#1Valo Overview Company Overview 2021 с Valo#2Disclaimer Disclaimer. This presentation ("Presentation ") is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the "Business Combination") between Khosla Ventures Acquisition Co. ("Khosla") and Valo Health, LLC ("Valo" or the "Company") and for no other purpose. The information contained herein does not purport to be all inclusive and neither of Khosla, Valo, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. Forward Looking Statements. Certain statements in this Presentation may be considered forward looking statements. Forward looking statements generally relate to future events or Khosla's or the Company's future financial or operating performance. For example, statements concerning the following include forward looking statements: development plans for Valo's platform; the size and growth of markets for Valo's platform; the Company's expectations regarding the adoption of the Opal platform in the biotechnology, pharmaceutical and other industries; and the potential effects of the Business Combination on the Company. In some cases, you can identify forward looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. Such forward looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. These forward looking statements are based upon estimates and assumptions that, while considered reasonable by Khosla and its management, and Valo and its management, as the case may be, are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management's control including the inability of the parties to successfully or timely consummate the proposed business combination, or the expected. benefits of the proposed business combination or that the approval of the stockholders of Khosla is not obtained; (iii) the ability to maintain the listing of the combined company's securities on the Nasdaq Capital Market; (iv) the inability to complete the PIPE; (v) the risk that the proposed business combination disrupts current plans and operations of Valo as a result of the announcement and consummation of the transaction described herein; the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; the failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Valo and costs related to the proposed business combination; the outcome of any legal proceedings that may be instituted against the parties following the announcement of the proposed business combination; the amount of redemption requests made by Khosla's public stockholders; the effects of the COVID 19 pandemic, general economic conditions; and other risks, uncertainties and factors set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward Looking Statements" in Khosla's final prospectus relating to its initial public offering, dated March 3, 2021, and other filings with the Securities and Exchange Commission (SEC"), as well as factors associated with companies, such as the Company, that are engaged in drug discovery and development. Nothing in this Presentation should be regarded as a representation by any person that the forward looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved. You should not place undue reliance on forward looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Neither Khosla nor the Company undertakes any duty to update these forward looking statements. Additional Information. In connection with the proposed Business Combination, Khosla intends to file with the SEC a registration statement on Form S 4 containing a preliminary proxy statement/prospectus of Khosla, and after the registration statement is declared effective, Khosla will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to its shareholders. This Presentation does not contain all the information that should be considered concerning the proposed Business Combination and is not intended to form the basis of any investment decision or any other decision in respect of the Business Combination. Khosla 's shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about Valo, Khosla and the Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to shareholders of Khosla as of a record date to be established for voting on the proposed Business Combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC's website at www.sec.gov, or by directing a request to: Khosla Ventures Acquisition Co., 2128 Sand Hill Road, Menlo Park, CA 94025. Valo 2Q21 2#3Disclaimer (con't) Participants in the Solicitation. Khosla, Valo and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Khosla's shareholders with respect to the proposed Business Combination. A list of the names of Khosla's directors and executive officers and a description of their interests in Khosla is contained in Khosla's final prospectus relating to its initial public offering, dated March 3, 2021, which was filed with the SEC and is available free of charge at the SEC's web site at www.sec.gov, or by directing a request to Khosla Ventures Acquisition Co., 2128 Sand Hill Road, Menlo Park, CA 94025. Additional information regarding the interests of the participants in the solicitation of proxies from Khosla's shareholders with respect to the proposed Business Combination will be contained in the proxy statement/prospectus for the proposed Business Combination when available. No Offer or Solicitation. This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to sell or an offer to buy or the solicitation of an offer to buy any securities, and there. shall be no sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Certain information contained in this Presentation relates to or is based on publications, surveys and the Company's own internal estimates and research. In addition, all of the market data included in this Presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its internal research is reliable, such research has not been verified by any independent source. This meeting and any information communicated at this meeting are strictly confidential and should not be discussed outside your organization. The reader shall not rely upon any statement, representation or warranty made by any other person, firm or corporation in making its investment or decision to invest in the Company. Neither of Khosla, the Company, nor any of their respective affiliates