#1aravive Developing Transformative Targeted Cancer Therapeutics Corporate Presentation September 2022 NASDAQ ARAV#2Forward Looking Statements This presentation contains forward-looking statements that may discuss Aravive's plans, goals, intentions and expectations as to future trends, events, results of operations, financial condition or other matters. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and they often include words such as "may," "will," "should," "would," "expect," "anticipate," "plan," "likely," "believe," "estimate," "project," "intend," and other similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements included in this presentation include statements regarding Aravive's planned clinical activities and the timing of such activities, including the design, patient enrollment and availability of data from clinical studies, the potential pipeline, future indications and cash position, the anticipated safety, benefits, activity and manufacturability of Aravive's product candidates and the ability to obtain regulatory approval. Forward-looking statements are based on Aravive's current beliefs and assumptions, are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: e.g., the trials supporting the submission of a biologics license application to the FDA, Aravive's ability to meet its clinical milestones, the impact of COVID-19 on Aravive's clinical strategy, clinical trials, supply chain and fundraising, Aravive's ability to expand development into additional oncology indications, Aravive's dependence upon batiraxcept (AVB-500), batiraxcept's ability to have favorable results in clinical trials and ISTS, the clinical trials of batiraxcept having results that are as favorable as those of preclinical and clinical trials, the ability to receive regulatory approval, potential delays in Aravive's clinical trials due to regulatory requirements or difficulty identifying qualified investigators or enrolling patients; the risk that batiraxcept may cause serious side effects or have properties that delay or prevent regulatory approval or limit its commercial potential; the risk that Aravive may encounter difficulties in manufacturing batiraxcept; if batiraxcept is approved, risks associated with its market acceptance, including pricing and reimbursement; potential difficulties enforcing Aravive's intellectual property rights; Aravive's reliance on its licensor of intellectual property and financing needs. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in Aravive's most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Except as required by law, Aravive undertakes no obligation to revise or update any forward-looking statement or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. 2#3Batiraxcept: A Novel Late-Stage Clinical Program Differentiated from Other Cancer Therapies & GAS6/AXL signaling drives metastasis and drug-resistance. ARAV is the only company targeting GAS6. Wealth of preclinical studies demonstrate ability to combine with common standards of care to allow access to a large total accessible market Robust chemistry manufacturing control with high yield and purity; dovetails with clinical to allow for BLA end of 2023 Well-tolerated to date and no anticipated drug-drug interactions facilitate combination studies (unlike small molecules); serum biomarker may accelerate development and identify patients with best chance of response Fast-track designation granted by the FDA for platinum-resistant ovarian cancer; currently in registrational Phase 3 trial with topline data due middle 2023 and potential BLA end 2023 Currently in P1b/2 ccRCC; agreed registrational study with the FDA incorporates interim analysis for accelerated approval potential Currently in P1b Pancreatic Adenocarcinoma Cancer (PDAC) study; pk/pd analysis suggests higher doses should be tested 3#4GAS6 & AXL Expression Associated with Poor Survival in Many Cancers AXL expressed in >70% of ovarian, pancreatic, breast, kidney, and uterine cancers "Clinically, the expression of GAS6 and TAM receptors always predicts poor prognosis" Wu G, et al. Molecular insights of Gas6/TAM in concer development and therapy; Cell Death and Disease (2017) 8. e2700. Tumor AXL Tumor Type Expression Ovarian Pancreatic Bladder Uterine Kidney Breast Lung >70% 70% >45% >75% > 70% >75% 18-48% Publications & Data • Hao et al. 2017. AXL is highly expressed in ovary-derived tumors and is a prognostic gene in ovarian cancer. • Rankin et al 2010. 