#1300 CORBUS PHARMACEUTICALS f@corbuspharma TM Vision: Become the Leader in the Treatment of Inflammatory and Fibrotic Diseases by Targeting the Endocannabinoid System with the Industry's Leading Pipeline NASDAQ: CRBP www.corbuspharma.com#22 X Forward-Looking Statements This presentation contains certain forward-looking statements, including those relating to the Company's product development, clinical trials, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. Additional written and oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission (SEC) or otherwise. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the SEC. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.#33 VISION Become the Leader in the Treatment of Inflammatory and Fibrotic Diseases by Targeting the Endocannabinoid System with the Industry's Leading Pipeline#4Investment Highlights NASDAQ: CRBP Founded: 2014 Employees: 77 Based in: Norwood, MA Capital raised to-date: $168M Additional awards and grants from NIH and CFF: $45M Upfront payment from Kaken collaboration: $27M Leading ECS Pipeline Rationally-designed small molecules Proven expertise in clinical development of ECS- targeting drug candidates ~$5 billion Potential Annual Market Opportunity¹ 350,000 Patients in Major Markets¹ Unique MOA Target CB1 and CB2 receptors: G-Protein Coupled Receptors (GPCRs) Modulate inflammation + fibrosis w/o immunosuppression Late and Early Stage Programs Lenabasum* Phase 3 for SSC and DM Phase 2 for CF and SLE CRB-4001* Preparing for Phase 1 in 2019 Planned NIH Phase 2 Global Commercial Rights 600+ Drug Candidates Japan: Lenabasum partnered with Kaken Pharmaceutical Co. 4X 1: Health Advances, LLC; Patient population and market value for lenabasum in 3 indications in U.S., EU, Japan; excludes lenabasum for treatment of lupus, CRB-4001 and library of drug candidates; *Lenabasum and CRB-4001 are not currently FDA-approved#55 X Focus on the Endocannabinoid System (ECS) The ECS is a master-regulator of inflammation and fibrosis Broad applicability Target for rational drug design CB1 Brain Lungs Vascular System Muscles Gastrointestinal Tract Reproductive Organs Immune System Liver Bone Marrow Pancreas CB2 Spleen Bones Skin Immune System Liver Bone Marrow Pancreas Well-understood biology GPCR Binding EM EMN Ceramide ERK, JNK, p38 CB1, CB2 FAN Gi/o By a do PI3K. PKB/Akt AC AMPC Ca¹2 N. P/Q Ca+2 K' channel type A PKA FAK H OH ...H Endocannabinoid System OH ||||#66 Corbus Pipeline: Early and Late Stage Programs Lenabasum CRB-4001 Pre-clinical library (over 600 drug candidates) Multi-system Inflammatory Genetic Systemic Sclerosis Dermatomyositis Systemic Lupus Erythematosus Cystic Fibrosis Preclinical Diseases with organ-specific fibrosis (e.g., liver, lung, heart, kidney) Goal: 1-2 new Phase 1 programs each year starting in 2020 Phase 1 Targeting 2019 Phase 2 NIH to run Phase 2 study Phase 3 Promising Pipeline Launch Targeting 2021#77 ● ● ● History of "Pipeline in a Product" for Successful Drugs Targeting Inflammation ● 1,2 4 of top 5 top-selling US drugs (2016) with combined sales of $42 billion in 2017¹, Rituxan Rituximab $9B 2017 WW sales² FDA Approved For: Rheumatoid arthritis (RA) Non-Hodgkin's Lymphoma (NHL) Chronic Lymphocytic Leukemia (CLL) Granulomatosis With Polyangiitis (GPA) & Microscopic Polyangiitis (MPA) • Pemphigus Vulgaris (PV) Approved:1997 Roche MAS.. ● ● ● 2₂ Enbrel etanercept $8B 2017 WW sales² FDA Approved For: Rheumatoid arthritis (RA) Juvenile idiopathic arthritis (JIA) Psoriatic arthritis (PSA) Ankylosing spondylitis (AS) Psoriasis (Ps) Approved: 1998 AMGEN 1: IgeaHub (August 8, 2017) Top 20 Drugs in the World 2017; 2: statistica.com ● ● ● ● Remicade INFLIXIMAB $7B 2017 WW sales² FDA Approved For: Rheumatoid arthritis (RA) Psoriatic arthritis (PSA) Ankylosing spondylitis (AS) Crohn's disease (CD) Psoriasis (Ps) Ulcerative colitis (UC) Approved: 1999 Johnson & Johnson 200. e e e e @ ● Significant Market Opportunity ● HUMIRAⓇ adalimumab $18B 2017 WW sales² FDA Approved For: Rheumatoid arthritis (RA) Juvenile idiopathic arthritis (JIA) Psoriatic arthritis (PSA) Ankylosing spondylitis (AS) Crohn's disease (CD) Hidradenitis suppurativa (HS) Psoriasis (Ps) Ulcerative colitis (UC) Approved: 2002 abbvie#88 X Broad Applicability of Expanded Corbus Pipeline Lenabasum Preferential CB2 agonist Peripheral preference TARGETED INDICATIONS Systemic Sclerosis (Phase 3) Dermatomyositis (Phase 3) Lupus (Phase 2) Cystic Fibrosis (Phase 2) ● ● Projected Launch 2021 CRB-4001 2nd Gen CB1 inverse agonist Peripherally-restricted POTENTIAL INDICATIONS NASH Primary biliary cholangitis Idiopathic pulmonary fibrosis • Radiation-induced pulmonary fibrosis • Myocardial fibrosis • Interstitial nephritis ● ● Significant Market Opportunity Phase 1 Targeting 2019#99 Significant Market Opportunity for Lead Programs Systemic Sclerosis + ~200,000 patients in U.S., EU and Japan¹ ~$1.4B - $2.2B Lenabasum annual potential market opportunity¹ Lupus Dermatomyositis ~80,000 patients in U.S., EU and Japan¹ ~$1B - $2B Lenabasum annual potential market opportunity¹ Cystic Fibrosis + ~70,000 patients in U.S. and EU¹ 1: Health Advances, LLC; Lenabasum Commercial Market Assessment, peak annual revenue opportunity. ~$0.7 - $1B Lenabasum annual potential market opportunity¹ ~550,000 patient population in U.S., EU and Japan¹; ~$2B-$3B market opportunity¹ Significant Market Opportunity CRB-4001 Organ-specific fibrosis#10Unencumbered Commercial Rights Provide for Global / Regional Strategic Optionality NORTH AMERICA PATIENT POPULATIONS¹: SSC: 84,000 DM: 40,000 SLE: 280,000 CF: 30,000 EUROPE PATIENT POPULATIONS¹: SSC: 81,000 DM: 31,000 SLE: 240,000 CF: 39,000 10 X 1: Health Advances, LLC; Lenabasum Commercial Market Assessment, 2: Rheumatology, Ru Li, Jian Sun, et al. (2012) Partnered with Kaken Pharmaceutical for SSC, DM Significant Market Opportunity JAPAN PATIENT POPULATIONS¹: SSC: 28,000 DM: 9,000 SLE: 50,000 CHINA PATIENT POPULATION²: SSC:140,000 DM: 70,000 SLE: 420,000#11About Kaken Pharmaceutical Broadening Lenabasum's Global Market Opportunity: Commercializing and Marketing Lenabasum in Japan for Systemic Sclerosis and Dermatomyositis 11 X 制 CH ● ● ● Lenabasum TRANSACTION TERMS: Exclusive licensing agreement for SSC and DM lenabasum indications in Japan ● KAKEN PHARMACEUTICAL CO., LTD. Specialty pharmaceutical company in Japan