Aravive Investor Presentation Deck

P1b 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

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