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COMBINING TO CURE ® Arcus is at the forefront of designing combination therapies, with best-in-class potential, in the relentless pursuit of cures for cancer. January 14, 2025 CORPORATE PRESENTATION
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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 strategy, advantages, and expectations, including regarding our productivity and competitiveness; expectation that our cash and investments are sufficient to fund operations into mid-2027; potential of our investigational products and portfolio, including our investigational products potential to be best or first in class; anticipated benefits of our collaborations with Gilead, Taiho and AstraZeneca; achievement and expected timing of clinical and developmental milestones, including the initiation of clinical trials and the timing of data readouts; the availability or presentation of clinical data; launch of our investigational products and such products becoming an available treatment; potential market size and patient population for any of our investigational products; and possible first to market advantage for any of our investigational products. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those contained in any forward-looking statements we may make, including, but not limited to: risks associated with preliminary or interim clinical data or preclinical data not being guarantees that future data will be similar; the unexpected emergence of adverse events or other undesirable side effects; difficulties or delays in initiating, conducting or completing our clinical trials due to difficulties or delays in the regulatory process, enrolling subjects or manufacturing or supplying product for such clinical trials, all of which may be exacerbated by unfavorable global economic, political and trade conditions; risks associated with our collaboration arrangement with Gilead including our dependence on Gilead for the successful development and commercialization of our investigational products; changes in the competitive landscape; our limited operating history and our ability to manage our growth; our ability to obtain and maintain intellectual property protection for our product candidates; 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 and adversely 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 are described in our most recent periodic reports filed with the U.S. Securities and Exchange Commission filed with the U.S. Securities and Exchange Commission. 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 and completeness of the forward-looking statements. We undertake no obligation to update publicly 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. Third-Party Sources: 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 Trademark: 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. 2 Forward-Looking Statements/Safe Harbor
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© Arcus Biosciences 2025 3 Arcus Has Created a Broad Portfolio of Late-Stage Programs, Fueled by a Highly Productive R&D Engine 1H25: first half of 2025; 1L: first-line; 2L: second-line; B: billion; I&I: immunology & inflammation; NSCLC: non- small cell lung cancer R&D: research & development * as of September 30, 2024; includes cash, cash equivalents and marketable securities; funding into mid-2027 is based on current planned operations DOMVANALIMAB: THREE PHASE 3 STUDIES 1L Gastric Approaching Ph 3 Data 1L NSCLC (all comers) Ongoing Stage 3 NSCLC Ongoing CASDATIFAN: POTENTIAL BEST-IN-CLASS HIF-2α INHIBITOR Validated mechanism and compelling market opportunity Phase 3 initiation expected in 1H25 WORLD-CLASS DRUG DISCOVERY FUNDING INTO MID-2027 ~$1.1B in cash* Small molecules focused on oncology and I&I AB801 Potential best-in-class AXL inhibitor in phase 1/1b
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© Arcus Biosciences 2025 4 Our Partnerships Enable Cost-Efficiency and Greatly Expand Our Opportunities cas: casdatifan; mm: million; volru: volrustomig R&D COST-SHARING • Arcus retains co-promotion rights and profit share in the U.S. • High-teens to low-20's royalties on ex-U.S. sales • Opt-in rights to all programs; 4 exercised to date • Taiho has development / commercial rights in Japan and rest of Asia (ex-China) • Up to $275mm in milestones per program • High single-digit to mid-teens royalties Phase 1/1b: cas + volru • Both parties retain economics on their respective molecules RIGHTS / ECONOMICS
