Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.

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Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
September 2021

                     Rain Therapeutics
                             Corporate Over view
1   RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
This presentation contains “forward-looking statements” within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties and are based on
    estimates and assumptions. Other than statements of historical facts, all statements included in this presentation are forward-looking statements, including statements concerning the ability of our
    clinical trials to demonstrate safety and efficacy of our product candidates and other positive results, the timing and focus of our ongoing and future preclinical studies and clinical trials and the
    reporting of data from those studies and trials, our plans relating to commercializing our product candidates, if approved, including the geographic areas of focus and sales strategy, the size of the
    market opportunity for our product candidates, including our estimates of the number of patients who suffer from the diseases we are targeting, our expectations regarding the approval and use of
    our product candidates as first, second or subsequent lines of therapy or in combination with other drugs, the success of competing therapies that are or may become available, our estimates of the
    number of patients that we will enroll in our clinical trials, the beneficial characteristics, safety, efficacy and therapeutic effects of our product candidates, the timing or likelihood of regulatory filings
    and approvals, including our expectation to seek an accelerated approval pathway and special designations, such as orphan drug designation, for our product candidates for various diseases, our
    ability to obtain and maintain regulatory approval of our product candidates, and our plans relating to the further development of our product candidates, including additional indications we may
    pursue. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,”
    “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements involve known and unknown risks,
    uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this presentation including our limited operating
    history, the significant losses that we have incurred since inception, the substantial additional capital that we will require to finance our operations in the future, our ability to identify and acquire or in-
    license products, our dependence on our lead candidates, our ability to enroll patients in our clinical trials and those risks described in “Risk Factors” and “Management's Discussion and Analysis of
    Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the period ended June 30, 2021, filed with the Securities and Exchange Commission (SEC).

    We cannot assure you that we will realize the results, benefits or developments that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or
    our business in the way expected. Forward-looking statements are not historical facts, and reflect our current views with respect to future events. Given the significant uncertainties, you should
    evaluate all forward-looking statements made in this presentation in the context of these risks and uncertainties and not place undue reliance on these forward-looking statements as predictions of
    future events. All forward-looking statements in this presentation apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this presentation.
    We disclaim any intent to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

    We obtained the industry, market and competitive position data used throughout this presentation from our own internal estimates and research, as well as from industry and general publications,
    and research, surveys and studies conducted by third parties. Internal estimates are derived from publicly available information released by industry analysts and third-party sources, our internal
    research and our industry experience, and are based on assumptions made by us based on such data and our knowledge of the industry and market, which we believe to be reasonable. In addition,
    while we believe the industry, market and competitive position data included in this presentation is reliable and based on reasonable assumptions, we have not independently verified any third-party
    information, and all such data involve risks and uncertainties and are subject to change based on various factors. These and other factors could cause results to differ materially from those expressed
    in the estimates made by the independent parties and by us.

    This presentation concerns commercial products as well as discussion of investigational drugs that are under preclinical and/or clinical investigation and which have not yet been approved for
    marketing by the U.S. Food and Drug Administration (FDA). They are currently limited by Federal law to investigational use, and no representations are made as to their safety or effectiveness for the
    purposes for which they are being investigated.

2                                                                                 RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Rain Therapeutics: Overview
    Rain's lead program, milademetan (RAIN-32), an oral MDM2 inhibitor, commenced a Phase 3 trial in 2H 2021

    PR E C I S I O N O N C O LO GY             M D M 2 I N H I B I TO R                          CASH
             S T R AT E G Y                (milademetan / R AIN-32)                            R U N W AY

                                           • Phase 3 MANTRA trial commenced        • Year-end 2021 cash guidance of
• Precision oncology, small molecule                                                 $137 – 147mm
  strategy                                   to evaluate milademetan in patients
                                             with DD LPS
                                                                                   • Cash runway supports a multi-year
• Pipeline programs unified in targeting                                             runway to support:
  genetically-defined patient              • “Pipeline in a Program”
                                                                                       ▪   Phase 3 LPS registrational study
  populations                                                                          ▪   Phase 2 MDM2-amp basket trial
                                                                                       ▪   Phase 2 Intimal Sarcoma trial

3                                             RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Rain’s Corporate Leadership

