ALX Oncology : Corporate Presentation

ALX Oncology

October 3, 2023

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.

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ALX Oncology: The CD47 Leader

Evorpacept is the first CD47 blocker to show activity in a global randomized study in solid tumors

Interim efficacy results from randomized Ph2 study for the treatment of advanced HER2+ gastric/GEJ cancer showed the confirmed overall response rate for evorpacept combination treatment was 52% compared to 22% for control treatment

Interim data support the potential for a new standard of care for advanced gastric/GEJ cancer patients

Multiple clinical studies highlight favorable safety profile and robust clinical activity validating mechanisms in combinations with anti-cancer antibodies and checkpoint inhibitors

Designed to maximize efficacy and avoid toxicities when combined with anti-cancer antibodies and checkpoint inhibitors

Significant upcoming milestones anticipated in 2024 for evorpacept's randomized clinical trials

Randomized Ph2 gastric cancer study final top line results - Q2 2024

Two randomized Ph2 head and neck cancer studies top line results - 2H 2024

Pursuing additional studies to expand evorpacept market potential and building a strong pipeline

Several Ph1/2 studies to test combinations in breast, urothelial, ovarian, multiple myeloma and NHL

Strong balance sheet with cash through mid-2025

Cash position of approximately $225M as of Q2 2023 with potential access to additional $90M through debt facility

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

	SIRPα
Macrophage	Don't eat me
	Fc
	receptor

Fc receptor

Macrophage

Don't eat me

SIRPα

Dendritic cell

CD47

Cancer cell

Red blood

CD47 cell

High affinity CD47 binding domains of SIRPα

Inactive

Fc domain

Evorpacept

Target cells overexpress CD47 to evade

destruction by macrophages

A differentiated CD47 blocker

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Evorpacept targets the CD47 checkpoint

Dendritic cell

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

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