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© Arcus Biosciences 2025 2024: Validating Data Readouts Across the Program Portfolio 1L: first-line; 3L: third-line; cas: casdatifan; CRC: colorectal cancer; dom: domvanalimab; EAC: esophageal adenocarcinoma; etruma: etrumadenant; GEJ: gastro- esophageal junction; mOS: median overall survival; mPFS: median progression-free survival; NSCLC: non-small cell lung cancer; quemli: quemliclustat; zim: zimberelimab CONFERENCE STUDY PRODUCT DATA READOUT cas (HIF-2α) Improvement across all efficacy measures evaluated relative to belzutifan data in LITESPARK-005 dom (+zim) (TIGIT+PD-1) 0.64 OS hazard ratio for dom/zim vs. zim in 1L PD-L1 high NSCLC dom (+zim) (TIGIT+PD-1) ~13 months mPFS vs. 7-8 months for benchmark data in 1L gastric/GEJ/EAC etruma (adenosine, dual A2R) 19.7 months mOS vs. 9.1 months for regorafenib in 3L CRC quemli (adenosine, CD73) 15.7 months mOS vs. 9 –11 months for benchmark data in 1L pancreatic cancer 5
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© Arcus Biosciences 2025 PHASE 3 TRIAL NAME INDICATION PATIENTS (MAJOR MARKETS1,2) MARKET POTENTIAL (MAJOR MARKETS2) CAS HIF-2α small molecule inhibitor Post-IO ccRCC 19K ~$2B collaboration IO-naive ccRCC 21K ~$3B DOM (+ ZIM) Fc-silent anti-TIGIT mAb + anti-PD-1 mAb 1L Gastric/GEJ/EAC – all comers 105K ~$3B 1L NSCLC – all comers 307K ~$10B Stage 3 NSCLC, PD-L1>1% 35K3 ~$2B QUEMLI Small molecule CD73 inhibitor 1L PDAC 109K >$4B Designed to improve upon the current standard of care 6 Three Late-Stage Programs Targeting Substantial Market Opportunities and Unmet Medical Need 1L: first line; 2L: second line; 3L: third line; B: billion; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; dom: domvanalimab; EAC: esophageal adenocarcinoma; GEJ: gastroesophageal junction; IO: immuno-oncology; mAb: monoclonal antibody; NSCLC: non-small cell lung cancer; PDAC: pancreatic ductal adenocarcinoma; quemli: quemliclustat; zim: zimberelimab 1. Drug Treatable Addressable Populations (Major Markets, 2024); Decision Resources Group, Arcus analysis – see appendix for breakout of US patients 2. Major Markets (US, EU5, JP) - total projected 2034 PD-(L)1 + TIGIT opportunity, Q opportunity & Hif2α opportunity 3. cCRT responding patients
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© Arcus Biosciences 2025 Updated data (median PFS) and initial data from the 100mg QD (tablet) cohort to be presented in early 2025 7 Casdatifan Profile Improves Upon that of Belzutifan ARC-20 – Choueiri et al. ENA 2024, Oct. 24, 2024, data cut off of August 30, 2024 *As of the presentation date, Oct. 24, 2024, one patient converted to a response and one patient was recorded with progressive disease after the data cutoff date. 1. Efficacy data for belzutifan from IA1 of LITESPARK -005. Source: Albiges L. et al. Abstract LBA88, ESMO 2023 AE: adverse event; belz: belzutifan; BID: twice daily; CI: confidence interval; cORR : confirmed objective response rate; DCO: data cut-off; DCR: disease control rate; ENA: EORTC -NCI-AACR; PD: progressive disease; mPFS: median progression-free survival; QD: once daily Robust monotherapy activity (50mg BID Cohort) Initial Data Presented at ENA Meeting (October 2024) -100 -80 -60 -40 -20 0 20 40 60 80 100 Stable diseasePartial response Progressive disease Ongoing BEST RESPONSE TYPE MORE ADVANCED PATIENTS SHORTER FOLLOW- UP IMPROVED EFFICACY PROFILE % ≥4 prior LoT Median months follow- up Primary PD rate ORR / cORR mPFS (months) DCR ARC-20 (Ph 1/1b) Cas 50mg BID 27% 11 18.8% 34.4%* Median not reached 81.3% 25.0% 50mg QD 29% 8 14.3% 25.0% Not reached 85.7% 21.4% LITESPARK- 0051 Belz (Ph 3) 0% 18 33.7% 21.9% 5.6 61.2% Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample si ze, inclusion and exclusion criteria and many other factors.
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© Arcus Biosciences 2025 1 3 5 Study week 9 -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 120mg QD 13 Week 1 (Baseline) Casdatifan Treatment Affords Greater and Longer-Term Suppression of Key Biomarker (Erythropoietin Production) Source: Marathe DD, J Clin Pharm 2024, Fig S20 BID: twice-daily; CI: confidence interval; ccRCC: clear-cell renal cell carcinoma; mIU/mL: milli-international units per milliliter; mg: milligram; QD: once daily; SEM: standard error of the mean Mean percentage change in erythropoietin from baseline over time Mean (90% CI) percentage change in erythropoietin (mIU/mL) from baseline Belzutifan (Merck Data) Casdatifan 50mg BID (ARC-20) ccRCC patients in dose escalation + dose expansion 8 Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample si ze, inclusion and exclusion criteria and many other factors.
