cohorts of ARC-20 in addition to the 121 patients from the dose- expansion cohorts. Sources: EPO data for casdatifan obtained from all ARC -20 ccRCC patients on casdatifan monotherapy, as of 8/15/25. S amples taken within 28 days post-ESA use or from subjects that received less than 50% of their assigned casdatifan dose during the previous 4 days were excluded from analysis; Data with incomplete medical records are excluded; Max individual sEPO decrease with casdatifan 100mg QD ranged from 47% to 99%. Belzutifan data from Marathe DD, J Clin Pharm 2024, Table S3. The error bars for belzutifan represent 90% CI. belz: belzutifan; ccRCC: clear cell renal cell carcinoma CI: confidence interval; CR: confirmed response; EPO: erythropoietin; PD : progressive disease; PR: partial response; QD: once daily; SD: stable disease; SEM: standard error of the mean; EPO: serum of erythropoietin Patients Segregated into 2 Groups Based on Median best EPO Reduction (-85%) from Baseline sEPO Reduction Deeper (n=65) sEPO Reduction Less Deep (n=64) % (95% CI) n % (95% CI) n cORR* 44.6% (32.3, 57.5) 29 20.3% (11.3, 32.2) 13 PD 9.2% (3.5, 19.0) 6 26.6% (16.3, 39.1) 17 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 -100 -80 -60 -40 -20 0 20 Study Week Deeper Belz 120mg QD % EPO change (mean ± SEM) 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 -100 -80 -60 -40 -20 0 20 Study Week Less Deep Belz 120mg QD
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© Arcus Biosciences 202554 Extent of sEPO Suppression by Cas Monotherapy is Also Highly Correlated With PFS Sources: EPO data for casdatifan obtained from all ARC -20 ccRCC patients on casdatifan monotherapy, as of 8/15/25. S amples taken within 28 days post-ESA use or from subjects that received less than 50% of their assigned casdatifan dose during t he previous 4 days were excluded from analysis; Data with incomplete medical records are excluded; Max individual sEPO decrease with casdatifan 100mg QD ranged from 47% to 99% . Cas: casdatifan; CI: confidence interval; EPO: erythropoietin; PD: progressive disease; PR: partial response; QD: once daily; SD: stable disease; SEM: standard error of the mean; sEPO: serum of erythropoietin Best EPO suppression N mPFS in months (95% CI) HR (95% CI) Deeper vs Less Deep Deeper 65 14.6 (10.9, 22.8) 0.60 (0.37, 0.96) Less Deep 64 9.6 (4.1, 17.5) Patients Segregated into 2 Groups Based on Median best EPO Reduction (-85%) from Baseline
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© Arcus Biosciences 2025 • Serum EPO (sEPO) is a good marker for HIF-2α activity in ccRCC tumors • There is a strong relationship between sEPO reduction and clinical responses (rate of primary resistance, ORR, and PFS), demonstrating the relevance of maximal EPO suppression as a marker of drug impact on tumor HIF-2α • The ability of casdatifan to hit its target harder may explain its clinical efficacy profile as a potential best-in-class HIF-2α inhibitor 55 Key Observations from the EPO Data ccRCC: clear cell renal cell carcinoma; EPO: erythropoietin; ORR: overall response rate; PFS: progression- free survival; sEPO: serum of erythropoietin
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CONFIDENTIAL © Arcus Biosciences 2025 Panel Conversation Dr. Bill Kaelin, Dana-Farber Cancer Institute Dr. Juan Jaen, President, Arcus Biosciences 56
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© Arcus Biosciences 2025 57 William Kaelin, MD AACR: American Association for Cancer Research; VHL: Von Hippel-Lindau factor Bill Kaelin Sidney Farber Professor of Medicine at Dana-Farber Cancer Institute, professor at Harvard Medical School and senior physician scientist at Brigham and Women’s Hospital • 2019 Nobel Laureate in Physiology or Medicine for his discoveries on the molecular role of VHL and HIF in how cells sense and adapt to oxygen availability • Served on the National Cancer Institute Board of Scientific Advisors, the AACR Board of Trustees, and the IOM National Cancer Policy Board • Winner of the Paul Marks Prize for cancer research from the Memorial Sloan-Kettering Cancer Center and the Richard and Hinda Rosenthal Prize from the AACR • Recipient of the prestigious Canada Gairdner International Award • 2016 winner of the Albert Lasker Basic Medical Research Award • Elected to National Academy of Sciences
