Research Alliance Corporation Iii · NASDAQ:RACC
Research Alliance Corporation Iii — Research Alliance Corp III — SPAC Merger (July 2026)
27 slides from Research Alliance Corporation Iii's SPAC merger presentation, Jul 27, 2026
Slide 1: Oak Hill Bio Investor Presentation July 2026
Exhibit 99.2 Oak Hill Bio Investor Presentation July 2026 Private and Confidential – Not to be Retained
Slide 2: Disclaimers (1 of 3)
CORPORATE Disclaimers (1 of 3) This presentation (together with oral statements made in connection herewith this “Presentation”) is provided for informational purposes only. This Presentation has been prepared to assist interested parties in making their own evaluation with respect to a potential bu
Slide 3: Disclaimers (2 of 3)
CORPORATE Disclaimers (2 of 3) Participants in the Solicitation In connection with the Proposed Business Combination, RAC III and Oak Hill Bio intend to prepare and file with the SEC a registration statement containing a preliminary proxy statement of RAC III and a preliminary prospectus with respec
Slide 4: Disclaimers (3 of 3)
CORPORATE Disclaimers (3 of 3) If any of these risks materialize or RAC III’s or Oak Hill Bio’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither RAC III nor Oak Hill Bio presen
Slide 5: Oak Hill Bio overview
Oak Hill Bio overview Rare disease biotech focused on finding and developing promising drugs deprioritized by pharma Our Key Criterion for Drug Identification Higher Probability of Success Clearer Path to Approval Higher Return on Investment Compelling preclinical and Single trial with established A
Slide 6: Transaction Overview
Transaction Overview Pro Forma Valuation & Ownership (In Millions, Except per Share Values) Transaction Overview Illustrative Pro Forma Valuation (9) • Research Alliance Corporation III to combine with Oak Hill Bio (OHB) at $160 million pre- Share Price $10.00 (1) (10) money equity value Pro Forma S
Slide 7: Oak Hill Bio management team
Oak Hill Bio management team Experienced investors, rare disease drug developers, and veteran rugonersen program leaders Josh Distler, JD Brenda Vincenzi, MD Sharon Morriss, PhD Ike Greenstein, MBA (1) Chief Executive Officer Chief Medical Officer Chief Operating Officer Chief Financial Officer • Fo
Slide 8: Rugonersen: Potential best-in-class antisense oligonucleotide for Angelman syndrome
Rugonersen Potential best-in-class antisense oligonucleotide for Angelman syndrome ~30,000 Targeting core of Supported by Highly potent well-understood broad data compound diagnosed biology package patients Strong preclinical and Consistent results In U.S. and EU5 for potential first clinical biodis
Slide 9: Rugonersen targets well-understood biology of Angelman syndrome
Rugonersen targets well-understood biology of Angelman syndrome, a devastating neurodevelopmental disorder Large unmet need and … whose biology is addressed by …with broad preclinical data showing devastating disease… rugonersen… that restoration of UBE3A improves functional outcomes • Incidence: ~1
Slide 10: Rugonersen potently restored UBE3A expression in primates; GTX-102 had modest effects
Rugonersen potently restored UBE3A expression in primates; GTX-102 (Ultragenyx) had modest effects Rugonersen durably induced full paternal allele GTX-102 induced short-term, partial paternal allele production of UBE3A protein in primates production of UBE3A protein in primates Rugonersen GTX-102 UB
Slide 11: Rugonersen most potently restored UBE3A in vitro and in vivo versus other Phase 3 ASOs
Rugonersen most potently restored UBE3A in vitro and in vivo versus other Phase 3 ASOs in development for Angelman syndrome In Vitro In Vivo Head-to-head comparison using neurons differentiated from iPSCs Transgenic mouse incorporates 70kb human UBE3A-ATS that covers isolated from an Angelman patien
Slide 12: TANGELO Phase 1 trial supports disease modifying potential and direct entry to Phase 3
TANGELO Phase 1 trial supports disease modifying potential and direct entry to Phase 3 Population Children with Angelman Syndrome age 1-12 years Operational 12 sites in US, Italy, Spain, Netherlands Open label, adaptive, N=61, Multiple Ascending Dose (MAD), Design Bridging Dose (BD), Long-Term Exten
Slide 13: EEG delta-power is a key biomarker correlated with clinical outcomes in Angelman syndrome
EEG �� -power is a key biomarker correlated with clinical outcomes in individuals with Angelman syndrome EEG �� -power is elevated in AS patients… …and is the leading biomarker to predict clinical outcomes Characteristic EEG phenotype EEG �� -power correlates with symptom severity ▪ Worse EEG phenot
