EX-99.2 13 d19106dex992.htm EX-99.2

Exhibit 99.2 Avenzo Therapeutics Transaction and Company Overview June 1, 2026 1

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Transaction Highlights • Rallybio to acquire 100% of Avenzo equity interests in reverse-triangular merger with Avenzo surviving the merger as a wholly owned subsidiary of Rallybio TRANSACTION • Rallybio will distribute all legacy net cash STRUCTURE • Post-closing, Rallybio Corporation will be renamed Avenzo Therapeutics, Inc. and trade on Nasdaq under the ticker symbol “AVZO” • In connection with the merger, Avenzo entered into subscription agreements for a concurrent oversubscribed private financing of $215 million in gross proceeds • The financing included participation from new investors including a leading mutual fund, Blackstone Multi-Asset FINANCING Investing, accounts advised by T. Rowe Price Investment Management, Inc., a leading life sciences fund, Vivo Capital, Affinity Asset Advisors, ADAR1 Capital Management, and existing investors including OrbiMed, SR One, Foresite Capital, Surveyor Capital (a Citadel company), Longwood Fund, New Enterprise Associates, Deep Track Capital, Sands Capital, Lilly Asia Ventures, Sofinnova Investments, and other institutional investors • Support advancement of Avenzo’s four clinical-stage programs through multiple clinical milestones, including updated USE OF Phase 1 data across the pipeline, initial clinical data for the combination of AVZO-023 and AVZO-021 with fulvestrant, PROCEEDS and the initiation of multiple Phase 2 studies across the pipeline MANAGEMENT • Avenzo management team, led by co-founders Dr. Athena Countouriotis and Dr. Mohammad Hirmand, will lead the TEAM combined company post closing of transaction 3

Pro Forma Capitalization Table SHARES OWNERSHIP IN PRO OUTSTANDING / IMPLIED VALUATION FORMA COMPANY ISSUED (1) Rallybio 5.8 $15.0 2.83% Avenzo 115.0 300.0 97.17% Concurrent Financing 82.4 215.0 Total 203.2 $530.0 1 Assumes Rallybio will distribute all legacy net cash. Note: All figures in millions. Calculations above are based on Rallybio’s and Avenzo’s outstanding shares as of May 28, 2026, in each case, calculated on a fully-diluted basis, using the treasury stock method, and are subject to change based on the final number of shares of Rallybio and Avenzo outstanding immediately prior to the closing, calculated on a fully-diluted basis, using the treasury stock method. 4 Source: Rallybio and Avenzo Management.

Company Overview 4 Clinical Stage, Potentially Differentiated Oncology Programs in Blockbuster Opportunities ✓ Phase 1 monotherapy and fulvestrant combination complete, with differentiated profile AVZO-021 ✓ Updated Phase 1 data to be presented at ASCO 2026 CDK2 Inhibitor ✓ Enrolling in combination with AVZO-023 (CDK4i) + fulvestrant in ORION-1 study ✓ ORION-1 Phase 1 fulvestrant combination enrolling AVZO-023 CDK4 Inhibitor ✓ Preliminary, updated Phase 1 fulvestrant combination data anticipated late 2026 ✓ Rapid progress in AVENTINE-1 Phase 1 monotherapy, with >30 patients enrolled across 5 dose cohorts ✓ Responses across multiple doses and different tumor types with strong signal in NSCLC AVZO-1418 EGFR/HER3 ADC ✓ FTD granted in EGFRm TKI-pretreated NSCLC ✓ Preliminary, updated Phase 1 data anticipated in 2H 2026 ✓ BEACON-1 Phase 1 monotherapy ongoing AVZO-103 ✓ FTD granted in post-enfortumab vedotin urothelial cancer NECTIN4/TROP2 ADC ✓ Initial Phase 1 data anticipated in 2H 2026 ✓ Team with deep expertise in oncology development ✓ Cash and cash equivalents of $160 million as of 31-Mar-2026 CORPORATE ✓ Expected proceeds to be primarily used to advance Avenzo’s pipeline through various anticipated milestones ADC: antibody drug conjugate; CDK: cyclin-dependent kinase; EGFRm: EGFR mutant; FTD: Fast Track designation; NSCLC: non-small cell lung cancer; TKI: tyrosine kinase 5 inhibitor

