ALX Oncology : Corporate Presentation

January 9, 2023

DISCLAIMER

This presentation contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements include statements regarding future results of operations and financial position, business strategy, product candidates, planned preclinical studies and clinical trials, results of clinical trials, research and development costs, regulatory approvals, timing and likelihood of success, plans and objectives of management for future operations, as well as statements regarding industry trends. Such forward-looking statements are based on ALX Oncology's beliefs and assumptions and on information currently available to it on the date of this presentation. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause ALX Oncology's actual results, performance or achievements to be materially different from those

expressed or implied by the forward-looking statements. These and other risks are described more fully in ALX Oncology's filings with

the Securities and Exchange Commission ("SEC"), including ALX Oncology's Annual Report on Form 10-K and other documents ALX Oncology files with the SEC from time to time. Except to the extent required by law, ALX Oncology undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

This presentation concerns product candidates that are under clinical investigation, and which have not yet been approved for marketing by the U.S. Food and Drug Administration. These product candidates are currently limited by federal law to investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated.

This presentation also contains estimates and other statistical data made by independent parties and by ALX Oncology relating to market size and growth and other industry data. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of ALX Oncology's future performance and the future performance of the markets in which it operates are necessarily subject to a high degree of uncertainty and risk.

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ALX ONCOLOGY ADVANCING A HIGHLY DIFFERENTIATED IMMUNO-ONCOLOGY PIPELINE LED BY EVORPACEPT, A CD47 INNATE IMMUNE SYSTEM CHECKPOINT INHIBITOR

Evorpacept: designed to maximize a patient's immune response

Continuing to build a pipeline

Exclusively inhibits CD47, a key mechanism tumors use to evade the immune system

Acts on CD47 as

a checkpoint inhibitor, not as a tumor associated antigen target.

Activates immune system without eliminating healthy cells that express CD47.

Demonstrated activity

in both solid & liquid tumors

• Three ongoing randomized Phase 2 studies underway in solid tumors.
• Two studies underway
  in combination with antibody drug conjugates (ADCs).
• Hematology studies ongoing.

based on expertise in protein engineering and oncology

• 2023 IND planned for ALTA-002*.
• Early preclinical development of ADC platform.

Strong financial position

• Cash, cash equivalents and
	investments of $293.1M as of
	September 30, 2022.
•	$100M loan facility available.
•	Expected cash runway through

Potential to be a best-in-class cornerstone treatment for a broad range of cancers

mid-2025.

* Through 50/50 joint collaboration for ALTA-002, a SIRPα Toll-like receptor agonist antibody conjugate (TRAAC) .

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EVORPACEPT IS DESIGNED TO IMPROVE THE ACTIVITY OF MANY CANCER THERAPIES RESULTING IN BROAD POTENTIAL UTILITY

Immuno- oncology

Targeted mAbs

ADCs

Chemo

Combination Agent

PD(L)1

EGFR

CD20

HER2

Nectin-4

AZA

Clinical trials

HNSCC Ovarian*

CRC*

NHL

Follicular*

Gastric

Breast

Urothelial

MDS

AML

U.S. oncology spending by mechanism

otherTotal:

mechanisms $71B

Evorpacept combination agents represent nearly half of US cancer drug sales(1)

*Investigator sponsored trial. ADCs = antibody drug conjugates, AZA = azacitidine, HNSCC = head and neck squamous cell carcinoma, CRC = colorectal cancer, NHL = non-	3
Hodgkin lymphoma, MDS = myelodysplastic syndromes, AML = acute myeloid leukemia
(1) 2021 IQVIA Global oncology trends report

PURSUING A ROBUST DEVELOPMENT PLAN

	Indication	Evorpacept Combination	Discovery	IND Enabling	Phase 1	Phase 2	Phase 3	Fast Track	Collaboration
			Agent							Partner
		HNSCC	Keytruda
		(ASPEN-03)
		Head AndNeck Squamous Cell
		Keytruda + 5FU + Platinum
		Carcinoma
		(ASPEN-04)
	TUMORS	GC	Herceptin
Studies	(ASPEN-01)
Gastric/Gastroesophageal
Herceptin + Cyramza +
Junction Cancer
Paclitaxel (ASPEN-06)
Combination	SOLID
Urothelial Cancer	Padcev
(ASPEN-07)
	Zanidatamab
Evorpacept		Breast Cancer	Enhertu
		(I-SPY)
	MDS	Azacitidine
	HEMATOLOGY
	Myelodysplastic Syndromes	(ASPEN-02)
	AML	Azacitidine + Venclexta
	Acute Myeloid Leukemia	(ASPEN-05)
	NHL	Rituximab
		Non-Hodgkin's Lymphoma	(ASPEN-01)
ALTA 002*		Advanced Cancer

*SIRPα Toll-like receptor agonist antibody conjugate (TRAAC)	4