Experience in commercializing novel pharmaceuticals and medical devices, and well-regarded leader in rare autoimmune diseases Successful track record partnering with U.S. and other foreign companies to commercialize and market pharmaceuticals in Japan Up-front $27M payment and up to $173M of potential milestone payments Double-digit royalty payments#12PHYTOCANNABINOID Competitive Landscape: Peers and Competitors COMPANIES X Not competitors X 12 X Focused on CBD or THC-based CB1 agonists for CNS GW Pharma: Epidiolex™ (CBD) approved 2018 Insys: Syndros™ (THC) approved 2017 Systemic Sclerosis • Roche (Tocilizumab IL-6 receptor blocker: Ph 3 missed primary outcome) Bayer (Riociguat, PAH drug: Ph 2 missed primary outcome) BI (Nintedanib, IPF drug: Ongoing Ph 3 for ILD in SSc) BMS (Abatacept, RA drug: Ph 2 missed primary outcome) GSK (GSK2330811 anti-oncostatin M Mab: Ph 2) ● ● ● Dermatomyositis Idera (TLR target: Ph 2 missed primary outcome) Pfizer (PF-06823859 interferon beta inhibitor: Ph 2a) Inflammation in CF Celtaxys (acebilustat LTA4 hydrolase inhibitor: Ph 2 missed primary outcome) CFTR products are not direct competitors (Vertex) ● ● ●#1313 Lenabasum Leadership in Targeting ECS for Rare Inflammatory and Fibrotic Diseases#1414 X Lenabasum at a Glance Orally-administered, rationally-designed, preferential CB2 agonist Active in animal models including systemic sclerosis, CF and rheumatoid arthritis Active in human model of innate immune response ("blister model") Non-immunosuppressive with favorable safety profile to-date Positive data in Phase 2 in: Systemic Sclerosis Dermatomyositis o Cystic Fibrosis Lenabasum#1515 X DiscoverX BioMAP® system measures effect on human cellular functions 4H: VEGFR2 LPS: MCP-1 LPS: VCAM-1 LPS: Thrombomodulin LPS: Tissue Factor LPS: CD40 LPS: E-Select LPS: CD 9 LPS: I-8 LPS: IL 1a LPS: M-CSF LPS: SF GE2 LPS SRB LPS: STNF-a SAg: MCP-1 SAg CD38 SAg CD40 SAG: E-electin SA CD69 SA: IL-8 Sg: MIG SAg: PBMC Cyt toxicity SAg: Proleration SA: SRB BT: B-cell Proliferation BT: PBMC Cytoxicity BT: Secreed IgG BT: S-17A BT:sl-17F BF4T: MO-1 BF4T: Eotaxi-3 BF4T: VCAM 1 BF4T ICAM BF4T: CD9 20 BF4T: IL- BF4T: IL-1a BF4T: Keratin 8/18 BF4T: MMP-1 BF4T: MMP-3 BF4T: MMP-9 BF4T: PAI- BF4T: SRB BF4T: IPA BF4T: UPA BE3C: ICAM-1 BE3C: UPAR BE3C: IP-10 BE3C:I-TAC BE3C: IL-8 BE3C: MIG BE3C: EGFR BE3C: HLA-DR BE3C: IL-1a Keratin 8/18 BE30 MMP-1 ESC: M BE3C: MMP- BE3C: PAI BE3C: SRB BE3C: IPA BE3C: UPA CASM3C: MCP-1 HDF3CGF: VCAM-1 HDF3C GF: ICAM-1 HDF3CGF: Collagen i DF3C GF: Collagen III HDF3CGF: IP-10 HDF3CGF: 1-TAC HDF 3CGF: IL-8 HDF3CGF: MIG HDF 3CGF: EGFR HDF3CGF: M-CSF HDF3CGF: MMP-1 HDF3CGF: PAL-I HDF3CGF: Proliferation 6 HDF3CGF: SRB HDF3CGF: TIMP-1 HDF3CGF: TIMP-2 KF3CT: MCP-1 KF3CT: ICAM-1 KF3CT. IP-10 KF3CT: IL-8 KF3CT: MIG KF3CT: IL-1a KF3CT: MMP-9 KF3CT: PAI-I KF3CT: SRB KF3CT: TIMP-2 KF3CT: T: UPA MyoF: a-SMA MyoF: bFGF MyoF: VCAM-1 MyoF: Collagen I MyoF: Collagen III MyoF: Collagen IV MyoF: IL-8 MyoF: Decorin MyoF: MMP-1 MyoF: PAI- MyoF: SRB MyoF: TIMP-1 IMphg: MCP-1 Xeljanz™ 0.37μµ >$1bn Esbriet™ 1700μ >$800mn Ofey™ TM 1.1μ >$1bn Actemra™ 100μ >$1bn Lenabasum 3.3μ Drug Conc. N/A $/yr Activation Monocyte Activation