     Avanish Vellanki,   Robert Doebele,         Richard Bryce,            Kolbot By,        Vijaya Tirunagaru,   Nelson Cabatuan,
       MBS, MBA             MD, PhD                 MBChB                    PhD                    PhD                 CPA

        Cofounder,          Cofounder,          Executive VP &             Senior VP,           Senior VP,          Senior VP,
    Chairman and Chief   President & Chief    Chief Medical Officer   Technical Operations   Head of Research       Finance &
     Executive Officer   Scientific Officer                                                                        Administration

4                                                  RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Program Development Status
    Rain commenced a Phase 3 study in WD/DD LPS and has more studies anticipated to start shortly, with clinical news flow
    beginning in 2H 2022

                                                                                                                                                            COMMERCIAL                PLANNED
           PROGRAM                    INDICATION                     PRECLINICAL                PHASE 1              PHASE 2             PHASE 3              RIGHTS                    DATA

                                 WD/DD Liposarcoma                                                                                   Enrolling                                          2023

         Milademetan1             MDM2 Basket Study                                                                          Planned: 2H 2021                                         2H 2022
         MDM2 Inhibitor

                                      Intimal Sarcoma                                                                        Planned: By early 2022                                   Late-2022
                                                                    IST: NCC (Tokyo, Japan)

            RAD52
           Research                   HRD+ Tumors                                                                                                                                     Lead ID in
           Program                                                                                                                                                                      2022

           1Also   known as RAIN-32                                                                                                               Rain anticipated clinical studies

           See “Forward Looking Statements” in our SEC Filings for risks relating to timeline projections and other forward-looking statements.

5                                                                         RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Milademetan
(Mila / RAIN-32)

                   RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Milademetan (RAIN-32): Overview
    Clinical stage, oral, small molecule MDM2 inhibitor

                         KEY RAIN PERSPECTIVES

           Supportive Prior Clinical Data in Liposarcoma

           Dosing Schedule Possibly Minimizing Toxicities

           Potential to Translate to all MDM2 Dysregulated Cancers

7                                             RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Milademetan: Clinical Trial Strategy
    The clinical development plan is aimed at translating the unique potential therapeutic window of milademetan
    into various MDM2-dependent indications in monotherapy settings

                                      P L A N N E D C L I N I C A L I N D I C AT I O N S

        Well-Diff /      MDM2-Gene                Intimal            Merkel Cell            GATA3-       Mesothelioma
         De-Diff          Amplified              Sarcoma             Carcinoma             Mutant ER+
      Liposarcoma        Pan-Tumor                                                           Breast
         (LPS)             Basket                                                           Cancer

        Phase 3            Phase 2               Phase 2
                            2H 2021              Early 2022
                                                                       Evaluating           Evaluating    Evaluating

8                                               RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Milademetan Strategy: p53 WT Cancers
    The milademetan strategy commences in MDM2-dependent tumors and may
    progress to other p53 wildtype tumors in combination with other agents

    p53 WT Cancer Opportunity                                                                           MDM2-Dependent Cancers                          • Rain’s “1-2 Punch”
                                                               MDM2 Dependent,                           Cancer                            US Annual         1. MDM2-dependent
                                                                                                                                            Incidence           tumors
                                                               p53 WT2
                                                                                                                                                             2. Other wildtype p53
                                                                                Possibly MDM2            MDM2 Dependent Cancers                                 tumors
                                             4%
                                                          8%                    Dependent, p53 WT3
                                                                                                                 WD / DD Liposarcoma           2,000    • At present, Rain
                                                                                                                 MDM2-amp (CN≥12)4             5,000
                                                                                                                                                          believes ~4% of p53
                                                                                                                                                          WT cancers exhibit
                                                                                        Other p53 WT             Intimal Sarcoma                 100      dependency on MDM2
                           p53 WT Annual                                88%
                          Advanced Cancer                                                                                                                    - There may be more,
                                                                                                                 Merkel cell carcinoma         1,600           however, as Rain
                           Population (US):
                                                                                                                                                               continues to unravel
                                                                                                                 mGATA3 ER+ breast            11,000
                            ~460,0001                                                                                                                          add’l MDM2
                                                                                                         Possibly MDM2 Dependent Cancers
                                                                                                                                                               dependencies
                                                                                                                                                        • In p53 WT tumors
                                                                                                                 CDKN2A-del cancers           37,000
                                                                                                                                                          without dependency on
                                                                                                         Total                                56,700      MDM2, combination
                                                                                                                                                          therapy likely the
    1.
    2.
         Globocan 2020 Report, Rain estimates based on adv cancer annual treatable patients
         Based on Rain estimates of WD/DD LPS, MDM2-amp solid tumors, intimal sarcoma,
                                                                                                                                                          preferred avenue
         Merkel cell carcinoma and mGATA3 ER+ BC
    3.   Based on Rain estimates of CDKN2A-deleted solid tumors
9   4.   Rain estimates a range of ~3-7.5k; using approximate mid-point
                                                                                              RAIN THERAPEUTICS INC.
Rain Therapeutics Corporate Overview - September 2021 - Investor Relations | Rain Therapeutics Inc.
Potential Mechanism: MDM2 – p53 Axis
                          Mechanisms of p53 loss                                    RAIN-32 Mediated p53 Reactivation
                                  Tumor                                                                    Cell cycle arrest
                                                                                                                  Apoptosis

