FOTIVDA® (tivozanib) FDA Approval March 10, 2021

Passionately pursuing a better life for patients with cancer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Actual results or events could differ materially from the plans, intentions and Private Securities Litigation Reform Act of 1995 that involve substantial risks and expectations disclosed in the forward-looking statements AVEO makes due to a uncertainties. All statements, other than statements of historical facts, contained in this number of important factors, including substantial risks and uncertainties relating to: presentation are forward-looking statements. The words “anticipate,” “believe,” AVEO’s ability to successfully implement its strategic plans, including its ability to “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” successfully launch and commercialize FOTIVDA and to obtain and maintain market “will,” “would,” “could,” “should,” “continue,” “contemplate,” “seek,” “look forward,” and third party payor acceptance of FOTIVDA; AVEO’s ability to raise the substantial “advance,” “goal,” “strategy,” “promising,” “opportunity” or the negative of these terms additional funds required to successfully launch and commercialize FOTIVDA; AVEO’s or other similar expressions are intended to identify forward-looking statements, ability, and the ability of its licensees, to demonstrate to the satisfaction of applicable although not all forward-looking statements contain these identifying words. These regulatory agencies such as the FDA the safety, efficacy and clinically meaningful forward-looking statements include, among others, statements about: AVEO’s planned benefit of AVEO’s product candidates, and risks relating to the timing and costs of timing for making FOTIVDA (tivozanib) available to patients in the United States; the seeking and obtaining regulatory approvals; AVEO’s ability to enter into and maintain potential for FOTIVDA as a treatment option for patients with relapsed/refractory or its third party collaboration and license agreements, and its ability, and the ability of its advanced (RCC); the potential efficacy, safety and tolerability of strategic partners, to achieve development and commercialization objectives under FOTIVDA, both as a stand-alone drug candidate and in combination with these arrangements; AVEO’s and its collaborators’ ability to successfully enroll and immunotherapy; AVEO’s execution of its clinical and regulatory strategy for FOTIVDA; complete clinical trials; AVEO’s ability to maintain compliance with regulatory AVEO’s plans and strategies for current and future clinical trials of FOTIVIDA, requirements applicable to FOTIVDA and its product candidates; AVEO’s ability to and AV-380 and for commercialization of FOTIVDA in the United States; obtain and maintain adequate protection for intellectual property rights relating to the competitive landscape for, and the potential utility of, AVEO’s product candidates; FOTIVDA and its product candidates; unplanned capital requirements; uncertainties the potential commercial opportunity of FOTIVDA and AVEO’s other product related to AVEO’s ability to access future borrowing under the Hercules loan facility, candidates and AVEO’s estimates for its cash runway and the contingencies on which which turns on the achievement of milestones related to the approval and such runway is dependent. commercialization of FOTIVDA in the U.S.; adverse general economic and industry conditions; the potential adverse effects of the COVID-10 pandemic on AVEO’s business continuity, financial condition, results of operations, liquidity and ability to successfully and timely enroll, complete and read-out data from its clinical trials; competitive factors; and those risks discussed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” included in AVEO’s quarterly and annual reports on file with the SEC and in other filings that AVEO may make with the SEC in the future. All forward-looking statements contained in this presentation speak only as of the date of this presentation, and AVEO undertakes no obligation, and specifically disclaims any obligation, to update any of these statements, except as 2 required by law. Today’s Speakers

Michael Bailey Michael Needle, M.D. Mike Ferraresso Erick Lucera Chief Executive Officer Chief Medical Officer Chief Commercial Chief Financial Officer Officer

Opening/Closing FOTIVDA Label and Commercial Update Financial Summary Remarks Supporting Data

Q&A

3 FOTIVDA® (tivozanib)

NOW APPROVED

FOTIVDA (tivozanib) is an oral, vascular endothelial receptor (VEGFR) inhibitor indicated for the treatment of adult patients with relapsed or refractory (R/R) advanced renal cell carcinoma (RCC) following two or more prior systemic therapies.

