Slides
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2Q26 Corporate Presentation Oncology and Immunology Portfolio Summary August 5 , 2026 ARCUS BIOSCIENCES
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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 until at least the second half of 2028); our strategies, goals, opportunities, and potential advantages for our programs, including casdatifan and our immunology programs; estimates of market potential or peak sales for our investigational products; 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 PEAK-20, pace and progress of advancing our immunology programs towards IND-readiness, and timing and results from ongoing clinical studies); and our expectations regarding our ability to generate value for shareholders. 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; the unexpected emergence of adverse events or other undesirable side effects with our investigational products, including casdatifan; risks associated with interim or preliminary clinical data not being replicated in other studies evaluating the same investigational product, including PEAK-1 for casdatifan; 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 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. 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 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 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, 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 42 FOUNDED 2015 R&D ENGINE • World class medicinal chemistry • Goal of 1-2 new molecules advancing to the clinic each year 1st immunology molecule entering the clinic this month 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 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 References and acronyms on slide 42 Wholly-owned* HIF-2α inhibitor with "best in class" data; target validated clinically and commercially in RCC CASDATIFAN 2 PHASE 3 PROGRAMS IN ONCOLOGY EXPANDING ORAL SMALL-MOLECULE IMMUNOLOGY PORTFOLIO Expected in clinic this month AB102 MRGPRX2 antagonist Enormous Opportunity to Displace Injectable, Blockbuster Biologic Drugs New Phase 3 Trial in 1L Targeted for YE:26 TNF inhibitor Expected in clinic in early ‘27Only small molecule CD73 inhibitor in Phase 3 for 1L pancreatic cancer QUEMLICLUSTAT Urticaria Atopic Dermatitis RAIBD Psoriasis Phase 3 enrolling Data expected 1H27
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© Arcus Biosciences 2026 SUPERIOR PHARMACO- DYNAMIC PROFILE4,5 5 Clinical Data from >120 Patients Support Casdatifan’s Potential as the Best-in-Class HIF-2α Inhibitor *Peak sales opportunity based on drug treatable incident population in major markets per DRG and Arcus analysis. Epi (2026) per DRG. Major Markets: France, Germany, Italy, Japan, Spain, United Kingdom, United States. Data are not from head-to-head studies. Cross-trial data interpretation should be considered with caution as it is limited by di fferences in study population, sample size, inclusion and exclusion criteria and many other factors. References and acronyms on slide 42 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, 16.5) 20.8 (11.8, 31.5) 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 Lines of Therapy for RCC Phase 3 Study Enrolling $5B+ opportunity across lines of therapy* PoC Platform Study 2L metastatic cas + cabo 1L, 2L & 3L regimens ~28K Patients* for 1L (19k 2L, 12k 3L) 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 IMPROVED CLINICAL OUTCOMES1