           MDM2 binds
                                                                                             Milademetan
               to p53

                                                      Degraded p53
               MDM2                                                                    Milademetan
                                                                                       blocked
                                                                 P53                   MDM2                          MIC1
                                                                 transcription
                                                                 targets
                                  p53      Mutant                                                p53
                                             p53
                        p14 ARF
                                                    3 Mutated                                TP53 gene     p53
                              2       CDKN2A          p53 gene                                             transcription
                                      gene loss

                                                                                       MDM2 gene amp
                    1
                      MDM2 gene amp
          Source: Rain Therapeutics

10                                                                RAIN THERAPEUTICS INC.
Evolutionary Convergence
     Different alterations/pathways to generate the same final outcome

                                     GENOTYPE                                PHENOTYPE

                        TP53 mutation
                        (loss of transcriptional activity)

                        MDM2 overexpression
                         - MDM2 amplification                                Loss of p53
        -32

                         - ST antigen induced MDM2 expression                 function
                         - JAK2-mediated MDM2 expression

                        CDKN2A loss
                        (loss of p14ARF, negative
                        regulator of MDM2)

11                                                  RAIN THERAPEUTICS INC.
Liposarcoma Overview
          TUMOR SCAN                                                                         BIOLOGY & SUB-TYPES
                                                                                         •        Liposarcomas are among the most common sarcomas in adults
                                                                                                  (20% of all sarcomas)1
                                                                                                       - Liposarcoma US annual incidence: ~3,0002

                                                                                         •        WD/DD LPS is 65% of LPS
                                                                                                       - p53 WT & MDM2 amplified in nearly 100% of WDLS/DDLS cases3-6
                         DDLS
                                                                                             APPROVED THERAPIES IN LPS
                                                                                                                                                                             Efficacy in
                                                   WDLS                                                  Drug                          Company   Approved   Mechanism       WD/DD LPS
                                                                                                                                                                              (mPFS)
                                                                                                                                                            DNA binding /
                                                                                                                                                  2015        alkylator
                                                                                                                                                                              2.2 mo7

                                                                                                                                                            Microtubule
                                                                                                                                                  2016       targeting
                                                                                                                                                                              2.0 mo8

     1 TM Mack. Cancer, 1995 Jan 1;75(1 Suppl):211-44.                                   7   Demetri et al., J Clin Oncol 34:786-793, 2015
     2 Manji and Schwartz, J Oncol Pract, 2016                                           8   Demetri et al., J Clin Oncol 35:3433-3439. 2017
     3 Pedeutour et al., Genes Chromosomes Cancer 24:30–41, 1999.
     4 Italiano et al., Int. J. Cancer: 122, 2233–2241 (2008)
     5 Kashima et al., Modern Pathology volume 25, pages 1384–1396(2012)
     6 The Cancer Genome Atlas Research Network, Cell 171, 950–965, November   2, 2017
12                                                                                                      RAIN THERAPEUTICS INC.
Phase 1 Trial Results: Safety

