Current participant exclusion criteria as of 06/06/2024: 1. Prior treatment with cevostamab or another agent targeting fragment crystallizable receptor-like 5 (FcRH5) 2. Inability to comply with protocol-mandated hospitalization and activities restrictions 3. Pregnant or breastfeeding, or intending to become pregnant during the study or within 5 months after the last dose of cevostamab or within 3 months after the last dose of tocilizumab (if applicable) 4. Prior use of any monoclonal antibody, radioimmunoconjugate, or antibody-drug conjugate as anti-cancer therapy within 4 weeks prior to first study treatment, except for the use of non-myeloma therapy 5. Prior treatment with systemic checkpoint inhibitors, including, but not limited to anti-CTLA4, anti-PD-1, and anti-PD-L1 therapeutic antibodies within 12 weeks or 5 half-lives of the drug, whichever is shorter, prior to first study treatment 6. Prior treatment with allogeneic or autologous chimeric antigen receptor (CAR) T-cell therapy within 12 weeks prior to first study treatment 7. Known treatment-related, immune-mediated adverse events associated with prior checkpoint inhibitors 8. Known history of hemophagocytic lymphohistiocytosis (HLH) or macrophage activation syndrome (MAS) 9. Treatment with any chemotherapeutic agent or other anti-cancer agent (investigational or otherwise) within 4 weeks or 5 half-lives of the drug, whichever is shorter, prior to first study treatment 10. Treatment with radiotherapy within 4 weeks (systemic radiation) or 14 days (focal radiation) prior to first study treatment 11. Autologous stem cell transplant (SCT) within 100 days prior to first study treatment 12. Prior allogeneic SCT 13. Prior solid organ transplantation 14. Circulating plasma cell count exceeding 500/microlitres (µL) or 5% of the peripheral blood white cells 15. History of autoimmune disease 16. History of confirmed progressive multifocal leukoencephalopathy 17. History of severe allergic or anaphylactic reactions to monoclonal antibody therapy (or recombinant antibody-related fusion proteins) 18. Known history of amyloidosis (e.g., positive Congo Red stain or equivalent in tissue biopsy) 19. Participants with lesions in proximity of vital organs that may develop sudden decompensation/deterioration in the setting of a tumor flare 20. History of other malignancy within 2 years prior to screening, except those with negligible risk of metastasis or death 21. Current or past history of central nervous system (CNS) disease, such as stroke, epilepsy, CNS vasculitis, neurodegenerative disease, or CNS involvement by MM 22. Significant cardiovascular disease that may limit a participant's ability to adequately respond to a CRS event 23. Symptomatic active pulmonary disease or requiring supplemental oxygen 24. Known active bacterial, viral, fungal, mycobacterial, parasitic, or other infection (excluding fungal infections of nail beds) at study enrollment, or any major episode of infection requiring treatment with IV antimicrobials where the last dose of IV antimicrobial was given within 14 days prior to first study treatment 25. Active symptomatic COVID-19 infection at study enrollment or requiring treatment with IV antiviral where the last dose of IV antiviral treatment was given within 14 days prior to first study treatment. Patients with active COVID-19 infection must have clinical recovery and two negative antigen tests at least 24 hours apart prior to first study treatment 26. Positive and quantifiable Epstein-Barr virus (EBV) PCR, or CMV PCR prior to start of study treatment 27. Known or suspected chronic active EBV infection 28. Recent major surgery within 4 weeks prior to first study treatment 29. Positive serologic or polymerase chain reaction (PCR) test results for acute or chronic Hepatitis B virus (HBV) infection 30. Acute or chronic Hepatitis C virus (HCV) infection 31. Known history of Human Immunodeficiency Virus (HIV) seropositivity 32. Administration of a live, attenuated vaccine within 4 weeks prior to first study treatment or anticipation that such a live attenuated vaccine will be required during the study 33. Treatment with systemic immunosuppressive medications (including, but not limited to, cyclophosphamide, azathioprine, methotrexate, thalidomide, and anti-tumor necrosis factor agents), with the exception of corticosteroid treatment ≤ 10 mg/day prednisone or equivalent within 2 weeks prior to first study treatment 34. History of illicit drug or alcohol abuse within 12 months prior to screening, in the investigator’s judgment 35. Any medical condition or abnormality in clinical laboratory tests that, in the investigator’s judgement, precludes the patient’s safe participation in and completion of the study, or which could affect compliance with the protocol or interpretation of results |