ALX Oncology : Investor Presentation ALX Q12026 Earnings (246a15)

Published: 2026-05-08 08:31:08 ET ALXO

Published on 05/08/2026 at 08:31 am EDT

N A S D A Q - A L X O

May 2026

ALX Oncology

Jason Lettmann

Chief Executive Officer, ALX Oncology

Q1'26 Highlights

Breast Cancer Overview C ESMO CD47 Update

Sara Hurvitz, MD

Medical Oncologist,

Fred Hutch Cancer Center

Evorpacept and ALX2004 Program Update

Barb Klencke, MD

Chief Medical Officer, ALX Oncology

Closing Remarks

3 ALX Oncology Corporate Presentation

Evorpacept ALX2004

Leading CD47 program in development with potential to be next targeted immuno-oncology breakthrough

Unique design with inactive Fc differentiated from past attempts to target CD47

Demonstrated activity in five combinations to date and a targetable CD47 biomarker

Advancing trials in breast cancer and multiple myeloma*

Highly differentiated EGFR ADC in Ph1

dose escalation in the US

Meticulously designed and developed

in-house to maximize therapeutic window

Preclinical data support dose dependent activity and a differentiated safety profile

Targeting EGFR-expressing tumors in Ph1 including NSCLC, CRC, HNSCC, and ESCC

* Sanofi-sponsored trial; HNSCC: head and neck squamous cell carcinoma; CRC: colorectal cancer; NSCLC: non-small cell lung cancer; ESCC: esophageal squamous cell carcinoma

Data presented at ESMO Breast showed ALL patients who were confirmed HER2+/high CD47 expressers responded (ORR = 5/5) post T-DXd, with strong durability (mDOR = 20.2 m, mPFS = 22.1 m)

Data from two independent HER2+ cohorts meaningfully strengthens our confidence in the CD47 selection

hypothesis and derisks path forward in HER2+ breast cancer

Both evorpacept and ALX2004 clinical programs are advancing on schedule - topline evo data in mBC expected

mid-2027 and ALX2004 safety readout anticipated 2H 2026

$150M financing completed in Q1 '26 extends cash runway through 1H 2028; $169.1M in cash balance as of

Mar 31, 2026

Jeff Knight added as Chief Development C Operating Officer in April '26

P R O G R A M

I N D I C A T I O N

A N T I C I P A T E D M I L E S T O N E S

E V O R P A C E P T

ASPEN-Breast

Evorpacept, trastuzumab + chemotherapy

ENHERTU®-Experienced HER2-Positive

Topline data for 80 patients -

Breast Cancer

mid-2027

A L X 2 0 0 4

ALX2004

Dose-escalation and expansion

EGFR-Expressing Solid Tumors

Safety data from dose escalation

phase - 2H 2026

Projected Cash Runway through First Half of 2028

M O D A L I T Y

I N D

/ T A R G E T

P R O G R A M

I N D I C A T I O N

E N A B L I N G

P H A S E

S T A T U S

E V O R P A C E P T P R O G R A M S

Anti-Cancer Antibodies

ASPEN-0G-Breast

Evorpacept, Trastuzumab

+ chemotherapy

ENHERTU®-Experienced HER2-Positive Breast Cancer

Enrolling, topline data for 80 patients anticipated mid-2027

SARCLISA® +

Dexamethasone1 +

Evorpacept

RRMM

(Relapsed or Refractory Multiple Myeloma)

Dose escalation complete, now in dose optimization

ASPEN-06

Evorpacept, Trastuzumab, CYRAMZA® + Paclitaxel2

2L or 3L Advanced HER2-Overexpressing Gastric/Gastroesophageal Junction (GEJ)

Ph2 completed, established POC

Zanidatamab3 + Evorpacept

HER2-Expressing Breast Cancer and Other Cancers

Completed, biomarker analysis presented at ESMO Breast Cancer 2026

A L X 2 0 0 4 P R O G R A M

EGFR ADC

ALX2004

Dose-escalation and expansion

EGFR-Expressing Solid Tumors

Enrolling, dose escalation phase safety data 2H 2026

ALX-Sponsored trial ● Active Trials ● Completed Trials

ALX Oncology retains worldwide rights to evorpacept; 1. Sanofi sponsors SARCLISA® clinical trial 2. Lilly supplies CYRAMZA® for ALX Oncology's ASPEN-06 program 3. Jazz Pharmaceuticals and ALX Oncology are collaborating to conduct the zanidatamab /evorpacept clinical trial