73% of all ovarian tumor samples including both type I and type Il tumors were positive for membranous AXL staining in the epithelium, demonstrating that AXL expression is significantly higher (P<0.0001) in ovarian carcinomas than normal ovarian epithelium. • Song et al. Cancer 2011. February 15;117(4):734-43. AXL is overexpressed in 70% stage II PDAC tumor samples. • Wang et al Transl Cancer Res 2019;8(3):976-984. High AXL expression was strongly correlated with low OS (P<0.001). # Divine et al. Oncotarget. 2016 Nov 22; 7(47): 77291-77305: High immunohistochemical expression of AXL was found in 76% of advanced-stage, and 77% of high-grade specimens and correlated with worse survival in uterine serous cancer patients. • Dalgin et al. 2007: AXL expression is 3-fold higher in tumor tissue than normal tissue. • Gustafsson et al. 2009: AXL and GAS6 expression are implicated in RCC tumor advancement and severity and negatively correlated to patient survival. * Bottal et al. Breast Cancer. 2016. AXL expression correlates with the infiltration of CD163-positive cells in tumor stroma and is associated with survival in triple negative breast cancer. * Seike et al. Oncology Rep. 2017. 37: 3261-3269. The 5-yr survival rate for AXL+ or GAS6+ was significantly lower than those for AXL-or GAS6- patients (51% vs. 75%; P-0.028 ; 53% vs. 72%; P=0.040) * Linger et al. 2012. Expert Opin Ther Targets. 2010 October; 14(10): 1073-1090 AXL protein expression was observed in 28 of 58 (48.3%) patient samples of lung adenocarcinoma *The Cancer Genome Allas (TCGA), Axelrod and Pienta (AXL Review) Oncotarget 2014 Oct. 5/19) 8818-8852, Miao et al (AX. Review) 2017. Drug Target Review Article 22309 4#5GAS6/AXL Signaling Drives Resistance and Metastasis in Tumors and Expression Associated with Poor Survival in Many Cancers 1 The GAS6/AXL pathway mediates multiple steps of metastasis. AXL activation regulates downstream signaling, including the JAK/STAT pathway, Ras/MEK/Erk1/2 pathway, and PI3K/Akt pathway. The GAS6/AXL pathway upregulates pro- tumorigenic functions, such as immune evasion, survival, proliferation, drug resistance, angiogenesis, epithelial-to- mesenchymal transition (EMT), migration, and invasion. GAS6 and AXL are also expressed by stromal cells, including endothelial cells, pericytes, and subsets of immune cells, to promote tumor progression and metastasis. . . However, GAS6 is redundant for normal tissues and depletion does not cause abnormal phenotype 2 Natural Killer (NK) Cells T-Cells Dendritic Cells Macrophages Immune Evasion † Survival & Proliferation Endothelial cells Pericytes Actin 0-0-0- -0.0 Axl 1 Cell Death and Disease (2017) 8, e2700. 2 Nature 1999, 398, 723-728 „Twist, Soul Sky dopos Cardal Peripheral refo dynamica Drug t Angiogenesis EMT Resistance Adrive cyt Migration & Invasion Tanaka, M.; Siemann, D.W. Therapeutic Targeting of the Gas6/Axl Signaling Pathway in Cancer. Int. J. M Sci 2021, 22, 9953 https://doi.org/10.3390/jms22189953 5 Ch#6Effective Treatment of Human Tumors Requires Drugs that Target Non-metastatic and Metastatic Tumor Cells # Batiraxcept demonstrates single agent activity in preclinical models which have homogeneous, metastatic tumor cells Human tumors display epithelial-mesenchymal heterogeneity 1,2,3 Cells within the same tumor can exhibit different phenotypes: epithelial (E); mesenchymal (M); or one or more hybrid epithelial-mesenchymal phenotypes. Phenotypic heterogeneity is a hallmark of aggressive cancer behavior and a clinical challenge Chemotherapies, targeted therapies and IO therapies have all been reported to increase the GAS6/AXL signaling > Effective treatment requires drug(s) to affect both E and M populations Batiraxcept does not target rapidly dividing epithelial cells nonspecifically like chemotherapeutics but targets mesenchymal, invasive cells Need agent to inhibit/decrease epithelial cell growth as well as inhibit/prevent mesenchymal cell growth 1 PLOS Computational Biology | https://doi.org/10.1371/journal pcbi.1007619 February 10, 2020 2 Safa, J Cancer Metastasis Treat 2020;6:36 