       S E L E C T T R E AT M E N T E M E R G E N T A D V E R S E E V E N T S
                                            Schedule A, B, and C
                                                                                             Schedule D                        Schedule D
       Organ Class n (%)                         Cohorts
                                                                                         All doses (n=29)1                    260mg (n=20)
                                                  (n=78)                                                                                          Dosing Schedule for 4
                                          All Grades           Grade ≥ 3            All Grades               Grade ≥ 3   All Grades   Grade ≥ 3   Cohorts
     All drug-related TEAEs                 74 (95)              43 (55)              25 (86)                 5 (17)      18 (90)       4 (20)    • Schd. A: QD 21/28
     Blood and lymphatic                                                                                                                          • Schd. B: QD 28/28
     disorders
            Thrombocytopenia                52 (67)              27 (35)              13 (45)                 4 (14)       9 (45)       3 (15)    • Schd. C: QD 7/28
            Anemia                          33 (42)              14 (18)               5 (17)                   0          4 (20)         0       • Schd. D: QD 3/14 x 2
            Neutropenia                     10 (13)               8 (10)                1 (3)                  1 (3)       1 (5)        1 (5)
     Gastrointestinal disorders
            Nausea                          57 (73)                2 (3)              20 (69)                   0         16 (80)         0
            Vomiting                        22 (28)                2 (3)              13 (45)                  1 (3)      10 (50)       1 (5)
            Diarrhea                        26 (33)                  0                 9 (31)                   0          5 (25)         0
     General disorders
            Fatigue                         36 (46)                3 (4)              12 (41)                   0          8 (40)         0

      Source: Gounder et al., 2020 EORTC-NCI-AACR (ENA) Conference. Interim data as of a July 2020 cutoff.

13                                                                                 RAIN THERAPEUTICS INC.
Phase 1 Trial Results: PFS
         P RO G R E S S I O N - F R E E S U RV I VA L : S C H E D U L E D ( Q D 3 / 1 4 x 2 )
                                          100
                                                                                                         SCHEDULE D                    ≤ 260 mg             260 mg      All Schd D
                                                                      260 mg
                                          90                                                             (3/14 x 2)                     (n=17)              (n=16)        (n=18)
                                                                      All QD 3/14 dosing
                                          80                          ≤260 mg
                                                                                                         Median PFS, mo                    8.0                7.4           7.4
                                                                                                         (95% CI)                      (1.8, 28.9)        (1.8, 14.6)   (2.7, 28.9)
          Progression-Free Survival (%)

                                          70

                                          60

                                          50

                                          40

                                          30

                                          20

                                                    Trabectedin           Schd D (260mg)
                                          10
                                                                         Schd D (≤ 260mg)
                                           0

                                                0          3      6        9               12   15         18             21           24            27            30     33          36
                                                                                                     Time (months)

          Source: Gounder et al., 2020 EORTC-NCI-AACR (ENA) Conference. Interim data as of a July 2020 data cutoff.
          The above table is for illustrative purposes only and is not a head-to-head comparison. Differences exist between trial designs and methodologies, and
          caution should be exercised when comparing data across studies. The trabectedin data is from published data from third-party Phase 3 clinical trial.

14                                                                                   RAIN THERAPEUTICS INC.
Phase 1 Trial Results: Duration
                                L P S PAT I E N T T R E AT M E N T D U R AT I O N ( S c h e d u l e D O n l y )

                                                                                                                                                                                              • Vast majority of
                                                                                                                                                                                                Schedule D LPS
                                                                                                                                                                                                patients exhibited
                                                                                                                                                                                                treatment durations in
     Schedule D (QD 3/14 x 2)

                                                                                                                                                                                                excess of trabectedin
                                                                                                                                                                                              • Three (3) patients
                                                                                                                                                        340 mg                                  continued on therapy
                                                                                                                                                                                                on Schedule D as of
                                                                                                                                                        260 mg
                                                                                                                                                                                                July 2020
                                                                                                                                                        120 mg
                                                                                                                                                         Patient continuing therapy           • Patient with longest
                                                                                Milademetan U101 PFS                                                                                            duration on therapy
                                                                                mPFS – 7.4 mo                                                                                                   across all dose
                                                                                Trabectedin Pivotal Trial                                                                                       schedules exceeded
                                                                                mPFS – 2.2 mo                                                                                                   3 years as of July
                                                                                                                                                                                                2020