FOTIVDA is the First Therapy Approved for Adults with R/R Advanced RCC Following Two or More Prior Systemic Therapies

TIVO-3 is the First Phase 3 Study in RCC that Included a Predefined Population of Patients Who Received Prior Immunotherapy

4 Full prescribing information available at www.AVEOoncology.com Significant Unmet Need In R/R RCC

Limited data exists for the treatment of highly refractory RCC patients and following immunotherapy

Existing treatment options have tolerability challenges requiring frequent dose modifications

No FDA approved products exist with positive Phase 3 data in adult patients with R/R advanced renal cell carcinoma following two or more prior systemic therapies

5 FDA – US Food and Drug Administration Tolerability Is Vital to Reduce the Care Burden and to Help Ensure Continuity of Care in RCC

If patients decline or cannot tolerate treatment, they do not have an opportunity to realize its potential benefits

The Impact Increases Post Second-line Across TKI pivotal Many patients with mRCC require dose reductions or trials, dose reductions, interruptions to tolerate TKI treatment, including in the dose interruptions, and relapsed or refractory setting, leading to discontinuations due to underutilization or no treatment1-5 AEs are high— with dose interruptions affecting up to 4 out of 5 • In addition to posing a threat to the treatment plan and patients6,9 its potential clinical benefits, tolerability issues can cause negative effects on quality of life and increased supportive care interventions, and may discourage 6-8 AEs=adverse events; mRCC=metastatic renal cell carcinoma; continued/additional treatment TKI=tyrosine kinase inhibitor.

1. D’Aniello C, Berretta M, Cavaliere C, et al. Biomarkers of prognosis and efficacy of anti-angiogenic therapy in metastatic clear cell renal cancer. Front Oncol. 2019;9:1400. 2. Seruga B, Gan HK, Knox JJ. Managing toxicities and optimal dosing of targeted drugs in advanced kidney cancer. Curr Oncol. 2009;16(suppl 1):S52-S59. 3. Bellesoeur A, Carton E, Alexandre J, Goldwasser F, Huillard O. in the treatment of renal cell carcinoma: design, development, and place in therapy. Drug Des Devel Ther. 2017;11:2801-2811. 4. Massey PR, Okman JS, Wilkerson J, Cowen EW. Tyrosine kinase inhibitors directed against the vascular endothelial (VEGFR) have distinct cutaneous toxicity profiles: a meta-analysis and review of the literature. Support Care Cancer. 2015;23(6):1827-1835. 5. Porta C, Levy A, Hawkins R, et al. Impact of adverse events, treatment modifications, and dose intensity on survival among patients with advanced renal cell carcinoma treated with first-line : a medical chart review across ten centers in five European countries. Cancer Med. 2014;3(6):1517-1526. 6. Tannir NM, Pal SK, Atkins MB. Second-line treatment 6 landscape for renal cell carcinoma: a comprehensive review. Oncologist. 2018;23(5):540-555. 7. Flynn M, Pickering L, Larkin J, Turajlic S. Immune-checkpoint inhibitors in melanoma and kidney cancer: from sequencing to rational selection. Ther Adv Med Oncol. 2018;10:1758835918777427. 8. Wong MK, Mohamed AF, Hauber AB, et al. Patients rank toxicity against progression free survival in second-line treatment of advanced renal cell carcinoma. J Med Econ. 2012;15(6):1139-1148. 9. Rini BI, Escudier B, Tomczak P, et al. Comparative effectiveness of axitinib versus in advanced renal cell carcinoma (AXIS): a randomized phase 3 trial. Lancet. 2011;378(9807):1931-1939. TIVO-3 Is the First Positive Study in Patients Following Two or More Prior Systemic Therapies Pivotal Approval Studies in R/R RCC

Product Population Comparator Phase

Axitinib 1 prior therapy Sorafenib (VEGFR) Phase 3

Cabozantinib 1 prior therapy (mTOR) Phase 3

Lenvatinib + Everolimus 1 prior VEGFR agent Everolimus (mTOR) Phase 2

Prior sunitinib and Everolimus Placebo Phase 3 sorafenib

Nivolumab 1 or 2 prior VEGFR agent Everolimus (mTOR) Phase 3

Tivozanib 2 or 3 prior therapies Sorafenib (VEGFR) Phase 3

7 Positive Risk/Benefit Profile for R/R RCC

• TIVO-3: first positive Phase 3 dataset in adult patients receiving two or more prior systemic therapies • TIVO-3 is the first Phase 3 study in RCC that included a predefined population of patients who received prior immunotherapy

• Superior disease control (PFS, ORR & DoR) vs. sorafenib

• Fewer dose reductions, interruptions and discontinuations due to AEs compared to sorafenib • Most frequent Grade 3/4 adverse event is hypertension • RCC monotherapy clinical trial safety data >1,000 patients

PFS = Progression Free Survival ORR = Over Response Rate 8 DoR = Duration of Response Full prescribing information available at www.AVEOoncology.com FOTIVDA Label and Data Michael Needle, M.D. Chief Medical Officer FOTIVDA: A Differentiated VEGFR 1, 2 and 3 TKI Potent, selective inhibitor of VEGFRs 1, 2 and 3 with a long half-life designed to improve efficacy and tolerability

Tivozanib’s Long Half Tivozanib has High Tivozanib Significantly Life Creates a Unique Potency and Selectivity1 Reduces T-Regs

PK Profile1 (Selectivity)

Pawlowski N et al. AACR 2013. Poster 3971. • and are not shown because absolute oral bioavailabilities are not reported in the literature. • The plots provide an overall assessment of differences between VEGFR-TKIs; the evaluation is substantially qualitative since threshold values cannot be assessed.

