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Arcus Biosciences J.P. Morgan Healthcare Conference 2026 Oncology and Immunology Portfolio January 14, 2026
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© Arcus Biosciences 2026 Forward-Looking Statements Safe Harbor: This presentation contains forward-looking statements about Arcus Biosciences, Inc. (“we,” “Arcus” or the “Company”) made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements in this presentation that are not historical facts are forward-looking statements, including, without limitation, statements regarding: our anticipated cash runway (including our expectation of funding into the second half of 2028); our strategies, goals, opportunities, and potential advantages for our programs, including casdatifan and our inflammation and immunology programs; estimates of market opportunities for our product candidates; and the timing, initiation, enrollment, advancement, conduct, and results of our clinical trials and other development activities (including, without limitation, expected timing for completion of enrollment for PEAK-1, initiation of a potential Phase 3 study in first- or early-line RCC, advancement of our inflammation and immunology programs into the clinic, and timing and results from ongoing clinical studies). Forward-looking statements are often identified by words such as “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 numerous 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: the unexpected emergence of adverse events or other undesirable side effects with Arcus’s investigational products, including casdatifan; risks associated with interim or preliminary clinical data not being replicated in other studies for casdatifan or other product candidates; difficulties or delays in conducting or completing our clinical trials due to regulatory review, site activation, patient identification or enrollment, or manufacturing and supply constraints 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 to Arcus’s cash runway due to changes in Arcus’s operating plans and expected resource allocation, including for domvanalimab; changes in the competitive landscape; 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 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. Important Information Regarding Data Comparisons: This presentation includes comparisons between data from our Phase 1/1b ARC-20 trial and published data from separate trials that are not head-to-head studies. Cross-trial comparisons should be interpreted with caution due to differences in study populations, sample sizes, inclusion and exclusion criteria, trial design, dosing, endpoints, follow-up, and other factors that may limit direct comparability. 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 is necessarily subject to a high degree of uncertainty and risk, and you are cautioned not to place undue reliance onto 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. 2 Forward-looking Statements/Safe Harbor
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© Arcus Biosciences 2026 3 Arcus Has Created a Robust Portfolio of Potential Best-in- Class Medicines * Cash and investments balance of $841 million as of September 30, 2025, adjusted to give effect to $270 million net proceeds from the Company’s November 2025 financing ** Runway estimate based on cash, cash equivalents, marketable securities, and current planned operations FOUNDED 2015 R&D ENGINE World class medicinal chemistry Goal of 1-2 new molecules advancing to the clinic each year 1st immunology molecules should enter the clinic in 2026 Addressing most common diseases Pancreatic Kidney Urticaria RAIBD AD Psoriasis~$1B IN CASH* CAPITAL EFFICIENCY & RISK SHARING HAS BEEN GROWTH ENABLING LATE-STAGE ONCOLOGY Casdatifan Quemliclustat MRGPRX2 TNF CCR6 & IMMUNOLOGY CD89 CD40L Funded until at least 2H:28** Cancers with Large Patient Populations Inflammation & Autoimmune Diseases