Blockbuster Commercial Opportunities Across the Pipeline AVZO-023 + AVZO-021 AVZO-1418 AVZO-103 CDK4i + CDK2i EGFR/HER3 ADC Nectin4/TROP2 ADC Market Size¹ Market Size² Market Size³ ~$15B ~$16B ~$5B Urothelial Cancer HR+/HER2- NSCLCwt (no AGA) & Breast Cancer EGFRm NSCLC ¹ Based on reported 2025 revenues of FDA approved CDK4/6 inhibitors abemaciclib, palbociclib and ribociclib. ² Based on 2025 estimated revenue of pembrolizumab (anti-PD-1 mAb) per Wall Street research estimates (NSCLCwt (no AGA)), and reported 2025 revenue of osimertinib (EGFRm NSCLC). ³ Based on projected enfortumab vedotin revenue including frontline (1L) urothelial cancer, per Wall Street research estimates. ADC: antibody drug conjugate; AGA: actionable genomic alteration; EGFRm NSCLC: EGFR mutant non-small cell lung cancer; NSCLCwt (no AGA): non-small cell lung cancer 6 without known alteration/mutation

Avenzo Pipeline of Potentially Differentiated Programs Four U.S.-Based Phase 1 Studies Ongoing Across Pipeline PROGRAM/STUDY INDICATION PHASE 1 PHASE 2 AVZO-021 (CDK2i) Monotherapy ± Fulvestrant HR+/HER2- Breast Cancer AVZO-023 (CDK4i): ORION-1 + Fulvestrant HR+/HER2- Breast Cancer + AVZO-021 + Fulvestrant HR+/HER2- Breast Cancer Initiated Q2 2026 AVZO-1418 (EGFR/HER3 ADC): AVENTINE-1 Monotherapy Solid Tumors AVZO-103 (NECTIN4/TROP2 ADC): BEACON-1 Monotherapy Solid Tumors Note: Avenzo in-licensed worldwide rights, excluding Greater China for each program. AVZO-021 and AVZO-023 partnered with Allorion; AVZO-1418 partnered with DualityBio; AVZO-103 partnered with VelaVigo. 7 ADC: antibody drug conjugate; CDK: cyclin-dependent kinase

KEY HIGHLIGHTS • Potentially differentiated with well tolerated safety profile and mPFS of 5.3 months as monotherapy in HR+/HER2- breast cancer • Phase 1 monotherapy and fulvestrant combination complete • Phase 1 study in combination with selective AVZO-023 (CDK4i) + fulvestrant ongoing AVZO-021 Selective CDK2 Inhibitor ANTICIPATED MILESTONES HR+/HER2- Breast Cancer • ASCO 2026: Updated Phase 1 monotherapy and fulvestrant combination data • 2H 2027: Initial Phase 1 data in combination with AVZO-023 (CDK4i) and fulvestrant 8

Evolving HR+/HER2- Breast Cancer Treatment Paradigm HR+/HER2- BC TREATMENT PARADIGM • Pfizer and BeOne focused on displacing CDK4/6i + ET with selective CDK4i; no planned 2L registrational studies CDK4/6i + ET ‒ Limited CDK2i combination potential due to inadequate selectivity BIOMARKER-NEGATIVE BIOMARKER-POSITIVE AVZO-023 + ET ± AVZO-021 • Fragmented with no biomarker-agnostic therapy CDK4i + ET ± CDK2i • Pfizer's atirmociclib Phase 2 data validates selective CDK4i in SERD (ESR1m) 2L; statistically significant PFS improvement (HR 0.60)¹ CDK4/6i + ET AKTi + ET • Atirmociclib and abemaciclib (EMBER-3) confirm CDK4 (PIK3CA/AKT/PTEN) inhibition effective in 2L regardless of biomarker status PI3Ki + ET (PIK3CA) • Avenzo plans to move quickly toward 2L registrational strategy EVEROLIMUS + ET initially given opportunity and currently limited in-class PARPi (BRCA1/2) competition Note: No head-to-head trials have been conducted among the results shown. As a result, cross-trial comparisons cannot be made. ¹ Based on FOURLIGHT-1; a randomized Phase 2 study of atirmociclib + fulvestrant vs fulvestrant or everolimus + exemestane in patients with HR+/HER2- breast cancer whose disease progressed after CDK4/6i-based treatment. ESR: estrogen receptor; ET: endocrine therapy; PARP: poly ADP-ribose polymerase; PI3K: phosphoinositide 3-kinase; PIK3CA: phosphatidylinositol 3-kinase catalytic subunit 9 alpha; PFS: progression free survival; SERD: selective estrogen receptor degrader 2L 1L