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© Arcus Biosciences 2026 Program Updates: Casdatifan and Emerging Immunology Portfolio PUBLICATION AND EMERGING RESEARCH ON HIF-2Α • Nature paper is first to comprehensively interconnect 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 serum EPO, which correlated with higher ORR and longer PFS − A pooled analysis from four monotherapy cohorts (n=121) showed 12.2 month mPFS despite multiple prior treatments with other standard regimens • Development strategy expanded through new clinical collaborations − BMS: 1L cas + pumitamig* (PD-L1/VEGF-A bispecific antibody) combinations will be added as two new arms of the BMS Phase 1/2 ROSETTA RCC-208 study − Summit: 1L cas + ivonescimab (PD-1/VEGF bispecific antibody), a new cohort in ARC-20 − AVEO: cas + tivozanib (VEGFR TKI) in patients previously treated with belz, a new cohort in ARC-20 STRATEGIC CASDATIFAN CLINICAL COLLABORATIONS RAPIDLY ADVANCING IMMUNOLOGY PROGRAMS *Pumitamig is jointly developed by BioNTech and BMS References and acronyms on slide 426 • AB102, a small molecule against MRGPRX2, first-in-human this month • Oral TNF inhibitor drug candidate expected to enter the clinic in early 2027 • Multiple additional drug candidates expected to be IND-ready by YE 2027
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© Arcus Biosciences 2026 7 Arcus Milestones Will Generate Near- and Long-Term Value Creation for Shareholders References and acronyms on slide 42 cas combo data Initiate Phase 3 study 2H26 2027 2028 Casdatifan 1L RCC cas combo data cas+PD-1, cas+PD-1+CTLA4, cas+PD-1/VEGF Casdatifan 2L ccRCC cas + cabo PFS data PEAK-1 fully enrolled cas + cabo data Phase 3 data Casdatifan 2L+ ccRCC OS data for monotherapy cohorts cas + tivo data Quemliclustat (1L PDAC) AB102 (MRGPRX2 Antagonist) First-in-human in clinic POC data Immunology Pipeline TNF inhibitor in clinic early 2027 Multiple additional drug candidates to be IND-ready by YE 2027 Phase 3 data in 1H Initiation of additional Phase 3 studies
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© Arcus Biosciences 2026 Summary of Casdatifan Data to Date Data Based on a January 30, 2026 DCO Unless Otherwise Stated 8
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© Arcus Biosciences 2026 Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs Enrollment Complete n= ~30 pts 2L+ ccRCC monotherapy cas 50mg BID 2L+ ccRCC monotherapy cas 50mg QD 2L+ ccRCC monotherapy cas 150mg QD 1L Favorable -risk ccRCC monotherapy cas 100mg QD 1L ccRCC cas 100mg QD + zim 360mg Q3W Post-IO ccRCC monotherapy cas 100mg QD 2L+ ccRCC monotherapy cas 100mg QD *Post-IO ccRCC cas 100mg QD + cabo 60mg QD 1L ccRCC cas + ivo 1L ccRCC cas + zim + axi 2L+ ccRCC (post HIF-2α) cas + tivo vs tivo Enrollment Open n= ~30 pts Future Cohorts n= ~30-60 pts To date, over 240 patients have received casdatifan across all cohorts of ARC-20 * cas+cabo cohort n=~45 pts References and acronyms on slide 42 1L ccRCC cas + zim + ipi 9
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© Arcus Biosciences 2026 100mg QD (n=32) 5 mos med. Follow-up cORR: 33% mPFS: Not reached PD: 15% 12 mos med. Follow-up cORR: 35% mPFS: Not reached PD: 16%** 17.9 mos med. Follow-up cORR: 45% mPFS: 15.1mos PD: 16%** Pooled Analysis (n=121)* -- 15 mos med. Follow-up cORR: 31% mPFS: 12.2 months PD: 19%** 20.8 mos med. Follow-up cORR: 35% mPFS: 12.2 mos PD: 19%** 10 * Includes all four late-line monotherapy cohorts: 50mg BID, 50mg QD, 100mg QD, 150mg QD from the ARC-20 study ** Includes two patients in the 100mg QD Tablet cohort, and also included in the pooled analysis, who had clinical progression before the first scan and therefore did not meet criteria for progressive disease per RECIST. PD based on RECIST criteria was 10% (n=3) for the 100mg QD Tablet cohort and 17% (n=121) for the pooled analysis. Oct.2025 Investor Event (Nature manuscript data) Data Have Been Consistently Robust and Have Improved Over Time, Exceeding Benchmarks ASCO GU 2025 DCO: Jan. 3, 2025 Oct. 6 Arcus IR Event DCO: August 15, 2025 ASCO GU 2026 DCO: Jan. 30, 2026 References and acronyms on slide 42
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© Arcus Biosciences 2026 11 https://www.nature.com/articles/s41586-026-10718-x References and acronyms on slide 42 • 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 progression-free survival (PFS)
