Alx Oncology Holdings Inc. · NASDAQ:ALXO

Alx Oncology — Q4 2025 Earnings Presentation

37 slides from Alx Oncology's earnings presentation, Feb 27, 2026

  1. Slide 1: Corporate Overview

    Corporate Overview February 2026 NASDAQ GS ALXO © ALX Oncology Inc. All rights reserved.

  2. 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

  3. Slide 3: ALX is Rapidly Advancing Novel Cancer Treatments

    ALX is Rapidly Advancing Novel Cancer Treatments Evorpacept ALX2004 • Leading CD47 program in development with • Highly differentiated EGFR ADC in Ph1 dose potential to be next targeted immuno- escalation in the US oncology breakthrough • Meticulously designed and developed in- • Unique design with

  4. 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 AN TICIPATED MILESTONES E VO R PAC E PT ASPEN-Breast Topline data for 80 patients – Evorpacept, trastuzumab ENHERTU®-Experienced HER2-Positive Breast Cancer mid-2027 + chemotherapy ALX2004 ALX2004 Safety data

  5. Slide 5: ALX Oncology is Pursuing a 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-Breast ENHERTU®-Experienced HER2-Positive Breast Enrolling, topline data Evorpacept, Trastuzumab for 80 patien

  6. Slide 6: Advancing a Synergistic Approach to Cancer Treatment

    EVORPACEPT Advancing a Synergistic Approach to Cancer Treatment

  7. Slide 7: Evorpacept Blocks the CD47-SIRPα Interaction, Enhancing the Targeted ADCP of Cancer Cells

    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 M e Eat M e MACROPHAGE MACROPHAGE MACROPHAGE CD47 CD47 CD47 CANCER CELL CANCER CELL CANCER CELL Eat M e Eat M e

  8. Slide 8: Evorpacept Is the Only CD47 Blocker with an Inactive Fc Designed to Avoid Toxicities

    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 SIRP⍺ Fcγ R MACROPHAGE Red Blood Eat me Cell CD47 Fcγ R Fcγ Conventional Anti-CD47 Due to CD47’s expression on red b

  9. Slide 9: Evorpacept Has Demonstrated Consistent Tolerability and Robust Clinical Activity vs. Conventional CD47 Approaches

    Evorpacept Has Demonstrated Consistent Tolerability and Robust Clinical Activity vs. Conventional CD47 Approaches Inactive Active Fc domain Fc domain Clinical Validation in a Randomized Trial Yes No Hematologic Toxicity Signal Low High Dosing Schedule Flexibility High Low Targeted Impact on Tumors H

  10. Slide 10: Evorpacept's MOA with Anti-Cancer Antibodies Has Demonstrated Consistent Tolerability and Robust Clinical Activity

    Evorpacept’s MOA with Anti-Cancer Antibodies has Demonstrated Consistent Tolerability and Robust Clinical Activity vs. Conventional Approaches Evo is currently the only Fc-inactive evorpacept evorpacept evorpacept evorpacept + clinical-stage + + + Herceptin Herceptin Zanidatamab Rituxan program with

  11. Slide 11: Clinical data with anti-cancer antibodies

    EVORPACEPT Clinical data with anti-cancer antibodies

  12. Slide 12: Clinical Data Support that Evorpacept Improves Upon Anti-Tumor Activity 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 (R/R HER2+ by central assessment 2) retained HER2+1) ORR ORR 65% 56% 26% 22% N = 23 N = 20 N=9 T

  13. Slide 13: Evorpacept and Rituximab-Based Regimens Have Shown Consistent Improvement 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)

  14. Slide 14: ASPEN-06 Phase 2: Evorpacept Plus Trastuzumab + Ramucirumab + Paclitaxel in HER2+ GC/GEJ

    ASPEN-06 Phase 2: Evorpacept Plus Trastuzumab + Ramucirumab + Paclitaxel (TRP) in HER2+ Advanced/Metastatic GC/GEJ Adenocarcinoma ASPEN-06 Trial Design Study Flow Diagram ITT Patients enrolled with either a HER2+ fresh or archival biopsy Key eligibility criteria N=127 • HER2+ GC or GEJ that has Evor

  15. Slide 15: CD47 Expression Acts as a Predictive Biomarker for Durable Patient Benefit

    CD47 Expression Acts as a Predictive Biomarker for Durable Patient Benefit from Evorpacept in the ASPEN-06 Trial ORR in retained HER2+ (n=95) ORR by CD47 expression level in retained HER2+ 100 100 Evorpacept + TRP TRP 90 90 80 80 Confirmed ORR, % 70 70 65.0 60 60 48.9 By CD47 50 expression 50 40 40

  16. Slide 16: Median DOR in Patients with CD47-High Expression was Longer for Evorpacept + TRP vs TRP

    Median DOR in Patients with CD47-High Expression was Longer for Evorpacept + TRP vs TRP Median Duration of Response Evorpacept + 15.7 TRP All Retained TRP HER2+ 9.1 By CD47 Expression 25.5 CD47-High (IHC3+ ≥10%) 8.4 11.2 CD47-Low (IHC3+ <10%) 12.0 0 5 10 15 20 25 30 Months Wainberg et al., The 2025