AVZO-021 CDK2i Key Areas of Differentiation AVZO-021¹ TEGTOCICLIB BG-68501 INCB123667 Avenzo Pfizer BeOne Incyte Development Stage Phase 1 Phase 1 Deprioritized Phase 3 Phase 1 15% ORR (n=26) 19% ORR (n=16) 3% ORR (n=33) 11% ORR (n=76) 4 6 Efficacy Data 5.3 months PFS 3.5 months PFS² PFS not disclosed PFS not disclosed Dosing QD (14 hour t ) BID (2-3 hour t ) BID BID 1/2 1/2 û CDK1 and CDK9 üûü ~60% nausea and ~60% Selectivity ~50% nausea, ~30% vomiting ~80% nausea, ~50% vomiting ~40% nausea and ~30% vomiting (required scheduled 7 Drivers of GI Toxicity and ~20% diarrhea and ~50% diarrhea² vomiting 4 anti-emetics) CDK6 Selectivity üû Driver of üü 7 Low rates of heme toxicity Dose limiting heme toxicity Hematologic Toxicity Not disclosed Tolerability in Not expected to be well Not disclosed üû tolerated, given high rates of GI Combination with Not focused in breast cancer Ongoing Not well tolerated³ toxicity for BG-68501 and Portfolio CDK4i 5 BGB-43395 Potentially Differentiated CDK4i in Portfolio Not Well Tolerated No CDK4i in Portfolio CDK4i in Portfolio in Combination with CDK2i Note: Information provided in the tables above is for illustrative purposes only and no head-to-head clinical trials have been conducted evaluating these product candidates. Differences exist between study or trial designs and participant characteristics, and caution should be exercised when comparing data across trials. ¹ Patel M et al: ASCO 2026. ORR includes 1 unconfirmed partial response (uPR) on treatment as of data cut-off awaiting confirmatory scan. ² Yap T et al: ASCO 2023. 1 of 3 responders at 500 mg BID, which is higher than MTD of 300 mg BID. Safety includes all grade TEAEs. ³ Yap T et al: ESMO 2024. ⁴ Joshi R et al: ASCO 2025. Excludes uPR who did not confirm. Safety includes all grade TEAEs. BeOne 2025 Investor R&D Day, Jun-2025. ⁵ Yap T et al: SABCS 6 7 2024. Simonelli M et al: ESMO 2024. All grade TEAEs per Lorusso D et al: ESMO 2025. BID selected as RP2D as QD doses associated with increased incidence of GI toxicity. 10 BID: twice daily; GI: gastrointestinal; ORR: overall response rate; PFS: progression free survival; QD: once daily; RP2D: recommended Phase 2 dose; TEAE: treatment emergent adverse event

AVZO-021 Phase 1 Study Design Phase 1 Completed | Data to be Presented at ASCO 2026¹ Part 1a: Monotherapy Dose Escalation / Backfill (N=51²) DESIGN As of 30-Mar-2026 data cut-off, 250 mg QD • Single patient safety population (N=64): N=1 accelerated 220 mg QD • Part 1a monotherapy: N=51 patients titration (20, 40, N=3 with advanced solid tumors 60 mg QD) 180 mg QD followed by BOIN N=7 • Part 1b fulvestrant combination: N=13 patients with HR+/HER2- mBC 150 mg QD • QD administration N=9 • Median (range) follow-up time of 5.9 in 28-day cycles 120 mg QD months (0.03+, 16.49+) N=3 90 mg QD As of 07-May-2026 updated data cut-off, N=4 OBJECTIVES efficacy-evaluable population (N=39): • Evaluate Part 1b: Combination in HR+/HER2- mBC • Patients treated at ≥150 mg QD safety/tolerability (N=13) AVZO-021 (± fulvestrant) with HR+/HER2- and 200 mg QD AVZO-021 + mBC or CCNE1-amplified solid tumors, determine fulvestrant (N=7) with at least 1 evaluable post-baseline scan RP2D/MTD 150 mg QD AVZO-021 + fulvestrant (N=6) ¹ Patel M et al: ASCO 2026. ² Includes accelerated titration 20, 40 and 60 mg QD (n=4) and additional backfill patients treated at 100 mg QD (n=10) and 200 mg QD (n=10). 11 BC: breast cancer; BOIN: Bayesian Optimal Interval; MTD: maximum tolerated dose; QD: once daily; RP2D: recommended Phase 2 dose