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© Arcus Biosciences 202612 Confirmed ORR for the “Pooled” Cohort (n=121) is Now 35% Efficacy-Evaluable Populationa Dose Expansion: 2L+ ccRCC Belzutifan2 50mg BID (n = 31) 50mg QD (n = 28) 100mg QD (n=31) 150mg QD (n = 31) All Pooled (n = 121) 120mg QD (n = 374) Median Follow-Up, mos (range) 28.3 (19.9, 31.5) 25.2 (21.4, 26.7) 17.9 (11.8, 19.0) 19.8 (18.0, 21.0) 20.8 (11.8, 31.5) 18.4 (9.4–31.7) Median Time to Response, mos 2.7 4.1 2.6 2.7 2.8 3.8 Confirmed ORR (95% CI) 26% (12, 45) 36% (19, 56) 45% (27, 64) 32% (17, 51) 35% (26, 44) 22% (18, 27) Complete Response, % (n) 0% (0) 4% (1) 0% (0) 0% (0) 1% (1) 3% (10) Partial Response, % (n) 26% (8) 32% (9) 45% (14) 32% (10) 34% (41) 19% (72) Stable Disease, % (n) 55% (17) 50% (14) 39% (12) 42% (13) 46% (56) 39% (147) Progressive Disease, % (n) 19% (6) 14% (4) 16% (5)* 26% (8) 19% (23)* 34% (126) *Includes two patients in the 100mg QD Tablet cohort, and also included in the pooled analysis, who had clinical progression before the first scan and therefore did not meet criteria for progressive disease per RECIST. PD based on RECIST criteria was 10% (n=3) for the 100mg QD Tablet cohort and 17% (n=21) for the pooled analysis. DCO date: Jan. 30, 2026 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 42
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© Arcus Biosciences 2026 13 15.1 Months mPFS for Patients Treated with Casdatifan 100mg QD Phase 3 Dose and Formulation DCO date: Jan. 30, 2026 References and acronyms on slide 42 Median Follow Up: 17.9 months
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© Arcus Biosciences 2026 14 12.2 Months mPFS for Patients Treated with Casdatifan Across All Four Monotherapy Cohorts DCO: Jan. 30, 2026 a. The efficacy evaluable population (N = 121) was defined as all eligible patients who received any study treatment and had ≥ 1 post-baseline efficacy assessment or discontinued study treatment due to progressive disease or death. References and acronyms on slide 42 Median Follow Up: 20.8 months
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© Arcus Biosciences 2026 15 Systemic Suppression of HIF-2α–Regulated sEPO Is Highly Correlated with Clinical Benefit from Casdatifan (ORR) Normal EPO range **** n = 58 N = 1292 4 8 16 32 64 128 256 512 Healthy volunteer ARC-20 (ccRCC) Baseline sEPO (mlU/mL) Patients with ccRCC had significantly higher baseline levels of sEPO than healthy volunteers (P < .0001) 1 0 −20 −40 −60 −80 −100 0 25 50 75 100 125 150 175 200 T otal daily casdatifan dose (mg) Pharmacodynamic response (% EPO change from baseline) 71% (92/129) of patients reached maximal sEPO reduction during the first cycle of treatment with casdatifan 1 Across all doses, most patients (88/129 [68%]) experienced > 80% maximal sEPO reduction; Deeper reductions in sEPO were highly correlated with clinical responses1 a. PD was defined according to RECIST v1.1 as a ≥ 20% increase in the sum of diameters of target lesions relative to the smal lest 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 42
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© Arcus Biosciences 2026 16 Systemic Suppression of HIF-2α–Regulated sEPO Is Highly Correlated with Clinical Benefit from Casdatifan (PFS) References and acronyms on slide 42 The degree of maximal sEPO reduction was significantly greater in patients who achieved CR, PR, or SD compared with those with PD (P < .05) 6 Maximal sEPO reduction was associated with longer PFS6