10 1. S. Fogli, et al., Cancer Treatment Reviews 84 (2020) 101966 Full Approval Granted by the U.S. FDA

INDICATION RECOMMENDED DOSE FOTIVDA is indicated for the treatment of adults with Capsules: 1.34 mg and 0.89 mg relapsed or refractory advanced RCC who have received two or more prior systemic therapies. WARNINGS AND PRECAUTIONS Hypertension and Hypertensive Crisis ADVERSE REACTIONS Cardiac Failure The most common (≥20%) adverse reactions were Cardiac Ischemia and Arterial Thromboembolic Events fatigue, hypertension, diarrhea, decreased appetite, Venous Thromboembolic Events nausea, dysphonia, hypothyroidism, cough, and Hemorrhagic Events stomatitis, and the most common Grade 3 or 4 Proteinuria laboratory abnormalities (≥5%) were sodium Thyroid Dysfunction decreased, lipase increased, and phosphate Risk of Impaired Wound Healing decreased. Reversible Posterior Leukoencephalopathy Syndrome Embryo-Fetal Toxicity Allergic Reactions to Tartrazine (FD&C Yellow No.5)

11 Full prescribing information available at www.AVEOoncology.com TIVO-3: Pivotal Trial in RCC

Phase 3, Randomized, Controlled, Multi-Center, Open-Label Study to Compare Tivozanib to Sorafenib in Subjects With R/R RCC

Treatment Until N = 350 Progression*

• Histologically / cytologically Tivozanib Endpoints confirmed recurrent/metastatic RCC • Primary: PFS • ECOG PS 0 or 1 • Secondary: OS, • Failed at least two prior ORR, DoR, Safety regimens including VEGFR-TKI and Tolerability • Stratified by IMDC and prior regimen (TKI-TKI; TKI-CPI; TKI-Other) Randomize 1:1 Sorafenib • Life expectancy of 3 months Results published in or longer Lancet Oncology in December 2019

12 * Median duration for follow up was 19 months Met Primary Endpoint of Superior PFS

TIVO-3 Primary Endpoint: PFS of Tivozanib vs Sorafenib

44% Improvement in Median PFS

Survival Probability Survival 27% Risk Reduction for Progression or Death

Tivozanib Sorafenib Treatment Group n=175 n=175

13 Source: PFS final analysis, Oct 4, 2018, U.S. Fotivda® Package Insert Secondary Endpoints: ORR & DoR Improvement vs. Sorafenib

Tivozanib Sorafenib

ORR 18% 8% (12, 24) (4, 13) Not reached 5.7 months Median DoR (9.8, NR) (5.6, NR)

100 Tivozanib (n=175) 80 Sorafenib (n=175) 60 40 20 0 -20 -40 -60 -80

-100 % Change in Target Lesion Longest Diameter Sum Diameter Lesion Longest in Target % Change

14 Source: ORR and DoR final analysis, Oct 4, 2018, U.S. Fotivda® Package Insert Secondary Endpoint: Overall Survival

100 Tivozanib Sorafenib N=175 N=175 Median OS, months 16.4 19.2 80 (95% CI) (13.4–21.9) (14.9–24.2) HR 0.97 (95% CI) (0.75–1.24) 60

40

Tivozanib 20 Overall Overall Survival (%) Sorafenib

0 0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 Months from Randomization

15

S. Pal, et al., European Urology, September 2020 No Marketed VEGFR TKIs Has Demonstrated an OS Advantage Compared to Another VEGFR TKI

Axitinib vs Sorafenib 1st line1 Cabozantinib vs Sunitinib 1st line2 All Randomized Patients

Axitinib vs Sorafenib 2nd Line3 vs Sunitinib 1st line4 In All Patients Median OS, months (95% CI) Pazopanib 28.3 months (95% CI 26.0–35.5) Sunitinib 29.1 months (25.4–33.1) HR 0·92, (95% CI 0.79–1.06); stratified log-rank p=0.24

