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Corporate Presentation Premier Chemistry. Proven Biology. November 2026
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© Arcus Biosciences 2026 Forward-Looking Statements 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 provide every ccRCC patient the opportunity to benefit from casdatifan in every line of therapy; the timing and achievement of milestones, including the expected timing for the initiation of PEAK-20 and additional data readouts from ARC-20; the initiation, conduct and results of our clinical trials, including our expectations for success for PEAK-1 and PEAK-20 and the initiation of 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 the same investigational molecule, including the Phase 3 PEAK-1 and PRISM studies and the upcoming Phase 3 PEAK-20 study; the unexpected emergence of adverse events or other undesirable side effects with our investigational products, including casdatifan, alone or in combination with other agents; adverse data from toxicology studies that affect our ability to advance development candidates from our immunology programs; 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 and quemliclustat, 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 3 Arcus Has a Robust Portfolio of Potential Best-in-Class Medicines * Cash, cash equivalents and marketable securities as of September 30, 2026, plus $270 million net proceeds from October 2026 equity financing ** Runway estimate based on cash, cash equivalents, marketable securities, and current planned operations References and acronyms on slide 43 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$964M IN CASH* CAPITAL EFFICIENCY & RISK SHARING HAVE BEEN GROWTH ENABLING LATE-STAGE ONCOLOGY casdatifan quemliclustat MRGPRX2 TNF CCR6 & IMMUNOLOGY CD89 CD40L • Funded into 2029** 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 43 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 Initiated healthy volunteer study AB102 MRGPRX2 antagonist Enormous Opportunity to Displace Injectable, Blockbuster Biologic Drugs Initiating YE:26 TNF inhibitor Expected in clinic in 2027Only small molecule CD73 inhibitor in Phase 3 for 1L pancreatic cancer QUEMLICLUSTAT Urticaria Atopic Dermatitis RAIBD Psoriasis Phase 3 enrolling Interim Analysis Q4 2026
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© Arcus Biosciences 2026 Overview of Casdatifan All data based on Sept. 4, 2026 data cut off unless otherwise stated 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. 5
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© Arcus Biosciences 2026 • Hypoxic response, incl. VEGF • EPO/red blood cell generation 6 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 43
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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 Casdatifan is a Hard-Hitting HIF-2α Inhibitor With all the Pieces to Transform the Treatment of Kidney Cancer References and acronyms on slide 43 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 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 Arcus1 and Merck2 Casdatifan monotherapy has demonstrated clear differentiation: Lower PD rate Higher ORR Longer PFS Longer OS Casdatifan is the only molecule to provide robust and sustained HIF-2α inhibition % EPO Change from Baseline References and acronyms on slide 43
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© Arcus Biosciences 20269 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 benchmarks3,4 OS: cas mono vs. belz mono (LS-005)9 References and acronyms on slide 43 OS: cas + cabo vs. cabo5-8
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© Arcus Biosciences 202610 Our Development Plan Provides Every ccRCC Patient the Opportunity to Benefit from Casdatifan in Every Line of Therapy References and acronyms on slide 43 IO/IO = anti-PD-1 + anti-CTLA4 ~1/3 market PEAK-1 cas + cabo vs cabo PEAK-30 cas + 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 202611 Arcus Milestones Will Generate Additional Data To Solidify Kidney Cancer Franchise References and acronyms on slide 43 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 Summary of Casdatifan Clinical Data Data Presented October 20, 2026 12