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© Arcus Biosciences 2026 SETTING TRIAL REGIMEN cORR mPFS 3L+ ARC-20 (Phase 1b/2) Cas (100mg QD) Cas (Pooled) 45% 35% 15.1m 12.2m LITESPARK-005 (Phase 3) 3 Belz 22% 5.6m TIVO-3 (Phase 3)7 Tivo 18% 5.6m 2L+ METEOR (Phase 3)8 Cabo 17% 7.4m Study 205 (Phase 2) 9 Lenva 27% 7.4m IO- Experienced (1L/2L) AXIS (Phase 3) 10 Axi 19% 6.7m CONTACT-03 (Phase 3)11 Cabo 41% 10.8m CANTATA (Phase 3) 12 Cabo 28% 9.3m 17 Casdatifan Data Exceed All PFS Benchmarks for Both Monotherapy HIF-2α Inhibition (Belz) and TKIs ARC-20 DCO date for casdatifan: Jan. 30, 2026 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. References and acronyms on slide 42 EARLIER-LINE PATIENT POPULATIONS
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© Arcus Biosciences 2026 18 Casdatifan Was Well Tolerated in All Cohorts, With a Comparable Safety Profile to That of Belzutifan DCO date for casdatifan: Aug. 15, 2025; safety profile remained consistent at the Jan. 30, 2026 DCO 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. References and acronyms on slide 42 Safety-Evaluable Population 100mg QD (n=32) Pooled (n=127) Belzutifan (LITESPARK- 005)2 Anemia, n (%) Anemia: All grades 29 (91) 117 (92) All grade: 83% Grade ≥3 related to casdatifan 8 (25) 52 (41) Grade ≥3: 33% Related to casdatifan leading to interruptions 9 (28) 45 (35) Leading to dose reductions 3 (9) 18 (14) Leading to discontin. 0 0 Hypoxia, n (%) Hypoxia: All grades 5 (16) 23 (18) All Grade: 15% Grade ≥3 related to casdatifan 3 (9) 14 (11) Grade ≥3: 11% Related to casdatifan leading to interruptions 3 (9) 18 (14) Leading to dose reductions 1 (3) 9 (7) Leading to discontin. 1 (3) 3 (2)
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© Arcus Biosciences 2026 Casdatifan Development Strategy 19
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© Arcus Biosciences 2026 20 Our Vision is a Future in Which Every ccRCC Patient Benefits from Cas Throughout Their Treatment Journey References and acronyms on slide 42 IO/IO = anti-PD-1 + anti-CTLA4 ~1/3 market PEAK-1 cas + cabo vs cabo2L 2L+ cas + IO/IO Grow to ~50% market with DOT >12+ mos cas + tivo vs tivo (+/- prior belz) cas + anti-PD-1/VEGF bispecific Current SOC Future State belz + lenva (LS-011) mPFS 14.8 mos PDUFA Oct. 4, 2026 1L TKI- Containing TKI- Free Novel Combo PEAK-20 cas + ipi + nivo vs ipi + nivo cas + IO/TKI ~40% market with DOT >16-20+ moscas + axi + anti-PD-1 vs axi + pembro cas + cabo (post IO) Maintain leading share with DOT cas + anti-PD-1/VEGF bispecific cas + tivo (+/- prior belz) 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 belz + pembro+ lenva (LS-012) Not positive; April 2026
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© Arcus Biosciences 2026 First Phase 3 Study Evaluating a Differentiated TKI Combination in Post-IO ccRCC is Enrolling 21 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 Goal Is to Fully Enroll by Year-End Only Phase 3 study evaluating a HIF-2α inhibitor with cabozantinib, the most widely used TKI in ccRCC References and acronyms on slide 42
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© Arcus Biosciences 2026 22 Foundational 1L TKI-Free Approach Is Enabled by the Low Rate of Primary Progression Seen with Cas 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 spotfire data References and acronyms on slide 42 Efficacy-Evaluable Population* Primary PD Rate % (n) cas 100mg QD (n=31) 16% (5)1 monotherapy pooled (n=121) 19% (23) cas + cabo (n=43) 5% (2) 1L cas + zim (n=30) 7% (2) 1L cas mono, favorable risk (n=22) 0% (0) cas mono, post-IO, TKI naive (n=29) 3% (1) 2L+ ccRCC 1L+ ccRCC 1L ccRCC cas + zim (anti-PD-1) ARC-20 Data To Date Show a Consistently Low Rate of Primary PD, Avoiding the Need for a TKI TKI-Free Cohorts Will Inform 1L Phase 3 Studies Ongoing Plan to open (PD-X/VEGF bispecifics) Enrollment completed Enrolling In Planning 1L ccRCC cas + anti-PD-1 + ipi 1L ccRCC cas + ivo In Planning1L ccRCC cas + pumita
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© Arcus Biosciences 2026 Casdatifan Market Opportunity 23