AVZO-021 Treatment Emergent Adverse Events (N=64) TEAEs OCCURRING IN ≥10% OF PATIENTS BY GRADE Generally well tolerated MONOTHERAPY AND FULVESTRANT COMBINATION (N=64) a GRADE 1 GRADE 2 GRADE 3 GRADE 4 ALL GRADE Most TEAEs were Grade 1 or 2 N (%) N (%) N (%) N (%) N (%) Any TEAE, n (%) 6 (9) 28 (44) 20 (31) 6 (9) 60 (94) Two patients had TEAEs leading to a treatment discontinuation Nausea 23 (36) 9 (14) 1 (2) 0 33 (52) Fatigue 21 (33) 10 (16) 0 0 31 (48) Most commonly reported TEAEs of Anemia 4 (6) 9 (14) 12 (19) 0 25 (39) nausea, fatigue, anemia and vomiting Vomiting 15 (23) 5 (8) 2 (3) 0 22 (34) • Anemia present at baseline in 10 of Diarrhea 10 (16) 2 (3) 1 (2) 0 13 (20) 12 patients with on-treatment Alopecia 12 (19) 0 0 0 12 (19) Grade 3 anemia Neutrophil count decreased 2 (3) 4 (6) 3 (5) 2 (3) 11 (17) Edema peripheral 8 (13) 1 (2) 1 (2) 0 10 (16) 14 patients with TEAEs leading Platelet count decreased 6 (9) 1 (2) 2 (3) 1 (2) 10 (16) to dose reduction Arthralgia 7 (11) 2 (3) 0 0 9 (14) Constipation 7 (11) 2 (3) 0 0 9 (14) Dose-limiting toxicities: Cough 7 (11) 2 (3) 0 0 9 (14) • Monotherapy: 1 DLT at 250 mg QD of Hypokalemia 2 (3) 5 (8) 2 (3) 0 9 (14) Grade 3 syncope Dizziness 7 (11) 1 (2) 0 0 8 (13) • Fulvestrant combination: 1 DLT at 200 Gastroesophageal reflux disease 3 (5) 4 (6) 0 0 7 (11) mg QD of Grade 4 thrombocytopenia Headache 7 (11) 0 0 0 7 (11) a Note: Data cut-off date 30-Mar-2026. TEAEs by preferred term and maximum grade. No patient reported a Grade 5 TEAE. Additional Grade 4 events: 1 patient at 120 mg QD with hypovolemic shock (not related), 1 patient at 200 mg QD with cholestatic jaundice (not related, leading to treatment discontinuation) and 1 patient at 200 mg QD with neutropenia (related, leading to treatment discontinuation). 12 DLT: dose-limiting toxicity; QD: once daily; TEAE: treatment emergent adverse event

Encouraging Signs of Efficacy in Heavily Pretreated HR+/HER2- mBC • 5.3-month median PFS (95% CI: 1.9, 7.2) across all monotherapy doses in HR+/HER2- mBC patients (n=33) • 85% disease control rate (95% CI: 62.1, 96.8) in HR+/HER2- mBC efficacy evaluable patients treated with ≥150 mg QD monotherapy (n=20) AVZO-021 Monotherapy ≥ 150 mg QD (N=26) AVZO-021 + Fulvestrant (N=13) AVZO-021 Monotherapy ≥ 150 mg QD (N=26) # Treatment ongoing Note: Data cut-off date 07-May-2026, with median follow-up time of 8.4 months (range 0.03 to 16.6+). BC: HR+/HER2- breast cancer; FT: CCNE1-amplified fallopian tube cancer; OC: CCNE1-amplified ovarian cancer; PR: partial response; QD: once daily; TNBC: CCNE1-amplified 13 13 triple negative breast cancer; UC: CCNE1-amplified uterine cancer; uPR: unconfirmed partial response

Duration of Treatment (N=43) • All responders remain on treatment, with 3 patients for ≥48 weeks • Among 34 HR+/HER2- breast cancer patients treated at ≥150 mg QD: − 20 patients were on treatment for ≥24 weeks − 9 patients remain on treatment • Among 7 CCNE1-amplified solid tumor patients treated at ≥150 mg QD: − 3 patients on treatment for ≥24 weeks − 1 patient remains on treatment Note: Data cut-off date 07-May-2026. N=21 patients treated with <150 mg QD monotherapy not shown. * Efficacy evaluable. ACC: adrenal cortical carcinoma; BC: HR+/HER2- breast cancer; EN: endometrial cancer; FT: CCNE1-amplified fallopian tube cancer; OC: CCNE1-amplified ovarian cancer; QD: 14 once daily; TNBC: CCNE1-amplified triple negative breast cancer; UC: CCNE1-amplified uterine cancer

KEY HIGHLIGHTS • Potentially differentiated with high selectivity against CDK6 • Ongoing Phase 1 study (ORION-1) in combination with fulvestrant ± AVZO-021 (CDK2i) AVZO-023 Selective CDK4 Inhibitor ANTICIPATED MILESTONES HR+/HER2- Breast Cancer • Late 2026: Preliminary, updated Phase 1 fulvestrant combination data • 2H 2027: Initial Phase 1 data in combination with AVZO-021 (CDK2i) and fulvestrant 15

