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Casdatifan Investor Day New monotherapy and combination data in first-line, second- line and late-line kidney cancer October 20, 2026
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© Arcus Biosciences 2026 FLS 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; our strategies, goals, opportunities, and potential advantages for our programs, including casdatifan and its potential to become a backbone therapy for patients with clear cell renal cell carcinoma; the timing and achievement of milestones, including the expected timing for completion of enrollment for PEAK-1, the initiation of PEAK-20 and additional data readouts from ARC-20; the initiation, conduct and results of our clinical trials, including future practice-changing trials with casdatifan; estimates of market potential for our investigational products; and our productivity. 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: our ability to manage the breadth and pace of our development plans for casdatifan; interim, preliminary or exploratory data may not be predictive of final results and may not be replicated in ongoing or future studies evaluating casdatifan, including the Phase 3 PEAK-1 study and the upcoming Phase 3 PEAK-20 and PEAK-30 studies; the unexpected emergence of adverse events or other undesirable side effects with our investigational products, including casdatifan, alone or in combination with other agents; difficulties or delays in initiating, enrolling, 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 our cash runway due to changes in our operating plans; 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 Annual Report on Form 10-K, 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 and 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. 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 sales or revenue opportunity. 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 on estimates. No Regulatory Approval: All of Arcus’s molecules, including casdatifan, are investigational and Arcus has not received approval from any regulatory authority for any use globally, nor established the safety or 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.
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© Arcus Biosciences 2026 Data are not from 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 and many other factors. All data based on Sept. 4, 2026 data cut off unless otherwise stated
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© Arcus Biosciences 2026 TOPIC PRESENTER(S) TIME (ET) Casdatifan Strategy & Takeaways from Today Terry Rosen, Ph.D. 8:30-9:00 Opportunities for Improving the Treatment Paradigm in ccRCC with Q&A Dr. Rana McKay 9:00-9:30 Translational Science Supports the Best-in- Class Profile of Casdatifan Juan Jaen, Ph.D. 9:30-9:40 Review of Casdatifan Development Plan Dr. Richard Markus 9:40-9:50 Market Opportunity Bob Goeltz 9:50-9:55 Closing Remarks Terry Rosen, Ph.D. 9:55-10:00 Q&A Arcus Management 10:00-10:30 4 Agenda References and acronyms on slide 91
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© Arcus Biosciences 2026 Casdatifan Strategy & Takeaways from Today Terry Rosen, Ph.D., Chief Executive Officer 5
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© Arcus Biosciences 2026 6 Arcus Has a Robust Portfolio of Potential Best-in-Class Medicines *Cash, cash equivalents and marketable securities as of June 30, 2026 **Runway estimate based on cash, cash equivalents, marketable securities, and current planned operations References and acronyms on slide 91 FOUNDED 2015 R&D ENGINE • World class medicinal chemistry • Goal of 1-2 new molecules advancing to the clinic each year 1st immunology molecule entered the clinic in Q3, addressing multi-billion-dollar market opportunities PancreaticKidney Urticaria RAIBD AD Psoriasis~$775M IN CASH* CAPITAL EFFICIENCY & RISK SHARING HAVE 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 Molecular Design Cas delivers uniquely robust and durable HIF-2α inhibition This deep and sustained inhibition drives profound OS benefit, not previously seen for the class 7 Emerging Casdatifan Franchise Has all the Pieces to Transform the Treatment Paradigm for Kidney Cancer References and acronyms on slide 91 Our development plan provides every ccRCC patient the opportunity to benefit from casdatifan $5B – $10B $4B+ cas + ipi + nivo 1L $1B+ cas + tivo $2B+ cas + cabo 2L Late Line
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© Arcus Biosciences 20268 Casdatifan Addresses Clinical Need in Every Line of Therapy Early efficacy (PD, ORR, PFS) vs IO benchmarks Potential for best 1L treatment 1L Profound benefit for all patients (including post TKI progression, ~60% of 2L) Strong OS signal vs benchmarks 2L Unprecedented 35-month OS (cas mono) >12-month benefit vs benchmarks Late line PFS: cas + zim vs. IO benchmarks1,2 OS: cas mono vs. belz mono (LS-005)7 References and acronyms on slide 91 OS: cas + cabo vs. cabo3-6
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© Arcus Biosciences 20269 Profile of Casdatifan Reveals the True Potential of HIF-2α Inhibition and Drives Dramatic Clinical Differentiation 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 Published data from Arcus8 and Merck9 Casdatifan monotherapy has demonstrated clear differentiation: Lower PD rate Higher ORR Longer PFS Longer OS (first data to be presented today) Casdatifan is the only molecule to provide robust and sustained HIF-2α inhibition % EPO Change from Baseline References and acronyms on slide 91
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© Arcus Biosciences 202610 First study to comprehensively connect clinical outcomes from patients receiving a HIF-2α inhibitor with peripheral biomarker changes and associated tumor biology HIF-2α inhibition with casdatifan resulted in deep and sustained suppression of the hormone erythropoietin in blood (serum EPO), which correlated with higher response rates and longer PFS https://www.nature.com/articles/s41586-026-10718-x References and acronyms on slide 91
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© Arcus Biosciences 2026 → → → → → → → → → → → → → → → → → → → → → → → → → → → → → →→ → 0 10 20 30 Time from First Dose (month) -100 -50 0 50 Change from Baseline (%) PD SD PR CR 11 Robust HIF-2α Inhibition Provides Remarkable and Enduring Clinical Benefit Median follow-up 28 months References and acronyms on slide 91 ~25% of patients continue treatment beyond 24 months Cas monotherapy pooled Late Line Change from Baseline (%) Time from First Dose (month)
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© Arcus Biosciences 2026 → → → → → → → → → → → → → → → → → → → → → → → → → → → → → →→ → 0 10 20 30 Time from First Dose (month) -100 -50 0 50 Change from Baseline (%) Other PR_24m 12 Robust HIF-2α Inhibition Provides Remarkable and Enduring Clinical Benefit Median follow-up 28 months References and acronyms on slide 91 New ‘responders’ after >24 months ~25% of patients continue treatment beyond 24 months Late Line Cas monotherapy pooled Change from Baseline (%) Time from First Dose (month)
