Research Alliance Corporation Iii · NASDAQ:RACC
Research Alliance Corporation Iii — Research Alliance Corp III — SPAC Merger (September 2026)
27 slides from Research Alliance Corporation Iii's SPAC merger presentation, Sep 16, 2026
Slide 1: Oak Hill Bio Corporate Presentation September 2026
Oak Hill Bio Corporate Presentation September 2026
Slide 2: Disclaimers (1 of 3)
Disclaimers (1 of 3) This presentation (this “Presentation”) is provided for informational purposes only. This Presentation includes information with respect to proposed transactions (“Transactions”) contemplated by the Business Combination Agreement, dated, July 26, 2026 (the “Business Combination
Slide 3: Disclaimers (2 of 3)
Disclaimers (2 of 3) If any of these risks materialize or RAC III’s or the Company’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 the Company presently know or
Slide 4: Disclaimers (3 of 3)
Disclaimers (3 of 3) Market Data and Other Information This Presentation discusses market trends that Oak Hill Bio’s leadership team believes will impact the development and success of Oak Hill Bio based on its understanding of the market. The information contained herein is being presented by RAC I
Slide 5: Rugonersen is a potential best-in-class ASO in development for Angelman syndrome
Rugonersen is a potential best-in-class Phase 3 antisense oligonucleotide (ASO) in development for Angelman syndrome (AS) Licensed from Roche in Feb 2025 Several former members of the rugonersen program have joined OHB to lead further development The proposed business combination and concurrent fina
Slide 6: Transaction Overview
Transaction Overview Pro Forma Valuation & Ownership (In Millions, Except per Share Values) Research Alliance Corporation III to combine with Oak Hill Bio (OHB) at $160 million pre-money equity value(1) In connection with the transaction, OHB to raise $100 million of financing, including $45 million
Slide 7: Management Team
Josh Distler, JD Chief Executive Officer Sharon Morriss, PhD Chief Operating Officer Ike Greenstein, MBA Chief Financial Officer Oak Hill Bio management team Experienced investors, rare disease drug developers, and veteran rugonersen program leaders Finance and Investment Expertise Senior Equity Ana
Slide 8: Rugonersen: potential best-in-class ASO for Angelman syndrome
~30,000 diagnosed patients Highly potent compound Supported by broad data package Targeting core of well-understood biology Rugonersen Potential best-in-class antisense oligonucleotide for Angelman syndrome for potential first disease-modifying therapy Strong preclinical and clinical biodistribution
Slide 9: Rugonersen targets well-understood biology of Angelman syndrome
Rugonersen targets well-understood biology of Angelman syndrome, a devastating neurodevelopmental disorder Source: Meng et al, Nature (2014); Silva-Santos et al, Journal of Clinical Investigation (2015); Rotaru et al, Journal of Neuroscience (2018) Large unmet need and devastating disease… “Normal”
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 Note: Not a head-to-head study. Presentation describes results from two published preclinical studies. Sources: Jagasia et al. Nucleic Acids Research (2025). https://academic.oup.com/nar/article/53/16/
Slide 11: Rugonersen most potently restored UBE3A 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 Similar in vitro and in vivo potency data generated by independent academic group Rugonersen most potently knocks down ATS. Those benefits compound to 20-100 fold potency advan
Slide 12: TANGELO Phase 1 trial supports disease modifying potential
TANGELO Phase 1 trial supports disease modifying potential and enabled direct entry to Phase 3 Note: Phase 1 study conducted by Roche; PK = Pharmacokinetic; PD = Pharmacodynamic; EEG = Electroencephalography Source: https://clinicaltrials.gov/study/NCT04428281. Roche sponsored the TANGELO trial and
Slide 13: EEG delta-power is a key biomarker correlated with clinical outcomes
EEG ��-power is a key biomarker correlated with clinical outcomes in individuals with Angelman syndrome Sources: Hipp, J. Et al Electrophysiological Abnormalities in Angelman Syndrome Correlate With Symptom Severity. Biological Psychiatry Global Open Science (2021); Ostrowski, L. M. et al. Delta pow
Slide 14: Rugonersen reduced EEG delta-power in the TANGELO clinical study
Rugonersen reduced EEG ��-power in the TANGELO clinical study Sources: Hipp, J. Et al Electrophysiological Abnormalities in Angelman Syndrome Correlate With Symptom Severity. Biological Psychiatry Global Open Science (2021); Ostrowski, L. M. et al. Delta power robustly predicts cognitive function in
Slide 15: Rugonersen delivered improvement beyond natural history in 9 of 10 domains
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 considered key metrics of improvement for AS patients Across all doses, the MAD demonstrated strong resul
Slide 16: Improvements above natural history on Bayley and Vineland scales
Note: LS means; linear models for each time-point: y∆NHT~1+y∆NHBln, with y being the clinical scale of interest, y∆NH being the deviation from the natural history model prediction matched for age and genotype, and T and Bln indicating the timepoint of interest and the pre-treatment baseline. All cov
Slide 17: BEACON Phase 3 trial design
BEACON Phase 3 trial design 120mg Q12W Sham 56wk Primary: BSID-4 Raw Cognition or Expressive Communication Open Label Extension 0w 36w 12w 24w 48w 56w DESIGN A global, sham-controlled, 1:1 randomized, double-blind study evaluating rugonersen Deletion and mutation genotypes Stratification by deletion
Slide 18: Large market potential, supported by analyst research
Large market potential, supported by analyst research Sell-side forecasts for Angelman syndrome reinforce multi-billion-dollar market potential Chronic treatment, high disease severity, and high expected propensity to prescribe support large opportunity; increased testing and earlier diagnosis can i
Slide 19: Rugonersen summary
~30,000 diagnosed patients Highly potent compound Supported by broad data package Targeting core of well-understood biology Rugonersen Potential best-in-class antisense oligonucleotide for Angelman syndrome for potential first disease-modifying therapy Strong preclinical and clinical biodistribution
Slide 20: Risk Factors (1 of 7)
Risk Factors (1 of 7) Certain factors may have a material adverse effect on Oak Hill Bio’s business, financial condition and results of operations. The risks and uncertainties described below are not the only ones it and the post-business combination public company will face. Additional risks and un
Slide 21: Risk Factors (2 of 7)
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 parties may
Slide 22: Risk Factors (3 of 7)
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, Oak Hill Bi
Slide 23: Risk Factors (4 of 7)
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 and other propr
Slide 24: Risk Factors (5 of 7)
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 regarding certain t
Slide 25: Risk Factors (6 of 7)
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 Class A ordinary
Slide 26: Risk Factors (7 of 7)
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. The ability of
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