                                 0                  5                  10                  15                  20     Months        25           30                35                    40
                                Source: Gounder et al., 2020 EORTC-NCI-AACR (ENA) Conference. Interim data as of a cutoff of July 2020.
                                The above table is for illustrative purposes only and is not a head-to-head comparison. Differences exist between trial designs and methodologies, and
                                caution should be exercised when comparing data across studies. The trabectedin data is from published data from third-party Phase 3 clinical trial.
15                                                                                                           RAIN THERAPEUTICS INC.
Comparative Hematologic Safety: Milademetan vs. Other MDM2 Programs
     Treatment Related AEs, ≥ Gr 3
     Thrombocytopenia                                                                Neutropenia                                                                      Anemia
     60%                                                                            60%                                                                                 60%

                                                                50%                                                                  50%
     50%                                           47%                              50%                                                                                 50%

                                      42%
     40%                                                                            40%                                                                                 40%                                                           37.5%

     30%                                                                            30%                                                                                 30%
                          24%                                                                                              25%
                                                                                                            23%

     20%                                                                            20%                                                                                 20%
              15%                                                                                                                                                                                                       15%
                                                                                                                                                                                                           12%
     10%                                                                            10%                                                                                 10%                     8%
                                                                                                5%

                                                                                                                                                 NA                                0%
      0%                                                                              0%                                                                                 0%
                     1           2            3             4          5
            RAIN-32 HDM201 KRT-232 Idasanutlin APG-115                                       RAIN-32     HDM201 KRT-232 APG-115 Idasanutlin                                      RAIN-32 KRT-232 HDM201 Idasanutlin APG-115
       1.   Gounder et al., ENA 2020; Dose/Schedule: 260mg QD 3/14 x 2; Tumor Type: Solid Tumors                      4.    Siu et al., ASCO 2014; Dose/Schedule: QD 100-800mg, BID 600mg 5/28; Tumor Type: Solid Tumors
       2.   Hyman et al., AACR 2017; Dose/Schedule: 15-200 mg, QD and intermittent; Tumor Type: Solid Tumors          5.    Zhang et al., ASCO 2020; Dose/Schedule: QOD 150mg 21/28; Tumor Type: Solid Tumors
       3.   Wong et al., ASCO 2020; Dose/Schedule: 240 mg (QD 7/21, 5/28), 180 mg (5/28); Tumor Type: Merkel
            Cell
            The above tables are for illustrative purposes only and are not head-to-head comparison. Differences exist between trial designs and methodologies, and caution should be exercised when comparing data across studies.
16                                                                                           RAIN THERAPEUTICS INC.
Comparative Efficacy in WD/DD Liposarcoma
     The Phase 1 study (n=107) derived an optimized dose schedule with improved safety
     and efficacy in WD/DD LPS patients (n=53) vs. SOC and other MDM2 programs
     mPFS of Approved Regimens and Developmental MDM2i’s in WD/DD LPS
                                                                                                                                                                                                • In n=53 patients, the
                                                                                                                                                                                                  schedules with lowest
                                                         1
                                              Eribulin       N=31                   2.0                                                                                                           observed mPFS was 6.3
        SOC

                                                                                                                                                                                                  mo (Schd A-B)
                                                         2
                                        Trabectedin          N=45                       2.2                                                                                                          - ~3x that of the
                                                                                                                                                                                                       standard of care,
                                            KRT-232
                                                         3
                                                             N=17                   2.0                              3.9         Duration of Stable Disease (mo)
                                                                                                                                                                                                       trabectedin
                                                                                                                                                                                                • Patients dosed under the
                                           HDM201 4
        MDM2 Inhibitors

                                           HDM201
                                          + ribociclib
                                                             N=74                               2.7                        4.2                                                                    preferred dosing
                                                                                                                                                                                                  schedule (260mg, 3/14 x
                                   Mila (Schd A-B) 5         N=30                                                                                         6.3                                     2) achieved an mPFS of
                                                                                                                                                                                                  7.4 mo
                                  Mila (Schd C-D) 5          N=23                                                                                                           7.4

                           Mila (Schd D, 260mg) 5            N=16                                                                                                           7.4       RP2D

