Rallybio Corporation · NASDAQ:RLYB
Rallybio — Merger or Acquisition (June 2026)
30 slides from Rallybio's merger presentation, Jun 1, 2026
Slide 1: Avenzo Therapeutics Transaction and Company Overview
Exhibit 99.2 Avenzo Therapeutics Transaction and Company Overview June 1, 2026 1
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying slides and oral commentary (this “Presentation”), which have been prepared by Avenzo Therapeutics, Inc. (the “Company” or “Avenzo”), are being delivered and/or presented to a limited number of parties for discussion purposes only, and shall not form
Slide 3: Transaction Highlights
Transaction Highlights • Rallybio to acquire 100% of Avenzo equity interests in reverse-triangular merger with Avenzo surviving the merger as a wholly owned subsidiary of Rallybio TRANSACTION • Rallybio will distribute all legacy net cash STRUCTURE • Post-closing, Rallybio Corporation will be rename
Slide 4: Pro Forma Capitalization Table
Pro Forma Capitalization Table SHARES OWNERSHIP IN PRO OUTSTANDING / IMPLIED VALUATION FORMA COMPANY ISSUED (1) Rallybio 5.8 $15.0 2.83% Avenzo 115.0 300.0 97.17% Concurrent Financing 82.4 215.0 Total 203.2 $530.0 1 Assumes Rallybio will distribute all legacy net cash. Note: All figures in millions.
Slide 5: Company Overview
Company Overview 4 Clinical Stage, Potentially Differentiated Oncology Programs in Blockbuster Opportunities ✓ Phase 1 monotherapy and fulvestrant combination complete, with differentiated profile AVZO-021 ✓ Updated Phase 1 data to be presented at ASCO 2026 CDK2 Inhibitor ✓ Enrolling in combination
Slide 6: Blockbuster Commercial Opportunities Across the Pipeline
Blockbuster Commercial Opportunities Across the Pipeline AVZO-023 + AVZO-021 AVZO-1418 AVZO-103 CDK4i + CDK2i EGFR/HER3 ADC Nectin4/TROP2 ADC Market Size¹ Market Size² Market Size³ ~$15B ~$16B ~$5B Urothelial Cancer HR+/HER2- NSCLCwt (no AGA) & Breast Cancer EGFRm NSCLC ¹ Based on reported 2025 reve
Slide 7: Avenzo Pipeline of Potentially Differentiated Programs
Avenzo Pipeline of Potentially Differentiated Programs Four U.S.-Based Phase 1 Studies Ongoing Across Pipeline PROGRAM/STUDY INDICATION PHASE 1 PHASE 2 AVZO-021 (CDK2i) Monotherapy ± Fulvestrant HR+/HER2- Breast Cancer AVZO-023 (CDK4i): ORION-1 + Fulvestrant HR+/HER2- Breast Cancer + AVZO-021 + Fulv
Slide 8: AVZO-021 Selective CDK2 Inhibitor Key Highlights
KEY HIGHLIGHTS • Potentially differentiated with well tolerated safety profile and mPFS of 5.3 months as monotherapy in HR+/HER2- breast cancer • Phase 1 monotherapy and fulvestrant combination complete • Phase 1 study in combination with selective AVZO-023 (CDK4i) + fulvestrant ongoing AVZO-021 Sel
Slide 9: Evolving HR+/HER2- Breast Cancer Treatment Paradigm
Evolving HR+/HER2- Breast Cancer Treatment Paradigm HR+/HER2- BC TREATMENT PARADIGM • Pfizer and BeOne focused on displacing CDK4/6i + ET with selective CDK4i; no planned 2L registrational studies CDK4/6i + ET ‒ Limited CDK2i combination potential due to inadequate selectivity BIOMARKER-NEGATIVE BIO
Slide 10: AVZO-021 CDK2i Key Areas of Differentiation
AVZO-021 CDK2i Key Areas of Differentiation AVZO-021¹ TEGTOCICLIB BG-68501 INCB123667 Avenzo Pfizer BeOne Incyte Development Stage Phase 1 Phase 1 Deprioritized Phase 3 Phase 1 15% ORR (n=26) 19% ORR (n=16) 3% ORR (n=33) 11% ORR (n=76) 4 6 Efficacy Data 5.3 months PFS 3.5 months PFS² PFS not disclos
Slide 11: AVZO-021 Phase 1 Study Design