nor any of its or their control persons, officers, directors, employees or representatives, shall be liable to the reader for any information set forth herein or any action taken or not taken by any reader, including any investment in shares of Khosla or the Company. Valo and Opal are trademarks of Valo Health, LLC. All other trademarks and registered trademarks are property of their respective owners. This document contains the trademarks and service marks of third parties and such trademarks and service marks are the property of their respective owners. These marks may be registered and/or used in the U.S. and other countries around the world. Financial Information. The financial information and data contained in this presentation is unaudited and certain financial information and data does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement / prospectus or registration statement to be filed by Khosla with the SEC in connection with the proposed transaction. The "pro forma" financial data included herein has not been prepared in accordance with Article 11 of the SEC's Regulation S-X, is presented for informational purposes only and may differ materially from the Regulation S-X compliant unaudited pro forma financial statements of Valo to be included in Khosla's proxy statement / prospectus in connection with the proposed Business Combination (when available). In addition, all of Valo's historical financial information included herein is subject to change in accordance with PCAOB auditing standards. Valo 2Q21 3#4Risk Factors The below list of risk factors has been prepared as part of the Business Combination. The risks presented below are a subset of the general risks related to the business of Valo and the proposed Business Combination, and such list is not exhaustive. The list below has been prepared solely for purposes of the private placement transaction, and solely for potential private placement investors, and not for any other purpose. The list below is qualified in its entirety by disclosures contained in future documents filed or furnished by Khosla with the SEC, and you should carefully consider these risks and uncertainties, together with the information in Valo's consolidated financial statements and related notes. If Valo cannot address any of the following risks and uncertainties effectively, or any other risks and difficulties that may arise in the future, its business, financial condition and results of operations could be materially and adversely affected. The risks described below are not the only risks that Valo faces. Additional risks that Valo currently does not know about or that it currently believes to be immaterial may also impair its business, financial condition or results of operations. You should review this investor presentation and perform your own due diligence and consult with your own financial and legal advisors prior to making an investment in Khosla and Valo. Risks relating to the business of Valo will be disclosed in future documents filed or furnished by Valo and/or Khosla with the SEC, including the documents filed or furnished in connection with the proposed transactions between Valo and Khosla. The risks presented in such filings will be consistent with those that would be required for a public company in its SEC filings, including with respect to the business and securities of Valo and Khosla and the proposed transactions between Valo and Khosla, and may differ significantly from, and be more extensive than, those presented below. Risks Related to Valo's Business Valo has a history of substantial net operating losses and expects that it will continue to incur losses for the foreseeable future. Valo has not generated any revenue since inception, which, together with its limited operating history and rapid growth, makes evaluating Valo's current business and prospects difficult and may increase the risk of your investment. Valo may incur significant costs relating to financing future acquisitions or licensing transactions. If Valo is unable to raise capital when needed or on attractive terms, Valo would be unable to consummate such transactions, forced to delay, scale back or discontinue some of its product candidate development programs or future commercialization efforts. Valo has not conducted any clinicals trial to date. Valo's product candidates will require preclinical and clinical development, which are lengthy and expensive processes with uncertain outcomes and the potential for substantial delays. Valo cannot give any assurance that any of its product candidates will be successful in clinical trials or receive regulatory approval, which approval is necessary before such product candidates can be commercialized. Although Valo believes that its Opal platform has the potential to identify more promising molecules than traditional methods and to accelerate drug discovery and development, Valo's focus on using its platform technology to discover and design molecules with therapeutic potential may not result in the discovery and development of commercially viable products for Valo or its collaborators. Valo has invested, and expects to continue to invest, in research and development efforts that further enhance the Opal platform and advance drug candidates. Such investments in technology, data and therapeutic development are inherently risky and may affect Valo's operating results. If the return on these investments is lower or develops more slowly than Valo expects, its revenues and results of operations may suffer. If Valo cannot maintain existing partnerships, including its data partnerships, and cannot enter into new partnerships or similar business arrangements, Valo's business could be adversely affected. Because Valo has multiple programs and drug candidates in its development pipeline and is pursuing a variety of target indications and treatment modalities, Valo may expend its limited resources to pursue a particular drug candidate and fail to capitalize on opportunities that may be more profitable or for which there is a greater likelihood of success. Security breaches, loss of data and other disruptions could compromise sensitive information related to Valo's business or prevent it from