Time (Months)

Note: Data from separate studies 16 1) Hutson et al. Clinical Genitourinary Cancer; Vol. 15, No. 1, 72-6. 2) Choueiri et al. European Journal of Cancer 2018; 94: 115e125 3) Motzer et. al. Lancet Oncol 2013; 14: 552–62. 4) Motzer, et al. N Engl J Med. 2014;370(18):1769-1770. Tolerability: Dose Reductions, Interruptions and Discontinuations Due to ARs*

Tivozanib Characteristic (N=173)^ Mean Number of Cycles Received 12.7

ARs Leading to Dose Reductions (%) 24

ARs Leading to Dose Interruption (%) 48

ARs Leading to Permanent Discontinuation (%) 21

Among patients who received FOTIVDA, 53% were on treatment for 6 months or longer and 31% were on treatment for greater than one year

ARs = Adverse Reactions 17 *Analysis as of May 1, 2020, U.S. Fotivda® Package Insert ^Safety population Safety: Treatment-Related Adverse Events* (≥15% frequency in either arm) Tivozanib (N=173)^ Sorafenib (N=170)^ Preferred Term All Grades % Grade 3/4 % All Grades % Grade 3/4 % Fatigue* 67 13 48 12 Hypertension† 44 24 31 17 Bleeding‡ 17 3 12 1 Diarrhea§ 43 2 54 11 Nausea 30 0 18 4 Stomatitis 21 2 23 2 Vomiting 18 1 17 2 Decreased appetite 39 5 30 4 Dysphonia 27 1 9 0 Cough 22 0 15 1 Dyspnea 15 3 11 1 Hypothyroidism¶ 24 1 11 0 Back pain 19 2 16 2 Weight decreased 17 1 22 3 Rash# 18 1 52 15 PPE/HFSR** 16 1 40 10

>5% difference between arms (grade 3/4)

*Analysis as of Aug 15, 2019; **Palmar-plantar erythrodysesthesia (PPE), also known as hand-foot skin reaction (HFSR); ^Safety population * Includes fatigue and asthenia; † Includes hypertension, blood pressure increased, hypertensive crisis; ‡ 18 Includes hematuria, epistaxis, hemoptysis, hematoma, rectal hemorrhage, vaginal hemorrhage, contusion, gastrointestinal hemorrhage, hematochezia, intraocular hematoma, melena, metrorrhagia, pulmonary hemorrhage, subdural hematoma, gingival bleeding, hematemesis, hemorrhage intracranial, hemorrhoidal hemorrhage, splinter hemorrhages; § Includes diarrhea and frequent bowel movements.; ¶ Includes hypothyroidism, blood thyroid stimulating hormone increased, tri-iodothyronine decreased, tri-iodothyronine free decreased; # Includes dermatitis, dermatitis acneiform, dermatitis contact, drug eruption, eczema, eczema nummular, erythema, erythema multiforme, photosensitivity reaction, pruritus, psoriasis, rash, rash erythematous, rash generalized, rash macular, rash maculo-papular, rash morbilliform, rash pruritic, seborrheic dermatitis, skin exfoliation, skin irritation, skin lesion, swelling face, toxic skin eruption, urticaria. FOTIVDA Commercial Update Mike Ferraresso Chief Commercial Officer US RCC Market by Line of Therapy1

Annual Incident RCC Patients by Line of Therapy 18,000 • Over 16,000 new first-line metastatic

16,000 patients per year and growing, treatment advances in front line expected to 14,000 increase size of R/R market 12,000 rd th 10,000 • 10,000 patients make it to 3 and 4

8,000 line annually, nearly half of these later line patients are currently un-treated 6,000 4,000 • Average duration of VEGF treatment $300m 2,000 today in 3rd line+ less than 4 months,

0 average tivozanib duration in TIVO-3 of 1st Line 2nd Line 3rd Line+ 1 year Treated Un-Treated

20 1) Decision Resources Group RCC Treating Oncologist Survey: FOTIVDA Profile Attractive

83% 30% Of HCPs expected to prescribe Of HCPs are highly likely to FOTIVDA within 6 months of its increase their treatment rates with availability to RCC patients the approval of FOTIVDA on the eligible patient population who are not actively receiving treatment in the post-second-line R/R setting

21 Source: AVEO Demand Study, September 2020 n=125, ZS Strategic Objectives for Launch

Educate and Raise • “Data void” and tolerability challenges limit patient treatment rates Awareness in later line RCC