                                                         -              1.0             2.0             3.0             4.0             5.0              6.0             7.0             8.0
      1. Demetri et al., J Clin Oncol 35:3433-3439. 2017
      2. Demetri et al., J Clin Oncol 34: 786- 793, 2016                                                             mPFS (months)
      3. Gluck et al., Invest New Drugs 2020, 240mg 7/21d: Tumor Type WD/DD LPS. Efficacy bars represent range of duration of SD for DD (2.0 months) or WD (3.9 months)
      4. Razak et al.,AACR Annual Meeting 2018, multiple dose regimens (Poster) and combination with ribociclib
      5. Gounder et al., 2020 EORTC-NCI-AACR (ENA) Conference
     The above tables are for illustrative purposes only and are not head-to-head comparison. Differences exist between trial designs and methodologies, and caution should be exercised when
17   comparing data across studies.                                                                  RAIN THERAPEUTICS INC.
Beyond LPS: MDM2 Basket Trial Rationale
     Case Study1,2 in Small Cell Lung Cancer from U101 Phase 1 Study

       BASELINE                               PAT I E N T O U T C O M E S
                                                                                                         • Patient with 3 prior
                                                  Patient ID                         1005-1028
                                                                                                           Tx’s (cis/VP-16,
                                                  Dose                               340mg                 Ipi/Nivo, Temodar)
                                                                                                              - Best response on
                                                  Schedule                           D (3/14 x 2)               prior Tx was
                                                                                                                progressive
                                                  Efficacy                           PR (-54%)                  disease (PD)

                                                  Duration                           4 months            • Patient did not
                                                                                                           experience any Gr ≥3
                                                  Reason for                         Death (PE1)           hematologic toxicities
       C Y C L E 3 D AY 1
                                                  Discontinuation                    - Not progression

                                              MDM2 Amp                               36.6x
                                              p53 Status                             WT

                                              1   PE – Pulmonary Embolism
                                              2 Scans:   Gounder et al, 2018 CTOS conference

18                                          RAIN THERAPEUTICS INC.
MDM2 Basket Trial: Mutual exclusivity of MDM2 CN and TP53 mutations

     G E N I E / M S K I M PA C T F O R A L L C A N C E R S                                              MDM2 AMP CONFERS POOR PROGNOSIS
                                          Copy Number (CN) = 12

                                                                                                                                             Total    Number       Median OS
                                                                                                                                             cases   deceased       (Months)
                                                                                                                      100                              MDM2 CN
Patient Population: MDM2-amp

     3,000
                                   MDM2 CN ≥12 Incidence                                              MDM2 CN≥12 & WT TP53
                                   MDM2 CN ≥12 Adv incidence                                                                                                Adv Cancer           • MDM2 CN of 12
                                                                                                                                          Incidence
                                                                                                                                                             Incidence
     2,500
                                                                                                    Bladder Urothelial                      2,578               309
                                                                                                                                                                                   based on mutual
                                                                                                    Breast Inv                              1,579               569                exclusivity with TP53
                                                                                                    Lung Adeno                              1,550              1,224               mutations in TCGA
     2,000                                                                                          Melanoma                                 464                 60                and AACR-Genie
                                                                                                    Esophageal                               241                173
                                                                                                                                                                                   data
                                                                                                    Sarcoma (No DD LPS)                      236                 80
                                                                                                    Lung Sq                                  232                184              • Based on TCGA data
     1,500
                                                                                                    Testicular germ cell                     202                 61
                                                                                                    Stomach Ad                               190                118
                                                                                                                                                                                   analysis, patients with
                                                                                                    Cholangio                                147                147                MDM2 CN ≥ 12 range
     1,000                                                                                          Adrenocortical                            4                   4                between ~3,000 to
                                                                                                    Total                                   7,423              2,929               7,500
      500

        0
              Bladder       Breast Inv     Lung Adeno     Melanoma        Esophageal    Sarcoma (No       Lung Sq     Testicular germ Stomach Ad    Cholangio   Adrenocortical
             Urothelial                                                                   DD LPS)                           cell
% CN ≥12        3.4             0.8            1.6            0.4             1.3            1.6             0.4            2.2          0.8          2.8            1.3

             MDM2 CN frequency based on TCGA data from GDC data portal, downloaded on April 2020. https://portal.gdc.cancer.gov/
             Incidence based on Globocan 2020 data; Advanced cancer based on NCI-SEER

20                                                                                        RAIN THERAPEUTICS INC.
Summary: Planned Trials for Mila in MDM2 Gene Amp Populations

     TRIAL SCHEMAS                                                                                E N D P O I N T S & P O P U L AT I O N
                                                              1
                                                    N ≈ 160
                                                                          RAIN-32                 •   Primary / Secondary Endpoints: PFS, OS, ORR, DoR
         Phase 3