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© Arcus Biosciences 2026 4 Leveraging our Small Molecule Capabilities to Create Best-in- Class Oral Medicines *Arcus has world-wide rights including the US, Europe and China; Taiho has rights in Japan and other Asian territories Wholly-owned* best-in-class HIF-2α inhibitor; target validated clinically and commercially in RCC CASDATIFAN 2 PHASE 3 PROGRAMS IN ONCOLOGY EXPANDING ORAL SMALL MOLECULE I&I PORTFOLIO Expected in clinic in 2026 MRGPRX2 antagonist Enormous Opportunity to Displace Injectable, Blockbuster Biologic Drugs NEW Phase 3 Trial in 1L Setting Targeted for YE:26 TNF inhibitor Expected in clinic late ‘26 / early ‘27Only small molecule CD73 inhibitor in clinical development; In Ph 3 for 1L pancreatic cancer QUEMLI Urticaria Atopic Dermatitis RAIBD Psoriasis
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© Arcus Biosciences 2026 SUPERIOR PHARMACO- DYNAMIC PROFILE1,4 5 Clinical Data from >120 Patients Support Casdatifan’s Potential as the Best-in-Class HIF-2α Inhibitor Patient and market opportunity based on drug treatable population in major markets; from Decision Resources Group and Arcus analysis. 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. Longer PFS than other HIF-2α inhibitors and TKIs in late-line kidney cancer Median PFS, months (95% CI) Median follow-up (range) 12.2 (9.4, 20.6) 15.2 (6.3, 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 Progression-free Survival All Casdatifan Monotherapy + Censored NUMBER AT RISK 24 121 88 72 66 48 22 20 6 0 12.2 months mPFS compares to 5.6 mos PFS for belzutifan in LITESPARK- 0052,3 Top Priority is to Establish Casdatifan as the SOC Across Multiple Settings of RCC ~$2B opportunity Post-IO metastatic cas + cabo | Phase 3 Multiple 1L TKI-free options ~$3B opportunity 19K patients 21K patients MARKET SIZE (Major Markets1,2) 100mg QD of cas results in substantial and sustained EPO suppression 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 -100 -80 -60 -40 -20 0 20 Study Week Cas 100mg QD (N=31) Belz 120mg QD Need this? The references are not listed on the slide IMPROVED CLINICAL OUTCOMES1
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© Arcus Biosciences 2026 SETTING TRIAL REGIMEN cORR mPFS 3L+ ARC-20 (Phase 1b/2) Cas (Pooled) Cas (100mg QD) 31% 35% 12.2m Not reached LITESPARK-005 (Phase 3)3 Belz 22% 5.6m TIVO-3 (Phase 3)5 Tivo 18% 5.6m 2L+ METEOR (Phase 3)6 Cabo 17% 7.4m Lenva + ev (Phase 2)7 Lenva 27% 7.4m IO- Experienced (1L/2L) AXIS (Phase 3)8 Axi 19% 6.7m CONTACT-03 (Phase 3)9 Cabo 41% 10.8m CANTATA (Phase 3)10 Cabo 28% 9.3m 6 Casdatifan Data Exceed All PFS Benchmarks for Both Monotherapy HIF-2α Inhibition (Belz) and TKIs DCO date for casdatifan: 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. EARLIER-LINE PATIENT POPULATIONS
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© Arcus Biosciences 2026 First Phase 3 Study Evaluating a Differentiated TKI Combination in Post-IO ccRCC is Enrolling 7 PRIMARY ENDPOINT • PFS KEY SECONDARY ENDPOINTS • OS • ORR, DOR, DCR PATIENT POPULATION: • Unresectable, locally advanced or metastatic ccRCC • Have had prior anti-PD- 1/ PD-L1 (either in adjuvant or 1L metastatic setting) • Have not received cabozantinib 100MG CASDATIFAN + CABOZANTINIB PLACEBO + CABOZANTINIB R 2:1 N~700 ✓ PEAK-1 Initiated Q3 2025; Goal Is to Fully Enroll in <18 Months Only Phase 3 study evaluating a HIF-2α inhibitor with cabozantinib, the most widely used TKI in ccRCC
