Arcus Biosciences (RCUS) Goldman Sachs 45th Annual Global Healthcare Conference summary

Pipeline progress and clinical data highlights

• EDGE-Gastric study showed median PFS of 13 months in upper GI cancers, outperforming historical benchmarks of 7–8 months.

• Phase III STAR-221 study in gastric cancer is fully enrolled, starting the timeline toward registration and potential commercialization.

• Etrumadenant in third-line colorectal cancer demonstrated median OS of 20 months, including strong results in liver metastasis patients.

• HIF-2 inhibitor casdatifan program is advancing rapidly, with multiple dose cohorts fully enrolled and data expected later this year.

• Expansion into combination therapies and new indications is ongoing, with steady data flow anticipated.

Market opportunity and competitive positioning

• Gastric and related adenocarcinoma markets represent a $3B+ opportunity, with PD-L1 high segment alone valued at $2B+.

• Casdatifan is positioned as a superior molecule to Merck’s belzutifan, aiming to capture significant share in RCC.

• TIGIT antibody program is differentiated by an Fc-silent design, potentially offering a better safety profile than competitors.

• Gilead partnership could bring $150M upfront and cost sharing if they opt into the HIF-2 program.

• Gilead remains involved in the CD73 program for pancreatic cancer, with funding and strategic interest.

Strategic outlook and risk assessment

• Portfolio is viewed as highly de-risked due to strong clinical data and validated mechanisms.

• Investor concerns are seen as more sentiment-driven than technically justified, especially in light of positive data.

• Focus remains on enhancing standard of care rather than displacing existing regimens, supporting physician adoption.

• Mechanistic rationale supports targeting immunogenic chemotherapy settings for adenosine pathway inhibitors.

• Upcoming data releases and competitive readouts in the TIGIT and HIF-2 spaces are closely monitored.