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© Arcus Biosciences 2025 58 Opportunity for HIF-2α Inhibition to be Combined With Other Mechanisms Rationale for HIF-2α-based Regimens in ccRCC HIF-2α activates multiple pathways involved in tumorigenesis, in addition to VEGF Cas-Based Regimen Rationale Cas + VEGFR-TKI • Largely orthogonal /complementary biologies; • Supportive early data from competitor Cas + IO • Early evidence that high HIF-2α signaling correlates with diminished benefit from PDx (±CTLA-4) therapy Monotherapy (early and advanced settings) • Dependence on HIF-2α remains throughout tumor evolution cas: casdatifan; CTLA-4: cytotoxic T-lymphocyte antigen 4; E2F: early region 2 binding factor; EPO: erythropoietin; IO: immunotherapy; MYC: myelocytomatosis oncogene; PD: pharmacodynamic; SDH: succinate dehydrogenase; VEGF: vascular endothelial growth factor; VEGFR-TKI: vascular endothelial growth factor receptor tyrosine kinase inhibitor; VHL: Von Hippel -Lindau factor
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© Arcus Biosciences 2025 Break 59
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© Arcus Biosciences 2025 Casdatifan Development Strategy Dr. Richard Markus CMO, Arcus Biosciences 60
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© Arcus Biosciences 2025 First Phase 3 Study for Cas Has a Simple Design That Utilizes the Preferred SOC in Post-IO ccRCC 61 1L: first-line; cabo: cabozantinib: cas: casdatifan; ccRCC: clear cell renal cell carcinoma; DCR: disease control rate; DOR: duration of response; IMDC: International Metastatic RCC D atabase Consortium; IO: immunotherapy; ORR: objective response rate; OS: overall survival; PFS: progression free survival; R: randomized; RCC: renal cell carcinoma; RECIST: Response Evaluation C riteria in Solid Tumors; SOC: standard of care PRIMARY ENDPOINT: • PFS KEY SECONDARY ENDPOINTS: • OS • ORR, DOR, DCR PATIENT POPULATION: • Unresectable, locally advanced or metastatic ccRCC • Measurable disease per RECIST 1.1 • Have had prior anti- PD-1/PD-L1 (either in adjuvant or 1L metastatic setting) • Have not received cabozantinib • HIF-2α-inhibitor naïve 100mg CASDATIFAN + CABOZANTINIB PLACEBO + CABOZANTINIB R 2:1 N~700 PEAK-1 is Currently Enrolling STRATIFICATION FACTORS: • IMDC Risk Score • Prior VEGF • Region
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© Arcus Biosciences 2025 Data Presented at ASCO from the Cas + Cabo Cohort Provide Strong Validation for PEAK-1 1L: first-line; 2L: second-line; ASCO GU: American Society of Clinical Oncology Genitourinary Cancers; BID: twice daily; cabo: cabozantinib; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; IO: immunotherapy; mono: monotherapy; ORR: overall response rate; PFS: progression- free survival; Q3W: every three weeks; QD: once daily 2L+ ccRCC Casdatifan mono 50mg BID capsule 2L+ ccRCC Casdatifan mono 50mg QD capsule 2L+ ccRCC Casdatifan mono 150mg QD 2L+ ccRCC Casdatifan mono 100mg QD tablet Favorable -risk 1L ccRCC Casdatifan mono 100mg QD 1L ccRCC Casdatifan 100mg QD + Zimberelimab 360mg Q3W Post-IO ccRCC Casdatifan mono 100mg QD Post-IO ccRCC Casdatifan 100mg QD + Cabozantinib 60mg QD Casdatifan monotherapy DOSE EXPANSION N = ~30 per cohort, except cas + cabo (n=45) DOSE ESCALATION Patients with advanced solid tumors 150mg QD 50mg BID 50mg QD 20mg QD 200mg QD 62 Data presented at ASCO, June 1, 2025 Data presented at ASCO GU, February 2025 At the March 14 data cut-off: • 42 patients were evaluable for safety (had received at least one dose of cas and had at least one month follow-up) • 24 patients were evaluable for efficacy (had reached at least 12 weeks follow-up)
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© Arcus Biosciences 202563 Almost All Cas + Cabo Patients Achieved Tumor Reductiona,b -80 -60 -40 -20 0 20 40 60 80 100 Presented at ASCO 2025 by Toni K Choueiri, MD, FASCO. Data cut-off date: March 14, 2025. aAll eligible patients who received any study treatment and achieved a minimum of 12 weeks follow -up or discontinued due to progression or death. bInclusive of one patient who had confirmed PR after March 14, 2025. Cabo: cabozantinib; cas: casdatifan; SLD: sum of lesion diameter; ORR: overall response rate n = 24 Best Percent Change From Baseline in SLD, % Complete Response OngoingPartial Response Stable Disease Progressive Disease EFFICACY- EVALUABLE (n = 24)a Follow-up, months, median (range) 5.3 (2.8–9.1) Confirmed ORRb, % (n) 46% (11) (95% CI) (26%, 67%) Primary Progressive Disease (n,%) 1 (4%)
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© Arcus Biosciences 202564 Tumor Reduction Has Deepened Over Time, and Responses Already Appear Very Durable DCO date: March 14, 2025. All eligible patients who received any study treatment and achieved a minimum of 12 weeks follow -up or discontinued due to progression or death. DCO: data cut-off; ORR: overall response rate; SLD: sum of lesion diameter 0 5 10 15 20 25 30 35 40 45 -80 -60 -40 -20 0 20 40 Percent Change From Baseline in SLD (%) Time (Weeks) Complete Response Treatment OngoingPartial Response Stable Disease Progressive Disease