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© Arcus Biosciences 202613 Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan References and acronyms on slide 91 IO/IO = anti-PD-1 + anti-CTLA4 ~1/3 market PEAK-1 cas + cabo vs cabo PEAK-30 cas + tivo vs tivo (+/- prior belz) cas + anti-PDx/VEGF bispecifics CURRENT SOC belz + lenva (LS-011) mPFS 14.6 mos10 Approved September 2026 1L TKI- Containing TKI-Free Novel Combinations PEAK-20 cas + ipi + nivo vs ipi + nivo PEAK-21 cas + axi + anti-PD-1 vs axi + anti-PD-1 IO+TKI e.g. cabo + nivo, lenva + pembro, axi + pembro ~2/3 market TKI mono cabo ~40% market belz mono or TKI mono PRACTICE-CHANGING TRIALS $4B+ MARKET OPPORTUNITY $2B+ $1B+ 1L 2L Late line
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© Arcus Biosciences 2026 Late Line: Unprecedented OS in Heavily Pretreated Patients 14
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© Arcus Biosciences 202615 Data from the “Pooled” Casdatifan Cohorts Continue to Improve and Exceed Benchmarks for Belzutifan Efficacy-evaluable populationa casdatifan belzutifan7 pooled monotherapy (n = 121) 120mg QD (n = 374) Median Follow-Up, mos (range) 20.8 (11.8, 31.5) 27.9 (19.0, 38.7) 25.7 (16.8–39.1) Confirmed ORR (95% CI) 35% (26, 44) 36% (26, 45) 23% (19, 27) Complete Response, % (n) 1% (1) 2% (2) 4% (13) Partial Response, % (n) 34% (41) 34% (41) 19% (72) Stable Disease, % (n) 46% (56) 46% (55) 38% (143) Progressive Disease, % (n) 17% (21)* 17% (21)* 34% (127) mPFS, mos (95% CI) 12.2 (9.4, 16.5) 13.0 (9.4, 16.4) 5.6 (4.6-7.4) Casdatifan showed substantially lower rate of PD, higher ORR and longer PFS than belzutifan benchmarks TODAY’S DATA DCO date for ASCO GU: Jan. 30, 2026 *Two patients were considered non-evaluable; they had clinical progression before the first scan and did not meet criteria for progressive disease per RECIST. a. 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. References and acronyms on slide 91 Late Line
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© Arcus Biosciences 2026 16 Casdatifan Monotherapy Shows an Exceptional OS Trend With Potential to Drive Survival Across Lines of Therapy Tick marks indicate censored patients References and acronyms on slide 91 OS of pooled casdatifan monotherapy compared to belzutifan in LS-0057 % (n) casdatifan (ARC- 20 pooled) belzutifan (LS-005) 4+ prior lines of therapy 28% (35) 0% (0) casdatifan (ARC-20 pooled) belzutifan (LS-005) mOS (95% CI) 34.7 (32.8, NE) 21.4 (18.2, 24.3) • mOS of 35 months, with median follow-up of 28 months • OS curve substantially improved relative to that of belzutifan, despite more heavily pre-treated patient population in ARC-20 • OS benefit is correlated with pharmacodynamic markers of HIF-2α inhibition (discussed later today) These data demonstrate the potential for casdatifan to be the only HIF - 2 α inhibitor to achieve OS benefit in any setting Late Line
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© Arcus Biosciences 2026 2L: Cas + Cabo Positioned to be the Regimen of Choice 17
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© Arcus Biosciences 202618 LS-011 Underrepresented the Patients Previously Treated with 2nd-Generation TKIs, Who Respond Poorly to Cabo ARC-20 LITESPARK-01111 Prior Therapy Agent cas + cabo (n = 44) belz + lenva (n = 371) cabo (n = 376) N % N % N % Adjuvant‡ 11 25% 23 6% 25 7% First Line 36 82% 356 96% 358 95% IO + axi 6 14% 107 29% 103 27% Pembro + lenva 7 16% 0 0% 0 0% IO only§ 17 39% 136 37% 143 38% Pazopanib or sunitinib 3 7% 93 25% 101 27% Other* 3 7% 0 0% 0 0% Second Line 5 11% 104 28% 107 28% Nivo 2 5% 84 23% 98 26% IO/IO; IO + axi 3 7% 0 0% 0 0% Third Line 0 0% 4 1% 0 0% Patients with prior lenva expected to perform much worse on cabo mono in 2L (ORR ~5%, PFS 4.1-5.8 months, OS 8.1 months12,13**) 1st-generation TKIs that are no longer commonly prescribed as 1L agents Median follow-up 21.3 months ‡Includes axitinib/pembrolizumab, Bacillus Calmette-Guérin plus interferon, dendritic cells cytokine induced killer cells, everolimus, ipilimumab/nivolumab, nivolumab, pazopanib, pembrolizumab, placebo, sunitinib, and sunitinib malate. §Includes ipilimumab + nivolumab and nivolumab. *Includes one patient with IO + zanzalintinib and two with IO + bevacizumab. **TOT and TTF used as proxy for PFS expectation. References and acronyms on slide 91 2L
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© Arcus Biosciences 2026 -75 -50 -25 0 25 Best Change from Baseline (%) OngoingCRPRSDPD 19 Cas + Cabo Provides Durable Clinical Benefit for the Vast Majority of Patients Median follow-up 21.3 months References and acronyms on slide 91 Best percent change in target lesions Change in target lesions over time Confirmed ORR: 44% Disease control: 95% Primary progression: 5% → → → → → → → → → → → → → → → → → → 0 5 10 15 20 25 Time from First Dose (month) -75 -50 -25 0 25 50 Change from Baseline (%) PD SD PR CR Best Change from Baseline (%) Change from Baseline (%) Time from First Dose (month) 2L
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© Arcus Biosciences 2026 20 Despite Population Differences, Comparison to LS-011 Shows Similar PFS and Reveals Potential OS Benefit Median follow-up 21.3 months Tick marks indicate censored patients References and acronyms on slide 91 LS-011 HR was 0.90 at IA1 and 0.85 at IA2 for belz + lenva vs. cabo More durable and robust inhibition from cas could lead to significant OS improvement OS curves: cas + cabo vs LS-0113,11 78% 66% 84% 77% 79% 70% 2L PFS curves: cas + cabo vs LS-0113,11 41% 56% 41% 55% 44% 30%
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© Arcus Biosciences 202621 Cas + Cabo Demonstrated Similar Efficacy in Prior IO Only and Prior IO + TKI Patients, Including Lenva-Pretreated Patients Median follow-up 21.3 months Tick marks indicate censored patients *Axi/Other TKIs are 6 with prior Axitinib/IO, 1 prior Zanzalintinib/IO, 1 prior Sunitinib, 2 prior Pazopanib References and acronyms on slide 91 Cas + Cabo PFS by prior TKI exposure Cas + cabo by prior TKI exposure 2L →→→→→ →→→→→ →→ → → → →→→ 0 5 10 15 20 25 Time from First Dose (month) Treatment Ongoing→ProgressionResponseIOAxi/Other TKIsLenva * >
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© Arcus Biosciences 202622 In 2L, Cas + Cabo PFS and OS Support High Likelihood of PEAK-1 Success Median follow-up 21.3 months Tick marks indicate censored patients References and acronyms on slide 91 PFS: cas + cabo vs cabo benchmarks Both PFS and OS for cas + cabo are trending substantially better than those of Phase 3 cabo mono benchmarks3-6,11 OS: cas + cabo vs cabo benchmarks 78% 66% 84% 77% 78% 73% 58% 69% 41% 30% 56% 48% 30% 30%41% 2L
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© Arcus Biosciences 2026 1L: Unprecedented Early Efficacy vs IO Benchmarks 23
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© Arcus Biosciences 2026 -100 -75 -50 -25 0 Best Change from Baseline (%) OngoingCRPRNESDPD 24 Cas + Zim in 1L Shows Deep Tumor Volume Reduction and Meaningful Disease Control Median follow-up 11.5 months *Includes two patients whose responses confirmed after the data cut-off References and acronyms on slide 91 Best percent change in target lesions Change in target lesions over time Confirmed ORR: 50%* Disease control: 93% Primary progression: 7% → → → → → → → → → → → → →→ → → → → → → → 0 5 10 15 Time from First Dose (month) -100 -80 -60 -40 -20 0 20 Change from Baseline (%) NE PD SD PR CR Best Change from Baseline (%) Change from Baseline (%) Time from First Dose (month) 1L