AVZO-021 Phase 1 Study Design Phase 1 Completed | Data to be Presented at ASCO 2026¹ Part 1a: Monotherapy Dose Escalation / Backfill (N=51²) DESIGN As of 30-Mar-2026 data cut-off, 250 mg QD • Single patient safety population (N=64): N=1 accelerated 220 mg QD • Part 1a monotherapy: N=51 patients titr
Slide 12: AVZO-021 Treatment Emergent Adverse Events
AVZO-021 Treatment Emergent Adverse Events (N=64) TEAEs OCCURRING IN ≥10% OF PATIENTS BY GRADE Generally well tolerated MONOTHERAPY AND FULVESTRANT COMBINATION (N=64) a GRADE 1 GRADE 2 GRADE 3 GRADE 4 ALL GRADE Most TEAEs were Grade 1 or 2 N (%) N (%) N (%) N (%) N (%) Any TEAE, n (%) 6 (9) 28 (44)
Slide 13: Encouraging Signs of Efficacy in Heavily Pretreated HR+/HER2- mBC
Encouraging Signs of Efficacy in Heavily Pretreated HR+/HER2- mBC • 5.3-month median PFS (95% CI: 1.9, 7.2) across all monotherapy doses in HR+/HER2- mBC patients (n=33) • 85% disease control rate (95% CI: 62.1, 96.8) in HR+/HER2- mBC efficacy evaluable patients treated with ≥150 mg QD monotherapy (
Slide 14: Duration of Treatment
Duration of Treatment (N=43) • All responders remain on treatment, with 3 patients for ≥48 weeks • Among 34 HR+/HER2- breast cancer patients treated at ≥150 mg QD: − 20 patients were on treatment for ≥24 weeks − 9 patients remain on treatment • Among 7 CCNE1-amplified solid tumor patients treated at
Slide 15: AVZO-023 Selective CDK4 Inhibitor Key Highlights
KEY HIGHLIGHTS • Potentially differentiated with high selectivity against CDK6 • Ongoing Phase 1 study (ORION-1) in combination with fulvestrant ± AVZO-021 (CDK2i) AVZO-023 Selective CDK4 Inhibitor ANTICIPATED MILESTONES HR+/HER2- Breast Cancer • Late 2026: Preliminary, updated Phase 1 fulvestrant c
Slide 16: AVZO-023 CDK4i Key Areas of Differentiation
AVZO-023 CDK4i Key Areas of Differentiation AVZO-023 ATIRMOCICLIB BGB-43395 GDC-4198 Avenzo Pfizer BeOne Roche Development Stage Phase 1 Phase 3 Phase 3 Phase 1b 4 Phase 1 Efficacy Data 0% ORR (n=4) 3 in mBC Ongoing 24% ORR (n=33)¹ 11% ORR (n=19) Monotherapy ORR of 15% (n=27) ET Combination(s) CDK6
Slide 17: AVZO-023 ORION-1 Phase 1 Study Design
AVZO-023 ORION-1 Phase 1 Study Design N=13 Patients Treated as of 28-Apr-2026 POPULATION DOUBLET: AVZO-023 + FULVESTRANT TRIPLET: • CDK4/6i + ET pretreated AVZO-023 + FULVESTRANT + AVZO-021 HR+/HER2- BC DOSE ESCALATION/BACKFILL (N~60) (N~70) ‒ Doublet: ≤2 prior lines of chemotherapy permitted … ‒ Tr
Slide 18: AVZO-023 Treatment Emergent Adverse Events
AVZO-023 Treatment Emergent Adverse Events (N=13) TEAEs OCCURRING IN ≥10% OF PATIENTS BY GRADE Generally well tolerated AVZO-023 + FULVESTRANT (N=13)¹ GRADE 1 GRADE 2 GRADE 3 GRADE 4 ALL GRADE N (%) N (%) N (%) N (%) N (%) Most TEAEs were Grade 1 or 2 Any TEAE, n (%) 2(15) 8 (62) 1(8) 1(8) 12(92) Lo
Slide 19: AVZO-023 + Fulvestrant Dose-Escalation Efficacy in HR+/HER2- Breast Cancer
AVZO-023 + Fulvestrant ORION-1 Phase 1 Dose-Escalation Encouraging Signs of Efficacy in HR+/HER2- Breast Cancer at 100 mg BID (N=6) • 5/6 patients continued on treatment as of the data cut-off # Treatment ongoing Note: Data cut-off date 14-May-2026. Efficacy evaluable population includes all treated
Slide 20: AVZO-1418 EGFR/HER3 ADC Key Highlights
KEY HIGHLIGHTS • Rapid progress in AVENTINE-1 Phase 1 monotherapy study, with >30 patients enrolled across 5 dose cohorts • Responses across multiple doses and different tumor types with strong signal in NSCLC • Fast Track designation granted in EGFRm TKI-pretreated NSCLC AVZO-1418 EGFR/HER3 ADC ANT
Slide 21: EGFR/HER3 ADC Background and Opportunity