T cell Activation B cell Epithelial Inflammation and Remodeling Fibrosis and Inflammation Wound Healing, Matrix and Tissue Remodeling, Decreased Increased cell activation suppressing immune Lenabasum is not IMMUNOSUPPRESSION epithelial cells of inflammatory mediators by Lenabasum reduces production EPITHELIAL INFLAMMATION FIBROSIS matrix by connective tissue cells Lenabasum reduces production of inflammatory mediators and extracellular Advantages Over Commercial Anti-Inflammatories. Lenabasum In Vitro Profiling Suggests Lenabasum#16Biologic Activity of Lenabasum in Patients with Targeted Diseases. 16 X Systemic Sclerosis Improvement/stability in skin inflammation Placebo N = 13 Lenabasum N = 23 69% 46% Placebo 0.6 15% Worsened Unchanged Improvement/stability in skin fibrosis. Improved Lenabasum 0.4- 0.2- 16% 0.0 15% 39% Drug, base Fibronectin FDR=0.0064 P = 0.008 Fisher's exact test two-sided Decreased expression of relevant genes Drug, post PBO, base P = 0.049 Fisher's exact test two-sided FDR=0.6792 PBO, base Expression values 0.8- 0.6- 0.4- 0.2- 0.0 -0.2 48% Drug, base 14% Drug, post 9% 48% Thrombospondin 1 FDR=0.0216 PBO, base FDR=0.0724 38% PBO, base 43% Dermatomyositis Co-localization of CD4, CB2, IFNy staining in skin Decrease in CD4 T cells and Type I IFN signature CD4 Area (%) 15 FN-Beta Area (%) 20 Lenabasum * Visit 1 Visit 6 Lenabasum Visit 1 Visit 6 Placebo ns 1]] Visit 1 Visit 6 Placebo Visit 1 ns Type I IFN Signature Visit 6 50 IFN-Gamma mRNA 40 Reduction in IFNB and IFNY Lenabasum MA Visit 1 Visit 6 Lenabasum Visit 1 Visit 6 Visit 1 Visit 1 Placebo ns Visit 6 Placebo ns Visit 6 Cystic Fibrosis Reduction in inflammatory markers in lung sputum p = 0.053 p = 0.089 -2.5 Reduction with lenabasum 20 mg BID compared to placebo (Log10) -2 Lenabasum -1.5 -1 -1.49 -1.34 -0.70 p = 0.061 P = 0.033 -0.5 -0.61 p = 0.037 Least squares mean difference from placebo (SE), Log 10 -0.23 -0.19 -0.19 0 Neutrophils, cells/ml Eosinophils, cells/ml Lymphocytes, cells/ml Macrophages, cells/ml Neutrophil elastase, mcg/ml IL-8, pg/mL IgG, mg/dl#1717X Lenabasum Safety Overview HAS ACCEPTABLE SAFETY PROFILE AND IS WELL-TOLERATED BASED ON DATA TO-DATE • No serious or severe lenabasum-related AEs to-date Maximum Tolerated Dose: 180 mg total daily dose Dose limiting toxicity = Multiple mild to moderate AEs occurred in a given subject, e.g., dizziness, fatigue, nausea, vomiting, feeling odd, and orthostatic hypotension ● Lenabasum AEs in ≥ 2% of 160 subjects treated with lenabasum at therapeutic doses ≤ 60 mg/day are consistent with low level CB1 agonist activity of lenabasum Dizziness 5% Fatigue - 2.5% - Changes from baseline in vital signs and laboratory safety tests not different from placebo#1818 Systemic Sclerosis (SSc) at a Glance D S 6 * Images (top) Provided by the Scleroderma Foundation Lenabasum Sclero = stone, Derma = skin Mortality: Most lethal of the systemic autoimmune diseases, 40-60% 10-year survival with more severe disease Pathogenesis: Autoimmune disease with chronic activation of innate immune responses; organ inflammation, fibrosis and vascular damage Common Symptoms: Fatigue, anorexia, weight loss; tight, painful, itchy skin; shortness