Slide 14: Rugonersen reduced EEG delta-power in the TANGELO clinical study
Rugonersen reduced EEG �� -power in the TANGELO clinical study Rugonersen reduced EEG �� - …in a dose-dependent …but effect wore off after power after only 2-3 doses… manner… dosing stopped “ U s i n g t h e N H d a t a d e r i v e d s l o p e b e t we e n E E G �� - p o we r a n d B S I D , we c o
Slide 15: Rugonersen demonstrated improvement in clinical scales in the MAD portion
Rugonersen demonstrated improvement in clinical scales in the multiple ascending dose (MAD) portion • In TANGELO, rugonersen delivered improvement, beyond that expected based on natural history, in 9 out of 10 BSID (v3) and VABS domains • Same domains on BSID (v4) will be used for approval and are c
Slide 16: Rugonersen demonstrated improvement in clinical scales in the LTE portion
Rugonersen demonstrated improvement in clinical scales in long-term extension (LTE) portion of the TANGELO study Vineland Adaptive Behavior Scales Bayley Scales of Infant and Toddler – Third edition (VABS-III) Development – Third edition (BSID-III) Phase 3 Primaries • Including all LTE patients and
Slide 17: Phase 3 trial design
Phase 3 trial design 56wk Primary: BSID-4 Raw Cognition or Expressive Communication 120mg Q12W Sham-controlled trial N=165, ages 1-50 Open Label Extension 0w 12w 24w 36w 48w 56w Primary analysis: N=135, ages 1-17 Sham A global, sham-controlled, 1:1 randomized, double-blind study evaluating rugonerse
Slide 18: Large market potential, supported by analyst research
Large market potential, supported by analyst research • Sell-side forecasts for Angelman syndrome reinforce multi- Select Rare Disease Benchmarks billion-dollar market potential Est. Market Notable Indication Prevalence • Chronic treatment, high disease severity, and high expected (2) (4) Opportunit
Slide 19: Rugonersen: Potential best-in-class antisense oligonucleotide for Angelman syndrome
Rugonersen Potential best-in-class antisense oligonucleotide for Angelman syndrome ~30,000 Targeting core of Supported by Highly potent well-understood broad data compound diagnosed biology package patients Strong preclinical and Consistent results In U.S. and EU5 for potential first clinical biodis
Slide 20: Risk Factors (1 of 7)
CORPORATE Risk Factors (1 of 7) Certain factors may have a material adverse effect on our business, financial condition and results of operations. The risks and uncertainties described below are not the only ones we and the post-business combination public company will face. Additional risks and unc
Slide 21: Risk Factors (2 of 7)
CORPORATE Risk Factors (2 of 7) Risks Related to Oak Hill Bio’s Dependence on Third Parties • Oak Hill Bio relies, and expects to continue to rely, on third parties to conduct some or all aspects of Oak Hill Bio’s product manufacturing, research and preclinical and clinical testing, and these third
Slide 22: Risk Factors (3 of 7)
CORPORATE Risk Factors (3 of 7) Risks Related to Oak Hill Bio’s Regulatory Approval and Other Regulatory and Legal Compliance Matters (cont.) • If Oak Hill Bio or any contract manufacturers and suppliers Oak Hill Bio engages fail to comply with environmental, health, and safety laws and regulations,
Slide 23: Risk Factors (4 of 7)
CORPORATE Risk Factors (4 of 7) Risks Related to Oak Hill Bio’s Intellectual Property (cont.) • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing Oak Hill Bio’s ability to protect its products. • Issued patents covering Oak Hill Bio’s therapeutic programs a
Slide 24: Risk Factors (5 of 7)
CORPORATE Risk Factors (5 of 7) General Oak Hill Bio Risk Factors • Changes in tax laws or regulations or in their implementation or interpretation may adversely affect Oak Hill Bio’s business and financial condition. • Tax authorities may disagree with Oak Hill Bio’s positions and conclusions regar
Slide 25: Risk Factors (6 of 7)
CORPORATE Risk Factors (6 of 7) Risks Related to the Business Combination (cont.) • In connection with the proposed Business Combination, the Sponsor (Research Alliance Holdings III, LLC) and RAC III’s directors, executive officers, advisors and their respective affiliates may elect to purchase Clas
Slide 26: Risk Factors (7 of 7)
CORPORATE Risk Factors (7 of 7) Risks Related to the Business Combination (cont.) • RAC III’s public shareholders can redeem some or all of the funds held in RAC III’s trust account, and significant redemptions could materially impact the post-closing combined company’s cash position and runway. • T
Slide 27: Thank You
Thank You Private and Confidential – Not to be Retained Oak Hill Bio