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© Arcus Biosciences 2025 65 Importantly, AEs Were Well Managed With Dose Reductions, With Very Few Discontinuations Presented at ASCO 2025 by Toni K Choueiri, MD, FASCO. DCO date: March 14, 2025. aSafety population included patients who received any amount of study drug and had at least 1 month of safety follow -up at the data cut-off date. bTreatment-emergent adverse events (any grade) leading to dose reduction in casdatifan, cabozantinib, or any study drug reported in ≥ 3% of patients in any treatment arm . DCO: data cut-off; TEAE: treatment-emergent adverse event • Only 2 patients (of 42 safety evaluable) discontinued a treatment due to a TEAE (hypoxia and drug hypersensitivity), and no patients discontinued both treatments due to a TEAE SAFETY POPULATION,a n (%) (N = 42) LEADING TO REDUCTION IN: casdatifan cabozantinib any study drug Patients with any AE leading to dose reductionb 10 (24%) 16 (38%) 22 (52%) Fatigue 1 (2%) 5 (12%) 6 (14%) Anemia 4 (10%) 1 (2%) 4 (10%) Hypoxia 4 (10%) 0 4(10%) Palmar-plantar erythrodysesthesia 0 2 (5%) 2 (5%) Stomatitis 0 2 (5%) 2 (5%) Overlapping toxicities were also minimal which is key when combining two anti-cancer drugs
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© Arcus Biosciences 2025 eVOLVE-RCC02: Seamless Phase 1b/3 Design to Evaluate Cas + Volru in 1L Advanced ccRCC 66 PATIENT POPULATION: • Advanced ccRCC • No prior systemic therapy for a/m RCC R 1:1 ARM 1A volrustomig + casdatifan ARM 1B volrustomig + casdatifan PRIMARY ENDPOINT: • Safety SECONDARY ENDPOINTS: • ORR, DOR, PFS, DCR PHASE 1B R 1:1:1 ARM 3C (SOC) nivolumab + ipilimumab ARM 3B volrustomig monotherapy ARM 3A volrustomig + casdatifan PRIMARY ENDPOINTS: • PFS • OS KEY SECONDARY ENDPOINTS: • ORR, DOR 1L: first-line; a/m: advanced or metastatic; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; DCR: disease control rate; DOR: duration of response; I: intermediate risk; IMDC: Internat ional Metastatic RCC Database Consortium: IO: immunotherapy; ORR: objective response rate; OS: overall survival; P: poor risk; PFS: progression free survival; RCC: renal c ell carcinoma PHASE 3 Sponsored by AstraZeneca | Phase 1b Currently Enrolling Initial data from Phase 1b portion in 2H:26
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© Arcus Biosciences 2025 New Cohorts Added to ARC-20 to Evaluate Opportunities to Displace TKIs 1L: first-line; 2L: second-line; ASCO: American Society of Clinical Oncology Genitourinary Cancers; BID: twice daily; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; IO: immunotherapy; mono: monotherapy; Q3W: every three weeks; QD: once daily 2L+ ccRCC casdatifan mono 50mg BID capsule 2L+ ccRCC casdatifan mono 50mg QD capsule 2L+ ccRCC casdatifan mono 150mg QD 2L+ ccRCC casdatifan mono 100mg QD tablet Favorable -risk 1L ccRCC casdatifan mono 100mg QD 1L ccRCC casdatifan 100mg QD + zimberelimab 360mg Q3W Post-IO ccRCC casdatifan mono 100mg QD Post-IO ccRCC casdatifan 100mg QD + cabozantinib 60mg QD Data presented at ASCO GU 2025 Satisfies Project Optimus and confirmed 100mg QD tablet as the "going forward" dose and formulation Data presented at ASCO 2025 Generated data to support the Phase 3 PEAK-1 study New cohorts added to ARC-20 and designed to inform the potential of cas in early-line settings EXPANSION COHORTS 67
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© Arcus Biosciences 2025 68 Substantially More Data is Coming for Casdatifan cabo:cabozantinib; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; IO: immunotherapy; mono: monotherapy; ORR: overall response rate; PFS: progression- free survival Study Cohort Description Expected Timing ARC-20 Cas mono in 2L+ ccRCC Additional analysis 1H:2026 ARC-20 Cas + cabo in IO- experienced ccRCC ORR, PFS data Mid-2026 ARC-20 Cas mono in IO- experienced ccRCC ORR 2H:2026 eVOLVE-RCC- 002 1L ccRCC Safety and Go / No Go Decision on Phase 3 2H:2026
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CONFIDENTIAL © Arcus Biosciences 2025 Casdatifan Market Opportunity Jennifer Jarrett COO, Arcus Biosciences 69