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© Arcus Biosciences 2026 Platform Study Cohorts Provide Critical Enabling Data for Future Phase 3 Programs 13 References and acronyms on slide 43 Cohorts with data in October 2026 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 14
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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 15 Robust HIF-2α Inhibition Provides Remarkable and Enduring Clinical Benefit Median follow-up 28 months References and acronyms on slide 43 ~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 16 Casdatifan Monotherapy Shows an Exceptional OS Trend With Potential to Drive Survival Across Lines of Therapy No unexpected safety signals were observed, and casdatifan showed acceptable and manageable adverse events across all doses Tick marks indicate censored patients References and acronyms on slide 43 OS of pooled casdatifan monotherapy compared to belzutifan in LS-0059 % (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 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 PEAK-1 Is Well-Positioned for Success on PFS and OS, With Potential for an Improved Hazard Ratio vs. LS-011 Note: No unexpected safety signals were observed at the time of DCO (n=44). Cas + cabo has shown safety data that are consistent with those observed in other cohorts or prior studies of each molecule. ARC-20 cas + cabo median follow-up 21.3 months; tick marks indicate censored patients. *LS-011 and METEOR: axi ± IO only; CONTACT-03 had only 4 patients (2%) with prior exposure to lenva. ‡Based on 2026 US 1L IO + TKI share; Arcus primary research + claims analysis. References and acronyms on slide 43 2L 1 ARC-20 Cas + cabo PFS and OS trending substantially better than Phase 3 cabo benchmarks5-8,11 PFS 56% vs 30–48% 41% vs 30% OS 84% vs 73–78% 77% vs 58–69% 2 Data suggest prior treatment with current- generation TKIs impacts performance of 2L cabo Cabo monotherapy mPFS in 2L by prior therapy (months)12-15 10.9 8.3 4.1-5.8 10.0 7.5 IO + IO IO + axi lenva + pembro 3 PEAK-1 is expected to be the first Phase 3 trial with a TKI–pretreated population dominated by current-gen TKIs 50–60% of 2L patients receive a TKI (with IO) in the 1L setting‡ Prior therapy agent ARC-20 cas + cabo LS-0115 CONTACT-036 METEOR7 Current-gen TKIs lenva + pembro, axi ± IO 30% 27%* 15%* 15%* Prior-gen TKIs sun, paz, sor 7% 27% 46% >60% → PEAK-1 cabo control arm likely to underperform historical benchmarks, driving an improved HR 4 PFS, ARC-20 cas + cabo Prior IO only: n = 26 Prior IO + TKI: n = 17 (incl. 7 lenva-pretreated) Cas + cabo performs similarly for all patients, including those with current-gen TKI exposure % of patient population by prior therapy CaboPoint LS-011 Real-world studies
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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 43 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 202620 Despite Population Differences, Comparison to LS-011 Shows Similar PFS for ITT and Dramatic Improvement for TKI- Pretreated Patients Median follow-up 21.3 months Tick marks indicate censored patients References and acronyms on slide 43 PFS (ITT): cas + cabo vs LS-0115 PFS (TKI-Pretreated Patients): cas + cabo vs LS-01113 2L 41% 56% 41% 55% 44% 30% LS-011 underrepresented the patients previously treated with current-generation TKIs, who respond poorly to cabo 29% 53% 47% 45% 32% 19%
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© Arcus Biosciences 202621 Cas + Cabo is Positioned to Demonstrate an OS Benefit in PEAK-1 Median follow-up 21.3 months Tick marks indicate censored patients References and acronyms on slide 45 OS: ARC-20 cas + cabo vs cabo benchmarks5-8 78% 66% 84% 77% 78% 73% 58% 69% 2L Opportunity to show OS benefit in • With 21 months median follow-up, OS is already trending far better than historical cabo benchmarks (and belz+lenva in LS-011) • Impressive late-line mOS of 35 months was observed with cas monotherapy; supports potential for long-term survival benefit in earlier lines • PEAK-1 statistical plan is designed to maximize opportunity to detect a signal (statistical power recycled from primary endpoint of PFS to secondary endpoint of OS)