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© Arcus Biosciences 2025 CURRENT SOC POTENTIAL FUTURE TREATMENT MARKET SIZE (MAJOR MARKETS1,2) IO-naive metastatic PD-1 + CTLA4 cas + volru 21k patients Post-IO metastatic TKI mono cas + cabo 19k patients Post-IO & Post-TKI mTOR, TKI, HIF-2α 12k patients 9 Casdatifan Has Potential in ALL ccRCC Settings; Our Initial Focus Is on the IO-naive and Post-IO Settings 1. Drug Treatable Addressable Populations (Major Markets, 2024); Decision Resources Group, Arcus analysis 2. Major Markets (US, EU5, JP) - total projected 2034 1L: first-line; b: billion; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; CTLA4: cytotoxic T-lymphocyte associated protein 4; IO: immuno-oncology; mono: monotherapy; mTOR: mammalian target of rapamycin inhibitor; SOC: standard of care; TKI: tyrosine kinase inhibitor; volru: volrustomig; zim: zimberelimab New cohorts being added to ARC-20: • 1L (cas + zim) • 1L favorable risk (cas mono) New tumor types CAS FUTURE DEVELOPMENT ~$3B OPPORTUNITY ~$2B OPPORTUNITY
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© Arcus Biosciences 2025 PHASE 3 TRIAL NAME INDICATION PATIENTS (MAJOR MARKETS)1,2 MARKET POTENTIAL (MAJOR MARKETS2) CAS HIF-2α small molecule inhibitor Post-IO ccRCC 19K ~$2B collaboration IO-naive ccRCC 21K ~$3B DOM (+ ZIM) Fc-silent anti-TIGIT mAb + anti-PD-1 mAb 1L Gastric/GEJ/EAC – all comers 105K ~$3B 1L NSCLC – all comers 307K ~$10B Stage 3 NSCLC, PD-L1>1% 35K3 ~$2B QUEMLI Small molecule CD73 inhibitor 1L PDAC 109K >$4B 10 Three Late-Stage Programs Targeting Substantial Market Opportunities and Unmet Medical Need 1L: first line; 2L: second line; 3L: third line; B: billion; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; dom: domvanalimab; EAC: esophageal adenocarcinoma; GEJ: gastroesophageal junction; IO: immuno-oncology; mAb: monoclonal antibody; NSCLC: non-small cell lung cancer; PDAC: pancreatic ductal adenocarcinoma; quemli: quemliclustat; zim: zimberelimab 1. Drug Treatable Addressable Populations (Major Markets, 2024); Decision Resources Group, Arcus analysis – see appendix for breakout of US patients 2. Major Markets (US, EU5, JP) - total projected 2034 PD-(L)1 + TIGIT opportunity, Q opportunity & Hif2α opportunity 3. cCRT responding patients Designed to improve upon the current standard of care
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© Arcus Biosciences 2025 Avoids depletion of TIGIT-bearing cells: • Minimizes treatment interruptions by avoiding Treg depletion-related immune AEs • Maximizes efficacy by avoiding potential depletion of cancer-fighting Teff cells 11 Domvanalimab Is a First-in-Class Fc-Silent Anti-TIGIT Antibody; 2024 Represented a Data-driven Transformation for the Field! Note: co-administration of dom + zim was not part of STAR-121 Phase 3 study in 1L NSCLC 1L: first-line; AE: adverse effect; co-form: co-formulation; dom: domvanalimab; NSCLC: non-small cell lung cancer; zim: zimberelimab Administered as individual agents (vs. co-form) • Pursuing < 1 hour co-administration infusion time for dom and zim Positioned to be first to market in 1L gastric, 1L NSCLC (all-comers) and Stage 3 NSCLC OPTIMIZED DEVELOPMENT STRATEGY INDIVIDUAL AGENTS FC-SILENT