of breath; swallowing problems, reflux; painful joints and tendons; Raynaud's Current standard of care: Immunosuppressives with significant toxicity#19Systemic Sclerosis Overview Rare and life-threatening autoimmune disease characterized by tissue inflammation and fibrosis ~200,000 people with SSc in US, EU and Japan¹ 40-60% mortality in 10 years² 19 X 1: Health Advances, LLC; Lenabasum Commercial Market Assessment; 2: Tyndall et al, 2010 Zero SSC-specific drugs approved Lenabasum ~$1.4B - $2.2B annual potential market opportunity for lenabasum¹#20Systemic Sclerosis Program Overview Our most advanced program with potential commercialization in 2021 20 X Positive Phase 2 results FDA EUROPEAN MEDICINES AGENCY SCIENCE MEDICINES HEALTH ‒‒‒‒-- ‒‒‒‒‒‒‒‒‒ ---- ‒‒‒‒I Ongoing open-label extension: 18 months+ (longest dosed patient > two years) Orphan Drug Designation Lenabasum Ongoing Phase 3 RESOLVE-1 study with results expected 2020 FDA Fast Track Status#21mRSS: Clinically Important Difference Achieved in Skin in Phase 2 Study AmRSS, mean +SE 0 -1 -2 -3 T 5 6 7 -8 -9 -10 -11 -12 0,0 0.0 -1.0 -1.3 Stable standard-of-care drugs, including immunosuppressive drugs -2.6 DBPC -3.8 -1.0 -2.0 -2.6 -4.6 Placebo DBPC Lenabasum DBPC Lenabasum OLE -3.5 Continued standard- of-care only 0 4 8 12 16 0 4 -5.3 -6.6 12 Weeks 20 -6.9 OLE Lenabasum -8.4 28 -7.3 -8.9 -9.8 36 44 52 -10.1 60 -10.7 68 76 Primary efficacy outcome for Ph 3 -4 to -5 points is generally considered MCID¹ Mean time off drug before start of OLE = 20 wks Comparator trials: All NS ● ● Drug Six drug trials¹ Cyclophosphamide² Tocilizumab3, Ph 2 Tocilizumab4+ rescue immunosuppressive drugs after 16 weeks if needed, Ph 3 Abatacept5 + rescue immunosuppressive drugs after 26 weeks if needed, Ph 2 21 X Baseline mRSS mean mRSS (SD) = 23.6 (10.4) for lenabasum arm and 26.2 (11.1) for placebo arm in Part A and 20.4 (11.0) for all subjects at start of open-label dosing. N 492 84 67 58 212 886 Time (wks) ~26 52 24 48 48 Lenabasum 52 mRSS, mean (SD) change from baseline Active PBO -5.3 -4.2 -5.9 -6.1 -6.2 -2.9 -1.7 -2.1 -3.2 -4.4 -4.5 a interferon, d-penicillamine, relaxin Ph 2 and 3, minocycline, methotrexate, anti-TGFB, Merkel et al, Arthritis Rheum 2012;64:3420. ² Khanna et al, ACR abstract 2016. ³ Le et al, Ann Rheum Dis 2011; 70: 1104. 4 Khanna et al. EULAR abstract SAT0373, 2017. 4 Khanna et al. ACR abstract 898, 2018 5 Khanna et al. ACR abstract 900, 2018 6 69 completers#2222 ACR CRISS Score: Clear Improvement Achieved in Overall Disease ACR CRISS score, median percent 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Stable standard-of-care drugs, including immunosuppressive drugs 19 3 28 DBPC 33 15 01 1 0 ¹0 4 8 12 16 Placebo DBPC Lenabasum DBPC Lenabasum OLE Continued standard- of-care only 0 4 21 35 65 63 12 Weeks OLE Lenabasum 70 95 77 95 99 20 28 36 44 52 60 68 76 1: Khanna et al. Arthritis Rheumatol. 