  17. Slide 17: The Addition of Evorpacept Reduced Risk of Disease Progression or Death by 61%

    The Addition of Evorpacept Reduced Risk of Disease Progression or Death by 61% for Patients with Retained HER2+ Disease and High CD47 Expression Patients with CD47-High Expression and Retained HER2+ Progression-Free Survival A. Progression-Free Survival Hazard Ratio = 0.39 (95% CI: 0.17, 0.86) Evorp

  18. Slide 18: The Addition of Evorpacept Led to Improved Overall Survival for Patients with Retained HER2+

    The Addition of Evorpacept Led to Improved Overall Survival for Patients with Retained HER2+ and High CD47 Expression Patients with CD47-High Expression and Retained HER2+ Overall Survival Hazard Ratio = 0.70 (95% CI: 0.33,1.47) Evorpacept + TRP TRP Median OS (95% CI) Evo + TRP 17.0 mos (8.5, NE) TR

  19. Slide 19: Evorpacept + TRP Showed Consistent Benefit Across Multiple CD47 Cut-Points

    Evorpacept + TRP Showed Consistent Benefit Across Multiple CD47 Cut-Points in Retained HER2+ and 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,

  20. Slide 20: Evorpacept Demonstrated a 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

  21. Slide 21: Breast Cancer

    EVORPACEPT Breast Cancer

  22. Slide 22: Topline Findings Indicate CD47 Expression is Predictive of Evorpacept Activity in HER2-Positive Breast Cancer

    Topline Findings From an Exploratory Analysis Indicate CD47 Expression is Predictive of Evorpacept Activity Among Patients with Confirmed HER2-Positive Breast Cancer 100% Confirmed ORR in patients treated with evorpacept + zanidatamab in Cohort 1 Evorpacept and zanidatamab Ph1b/2 trial in 90% heavil

  23. Slide 23: ASPEN-09 Phase 2: Evorpacept with Trastuzumab and Chemotherapy in HER2+ Breast Cancer

    ASPEN-09 Phase 2: Evorpacept with Trastuzumab and Chemotherapy in HER2+ Breast Cancer: Currently Enrolling Key objectives Key eligibility criteria Primary  HER2+ mBC (IHC3+ or  ORR in CD47+ subpopulation IHC2+/ISH+) Evorpacept  Measurable disease per N=80-120 Secondary RECIST 1.1 + Trastuzumab 

  24. Slide 24: 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 Represents $2-4B 50-70%3 market opportunity in CD47- high, HER2+ 2L+ BC4 An

  25. Slide 25: EGFR ADC

    ALX2004 EGFR ADC

  26. Slide 26: ALX2004 was 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-appr

  27. Slide 27: 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

  28. Slide 28: Highly Differentiated Design for ALX2004 Optimizes Validated Payload and Antibody

    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

  29. Slide 29: ALX2004's Matuzumab Derived Antibody Binds to a 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

  30. Slide 30: ALX2004 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

  31. Slide 31: ALX Proprietary Linker-Payload Shows Superior Activity Compared to Deruxtecan ADCs in CDX Mouse Models

    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

  32. Slide 32: 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

  33. Slide 33: Safety Profile 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

  34. Slide 34: Phase 1 Clinical Development Plan in EGFR-Expressing Tumors

    Phase 1 Clinical Development Plan in EGFR-Expressing Tumors Dose Finding (Phase 1a) ALX2004 IV Q3W in Dose Expansion (Phase 1b) NSCLC, HNSCC, CRC, and ESCC n = up to 80 Dose Escalation Dose Level 5 n=3+ 1 or 2 tumor types selected from Dose Level 4 dose escalation at up to 2 BOIN Dose Escalation n=3

  35. Slide 35: Phase 1 Trial Rationally Designed Around Tumor Types with Established Sensitivity to EGFR Therapies

    Phase 1 Trial Rationally Designed Around Tumor Types with Established Sensitivity to EGFR Directed Therapies HNSCC CRC NSCLC ESCC High EGFR expression Significant unmet need representing over 450k Sensitivity to patient prevalence in the Top1i metastatic setting across these tumor types in the US1 S

  36. Slide 36: ALXO

    NASDAQ GS ALXO © ALX Oncology Inc. All rights reserved.

  37. Slide 37: ALX is Rapidly Advancing Two Novel Cancer Treatments with Multiple Near-Term Catalysts in 2026

    ALX is Rapidly Advancing Two Novel Cancer Treatments with Multiple Near- Term Catalysts in 2026 ALX is focused on driving toward multiple inflection points in 2026 and 2027 across both 1 programs – evorpacept and ALX2004 Evorpacept biomarker strategy validated by data from both the Phase 2 ASPEN-06

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