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© Arcus Biosciences 2026 8 1L Strategy for Cas Will Focus on TKI-Free Regimens, Enabled by its Low Rate of Primary Progression Primary PD rate: The percent of patients whose disease progressed at or before their first post -baseline scan. *All data from ongoing ARC-20 cohorts with DCO dates as follows: a. August 15, 2025; b. March 14, 2025; c. Spotfire data as of January 7, 2026, includes patients who had received at least one scan at time of DCO. Efficacy-Evaluable Population* Primary PD Rate % (n) cas 100mg QD (n=31)a 16% (5)3 pooled (n=121)a 19% (23) cas + cabo (n=24)b 4% (1) 1L cas + zim (n=23)c 9% (2) 1L cas mono, favorable risk (n=14)c 0% (0) cas mono, post-IO, TKI naive (n=27)c 7% (2) 2L+ ccRCC 1L+ ccRCC 1L ccRCC cas + volrustomig (anti-PD-1/CTLA-4 bispecific) 1L ccRCC cas + zim (anti -PD-1) 1L ccRCC cas + anti-PD-1 + ipilimumab ARC-20 Data To Date Show a Consistently Low Rate of Primary PD, Avoiding the Need for a TKI 1L ccRCC cas-based TKI-free combination Four TKI-Free Cohorts in the 1L Setting Will Inform 1L Strategy for Cas with the Goal of Initiating Phase 3 Study by YE:26 Ongoing Plan to open Enrollment completed Initiation planned 1H:26 Initiation planned 2026
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© Arcus Biosciences 2026 9 Quemli Could be the First Transformative Therapy for All- Comer 1L Pancreatic Cancer in 30+ Years GnP data constructed into a synthetic control arm, on a post-hoc basis, from Phase 2 and 3 clinical studies in 1L metastatic pancreatic cancer setting ~$4B peak sales opportunity PHASE 1 STUDY SHOWED 5.9 MONTH mOS IMPROVEMENT VS G/nP11 Readout in 1H 2027 Kaplan-Meir Estimate of Overall Survival (%) Overall Survival (months) 1.00 0.75 0.50 0.25 0.00 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 122 108 89 72 59 47 34 23 8 3 1 0 122 104 85 61 49 32 26 21 12 7 4 3 1 0 All pooled Q100 Q(±Z) + G/nP (n=122) SCA (n=122) Median OS, m 15.7 9.8 HR [95% CI] 0.634 (0.471-0.854) Log-rank nominal p-value 0.0030 Events, % (n) 58.2% (71) 86.1% (105) All pooled Q100 Q(±Z) + G/nP Synthetic Control Arm Censored Median follow-up, All pooled Q100 Q(±Z) + G/nP NUMBER OF PATIENTS AT RISK Phase 3 trial in 1L PDAC Enrollment completed
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© Arcus Biosciences 2026 10 I&I Small-Molecule Strategy is Targeting Validated Blockbuster Biologics IN-HOUSE EXPERTISE IN IMMUNOLOGY has been a core aspect of our discovery group since Arcus’s 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 • Target immune cell types that play key roles in human disease and have been historically “under-studied” TARGET MODALITY DISEASE AREA STATUS MRGPRX2 SM CSU, AD FIH Expected in 2026 TNF (TNFR1) SM RA, Psoriasis, IBD FIH Expected Late 2026 / Early 2027 CCR6 SM Psoriasis Advanced Discovery CD89 mAb RA Advanced Discovery CD40L SM SLE; MS Discovery I&I DRUG DISCOVERY PORTFOLIO
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© Arcus Biosciences 2026 -6 -5 -4 -3 -2 -1 0 1 2 0 20 40 60 80 100 120 Log [AB102] (µM) Percent of Activity Validated biology with multi -billion dollar potential OPPORTUNITY FOR IMPROVEMENT PROGRAM STATUS: Expect FIH in 2026 11 Potential Best-in-Class MRGPRX2 Antagonist to Treat Atopic Skin Diseases Improved potency/PK relative to early small-molecule entrants into the clinic Based on the predicted human PK and potency of our leading molecule, required clinical exposures could be >90% lower than those associated with the leading small-molecule competitor in the clinic Approved biologics are highly successful and effective in treating AD and CSU, etc. and generate >$15B in LTM sales11,12 Anti-IgE (e.g., omalizumab) and anti-IL-4R (e.g., dupilumab) are not sufficient to address clinical need in CSU and/or AD IC50: 8 nM IC90: 46 nM Mast cell (LAD2) degranulation (CD107a) in 100% human serum Modeled steady-state human PK 0 4 8 12 16 20 24 10 100 Time (hr) AB102 Concentration (ng/mL)
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© Arcus Biosciences 2026 Anti-TNF antibodies block TNF signaling at 2 receptors: • TNFR1 (pro-inflammatory) • TNFR2 (pro-Treg – blocking can drive inflammation) As a result, TNF antibodies can drive a fraction of patients to develop “paradoxical inflammation” (e.g., psoriasis) Small-molecule disruptors of TNF selectively block only the TNFR1 biology, with potential for efficacy & better safety Opportunity for molecules with better potency / human PK, relative to early small-molecule entrant into the clinic VALIDATED BIOLOGY WITH MULTI-BILLION $ POTENTIAL 12 Small-molecule Inhibitors of TNF with Potentially Improved Efficacy/Safety Relative to anti-TNF Biologics 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 $20B13,14 OPPORTUNITY FOR IMPROVEMENT PROGRAM STATUS: Expect FIH in late 2026 / early 2027