accessing critical information and expose it to liability, which could adversely affect Valo's business and reputation. The outcome of preclinical development testing and early clinical trials may not be predictive of the success of later clinical trials, and interim results of a clinical trial do not necessarily predict final results. Valo's success depends on its ability to protect its intellectual property, including trade secrets. Valo will need to expand its organization and it may experience difficulties in managing this growth, which could disrupt its operations. The markets in which Valo participates are highly competitive, and if Valo does not compete effectively, including for talent necessary to meet its business goals, its business and operating results could be adversely affected. Even if Valo receives regulatory approval for any of its current or future product candidates, there can be no assurance that Valo may be successful due to competition, reimbursement landscape and challenges to adoption of its product candidates in the industry in which Valo operates. Valo may be subject to legal proceedings and litigation, including intellectual property and privacy disputes, which are costly to defend and could materially harm Valo's business and results of operations. Certain of Valo's estimates of market opportunity and forecasts of market growth could prove to be inaccurate. If Valo is unable to attract and retain key employees and hire qualified personnel, its ability to compete and successfully grow its business would be adversely affected. Valo may need to raise additional funds and these funds may not be available when needed. Changes to applicable U.S. tax laws and regulations or exposure to additional income tax liabilities could affect Valo's business and future profitability. Business interruptions resulting from the coronavirus disease (COVID-19) outbreak or similar public health crises could cause a disruption of the development of Valo's product candidates and adversely impact its business. Risks Related to the Business Combination The consummation of the Business Combination is subject to a number of conditions, including entry into a definitive agreement and plan of merger (the "Merger Agreement"), and if those conditions are not satisfied or waived, the Merger Agreement may be terminated in accordance with its terms and the Business Combination may not be completed. There is no guarantee that a Khosla stockholder's decision whether to redeem its shares for a pro rata portion of the trust account will put the stockholder in a better economic position. If the Business Combination benefits do not meet the expectation of investors or securities or analysts, the market price of Khosla's securities or, following the consummation of the Business Combination, the combined company's securities may decline. Potential legal proceedings in connection with the Business Combination, the outcome of which may be uncertain, could delay or prevent the completion of the Business Combination. Following the consummation of the Business Combination, the combined company ("New Valo") will be an "emerging growth company" and it cannot be certain if the required disclosure requirements applicable to emerging growth companies will make the post-combination company's common stock less attractive to investors and may make it more difficult to compare performance with other public companies. New Valo will incur significantly increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations. Valo 2Q21 4#5Combination of Khosla & Valo Health creates an industry-defining opportunity Khosla Ventures (KV): Bold... Early... Impactful Early investors in industry-defining companies across multiple verticals - Investments with $395B+ in value¹ KV has $14B+ AUM; 15 years+ of exceptional performance; investor alignment Focus on long-term performance Tiered promote structure rewards success, aligning KV & Valo Sponsor will not sell/transfer any shares until the first to occur of 1 years following the acquisition or the achievement of performance targets KV supporting SPAC via $25M Forward Purchase Agreement backstop KV Acquisition Company Team Valo Vinod Khosla, Founder Founder & Managing Director at KV Former general partner at Kleiner Perkins Previously founded and served as CEO of Sun Microsystems [1] Market capitalization as of April 12, 2021 or last publicly disclosed funding round [2] Incubated Select KV Investments¹ affirm DOORDASH GUARDANT HEALTH IMPOSSIBLE instacart Samir Kaul, CEO Founding Partner and Managing Director at KV Former partner at Flagship Ventures $17B market cap $48B market cap $16B market cap $5B valuation² $39B valuation okta oscar Square $33B market cap $16B QuantumScape market cap² stripe $5B market cap $121B market cap $95B valuation Peter Buckland, CFO Partner, Managing Director, and COO at KV Former partner at WilmerHale LLP 2Q21 5#6Pro forma valuation and ownership TRANSACTION OVERVIEW Share price Pro forma shares outstanding¹ Equity value (+) Debt (-) Pro forma cash Firm value $10.00 281.1 $2,810.9 [0.0] (488.0) $2,322.9 FOCUS ON LONG-TERM PERFORMANCE Tiered promote structure³ rewards success, aligning KV and Valo Sponsor will not sell/transfer any shares until the first to occur of 1 year following the acquisition or the achievement of performance targets4 KV supporting SPAC via $25M Forward Purchase Agreement backstop Warrant-less SPAC structure ILLUSTRATIVE PRO FORMA OWNERSHIP¹ Existing Valo rollover equity 80.0% • SOURCES Valo rollover equity Khosla cash held in trust² PIPE investment Total sources USES Cash to balance sheet Equity consideration to existing investors Estimated transaction expenses² Total uses KVSA public shares 10.0% PIPE investor shares 8.0% KVSA sponsor shares 2.0% Source: Company filings and estimates; Amounts are $mm, except per share price [1] Assumes no share redemptions and excludes impact of shares subject to price-vesting; Estimated common shares outstanding based on common shares owned by KVSA public shareholders (34.5mm), KVSA Sponsor/Board (6.1mm), PIPE (16.9mm), and legacy Value (225.0mm); [2] Estimated transaction fees and expenses for both SPAC and target including deferred underwriting fees, PIPE fee, financing