3 Biomolecules 2022, 12, 348, https://doi.org/10.3390/biom12030348 ZEB mRNA molecules 1200 1000 8:00 600 400 200 0 100 E E/M 150 200 SNAIL molecules (10) 250 M Different stable (blue curves) ZEB mRNA levels based on SNAIL levels Low, medium, and high ZEB mRNA levels corresponds to Epithelial (E). Hybrid (E/M), and Mesenchymal (M) phenotypes respectively. This bifurcation diagram is for the miR-200/ZEB feedback loop driven by SNAIL, as adapted from Lu et al. PNAS 2013. From ref #3 6 300#7GAS6/AXL Signaling: High Affinity Decoy Receptor is the Best Approach for Potent and Selective Inhibition Tyrosine Kinase Inhibitor # kinose Domain Selectivity limited by RTK homology Off-target toxicity Multiple resistance mechanisms Many potential competitors AXL or GAS6 Antibody Requires a mAB affinity that competes with receptor Not achievable for AXL Many potential competitors . W Decoy AXL Receptor Binds more tightly to GAS6 than WT AXL Complete target coverage with no anticipated off-target toxicity First-in-Class with strong IP position WT AXL has pM Affinity: Batiraxcept has fM Affinity and Out Competes Endogenous AXL 7#8Batiraxcept (AVB-500): High Affinity, Highly Specific GAS6/AXL Inhibitor Modified AXL-Fc fusion protein engineered for strong stability and very high affinity for GAS6 # ~200 fold greater affinity for human GAS6 compared to native AXL receptor B Preclinical data demonstrated relationship between affinity and anti-tumor activity . Good safety and PK profile Structure modeled after marketed drugs (Enbrel®, Zaltrap®, Orencia®) Proprietary biomarker tests to monitor GAS6 levels # Serum GAS6 levels associated with efficacy in preclinical studies SAXL/GAS6 ratio pretreatment associated with response in P1b PROC, P1b ccRCC and P1b PDAC trials Strong IP position on GAS6 inhibition (>2035)#9Experienced Management and Board of Directors Exec Chairman of the Board Director Fred Eshelman, Pharm D. Amato Giaccia, Ph.D. THE MEDICINES COMPANY esk Exec Chairman of the Board CEO Fred Eshelman, Pharm D. Gail McIntyre, Ph.D., DABT pharmaceuticals Furiex® MERCK Director Peter Ho, M.D.. Ph.D. NOVARTIS Cardinal SENIOR MANAGEMENT Genmab BOARD OF DIRECTORS Director John Hohneker, M.D. Coo CFO Scott Dove, Ph.D. Rudy Howard, C.P.A. PACIRA TERRICK ME Director Sigurd Kirk PPD ISTANFORD SCHOOL OF WEZEKANA Epizyme Johnson-Johnson ANOKION Director Gail McIntyre, Ph.D., DABT KINNATE FIR. Indve forma Test CMO Robert Geller, M.D. MEDITOPE Director Michael Rogers ACORDA. BeiGene KERYX Director Eric Zhang Akebia ● Allergan barr BARCLAYS#10Aravive Pipeline Opportunity for Expansion into Additional Indications and Drug Combinations Indication Batiraxcept (AVB-500) OVARIAN CANCER Platinum Resistant (batiraxcept + paclitaxel) CLEAR CELL RENAL CANCER 1st Line (batiraxcept + cabozantinib + nivolumab) 2nd Line (batiraxcept + cabozantinib) Ineligible for curative intent therapy (batiraxcept monotherapy) ■ PANCREATIC ADENOCARCINOMA 1 Line (batiraxcept + gemcitabine + nab-paclitaxel) Preclinical Phase 1 Phase 2 Fast-Track Designation in U.S., Orphan Designation in EU Phase 3 10#11Batiraxcept May Unlock -$3B in Global Revenue Across PROC, Renal and Pancreatic Tumors, with PROC Representing a Near-term Growth Driver Potential for Large Total Accessible Market Across Multiple Tumor Types Marketing Estimates / Indication ■ PROC (bevacizumab naïve) PROC (bevacizumab experienced) 2L ccRCC PDAC Estimated Treatable Patients PROC • 4K bev naïve (USA) 5.5K bev naïve (EU4/UK) Prior bev patients is half of bev naïve patients in these 2 regions ccRCC • 9K (USA) • 9.5 K (EU4/UK) PDAC • 37.5K (USA) .46K (EU4/UK) 11#12Batiraxcept: Platinum-Resistant Ovarian Cancer (PROC)#13Summary of Phase 1a Healthy Volunteer and 1b PROC Studies Phase 1a single ascending dose and repeat dose study in healthy volunteers • 43 subjects participated; 42 dosed Batiraxcept was well-tolerated across doses of 1-10 mg/kg Batiraxcept; no SAEs Phase 1b ascending dose study in Platinum-Resistant Ovarian Cancer (PROC) No anti-drug antibodies (ADA) 10 mg/kg (IV) administered every other week suppressed serum GAS6 levels for 2 weeks • 53 patients with PROC in Phase 1b trial Batiraxcept generally well-tolerated across all doses • No dose-limiting toxicities • No discontinuations due to AEs i • No