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© Arcus Biosciences 2025 17% 4% 16% 9% 21% 13% 32% 8% 5% 29% 4% 12% 4% 6% 3% 3% 10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1L RCC 2L RCC % Patient Share chemo belz (+/- other) non-cabo TKI mono avelumab + atixinib lenva + everolimus nivo mono cabo mono nivo + ipi nivo + cabo pembro + lenva pembro + axitinib 70 Cas CDP Targets the Largest ccRCC Market Segments With Cabo Usage Estimated to be >2x More Than That of Lenva in 2L Source: Arcus primary research, US May 2024 (n=49) 1L: first-line; 2L: second-line; belz: belzutifan; cabo: cabozantinib; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; chemo: chemotherapy; ipi: ipilimumab; lenva: lenvatinib; mono: monotherapy; nivo: nivolumab; pembro: pembrolizumab; volru: volrustomig 2024 ccRCC | US Market Share ipi + nivo cabo mono ~75% 1L eligible for cabo in 2L
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© Arcus Biosciences 202571 Arcus is Pursuing Differentiated Combos Versus Merck 1. Arcus market research, Mar 2025 (n=25, oncology respondents screened for high belzutifan use (>4+ patients in 2L+)) 2. Per ct.gov *Received adjuvant pembro **Includes TKI mono, TKI+IO, and TKI+mTOR 1L: first-line; 2L: second-line; 3L: third-line or greater; belz: belzutifan; cas: casdatifan; ccRCC: clear cell renal cell carcinoma IO: immunotherapy; lenva: lenvatinib; mono: monotherapy; pembro: pembrolizumab; TKI: tyrosine kinase inhibitor Current market share1 pembro: 30% IO+IO: 45% IO+TKI: 50% N/A TKI**: 72% HIF-2α: 15% HIF-2α: 40% cas combos in Phase 3 cas + volru (HIF-2α + IO + IO) cas + cabo (HIF-2α + TKI) belz combos in Phase 3 2 belz + pembro belz + pembro + lenva (HIF-2α + IO + TKI) belz + lenva (HIF-2α + TKI) belz mono (approved) Other belz combos (Phase 1b/2) 2 belz + zanza (HIF-2α + TKI) ADJUVANT 1L (IO NAÏVE) 2L+POST-IO ADJUVANT* METASTATIC “IO-EXPERIENCED” Post-IO
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© Arcus Biosciences 2025 72 Collaboration with AZ Enables Us to Pursue the 1L Setting in a Cost- and Resource-Efficient Manner 1L: first-line; AZ: AstraZeneca; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; ipi: ipilimumab; nivo: nivolumab; TKI: tyrosine kinase inhibitor; volru: volrustomig • Utilizing a seamless Phase 1b/3 design • Potential first-in-class, TKI-sparing combination • As a bi-specific, volru is enabling dual blockade of PD-1 and CTLA-4; in vitro data demonstrate that volru results in greater T-cell activation than ipi + nivo • Volru has demonstrated exciting preliminary data in 1L ccRCC • Clinical collaboration between Arcus and AZ where both parties retain all economics / rights to their respective molecules • Evaluating casdatifan in combination with AZ’s volrustomig (anti-CTLA-4/anti-PD-1 bispecific) • AZ to sponsor both Phase 1b and Phase 3 portions of the study and study costs to be shared • Enables Arcus to target the 1L setting in a cost- and resource-efficient manner cas + volrustomig (anti-CTLA-4/anti-PD-1 bispecific)
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© Arcus Biosciences 2025 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Breast Prostate Lung and Bronchus Colon and Rectum Melanoma of the Skin Bladder Kidney and Renal Pelvis Non-Hodgkin Lymphoma Uterus Pancreas 73 RCC is One of the Largest Tumor Types Source: SEER, https://seer.cancer.gov/statfacts/html/common.html RCC: renal cell carcinoma SEER Estimated Incidence, US 2025
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© Arcus Biosciences 202574 And Is a Growing Multi-Billion Dollar Market, Driven by the Introduction of HIF-2α Inhibition and Long DoT's Source: DRG | 7 Major Markets = US, EU5, Japan DoT: duration of therapy; EU5: France, Germany, Italy, Spain, and the United Kingdom; IO: immunotherapy; RCC: renal cell carc inoma; TKI: tyrosine kinase inhibitor $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 2024 2025 2026 2027 2028 2029 2030 Annual RCC Sales – US ($M) Other TKI IO $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 2024 2025 2026 2027 2028 2029 2030 Annual RCC Sales – 7 Major Markets ($M) Other TKI IO • RCC is currently a ~$9B market in Major Markets − This is despite multiple generic TKIs (e.g., axitinib, pazopanib, everolimus, sunitinib) − The market is almost entirely dominated by 2 classes of therapy: IO (5 approved agents) and TKI (7+ approved agents) − Each class has approx. $4B in sales • The RCC market is expected to grow to $13B by 2030 driven by: − Increasing patient population − Introduction of HIF-2α MOA − Increasing DoT and “IO-like” durations of response for HIF-2α containing regimens • There are only 2 agents currently in development in the HIF-2α class