fees and advisory, legal, accounting, and other fees. [3] At the closing of the Business Combination, all of the outstanding shares of Class B common stock will convert into an aggregate of 6,088,235 shares of the surviving company's Class A common stock; and (b) all of the outstanding shares of Class K common stock will convert into up to an aggregate of 8,697,479 shares of the surviving company's Class A common stock, but only to the extent certain triggering events occur prior to the 10th anniversary of the Business Combination, including three equal triggering events based on the surviving company's stock trading at $30.00, $40.00 and $50.00 per share following the first anniversary of the closing and also upon specified strategic transactions. For additional information, see Khosla's final prospectus relating to its initial public offering (the "Prospectus"). [4] Performance targets are triggered with respect to Class B common shares (x) if the closing price of the surviving company's Class A Common Stock equals or exceeds $12.00 per share for any 20 trading days within any 30-trading day period commencing at least 150 days after the Business Combination or (y) on the date on which the surviving company completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction after the Valo Business Combination that results in all of the surviving company's stockholders having the right to exchange their shares of common stock for cash, securities or other property. For additional information, see the Prospectus. Class A shares issued upon conversion of any Class K shares will not be subject to restrictions on transfer except as described in the Prospectus. $2,250.0 345.0 168.5 $2,763.5 $485.5 2,250.0 28.0 $2,763.5 2Q21 6#7Valo is a technology company built to transform the pharmaceutical industry, led by a deeply experienced team Therapeutic products >100 drug approvals¹ Process and scale Drug development BIG PHARMA excellence Valo 6. Cutting edge BIOTECH I science durability Scalability and BIG TECH IN Science and innovation >1,000 regulatory filings¹ Data and compute >1,000 clinical trials¹ Valo Valo data aggregates historical experience across Valo staff [2] As of April 15, 2021 David Berry, MD, PhD Founder, CEO Founder Indigo (#1, #3 CNBC Disruptor), MCRB, EVLO, AXLA, TTOO, Omega Tx, etc.; GP Flagship Pioneering Brett Blackman, PhD Chief Innovation Officer Founder, CSO of HemoShear, Repertoire, and Kintai; Associate Professor of Biomedical Eng, UVA Moni Miyashita, MBA Chief Strategy Officer Partner, Innosight VP, Corporate Development, IBM >28,000 Al models deployed¹ Brandon Allgood, PhD Chief Al Officer Co-founder & CTO, Numerate Nish Lathia, MBA Chief Product Officer General Manager for multiple WW businesses, Amazon Dan Troy, JD Chief Legal Officer & General Counsel General Counsel, GSK Chief Counsel, FDA >115 FTES at the convergence of life sciences and technology² Graeme Bell, MBA, FCMA Chief Financial Officer CFO, Tmunity / Intellia / Anacor CFO, Merck U.S. Hilary Malone, PhD Chief Operating Officer, Pharma Chief Regulatory Officer, Sanofi Cissy Young, PhD Chief People Officer Managing Director, Russell Reynolds Associates; Director, Strategy & BD, Cerulean Pharma 2Q21 7#8Valo's Board and investors support the company's vision of transforming the pharmaceutical industry BOARD OF DIRECTORS Ron Hovsepian Chairman of the Board of Directors CEO Indigo Agriculture, Former CEO Novell, Former CEO Intralinks, Chairman of Ansys David Berry, MD, PhD Board Director Founder Indigo (#1, #3 CNBC Disruptor), MCRB, EVLO, AXLA, TTOO, Omega Tx, etc.; GP Flagship Pioneering Brett Chugg, MBA² Board Director Managing Director, Koch Disruptive Technologies Judy Lewent, MBA Board Director Former CFO Merck; Non-executive director at Dell, Motorola, GSK, Thermo Fisher Valo Select names from Series A & Series B Shreeram Aradhye, MD Board Director Former CMO Novartis Pharmaceuticals Paul Biondi, MBA Board Director Former Head of Business Development and Strategy, Bristol-Myers Squibb [2] KDT and PSP's right to designate a board director expires on a public offering David Epstein, MBA Board Director Former CEO Novartis Pharmaceuticals Harsha Ramalingam, MBA Board Director Former CIO, CISO, and Global VP Ecommerce Platform (Built 5th generation ecommerce platform), Amazon Adam Smalley, MBA² Board Director Complementary Portfolio; Office of the CIO; PSP Investments INVESTORS¹ Flagship Pioneering INVUS KIKOCH DISRUPTIVE TECHNOLOGIES PSP MIRAE ASSET HBM Partners A tinum PARTNERS 2Q21 8#9The pharmaceutical industry is at an inflection point: the scale of human centric data and computation now enables a step change¹ PHARMACEUTICAL INDUSTRY TRENDS Decreasing R&D productivity³ Increasing pricing pressures³ Point-to-point system4 Divergent stakeholders5 $1.25T Biopharmaceutical worldwide industry revenue² THE VALO OPPORTUNITY Data & computation designed to increase precision, and reduce cost and time Scalable, capital efficient platform designed to provide sustainable value creation Unified and integrated to provide continuous improvement Aligned patient, market and development needs [1] Steedman, Mark., et al. "Intelligent Biopharma: Forging the Links Across the Vale Chain." Deloitte Insights, Deloitte Center for Health Solutions, (Oct 2019) [2] Global pharmaceutical industry, Statista (Accessed April 20, 2021) [3] Deloitte. "Ten years on: Measuring the Return from Pharmaceutical Innovation 2019." Deloitte Center for Healthcare Solutions, (2019) Valo [4] Konersmann, Todd., et al. "Innovating R&D with the Cloud: Business Transformation Could Require Cloud-Enabled Ecosystems, and Services." Deloitte Insights, Deloitte Center for Health Solutions, (Dec 2020) [5] Peter Kolchinsky, The Great American Drug Deal: A New Prescription for Innovative and Affordable Medicines, Ch 1. (Evelexa Press, 2020) 2Q21 9#10Valo is a technology company built to transform drug discovery and development using human-centric data and computation... LEGACY BIOPHARMA MODEL ¹,2 Biological DOC ІНННННННН Discovery Ph II ------ Ph III 1-0-0-0-0-0-0-0-0- Target ID DOC Phl Reg 1-0-0-0-0-0-0-0-0-| -0-0-0-0-0-0-0-0- Target to DOO СНЕНННННН Hit Preclinical ЕНЕННЕНТЕННЕН Comm Hit to Lead Lead Opt LOCALIZED³ | DISINTEGRATED³ SURROGATE-DEPENDENT4 | SERIAL¹ VALO DRUG ACCELERATION MODEL 5 CLINICAL DEVELOPMENT Reg Comm Phase hase III BIOLOGICAL RWE Diagnosis Phase II DISCOVERY Target Discovery Opal PLATFORM Phase I TM Preclinical Target ID Target to Hit Lead Opt Hit to Lead THERAPEUTIC DESIGN UNIFIED INTEGRATED HUMAN-CENTRIC | PARALLEL Target ID = Target Identification; RWE = Real World Evidence; Lead Opt = Lead Optimization; Reg = Regulatory; Comm= Commercial; Al = Artificial Intelligence [1] Paul, Steven M., et al. "How to improve R&D productivity: the pharmaceutical industry's grand challenge." Nat Rev Drug Discov 9, 203-214 (Mar 2010). [2]Hughes, James P., et al. "Principles of Early Drug Discovery." British Journal of Pharmacology 162.6, 1239-1249 (Mar 2011). [3] Konersmann, Todd., et al. "Innovating R&D with the Cloud: Business Transformation Could Require Cloud-Enabled Ecosystems, and Services." Deloitte Valo Insights, Deloitte Center for Health Solutions, (Dec 2020). [4] See, for example, Seoka, Junhee, et al. "Genomic Responses in Mouse Models Poorly Mimic Human Inflammatory Diseases." PNAS, 110 (9) 3507-3512. (Feb 26, 2013). [5] The Opal platform is designed to reduce time and cost in the drug discovery and development process, which we refer to as the Valo Drug Acceleration Model 2Q21 10#11...designed to enable a new model of drug discovery and development rather than applying Al to the constrained, legacy model REINFORCING LEGACY Biological Discovery DOC -0-0-0-0-0-0-0-0- Ph II Ph III L L ІНННННН 1-0-0-0-0-0-0-0-0- Target ID OK PhI Reg ГЕННАНЕНЕЛЕНЕНОН -0-0-0-0-0-0-0-0- ГЕНЕРНЕНІНІНІНЕН Target to DOO ЕННННННН Hit Preclinical 10-------------- Comm LIFE SCIENCES INNOVATION Hit to Lead Lead Opt AI-DRIVEN Legacy biopharma model struggles to effectively integrate and leverage the full power of data & Al¹ VALO TRANSFORMATION CLINICAL DEVELOPMENT Reg Comm Phase III BIOLOGICAL DISCOVERY RWE Diagnosis Opal PLATFORM Phase II Target Discovery Phase I Preclinical Target ID Lead Opt Target to Hit Hit to Valo [1] Konersmann, Todd, et al. "Innovating R&D with the Cloud: Business Transformation Could Require Cloud-Enabled Ecosystems, and Services." Deloitte Insights, Deloitte Center for Health Solutions, (Dec 2020) Al Artificial Intelligence; Target ID = Target Identification; RWE = Real World Evidence; Lead Opt = Lead Optimization; Reg = Regulatory; Comm = Commercial THERAPEUTIC DESIGN Valo's drug acceleration model is designed to create an integrated process centered on data & Al 2Q21 11#12Valo's Opal platform is designed to enable a fully integrated, human-centric approach to the systematic development of better drugs, faster CLINICAL DEVELOPMENT Valo Reg Comm Phase III BIOLOGICAL DISCOVERY Target Discovery RWE Diagnosis Opal PLATFORM Phase II Phase I Preclinical Target ID Target to Hit Lead Opt Hit to Lead THERAPEUTIC DESIGN Comprehensive human-centric data Al-anchored compute Single integrated architecture Valo is building an end-to-end, fully-integrated drug development platform with a unified architecture, founded upon world-class human-centric data and Al-anchored computation 2Q21 12#13Valo's Opal platform consists of an integrated set of capabilities designed to transform data into valuable insights that may accelerate discoveries Opal's design intent is to create a data-compute→drug flywheel which increases Opal's capability with each 'loop'... COMPREHENSIVE HUMAN-CENTRIC DATA Valo's current data powers the breadth of the Opal platform Valo Deep longitudinal patient data Exclusive and non-exclusive access Multidimensional panomics Exclusive and non-exclusive access Biological and chemical data Exclusive and non-exclusive access AI-ANCHORED COMPUTE SELF-REINFORCING ACTIVE LEARNING INTEGRATED CAPABILITIES SINGLE INTEGRATED ARCHITECTURE ...thus more scale and faster execution is intended to lead to increasing capability and competitive advantage DESIGNED TO ACCELERATE DRUG DEVELOPMENT Targets Molecules Patient subpopulations Biomarkers 2Q21 13#14Valo's aspiration is for Opal to become the industry standard platform for drug discovery and development, unlocking multiple business models Valo CURRENT Building what we believe is the first digitally native fully integrated pharma 1 BUILD Build Opal platform and Data Lake Build a digitally native fully integrated platform anchored on patient data and Al 2 VALIDATE Validate Opal platform through internal pipeline Accelerate advancement of a scaled portfolio of therapeutic programs across key inflection points FUTURE Aspiration to become the standard technology platform for drug development 3 SCALE Scale Opal platform through high-value partnerships Aim to form selective high-value partnerships to enable capital efficient scaling of Opal and increased velocity of flywheel 4 DEMOCRATIZE Democratize access to Opal through software businesses Aim to launch multiple targeted Opal-enabled software businesses to position Valo's drug acceleration model as the default choice for all drug developers Valo's strategy aims to accelerate Opal's data-compute-drug flywheel over time 2Q21 14#15Opal is built upon a differentiated, human-centric, and high quality data foundation Valo >125M years of longitudinal patient data Valo's cumulative longitudinal patient data Total patient years of data 125M 100M 75M 50M 25M OM Near zero missingness rate on patients Average of 15 years of continuous data Continuous updating OM Founding (2019) 37.5M End 2019 >125M End 2020 Multidimensional -'omics Exclusive access to one of the largest prospective studies spanning pan-omics, imaging, and medical records >22.5T Whole genome sequencing data points >210M mRNA sequencing data points >13K images paired with related scoring data >21M Metabolomic and/or proteomic data points 1614 1 1612 Tett 113 Tod $3000 00 01 1 >320K Blood sample aliquots LOO ⒸPP.Com.com PLA Opal fuses Valo's novel and/or exclusive longitudinal and 'omics data using proprietary methodologies designed to enable intelligent imputation, the upgrade of public and semi-private data, and the generation of novel insights 2Q21 DATA 15#16Opal is an end-to-end platform, enabled by Valo's data capabilities to bring human-centricity to the process, shifting from serial to parallel Valo BIOLOGICAL DISCOVERY