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© Arcus Biosciences 2025 KM Estimate of Progression Free Survival (%) Time from First Dose (months) TAP <5% TAP ≥5% EDGE- GASTRIC CM-6491 KN-8592 RATIONALE -3053 mPFS ITT 12.9m 7.7m 6.9m 6.9m PD-L1 High 13.8m 7.7m4 8.3m5 8.1m 7.2m mDOR ITT 12.4m 8.5m 8.0m 8.6m PD-L1 High NE 9.5m4 9.6m5 10.9m 9.0m ORR ITT 59% 58%6 51% 47% PD-L1 High 69% 60% 61% 50% 12 Dom/Zim/Chemo: Unprecedented mPFS in 1L Gastric Cancer 11.3 months median PFS TAP < 5% 100 75 50 25 0 0 3 6 9 12 15 18 NUMBER OF PATIENTS AT RISK 16 16 14 12 11 2 1TAP ≥5% 24 20 13 11 8 0TAP <5% 13.8 months median PFS TAP ≥5% Censored EDGE-Gastric: TAP ≥ 5% (n=16); TAP < 5% (n=24) EDGE-Gastric - Janjigian et al. ASCO 2024, Jun. 1, 2022; data cut off of March 12,2024 1. Phase 3: Janjigian, 2024. Shitara Nature 2022, Janjigian Lancet 2021, Moehler ASCO 2021 #4003 (36.2m, 24.0m, 12.1m, and 12.1m minimum follow up, respectively) 2. Phase 3: Rha, ESMO Virtual Plenary Feb 2023 and ASCO 2023 #4014 (31.0m median follow up) 3. Phase 3: Moehler, ASCO GI 2023 #286 (15.9m median follow up), and Xu, ESMO 2023 LBA80 (24.6m minimum follow up) 4. With12.1 months minimum follo w-up 5. With 36.2 months minimum follow-up 6. ITT population for Checkmate-649 included ~60% patients with PD-L1 high status at baseline. Note that EDGE -Gastric overall population included only 39% PD-L1 high at baseline. 1L: first-line; CI: confidence interval; CPS: combined positive score; dom: domvanalimab; EAC: esophageal adenocarcinoma; GEJ: gastroesophageal junction; IO: immuno- oncology; ITT: intent-to-treat; KM: Kaplan Meyer; mDOR: median duration of response; mOS: median overall survival; mPFS: median progression-free survival; NE: not estimable; nivo: nivolumab; ORR: overall response rate; pembro: pembrolizumab; TAP: tumor area positivity; zim: zimberelimab EDGE-Gastric Data Exceeded Benchmark Data Cross-trial data interpretation should be considered with caution as it is limited by differences in study population, sample size, inclusi on and exclusion criteria and many other factors
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© Arcus Biosciences 2025 Phase 3 Study was Fully Enrolled in June 2024 Dom + zim is positioned to be the first anti-TIGIT combination approved 13 *PI choice of chemo: FOLFOX or CAPOX. NCT #: NCT05568095 1L: first-line; chemo: chemotherapy; dom: domvanalimab; EAC: esophageal adenocarcinoma; ECOG PS: Eastern Cooperative Oncology Group performance status; GEJ: gastroesophageal junction; nivo: nivolumab; ITT: intent to treat; OS: overall survival; PFS: progression-free survival; PI: principal investigator; TAP: tumor area positivity; R: randomized; w/o: without; zim: zimberelimab Stratification Factors: • PD-L1 expression (TAP ≥5% or TAP <5%) • ECOG PS (0 or 1) • Region (US/Canada/EU5 vs. Asia vs. rest of world) nivolumab + PI choice of chemo* domvanalimab + zimberelimab + PI choice of chemo* 1L locally advanced unresectable or metastatic gastric/GEJ/EAC w/o prior systemic treatment R 1:1 DUAL PRIMARY ENDPOINTS: • OS ITT • OS in TAP ≥5% KEY SECONDARY ENDPOINTS: • PFS ITT • PFS in TAP ≥5% N=1,046 No crossover or change of chemotherapy allowed Data expected 2026 (event-driven) STAR-221 is evaluating the same regimen in the same setting as EDGE-Gastric
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© Arcus Biosciences 2025 ARC-7 and ARC-10 Demonstrated Consistent Improvement for Dom + Zim in 1L PD-L1 High NSCLC ARC-7 Johnson et al. Abstract 397600, ASCO 2023; data cut -off of Feb. 7, 2023 ARC-10 – Johnson et al. SITC 2024, Nov. 5 2024, data cut off of May 17, 2024Do 1L: first-line; chemo: chemotherapy; CI: confidence interval; D/dom: domvanalimab; HR: hazard ratio; NE: not estimable; NR: not reached; NSCLC: non-small cell lung cancer; OS: overall survival; PFS: progression-free survival; Z/zim: zimberelimab 1L PD-L1 High NSCLC dom + zim vs. zim vs. etruma + dom + zim (n=150) 14 1L PD-L1 High NSCLC dom + zim vs. zim or chemo (n=95) Dom + Zim vs. Zim PFS HR = 0.67 Dom + Zim vs. Zim OS HR = 0.64 Dom + Zim Zim Median PFS [95% CI] 9.3 months [4.1,NE] 5.4 months [2.7,9.7] Events (%) 27 (54%) 32 (64%) HR [95% CI] 0.67 [0.4,1.13] Dom + Zim Zim Median OS [95% CI] NR [13.7,NE] 24.4 months [7.8, NE] HR [95% CI] 0.64 [0.32,1.25]