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© Arcus Biosciences 202575 Estimating Time on Treatment for Cas + Cabo and Cas + Volru Combinations Sources: 1. Choueiri et at 2024 (LS-005) 2. Choueiri et al 2016 (METEOR) 3. Tannir et al 2022 (CANTATA) 4. Pal et al 2023 (CONTA CT-03) 5. ASCO GU 2025 549 (LS-003 ) 6. ASCO GU 2025 4505 (CM-214) Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. 1L: first-line; 2L: second-line; belz: belzutifan; cas: casdatifan; cabo: cabozantinib; ipi: ipilimumab nivo: nivolumab; RCC: renal cell carcinoma: volru: volrustomig 5.6 7.4 9.3 10.8 13.8 Belz (LS-005) Cabo (METEOR) Cabo (CANTATA) Cabo (CONTACT-03) Belz + cabo (LS-003) Cas + cabo (PEAK-1) Median PFS (months) 12.4 Nivo + ipi (CM-214) Cas + volru (eVOLVE- RCC02) Potential improvement from cas Potential improvement from cas 2L+ RCC 1L RCC
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© Arcus Biosciences 2025 $648 ~ $2,500 ~ $2,800 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 Current Belz Run Rate (3L, 5.6mo DoT) Projected IO-Experienced Opportunity at mPFS Projected 1L Opportunity at mPFS Potential HIF-2α Peak Sales ($M) Belzutifan Today is Only "Scratching the Surface" on the RCC Opportunity (G7 countries) Arcus is pursuing early lines of treatment and cas has the potential to achieve long durations of therapy $5B+ for 1L and "IO- Experienced" 15k pts 21k pts 24k pts 76 Belz run rate estimated based on Q2’25 sales. 5.6mo DoT assumed based on LS -005 PFS. Projected potential opportunities based on Arcus analysis across US, EU5 & Japan in 2036. Assumes HIF -2α containing regimens capture 55-75% share of patient population. Epi estimates from DRG (Clarivate) 1L: first-line; 3L: third-line; belz: belzutifan; cas: casdatifan; DoT: duration of treatment; EU5: France, Germany, Italy, Spain, and the United Kingdom; G7 countries: Canada, France, Germany, Italy, Japan, United Kingdom, United States; IO: immunotherapy; mPFS: median progression-free survival; pts: patients; RCC: renal cell carcinoma
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© Arcus Biosciences 202577 Estimating Time on Treatment: "Long Tail" of Cas Treatment Expected to Drive Even Greater Upside Potential DCO date: August 15, 2025 BID: twice daily; cas: casdatifan; DCO: data cut -off; G7 countries: Canada, France, Germany, Italy, Japan, United Kingdom, United States; PFS: progression- free survival PFS K-M Curve for 50mg BID Cohort (Most Mature Cohort) • In the most mature cohort of ARC-20 (50mg BID), the landmark 18-month PFS was 41% which demonstrates the "long tail" of HIF-2α treatment • The "median" PFS may meaningfully underestimate the "mean" time on treatment • Each additional month of time on treatment results in $150-$200mm of incremental annual revenue (G7) 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 18 21 Months Survival Casdatifan 50mg BID Censored Number at Risk 24 31 21 17 16 13 10 10 6 0
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© Arcus Biosciences 2025 4% 9% 13% 8% 29% 4% 12% 6% 3% 10% 2L RCC chemo belz (+/- other) non-cabo TKI mono avelumab + atixinib lenva + everolimus nivo mono cabo mono nivo + ipi nivo + cabo pembro + lenva pembro + axitinib 1 78 Cas Is Poised to Take Meaningful Share and Grow the Market for ccRCC Therapies Source: Arcus primary research, US May 2024 (n=49) axi: axitinib; belz: belzutifan; cabo: cabozantinib; cas:casdatifan; ccRCC: clear cell renal cell carcinoma; IO: immunotherapy; ipi: ipilimumab; lenva: lenvatinib; mono: monotherapy; nivo: nivolumab; pembro: pembrolizumab; tivo: tivozanib; TKI: tyrosine kinase inhibitor Our Approach to Maximizing the Market Opportunity for Cas in IO-Experienced ccRCC Convert cabo mono users to cas + cabo based on significantly improved efficacy Convert other TKI-based regimens (lenva, tivo, axi) to cas + cabo Meaningfully extend duration of treatment while minimizing treatment interruptions 2 3 cabo mono 2024 ccRCC | US Market Share
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© Arcus Biosciences 2025 Convert Convert Convert Convert Longer Term, We Have an Opportunity to Further Expand the Market Opportunity for Cas 1L: first-line; cabo: cabozantinib; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; HCC: hepatocellular carcinoma; IO: immunotherapy; TKI: tyrosine kinase inhibitor; volru: volrustomig Near-Term Medium-Term Long-Term Convert Cas + cabo in IO-experienced ccRCC • Only cabo-containing HIF-2α regimen Convert Cas + volru in 1L ccRCC • First-to-market TKI-free HIF-2α regimen in 1L Cas mono in IO-experienced / TKI- naïve ccRCC • Enabled by improved / comparable efficacy + better tolerability than TKIs Cas + anti-PD-1 in 1L ccRCC • Displace TKIs in the 1L setting Cas + anti-PD-1 in Neoadjuvant • New treatment option pre-nephrectomy in a huge patient population New tumor types, e.g. HCC • HIF-2α is involved in multiple pathways that result in tumorigenesis MORE TO COME ARC-20 79