Human data to identify human targets designed to treat human disease with enhanced clinical development profiles based on genotype-phenotype-causality linkages BIOLOGICAL DISCOVERY CLINICAL DEVELOPMENT Designed to improve safety, efficacy, patient selection and disease selection for increased likelihood of success DEVELOPMENT Opal PLATFORM THERAPEUTIC DESIGN PLATFORM THERAPEUTIC DESIGN Active learning, self-reinforcing, in silico -experimental platform that is designed to rapidly iterate to design drugs, while testing and optimizing multiple feature dimensions in parallel 2Q21 16#17Biological discovery: Human-centric target discovery powered by causal artificial intelligence approaches Bayesian network analysis Valo 最最最意接 2 Presumed loss of function in GENE1 has been associated with lower circulating TARGET1 levels Number of Alleles Opal is designed to generate novel targets for precise patient populations via explainable methodologies GENOTYPE 127/247 0 BIOMARKER 3 49/82 1 Number of Alleles 1 0.25 Cumulative Rate of Coronary Artery Disease 0:20 100 200 PHENOTYPE Presumed loss of function variants GENE1 has been associated with lower prevalence of vascular disease 300 Metabolite 2 400 BIOLOGICAL DISCOVERY Circulating TARGET1 levels were significantly higher in vascular disease, compared to controls Data implies causality of TARGET1 in vascular disease, which can be modulated by GENE1/PROTEIN1 inhibition and builds foundation for biomarker-driven trials 2Q21 17#18Biological discovery: Opal's human-based capabilities designed to enable discovery of targets linked to precisely selected patient populations PATIENT SUBGROUP MOLECULE MECHANISM BIOMARKER OUTCOME Valo Designed to causally link therapeutic intervention to target & pathway mechanism to physiological biomarkers of patient fit & response to disease-relevant outcomes (e.g., motor symptoms) within biologically real patient subgroups across multiple real-world, clinical, and preclinical data sources ILLUSTRATIVE NEURODEGENERATIVE EXAMPLE 18 34 32 85 Clinical embedding subgroup 18 32 85 Clinical severity & progression ++ + Presentation / medication diuretics constipation muscle relaxant 0.05 MAOi restless leg stiffness 0.00 0.04 MAOI, COMTI, amantadine, etc 0.02 seizure/psych 0.00 0.050 0.025 0.000 Subgroup demographics 40% female (46%) 142/7121 subjects 50 age 37% female (46%) 237/7121 subjects 50 age 100 50 34% female (46%) 362/7121 subjects age 100 BIOLOGICAL DISCOVERY 100 Biosignature Bio- signature-1 Bio- signature-2 2Q21 18#19Therapeutic design: Opal's proprietary active learning loop is designed to accelerate programs through the discovery process (target → drug candidate) OPAL'S INTEGRATED MOLECULE DESIGN LOOP Opal is designed to make computational predictions in parallel with molecule design to generate better optimized compounds in each cycle, while performing serial processes in parallel Molecule Discovery Input Data >200K ADME data points from >50 endpoint assays >10M compounds with activity data >70 trillion virtual molecules created >375M molecules scored Predictive Models Generated by the input data set. Activity, selectivity, toxicity, metabolism, bioavailability, synthesizability, etc. >30,000 models built and deployed >2 billion predictions made, evaluating against optimization criteria In-House Valo Laboratories (>40K sq. ft.) Automated synthesis + purification of 5,000 molecules/month (average) DEL libraries of >5B drug-like compounds 4 automated HTS platforms operating up to 24/6 HTS library of >500K compounds Closed loop structure designed to allow Valo to start anywhere in the process without the typical limitations of disintegrated Al molecule design Valo HTS = high throughput screening; DEL = DNA-encoded library; ADME = absorption, distribution, metabolism, and excretion THERAPEUTIC DESIGN 2Q21 19#20Therapeutic design: Opal is designed to simultaneously optimize for target activity, ADME, and tox, moving from a serial to a parallel process TRADITIONAL DEVELOPMENT Traditional molecule discovery methods screen for tox and modify compounds in a linear, serial fashion¹ Valo Compound screening In vitro efficacy 101 In vivo efficacy Tox screen VALO INTEGRATED DEVELOPMENT Opal is designed to make computational predictions in parallel with molecule design to generate better optimized compounds in each cycle Valo's parallelized design cycle Experimental confirmation Molecule design Integrated design Data Tox & ADME prediction EXAMPLE PARALLELIZED DESIGN² CYCLE 1 25 compounds synthesized Key activity goals met CYCLE 2 31 compounds synthesized Key off-targets modeled CYCLE 3 13 compounds synthesized All optimization goals met [1] Hughes, James P., et al. "Principles of Early Drug Discovery." British Journal of Pharmacology 162.6, 1239-1249 (Mar 2011) [2] Aggregates historical data from acquisitions and work conceived and/or advanced by Valo; Valo does not have ongoing rights related to clinical drug program developed prior to Valo's acquisitions OT от от OT CRES EFFET 100% 50% LORES EFFET M 100% 50% OT MOAR 100% 50% THERAPEUTIC DESIGN VORES REP 104 STUR UCRES P104 STMRE 2Q21 CACO2 ABS UCES EFFET ST CACOS A 20#21Clinical development: Valo's approach to trial optimization is being designed to leverage patient datasets to identify sub-populations likely to benefit INPUTS 1 Featurize patient data & biomarker signature discovery Opal Patient Data Public Datasets Opal Panomic Data Valo Los = likelihood of success 2 Identify pathway dysfunction in selected subgroups Opal Panomic Data Opal Opal Chemistry Biological & Biology knowledge Data graphs 3 Design pragmatic clinical studies Opal Chemistry & Biology Data Opal Biological knowledge graphs 4 Monitor and adapt study on ongoing basis Opal Opal Chemistry Biological & Biology knowledge graphs Data Opal simulation data CLINICAL DEVELOPMENT Optimized, higher LoS trials Valo's differentiated approach is designed to harness our proprietary data lake to precisely identify responder populations (patients and time), enabling pragmatic studies - for faster and more effective studies 2Q21 21#22Clinical development: Development of OPL-0301, a biased S1P, agonist, is designed to validate Opal's clinical acceleration capabilities Valo's goal is to computationally