ALX Oncology

Corporate Presentation March 2024

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-looking statements and includes, but is not limited to the (i) results and cost and timing of our product development activities and clinical trials; (ii) completion of the Company's clinical trials that are currently underway, in development or otherwise under consideration; (iii) our expectations about the timing of achieving regulatory approval and the cost of our development programs;

  1. projected financial performance of the Company; (v) the expected development of the Company's business, projects, collaborations and joint ventures; (vi) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (vii) sources and availability of third-party financing for the Company's research and development; (viii) future liquidity, working capital, and capital requirements; and (ix) industry trends. 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.

Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.

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.

2

ALX Oncology: The CD47 Leader

ALX Oncology is advancing a highly differentiated immuno-oncology pipeline led by evorpacept, a potential best and first-in- class CD47 innate immune system checkpoint inhibitor that has been studied in over 500 patients

Evorpacept is the first CD47 inhibitor to demonstrate robust clinical activity and a differentiated safety profile across both solid and liquid tumors highlighted by the first positive randomized data in the field in gastric cancer in Q4 '23

A prespecified interim analysis of ASPEN-06, a randomized Ph2 study for the treatment of advanced HER2+ gastric/GEJ cancer, showed a confirmed overall response rate for the evorpacept arm of 52% vs. 22% for control and encouraging early durability

Multiple positive clinical studies across NHL, gastric, and head and neck (HNSCC) have been completed to date and currently pursuing additional studies in combination with 3 therapeutic classes: anti-cancer antibodies, checkpoint inhibitors and ADCs

Significant upcoming milestones anticipated in 2024 for evorpacept include final top line results from the Ph2 gastric/GEJ study, results from two randomized Ph2 studies in HNSCC, as well as additional clinical data in NHL, breast, and urothelial cancer

Expanding evorpacept to new indications and building a strong pipeline beyond evorpacept supported by multiple pharma partnerships and a strong balance sheet with cash runway into early 2026

3

Evorpacept: A first-in-class approach to targeting CD47

SIRPα

CD47

Macrophage

Don't eat me

Cancer

cell

Fc

receptor

Fc receptor

Macrophage

Red

Don't eat me

blood

SIRPα

CD47

cell

Target cells overexpress CD47 to evade

destruction by macrophages

High affinity CD47 binding domains of SIRPα

Inactive

Fc domain

Evorpacept

A differentiated CD47 blocker

4

Evorpacept targets the CD47 checkpoint

Macrophage

Cancer cell

Fc receptor

Evorpacept (ALX148)

Fc receptor

Macrophage

Red

blood

SIRPα

CD47

cell

Complete CD47 blockade

without targeting blood cells

Macrophage

Anti-cancer antibody

Cancer cell

Evorpacept (ALX148)

Macrophage

Red

blood

cell

Combined with cancer therapy to

specifically target cancer cells

5

Conventional CD47 targeting is more toxic and less efficacious

SIRPα

CD47

Macrophage

Don't eat me

Cancer

cell

Fc

receptor

Fc receptor

Macrophage

Red

Don't eat me

blood

SIRPα

CD47

cell

CD47 is widely expressed in both

healthy and cancer cells

Macrophage

Conventional

CD47 blocker

Cancer cell

Conventional

CD47 blocker

Red blood cell

Macrophage

Indiscriminate CD47 inhibition with an

active Fc will target healthy cells

6

Evorpacept has demonstrated consistent tolerability and robust clinical activity vs. conventional approaches

Randomized Phase 2

evorpacept

evorpacept

evorpacept

evorpacept

trials with anti-cancer

+

+

+

antibodies and

(ALX148)

Keytruda

Herceptin

Rituxan

checkpoint inhibitors

Inactive

ongoing

Fc domain

Phase 1b proof of

Phase 1b proof of

Phase 1b proof of

principle

principle

principle

Hematologic

Hematologic

Hematologic

Hematologic

toxicity signal

toxicity signal

toxicity signal

toxicity signal

Lemzo-

Phase 3 MDS and AML

Active

TTI-622

TTI-621

Magrolimab

trials terminated due

parlimab

to safety issues

Fc domain

7

Evorpacept's consistent activity profile is due to its distinct molecular design

Evorpacept enhanced preclinical antitumor activity across multiple classes of therapies…

…translated to 5 positive clinical studies across both solid and hematological malignancies

Evo +

Rituximab

Evo +

Evo +

Cetuximab

Trastuzumab

Evo +

Anti-PD-L1

Evo +

Obinutuzumab

Evo +

Daratumumab

Kauder et al. 2018

8

Evorpacept has demonstrated a consistent tolerability profile across multiple tumors and

combinations

Treatment related

evorpacept + Herceptin

evorpacept +

evorpacept +

evorpacept +

Active vs inactive Fc in vivo data

+ Cyramza + chemo

Keytruda

Keytruda

azacitidine

adverse events

(N=18)