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CONFIDENTIAL © Arcus Biosciences 2025 Our Emerging I&I Portfolio Dr. Juan Jaen President, Arcus Biosciences 80
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© Arcus Biosciences 202581 Our I&I Drug Discovery Strategy IN-HOUSE EXPERTISE IN IMMUNOLOGY has been a core aspect of our discovery group since Arcus founding MINIMIZE BIOLOGICAL RISK by leveraging validated mechanisms with applications to common diseases with large addressable populations 2-PRONG I&I STRATEGY: • Small-molecule improvements of cytokine-targeted therapeutics with validated clinical benefit • Target immune cell types that play key roles in human disease and have been historically “under-studied” – Multi-year interest in mast cell biology (e.g., KIT, MRGPRX2), neutrophil biology I&I: immunology and inflammation; KIT: tyrosine kinase receptor for stem cell factor SCF; MRGPRX2: mas -related G protein-coupled receptor member X2
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© Arcus Biosciences 202582 Our I&I Drug Discovery Portfolio TARGET MODALITY DISEASE AREA STATUS MRGPRX2 SM CSU, AD Preclinical TNF-α (TNFR1) SM RA, Psoriasis, IBD Advanced Discovery CCR6 SM Psoriasis Advanced Discovery CD89 mAb RA Advanced Discovery CD40 ligand SM SLE; MS Discovery We expect to select development candidates for at least 3 of these programs within the next 12 months AD: atopic dermatitis; CSU: chronic spontaneous urticaria; IBD: inflammatory bowel disease; I&I: immunology and inflammation; mAb: monoclonal antibody; MRGPRX2: mas-related G protein-coupled receptor member X2; MS: multiple sclerosis; RA: rheumatoid arthritis; SLE: systemic lupus erythematosus; SM: small -molecule
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© Arcus Biosciences 2025 Validated Biology with Multi-Billion $ Potential Opportunity for Improvement Program Status 83 MRGPRX2 Inhibition for the Treatment of Atopic Skin Diseases 1. Sanofi earnings releases AD: atopic dermatitis; CIndU: chronic inducible urticaria; CSU: chronic spontaneous urticaria; FIH: first -in-human; IgE: immunoglobin E; KIT: tyrosine kinase receptor for stem cell factor SCF; mAb: monocolonal antibody; MRGPRX2: mas-related G protein-coupled receptor member X2; PK: pharmacokinetics • Anti-IgE (e.g., Xolair®) and anti-IL-4R (e.g., Dupixent®) are not sufficient to address clinical need in CSU and/or AD (non-IgE mast cell pathology) • KIT mAbs (e.g., barzolvolimab/ Celldex) address mast cell biology but at the cost of some safety/convenience • MRGPRX2 represents a novel (and potentially safer) way to address mast cell contribution in these conditions • Need for improved potency/PK relative to early entrants into the clinic • Expect FIH in 2026 • Great opportunity to establish preliminary efficacy in Ph1b study (e.g., CIndU) • MRGPX2 is a mast cell- specific G protein-coupled receptor (GPCR) that triggers robust mast cell activation • Approved biologics are highly successful and effective in treating mast-cell driven diseases • Dupixent ® is approved in AD and CSU, among other indications, and generates >$15B in LTM sales 1
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© Arcus Biosciences 2025 84 Key Criteria Expected to Enable an MRGPRX2 Antagonist to be Best- in-Class Potency Selectivity / Safety Human PK • Based on our predicted human PK for our leading molecule, it could achieve clinically relevant exposures at 1/30 the exposures shown by the leading competitor, with opportunity to push beyond in a meaningful way Modeled steady-state human PK • Exploratory safety studies completed in 3 species, supportive of desired safety margins • Competitor molecules have reported preclinical and/or clinical safety signals that might be inconsistent with continued development in dermal indications such as CSU and AD • Ongoing GLP studies progressing on schedule with AB102; additional molecules continue to be profiled • We perform stringent evaluation of potency in the presence of 100% human serum (reflective of a physiologically relevant setting) • Several molecules display potencies that can block 90%+ of the effects of MRGPRX2 activators at double-digit nM concentrations (see below for AB102) IC 50: 8 nM IC90: 46 nM Mast cell (LAD2) degranulation (CD107a) in 100% human serum AD: atopic dermatitis; CSU: chronic spontaneous urticaria; GLP: glucagon- like peptide-1; IC: inhibitory concentration; LAD2: leukocyte adhesion deficiency type II; MRGPRX2: mas -related G protein-coupled receptor member X2; ng/mL: nanograms per milliliter; nM: nanometer; PK: pharmacokinetics