define clinical hypotheses a priori and continuously refine them throughout development, potentially enabling smaller, more precise trials and a faster path to approval DATA INPUTS Longitudinal clinical data Deep cardiovascular disease data Biological knowledge graphs Chemical and molecular data Valo CLINICAL DEVELOPMENT Phase III Phase II BIOLOGICAL DISCOVERY Target Discovery RWE Diagnosis Opal PLATFORM Phase I Preclinical Target ID Lead Opt Hit to Lead THERAPEUTIC DESIGN PLATFORM OUTPUTS Identify and characterize patient subgroups Identify and characterize biomarkers Select patient groups and biomarker hypotheses CLINICAL DEVELOPMENT Designed to produce precisely defined patient selection criteria 2Q21 22#23Valo's scalable acceleration model is designed to build a 'supply chain' of programs as a digitally native therapeutics company INTERNAL SUPPLY CHAIN OF PROGRAMS FOCUS THERAPEUTIC AREAS: PROGRAMS/INSIGHTS CARDIOVASCULAR-METABOLIC-RENAL First clinical program launch expected in 2021¹ ONCOLOGY Multiple Drug Candidates2 expected in 2021¹ DATA NEURODEGENERATIVE Multiple novel preclinical programs expected in 2021¹ OPAL ACCELERATION FLYWHEEL DATA DRUG DEVELOPMENT [1] Reflects 2021 goals Valo [2] "Drug Candidates" are asset programs that are undergoing IND-enabling studies Phase III Phase II BIOLOGICAL DISCOVERY RWE Diagnosis Target Discovery Opal PLATFORM Phasel Preclinical Target ID Lead Opt THERAPEUTIC DESIGN COMPUTE Portfolio designed to reduce risk and achieve high value outcomes Opal designed to enable scalable activation and advancement of programs The self-reinforcing nature of Opal's flywheel is designed to enable increasing utility with and at scale 2Q21 23#24Opal platform offers the opportunity to accelerate the development of programs OPAL PLATFORM New target identification in weeks (CV and ND targets discovered and/or statistically validated in less than a month) New molecule identification, validation and transition to hit-to-leads (H2L) in months (H2L 1 billion evaluated, 100s made/tested, multiple proprietary series) Lead optimization (LO) in months (LO in 9-12 months driven by Opal-enabled compressed number of LO chemistry cycles) Causal biomarker discovery in months (0 to novel Parkinson's biomarker in 2 months) VS. VS. VS. VS. INDUSTRY 6-12 months for typical target discovery using surrogates rather than humans¹ Average of 6-12 months to move from target to hit to lead candidate¹ Average of two years spent in lead optimization alone¹ Significant time and resource investment to discover clinically relevant biomarkers² CV = cardiovascular; ND = neurodegenerative; H2L = hit-to-lead; LO = lead optimization Valo [1] Paul, Steven M., et al. "How to improve R&D productivity: the pharmaceutical industry's grand challenge." Nat Rev Drug Discov 9, 203-214 (Mar 2010). [2] See, for example, Paulovich, Amanda G., et al. interface between biomarker discovery and clinical validation: The tar pit of the protein biomarker pipeline." Proteomics Clin Appl 2, 1386-1402 (Oct 2008). "The 2Q21 24#25Internal supply chain of programs demonstrates impact of Opal drug acceleration, providing, we believe, validation to scale via external program supply chain CARDIOVASCULAR- METABOLIC-RENAL ONCOLOGY NEURODEGENERATIVE TARGET DISCOVERY OPL-0301¹ OPL-0401² OPAL-0022 OPAL-0004 OPAL-0018 OPAL-0003 OPL-0101³ OPAL-0021 OPAL-0015 OPAL-0024 OPAL-0001 OPAL-0014 OPAL-0023 OPAL-0012 OPAL-0016 OPAL-0002 OPAL-0006 MOLECULE DISCOVERY IND ENABLING Atherosclerosis Atherosclerosis; Glioblastoma Atherosclerosis Heart Failure; Glioblastoma Heme-Targeting PHASE I NSCLC; Squamous Cell Carcinoma; Targeted Defined Tumors Defined Tumors Medulla/Glioblastoma Brain Tumors; Breast Cancer Pancreatic Ductal Adenocarcinoma (PDAC), Targeted Defined Tumors Defined Tumors; Immune Modulation NSCLC Induced Neuropathy and Cardiomyopathy Neurodegenerative Neurodegenerative; Oncology (metastatic) PHASE II Immuno-Oncology (Platform for broader Immunology) Post-MI; Acute Kidney Injury Diabetic Retinopathy; Diabetic Complications PLANNED 2021 INTERNAL SUPPLY CHAIN KEY MILESTONES4 Launching Opal-enabled Phase II study for OPL-0301 Planning Opal-enabled Phase II study for OPL-0401 (launch in 2022) Advancing OPL-0101 IND-enabling experiments Advancing 2 internal discovery programs toward Drug Candidate status Activating 2 discovery programs pursuing targets enabled by Opal PLANNED 2021 EXTERNAL SUPPLY CHAIN KEY MILESTONES4 Launching strategic ecosystem partnership program Increased flywheel velocity through data and compute expansion Proprietary programs across cardiovascular-metabolic-renal, oncology, and neurodegenerative disease that use and/or further build Opal. Additional proprietary preclinical programs with potential for out-licensing or future development. Valo Pipeline as of May 28, 2021 [1] Valo in-licensed OPL-0301 in February 2021 [2] Valo in-licensed OPL-0401 in May 2021 [3] Valo acquired OPL-0101 in May 2021 [4] Reflects management's 2021 goals. 2Q21 25#26OPL-0301: Preclinical and Phase I data suggests differentiated biology A biased S1P, agonist designed to avoid the side effects of other S1P, modulators will unlock therapeutic benefit for post-MI left ventricular dysfunction and acute kidney injury patients We believe Opal has the potential to enable accelerated development of a biased S1P, agonist for CV development. Intent to enter Phase 2 in 4Q214 THERAPEUTIC HYPOTHESIS Absolute change Heart Rate (bpm) Phase I safety data 20- Absolute change from baseline heart rate 15- on day 14 10- -5- -10- -15- -20- -25 A TOh30 T1h Placebo OPL-0301 2.5 mg OPL-0301 15 mg T6h30 Theoretical Time OPL-0301 0.5 mg OPL-0301 5 mg T12h 11 T24h OPL-03011 mg OPL-0301 10 mg Unlike other S1P,s, Phase I data suggests that at doses <= 5 mg, OPL-0301 evokes little or no effects on heart rate (no symptomatic bradycardia or tachyphylaxis) Phase I efficacy data Effect of 28 day once-daily treatment of OPL-0301 (1 and 5mg), or placebo on % flow-mediated dilation (FMD) %FMD (change from baseline) %FMD (change from baseline) 1.5 0.5 0.0 Post-hoc analysis¹ D14 All FMD data¹ 12 15 15 D21 D14 D21 D28 D28 OPAL VALIDATION Placebo (n=6) OPL-0301 1mg (n=15) D35 D35 D42 D42 average D14-28 12 15 15 average D14-28 OPL-0301 5mg (n=15) Sildenafil 50mg (n=6) average D14-42 average D14-42 Evidence for dose and time-dependent endothelial effects of OPL-0301, at least as good as sildenafil² (FMD is correlated with cardiovascular events³) Therapeutic hypothesis Lower plasma S1P in patients admitted for MI compared to controls. Further reduction over subsequent 5 days Sphingosine-1-phosphate [pmol/ml] Creatininemia 600 (1/10url) 500 400 300 200 100 -... 