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© Arcus Biosciences 2026 INDICATION MARKET POTENTIAL (Major markets*) CAS Small molecule HIF-2α inhibitor Post-IO ccRCC ~$2B IO-naive ccRCC ~$3B QUEMLI Small molecule CD73 inhibitor 1L PDAC >$4B MRGPRX2 Small molecule antagonist CSU & Atopic dermatitis Multi-Billion $ TNF Small molecule inhibitor RA, Psoriasis & IBD Multi-Billion $ 13 Multiple Programs Targeting Substantial Market Opportunities and Unmet Medical Need *Major Markets (US, EU5, JP) - total projected 2034 quemli opportunity & cas opportunity
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© Arcus Biosciences 2026 14 2026 Will Have a Continuous Cadence of Value-Driving Milestones Cas monotherapy data at medical conference in Feb 2026 Cas + cabo PFS data Data for cas combinations in early-line RCC Initiate first Phase 3 study for cas in 1L RCC MRGPRX2 antagonist in clinic NEXT 3 MONTHS NEXT 6-9 MONTHS NEXT 9-12 MONTHS
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© Arcus Biosciences 2026 15 Arcus Milestones Will Generate Near- and Long-Term Value for Shareholders Cas monotherapy data at medical conference in Feb 2026 Cas + cabo PFS data Data for cas combinations in early-line RCC POC data for MRGPRX2 antagonistInitiate first Phase 3 study for cas in 1L RCC MRGPRX2 antagonist in clinic Phase 3 data TNF inhibitor in clinic Phase 3 data NEXT 3 MONTHS NEXT 6-9 MONTHS NEXT 9-12 MONTHS NEXT 12-24 MONTHS NEXT 24+ MONTHS
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Copyright © Arcus Biosciences 2026 Q&A 16
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© Arcus Biosciences 2026 References and Acronym Key 1. Choueiri T. et al. 2025 (ARC-20) 8. Rini B. et al. 2011 (AXIS) 2. Albiges L. et al. 2023 (LITESPARK-005) 9. Pal S. et al. 2023 (CONTACT-03) 3. Choueiri T. et al. 2024 (LITESPARK-005) 10. Tannir N. et al. 2022 (CANTATA) 4. Marathe D. et al. 2024 (belzutifan) 11. Wainberg Z. et al. 2024 (ARC-8) 5. Rini B. et al 2020 (TIVO-3) 12. Sanofi earnings releases. Accessed January 8, 2026. 6. Choueiri T. et al. 2016 (METEOR) 13. 2022 Annual Report. Abbvie. Accessed January 8, 2026. 7. Motzer R. et al. 2015 (lenvatinib +everolimus) 14. Sagonowsky E. The top 20 drugs by worldwide sales in 2020. FiercePharma. Published May 3 2021. Accessed January 8, 2026. 1H first half Cas casdatifan FIH first-in-human mAb monoclonal antibody PD primary progression quemli quemliclustat TKI tyrosine kinase inhibitor 1L first-line ccRCC clear cell renal cell carcinoma G/nP gemcitabine/nab- paclitaxel mg milligrams PDAC pancreatic ductal adenocarcinoma R randomized Tivo tivozanib 2H second-half CI confidence interval HR hazard ratio Mono monotherapy PD-L1 programmed death-ligand 1 R&D research & development YE year-end 2L second-line cORR confirmed overall response rate I&I inflammation & immunology mos months PFS progression-free survival RA rheumatoid arthritis Z zimberelimab 3L third-line CSU chronic spontaneous urticaria IBD inflammatory bowel disease mOS median overall survival Ph Phase RCC renal cell carcinoma zim zimberelimab AD atopic dermatitis DCO data cutoff IgE immunoglobulin E mPFS median progression-free survival PK pharmacokinetics SCA synthetic control arm Axi axitinib DCR disease control rate IO immunotherapy MRGPRX2 mas-related G protein- coupled receptor member X2 POC proof of concept SLE systemic lupus erythematosus B billion DOR duration of response K thousand MS multiple sclerosis Q quemliclustat SM small molecule belz belzutifan EPO erythropoietin Lenva lenvatinib ORR objective response rate Q3 third quarter SOC standard of care Cabo cabozantinib Feb February m months OS overall survival QD once daily tela teleglenastat