AVZO-023 CDK4i Key Areas of Differentiation AVZO-023 ATIRMOCICLIB BGB-43395 GDC-4198 Avenzo Pfizer BeOne Roche Development Stage Phase 1 Phase 3 Phase 3 Phase 1b 4 Phase 1 Efficacy Data 0% ORR (n=4) 3 in mBC Ongoing 24% ORR (n=33)¹ 11% ORR (n=19) Monotherapy ORR of 15% (n=27) ET Combination(s) CDK6 Selectivity üûûû Driver of Hematologic 4 Low rates of heme toxicity ~55% neutropenia (~20% G3+)¹ ~20% neutropenia (~15% G3+)³ ~30% neutropenia (~10% G3+) Toxicity CDK1 / CDK9 / GSK3B üûûû Selectivity 4 Low rates of GI toxicity ~40% diarrhea¹ ~85% diarrhea (~5% G3+)³ ~60% diarrhea Drivers of GI Toxicity Tolerability in NA NA üû Single asset with activity Combination with BG-68501 deprioritized Ongoing Not well tolerated² against CDK4 and CDK2 Portfolio CDK2i Potentially Differentiated CDK2i in Portfolio Not Well Tolerated Fixed Activity Against CDK2i in Portfolio in Combination with CDK4i CDK4 and CDK2 Note: Information provided in the tables above is for illustrative purposes only and no head-to-head clinical trials have been conducted evaluating these product candidates. Differences exist between study or trial designs and participant characteristics, and caution should be exercised when comparing data across trials. ¹ Yap T et al: ESMO Breast 4 2024. ² Yap T et al: ESMO 2024. ³ BeOne 2025 Investor R&D Day, Jun-2025. References data presented from CDK4i + fulvestrant dose escalation. Wander S et al: SABCS 2025. 16 BC: breast cancer; GI: gastrointestinal; ORR: overall response rate

AVZO-023 ORION-1 Phase 1 Study Design N=13 Patients Treated as of 28-Apr-2026 POPULATION DOUBLET: AVZO-023 + FULVESTRANT TRIPLET: • CDK4/6i + ET pretreated AVZO-023 + FULVESTRANT + AVZO-021 HR+/HER2- BC DOSE ESCALATION/BACKFILL (N~60) (N~70) ‒ Doublet: ≤2 prior lines of chemotherapy permitted … ‒ Triplet: ≤1 prior line of … chemotherapy permitted 150 mg BID (N=1) • ECOG 0–1 • Asymptomatic CNS DL3 100 mg BID disease allowed (N=7) DESIGN 75 mg BID • Accelerated titration (N=3) DL2 followed by BOIN 50 mg BID • Response evaluation (N=1) by RECIST v1.1 50 mg BID AVZO-023 + 100 mg QD AVZO-021 + 25 mg BID OBJECTIVES Fulvestrant (N=1) • Evaluate safety/tolerability and determine RP2D/MTD Note: Patients can receive prior CDK4/6i but not prior selective CDK2i, CDK4i or CDK2/4i. BC: breast cancer; BOIN: Bayesian Optimal Interval; CNS: central nervous system; DL: dose level; MTD: maximum tolerated dose; QD: once daily; Under 17 RP2D: recommended Phase 2 dose Evaluation

AVZO-023 Treatment Emergent Adverse Events (N=13) TEAEs OCCURRING IN ≥10% OF PATIENTS BY GRADE Generally well tolerated AVZO-023 + FULVESTRANT (N=13)¹ GRADE 1 GRADE 2 GRADE 3 GRADE 4 ALL GRADE N (%) N (%) N (%) N (%) N (%) Most TEAEs were Grade 1 or 2 Any TEAE, n (%) 2(15) 8 (62) 1(8) 1(8) 12(92) Low incidence and severity of hematologic and gastrointestinal Neutrophil count decreased 0 4 (31) 0 1(8) 5(38) adverse events Anaemia 2(15) 1(8) 0 0 3 (23) No patients had TEAEs leading to Nausea 2(15) 1(8) 0 0 3 (23) treatment discontinuation Blood creatinine increased 2(15) 0 0 0 2(15) 1 patient with DLT at 100 mg BID Decreased appetite 2(15) 0 0 0 2(15) • Grade 3 neutrophil count decreased that led to dose Dysgeusia 2(15) 0 0 0 2(15) interruption for >7 days and Grade 4 recurrence upon Vomiting 2(15) 0 0 0 2(15) rechallenge at same dose Note: Data cut-off date 28-Apr-2026. TEAEs by preferred term and maximum grade. No patient reported a Grade 5 TEAE. ¹ Breast cancer patients (11 of 13) received AVZO-023 + fulvestrant from C1D1. Includes 2 patients treated with AVZO-023 monotherapy. 18 BID: twice daily; DLT: dose-limiting toxicity; TEAE: treatment emergent adverse event