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© Arcus Biosciences 202585 Small-molecule Inhibitors of TNF-α with Potentially Improved Efficacy/Safety Relative to anti-TNF-α Biologics Sources: 1. AbbVie 2021 Annual Report 2. List of best-selling drugs 2020 FIH: first-in-human; IV: intravenous; PK: pharmacokinetics • Anti-TNF antibodies block TNF-α signaling at 2 receptors: – TNFR1 (pro-inflammatory) – TNFR2 (pro-Treg) • As a result, TNF antibodies can drive a fraction of patients to develop “paradoxical inflammation” (e.g., psoriasis) • Small-molecule disruptors of TNF-α selectively block only the activation with TNFR1, with potential for efficacy & better safety • Opportunity for molecules with better potency / human PK, relative to early entrant into the clinic • Final stages of Development Candidate selection • Potential for FIH in 2026 • Clinical strategy to be disclosed at a later date − An orally delivered & safe small molecule could open up many opportunities for combination treatment • Anti-TNF antibodies are among the most successful biologic drugs ever developed • Humira® was the world’s top- selling drug for nearly a decade, with peak sales over $20B 1,2 • They are approved in several large autoimmune indications, including rheumatoid arthritis, psoriatic arthritis, Crohn’s and ulcerative colitis, among others • Administered as IV infusion or self-injection Validated Biology with Multi-Billion $ Potential Opportunity for Improvement Program Status
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© Arcus Biosciences 2025 Validated Biology with Multi-Billion $ Potential Opportunity for Improvement Program Status 86 Small-molecule CCR6 Antagonists as Potential Therapeutic Alternatives to anti-IL-17 Biologics - Psoriasis • Anti-IL-17 antibodies have revolutionized the treatment of psoriasis and other skin diseases – Cosentyx® has generated $6.4B in LTM sales1 • There are currently no orally available options for dealing with the inflammatory effects of IL-17 • Final stages of Development Candidate selection • Potential for FIH in 2026 • Clinical strategy to be disclosed at a later date − An orally delivered & safe small molecule opens up many opportunities for combination treatment • CCR6 inhibition creates opportunity to interfere with a group of cytokines (beyond IL-17) produced by key inflammatory cells (e.g., γδ T cells) • IL-17 is key in fighting certain infections; anti-IL-17 therapy brings with it increased risk of infection – Small-molecule CCR6 antagonists may provide greater flexibility for managing safety signals secondary to IL-17 inhibition • Chemokine field notoriously difficult to drug (requirements for constant target engagement). Leading clinical entrant expected to fall short. − Arcus scientists have one of the best records in the industry 1. Novartis earnings releases FIH: first-in-human
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CONFIDENTIAL © Arcus Biosciences 2025 Q&A 87
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CONFIDENTIAL © Arcus Biosciences 2025 Closing Remarks Dr. Terry Rosen CEO, Arcus Biosciences 88
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© Arcus Biosciences 202589 Cas is Positioned to Become the Standard of Care in RCC DCO date: August 15, 2025 *Includes two unconfirmed responses, both pending confirmation, in the 100mg cohort. One was recorded prior to the DCO, and one was recorded after the DCO. If both confirm, the cORR for the 100mg cohort would increase from 35% to 42% and the cORR for the pooled analysis would increase from 31% to 33%. 1. Albiges L. et al. Abstract LBA88, ESMO 2023; Choueiri et al. 2024. Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, include and exclusion criteria and many other factors. Cas: casdatifan; CI: confidence interval; cORR : confirmed overall response rate; DCO: data cut -off; mos: months; NE: not estimable; PFS: progression-free survival; QD: once daily; RCC: renal cell carcinoma; SOC: standard of care Cohort: 100mg QD (n=31) All Pooled (n=121) Belzutifan in LS-0051 (n=374) Median Follow-up 12.4 mos. 15.5 mos. 18.4 mos. PD rate 16% 19% 34% cORR (95% CI) 35% (19, 55) 31% (23, 40) 22% (18-27) ORR, including responses pending confirmation* 42%* 33%* Median PFS (mos.) (95% CI) Not reached (5.7, NE) 12.2 (9.4, 20.6) 5.6 (5.2 , 7.4) Landmark 12-month PFS 60% 50% 32% Meaningfully longer PFS ~50% higher ORR and responses are very durable Almost 50% lower PD
