Alx Oncology Holdings Inc. · NASDAQ:ALXO
Alx Oncology — Investor Presentation (August 2026)
36 slides from Alx Oncology's investor presentation, August 2026
Slide 1: Corporate Overview
NASDAQ – ALXO Corporate Overview August 2026 © ALX Oncology Inc. All rights reserved.
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain information set forth in this presentation contains “forward-looking information”, under applicable laws collectively referred to herein as forward-looking statements. Except for statements of historical fact, information contained herein constitutes forward-lookin
Slide 3: ALX is Rapidly Advancing Novel Cancer Treatments
ALX is Rapidly Advancing Novel Cancer Treatments Evorpacept ALX2004 • Leading CD47 program in development • Highly differentiated EGFR ADC in Ph1 with potential to be next targeted immuno- dose escalation in the US oncology breakthrough • Meticulously designed and developed • Unique design with inac
Slide 4: ALX Is Focused on Driving Toward Multiple Inflection Points in 2026-2027
ALX Is Focused on Driving Toward Multiple Inflection Points in 2026-2027 PROGRAM INDICATION ANTICIPATED MILESTONES EVORPACEPT ASPEN-Breast Evorpacept, trastuzumab + chemotherapy ENHERTU®-Experienced HER2-Positive Topline data for 80 patients – Breast Cancer mid-2027 ALX2004 ALX2004 Dose-escalation a
Slide 5: Focused Development Plan with Upcoming Catalysts in 2026
ALX Oncology is Pursuing a Focused Development Plan with Upcoming Catalysts in 2026 MODALITY IND /TARGET PROGRAM INDICATION ENABLING PHASE 1 PHASE 2 PHASE 3 STATUS EVORPACEPT PROGRAMS ASPEN-09-Breast ENHERTU®-Experienced HER2-Positive Breast Enrolling, topline data Evorpacept, Trastuzumab for 80 pat
Slide 6: Evorpacept Improves Upon Anti-Tumor Activity of Standard of Care in HER2+ Solid Tumors
Clinical Data Support that Evorpacept Improves Upon Anti-Tumor Activity of Standard of Care Anti-Cancer Antibodies in HER2+ Solid Tumors HER2+ Gastric Cancer HER2+ Breast Cancer (CD47-high expression and (CD47-high expression and retained HER2+1) HER2+ by central assessment 2) 100% 65% ORR 26% N = 2
Slide 7: Evorpacept and Rituximab-Based Regimens Improve Over Historic Benchmarks in Indolent Lymphoma
Evorpacept and Rituximab-Based Regimens Have Shown a Consistent Improvement Over Historic Benchmarks in Indolent Lymphoma Evo + Rituximab in Evo + R-squared in Evo + R-squared in R/R indolent NHL1 2L indolent NHL2 untreated indolent NHL3 (ALX-sponsored ASPEN-01 Ph1B) (MDACC Ph1 IST) (MDACC Ph2 IST)
Slide 8: Advancing a Synergistic Approach to Cancer Treatment Leveraging CD47
EVORPACEPT Advancing a Synergistic Approach to Cancer Treatment Leveraging CD47
Slide 9: Evorpacept Blocks the CD47-SIRPα Interaction, Enhancing ADCP
Evorpacept Blocks the CD47-SIRPα Interaction, Enhancing the Targeted ADCP of Cancer Cells when Given in Combination with Anti-Cancer Antibodies SIRP⍺ Don’t SIRP⍺ Don’t SIRP⍺ Evorpacept Eat Me Eat Me MACROPHAGE MACROPHAGE MACROPHAGE CD47 CD47 CD47 CANCER CELL CANCER CELL CANCER CELL Eat Me Eat Me Fcγ
Slide 10: Only CD47 Blocker with an Inactive Fc
Evorpacept Is the Only CD47 Blocker with an Inactive Fc Designed to Avoid Toxicities Seen with Conventional Anti-CD47 Conventional anti-CD47 with Active Fc Evorpacept with Inactive Fc Evorpacept Inactive Fc SIRP⍺ SIRP⍺ MACROPHAGE MACROPHAGE CD47 Red Blood Don’t Eat Me Eat Me Red Blood Cell Cell CD47
Slide 11: CD47 is Overexpressed Across Solid and Heme Malignancies
CD47 is Overexpressed Across a Range of Solid and Heme Malignancies CD47 Expression Levels from RNA Sequencing1 • As a ”marker of self”, CD47 is expressed on all cell types2 Median TPM • Cancer cells take advantage of this by overexpressing CD47 • Due to this, the vast majority of both solid and liq
Slide 12: CD47 as a Negative Prognostic Biomarker