AVZO-023 + Fulvestrant ORION-1 Phase 1 Dose-Escalation Encouraging Signs of Efficacy in HR+/HER2- Breast Cancer at 100 mg BID (N=6) • 5/6 patients continued on treatment as of the data cut-off # Treatment ongoing Note: Data cut-off date 14-May-2026. Efficacy evaluable population includes all treated patients with metastatic HR+/HER2- breast cancer, baseline measurable disease, and at 19 least 1 evaluable post-baseline scan. 3 patients had non-measurable disease at baseline (bone only).

KEY HIGHLIGHTS • Rapid progress in AVENTINE-1 Phase 1 monotherapy study, with >30 patients enrolled across 5 dose cohorts • Responses across multiple doses and different tumor types with strong signal in NSCLC • Fast Track designation granted in EGFRm TKI-pretreated NSCLC AVZO-1418 EGFR/HER3 ADC ANTICIPATED MILESTONES Solid Tumors • 2H 2026: Preliminary, updated Phase 1 data • Mid-2027: Phase 2 initiation • 2H 2027: Updated Phase 1 data 20

EGFR/HER3 ADC Background and Opportunity Pan-Tumor Opportunity, including in Lung Cancer NSCLCwt (NO AGA) EGFRm NSCLC • EGFR and HER3 shown to be highly expressed across multiple solid tumors, IMMUNOTHERAPY OSIMERTINIB ± AMIVANTAMAB + including NSCLC ± CHEMOTHERAPY CHEMOTHERAPY LAZERTINIB • Bispecific ADC leverages avidity for enhanced binding, internalization and tumor-specific cytotoxicity AVZO-1418 • Limited options for patients, especially those in 2L setting with EGFRm and NSCLCwt (no AGA) Standard of Care CHEMOTHERAPY ± DOCETAXEL ± DATO-DXD AMIVANTAMAB RAMUCIRUMAB 21 EGFRm NSCLC: EGFR mutant non-small cell lung cancer; NSCLCwt (no AGA): non-small cell lung cancer without known alteration/mutation 2L+ 1L

AVZO-1418 EGFR/HER3 ADC Key Areas of Differentiation 2 AVZO-1418 (AVENZO)¹ IZA-BREN (BMS/SYSTIMMUNE) EGFRm NSCLC: Phase 2/3 Global Development Phase 1 NSCLCwt³: Phase 1 Stage mUC: Phase 2/3 Format 1+1 2+2 EGFR/HER3 Tuning 4 21.6 nM EGFR | 3.5 nM HER3 1.4 nM EGFR (cetuximab) | 88.4 nM HER3 (KD, nM) DAR 6 | P1021 DAR 8 | Ed-04 DAR / Payload (DualityBio topoisomerase I inhibitor) (topoisomerase I inhibitor) 5 EGFRm NSCLC: ✓ EGFRm NSCLC: 23% ORR (n=22) 5 Clinical Activity NSCLCwt: ✓ NSCLCwt³: 40% ORR (n=20) 6 mUC: ✓ mUC: 33% ORR (n=27) 5 Ongoing, no Grade≥3 neutropenia at ≤4.5 mg/kg Q2W 58% Grade≥3 neutropenia Phase 1 Safety Profile (N=20) (N=107) Prophylactic G-CSF 5 No Yes Required Note: Information provided in the table above is for illustrative purposes only and no head-to-head clinical trials have been conducted evaluating these product candidates. Differences exist between study or trial designs and participant characteristics, and caution should be exercised when comparing data across trials. ¹ Zhou Y et al: AACR 2025. 4 5 6 ² Zhang L et al: ASCO 2023. ³ Excludes EGFR, ALK and ROS1-positive NSCLC (NCT05983432). Internal data on file. Yu H et al: ESMO 2025. Bian X et al: ESMO 2024. EGFRm NSCLC: EGFR mutant non-small cell lung cancer; G-CSF: granulocyte-colony stimulating factor; NSCLCwt (no AGA): non-small cell lung cancer without known 22 alteration/mutation; UC: urothelial cancer

