ALX Oncology : Corporate Presentation

June 6, 2022

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 objects 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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ADVANCING A HIGHLY DIFFERENTIATED IMMUNO-ONCOLOGY PIPELINE

ALX Oncology (Nasdaq: ALXO) is advancing a pipeline of candidates based on expertise in protein engineering and oncology led by the CD47 blocker, evorpacept, currently in phase 2 clinical trials

Evorpacept (myeloid checkpoint inhibitor) as a cornerstone therapy

Randomized phase 2 trials enrolling in 3 solid tumor indications: gastric/gastroesophageal cancer and 2 head and neck squamous cell carcinoma trials

Early clinical trials in 2 hematologic malignancies: myelodysplastic syndromes and acute myeloid leukemia

Continuing to broaden potential uses in new combinations and tumor types.

Building early stage pipeline

Ongoing IND-enabling development of ALTA-002 through 50/50 joint collaboration.

Early preclinical development of tumor-activated antibody platform.

Strong financial position

Cash and equivalents of $341.7M as of March 31, 2022.

Expected cash runway through mid-2024.

Collaboration partners

Merck, Eli Lilly, Zymeworks

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EVORPACEPT'S BROAD CLINICAL DATA SUPPORTS ITS DIFFERENTIATED POTENTIAL

Evorpacept was designed to:	Evorpacept's clinical data shows promising
	initial activity in:

Work in combinations

Target broad tumor indications

Be convenient and tolerable for patients

Antibodies

Checkpoint inhibitors

Chemotherapy

Solid tumors

Hematology

Flexible dosing schedule

Targets cancer cells

Evorpacept:

A phase 2 CD47 blocker

designed to be a

cornerstone of

cancer treatments

Solid tumor combinations:

GC	Herceptin
Gastric/Gastroesophageal
junction cancer	Herceptin + Cyramza + Paclitaxel
HNSCC	Keytruda
Head and neck
squamous cell carcinoma	Keytruda + 5FU + Platinum

Hematology combinations:

MDS	Azacitidine
Myelodysplastic syndromes
NHL	Rituximab
Non-Hodgkin's lymphoma

Flexibility and tolerability:

Dosing schedule
15 mg/kg QW,	30 mg/kg Q2W,
45 mg/kg Q3W,	60 mg/kg Q4W.

Tolerability profile

No dose-dependent cytopenias

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ALX PIPELINE

Indication

			HNSCC
			Head And Neck Squamous Cell
			Carcinoma
	Studies	TUMORS	Gastric/Gastroesophageal
			GC
	Combination	SOLID	Junction Cancer
	Urothelial Cancer
	Evorpacept	HEMATOLOGY
	NHL
			Breast Cancer
			MDS
			Myelodysplastic Syndromes
			AML
			Acute Myeloid Leukemia
			Non-Hodgkin's Lymphoma
	ALTA 002*		Advanced Cancer

Combination Agent	Discovery	IND Enabling	Phase 1	Phase 2	Phase 3	Fast Track	Collaboration
							Partner
Keytruda
(ASPEN-03)
Keytruda + 5FU + Platinum
(ASPEN-04)
Herceptin
(ASPEN-01)
Herceptin + Cyramza +
Paclitaxel (ASPEN-06)
Padcev
(ASPEN-07)
Zanidatamab
Azacitidine
(ASPEN-02)
Azacitidine + Venclexta
(ASPEN-05)
Rituximab
(ASPEN-01)

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

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