EGFR/HER3 ADC Background and Opportunity Pan-Tumor Opportunity, including in Lung Cancer NSCLCwt (NO AGA) EGFRm NSCLC • EGFR and HER3 shown to be highly expressed across multiple solid tumors, IMMUNOTHERAPY OSIMERTINIB ± AMIVANTAMAB + including NSCLC ± CHEMOTHERAPY CHEMOTHERAPY LAZERTINIB • Bispecif
Slide 22: AVZO-1418 EGFR/HER3 ADC Key Areas of Differentiation
AVZO-1418 EGFR/HER3 ADC Key Areas of Differentiation 2 AVZO-1418 (AVENZO)¹ IZA-BREN (BMS/SYSTIMMUNE) EGFRm NSCLC: Phase 2/3 Global Development Phase 1 NSCLCwt³: Phase 1 Stage mUC: Phase 2/3 Format 1+1 2+2 EGFR/HER3 Tuning 4 21.6 nM EGFR | 3.5 nM HER3 1.4 nM EGFR (cetuximab) | 88.4 nM HER3 (KD, nM) D
Slide 23: AVZO-1418 AVENTINE-1 Phase 1 Study Design
AVZO-1418 AVENTINE-1 Phase 1 Study Design N=32 Patients Treated as of 13-May-2026 POPULATION PEMBROLIZUMAB MONOTHERAPY DOSE • Prior lines of COMBINATION ESCALATION/BACKFILL chemotherapy ≤3 in EGFRm NSCLC, NSCLC W/O AGA, NSCLC W/O AGA, escalation and ≤2 in SCLC, NPC, BTC, UC SCLC, NPC, BTC, UC backfi
Slide 24: AVZO-1418 Treatment Emergent Adverse Events
AVZO-1418 Treatment Emergent Adverse Events (N=32) TEAEs OCCURRING IN ≥10% OF PATIENTS BY GRADE Generally well-tolerated at doses up to 4.5 2 mg/kg to 4.5 mg/kg (N=20) 6 mg/kg (N=12) a b mg/kg Q2W (N=20) GRADE 1-2 GRADE 3-4 GRADE 1-2 GRADE 3-4 N (%) N (%) N (%) N (%) • No Grade 3+ neutropenia Nausea
Slide 25: AVZO-1418 Monotherapy Dose-Escalation Tumor Reductions
AVZO-1418 Phase 1 Monotherapy Dose-Escalation Encouraging Trend and Deepening Tumor Reductions over Time across Tumor Types (N=18) • In 18 efficacy evaluable patients, 9 remain on treatment including 5 responders • Responders across multiple tumor types and multiple dose cohorts • 2/3 responding pat
Slide 26: AVZO-1418 Monotherapy Efficacy in NSCLC
AVZO-1418 Phase 1 Monotherapy Dose-Escalation Encouraging Signs of Efficacy in NSCLC Across Multiple Doses (N=10) • In 10 efficacy evaluable patients, 8 remain on treatment including 4 responders • 1/2 responding patients at 6 mg/kg dose reduced to 4 mg/kg prior to response 4 of 10 responders # Trea
Slide 27: AVZO-103 Nectin4/TROP2 ADC Key Highlights
KEY HIGHLIGHTS • BEACON-1 Phase 1 monotherapy study ongoing • Fast Track designation granted in post-enfortumab vedotin urothelial cancer AVZO-103 Nectin4/TROP2 ADC ANTICIPATED MILESTONES Solid Tumors • 2H 2026: Initial Phase 1 data • Mid-2027: Phase 2 initiation • 2H 2027: Updated Phase 1 data 27
Slide 28: AVZO-103 Phase 1 Study Design
AVZO-103 Phase 1 Study Design Monotherapy Dose Escalation Ongoing POPULATION MONOTHERAPY DOSE PEMBROLIZUMAB COMBINATION • ECOG 0–1 ESCALATION/BACKFILL DOSE ESCALATION SOLID TUMORS¹, INCL. mUC mUC • Asymptomatic CNS (N~80) (N~35) disease allowed … DESIGN • Bayesian Optimal DL3 Interval (BOIN) 4.0 mg/
Slide 29: Anticipated Milestones
Anticipated Milestones PROGRAM ANTICIPATED MILESTONE ESTIMATED TIMING AVZO-021 • Updated Phase 1 monotherapy and fulvestrant combination data • ASCO 2026 CDK2 Inhibitor AVZO-023 • Preliminary, updated ORION-1 Phase 1 data in combination with fulvestrant • Late 2026 CDK4 Inhibitor AVZO-023 + -021 • I
Slide 30: Avenzo Therapeutics and Rallybio Corporation Webcast Call Transcript
30 Exhibit 99.3 Avenzo Therapeutics and Rallybio Corporation Merger Agreement + Concomitant Private Placement Announcement Webcast Call Transcript Date: June 1, 2026 Time: 8:30 AM ET CORPORATE PARTICIPANTS Dr. Stephen Uden, M.D., Co-Founder and Chief Executive Officer, Rallybio Corporation Dr. Athen