• Potent, selective, long half-life, down regulation of Tregs • First positive Ph3 in adult patients with R/R RCC following two or Establish Tivozanib more systemic therapies Differentiation • First Ph3 that included predefined population of patients who received prior immunotherapy

• Academic centers of excellence Reach and Impact RCC • Large oncology networks (IDNs, GPOs) Prescribers and KOLs • Community practices

• AVEO ACE patient support HUB Optimize Patient Access • Comprehensive patient support programs and resources • Payer engagement and guidelines coverage

22 Launch Preparation Underway: RCC Market Addressable with Focused Oncology Team

Commercial infrastructure with census coverage, deep pharma/biotech oncology launch experience

• Experienced oncology field force for effective market coverage launch ready by March 31, 2021 (~65 FTEs)

• Team Deployment plan and Infrastructure designed for success through evolving COVID restrictions • Oral oncology drug usage increased during COVID

23 FOTIVDA Commercial Launch

$40,000 $37,505 2021 WAC Price Per Cycle1 $35,000

• WAC price established at $30,000

$24,150 per cycle, slotting $25,000 $20,760 $21,663 between other R/R options $20,000 $16,628

$15,000 • Commercially available to prescribe by March 31, 2021 $10,000 $5,000

$0 Inlyta Nexavar Cabometyx Lenvima/Affinitor

24 1 Source: Price Rx, Sept 2020 Targeting Best-in-Class Patient Support: The AVEO ACE Program Now Live

START on STAY on Therapy Therapy

Access Affordability Adherence

QuickStart / Bridge Program Copay Card Program Nurse Support Calls Benefits Investigation Patient Assistance Program Patient / Caregiver Education Program Prior Authorization Support Alternative Funding Research Texting / Apps Denials / Appeals Support

Status

Patient support HUB program fully activated

25 Financial Summary Erick Lucera Chief Financial Officer Financial Resources Summary

Potential cash runway into 2022*, including up to $98.8 million comprised of: • $68.8M in cash, cash equivalents, and marketable securities as of September 30, 2020 • Up to $30M available under Hercules debt facility contingent on FDA approval and specified 2021 sales • Now eligible for $20 million approval drawdown • $10 million available after certain sales milestones Potential partnership milestones on the horizon • EUSA (ex-NA oncology partner) TIVO-3 data potential opt-in of $20M; European and Non-European reimbursement of $6M • Kyowa Kirin for KHK4951 (tivozanib reformulation) in wet-AMD: regulatory, development and commercial milestones up to $388M (remaining), royalty on any sales Comprehensive 2021 commercial launch expense estimated to be approximately $40M

*AVEO believes that its $68.8 million in cash, cash equivalents and marketable securities as of September 30, 2020, along with anticipated partnership cost sharing reimbursements, royalties from EUSA’s FOTIVDA sales and, if the pending marketing application for FOTIVDA is approved by the FDA, resulting product revenues upon commercial launch and the potential additional $30 million in credit under the Hercules loan, which is available subject to milestone achievement, would 27 allow the Company to fund planned operations into 2022. In accordance with Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Accounting Standards Codification Subtopic 205-40), cash flows that are contingent on FDA approval, such as product revenues, cannot be reflected in the going concern assessment. As a result, Hercules loan funding contingent on such approval and such revenue is also excluded from the Company’s going concern assessment. Accordingly, the Company continues to have a going concern opinion. Key Potential Modeling Considerations Longer Treatment Duration Pricing

Increased Treatment Rate Exclusivity Strategy

• Updated IP strategy offers potential to extend tivozanib patent term to November 2028

28 A First Step Toward Potential Sustainable Value Creation as an Integrated Commercial Company

29 Closing Remarks Michael Bailey Chief Executive Officer, AVEO Oncology Summary

• FOTIVDA potentially addresses the unmet needs in a large and growing market segment • First treatment approved for adults with R/R advanced RCC who have received two or more prior systemic therapies • First Phase 3 study in RCC that included a predefined population of patients who received prior immunotherapy

• Commercial product expected to be available by March 31, 2021, with full commercial capabilities in place

A special thank you to the patients, physicians, caregivers, advocacy organizations, AVEO employees, regulators and investors in our company who have helped us bring this important new treatment option to the kidney cancer community

31 Q&A Session

Michael Bailey Michael Needle, M.D. Mike Ferraresso Erick Lucera Chief Executive Officer Chief Medical Officer Chief Commercial Chief Financial Officer Officer

32 Thank you

Passionately pursuing a better life for patients with cancer