unexpected safety signals; safety profile consistent with PLD or PAC No ADA # PLATINUM RESISTANT OVARIAN CANCER Infusion-related reactions noted; managed with premedication regimen Exposure-response relationship at 10 mg/kg Batiraxcept 10 mg/kg + PAC (N=16) Batiraxcept 10 mg/kg + PLD Batiraxcept 15 mg/kg + PAC (N=3) Batiraxcept 15 mg/kg + PLD (N=2) Batiraxcept 20 mg/kg + PAC Batiraxcept 20 mg/kg + PLD (N=3) Batiraxcept IV q14 days: Pegylated liposomal doxorubicin (PLD) 40 mg/m² d1 of 28-day cycle, Paclitaxel (PAC) 80 mg/m² day 1, day 8, day 15 of 28-day cycle: Maintenance dosing on batraxcept monotherapy 13#14Batiraxcept + Paclitaxel Clinical Activity Associated with Exposure in P1b PROC Modeling Identified RP2D of 15 mg/kg for PROC Traditional MTD or DLT approach for identification of RP2D not appropriate for batiraxcept due to its benign safety profile Exposure-response relationship identified by unsupervised computer analysis Statistically significant relationship between high trough concentrations and PFS >6 months Patients with higher exposures had more than doubling of PFS compared to 3 mos PFS paclitaxel historical control 1 Minimal efficacious concentration (MEC) of batiraxcept identified as 13.8 mg/L based on Akaike Information Criterion (AIC) Modeling predicts 15 mg/kg will provide increase in mPFS relative to 10 mg/kg but no further increase in mPFS with 20 mg/kg relative to 15 mg/kg RP2D of 15 mg/kg for PROC Efficacy Data for Patients Receiving 10 mg/kg and 15 mg/kg of Batiraxcept & Paclitaxel >MEC (N=10) 5 (50%), 2 CRs² ORR mPFS (months) mos (months)³ 7.5 19.0 <MEC (N=9) 2 (22%) 2.8 8.7 Taxol PL Reference ID: 2939751 21 patient 10mplig and 1 patent at 15mg/kg had CR, 1 patent at 15mpg with CR continued to show CR at C1301 while on braxcept alone, 5 months after discontinuing pace, and progressed after not receiving betraxcept for more than 2 weeks due to ness final mos pending trial completion DLT= dose-limiting toxicity, mos median overall survival MTD= maximum tolerated dose, mPFS = median progression free survival, ORR = overall response rate. RP2D recommended P2 dose 14#15Exposure-Response Modeling Consistent with Preclinical Data Exposure-Response modeling of P1b PROC and P1b ccRCC demonstrates a plateau at 20mg/kg Preclinical data from ovarian cancer model demonstrated plateau from 10 to 20mg/kg (equate to lower doses in humans) - No toxicity issues identified No inverted U shape response No evidence of tachyphylaxis or hormesis Tumor Number Skovdupovarian in vivo study 5 mg/kg and 10 mg/kg tumor number 200 154 100 P85 Contrat -P00067 580 Smok Group # 500 tingk PBS AVB-S6-500 (5mg/kg) AVB-S6-500 (10mg/kg) Group # Tumor Number 150- 100- Skov3.ip ovarian in vivo study 20mg/kg tumor number PBS Control PBS AVB-S6-500 (20mg/kg) Data from report PHARM-010 Number Weight (g) average SEM average SEM 76.22 11.63 1.062 0.081 60.89 7.052 1.084 0.101 500c 20mg g 38.56 5.87 Number average SEM 0.768 0.091 Weight (g) average SEM 75.67 9.541 1.029 0.082 40.22 8.642 0.883 0.102 +P-0.014 15#16Subject ID Time on Treatment and Depth of Response for Batiraxcept + Paclitaxel Patients (10 and 15 mg/kg groups) 96% were on 3rd+ Line of Therapy; Literature Demonstrates 85% of Patients on their 3rd Line of Therapy have Progressive Disease by their First CT Scan¹ 19-0001 15-0000 01-0000 0-0003 20-0004 00-000 08-0003. 12-000 12-0001 103-0003 08-0001 17-0003 08-0004 17-0000 PFS Months for Per-Protocol 10 mg/kg and 15 mg/kg AVB500+Pac Subjects 1 20 (10) 31 2.9 18 (10) 1.7 (10) 2 Dev (10) Dew (10) 1 30/0 (10) 10 (10) 4 60(15) 6 7 77 (10) 73 (1) 1 93(10) 13(10) (10) Confirmed Best Overall Response + >MEC 0 Progressive Dis Stable Disease Partial Response Complete Response 10 Study Months Response maintained after discontinuation of chemotherapy at Cycle 6 * = PPS duration censored at date of last radiologic assessment <-MEC 15 (15) * Start of Confirmed CR Start of Confirmed PR 13 15 Change from baseline ( 60% 40% 20% ON -20% -60% 2025 10 17-0002 06-0001 15% 02-0002 Largest Change in Target Lesion Burden for Per-Protocol 10 mg/kg and 15 mg/kg AVB-500+Pac Subjects 08-0003 BEN 19-0002 110 02-0004 0 A Ď 12:0001 Subject 4TAN 07-0000 Confirmed Best Overall Response Progressive Disease + MEC Stable Disease Partial Respons Complete conse 0 <-MEC BOOGD 440% 16-0002 2300 40 2000-40 000 01-0005 16#17Evidence of Batiraxcept to Maintain Response following Discontinuation of Chemotherapy from P1b PROC PROC 1B: batiraxcept monotherapy (15mg/kg) maintained complete response in 1 patient for 8 months and batiraxcept monotherapy (10mg/kg) maintained partial responses for 5 months in 2 patients following PAC and PLD and this is consistent with mechanism of action PAC = paclitaxel, PLD = pegylated liposomal doxorubicin 17#18Promising Responses in Patients in Later Lines of Therapy and < 3 Month Platinum-Free Interval Compared to Literature Invasive Tumors Resistant to Multiple Lines of Therapy Expected to Be Dependent on the GAS6/AXL Pathway CLINICAL RESPONSE OF BATIRAXCEPT+ CHEMO IN PATIENTS WITH < 3MO PLATINUM FREE INTERVAL (N=12) CLINICAL RESPONSE OF BATIRAXCEPT+ CHEMO' IN 3rd LINE & 4th LINE (N=20) 80% 70% 50% 40% 30% 20% 10% 0% 80% 70% 60% 50% 40% 30% 20% 10% 0% ORR ORR SD SD CBR CBR PD PD CLINICAL RESPONSE OF CHEMOTHERAPY IN 90% PATIENTS WITH < 3MO 80% 70% PLATINUM FREE INTERVAL (N=21) CLINICAL RESPONSE OF CHEMOTHERAPY IN 3rd LINE AND 4th LINE (N=99) 60% 50% 40% 30% 20% 10% 90% 80% 70% 60% 50% 40% 30% 20% 10% ORR ORR SD SD "Als and both chemo cohorical at Cancer Chemotherapy and Pharmalogy (2013) 14:33-39 17: noved PLD GEM: CPT-11 (notecanoporeananda Gynecology and Reproductivelogy 180 (2013) 14-8 ned in order of us al carboplatin, apotean, etoposide, Demar, cox tamoxifen, Aranyon, sabotax and other predmety CBR CBR PD PD Rainha(Ponal data 18#19Batiraxcept Phase 3 Registrational Trial Design in PROC (Clinical Trials.gov NCT04729608) FDA Feedback: If positive, trial could support full approval in PROC; no further preclinical or clinical studies required for BLA at this time Endpoint Assessment: PFS per RECIST V1.1; radiological imaging every 8 weeks N of 350 Key Eligibility Criteria High-grade serous ovarian cancer pathology 1-4 prior lines ECOG 0-1 i i . Stratifications: Prior bevacizumab use Lines of therapy Platinum-free interval Batiraxcept + PAC 1:1 Randomization Dosing: Batiraxcept 15 mg/kg q 2 weeks + paclitaxel for 3 weeks, followed by 1 week off versus paclitaxel alone every week for 3 weeks, followed by 1 week off Placebo + PAC Endpoints + Hierarchical Endpoints: 1. PFS in the bevacizumab naïve2 population PFS in the total population 2. . OS is secondary endpoint Readout expected in mid 2023 . BLA submission anticipated near end of 2023 * Selection of patient population and dose in this trial confirmed by an IST showing lack of benefit outside this patient population and dose of 15mg/kg batiraxcept 2 Naive defined as patients who are medically ineligible to receive bevacizumab or who chose not to receive bevacizumab ECOG = Eastern Cooperative Oncology Group (ECOG) Performance Status, PFS-progression-free survival, BLA= biologics license application 19#20Market Research Suggests Batiraxcept Would Fill an Unmet Need and Be Adopted into the Current PROC Treatment Paradigm Improved Efficacy over SOC Favorable Safety Compared to Bey Doublets Favorable efficacy and a novel MOA were met with enthusiasm given ability to address unmet needs Physicians deemed the lack of additional toxicity to be impressive for a doublet regimen, particularly in comparison to bevacizumab in the U.S. "Platinum resistant patients are in need of new targeted treatment options."- Healthcare Provider "The all-comers data is helpful to know, but the bev-naïve data is quite transformative."- KOL "To see this level of safety with the improved efficacy is impressive- certainly would use this product." - KOL "Bevacizumab is only used as a palliative agent in my practice. I've had patients develop clots and bowel perforations from it, and the limited efficacy it may provide is not worth that risk." -Healthcare Provider Note: physicians' comments based on P1b data 20#21ex Batiraxcept: Clear Cell Renal Cell Carcinoma (ccRCC)#22Batiraxcept + Cabozantinib Phase 1b/2 Trial Design in ccRCC (NCT04300140) Population: 26 patients (P1b) and 55 patients (P2; currently enrolling) # . Histologically confirmed metastatic ccRCC and progressed on/after a front-line treatment regimen Patients previously treated with cabozantinib are excluded P1B Population • 100% of the enrolled patients had prior