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© Arcus Biosciences 202624 Metastatic ccRCC Treatment Algorithm (assumes LS-011 approval) Epidemiology is US drug treatable ccRCC, per DRG, 2026. References and acronyms on slide 42 Patients who start on anti-PD-1 + VEGFR- TKI (50-60%) Patients who start on anti-PD-1 + anti- CTLA4 (30-40%) ~20% of 1L patients have received adjuvant treatment Anti-PD-1 + VEGFR-TKI Anti-PD-1 + anti-CTLA4 TKI mono TKI + mTORTKI + HIF-2α TKI mono TKI + mTORHIF-2α TKI mono TKI + mTOR TKI mono HIF-2α TKI + mTOR TKI + HIF-2α 1L 14.4k pts 2L 9.8k pts 3L 6.3k pts
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© Arcus Biosciences 2026 1L 2L Other TKI + mTOR HIF-2α TKI mono IO + IO IO + TKI Dual IO Anti-PD-1/anti-CTLA-4 + cas Grow IO+IO to >50% of 1L with addition of casdatifan 25 Substantial Opportunity for Casdatifan in 1L & 2L ccRCC Sources - Epi: DRG 2026 | Share: Arcus primary research, US March 2026 (n=50) References and acronyms on slide 42 ~30-40% ~50-60% ~10% ~10% ~50-60% ~10-20% 2026 US ccRCC Drug Treatable Incidence and Market Share 14.4k 9.8k ~10-20% TKI + cas Secure dominant share in 2L with preferred regimen IO/TKI Anti-PD-1/TKI + cas Provide TKI- containing casdatifan regimen
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© Arcus Biosciences 2026 Quemliclustat in Pancreatic Cancer 26
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© Arcus Biosciences 2026 27 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 References and acronyms on slide 42 ~$4B Market Potential PHASE 1 STUDY SHOWED 5.9 MONTH mOS IMPROVEMENT VS G/nP13 Readout 1H27 Kaplan-Meier 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 Phase 3 Study of Quemli + Chemo in 1L Metastatic PDAC Arm A: quemli 100mg Q2W + G/nP Arm B: Placebo Q2W + G/nP 2:1 N = 610 Stratification • ECOG 0/1 • Liver metastases • Region 1L mPDAC • Confirmed PDAC untreated in metastatic setting • Metastatic disease diagnosed within 6 weeks prior to screening • Measurable metastatic disease per RECIST 1.1 • ECOG PS 0 or 1 PRIMARY ENDPOINT: • OS KEY SECONDARY ENDPOINTS: • PFS ENROLLMENT COMPLETED References and acronyms on slide 4228
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© Arcus Biosciences 2026 29 Quemli is Well Positioned to Capitalize on the $4B+ 1L PDAC Market Target Population Durability Market Entry Tolerability Expected Use Quemli is one of only a few developmental 1L agents that does not require biomarker testing Other developmental MOAs have demonstrated risk of mutational resistance Expected to be 1st of potential upcoming agents to launch in 1L PDAC (est. ~1+ year lead) ARC-8 data indicated a limited increase in AEs relative to historical chemo benchmarks Near-term: potential to improve OS vs. available 1L options, presenting significant market opportunity Longer-term: study quemli with next-gen, more tolerable RAS agents in sequence or in combination Strong POC Data ARC-8 OS HR of 0.63 with ~6-month survival benefit vs. synthetic control for G/nP
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© Arcus Biosciences 2026 Research Updates HIF-2α Pathway and Emerging Immunology Portfolio 30
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© Arcus Biosciences 2026 Increasing our Understanding of the Relationship Between Anti-Angiogenic Therapy and HIF-2α 31 Role of HIF-2α VEGF Axis in RCC HIF- 2α O2 VEGFR TKI VEGF 1 Innate HIF-2α Driven by VHL deficiency, HIF-2α regulates multiple survival mechanisms, including well vascularized tumors 2 Adaptive HIF-2α In response to TKI-induced hypoxia, survival advantage of clones with highest HIF-2α activity 3 Resulting Sensitivity Greater HIF-2α dependence makes tumors more sensitive to cas, less responsive to anti-angiogenic TKI Anti-angiogenic Tx efficacy associated with hypoxia
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© Arcus Biosciences 2026 Immunology Program 32