2016; 68:299-311 Khanna et al. EULAR abstract SAT0373, 2017 Calculated using change from baseline in mRSS, Physician Global Assessment, Patient Global Assessment, Health Assessment Questionnaire - Disability Index, and FVC % predicted Comparator trials: Drug Cyclophosphamide¹ Tocilizumab2, Ph 2 Tocilizumab3 + rescue immunosuppressive drugs after 16 weeks if needed, Ph 3 Abatacept4 + rescue immunosuppressive drugs after 26 weeks if needed, Ph 2 N 84 693 623 210 695 Time (wks) 52 24 48 48 Lenabasum 52 ACR CRISS score, % Active PBO 24 1 23 1 31 0 89 68 1 Khanna et al. ACR abstract 726, 2017.. 2 Khanna et al. EULAR abstract SAT0373, 2017 3 Completers only, Initial N = 87.34 Khanna et al. ACR abstract 898, 2018 4 Khanna et al. ACR abstract 900, 2018 69 completers 25#2323 Distribution of CRISS Scores and Change in mRSS at Month 18 OLE mRSS 5 0 -5 -10 -15 -20 -25 -30 -35 II CHANGE IN mRSS Each bar represents an individual subject, Week 52 87% of subjects had ≥ 5 point reduction in mRSS CRISS 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% CRISS Scores Lenabasum Each bar represents an individual subject, Week 72 50% of subjects achieved CRISS score 100%#2424X Ongoing Phase 3 RESOLVE-1 Study 52 Week study Topline data expected 2020 Double-blind, randomized, placebo-controlled study Multinational ÎÒÅÒÂÎÄÎÎ ~354 subjects Lenabasum 20mg BID 5mg BID Placebo 1:1:1 dosing Primary Endpoint: Change from baseline in mRSS Secondary Endpoints: Change from baseline in HAQ-DI; ACR CRISS; Change from baseline in FVC % predicted#25Dermatomyositis (DM) at a Glance D Lenabasum Dermato = skin, Myositis = muscle inflammation Pathogenesis Autoimmune disease with organ inflammation, fibrosis, atrophy and vascular changes Common Symptoms Proximal weakness, rash, pain, itch, shortness of breath Current standard of care Immunosuppressives with significant toxicity 25 X * Images (top) Provided by Myositis Support and Understanding; images (bottom) republished with permission of John Wiley and Sons, from Cutaneous Ulceration in Dermatomyositis: Association With Anti-Melanoma Differentiation-Associated Gene 5 Antibodies and Interstitial Lung Disease, Narang, Neera S. et al, 67(5), 2015; permission conveyed through Copyright Clearance Center, Inc.#26Dermatomyositis Overview Rare and serious autoimmune condition related to SSc and characterized by skin and muscle inflammation ~80,000 people with DM in US, EU and Japan¹ 30% mortality in 5 years² 26 X 1: Health Advances, LLC; Lenabasum Commercial Market Assessments; 2: Schiopu et al, 2012 Zero DM-specific drugs approved Lenabasum ~$1B - $2B annual potential market opportunity for lenabasum¹#27Dermatomyositis Program Overview 27 X Second targeted rare autoimmune disease in Phase 3 study ‒‒‒‒I Phase 2 results funded by NIH grant FDA Orphan Drug Designation in U.S. ‒‒‒‒‒ Ongoing open-label extension: 52 weeks+ EUROPEAN MEDICINES AGENCY SCIENCE MEDICINES HEALTH II Lenabasum Ongoing Phase 3 DETERMINE study Orphan Designation from E.U.