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© Arcus Biosciences 2026 Efficacy data are unprecedented for a TKI-sparing regimen 25 Casdatifan Enhances Disease Control Relative to Ipi + Nivo in 1L *Includes two patients whose responses confirmed after the data cut-off **Only one patient experienced primary progression (4%, n=24 with at least one scan) Tick marks indicate censored patients References and acronyms on slide 91 CM-214 KN-427 cas + zim (n=30) cas + zim + ipi (n=31) ipi + nivo (n=550)2 pembro (n=110)1 Primary Progression 6.7% 4.0%** 20% 30.0% cORR 50.0%* TBD 39% 36.4% Median follow-up, months 11.5 3.0 25.2 35.9 Rate of primary progression & ORR Note: 12-month PFS landmark for cas + zim also exceeds those of anti-PD-1 + TKI combinations, including cabo + nivo (58% in CM- 9ER14) and pembro + axi (60% in KN-42615) Progression-free survival 61% 38% 50% 86% 69% cas + zim ipi + nivo pembro 65% 1L
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© Arcus Biosciences 2026 Molecular Design Cas delivers uniquely robust and durable HIF-2α inhibition This deep and sustained inhibition drives profound OS benefit, not previously seen for the class 26 Emerging Casdatifan Franchise Has all the Pieces to Transform the Treatment Paradigm for Kidney Cancer References and acronyms on slide 91 Our development plan provides every ccRCC patient the opportunity to benefit from casdatifan $5B – $10B $4B+ cas + ipi + nivo 1L $1B+ cas + tivo $2B+ cas + cabo 2L Late Line
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© Arcus Biosciences 202627 Introducing Dr. Rana McKay References and acronyms on slide 91 Rana McKay, MD, FASCO Professor of Medicine, Urology and Radiation Medicine Associate Director, Clinical Science 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 ESMO Congress Education Program Committee’s Genitourinary Cancer – Kidney and Bladder Track
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© Arcus Biosciences 2026 Opportunities for Improving the Treatment Paradigm in ccRCC Dr. Rana McKay, University of California San Diego 28
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© Arcus Biosciences 202629 The RCC Patient Journey Today Includes patients that progressed on anti-PD-1 in the adjuvant setting 2L / "IO-EXPERIENCED" TKI mono TKI + HIF-2α 1L / "IO-NAIVE" Anti-PD-1 + CTLA-4 (30-40%) Anti-PD-1 + TKI (50-60%) LATE-LINE TKI mono HIF-2α mono Belzutifan now has 20-30% share in this setting* Anti-PD-1 is the backbone in the 1L setting *Sourced from Arcus primary research References and acronyms on slide 91
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© Arcus Biosciences 2026 30 TKI Sequencing is an Important Consideration for Physicians Sourced from Arcus primary market research + claims analysis References and acronyms on slide 91 Anti-PD-1 + TKI (50-60%) TKI mono (50-60%) TKI mono (~25-35%) OF WHICH OF WHICH OF WHICH ~30% pembro + lenva ~40% nivo + cabo ~30% anti-PD-1 + axi ~80% cabo mono ~20% All other ~55% tivo mono ~30% cabo mono ~15% All other Potential cas+TKI- based regimens cas + axi + anti-PD-1 cas + cabo cas + tivo 1L 16.4k pts 2L 11.2k pts 3L 7.3k pts
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© Arcus Biosciences 202631 1L Opportunity: Durable Remission With a TKI-Free Regimen Median follow-up 11.5 months *Includes two patients whose responses confirmed after the data cut-off date Tick marks indicate censored patients References and acronyms on slide 91 Opportunity for cas + ipi + nivo Early cas + zim data showing improvement in primary PD and PFS Ipi + nivo is the most widely used regimen in 1L ccRCC, particularly in the academic setting Greatest liability of nivo-ipi is its high rate of primary progression (~1 in 5 patients) and shorter PFS relative to anti-PD-1 + TKI Best opportunity for patients to achieve durable remission, and enables patients to avoid TKIs in the 1L Cas has the potential to reduce this high rate of PD and improve PFS with minimal added toxicity cas + zim (n=30) ipi + nivo2 (n=550) pembro1 (n=110) mPFS, mos. NR (>12) 11.6 7.1 cORR, % 50%* 39% 36% Progressive disease, % 7% 20% 30% 61% 38% 50% 86% 69% cas + zim ipi + nivo pembro 65%
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© Arcus Biosciences 202632 2L Opportunity: Cas + Cabo Has the Potential to Improve PFS and OS and Provide Dramatic Benefit to TKI-Pretreated Patients *Median time to treatment failure is used as a proxy for mPFS References and acronyms on slide 91 If approved, cas + cabo likely to be the preferred HIF - 2 α - based combination Cabo is the most commonly prescribed TKI in 2L Significant comfort / experience with managing cabo - related toxicities Opportunity to dramatically benefit patients with prior TKI experience Opportunity to show an OS benefit over cabo where b elz + lenva failed Overall 2L cabo mono performance has been consistent… Trial / Publication Study Arms N Median PFS Median OS CABOPOINT16 cabo: no prior TKI, with prior TKI 79, 40 10.9m, 8.3m 24.3m, 24.1m cabo post- pembro+lenva 20 5.8m* NA cabo post- pembro+lenva 22 4.1m 8.1m Phase 3 Trial Study Arms N Median PFS Median OS LITESPARK-01110 belz + lenva vs. cabo 371 vs. 376 10.6m 28.6m CONTACT-034 atezo + cabo vs. cabo 263 vs. 259 10.8m NR ...However, cabo performs worse in patients who received prior TKI 13* 12
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© Arcus Biosciences 2026 PHASE 3 TRIAL EXPERIMENTAL ARM N PRIMARY PROGRESSION MEDIAN PFS OS HR TIVO-317,18 tivo 175 22% 5.6m 0.89 LITESPARK-00519 belz 374 34% 5.6m 0.92 33 Late-line Opportunity: Improve Upon Existing Regimens, Including in HIF-2α-Experienced Patients References and acronyms on slide 91 Cas + tivo could address the limitations of TKI and belz mono Reduce the high rate of primary progression Potential to substantially increase median PFS Opportunity to show an OS benefit over TKI mono Opportunity to demonstrate benefit in HIF-2α-experienced patients High rate of PD and short PFS for both tivo and belz monotherapy
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© Arcus Biosciences 202634 Casdatifan Has the Potential to Benefit Every ccRCC Patient Throughout Their Treatment Journey References and acronyms on slide 91 IO/IO = anti-PD-1 + anti-CTLA4 ~1/3 market PEAK-1 cas + cabo vs cabo PEAK-30 cas + tivo vs tivo (+/- prior belz) cas + anti-PDx/VEGF bispecifics CURRENT SOC belz + lenva (LS-011) mPFS 14.6 mos10 Approved September 2026 TKI- Containing TKI-Free Novel Combinations PEAK-20 cas + ipi + nivo vs ipi + nivo PEAK-21 cas + axi + anti-PD-1 vs axi + anti-PD-1 IO+TKI e.g. cabo + nivo, lenva + pembro, axi + pembro ~2/3 market TKI mono cabo ~40% market belz mono or TKI mono PRACTICE-CHANGING TRIALS 1L 2L Late line
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© Arcus Biosciences 2026 Translational Science Supports the Best-in-Class Profile of Casdatifan Juan Jaen, Ph.D., President 35