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© Arcus Biosciences 2026 Phase 3 Registrational Study Evaluating Casdatifan in 2L ccRCC is Ongoing 22 References and acronyms on slide 43 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: Early Efficacy vs IO Benchmarks 23
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© Arcus Biosciences 202624 Casdatifan Addresses the Key Limitations of Ipi + Nivo, Positioning PEAK-20 for a High Probability of Success Median follow-up: cas + zim 11.5 months; cas + zim + ipi 3.0 months; ipi + nivo (CM-214) 25.2 months. Tick marks indicate censored patients. **Only one patient experienced primary progression (4%, n = 24 with ≥1 scan). †Of 18 patients who completed induction (first 4 cycles or 12 weeks), 9 received all 4 and 5 received 3 of 4 doses of zim + ipi. ‡2026 US 1L share; Arcus primary research + claims analysis. Safety data reflect real -time observations as of October 20, 2026. References and acronyms on slide 43 1L 1 Ipi + nivo is the most prescribed 1L regimen, but has key limitations ~30% 1L market share‡ Driven by its OS benefit; the only TKI-free standard of care Key limitations: high primary progression and short PFS 20% Primary progression4 12.4 mo Median PFS4 2 Cas + zim ± ipi shows single-digit primary progression, and cas + zim PFS is already substantially better than ipi + nivo Primary progression 6.7% 4.0%** 20% Cas + zim (n=30) Cas + zim + ipi (n=31) Ipi + nivo (CM-214, n=550) PFS3,4 86% 65% ipi + nivo 61% pembro 69% 50% ipi + nivo 38% pembro 3 Cas + zim + ipi safety data support initiation of PEAK-20 ARC-20 cohort 9 (n = 31; median follow-up 3.0 months) 14/18 Received ≥3 of 4 ipi doses† Similar to real-world experience with ipi AEs consistent with the individual agents Grade ≥3 anemia and hypoxia similar to cas monotherapy; Grade ≥3 immune-mediated AEs consistent with ipi + nivo; no Grade 5 TEAEs; 1 cas discontinuation 4 These data drive a high probability of success for PEAK-20, our 1L registrational study 1L advanced or metastatic ccRCC No prior systemic therapy; all IMDC risk groups R 1:1 Cas 100 mg + ipi + nivo ipi × 4 cycles, then cas + nivo Ipi + nivo ipi × 4 cycles, then nivo Primary endpoint: PFS Key secondary: OS Expected to start by year-end → Potential to combine the low primary progression of cas with the OS benefit of ipi + nivo
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© Arcus Biosciences 2026 -100 -75 -50 -25 0 Best Change from Baseline (%) OngoingCRPRNESDPD 25 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 43 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 26 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 43 CM-214 KN-427 cas + zim (n=30) cas + zim + ipi (n=31) ipi + nivo (n=550)4 pembro (n=110)3 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- 9ER16) and pembro + axi (60% in KN-42617) 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 27 ARC-20 Cas + Zim + Ipi (Cohort 9) Safety Summary Safety data reflect real-time observations as of October 20, 2026. References and acronyms on slide 43 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 28 References and acronyms on slide 43 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 IMDC 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 Casdatifan Market Opportunity 29
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© Arcus Biosciences 202630 Casdatifan is Positioned to be the Backbone Therapy for All Patients with ccRCC References and acronyms on slide 43 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 202631 Cas Will Be Offered as a Single 100mg QD Tablet References and acronyms on slide 43 Belz 120mg (3 x 40mg) Cas 100mg (1 x 100mg) Cabo 20-60mg (1 x Xmg) Lenva 20mg (2 x 10mg) LITESPARK-011 (Merck) • Cas tablet strength is expected to minimize pill burden
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© Arcus Biosciences 202632 Substantial Opportunity for Casdatifan in 1L, 2L & 3L ccRCC Sources - Epi: DRG 2026 | Share: Arcus primary research + claims analysis References and acronyms on slide 43 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 Appendix 33
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© Arcus Biosciences 2026 Casdatifan in ccRCC 34