EVORPACEPT

Barb Klencke, MD Chief Medical Officer, ALX Oncology

SIRP Don't

M A C R O P H A G E

Eat Me

SIRP

Don't

M A C R O P H A G E

Eat Me

SIRP

Evorpacept

M A C R O P H A G E

CD47

CD47 CD47

C A N C E R C E L L

Eat Me

FcγR

C A N C E R C E L L

Target antigen

Anti-cancer antibody

Eat Me

FcγR

C A N C E R C E L L

Target antigen

Anti-cancer antibody

Cancer cells overexpress CD47 in order to evade immune detection

ADCP of anti-cancer antibodies is inhibited by CD47

Evorpacept blocks the "don't eat me"

signal and maximizes anti-cancer activity

SIRP

Eat me

R e d B l o o d

C e l l

CD47

Conventional

Anti-CD47

M A C R O P H A G E

Conventional anti-CD47 with Active Fc

Due to CD47's expression on red blood cells,

this caused on-target, off-tumor toxicities

Evorpacept with Inactive Fc

Inactive Fc spares normal cells

minimizing toxicity

Senior Vice President and Director of Clinical Research Division, Fred Hutch

Professor Clinical Research Division, Fred Hutch

Professor and Head, Division of Hematology and Oncology Department of Medicine, University of Washington

Smith Family Endowed Chair in Women's Health, Fred Hutch

Steering Committee Member for ASPEN-0G Phase 2 Trial

Research Interests and Medical Expertise

Medical oncology management of breast cancer including early stage and late-stage disease, neoadjuvant treatments, novel targeted therapies against HER2, estrogen receptor positive and triple negative breast cancer

Preclinical and clinical evaluation of novel targeted and immune based therapies for breast cancer including HER2+ breast cancer, HER2-low breast cancer, triple negative breast cancer and hormone receptor positive breast cancer

EVORPACEPT

Sara Hurvitz, MD

Medical Oncologist,

Fred Hutch Cancer Center

HER2+ Metastatic Cancer Treatment Paradigm

2L+

T-DXd (ENHERTU) + Pertuzumab (PERJETA) or

THP (Trastuzumab + Pertuzumab + Taxane)

ENHERTU + PERJETA is

new 1st line standard of

care in HER2+ mBC

Tucatinib + Trastuzumab + Capecitabine

T-DM1

Trastuzumab + Chemo

Trastuzumab + HER2 TKI

Other HER2-Targeted Therapy

Significant unmet need exists and will increase for patients whose disease has progressed on or after ENHERTU

Evorpacept + zanidatamab has demonstrated activity in ENHERTU experienced patients

No Clear Standard of Care Established for Patients Who Experience Progression on ENHERTU

Outcomes from First Post-ENHERTU Treatment1

Median PFS

4.1 months

(95% CI: 3.9, 4.5)

Lack of effective options post ENHERTU treatment is now one of the most important unmet needs in treating HER2+ breast cancer

Median real-world ORR for patients after receiving ENHERTU was 14.5%1

Median real-world PFS from two recent studies was 4.1 -

4.6 months1,2

(1) Nozawa, et al, Effectiveness of post-trastuzumab deruxtecan treatments and incidence of interstitial lung disease in HER2-positive metastatic breast cancer: a real-world, observational cohort

HER2-Directed Therapies

(Approved / In late-stage development)

IO Therapies

(In late-stage development)

HER2-Targeted Antibodies/Bispecifics

Trastuzumab • Margetuximab

Pertuzumab • Zanidatamab

HER2-Targeted ADCs

T-DXD • ARX-788

T-DM1

HER2-Targeted Tyrosine Kinase Inhibitors

Lapatinib • Tucatinib

Neratinib • AST-1306

CD47-Targeted

Evorpacept

Evorpacept has the Potential to be the 1st Approved IO Agent for HER2+ mBC

CD47 Expression Levels from RNA Sequencing1

Median TPM

As a "marker of self", CD47 is expressed on all cell types2

Cancer cells take advantage of this by overexpressing CD47

Bladder

Due to this, the vast majority of both solid and liquid tumors utilize CD47 to evade the immune system

In a meta-analysis of 38 cohorts across

17 publications including

>7,000 patients, "CD47 overexpression correlated with shorter OS in

cancer patients"*

Increased CD47 expression is correlated with poor patient outcomes in many tumor types including1:

Oral squamous cell carcinoma2

Nasopharyngeal carcinoma3

Triple negative breast cancer4

Ovarian cancer5

Non-small cell lung cancer6

Clear cell renal cell carcinoma7

Hepatocellular carcinoma8

Gastric adenocarcinoma9

Colorectal adenocarcinoma10

Head and neck squamous cell carcinoma11

Multiple myeloma12

*Yang et al, Translational Cancer Research, 2018; 1) Huang, et al, Scientific Reports, 2022; 2) Pai, et al, Cells, 2019; 3) Wang, et al, OncoTargets & Ther. 2020; 4) Yuan, et al, Oncol Lett, 2019; 5) Li, et al, Am J Trans Res, 2017; 6) Barrera, et al, Br J Cancer, 2017; 7) Jiang, et al, Urol Oncol, 2022; 8) Kim, et al, J Clin Pathol, 2021; 9) Shi, et al, Cancer Imm, Imm, 2021; 10) Kim, et al, Diagnostics, 2021;

CD47 Expression is Higher on

HER2+ BC Cells vs HER2- and…

… CD47-High Cells are More

Common in Recurrent HER2+ BC

CD47

No. of Patients

HER2+ HER2-

CD47

No. of Patients

Recurrent Primary

High

T-DXd (Enhertu) Exposure Increases CD47 Expression

CD47 MFI Gated on Live Cells

CD47 Expression

Flow cytometry assessment of surface CD47 expression on Au565 cells after 2 days of treatment with Enhertu's payload (DXd) or Kadcyla's payload (DM1) as compared to control (DMSO)

Per Tsao, Nature Communications, 2025 : "Interestingly, we found that DXd treatment raised surface CD47 levels in HER2 + BC cells."

Provides validation that CD47 is a key mode of Enhertu evasion and resistance in HER2+ breast cancer patients

ESMO Breast Cancer 202C - Abstract #72P

Funda Meric-Bernstam1, Kari B Wisinski2, Bruno Fang3, Kelly E McCann4, Sara Hurvitz5,

Kay T Yeung6, Ritesh Parajuli7, Jorge Chaves8, Adam Brufsky9, Peter A Kaufman10, Manish R Patel11, Timothy Pluard12, Sarah Meadows13, Emanuele Loro14, Kavita V Shah15, Alison Forgie16, Athanasios C Tsiatis17, Alberto J Montero18

1Department of Investigational Cancer Therapeutics, MD Anderson Cancer Center, University of Texas, Houston, TX, USA; 2Department of Medicine, University of Wisconsin, Madison, WI, USA; 3Medical Oncology and Hematology, Astera Cancer Center, East Brunswick, NJ, USA; 4Department of Medicine, Division of Hematology and Oncology, David Geffen School of Medicine, University of California Los Angeles, Los Angeles, CA, USA; 5Fred Hutchinson Cancer Center, University of Washington School of Medicine, Seattle, WA, USA; 6Moores Cancer Center, University of California San Diego, La Jolla, CA, USA; 7Chao Comprehensive Cancer Center, University of California Irvine, Irvine, CA, USA; 8Phase 1 Clinical Research, Northwest Medical Specialties, Tacoma, WA, USA; 9University of Pittsburgh Medical Center (UPMC) Hillman Cancer Center, UPMC Magee-Womens Hospital, Pittsburgh, PA, USA; 10Division of Hematology and Oncology, University of Vermont Medical Center, Burlington, VT, USA; 11Drug Development, Florida Cancer Specialists/Sarah Cannon Research Institute, Sarasota, FL, USA; 124Breast Cancer Oncology, Saint Luke's Cancer Institute, Kansas City, MO, USA; 13Biomarker Oncology Research, Jazz Pharmaceuticals, Palo Alto, CA, USA; 14Bioinformatics, Jazz Pharmaceuticals, Cambridge, UK; 15Clinical Development, Jazz Pharmaceuticals, Palo Alto, CA, USA; 16Translational Oncology, ALX Oncology Inc., South San Francisco, CA, US; 17Clinical Development, ALX Oncology Inc., South San Francisco, CA, US; 18University Hospitals Seidman Cancer Center, Case Western Reserve University, Cleveland, OH, USA

ALX Oncology

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ALX Oncology Holdings Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 12:30 UTC.