Research in CD47 Over the Last 10+ Years Provides a Strong Foundation for Utilizing CD47 as a Negative Prognostic Biomarker Increased CD47 expression is correlated with poor patient outcomes in many tumor types including1: • Oral squamous cell carcinoma2 • Nasopharyngeal carcinoma3 In a meta-analysi
Slide 13: Clinical Data Summary HER2+ Breast and Gastric Cancer
EVORPACEPT Clinical Data Summary HER2+ Breast and Gastric Cancer
Slide 14: CD47 Overexpression Demonstrated Enrichment in Response Across 2 HER2 Directed Trials
CD47 Overexpression Demonstrated Enrichment in Response Across 2 Independent HER2 Directed Trials with Evorpacept ITT HER2+ CD47 High and HER2+ HER2+ (Centrally Confirmed/ CD47-High Retained HER2+) 100.0 100 100 100 HER2+ Breast Confirmed ORR, % 80 80 80 Confirmed ORR, % Confirmed ORR, % 60.0 Cancer
Slide 15: Long Median DOR in Patients with CD47-High Expression
Long Median DOR in Patients with CD47-High Expression was Observed Across 2 Independent HER2-Directed Trials with Evorpacept Median Duration of Response (Months) HER2+ Breast Cancer – Ph1b/2 Evo + Zani CD47-High1 (TMS ≥ 20%) N=5 20.2 Evorpacept + Zanidatamab HER2+ Gastric Cancer – Ph2 ASPEN-06 CD47-
Slide 16: Longer PFS in Patients with CD47-High Expression
Longer PFS in Patients with CD47-High Expression was Observed in Two Independent HER2 Directed Trials with Evorpacept PFS - CD47 High vs. Low PFS - CD47 High Ph1b/2 Breast Cancer (Evo + Zani) Ph2 Aspen-6 Gastric Cancer (Centrally confirmed HER2+ Patients) (Retained HER2+ patients) 100 Evo + TRP TRP
Slide 17: Consistent Benefit Across Multiple CD47 Cut-Points in ASPEN-06
Evorpacept + TRP Showed Consistent Benefit Across Multiple CD47 Cut-Points in Retained HER2+ & CD47+ Patients in the ASPEN-06 Study % of HER2+ ORR CD47 PFS HRb OS HRb Subgroup Evorpacept + Cut-offa TRP (95% CI) (95% CI) (n=95) TRP 49% 25% 0.72 0.95 No cut-off 100% (n=47) (n=48) (0.44, 1.18) (0.58, 1
Slide 18: Manageable Safety Profile in ASPEN-06 and Across Trials
Evorpacept Demonstrated a Manageable Safety Profile in ASPEN-06 and Consistently Across Trials All causality adverse events, by grade Evo +T +R +P Control T +R +P N=63 N=63 Grade 1 • The incidence of adverse events due to any cause was comparable by arm Grade 2 • There were 12 patients with Grade 5
Slide 19: Program Overview HER2+ Breast Cancer
EVORPACEPT Program Overview HER2+ Breast Cancer
Slide 20: CD47 Expression in Breast Cancer is Higher in HER2+ Disease
CD47 Expression in Breast Cancer is Higher in HER2+ Disease, More Common in Resistant Cancer CD47 Expression is Higher on … CD47-High Cells are More HER2+ BC Cells vs HER2- and… Common in Recurrent HER2+ BC CD47 CD47 20 20 15 15 No. of Patients No. of Patients 10 10 5 5 0 0 HER2+ HER2- Recurrent Pri
Slide 21: CD47 is Upregulated in Response to T-DXd Treatment
CD47 is Upregulated in Response to T-DXd (ENHERTU) Treatment in HER2-Positive Breast Cancer Cell Lines T-DXd (Enhertu) Exposure Increases CD47 Expression CD47 Expression • Per Tsao, Nature Communications, 2025 : CD47 MFI Gated on Live Cells "Interestingly, we found that DXd treatment raised surface
Slide 22: ASPEN-09 Phase 2: Evorpacept with Trastuzumab and Chemotherapy
ASPEN-09 Phase 2: Evorpacept with Trastuzumab and Chemotherapy in HER2+ Breast Cancer - Currently Enrolling Key Eligibility Criteria Key Objectives • HER2+ mBC (IHC3+ or Primary IHC2+/ISH+) Evorpacept • ORR in CD47+ subpopulation • Measurable disease per RECIST 1.1 N=80-120 Secondary • Prior ENHERTU
Slide 23: HER2+ and CD47-High 2L+ BC Represents a Significant Initial Commercial Opportunity
HER2+ and CD47-High 2L+ BC Represents a Significant Initial Commercial Opportunity with Potential to Move into Earlier Lines of Therapy 2L+ HER2+ 48K1 Confirmed HER2+ 60-80%2 • ~20K addressable patients are CD47-high CD47 High 50-70%3 • Represents $2-4B market opportunity in CD47-high, HER2+ 2L+ BC4
Slide 24: ALX2004 EGFR ADC
ALX2004 EGFR ADC