immunotherapies; -60% had VEGF TKIS Over 70% were in intermediate/poor IMDC categories -40% had more than 1 prior line of therapy Phase 1b AVB-S6-500 Q2W (15 mg/kg N=16) (20 mg/kg N=10) + Cabozantinib 60 mg OD IMDC = International Metastatic RCC Database Consortium (Risk), TKI = tyrosine kinase inhibitor Part A Part B Part C Phase 2 At least 1 prior line of therapy (N=25) AVB-S6-500 15 mg/kg Q2W + Cabozantinib 60 mg QD First line (N=20) AVB-S6-500 15 mg/kg Q2W + Cabozantinib 40 mg QD + Nivolumab (Investigator's Choice): 240 mg Q2W or 480 mg Q4W AVB-S6-500 15 mg/kg Monotherapy in Patients without Curative Intent (N=10) Cabozantinib dosing as indicated on the package insert N#23P1b ccRCC Study: Safety Profile Consistent with the Established Safety Profile for Cabozantinib Safety Batiraxcept-Related Deaths Grade 3 Adverse Events (AES), related to Batiraxcept (No Grade 4 or 5 AEs related to Batiraxcept)¹ AEs Leading to Batiraxcept Treatment Discontinuation AES of Special Interest (Infusion Related Reaction) All P1b Patients (N= 26) 5 (19.2%) Events: HTN (x2), Thrombocytopenia, Embolism, SBO, diarrhea 3 (11.5%) Events: Decreased appetite, IRR, Fatigue, Diarrhea, Gl hemorrhage 3 7 (26.9%) 15 mg/kg P1b Patients (N=16) 3 (18.8%) Events: HTN (x2), Thrombocytopenia 1 (6.3%) ² Events: Decreased appetite, Diarrhea, Fatigue 4 (25%) 20 mg/kg P1b Patients (N=10) 2 (20%) Events: Diarrhoea, Embolism, SBO 2 (20%) Events: IRR, Fatigue, Diarrhea, GI hemorrhage 3 3 (30%) ¹ HTN, thrombocytopenia, small bowel obstruction (SBO), and diarrhea were transient and resolved while batiraxcept therapy continued. Patient's cabozantinib interrupted during embolism but batiraxcept dosing continued. All events have been reported with cabozantinib use. Patient discontinued batiraxcept due to grade 2 diarrhea combined with the lack of care giver support. 3 GI hemorrhage was deemed not related to batiraxcept and possibly related to cabozantinib and led to death. Data cutoff August 8, 2022 23#24P1b ccRCC: Clinical Activity of Batiraxcept + Cabozantinib All P1b Patients (N=26) P1b 15 mg/kg (n=16) Efficacy Evaluable Best Response Confirmed Partial Response Confirmed Stable Disease Progressive Disease 2 9-month Progression-Free Survival 7-month Duration of Response 11 (42%) 11 (42%) 4 (15%) 65% 68% 8 (50%) 6 (38%) 2 (12%) 61% 67% P1b 20 mg/kg (n=10) 3 (30%) 5 (50%) 2 (20%) 79% 67% 1 Confirmed objective response rate for (60mg) cabozantinib from METEOR and CANTATA studies was 17% and 28%; Median PFS for (60mg) was 7.4 and 9.3 months; 9-month PFS 36% and 50% 2 No patient had PD at first scan: One patient had PR at first scan and then progressed; the other 2 patients were SD at first scan and then progressed Data cutoff August 8, 2022 24#25P1b ccRCC: Pretreatment Serum SAXL/GAS6 is a Potential Biomarker with 100% Negative Predictability PR for Patients with low SAXL/GAS6 Confirmed PR for Patients with high SAXL/GAS6 9-month Progression-Free Survival in Biomarker High subgroup All P1b Patients (n=25) 1 0/5 (0%) 11/20 (55%) 72% Best Response P1b 15 mg/kg (n=16) 0/4 (0%) 8/12 (67%) 2 73% P1b 20 mg/kg (n=9) 1 0/1 (0%) 3/8 (38%) 73% Exact biomarker threshold to be determined once all data analyzed 1 One 20 mg/kg patient in Ph 1b does not have ratio value 2 One additional biomarker high patient had an initial PR but then PD on the subsequent scan so is captured as PD Note: Confirmed objective response rate for (60mg) cabozantinib from METEOR and CANTATA studies was 17% and 28%; Median PFS for (60mg) was 7.4 and 9.3 months; 9-month PFS 36% and 50% Data cutoff August 8, 2022#26Batiraxcept Phase 3 Registrational Trial Design in ccRCC FDA Recommendation: Integrated P2/3 study with interim analyses to look at futility in the biomarker low population and ORR for potential accelerated approval with PFS endpoint for full approval. Full protocol and statistical plan in preparation for submission to FDA. Provides opportunity for accelerated approval and full approval in one study Final PFS analysis conducted in the ITT and the biomarker high population to increase chance for success. Endpoint Assessment: PFS per RECIST V1.1; radiological imaging every 8 weeks N - 360 Key Eligibility Criteria Histologically confirmed metastatic ccRCC Progressed on/after a front-line treatment regimen • Patients who previously were treated with cabozantinib are excluded | ■ ■ ECOG 0-1 Stratifications: IMDC category Prior therapy (10/10 vs 10/TKI) Prior lines of therapy Biomarker Batiraxcept + Cabozantinib 1:1 Randomization Dosing: Batiraxcept 15 mg/kg q 2 weeks + cabozantinib 60mg every day, dosed per package insert Cabozantinib Interim Analyses 6mos after -160 Patients Enrolled Futility ORR in biomarker high population for Accelerated Approval i 1 Endpoints ¹ PFS in the biomarker high population (if low biomarker patients not discontinued for futility) • PFS in the ITT population • OS secondary endpoint • Initiation planned mid'23 BLA= biologics license application, ECOG = Eastern Cooperative Oncology Group (ECOG) Performance Status, IMDC = International Metastatic RCC Database onsortium (Risk), 10 = Immuno-oncology, ITT inte to treat (population), ORR = Overall response rate, PFS-progression-free survival, TKI = tyrosine kinase inhibitor ¹PFS will be assessed by blinded independent central review (BICR) 26#27Market Research Suggests Batiraxcept Would Fill an Unmet Need and Be Adopted into the Current ccRCC Treatment Paradigm Improved 2L Efficacy over Cabozantinib Targeted Therapy and Novel MOA 2L Unmet Need Improved efficacy over cabozantinib was seen as practice- changing and may lead to less 1L cabo use in order to preserve for 2L Batiraxcept's biomarker-driven MOA was met with enthusiasm given current lack of targeted approaches in CCRCC Batiraxcept is expected to gain meaningful 2L use due to lack of established options within 2L The upside efficacy would be practice- changing in 2L...I would offer it to most of the biomarker positive population." - KOL "If this product actually achieves this upside efficacy, I would definitely wait to use cabo with this product in the 2L."- KOL Note: physicians' comments based on P1b data 27#28Batiraxcept: Pancreatic Adenocarcinoma#29Batiraxcept + Gemcitabine + nab-Paclitaxel Phase 1b/2 Trial Design in 1L Pancreatic Adenocarcinoma (NCT04983407) P1b Population: Patients (N-20) with advanced or metastatic pancreatic adenocarcinoma eligible to receive gemcitabine + nab- paclitaxel (Abraxane) as first-line treatment Phase 1b Batiraxcept 15 mg/kg on Days 1 & 15 plus Nab-Paclitaxel: 125 mg/m² on Days 1, 8, & 15 and Gemcitabine: 1000 mg/m² on Days 1, 8, & 15 (n=20*) 1:1 Initiation of P2 will be based on clinical activity in Ph1b Phase 2 Arm A: Batiraxcept plus Nab-Paclitaxel and Gemcitabine (n=30) Arm B: Nab-Paclitaxel and Gemcitabine (n=30) 29#30Safety Profile Consistent with the Established Safety Profile for Gemcitabine + nab Paclitaxel or Underlying Disease In P1b PDAC Study Safety Batiraxcept-Related Deaths Grade 3 Adverse Events (AEs), related to Batiraxcept (No Grade 4 or 5 AEs related to Batiraxcept)* AEs Leading to Batiraxcept Treatment Discontinuation AES of Special Interest (Infusion Related Reaction) All P1b Patients 15 mg/kg Batiraxcept + Gemcitabine+ nab- Paclitaxel (N = 21) 0 6 (29%) Events: Back pain, Dizziness, Fatigue, Muscular weakness, Neutropenia 2 (10%) Events: Fatigue, Sepsis 3 (14.3%) *2 patients experienced Grade 4 adverse events related to gemcitabine + nab-paclitaxel: sepsis and hypokalemia and not considered related to batiraxcept Data cutoff Aug 18, 2022#31Initial Anti-Tumor Activity from Phase 1b PDAC Trial: 15 mg/kg Batiraxcept + Gemcitabine+ nab-Paclitaxel Best Response Confirmed Partial Response Stable Disease Progressive Disease Not Evaluable Not Applicable (died before any post-baseline scans) All P1b Patients (N = 21) 6 (29%) 5 (24%) 5 (24%) 3 (14%) 2 (10%) ¹ Confirmed Response rate in P3 study of gemcitabine + nab-paclitaxel was 23% (N Engl J Med 369;18 October 31, 2013) Data cutoff August 8, 2022 31#32P1b PDAC: Exposure-Response Relationship Identified Higher Batiraxcept Doses May be Needed to Saturate the Target and Increase the Proportion of Patients whose Trough Levels are Above the MEC · Exposure-response analysis revealed minimum efficacious concentration (MEC) of batiraxcept of 14.5 mg/L (consistent with that of PROC and ccRCC) Patients with trough levels >MEC remain on study longer and have higher response rates than those with lower trough levels (see next slide) 50% patients achieved C1D15 trough levels >MEC at 15 mg/kg dose, suggests