Aerpio Pharmaceuticals : Aadi Bioscience Corporate Overview

Corporate Overview

August 2021

NASDAQ: AADI

www.aadibio.com

Aadi Bioscience Inc., Pacific Palisades, CA 90272, USA1

Cautionary Note Regarding Forward-Looking Statements

• Certain statements contained in this presentation regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Act of 1995, known as the PSLRA. These include statements regarding management's intention, plans, beliefs, expectations or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Aadi Bioscience, Inc. ("Aadi") undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as "anticipates," "believes," "plans," "expects," "projects," "intends," "may," "will," "should," "could," "estimates," "predicts," "potential," "continue," "guidance," and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA.
• Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, risks related to the sufficiency Aadi's cash balance to fund operations; Aadi's plans to develop and potentially commercialize its product candidates, including FYARRO™ (nab-sirolimus, ABI- 009); the timing of initiation of Aadi's planned clinical trials; the timing of the availability of data from Aadi's clinical trials; the timing of regulatory review of Aadi's new drug application for FYARRO; Aadi's plans to research, develop and commercialize its current and future product candidates; Aadi's ability to successfully enter into collaborations, and to fulfill its obligations under any such collaboration agreements; the clinical utility, potential benefits and market acceptance of FYARRO and any other of Aadi's product candidates; Aadi's commercialization, marketing and manufacturing capabilities and strategy; Aadi's ability to identify additional products or product candidates with significant commercial potential; developments and projections relating to Aadi's competitors and our its industry; the impact of government laws and regulations; Aadi's ability to protect its intellectual property position; the impact of the COVID-19 outbreak on Aadi's operations, the biotechnology industry and the economy generally and Aadi's estimates regarding future revenue, expenses, capital requirements and need for additional financing.
• These risks are described in detail under the caption "Risk Factors" in the definitive proxy statement filed with the Securities and Exchange Commission (the "SEC") on July 8, 2021 in connection with the Aerpio reverse merger with Aadi. Additional risks and uncertainties are identified and discussed in the "Risk Factors" section of Aerpio's Quarterly Report on Form 10-Q, filed with the SEC on August 11, 2021, and otherdocuments filed from time to time with the SEC, including Aadi's Quarterly Report on Form 10-Q to be filed with the SEC for the quarter-ended September 30, 2021. Forward-looking statements included in this presentation are based on information available to Aadi as of the date of this presentation. Aadi undertakes any obligation to such forward-looking statements to reflect events or circumstances after the date of this presentation.

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AADI BIOSCIENCE, INC: INTRODUCTION

Aadi-Aerpio Merger Closed on August 26, 2021

• Aadi Bioscience, Inc. trading on Nasdaq under "AADI" following merger with Aerpio Pharmaceuticals, Inc.
• The company will focus on advancing Aadi's lead product candidate, FYARRO™ (nab-sirolimus,ABI-009)
• Concurrent PIPE financing of $155 million led by Acuta and KVP and including Avoro, Venrock, BVF, Vivo, Alta, Rock Springs, RTW, Acorn, and Serrado
• Cash balance post-closing of approximately $170 million with projected runway into 2024
• Total shares outstanding: 20.8 million

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Aadi Board of Directors

CEO	Board of Directors

Neil Desai, PhD	Behzad Aghazadeh, PhD	Caley Castelein, MD
Founder, CEO and President		Chairman

Anupam Dalal, MD

Karin Hehenberger, MD, PhD

Richard Maroun

• Former Sr VP, Global	• Managing Partner &	• Managing Director, KVP
R&D at Abraxis	Portfolio Manager,	Capital and Kearny
Bioscience	Avoro Capital	Venture Partners
• Former Vice President,	• 25+ years biopharma	• 20+ years of healthcare
Strategic Platforms,	industry experience	experience as a principal
Celgene	• Former Executive	investor
• Inventor of the nab	• Board Member at
Chairman of
technology (ABRAXANE	Immunomedics (acquired	ViewRay, Inc. (VRAY),
and ABI-009)	by Gilead in 2020)	Newbridge
• Led development of	• Extensive scientific	Pharmaceuticals, and
Aerpio Pharmaceuticals
ABRAXANE	research and
• 25+ years in R&D	management consulting
experience

• Chief Investment Officer & Portfolio Manager, Acuta Capital
• 18+ years of healthcare experience as a principal investor
• Former Managing Director at Kearny Venture Partners and Principal at Flagship Pioneering
• Board Member at Aerpio Pharmaceuticals

• Founder & CEO, Lyfebulb
• 20+ years experience in the life sciences sector
• Former executive at Eyetech Pharmaceuticals & Coronado BioSciences
• Previously held strategic management roles at Johnson & Johnson, JDRF, and McKinsey and multibillion dollar investment funds

• Partner, General Counsel, Frazier Healthcare Partners
• 20+ years biopharma industry experience
• Former SVP and General Counsel, Aptalis Pharmaceuticals
• Previously held senior executive roles at APP Pharmaceuticals, Abraxis Bioscience, and American Bioscience Inc.

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Aadi Bioscience is a late-stage, precision oncology company re-engineering mTOR inhibition

FYARRO™ (nab-sirolimus,ABI-009) is a nanoparticle albumin-bound form of sirolimus

• Similar technology platform to ABRAXANE® (paclitaxel protein-bound particles for injectable suspension) (Bristol Myers Squibb Corporation)
• Albumin-basedtechnology results in higher intratumoral concentrations, increased target suppression, and improved tumor growth inhibition and survival in animal models compared to other mTOR inhibitors

Lead indication PEComa, a rare tumor with high frequency of TSC1 and TSC2 alterations

• Endpoints met in registrational trial in patients with PEComa
• Breakthrough therapy designation granted
• NDA accepted for filing with Priority Review and November 26, 2021 PDUFA target action date
• Commercial preparations underway to support U.S. launch

Tumor-agnostic opportunity in TSC1 and TSC2 alterations

• Strong mechanistic rationale; potential for validation with PEComa approval
• Preliminary EAP data presented at ASCO 2021 supportive of tumor-agnostic strategy1

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EAP = Expanded Access Program

1) MA Dickson. ASCO. 2021. Abstract # 3111