+ chemo (N=13)

(N=52)

(N=22)

Total n (%)

≥Grade 3

Total n (%)

≥Grade 3

Total n (%)

≥Grade 3

Total n (%)

≥Grade 3

Red Blood Cells

Platelets

Fatigue

2 (11.1%)

-

1 (7.7%)

-

6 (11.5%)

-

-

-

Rash / dermatitis acneiform

4 (22.2%)

-

-

-

5 (9.6%)

-

-

-

(Active Fc)

(Inactive Fc)

(Active Fc) (Inactive Fc)

AST increased

-

-

-

-

9 (17.3%)

-

-

-

Platelets decreased

-

-

-

-

4 (7.7%)

2 (3.8%)

-

-

125

***

200

ALT increased

-

-

-

-

7 (13.5%)

1 (1.9%)

-

-

100

****

150

Pruritus

2 (11.1%)

-

-

-

5 (9.6%)

-

-

-

ofPredose(Day-5) 50

ofPredose 5)-(Day

Pyrexia

-

-

-

-

3 (5.8%)

-

-

-

75

***

100

Decreased appetite

-

-

-

-

2 (3.8%)

-

-

-

%

%

50

Anemia

1 (5.6%)

-

1 (7.7%)

1 (7.7%)

5 (9.6%)

1 (1.9%)

-

-

25

Infusion reaction

-

-

-

-

4 (7.7%)

-

4 (18.2%)

-

0

0

Neutropenia / neutrophil count decrease

-

-

1 (7.7%)

-

2 (3.8%)

1 (1.9%)

3 (13.6%)

2 (9.1%)

Nausea

-

-

-

-

2 (3.8%)

-

2 (9.1%)

-

Days post dose

Days post dose

Alkaline phosphatase incr

-

-

-

-

3 (5.8%)

-

-

-

Arthralgia

-

-

-

-

3 (5.8%)

-

-

-

White Blood Cells

WBC decreased

-

-

-

-

3 (5.8%)

-

-

-

(Active Fc)

(Inactive Fc)

Myalgia

-

-

-

-

2 (3.8%)

-

-

-

Diarrhea

3 (16.7%)

-

-

-

-

-

-

-

150

Urticaria

3 (16.7%)

-

-

-

-

-

-

-

125

****

Lymphocyte count decreased

1 (5.6%)

1 (5.6%)

-

-

-

-

-

-

Predoseof%

(Day5)- 50

Headache

1 (5.6%)

-

-

-

-

-

-

-

Vision blurred

1 (5.6%)

-

-

-

-

-

-

-

100

Stomatitis

1 (5.6%)

-

-

-

-

-

-

-

75

Back pain

1 (5.6%)

-

-

-

-

-

-

-

25

Abdominal pain / abdominal pain upper

1 (5.6%)

-

-

-

-

-

-

-

Kauder et al. 2018

0

Hypersensitivity

-

-

1 (7.7%)

1 (7.7%)

-

-

-

-

Pneumonitis

-

-

1 (7.7%)

-

-

-

-

-

CD-1 mice received 30 mg/kg IV single

Days post dose

Constipation

-

-

-

-

-

-

3 (13.6%)

-

dose ****p<0.0001, ***p<0.001

Vomiting

-

-

-

-

-

-

2 (9.1%)

-

The lack of preclinical toxicity due to the inactive Fc in vivo has translated to a well-tolerated profile in clinic

Phase 1 ASPEN-01 cohorts and ASPEN-02. For combination cohort of evorpacept plus Keytruda, treatment related adverse events occurring in >1 subject in all histologies at 10 & 15 mg/kg QW; data as of April 1, 2020.

For combination cohorts of evorpacept plus Keytruda and chemotherapy (5FU, platinum) or plus Herceptin and chemotherapy (Cyramza, paclitaxel), all treatment related adverse events are reported; data as of September 01, 2021.

9

Evorpacept's differentiated design results in differentiated safety profile and robust clinical activity

Higher affinity CD47 binding

Inactive Fc domain

Lower molecular

weight

Antibody-like

pharmacokinetics

Evorpacept

More potently blocks CD47 signal on cancer cells

Less "sink effect" = more targeted

No known dose dependent cytopenia = higher dosing

Increased solid tumor penetration and

higher effective dosing

Long half life = less frequent dosing and matching regimen with combinations

Robust clinical

activity

Best-in-class safety

profile

Strong solid tumor

activity

Broad combination

potential

10

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Disclaimer

ALX Oncology Holdings Inc. published this content on 12 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2024 19:31:07 UTC.