AVZO-1418 AVENTINE-1 Phase 1 Study Design N=32 Patients Treated as of 13-May-2026 POPULATION PEMBROLIZUMAB MONOTHERAPY DOSE • Prior lines of COMBINATION ESCALATION/BACKFILL chemotherapy ≤3 in EGFRm NSCLC, NSCLC W/O AGA, NSCLC W/O AGA, escalation and ≤2 in SCLC, NPC, BTC, UC SCLC, NPC, BTC, UC backfill patients (N~100) (N~35) • ECOG 0–1 6 mg/kg Q2W (N=7) • Asymptomatic CNS disease allowed … DL3 DESIGN 5.0 mg/kg Q2W • Bayesian Optimal Ongoing Interval (BOIN) DL2 4.5 mg/kg Q2W • Response evaluation (N=4) by RECIST v1.1 4 mg/kg Q2W 6 mg/kg Q3W DL1 (N=11) (N=5) OBJECTIVES • Evaluate 2 mg/kg Q2W safety/tolerability and (N=5) determine RP2D/MTD Note: Prior version of protocol allowed for enrollment of CRC, SCCHN, and TNBC tumor types. AGA: actionable genomic alteration; BTC: biliary tract cancer; CNS: central nervous system; CRC: colorectal cancer; MTD: maximum tolerated dose; NPC: nasopharyngeal carcinoma; NSCLC: non-small cell lung cancer; RP2D: recommended Phase 2 dose; SCCHN: squamous cell carcinoma of the Under 23 head and neck; SCLC: small cell lung cancer; TNBC: triple negative breast cancer; UC: urothelial cancer Evaluation

AVZO-1418 Treatment Emergent Adverse Events (N=32) TEAEs OCCURRING IN ≥10% OF PATIENTS BY GRADE Generally well-tolerated at doses up to 4.5 2 mg/kg to 4.5 mg/kg (N=20) 6 mg/kg (N=12) a b mg/kg Q2W (N=20) GRADE 1-2 GRADE 3-4 GRADE 1-2 GRADE 3-4 N (%) N (%) N (%) N (%) • No Grade 3+ neutropenia Nausea 10 (50) 0 8 (67) 0 • 1 patient had TEAE leading to treatment Alopecia 11 (55) 0 6 (50) 0 a Fatigue 9 (45) 0 4 (33) 0 discontinuation Diarrhoea 4 (20) 0 6 (50) 1 (8) • 2 patients had TEAEs leading to dose Vomiting 4 (20) 0 6 (50) 0 reduction Anaemia 3 (15) 0 4 (33) 2 (17) Headache 4 (20) 0 5 (42) 0 Neutrophil count decreased 1 (5) 0 3 (25) 4 (33) 6 mg/kg Q2W/Q3W exceeded MTD (N=12) Stomatitis 2 (10) 0 4 (33) 2 (17) Decreased appetite 5 (25) 0 2 (17) 0 • 2 DLTs at 6 mg/kg Q2W: Grade 3 diarrhea, Hypokalaemia 3 (15) 0 2 (17) 1 (8) and Grade 4 acute Epistaxis 1 (5) 0 4 (33) 0 gastroenteritis/pancytopenia Lymphocyte count decreased 0 3 (15) 0 2 (17) Mucosal inflammation 1 (5) 0 4 (33) 0 • 2 DLTs at 6 mg/kg Q3W: Grade 3 ALT Rash maculo-papular 3 (15) 0 2 (17) 0 increased/pneumonitis, and Grade 4 White blood cell count decreased 0 0 1 (8) 4 (33) neutrophil count decreased Dehydration 3 (15) 0 1 (8) 0 Dermatitis acneiform 2 (10) 0 2 (17) 0 • 2 patients had TEAEs leading to treatment Dizziness 2 (10) 0 2 (17) 0 b,c discontinuation Dry eye 1 (5) 0 3 (25) 0 • 5 patients had TEAEs leading to dose Dyspnoea 2 (10) 0 2 (17) 0 Myalgia 4 (20) 0 0 0 reduction Pyrexia 2 (10) 0 2 (17) 0 a Note: Data cut-off 13-May-2026. TEAEs by preferred term and maximum grade. Additional Grade 4+ TEAEs from 2 to 4.5mg/kg: Grade 4 respiratory failure (unrelated), Grade 5 b cardiorespiratory arrest (unrelated, leading to treatment discontinuation) in 1 patient each. Additional Grade 4+ TEAEs at 6 mg/kg: acute gastroenteritis/pancytopenia (related, c leading to treatment discontinuation) and Grade 5 aspiration (unrelated) in same patient. Grade 3 pneumonitis leading to treatment discontinuation in 1 patient. 24 TEAE: treatment-emergent adverse event; MTD: maximum tolerated dose