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© Arcus Biosciences 2026 • Hypoxic response, incl. VEGF • EPO/red blood cell generation 36 Increased HIF-2α Activity Allows ccRCC Tumors to Survive and Metastasize Cell Growth/ Cycle Angiogenesis & Oxygen Supply Epithelial- Mesenchymal Transition Metastasis Metabolism • Glycolysis • 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 References and acronyms on slide 91
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© Arcus Biosciences 2026 EPO suppression: PD biomarker for HIF-2α inhibition 37 Casdatifan’s Advantages Stem from an Improved PK / PD Profile, Enabling it to “Hit the Target Harder” 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 120mg9 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 Phase 3 dose of 100mg 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 % EPO Change from Baseline Cas: median (solid purple line) and inter-quartile range (shaded area) of population PK/PD simulations using model developed from data. References and acronyms on slide 91 9
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© Arcus Biosciences 202638 Systemic Suppression of HIF-2α–Regulated sEPO is Highly Correlated with Clinical Benefit from Casdatifan (ORR) a. PD was defined according to RECIST v1.1 as a ≥ 20% increase in the sum of diameters of target lesions relative to the smallest sum on study (including baseline, if smallest), with an absolute increase of ≥ 5 mm. The appearance of 1 or more new lesions was also considered progression. References and acronyms on slide 91 Across all doses, most patients (88/129 [68%]) experienced > 80% maximal sEPO reduction20 Deeper reductions in sEPO were highly correlated with clinical responses20
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© Arcus Biosciences 202639 Deeper and Sustained HIF-2α Inhibition by Casdatifan is Associated with Better PFS and OS PFS – relationship with sEPO change OS – relationship with sEPO change ARC-20 pooled monotherapy cohorts (50mg QD, 50mg BID, 100mg QD, 150mg QD) Tick marks indicate censored patients References and acronyms on slide 91
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© Arcus Biosciences 2026 • Hypoxic response • EPO/red blood cell generation 40 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 HIF-2α Regulates the Transcription of Many Genes21 EPO PAI-1 References and acronyms on slide 91
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© Arcus Biosciences 2026 Patients with Tumor Responses Experience Deeper sEPO and sPAI-1 Decreases with Cas Monotherapy n=22 n=51 n=42 0.00026 0.043 0.022 -90 -60 -30 0 PD SD PR+CR Best sEPO Change (%) n=23 n=53 n=42 0.00028 0.035 0.026 -100 -50 0 50 PD SD PR+CR Best sPAI-1 Change (%) EPO PAI-1 ARC-20 pooled monotherapy cohorts (50mg QD, 50mg BID, 100mg QD, 150mg QD) References and acronyms on slide 9141
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© Arcus Biosciences 202642 Changes in New Biomarker (PAI-1) Correlate with Clinical Results: Better PFS and OS are Reflective of Biology PAI-1 is also controlled by HIF-2α, and deeper suppression is associated with longer PFS and OS PFS – relationship with sPAI-1 change OS – relationship with sPAI-1 change ARC-20 pooled monotherapy cohorts (50mg QD, 50mg BID, 100mg QD, 150mg QD) Tick marks indicate censored patients References and acronyms on slide 91 )
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© Arcus Biosciences 2026 Vast Majority of Patients Experience Pronounced Reduction in sEPO or sPAI-1 and Respond Well to Cas Monotherapy 84 52 30 12 9 3 0 0 17 5 2 1 5 1 1 0sEPO Less Deep, sPAI-1 Less Deep sEPO Less Deep, sPAI-1 Deeper sEPO Deeper, sPAI-1 Less Deep sEPO Deeper, sPAI-1 Deeper At Risk 43 ARC-20 pooled monotherapy cohorts (50mg QD, 50mg BID, 100mg QD, 150mg QD) Tick marks indicate censored patients References and acronyms on slide 91
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© Arcus Biosciences 202644 Casdatifan Can Overcome the Apparent Increase in HIF-2α Activity Induced by TKI Therapies PFS with casdatifan is not impacted by more prior lines with TKIs PFS with belzutifan is diminished by more prior lines with TKIs (LS-013)22 0 TKI 1 TKI 2 or 3 TKI 12-month landmark PFS 1 prior TKI 50.9% 2 prior TKIs 52.3% 3+ prior TKIs 48.7% 12-month landmark PFS 0 prior TKI 45.8% 1 prior TKI 32.9% 2 or 3 prior TKIs 27.1% Tick marks indicate censored patients References and acronyms on slide 91
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© Arcus Biosciences 202645 Key Experimental Observations Following TKI Treatment Support Adaptive HIF-2α Model References and acronyms on slide 91 We believe TKI exposure leads to increased HIF-2α activity and a more resilient tumor that requires stronger and sustained HIF-2α inhibition In the tumor In the periphery • Increased HIF-2α protein (IHC) • Increased HIF-2α signature (mRNA) • Increased serum EPO • Increased serum PAI-1
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© Arcus Biosciences 202646 ccRCC Dependence on Innate and Adaptive HIF-2α References and acronyms on slide 91 The hypoxia induced by anti-angiogenic agents leads to increased HIF activityTumors depend on VEGF to generate/maintain blood supply – production of VEGF may be controlled by HIF and other mechanisms HIF- 2α VEGFR VEGF Other Mechanisms VEGFR TKI Adaptive HIF-2αInnate HIF-2α VEGFR TKI O2 HIF-2α inhibitorHIF-2α VEGFR VEGF Other Survival Mechanisms • Corresponds with poorly vascularized tumors, which drives HIF-2α activity (EPO) in non-cancer cells • Tumors less responsive to anti-angiogenic therapies (TKI) • Survival advantage of clones with highest HIF-2α activity/dependence • Greater dependence on HIF-2α makes tumors more sensitive to cas • Drives multiple survival mechanisms • VHL deficiency • Well vascularized tumors
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© Arcus Biosciences 2026 Review of Casdatifan Development Plan Dr. Richard Markus, Chief Medical Officer 47
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© Arcus Biosciences 202648 Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan References and acronyms on slide 91 IO/IO = anti-PD-1 + anti-CTLA4 ~1/3 market PEAK-1 cas + cabo vs cabo PEAK-30 cas + tivo vs tivo (+/- prior belz) cas + anti-PDx/VEGF bispecifics CURRENT SOC belz + lenva (LS-011) mPFS 14.6 mos10 Approved September 2026 1L TKI- Containing TKI-Free Novel Combinations PEAK-20 cas + ipi + nivo vs ipi + nivo PEAK-21 cas + axi + anti-PD-1 vs axi + anti-PD-1 IO+TKI e.g. cabo + nivo, lenva + pembro, axi + pembro ~2/3 market TKI mono cabo ~40% market belz mono or TKI mono PRACTICE-CHANGING TRIALS $4B+ MARKET OPPORTUNITY $2B+ $1B+ 1L 2L Late line
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© Arcus Biosciences 2026 Platform Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs 49 References and acronyms on slide 91 Cohorts with data today 1L Favorable-risk ccRCC monotherapy cas 100mg QD Post-IO ccRCC monotherapy cas 100mg QD 1L ccRCC cas + ivo 1L ccRCC cas + zim + axi 2L+ ccRCC (post HIF-2α) cas + tivo vs tivo New cohorts w/data in 2027+ Additional exploratory cohorts Late-line randomized cohort 1L Cohorts 2L+ ccRCC cas 50mg BID 2L+ ccRCC cas 50mg QD 2L+ ccRCC cas 150mg QD 1L ccRCC cas + zim 2L+ ccRCC cas 100mg QD Post-IO ccRCC cas + cabo 1L ccRCC cas + zim + ipi Monotherapy “Pooled” cohort n=121 1 2 3 5 4 7 9 11 12 13 6 8To date, over 300 patients have received casdatifan across all cohorts of ARC-20