                                                     N ≈ 80          260 mg, qd, 3/14 x 2
                   MANTRA

                                        WD/DD                                                     •   Patients with unresectable / metastatic WD/DD LPS
                                                     Randomize
                                     Liposarcoma
                                                                         Trabectedin              •   Disease progression within 6 months on systemic tx
                                                     N ≈ 80
                                                                  1.5 mg/m2, IV over 24h, q3w

                                                                                                  •   Primary / Secondary Endpoints: ORR, PFS, OS,
         Phase 2
                   MANTRA-2

                                   BASKET:                                                            GMI, DoR
                               Pan Solid Tumors     N ≈ 65                 RAIN-32
                                     MDM2 CN≥12 &                     260 mg, qd, 3/14 x 2        •   Population: Patients with relapsed/ refractory,
                                       TP53 WT                                                        advanced or metastatic solid tumors

                                                                                                  •   Primary / Secondary Endpoints: ORR, PFS, OS,
           Phase 2

                                                                                                      GMI, DoR
                                       Intimal      N ≈ 30                 RAIN-32
                                      Sarcoma                         260 mg, qd, 3/14 x 2        •   Target Population: Patients with relapsed/ refractory,
                                                                                                      advanced or metastatic intimal sarcoma
                                                                                                         -   No line of therapy restriction; No biomarker selection
     1   Total patients randomized

21                                                                       RAIN THERAPEUTICS INC.
MDM2 Competitive Landscape
       SELECTED CLINICAL MDM2 INHIBITORS & ONGOING STUDIES
                                                                                                                               Indications
            Company                   Drug              Form.
                                                                      LPS         ST       SCLC      NSCLC        SGC        Merk       AML         MF         PV      Lymph                Other

                                  Milademetan            Oral          P3        P2                                                                                                          P2
                                                                               (Basket)                                                                                               Intimal Sarcoma
                                                                                                                                                                                         P1b STS (IST)
                                    KRT-232 /                                                                                                                                             P1 MM (IST)
                                                         Oral                                P2                               P2       P1b/2        P3         P2       P1b/2             P1 GB (IST)
                                    AMG-232                                                                                                                                             P1 AML (x2; IST)

                                   ALRN-6924               IV                     P1b                 P1b/2                                                                             P1 Ped (IST)
                                                                                 (IST)
                                   Siremadin
                                                         Oral                      P2                                                   P1b        P1/2                             P1 Uveal Melanoma
                                   (HDM201)                                      (IST)                                                                                                 P1 CRC (IST)

                                    APG-115              Oral                   P1b/2                            P1b/2                  P1b                                              P2 T-PLL
                                                                                (+Mel)                                                                                                 P1 AML/MDS

                                    BI 907828            Oral                   P1a/b
                                                                                 (x2)

                                    ASTX295              Oral                    P1/2

       Source: clinicaltrials.gov, as of Sept 2021
       AML – Acute Myeloid Leukemia; CRC –Colorectal carcinoma; GB – Glioblastoma; LPS – Liposarcoma; Lymph – Lymphoma; MDS – Myelodysplastic Syndromes; Mel – Melanoma; Merk – Merkel Cell
       Carcinoma; MF – Myelofibrosis; MM – Multiple Myeloma; MPNST – Malignant Peripheral Nerve Sheath Tumor; Ped – Pediatric Cancer; PLL – Prolymphocytic Leukemia; PV – Polycythemia Vera; SGC –
       Salivary Gland Carcinoma; SCLC – Small Cell Lung Cancer; ST – Solid Tumors; and STS – Soft Tissue Sarcoma

             Planned registrational trial

22                                                                             RAIN THERAPEUTICS INC.
RAD52
Research Program

                   RAIN THERAPEUTICS INC.
RAD52 Research Program: Overview
     Synthetic Lethal Strategy Targeting RAD52 in DNA Damage Response (DDR) Pathway

                       KEY RAIN PERSPECTIVES

           Few Strategies in DDR Space

           Synthetically Lethal in HRD+ Tumors

           No Clinical Competitors in RAD52

24                                         RAIN THERAPEUTICS INC.
RAD52 Strategy

                            DNA Double Strand Break Repair
                                                                                     • RAD52 pathway likely to
                                                                                       be critical in BRCA
                                                                                       deficient tumors upon
                                                                                       relapse to PARP
     RAD52 present in
                                                                                       therapy
     pathways unique from
     BRCA1/2 and PARP                                                                • No clinical competitors
                                                                                       in RAD52 space