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© Arcus Biosciences 2026 33 Immunology Small-Molecule Strategy is Targeting Validated Blockbuster Biologics *At least one additional molecule advancing to FIH in 2027 References and acronyms on slide 42 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 IMMUNOLOGY 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” IMMUNOLOGY DRUG DISCOVERY PORTFOLIO: TARGET MODALITY DISEASE AREA STATUS* OWNERSHIP AB102 (MRGPRX2) SM CSU, AD, Asthma FIH expected this month Wholly owned by Arcus TNFR1 SM RA, Psoriasis, IBD FIH Expected Early 2027 Gilead Sciences holds time- limited option rights CCR6 SM IBD, Psoriasis IND-Ready by YE 2027 Wholly owned by Arcus STAT6 SM AD, Asthma IND-Ready by YE 2027 Wholly owned by Arcus CD89 mAb RA IND-Ready by YE 2027 Wholly owned by Arcus CD40L SM Lupus; MS IND-Ready by YE 2027 Wholly owned by Arcus
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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 this month 34 Potential Best-in-Class AB102 MRGPRX2 Antagonist to Treat Atopic Skin Diseases References and acronyms on slide 42 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 sales14 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 • AB102 binds MRGPRX2 in a reversible manner with an insurmountable inhibitory profile15 • AB102 potently inhibits degranulation with an IC90 of 46 nM in 100% human serum15 35 AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist LEFT and RIGHT: LAD2 cells in 100% human serum References and acronyms on slide 42 10-4 10-2 100 102 0 20 40 60 80 100 120 CD107 Externalization [AB102] μM % Activity IC50: 8 nM IC90: 46 nM 10-2 100 102 0 20 40 60 80 100 120 CD107a Externalization [Substance P] μM % Activity 0 8 16 31 63 125 250 [AB102] nM
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© Arcus Biosciences 2026 • AB102 maintains full activity against common MRGPRX2 variants15 • AB102 inhibits MRGPRX2 activity in primary skin mast cells15 • AB102 is active against MRGPRX2 when activated by a variety of agonists15 36 AB102 is a Potent and Selective Small Molecule MRGPRX2 Antagonist References and acronyms on slide 42 0 10 20 30 40 50 LAD2 Cells CD107a Externalization % CD107a+ Cells AB102: - + - + - + - + - + PAMP-12 unstimulated Somatostatin-14 Ciprofloxacin C3a IgER crosslinking MRGPRX2 C3aR/IgER 10-6 10-4 10-2 100 102 0 20 40 60 80 100 120 CHO-K1 Expression IP-1 Accumulation [AB102] μM % Activity N16H N62S S313R WT 0 20 40 60 80 100 120 Human Skin Mast Cells β-hexosaminidase Release% Activity SP AB102 - - + - + +
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© Arcus Biosciences 2026 • Primary objective is to define PK, safety, tolerability and dose achieving AUC target • Staggered MAD cohorts lagging slightly behind SAD cohorts 37 AB102 Healthy Volunteer Study Double-Blind, Randomized, Placebo-Controlled SAD and MAD References and acronyms on slide 42 Dose Level 1 Dose Level 2 Dose Level 3 Dose Level 4 Dose Level 5 Dose Level 6 Dose Level 2 Dose Level 3 Dose Level 4 Dose Level 5 August ‘26 Single Ascending Doses Multiple Ascending Doses
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© Arcus Biosciences 2026 38 CSU is an Underserved Market with Limited Oral Treatment Options Estimated CSU prevalence16,17 CSU patients uncontrolled on second-generation, high-dose antihistamines CSU patients untreated by advanced therapies • omalizumab (2014) − dupilumab (2025) − remibrutinib (2026) US / 7MM* *US, EU4, UK and Japan References and acronyms on slide 42
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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 39 Small-molecule Inhibitors of TNF with Potentially Improved Efficacy/Safety Relative to anti-TNF Biologics References and acronyms on slide 42 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 $20B18,19 OPPORTUNITY FOR IMPROVEMENT PROGRAM STATUS: Expect in clinic early 2027