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© Arcus Biosciences 2026 Late Line: Unprecedented OS in Heavily Pretreated Patients 50
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© Arcus Biosciences 2026 51 Casdatifan Provides Unprecedented OS in Late-line Setting Median follow-up 28 months Tick marks indicate censored patients References and acronyms on slide 91 OS Landmarks casdatifan belzutifan7 12 months 82% 68% 24 months 67% 45% mOS: 21.4m mOS: 34.7m Late Line
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© Arcus Biosciences 202652 Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan *The safety-evaluable population included all dose expansion enrolled patients who received any amount of any study treatment. References and acronyms on slide 91 Safety-Evaluable Population* 100mg QD (n=32) Pooled (n=127) belzutifan (LITESPARK-005)7 Median follow-up, months (range) 25.0 (19.0, 26.2) 28.1 (19.0, 38.7) Any TEAEs, n (%) 31 (97) 125 (98) Related to casdatifan 29 (91) 120 (95) Any Grade ≥3 TEAEs, n (%) 21 (66) 90 (71) Related to casdatifan 15 (47) 70 (55) Serious AEs: Any Serious TEAEs, n (%) 14 (44) 50 (39) All-cause: 43% Related to casdatifan 3 (9) 11 (9) TRAEs: 13% Late Line
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© Arcus Biosciences 2026 53 Casdatifan + Tivozanib Has the Potential to be the Dominant Regimen in Late-line ccRCC *Arcus primary research References and acronyms on slide 91 Combination strategy has the potential to delay monotherapy to very late-line use and consolidate the fragmented landscape Current 3rd-line options in metastatic ccRCC belzutifan4 tivozanib17 everolimus23 Mechanism HIF-2α inhibitor Pan-VEGFR TKI mTORC1 inhibitor PFS (mo) 5.6 5.6 4.9 ORR 23% 18% <5% OS benefit Not demonstrated Not demonstrated Not demonstrated Market share in 3L* 20-30% 20-25% 5% Potential future regimen casdatifan + tivozanib HIF-2α inhibitor + VEGFR TKI Improved PFS Improved ORR OS benefit Potential to supplant monotherapy options Late Line
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© Arcus Biosciences 202654 Casdatifan Monotherapy Demonstrates Substantially Improved PFS and OS Relative to Tivozanib in Late-Line ccRCC Median follow-up 28 months Tick marks indicate censored patients References and acronyms on slide 91 PFS: cas mono pooled (n=121) vs. tivo mono24 OS: cas mono pooled (n=121) vs. tivo mono24 Late Line
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© Arcus Biosciences 2026 Platform Study Cohorts Enable Future Phase 3 Programs 55 References and acronyms on slide 91 Cohorts with data today 2L+ ccRCC (post HIF-2α) cas + tivo vs tivo New cohorts w/data in 2027+ Late-line randomized cohort Post-IO ccRCC cas + cabo 4 11
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© Arcus Biosciences 2026 2L: Cas + Cabo Positioned to be the Regimen of Choice 56
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© Arcus Biosciences 2026 Median follow-up 21.3 months Tick marks indicate censored patients References and acronyms on slide 91 Both PFS and OS for cas + cabo are trending substantially better than that of Phase 3 cabo mono benchmarks3-6,11 57 Cas + Cabo Demonstrates Clear Improvement Relative to Cabo Benchmarks; High Probability for PEAK-1 Success 2L PFS: cas + cabo vs cabo benchmarks OS: cas + cabo vs cabo benchmarks 78% 66% 84% 77% 78% 73% 58% 69% 41% 30% 56% 48% 30% 30%41%
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© Arcus Biosciences 2026 SAFETY POPULATION,a n (%) (N = 44) GRADE 3 OR HIGHER AE RELATED TO: casdatifan cabozantinib any study drug Patients with any treatment-related ≥ grade 3 AEb 28 (64%) 27 (61%) 34 (77%) Anemia 23 (52%) 13 (30%) 23 (52%) Hypertension 1 (2%) 8 (18%) 8 (18%) Hypoxia 6 (14%) 0 6 (14%) Fatigue 3 (7%) 3 (7%) 3 (7%) Hyponatraemia 0 3 (7%) 3 (7%) Neutrophil count decreased 1 (2%) 3 (7%) 3 (7%) Diarrhoea 1(2%) 2 (5%) 2 (5%) Nausea 0 2 (5%) 2 (5%) Vomiting 0 2 (5%) 2 (5%) 58 Other than Anemia, Very Few Grade 3 or Higher AEs Related to Casdatifan Median follow-up 21.3 months a. Safety population included patients who received any amount of study drug and had at least 1 month of safety follow-up at the data cutoff date. b. Treatment-emergent adverse events (grade 3 or higher) related to casdatifan, cabozantinib, or any study drug reported in ≥ 3% of patients in any treatment arm. References and acronyms on slide 91 • No casdatifan-related Grade 4 or 5 AEs were observed • A total of four patients (9.1%) discontinued casdatifan due to TEAEs. 2L
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© Arcus Biosciences 2026 Phase 3 Registrational Study Evaluating Casdatifan in 2L ccRCC 59 References and acronyms on slide 91 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 with/without TKI) • Have not received cabozantinib 100mg casdatifan + cabozantinib placebo + cabozantinib R 2:1 N~720 Only Phase 3 study evaluating casdatifan with cabozantinib, the most widely used TKI in ccRCC
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© Arcus Biosciences 2026 1L: Unprecedented Early Efficacy vs IO Benchmarks 60
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© Arcus Biosciences 2026 CM-214 KN-427 cas + zim (n=30) cas + zim + ipi (n=31) ipi + nivo (n=550)2 pembro (n=110)1 Primary Progression 6.7% 4.0%** 20% 30.0% cORR 50.0%* TBD 39% 36.4% Median follow-up, months 11.5 3.0 25.2 35.9 Efficacy data are unprecedented for a TKI-sparing regimen 61 Casdatifan Enhances Disease Control Relative to Ipi + Nivo in 1L *Includes two patients whose responses confirmed after the data cut-off **Only one patient experienced primary progression (4%, n=24 with at least one scan) Tick marks indicate censored patients References and acronyms on slide 91 Rate of primary progression & ORR Note: 12-month PFS landmark for cas + zim also exceeds those of anti-PD-1 + TKI combinations, including cabo + nivo (58% in CM- 9ER14) and pembro + axi (60% in KN-42615) Progression-free survival 61% 38% 50% 86% 69% cas + zim ipi + nivo pembro 65% 1L
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© Arcus Biosciences 2026 • 31 patients, median follow-up 3.0 months • 18 patients completed induction phase (first 4 cycles or 12 weeks) − 9 (50%) pts. received all 4 doses of zim + ipi and 5 (28%) pts. received 3 of 4 doses of zim + ipi • Casdatifan-related Grade ≥3 events of anemia and hypoxia similar to cas monotherapy − 1 casdatifan discontinuation (patient had hepatitis and decided to withdraw from study) • Grade ≥3 immune-mediated events are generally consistent with ipi + nivo frequency, severity, and timing: − Hepatitis in 3 patients − Colitis in 2 patients − Myositis, myocarditis, myasthenia gravis in 1 patient − No patient with Grade 5 TEAEs 62 ARC-20 Cas + Zim + Ipi (Cohort 9) Safety Summary Safety data reflect real-time observations as of today. References and acronyms on slide 91 cas + zim + ipi safety data are consistent with expectations for cas + nivo + ipi 1L