#2828 CDASI Activity Score - Demonstrated Clinically Meaningful Improvement in Skin A CDASI Activity Score Score, Mean ± SE 0 N -8 -10 -12 -14 -16 -18 -20 0.0 0.0 -3.7 -3.4 16 DBPC -7.8 Stable standard-of-care drugs, including immunosuppressive drugs -4.3 -2.5 -5.0 Q-7.4 -7.6 -8.0 -3.7 -5.5 0 2468 12 16 -7.5 -9.3 OFF Weeks -9.4 -12.7 04 12 -16.0 OLE Lenabasum 20 -13.8 -15.6 28 Placebo DBPC Lenabasum DBPC Lenabasum OLE Continued standard- of-care only -15.1 36 -14.8 44 -17.6 48 52 1 Week 0 DBPC CDASI activity score mean (SD) = 33.3 (9.74) for lenabasum and 35.8 (7.77) for placebo. P* = 0.09, p = 0.05, p = 0.28, p = 0.04, for lenabasum vs. placebo at Weeks 4, 8, 12, and 16, respectively, of DBPC Part A of study, MMRM, 2-sided ● Lenabasum Cutaneous Dermatomyositis Disease Activity and Severity Index (CDASI) Continued improvement in CDASI activity score during OLE • Mean improvement of 17.6 points at Week 52 84.3% of subjects achieving ≥ 10- point improvement in CDASI activity score at Week 52#2929 X Ongoing Phase 3 DETERMINE Study 52 Week study Study Commenced December 2018 Double-blind, randomized, placebo-controlled study Multinational ÎÒÅÒÂÎÄÎÎ ~150 subjects Lenabasum 20mg BID 5mg BID Placebo 2:1:2 dosing Primary Endpoint: American College of Rheumatology (ACR) / European League Against Rheumatism (EULAR) 2016 Total Improvement Score (TIS) in Adult Dermatomyositis & Polymyositis Secondary Endpoints: Change in CDASI activity score#30Cystic Fibrosis (CF) Program Overview Targeting all patients while not competing with CFTR therapies 30 FDA EUROPEAN MEDICINES AGENCY SCIENCE MEDICINES HEALTH ---- Positive Phase 2a results Orphan Drug Designation ■I 1: $5 million awarded in 2015 for first Phase 2 study, project completed; up to additional $25 million development awarded in 2018 towards Phase 2b study Ongoing Large Phase 2b study $30M in Development Awards from the Cystic Fibrosis Foundation¹ FDA Lenabasum Fast Track Status#3131 Cystic Fibrosis at a Glance Genetic disease characterized by chronic lung inflammation that leads to lung damage and fibrosis ~70,000 people with CF in 7 major markets¹ Inflammation and fibrosis play key role in morbidity and mortality 1: Health Advances, LLC; Lenabasum Commercial Market Assessments Zero drugs approved targeting inflammation Lenabasum ~$0.7 $1B annual potential market opportunity for lenabasum¹ ■#3232 X Lenabasum Reduced PEx in Completed Phase 2 Study Events per subject per 12 weeks 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Rate of Pulmonary Exacerbations Requiring New Antibiotics Weeks 1-4 0.77 Placebo 0.35 1 mg 0.38 Primary outcome for ongoing Phase 2b study 5 mg 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Weeks 5-12 0.46 Placebo 0.25 0.21 20 mg 20 mg bid Survival Probability 1.0 0.8- 0.6 Kaplan-Meier Survival Time Without a PEx 0.4 - 0.2- 0.0- Lenabasum Placebo 0 61 24 60 21 61 21 T 20 Treatment 57 21 53 16 53 15 51 15 40 Days PEx Free Lenabasum 50 15 Lenabasum 60 Placebo 45 14 Lenabasum Placebo + Censored 40 14 37 13 80 P = 0.047, Cox proportional hazard model, 2-sided, Hazard ratio = 0.452 37 13#3333 Ongoing CF Phase 2b Study Open to people with CF 12 years and older, regardless of mutation or current background medications, including Orkambi®, Kalydeco® and SymdekoⓇ Double-blind, randomized, placebo-controlled study 28 Week study Multinational ÎÒÅÒÂÎÄÎÎ ~415 subjects Lenabasum 1: Development award from CFF announced in January 2018, which provides up to $25M in funding 20mg BID 5mg BID Placebo 2:1:2 dosing Primary Endpoint: Event rate of PEx Secondary Endpoints: Other measures of PEx; CFQ-R Respiratory Domain Score; FEV1 % predicted