higher dosing needed Patient ID *203-001 214-001 *205-001 *213-008 *213-004 *213-003 *213-002 210-001 *202-005 202-004 213-009 206-001 202-003 *213-007 202-001 *214-002 206-002 204-001 202-002 213-001 213-005 Ongoing treatment Progressive Disease 16 24 Weeks on Study Discontinued from treatment Not Evaluable 32 Partial Response A Death 40 Stable Disease * MEC High Data cutoff Sept 8, 2022 48 32 56#33P1b PDAC: Clinical Activity by MEC Status ORR higher and mPFS longer in Patients who Achieve MEC Efficacy Evaluable Best Response Partial Response Stable Disease Progressive Disease NE NA (no scans) Progression-Free Survival Censor (n), Events (n) mPFS (95% CI) Trough Levels >MEC (N=9) 1 5 (56%) 2 (22%) 0 1 (11%) 1 (11%) Trough Levels <MEC (N=9) 1 1 (11%) 2 (22%) 4 (44%) 2 (22%) 0 3,6 2,7 5.6 (2.1, NE) 2.7 (1.1, 5.4) ¹ Three patients have missing C1D15 trough samples and are not evaluable by MEC status. MEC = minimum efficacious [batiraxcept] concentration of 14.5 mg/L, NA=not applicable based on no post-baseline scan data; NE=not evaluable per RECIST V1.1 criteria due to death & insufficient scan data Data cutoff Sept 8, 2022#34Next Steps for PDAC To identify the RP2D: - Amend the current P1b study to test 6 patients at 20 mg/kg batiraxcept + gemcitabine + nab-paclitaxel to determine if: • a greater proportion of patients have batiraxcept trough levels above the minimum efficacious exposure; clinical activity is higher with this dose Depending on the pk and response data, may add another 6 patients at this dose or escalate to 25mg/kg Biomarker (SAXL/GAS6) will be assessed at the RP2D 34#35Market Research Suggests Batiraxcept Would Fill an Unmet Need and Be Adopted into the Current PDAC Treatment Paradigm Unmet Need for Chemo Alternatives Desire for Targeted Tx Addressing More Pts Improved Efficacy over SOC Lack of agents beyond gem + nab-pac and FOLFIRINOX and limited anticipated competition in PDAC bolsters expected brand share PDAC has limited actionable biomarkers that total <5% of eligible patients, fostering a desire for options that address a greater proportion of patients Physicians were highly enthusiastic about the improved efficacy over-3 months (e.g., OS, PFS), especially in the upside case "If the biomarker high population were really 70%, I would serum test and give [the upside] to all my positive patients.' - KOL "Efficacy in the base case is similar to FOLFIRINOX, I like that it is more tolerable for patients." - Healthcare Provider "If I had good results with Product X in my ECOG 0-1 patients, then I would consider utilizing in certain ECOG 2 patients too." - Healthcare Provider Note: physicians' comments based on P1b data 35#36Upcoming Key Milestones Initiate 20mg/kg cohort of PDAC Study Safety and Preliminary Activity from P2 ccRCC Trial Complete Enrollment of P3 PROC 2H 2022 P3 PROC Top Line Results Additional P2 ccRCC Trial Data Initiation of P3 ccRCC mid 2023 Submit BLA for PROC, if trial successful Updated PDAC Data 2H 2023 Potential Approval of PROC BLA Updated PDAC and ccRCC Data 1H 2024 *Depends on mature data from P1b PDAC study 36#37Financial Summary $46.8 Million* Cash and Cash Equivalents *Data as of 6/30/2022 30.5 Million* Shares Outstanding No Debt Cash Runway Expected to Fund Base Operating Plan into Q1 2023#38Dedicated to Developing Innovative Treatments for Life-Threatening Diseases to Increase Patient Survival Batiraxcept development program focused on difficult-to-treat cancers with high unmet medical needs Proprietary, differentiated first-in-class therapeutic targeting and inhibiting GAS6/AXL signaling; GAS6/AXL is associated with tumor growth, metastasis, drug resistance, and poor survival rates Batiraxcept has potential in multiple indications and multiple therapeutic combinations Ongoing Phase 3 trial to treat patients with platinum resistant ovarian cancer; top line data expected mid 2023 and BLA could be submitted end of 2023 Ongoing Phase 1b/2 trial to treat patients with clear cell renal cell carcinoma; registrational study using biomarker for potential accelerated approval agreed with FDA Ongoing Phase 1b trial as first-line therapy for pancreatic cancer 38#39aravive Developing Transformative Targeted Cancer Therapeutics Corporate Presentation September 2022 NASDAQ ARAV