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© Arcus Biosciences 2026 1L Phase 3 Study to Evaluate Cas with TKI-Free SOC 63 References and acronyms on slide 91 PRIMARY ENDPOINT • PFS SECONDARY ENDPOINTS • OS (Key Secondary) • ORR, DOR, DCR • Safety PATIENT POPULATION: • 1L advanced or metastatic ccRCC • No prior systemic therapy in the metastatic setting • All IDMC risk groups 100mg casdatifan + nivolumab + ipilimumab nivolumab + ipilimumab R 1:1 Expected to be initiated by year-end Potential for novel treatment to combine low PD rates with survival benefit 100mg cas + nivo + 4 cycles of ipi cas + nivo nivo + 4 cycles of ipi nivo TREATMENT CYCLES:
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© Arcus Biosciences 2026 Market Opportunity Bob Goeltz, Chief Financial Officer 64
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© Arcus Biosciences 202665 Casdatifan is Positioned to be the Backbone Therapy for All Patients with ccRCC References and acronyms on slide 91 As the only HIF - 2α inhibitor with robust, durable effect, casdatifan is positioned to be the therapeutic agent of choice for ccRCC in every setting Attribute Casdatifan profile Disease control ✓ Extremely low rate of primary progression in every setting to date ✓ Tumor reduction seen in the vast majority of patients ✓ Durable disease control drives long duration of therapy Survival ✓ Strong progression free survival in every line of therapy ✓ Unprecedented overall survival in late-line monotherapy cohorts ✓ Early OS signal in 2L cas + cabo Tolerability ✓ Established safety data that are combinable with multiple agents across settings ✓ Low rate of treatment discontinuation → → → → → → → → → → → → → → → → → → → → → → → → → → → → → →→ → 0 10 20 30 Time from First Dose (month) -100 -50 0 50 Change from Baseline (%) PD SD PR CR
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© Arcus Biosciences 202666 Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan References and acronyms on slide 91 IO/IO = anti-PD-1 + anti-CTLA4 ~1/3 market PEAK-1 cas + cabo vs cabo PEAK-30 cas + tivo vs tivo (+/- prior belz) cas + anti-PDx/VEGF bispecifics CURRENT SOC belz + lenva (LS-011) mPFS 14.6 mos10 Approved September 2026 1L TKI- Containing TKI-Free Novel Combinations PEAK-20 cas + ipi + nivo vs ipi + nivo PEAK-21 cas + axi + anti-PD-1 vs axi + anti-PD-1 IO+TKI e.g. cabo + nivo, lenva + pembro, axi + pembro ~2/3 market TKI mono cabo ~40% market belz mono or TKI mono PRACTICE-CHANGING TRIALS $4B+ MARKET OPPORTUNITY $2B+ $1B+ 1L 2L Late line
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© Arcus Biosciences 202667 Substantial Opportunity for Casdatifan in 1L, 2L & 3L ccRCC Sources – Epi: DRG 2026 | Share: Arcus primary research + claims analysis References and acronyms on slide 91 2026 ccRCC drug treatable incidence (US/MM) and US market share 2L ~10% ~50-60% ~10-20% 9.8k/18.6k ~10-20% cas + cabo Secure dominant share in 2L w/ preferred regimen 1L ~30-40% ~50-60% ~10% 14.4k/28.2k IO/TKI Anti-PD-1/TKI + cas Provide TKI- containing casdatifan regimen Cas + ipi + nivo Grow IO+IO to >50% of 1L with addition of casdatifan Other TKI + mTOR HIF-2α TKI mono IO + IO IO + TKI Late-Line ~20-30% ~25-35% ~40-50% 6.3k/12.0k cas + tivo Secure substantial share in 3L w/ doublet
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© Arcus Biosciences 2026 Closing Summary Terry Rosen, Ph.D., Chief Executive Officer 68
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© Arcus Biosciences 202669 Arcus Milestones Will Generate Additional Data To Solidify Kidney Cancer Franchise References and acronyms on slide 91 2H26 2027 2028 Casdatifan 2L+ ccRCC OS data for monotherapy cohorts cas + tivo data cas combo data Casdatifan 1L RCC cas combo data cas+PD-1 (OS), cas+PD- 1+CTLA4 (PFS), cas+PD- 1/VEGF (ivo) (early efficacy) Initiation of additional Phase 3 studies Casdatifan 2L ccRCC cas + cabo data More mature cas + cabo data Phase 3 data Initiate PEAK-20 Phase 3 study PEAK-1 fully enrolled
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© Arcus Biosciences 2026 Molecular Design Cas delivers uniquely robust and durable HIF-2α inhibition This deep and sustained inhibition drives profound OS benefit, not previously seen for the class 70 Emerging Casdatifan Franchise Has all the Pieces to Transform the Treatment Paradigm for Kidney Cancer References and acronyms on slide 91 Our development plan provides every ccRCC patient the opportunity to benefit from casdatifan $5B – $10B $4B+ cas + ipi + nivo 1L $1B+ cas + tivo $2B+ cas + cabo 2L Late Line
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© Arcus Biosciences 2026 Appendix 71
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© Arcus Biosciences 2026 Late-Line: Cas monotherapy 72
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© Arcus Biosciences 2026 Safety-Evaluable Populationa Dose Expansion: 2L+ ccRCC Belzutifan7,25* 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) 63 (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 (%)b Favorable 10 (30) 8 (26) 7 (22) 9 (29) 34 (27) 79 (21) Intermediate 21 (64) 17 (55) 21 (66) 19 (61) 78 (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) 6 (19) 7 (23) 20 (16) 46 (12) 2 14 (42) 9 (29) 8 (25) 6 (19) 37 (29) 157 (42) 3 8 (24) 8 (26) 10 (34) 7 (23) 33 (26) 171 (46) 4 or more 9 (27) 9 (29) 8 (25) 11 (36) 37 (29) 0 (0) 73 Patients in ARC-20 Monotherapy Cohorts Had Greater Number of Prior Therapies Relative to the Patients in LITESPARK-005 a. The safety-evaluable population included all dose expansion enrolled patients who received any amount of study treatment. b. 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. *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. References and acronyms on slide 91 Late Line
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© Arcus Biosciences 2026 ORR, PFS and OS for Each Cohort Compare Favorably to LS-005 a. 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. b. Includes three patients with radiological progressive disease and two patients who had clinical progression before the first scan, which have been included but do not meet criteria for progressive disease per RECIST. References and acronyms on slide 9174 Late Line Efficacy-Evaluable Populationa Dose Expansion: 2L+ ccRCC Belzutifan7 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) 25.0 (19.0, 26.2) 14.4 (12.5, 15.5) 27.9 (19.0, 38.7) 25.7 (16.8–39.1) Confirmed ORR (95% CI) 26% (12, 45) 36% (19, 56) 45% (27, 64) 36% (19, 55) 36% (27, 45) 23% (19, 27) Complete Response, % (n) 0% (0) 7% (2) 0% (0) 0% (0) 2% (2) 4% (13) Partial Response, % (n) 26% (8) 29% (8) 45% (14) 36% (11) 34% (41) 19% (72) Stable Disease, % (n) 55% (17) 50% (14) 39% (12) 39% (12) 45% (55) 38% (143) Progressive Disease, % (n) 19% (6) 14% (4) 16% (5)b 26% (8) 17% (21)b 34% (127) Median PFS (95% CI) 9.7 (5.3, 27.6) 17.5 (5.3, 22.6) 15.0 (5.7, 18.6) 9.7 (2.7, 14.4) 13.0 (9.4, 16.4) 5.6 (3.8, 6.5) Median OS (95% CI) 32.8 (16.7, NE) NE (27.6, NE) NE (24.0, NE) NE (17.2, NE) 34.7 (32.8, NE) 21.4 (18.2, 24.3)
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© Arcus Biosciences 2026 75 Casdatifan Monotherapy Demonstrates Strong PFS Despite a More Heavily Pre-Treated Population than that of LS-005 Median follow-up 28 months Tick marks indicate censored patients References and acronyms on slide 91 PFS landmarks casdatifan belzutifan7 12 months 51% 34% 24 months 30% 20% mPFS: 5.6m mPFS: 13.0m Late Line