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© Arcus Biosciences 202590 Arcus is Capitalized to Advance its Broad Portfolio of Late- Stage Programs Through Phase 3 Readouts 1L: first-line; 2L: second-line; ASCO: American Society of Clinical Oncology; ccRCC: clear cell renal cell carcinoma; cabo: cabozantinib; cas: casdatifan; dom: domvanalimab I&I: immunology and inflammation; NSCLC: non-small cell lung cancer; quemli: quemliclustat; R&D: research & development DOMVANALIMAB: THREE PHASE 3 STUDIES 1L Gastric Ph 3 Data in 2026 1L NSCLC (PD-L1 all comer) Ongoing Stage 3 NSCLC Ongoing CASDATIFAN: POTENTIAL BEST-IN-CLASS HIF-2α INHIBITOR Phase 1/1b in ccRCC WORLD-CLASS DRUG DISCOVERY $927 MILLION IN CASH* Funded through initial pivotal readouts for dom, quemli and cas, including PEAK-1** Small molecules, with focus on oncology and I&I * cash, cash equivalents and marketable securities as of June 30, 2025 ** runway estimate based on cash, cash equivalents, marketable securities, available facilities, and current planned operations Phase 1b/3 in 1L ccRCC Enrolling Phase 3 in 2L ccRCC Enrolling QUEMLICLUSTAT: PHASE 3 FULLY ENROLLED 1L Pancreatic
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COMBINING TO CURE ®
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CONFIDENTIAL © Arcus Biosciences 2025 Appendix 92
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© Arcus Biosciences 2025 ARC-20 Casdatifan Monotherapy Data Data cut-off: August 15, 2025 93
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CONFIDENTIAL © Arcus Biosciences 2025 100mg QD Cohort 50mg BID Cohort Treatment OngoingComplete Response (CR) Partial Response (PR) Stable Disease (SD) Progressive Disease (PD) 50mg QD Cohort 150mg QD Cohort Percent Change from Baseline in SLD, % -100 -80 -60 -40 -20 0 20 40 60 80 2524211815129630 Time (months) Percent Change from Baseline in SLD (%) -100 -80 -60 -40 -20 0 20 40 60 80 2524211815129630 Time (months) Percent Change from Baseline in SLD, % -100 -80 -60 -40 -20 0 20 40 60 80 2524211815129630 Time (months) Percent Change from Baseline in SLD (%) -100 -80 -60 -40 -20 0 20 40 60 80 2524211815129630 Time (months) Both Stable Disease Patients and Responders are Benefiting from Treatment DCO date: August 15, 2025 BID: twice daily; DCO: data cut-off; QD: once daily; SLD: sum of lesion diameter94
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CONFIDENTIAL © Arcus Biosciences 202595 Confirmed Overall Response Rate of 31% Across All Cohorts DCO date: August 15, 2025 BID: twice daily; DCO: data cut-off; QD: once daily; SLD: sum of lesion diameter 50mg BID Cohort100mg QD Cohort 50mg QD Cohort 150mg QD Cohort Partial ResponseComplete Response Stable Disease Progressive Disease OngoingBest Response Type -100 -80 -60 -40 -20 0 20 40 60 80 100 Best Percent Change from Baseline in SLD (%) -100 -80 -60 -40 -20 0 20 40 60 80 100 Best Percent Change from Baseline in SLD (%) Best Percent Change from Baseline in SLD (%) -100 -80 -60 -40 -20 0 20 40 60 80 100 Best Percent Change from Baseline in SLD (%) -100 -80 -60 -40 -20 0 20 40 60 80 100
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© Arcus Biosciences 202596 PFS Results are Consistently Better than LS-005, Across All Four Monotherapy Cohorts* DCO date: August 15, 2025 BID: twice daily; CI: confidence interval; DCO: data cut-off; NE: not estimable; PFS: progression-free survival; QD: once daily *Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample size, include and exclusion criteria and many other factors. 50MG QD COHORT 100MG QD COHORT 50MG BID COHORT 150MG QD COHORT Median PFS, months (95% CI) Median follow-up (range) 19.2 (5.3, NE) 19.7 (15.9, 21.3) Median PFS, months (95% CI) Median follow-up (range) 9.7 (2.7, NE) 14.4 (12.5, 15.5) 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 18 21 Months Survival Number at Risk 24 28 21 19 18 16 12 10 0 0 Casdatifan 50 mg QD capsule Censored 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 18 21 Months Survival Number at Risk 24 31 23 17 16 13 10 10 6 0 Casdatifan 50 mg BID capsule Censored Median PFS, months (95% CI) Median follow-up (range) 9.7 (5.3, NE) 22.8 (14.4, 26.0) 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 18 21 Months Survival Number at Risk 24 31 25 20 17 8 0 0 0 0 Casdatifan 100 mg QD tablet Censored Median PFS, months (95% CI) Median follow-up (range) NE (5.7, NE) 12.4 (6.3, 13.5) 1.0 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 0 3 6 9 12 15 18 21 Months Survival Number at Risk 24 31 19 16 15 11 0 0 0 0 Casdatifan 150 mg QD tablet Censored