        Toma et al., Cancers (Basel). 2019 Oct 14;11(10).
25                                                          RAIN THERAPEUTICS INC.
RAD52 Synthetic Lethality and Potency Observed in Preclinical Models
     Preliminary compounds, including RT-001, already exhibits selectivity in BRCA-deficient tumors vs. BRCA WT

         RAD52i SELECTIVITY FOR                                    MDA-MB-436, BRCA1(-/-)                                                         MDA-MB-436, BRCA1(+/+)
         BRCA1-DEFICIENCY
                             140      BRCA1+                                                      35           Control
                                                                                                               Talazoparib, 0.33 mg/ kg                                           35           Control

                                                                                                                                                   Tumor volume (fold increase)
                                      BRCA1-

                                                                   Tumor volume (fold increase)
                                                                                                               RT-001,5050mg/kg
                                                                                                               D-I03,    mg/kg                                                                 Talazoparib ++D-I03
                                                                                                                                                                                               Talazoparib   RT-001
                             120                                                                  30
                                                                                                               Talazoparib
                                                                                                               Talazoparib++D-I03
                                                                                                                            RT-001                                                30
        Clonal survival, %

                             100                                                                  25                                                                              25

                             80                                                                   20                                                                              20

                             60                                                                   15                                                                              15

                             40                                                                   10                                                                              10

                             20                                                                   5                                                                               5

                                                                                                                                                                                  0
                              0                                                                   0
                               0.0   2.5     5.0   7.5   10.0                                                                                                                          0   1      2        3          4   5
                                                                                                       0   1         2        3           4   5
                                           D-I03,
                                           RT-001,uM
                                                   mM                                                                                                                                               Weeks
                                                                                                                       Weeks

      Huang et al., Nucleic Acids Res. 2016 May 19;44(9):4189-99

26                                                                                         RAIN THERAPEUTICS INC.
Summary: Rain’s Event Calendar
     Rain anticipates a steady stream of clinical data beginning in 2H 2022

       O P E R AT I O N A L E X E C U T I O N
        Event                                                        Program       Timeline
        Complete FDA / EMA Meetings                                  Milademetan   1Q 2021
        Complete Rain IPO                                            Corporate     2Q 2021
        Enroll First Patient: Phase 3 LPS                            Milademetan   2H 2021
        Enroll First Patient: Phase 2 MDM2-amp Basket                Milademetan   2H 2021          On track
        Enroll First Patient: Phase 2 Intimal Sarcoma                Milademetan   By early-2022    On track

        Select Development Candidate                                 RAD52         2022             On track

       C L I N I C A L D ATA T I M E L I N E S
        Event                                                        Program       Timeline
        Interim Data: Phase 2 MDM2-amp Basket                        Milademetan   2H 2022         No Change

        Interim Data: Phase 2 Intimal Sarcoma                        Milademetan   Late-2022       No Change

        Complete Data: Phase 3 LPS                                   Milademetan   2023            No Change

27                                                  RAIN THERAPEUTICS INC.
Appendix

           RAIN THERAPEUTICS INC.
Rain’s Corporate Governance

                                                      Board of Directors
                       Avanish Vellanki, MBA           Franklin Berger, CFA         Peter Radovich, MBA
                       Chairman & CEO, Rain            FMB Research                 COO, Mirum
                       Therapeutics
                       Aaron Davis, MBA                Tran Nguyen, MBA
                       CEO, Boxer Capital              CFO & COO, Prothena

                       Gorjan Hrustanovic, PhD         Stefani Wolff
                       Managing Director, BVF LP       COO & EVP of
                                                       Product Development, Nurix

                                                   Scientific Advisory Board
                      Robert Doebele, MD, PhD          Lori Kunkel, MD              Simon Powell, MD, PhD
                      President & CSO, Rain            Fmr CMO, Loxo &              Memorial Sloan Kettering
                      Therapeutics                     Pharmacyclics

                      Trever Bivona, MD, PhD           Chris Kirk, PhD
                      Professor in Residence, UCSF     President & CSO, Kezar

29                                     RAIN THERAPEUTICS INC.
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