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© Arcus Biosciences 2026 76 Casdatifan Provides Unprecedented OS in Late-line Setting Median follow-up 28 months Tick marks indicate censored patients References and acronyms on slide 91 OS landmarks casdatifan belzutifan7 12 months 82% 68% 24 months 67% 45% mOS: 21.4m mOS: 34.7m Late Line
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© Arcus Biosciences 202677 Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan a. The safety-evaluable population included all dose expansion enrolled patients who received any amount of any study treatment. *Belzutifan safety details not reported at IA1 References and acronyms on slide 91 Safety-Evaluable Populationa 50mg BID (n=33) 50mg QD (n=31) 100mg QD (n=32) 150mg QD (n=31) Pooled (n=127) belzutifan7* (LITESPARK-005) Median follow-up, months (range) 35.5 (27.1, 38.7) 32.3 (28.6, 33.9) 25.0 (19.0, 26.2) 27.0 (25.1, 28.2) 28.1 (19.0, 38.7) Any TEAEs, n (%) 33 (100) 30 (97) 31 (97) 31 (100) 125 (98) Related to casdatifan 31 (94) 29 (94) 29 (91) 31 (100) 120 (95) Any Grade ≥3 TEAEs, n (%) 22 (67) 23 (74) 21 (66) 24 (77) 90 (71) Related to casdatifan 18 (55) 15 (48) 15 (47) 22 (71) 70 (55) Serious AEs: Any Serious TEAEs, n (%) 7 (21) 15 (48) 14 (44) 14 (45) 50 (39) All-cause: 43% Related to casdatifan 1 (3) 3 (10) 3 (9) 4 (13) 11 (9) TRAEs: 13% Late Line
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© Arcus Biosciences 202678 Casdatifan Was Well Tolerated in All Cohorts, Witha Comparable Safety Data to That of Belzutifan a. The safety-evaluable population included all dose expansion enrolled patients who received any amount of study treatment. References and acronyms on slide 91 Safety-Evaluable Populationa 50mg BID (n=33) 50mg QD (n=31) 100mg QD (n=32) 150mg QD (n=31) Pooled (n=127) belzutifan7 (LITESPARK-005) Anemia, n (%) Anemia: All grades 31 (94) 29 (94) 29 (91) 31 (100) 120 (95) All grade: 83% Grade ≥3 related to casdatifan 17 (52) 15 (48) 10 (31) 17 (55) 59 (47) Grade 3+: 33% Related to casdatifan leading to interruptions 12 (36) 12 (39) 11 (34) 17 (55) 52 (41) Leading to dose reductions 5 (15) 5 (16) 3 (9) 5 (16) 18 (14) Leading to discontin. 0 0 0 0 0 Hypoxia, n (%) Hypoxia: All grades 6 (18) 6 (19) 6 (19) 9 (29) 27 (21) All Grade: 15% Grade ≥3 related to casdatifan 3 (9) 2 (7) 3 (9) 6 (19) 14 (11) Grade 3+: 11% Related to casdatifan leading to interruptions 5 (15) 4 (13) 2 (6) 7 (23) 18 (14) Leading to dose reductions 3 (9) 2 (6) 1 (3) 5 (16) 11 (9) Leading to discontin. 0 1 (3) 1 (3) 1 (3) 3 (2) Late Line
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© Arcus Biosciences 2026 2L: Cas + Cabo 79
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© Arcus Biosciences 202680 Baseline Patient Demographics are Consistent with LS-011 CHARACTERISTIC cas + caboa (n = 44) belz + lenva11 (n = 371) cabo mono11 (n = 376) Age, years, median (range) 63 (43–81) 63 (55–70) 62.5 (55–68) Sex, female/male, n (%) 9 (21%) / 33 (79%) 98 (26%) / 273 (74%) 84 (22%) / 292 (78%) Karnofsky PSS 90 or 100 / 70 or 80, n (%) 29 (69%) / 13 (31%) 276 (74%) / 95 (26%) 277 (74%) / 99 (26%) IMDC risk score, n (%) Favorable 9 (21%) 84 (23%) 95 (25%) Intermediate 30 (70%) 226 (61%) 215 (57%) Poor 4 (9%) 61 (16%) 66 (18%) Number of prior regimens, n (%) Adjuvant Only 8 (18%) 15 (4%) 18 (5%) 1 31 (71%) 252 (68%) 251 (67%) 2+ 5 (11%) 104 (28%) 107 (28%) Median follow-up (range) 21.3 (18.1–26.8) 29.0 (23.7–34.9) a. The safety-evaluable population included all patients who received any amount of any study treatment. References and acronyms on slide 91 2L
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© Arcus Biosciences 202681 LS-011 Underrepresented the Patients Previously Treated with 2nd-Generation TKIs, Who Respond Poorly to Cabo ARC-20 LITESPARK-01111 CONTACT-034 METEOR5 Prior Therapy Agent cas + cabo (n = 44) cabo (n = 376) cabo (n = 259) PFS Population cabo (n = 187) All TKI-Pretreated OS Population cabo (n = 330) All TKI-Pretreated N % N % N % N % N % Adjuvanta 11 25% 25 7% 4 2% First Line 36 82% 358 95% 258 100% All Linesg 187 100% 330 100% axi ± IO 6 14% 103 27% 34 13% axi ± IO 28 15% 52 16% Pembro + lenva 7 16% 0 0% 4c 2% Pembro + lenva 0 0% 0 0% IO onlyb 17 39% 143 38% 81 31% IO onlyb 9 5% 17 5% Pazopanib, sunitinib and/or sorafenibd 3 7% 101 27% 120 46% Pazopanib, sunitinib and/or sorafenib d 212 113% 375 114% Othere 3 7% 0 0% 19 7% Othere 18 10% 44 13% Second Line 5 11% 107 28% 125 48% Nivo 2 5% 98 26% 116 45% IO/IOf 0 0% 0 0% 4 2% axi ± IO 3 7% 0 0% 4 2% Otherg 0 0% 0 0% 1 0% a. Includes axitinib/pembrolizumab, atezolizumab, Bacillus Calmette-Guérin plus interferon, dendritic cells cytokine induced killer cells, everolimus, ipilimumab/nivolumab, nivolumab, pazopanib, pembrolizumab, placebo, sunitinib, and sunitinib malate. b. Includes ipilimumab+nivolumab, nivolumab and pembrolizumab. c. Includes one patient with everolimus + lenvatinib. d. Includes pazopanib, sunitinib, nivolumab + sunitinib, pazopanib + sunitinib, pazopanib + sorafenib, and sorafenib. e. For ARC-20, includes one patient with IO + zanzalintinib and two with IO + bevacizumab. For CONTACT-03, includes bempegaldesleukin + nivo (9 patients), cemiplimab (2 patients), interleukin-2 (2 patients), tivozanib (2 patients), aldesleukin + pembro (1 patient), and atezolizumab + bevacizumab (1 patient), interferon alfa (1 patient), and retifanlimab (1 patient). For METEOR, includes interleukin-2, interferon alfa, and bevacizumab f. Includes ipilimumab+nivolumab and durvalumab+ tremelimumab g. Includes nivolumab + pazopanib g. Previous systemic therapy was not split by line of therapy in the METEOR publication. References and acronyms on slide 91 2L
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© Arcus Biosciences 2026 • CaboPoint demonstrated that patients who received prior IO + axitinib had numerically lower mPFS on cabo in 2L than those with prior IO-only • There are at least two retrospective studies demonstrating that prior exposure to lenvatinib specifically resulted in drastically worse clinical outcomes when treated with cabo mono 82 Prior TKI Exposure Impacts Cabo Performance in 2L *Median time to treatment failure (TTF) used as a proxy for mPFS References and acronyms on slide 91 In the ARC-20 cas + cabo cohort, 7 of 17 patients with prior TKI exposure received lenvatinib These patients would have been excluded from LITESPARK-011 (but included in PEAK-1) 10.9 24.3 8.3 24.1 4.1 8.1 5.8* mPFS mOS 49.4% 33.3% 5.3% 5.0% ORR ■ CaboPoint Cohort A (Prior IO/IO, n=85)16 ■ CaboPoint Cohort B (Prior IO/Axi, n=42)16 ■ Cabo after Lenva + Pembro (n=22)12 ■ Cabo after Lenva + Pembro (n=20)13 2L
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© Arcus Biosciences 202683 Confirmed ORR of 44% Numerically Exceeds Cabo Monotherapy Benchmark from LS-011 All eligible patients who had at least one post-baseline tumor assessment or discontinued from study treatment due to progressive disease or death. References and acronyms on slide 91 cas + cabo efficacy-evaluable (n = 43)a LS-011 cabo mono (n = 376)11 Follow-up, months, median (range) 21 (18–27) 29 (24–35) Confirmed ORR, % (n) 44% (19) 40% (151) (95% CI) (29%, 60%) (35%, 45%) Best Overall Response, n (%) CR 1 (2%) 4 (1%) PR 18 (42%) 147 (39%) SD 22 (51%) 186 (49%) PD 2 (5%) 22 (6%) 2L