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© Arcus Biosciences 2025 15 Data Throughout the Year Expected to Enhance Clarity on Multi-Billion $ Opportunities for Casdatifan and Domvanalimab 1L: first-line; BID: twice daily; chemo: chemotherapy; dom: domvanalimab; mono: monotherapy; nivo: nivolumab; ORR: overall response rate; OS: overall survival; PFS: progression- free survival; QD: once daily; zim: zimberelimab TIMING STUDY PRODUCT EVENT Early 2025 Casdatifan • Updated data from 50mg BID, 50mg QD (ORR, PFS) • Initial data from 100mg QD tablet (ORR) mono cohort Mid 2025 Casdatifan • Safety and initial efficacy data for the cas + cabo cohort Fall 2025 Domvanalimab • Phase 2 OS data for dom + zim + chemo in 1L Gastric Cancer Fall 2025 Casdatifan • More mature safety and efficacy data for all cohorts 2026 (event-driven) Domvanalimab • Phase 3 data for dom + zim + chemo vs. nivo + chemo in 1L Gastric Cancer
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© Arcus Biosciences 2025 16 Arcus Has Created a Broad Portfolio of Late-Stage Programs, Fueled by a Highly Productive R&D Engine 1H25: first half of 2025; 1L: first-line; 2L: second-line; B: billion; I&I: immunology & inflammation; NSCLC: non- small cell lung cancer * as of September 30, 2024; includes cash, cash equivalents and marketable securities; funding into mid-2027 is based on current planned operations DOMVANALIMAB: THREE PHASE 3 STUDIES 1L Gastric Approaching Ph 3 Data 1L NSCLC (all comers) Ongoing Stage 3 NSCLC Ongoing CASDATIFAN: POTENTIAL BEST-IN-CLASS HIF-2α INHIBITOR Validated mechanism and compelling market opportunity Phase 3 initiation expected in 1H25 WORLD-CLASS DRUG DISCOVERY FUNDING INTO MID-2027 ~$1.1B in cash* Small molecules focused on oncology and I&I AB801 Potential best-in-class AXL inhibitor in phase 1/1b
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COMBINING TO CURE ® 17
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© Arcus Biosciences 2025 First Phase 3 for Cas Has a Simple Design that Utilizes the Preferred SOC in Post-IO RCC and Targets a Broad Population 18 1L: first-line; cabo: cabozantinib: cas: casdatifan; ccRCC: clear cell renal cell carcinoma; DCR: disease control rate; DOR: duration of response; HIF: hypoxia-induced factor; IO: immuno- oncology; mg: milligram; ORR: objective response rate; OS: overall survival; PD -1/PD-L1: programmed death protein 1/programmed death ligand 1; PFS: progression free survival; RCC: renal cell carcinoma; RECIST: Response Evaluation Criteria in Solid Tumors 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
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© Arcus Biosciences 2025 PHASE 3 TRIAL NAME INDICATION PATIENTS (US / MAJOR MKTS)1,2 MARKET POTENTIAL (MAJOR MARKETS2) CAS HIF-2a small molecule inhibitor Post-IO ccRCC 10K / 19K ~$2B collaboration IO-naive ccRCC 10K / 21K ~$3B DOM (+ ZIM) Fc-silent anti-TIGIT mAb + anti-PD-1 mAb 1L Gastric/GEJ/EAC – all comers 24K / 105K ~$3B 1L NSCLC – all comers 109K / 307K ~$10B Stage 3 NSCLC, PD-L1>1% 14K / 35K3 ~$2B QUEMLI Small molecule CD73 inhibitor 1L PDAC 38K / 109K >$4B 19 Three Phase 3 Programs Targeting Substantial Market Opportunities and Unmet Medical Need 1L: first line; 2L: second line; 3L: third line; B: billion; cas: casdatifan; ccRCC: clear cell renal cell carcinoma; dom: domvanalimab; EAC: esophageal adenocarcinoma; GEJ: gastroesophageal junction; GI: gastrointestinal; IO: immuno-oncology; mAb: monoclonal antibody; mkts:markets; NSCLC: non-small cell lung cancer; PDAC: pancreatic ductal adenocarcinoma; Ph: phase; quemli: quemliclustat; zim: zimberelimab 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 & Hif2α opportunity 3. cCRT responding patients Designed to improve upon the current standard of care