AVZO-1418 Phase 1 Monotherapy Dose-Escalation Encouraging Trend and Deepening Tumor Reductions over Time across Tumor Types (N=18) • In 18 efficacy evaluable patients, 9 remain on treatment including 5 responders • Responders across multiple tumor types and multiple dose cohorts • 2/3 responding patients at 6 mg/kg dose reduced to 4 mg/kg prior to response 5 of 18 responders # Treatment ongoing Note: Data cut-off date 13-May-2026. Efficacy-evaluable population includes patients with baseline measurable disease treated with AVZO-1418 who had at least 1 evaluable post- baseline scan. Patient with urothelial cancer treated at 6 mg/kg Q2W is ongoing with PR, which was confirmed subsequent to data cut-off date. * Patient with NSCLC-wt with 0% change from baseline was treated at 4.5 mg/kg Q2W. CRC: colorectal cancer; NPC: nasopharyngeal cancer; NSCLC-wt: non-small cell lung cancer without known alteration/mutation; NSCLC-EGFRm: EGFR mutant non-small cell lung 25 cancer; PR: partial response; SCCHN: squamous cell carcinoma of the head and neck; TNBC: triple negative breast cancer; UC: urothelial cancer; uPR: unconfirmed partial response

AVZO-1418 Phase 1 Monotherapy Dose-Escalation Encouraging Signs of Efficacy in NSCLC Across Multiple Doses (N=10) • In 10 efficacy evaluable patients, 8 remain on treatment including 4 responders • 1/2 responding patients at 6 mg/kg dose reduced to 4 mg/kg prior to response 4 of 10 responders # Treatment ongoing Note: Data cut-off date 13-May-2026. Efficacy-evaluable population includes patients with NSCLC with baseline measurable disease treated with AVZO-1418 who had at least 1 evaluable post-baseline scan. * Patient with NSCLC-wt with 0% change from baseline was treated at 4.5 mg/kg Q2W. NSCLC-wt: non-small cell lung cancer without known alteration/mutation; NSCLC-EGFRm: EGFR mutant non-small cell lung cancer; PR: partial response; uPR: unconfirmed 26 partial response

KEY HIGHLIGHTS • BEACON-1 Phase 1 monotherapy study ongoing • Fast Track designation granted in post-enfortumab vedotin urothelial cancer AVZO-103 Nectin4/TROP2 ADC ANTICIPATED MILESTONES Solid Tumors • 2H 2026: Initial Phase 1 data • Mid-2027: Phase 2 initiation • 2H 2027: Updated Phase 1 data 27

AVZO-103 Phase 1 Study Design Monotherapy Dose Escalation Ongoing POPULATION MONOTHERAPY DOSE PEMBROLIZUMAB COMBINATION • ECOG 0–1 ESCALATION/BACKFILL DOSE ESCALATION SOLID TUMORS¹, INCL. mUC mUC • Asymptomatic CNS (N~80) (N~35) disease allowed … DESIGN • Bayesian Optimal DL3 Interval (BOIN) 4.0 mg/kg Q3W • Response evaluation by RECIST v1.1 DL2 2.5 mg/kg Q3W (N=3) OBJECTIVES DL1 • Evaluate 1.5 mg/kg Q3W safety/tolerability and (N=3) determine RP2D/MTD ¹ Includes solid tumors known to express high Nectin4: urothelial cancer, TNBC, non-squamous EGFRm and non-squamous NSCLC with no actionable genomic alteration, SCCHN and cervical cancer. CNS: central nervous system; MTD: maximum tolerated dose; mUC: metastatic urothelial cancer; NSCLC: non-small cell lung cancer; RP2D: Under 28 recommended Phase 2 dose; SCCHN: head and neck squamous cell carcinoma; TNBC: triple negative breast cancer Evaluation

Anticipated Milestones PROGRAM ANTICIPATED MILESTONE ESTIMATED TIMING AVZO-021 • Updated Phase 1 monotherapy and fulvestrant combination data • ASCO 2026 CDK2 Inhibitor AVZO-023 • Preliminary, updated ORION-1 Phase 1 data in combination with fulvestrant • Late 2026 CDK4 Inhibitor AVZO-023 + -021 • Initial ORION-1 Phase 1 data in combination with fulvestrant • 2H 2027 CDK4 + CDK2 Inhibitors • Preliminary, updated AVENTINE-1 Phase 1 data • 2H 2026 AVZO-1418 • Phase 2 initiation • Mid-2027 EGFR/HER3 ADC • Updated AVENTINE-1 Phase 1 data • 2H 2027 • Initial BEACON-1 Phase 1 data • 2H 2026 AVZO-103 • Phase 2 initiation • Mid-2027 NECTIN4/TROP2 ADC • Updated BEACON-1 Phase 1 data • 2H 2027 29

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