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© Arcus Biosciences 202635 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 43 Safety-Evaluable Population* 100mg QD (n=32) Pooled (n=127) belzutifan (LITESPARK-005)9 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 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%) 36 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 43 • 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 Quemliclustat in Pancreatic Cancer 37
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© Arcus Biosciences 2026 38 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 43 ~$4B Market Potential PHASE 1 STUDY SHOWED 5.9 MONTH mOS IMPROVEMENT VS G/nP18 Interim Analysis Q4 2026 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 INTERIM ANALYSIS Q4 2026 References and acronyms on slide 4339
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© Arcus Biosciences 2026 40 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 References and acronyms on slide 43
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© Arcus Biosciences 2026 Immunology Programs 41
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© Arcus Biosciences 2026 42 Immunology Small-Molecule Strategy is Targeting Validated Blockbuster Biologics *At least one additional molecule advancing to FIH in 2027 References and acronyms on slide 43 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 Ongoing Wholly owned by Arcus TNFR1 SM RA, Psoriasis, IBD FIH Expected 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 1L first-line CR complete response ITT Intent-to-treat Nivo nivolumab RA rheumatoid arthritis 2H second-half CSU chronic spontaneous urticaria Ivo ivonescimab ORR objective response rate RCC renal cell carcinoma 2L second-line DCO data cut-off k thousand OS overall survival RECIST Response Evaluation Criteria in Solid Tumors 3L third-line DCR disease control rate Lenva lenvatinib PD pharmacodynamic SCA synthetic control arm AD atopic dermatitis DOR duration of response m months PD progressive disease SD stable disease AE adverse event ECOG Eastern Cooperative Oncology Group mAb monoclonal antibody PDAC pancreatic ductal adenocarcinoma SM small molecule Axi axitinib EPO erythropoietin mg milligrams Pembro pembrolizumab SOC standard of care B billion FIH first in human MM Major Markets = US, EU5, Japan PFS progression-free survival TEAE treatment-emergent adverse event belz belzutifan G/nP gemcitabine and nab-paclitaxel Mono monotherapy PK pharmacokinetics Tivo tivozanib BID twice daily HR hazard ratio mOS median overall survival PR partial response YE year end Cabo cabozantinib IBD inflammatory bowel disease MOA mechanism of action Q/quemli quemliclustat Z/zim zimberelimab Cas casdatifan IMDC International Metastatic Renal Cell Carcinoma Database Consortium mos months Q2W every two weeks ccRCC clear cell renal cell carcinoma IND Investigational New Drug mPFS median progression-free survival QD once daily CI confidence interval IO immunotherapy MS multiple sclerosis R randomized cORR confirmed overall response rate Ipi ipilimumab NE not estimable R&D research & development References and Acronym Key 1. Choueiri T, et al. J Clin Oncol. 2025. (ARC-20) 10. WELIREG (belzutifan) prescribing information. Merck Sharp & Dohme LLC; revised 09/2026. 2. Marathe D, et al. J Clin Pharm. 2024. (belzutifan) 11. Motzer R, et al. Lancet. 2026. (LITESPARK-011) including suppl. Materials 3. McDermott D, et al. J. Clin. Oncol. 2021. (KeyNote-427) 12. Albiges L, et al. Eur Urol. 2026. (CaboPoint) 4. Motzer R, et al. NEJM. 2018. (CheckMate-214) 13. Heng D, et al. ESMO. 2026. (LITESPARK-011, final analysis) 5. Motzer R, et al. ASCO GU. 2026 (LITESPARK-011, abs LBA417) 14. Panian J, et al. Eur Urol Focus. 2025. (Cabo after Lenva+Pembro) 6. Pal S, et al. Lancet. 2023. (CONTACT-03) 15. Haro-Silerio J, et al. ASCO GU. 2024. (Cabo after Lenva+Pembro) 7. Choueiri T, et al. NEJM. 2015 (METEOR) 16. Motzer R, et al. Ann Oncol. 2026 (CheckMate-9ER) 8. Choueiri T, et al. Lancet Oncol. 2016. (METEOR) 17. Rini B, et al. Nat Med. 2025. (KeyNote-426) 9. Choueiri T, et al. NEJM. 2024. (LITESPARK-005) 18. Wainberg Z, et al. J Clin Oncol. 2024. (ARC-8)