Slide 25: ALX2004 Designed to Maximize the Therapeutic Window
ALX2004 was Designed to Maximize the Therapeutic Window and Has the Potential to Establish Proof-of-Concept Early in Development Cycle EGFR Antibody Matuzumab-derived EGFR antibody selected to minimize off-tumor skin toxicity and to maximize therapeutic window Epitope distinct from that of FDA-appro
Slide 26: Preclinical Data Support Dose Dependent Activity and Differentiated Safety Profile
Preclinical Data Support Dose Dependent Activity and Differentiated Safety Profile A N T I -T U M O R A C T I V I T Y SAFETY • Dose-dependent activity Safety profile in NHP toxicity across a range of tumors, studies support clinical EGFR expression levels, and development plans mutations • Does not
Slide 27: Highly Differentiated Design for ALX2004
Highly Differentiated Design for ALX2004 Optimizes Validated Payload and Antibody to Maximize the Potential for Success ALX2004 Design Approach EGFR ADCs EGFR ADCs ALX2004 (monospecific) (bispecific) • Select optimal linker and Payload payload. Top1i most tolerability Proprietary Top1i Mostly MMAE o
Slide 28: Matuzumab Derived Antibody Binds Non-Overlapping EGFR Epitope
ALX2004’s Matuzumab Derived Antibody Binds to a Non-Overlapping EGFR Epitope Compared to Cetuximab and Panitumumab Matuzumab Blue: Cetuximab Blue: Cetuximab Magenta: Panitumumab Cyan: Matuzumab Grey: EGFR domain III Grey: EGFR domain III Matuzumab vs. cetuximab or panitumumab for an ADC backbone • U
Slide 29: Linker-Payload Designed to Deliver Payloads to Tumors, Not the Periphery
ALX2004 Linker-Payload Designed to Deliver Payloads to Tumors, Not the Periphery Analysis of drug-to-antibody ratio over time in NHP model Less drug delivered to off-tumor, off- target tissues ▪ ALX2004 linker designed with improved stability in circulation to minimize off-tumor linker-payload relea
Slide 30: Proprietary Linker-Payload Shows Superior Activity Compared to Deruxtecan ADCs
ALX Proprietary Linker-Payload Shows Superior Activity Compared to Deruxtecan ADCs in CDX Mouse Models Percent of tumor-free mice in models with varying levels of EGFR expression (N=5 mice / bar) in vivo High EGFR expressing CDX models in vivo Bystander Effect CDX Model ▪ ALX2004 performed as well o
Slide 31: ALX2004 Shows Potent Anti-Tumor Activity Across Multiple Tumor Types
ALX2004 Shows Potent Anti-Tumor Activity Across Multiple Tumor Types, Varying Levels of EGFR Expression and Mutational Status HCC827 (NSCLC) NCI-H1975 (NSCLC) COLO205 (CRC) HCT116 (CRC) EGFRdel19 mt EGFR L858R/T790M mt, wt EGFR, BRAF V600E wt EGFR, KRAS G12D EGFR: 145,000/cell surface EGFR: 50,000/c
Slide 32: Safety Findings in NHP Toxicity Support Clinical Development Plans
Safety Profile Findings in NHP Toxicity Support Clinical Development Plans GLP NHP Toxicology Study Design Key Findings 10 mg/kg dose (n=10) NOAEL (No Observed Adverse Effect Level) 6-week repeat dose (Q3W dosing) with 6-week 20 mg/kg dose (n=10) recovery period at 5, 10 and HNSTD (Highest Non Sever
Slide 33: Clinical Development Plan in EGFR-Expressing Tumors
Phase 1 Clinical Development Plan in EGFR-Expressing Tumors Initial Safety Data Anticipated 2H 2026 Potential to Expand into Phase 2 Single-Arm Study to Support Dose Finding (Phase 1a) ALX2004 IV Q3W in Accelerated Approval NSCLC, HNSCC, CRC, and ESCC Dose Escalation Dose Expansion (Phase 1b) n = up
Slide 34: NASDAQ – ALXO
NASDAQ – ALXO © ALX Oncology Inc. All rights reserved.
Slide 35: Rapidly Advancing Two Novel Cancer Treatments with Multiple Near-Term Catalysts
ALX is Rapidly Advancing Two Novel Cancer Treatments with Multiple Near-Term Catalysts ALX is focused on driving toward multiple inflection points in 2026 and 2027 1 across both programs – evorpacept and ALX2004 Evorpacept biomarker strategy validated by data from both the Ph2 ASPEN-06 gastric cance
Slide 36: Thank You.
Thank You. www.ALXOncology.com