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© Arcus Biosciences 2026 Chemokine field notoriously difficult to drug (requirements for constant target engagement). • Arcus scientists have one of the best records in the industry • CCR6 inhibition creates opportunity to interfere with a group of cytokines (beyond IL-17) produced by key inflammatory cells (e.g., γδ T cells) − IL-17 is key in fighting certain infections; anti-IL-17 therapy brings with it increased risk of infection and intestinal inflammation • Small-molecule CCR6 antagonists may provide greater safety and flexibility for managing safety signals secondary to IL- 17 inhibition VALIDATED BIOLOGY WITH MULTI-BILLION $ POTENTIAL 40 Small-molecule CCR6 Antagonists as Potential Therapeutic Alternatives to anti-IL-17 Biologics - Psoriasis References and acronyms on slide 42 Anti-IL-17 antibodies have revolutionized the treatment of psoriasis and other skin diseases – Cosentyx® has generated $6.7B in LTM sales20 There are currently no orally available options for dealing with the inflammatory effects of IL-17 OPPORTUNITY FOR IMPROVEMENT PROGRAM STATUS: Expected to be IND-ready in 2H27
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© Arcus Biosciences 2026 Appendix 41
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© Arcus Biosciences 2026 References and Acronym Key 1. Choueiri T, et al. J Clin Oncol. 2026. (ARC-20) 11. Pal S, et al. Lancet. 2023. (CONTACT-03) 2. Albiges L, et al. Ann Oncol. 2023. (LITESPARK-005) 12. Tannir N, et al. JAMA. 2022. (CANTATA) 3. Choueiri T, et al. NEJM. 2024. (LITESPARK-005) 13. Wainberg Z, et al. J Clin Oncol. 2024. (ARC-8) 4. Choueiri T, et al. J Clin Oncol. 2025. (ARC-20) 14. Sanofi earnings releases. Accessed July 29, 2026. 5. Marathe D, et al. J Clin Pharm. 2024. (belzutifan) 15. Serwas N, et al. SID. 2026. (AB102) 6. Choueiri T, et al. Nature. 2026. (ARC-20) 16. Riedl M, et al. Ann. Allergy Asthma Immunol. 2025. 7. Rini B. et al, Lancet Oncol. 2020. (TIVO-3) 17. Maurer M., et al. Allergy. 2011. 8. Choueiri T, et al. Lancet Oncol. 2016. (METEOR) 18. 2022 Annual Report. Abbvie. Accessed July 29, 2026. 9. Motzer R, et al. Lancet Oncol. 2015. (lenvatinib +everolimus) 19. Sagonowsky E. The top 20 drugs by worldwide sales in 2020. FiercePharma. Published May 3 2021. 10. Rini B, et al. Lancet. 2011. (AXIS) 20. Novartis earnings releases. Accessed July 29, 2026. 1H first half Cabo cabozantinib ECOG Eastern Cooperative Oncology Group Lenva lenvatinib mPFS median progression- free survival PR partial response RECIST Response Evaluation Criteria in Solid Tumors 1L first-line Cas casdatifan EPO erythropoietin m months MS multiple sclerosis POC proof of concept SAD single ascending dose 2H second-half ccRCC clear cell renal cell carcinoma FIH first-in-human mAb monoclonal antibody NE not estimable Pumita pumitamig SCA synthetic control arm 2L second-line CI confidence interval G/nP gemcitabine/nab- paclitaxel MAD multiple ascending dose ORR objective response rate Q quemliclustat sEPO serum erythropoietin 3L third-line cORR confirmed overall response rate HR hazard ratio Med median OS overall survival Q2/3W every 2/3 weeks SD stable disease AD atopic dermatitis CR complete response IBD inflammatory bowel disease mg milligrams PD primary progression QD once daily SM small molecule AUC areaunder the curve CSU chronic spontaneous urticaria IND Investigational New Drug mm major markets PDAC pancreatic ductal adenocarcinoma quemli quemliclustat SOC standard of care Axi axitinib DCO data cutoff IO immunotherapy MOA mechanism of action PDUFA Prescription Drug User Fee Act R randomized Tivo tivozanib B billion DCR disease control rate Ipi ipilimumab Mono monotherapy pembro pembrolizumab R&D research & development YE year-end belz belzutifan DOR duration of response Ivo ivonescimab mos months PFS progression-free survival RA rheumatoid arthritis Z zimberelimab BID twice daily DOT duration of treatment K thousand mOS median overall survival PK pharmacokinetics RCC renal cell carcinoma zim zimberelimab