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© Arcus Biosciences 2026 Opportunity to greatly improve PFS for patients with prior TKI (especially lenva) exposure 84 60% of 2L Patients Receive a TKI in 1L and Have a Very Poor Prognosis; Casdatifan Has the Potential to Drive a Paradigm Shift Median follow-up 21.3 months Tick marks indicate censored patients References and acronyms on slide 91 With prior TKI: cas + cabo (n=17) vs CaboPoint prior TKI (n=40) With prior lenva: cas + cabo (n=7) (TKI-Pretreated) (TKI-Pretreated) 2L
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© Arcus Biosciences 202685 cas 100mg QD + cabo 60mg QD n=44 cas 100mg QD N=32 cas mono pooled n=127 Median duration of follow-up, months 21.3 25.0 28.1 Median Tx duration, months 15 14 11 Cas relative dose intensity, median 88.9% 91.2% 96.6% Cabo relative dose intensity, median 71.8% NA NA Casdatifan Dose Intensity was Consistently High, Driving Efficacy and Durability References and acronyms on slide 91
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© Arcus Biosciences 2026 SAFETY POPULATION,a n (%) (N = 44) GRADE 3 OR HIGHER AE RELATED TO: casdatifan cabozantinib any study drug Patients with any treatment-related ≥ grade 3 AEb 28 (64%) 27 (61%) 34 (77%) Anemia 23 (52%) 13 (30%) 23 (52%) Hypertension 1 (2%) 8 (18%) 8 (18%) Hypoxia 6 (14%) 0 6 (14%) Fatigue 3 (7%) 3 (7%) 3 (7%) Hyponatraemia 0 3 (7%) 3 (7%) Neutrophil count decreased 1 (2%) 3 (7%) 3 (7%) Diarrhoea 1(2%) 2 (5%) 2 (5%) Nausea 0 2 (5%) 2 (5%) Vomiting 0 2 (5%) 2 (5%) 86 Other than Anemia, Very Few Grade 3 or Higher AEs Related to Casdatifan Median follow-up 21.3 months a. Safety population included patients who received any amount of study drug. b. Treatment-emergent adverse events (grade 3 or higher) related to casdatifan, cabozantinib, or any study drug reported in ≥ 3% of patients in any treatment arm. References and acronyms on slide 91 • No casdatifan-related Grade 4 or 5 AEs were observed • A total of four patients (9.1%) discontinued casdatifan due to TEAEs. 2L
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© Arcus Biosciences 202687 AEs Were Manageable with Dose Reductions Median follow-up 21.3 months a. Safety population included patients who received any amount of study drug. b. Treatment-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. References and acronyms on slide 91 SAFETY POPULATION,a n (%) (N = 44) LEADING TO REDUCTION IN: casdatifan cabozantinib any study drug Patients with any AE leading to dose reductionb 17 (39%) 28 (64%) 32 (73%) Fatigue 1 (2%) 9 (20%) 9 (20%) Anemia 8 (18%) 2 (5%) 8 (18%) Hypoxia 7 (16%) 1 (2%) 7 (16%) Diarrhea 0 4 (9%) 4 (9%) Ejection fraction decreased 1 (2%) 4 (9%) 4 (9%) Palmar-plantar erythrodysesthesia 0 4 (9%) 4 (9%) Alanine aminotransferase increased 0 3 (7%) 3 (7%) Cognitive disorder 2 (5%) 0 2 (5%) Stomatitis 0 2 (5%) 2 (5%) 2L
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© Arcus Biosciences 2026 1L: Cas + Zim, Cas + Zim + Ipi 88
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© Arcus Biosciences 202689 Baseline Characteristics for 1L Cohorts in ARC-20 CHARACTERISTIC cas + zim (n = 30) cas + zim + ipi (n = 31) ipi + nivo2 (n = 550) pembro1 (n = 110) Age, years, median (range) 63 (38, 89) 65 (47, 82) 62 (26-85) 64 (29-87) Sex, female/male, n (%) 8 / 22 (27% / 73%) 5 / 26 (16% / 84%) 137 / 413 (25% / 75%) 24 / 86 (22% / 78%) ECOG 0 / 1, n (%) 19 / 11 (63% / 37%) 22 / 9 (71% / 29%) NA 88 / 22 (80% / 20%)* IMDC risk score, n (%) Favorable 15 (50%) 15 (48%) 125 (23%) 42 (38%) Intermediate 13 (43%) 12 (39%) 334 (61%) 68 (62%) Poor 1 (3%) 4 (13%) 91 (17%) *Karnofsky Performance Score 90-100 / 70-80 References and acronyms on slide 91 1L
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© Arcus Biosciences 2026 Cas + Zim Showed Strong Efficacy for Both Favorable and Intermediate/Poor IMDC Risk Patients Intermediate / poor IMDC riskFavorable IMDC risk -100 -80 -60 -40 -20 0 20 Best Change from Baseline (%) OngoingPRSDNE Median follow-up 11.5 months References and acronyms on slide 91 -100 -80 -60 -40 -20 0 20 Best Change from Baseline (%) OngoingCRPRSDPD Early PFS observations for cas + zim by IMDC risk group compare favorably to the corresponding subgroups for ipi + nivo in CheckMate-214 (12- month PFS landmark rates for ipi + nivo were ~53% for Fav Risk and ~50% for I/P Risk26) 1L
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© Arcus Biosciences 2026 References and Acronym Key 1. McDermott D, et al. J. Clin. Oncol. 2021. (KeyNote-427) 14. Motzer R, et al. Ann Oncol. 2026 (CheckMate-9ER) 2. Motzer R, et al. NEJM. 2018. (CheckMate-214) 15. Rini B, et al. Nat Med. 2025. (KeyNote-426) 3. Motzer R, et al. ASCO GU. 2026 (LITESPARK-011, abs LBA417) 16. Albiges L, et al. Eur Urol. 2026. (CaboPoint) 4. Pal S, et al. Lancet. 2023. (CONTACT-03) 17. Rini B, et al. Lancet Oncol. 2020. (TIVO-3) 5. Choueiri T, et al. NEJM. 2015 (METEOR) 18. Zugman M, et al. The Oncologist. 2025. (TIVO-3) 6. Choueiri T, et al. Lancet Oncol. 2016. (METEOR) 19. Rini B, et al. Ann. Oncol. 2024. (LITESPARK-005, LBA74) 7. Choueiri T, et al. NEJM. 2024. (LITESPARK-005) 20. Choueiri T, et al. Nature. 2026. (ARC-20) 8. Choueiri T, et al. J Clin Oncol. 2025. (ARC-20) 21. Courtney K, et al. Clin Cancer. 2020. 9. Marathe D, et al. J Clin Pharm. 2024. (belzutifan) 22. Atkins M, et al. ASCO. 2024. (LITESPARK-013) 10. WELIREG (belzutifan) prescribing information. Merck Sharp & Dohme LLC; revised 09/2026. 23. Motzer R, et al. Cancer. 2010. (RECORD-1) 11. Motzer R, et al. Lancet. 2026. (LITESPARK-011) including suppl. materials 24. Choueiri T, et al. Lancet. 2024. (TiNivo-2) 12. Haro-Silerio J, et al. ASCO GU. 2024. (CLEAR) 25. Albiges L, et al. Ann Oncol. 2023. (LITESPARK-005, LBA88) 13. Panian J, et al. Eur Urol Focus. 2025. (Cabo after Lenva+Pembro) 26. Choueiri T,et al. J. Ann Onc. 2026. (CheckMate-214) 1L first-line CI confidence interval Ipi ipilimumab NR not reached RECIST Response Evaluation Criteria in Solid Tumors 2H second-half cORR confirmed overall response rate Ivo ivonescimab ORR objective response rate sEPO serum erythropoietin 2L second-line CR complete response k thousand OS overall survival SD stable disease 3L third-line DCO data cutoff KCA Kidney Cancer Association PD pharmacodynamic SOC standard of care ASCO American Society of Clinical Oncology DCR disease control rate Lenva lenvatinib PD progressive disease TEAE treatment-emergent adverse event AD atopic dermatitis DOR duration of response m months pembro pembrolizumab Tivo tivozanib AE adverse event ECOG Eastern Cooperative Oncology Group mg milligrams PFS progression-free survival Tx treatment Axi axitinib EPO erythropoietin MM = Major Markets = US, EU5, Japan PK pharmacokinetics Z/zim zimberelimab B billion ESMO European Society for Medical Oncology Mono monotherapy PR partial response belz belzutifan HR hazard ratio mos months QD once daily BID twice daily IBD inflammatory bowel disease mOS median overall survival R randomized Cabo cabozantinib IDMC International Metastatic Renal Cell Carcinoma Database Consortium mPFS median progression-free survival R&D research & development Cas casdatifan IKCS International Kidney Cancer Symposium NE not estimable RA rheumatoid arthritis ccRCC clear cell renal cell carcinoma IO immunotherapy Nivo nivolumab RCC renal cell carcinoma