00000 p=0.0001 0 Control Infarction 5d later 400 300 p=0.002 200 100 p=0.0001 0 Significant renal function preservation in rat acute kidney injury model 500 sham 250 p<0.0001 200 0 150 100- 50 Infarction 5d later ischemia/reperfusion [1] Exclusion criteria in post-hoc analysis was to exclude FMD for all subsequent time-points following an increase in hsCRP of >2.5 mg/L compared to baseline. FMD expressed as change from baseline. Bars are mean +/- Valo SEM. Number of FMD data points shown within each bar chart; [2] Study and analysis conducted by third party. [3] Matsuzawa, Yasushi, et al. "Prognostic Value of Flow-Mediated Vasodilation in Brachial Artery and Fingertip Artery for Cardiovascular Events: A Systematic Review and Meta-Analysis." J Am Heart Assoc. (Nov13, 2015), PMID: 26567372. [4] Reflects management's 2021 goals p<0.05 -89% -96% 1 3 0.3 OPL-0301 mg/kg orally p < 0.001 2Q21 26#27OPL-0401: Oral candidate with retinal exposure with the potential to address complications of diabetes, including diabetic retinopathy (DR) A ROCK1/2 inhibitor with oral dosing and THERAPEUTIC preferential exposure in the retina could HYPOTHESIS address currently underserved diabetic retinopathy with an orally available therapeutic OPL-0401 has potential for DR with expansion across diabetic triopathy OPL-0401 is designed to be orally available with preferential retinal exposure, and to have better comparable potency to known competitors Differentiated PK/PD has been observed to reduce systemic exposure, limiting typical ROCK AEs in multiple studies Potential opportunity to expand into diabetic triopathy and other complications, to be evaluated through pragmatic clinical trial OPAL VALIDATION Pragmatic phase II trial designed to identify responder cohorts, indications and intervention approaches, and inform expansion across diabetic triopathy² Historical clinical proof of concept for ROCK inhibition in DR suggests potential for OPL-0401 ROCK inhibition in combination with anti-VEGF has the potential to reduce central macular thickness, including in VEGF-refractory DR¹ Severe diabetic macular edema despite intravitreal (IVT) anti-VEGF treatment Reduction in central macular thickness one month after combined IVT ROCK inhibitor + anti-VEGF Effect of ROCK inhibition in combination with anti-VEGF was sustained over time (6 months)² Valo expects to conduct a pragmatic phase II study for OPL-0401 with the goal of enhancing precision in DR and enabling expansion into diabetic triopathy OPL-0401 has been evaluated in multiple clinical studies to date, and has been observed to not lead to bradycardia or tachyphylaxis at perceived therapeutic doses in studied patient populations ROCK = Rho-associated kinase; anti-VEGF = anti-vascular endothelial growth factor; SoC = standard of care; DR = diabetic retinopathy; AE = adverse event Valo [1] Nourinia, Ramin, et al. "Intravitreal Fasudil Combined with Bevacizumab for Treatment of Refractory Diabetic Macular Edema; A Pilot Study." Journal of Ophthalmic & Vision Research, Vol. 8 (4), 337-40. (Oct 2013). [2] Reflects management's current expectations 2Q21 27#28OPL-0101: Designed as targeted NK cell & T cell stimulator with reduced exhaustion An NK cell and CD8+ T cell selective THERAPEUTIC activator protein that avoids Tregs with HYPOTHESIS minimal toxicity or exhaustion could Potential for monotherapy activity as well as enriched combination therapy with potential for improved tolerability and potential reduced exhaustion. Poised to identify responder populations² enable a new frontier in immune oncology OPL-0101 is designed to leverage cell targeting and multiple activation paths to prime NK and CD8+ T cells for selective activation OMCP NKG2D 1000 o JAK1 mut IL2 OPL-0101 (fusion protein) JAK3 CD3 P ZAP70 P NFAT CD8 000 P Lck P Mouse and non-human primate data showed activity, low adverse event occurrence, and reduced exhaustion wt IL2 mut IL2 FUTURE OPAL VALIDATION OPL-0101 MURINE, in vivo 200,000 IUe Liver Lung - Lack of damage to lung and liver tissue demonstrates low off-target effect with OPL-0101 (bottom row) LEWIS LUNG CARCINOMA MURINE MODEL OPL-0101 INTRAVENOUS INJECTION Valo mut IL-2 is IL-2 that is mutated to not bind the alpha receptor; Pathway diagram is a custom visualization which reflects Valo's therapeutic hypothesis [2] Reflects management's current expectations Percent Survival 100 50- 0 0 treatment saline wt IL-2 mut IL-2 OPL-0101 5 10 15 20 25 30 35 40 45 50 Days Post Tumor Injection OPL-0101's toxicity began at 13x the "therapeutic dose" and 6x the lethal dose of wild-type IL-2 (based on mouse models) - Initial NHP data showed NK and CD8+ to Treg ratios increased up to 20-fold compared to baseline 2Q21 28#29Valo is seeking to develop best-in-class compounds leveraging known or proven biology OPL-0001: PARP1 THERAPEUTIC HYPOTHESIS DESIGNING A CNS-PENETRANT PARP1 INHIBITOR OPL-0036810 OPL-0036820 OPL-0036367 OPL-0036368 OPL-0036819 OPL-0036330 OPL-0036811 OPL-0036847 OPL-0036908 OPL-0036909 OPL-0036805 OPL-0036405 OPL-0036892 DEL-003 Log([brain]/[plasma]) DEL-001 DEL-005 DEL-002 OPL-0036804 DEL-004 Comparator 1 Comparator 2 Comparator 3 Comparator 4 Comparator 5 Valo Creating a PARP1 inhibitor with central penetrance while preserving activity could enable treatment of brain metastasis and primary brain cancers¹ -1.4 Predicted in vivo biodistribution -1.2 Plasma Comparators Molecules -0.8 -0.6 [1] Reflects management's current expectations -0.4 Log([brain]/[plasma]) -0.2 0 Brain 0.2 0.4 OPL-0021: NAMPT THERAPEUTIC HYPOTHESIS Concentration RAT RETINA AND PLASMA DISTRIBUTION RATIO Comparator (20 mpk) Clinical-stage NAMPT asset 40,000 30,000 20,000 10,000 Preventing NAMPT inhibition in the retina while driving peripheral activity could create a next generation cancer therapeutic¹ 0 13x Plasma drug Retina drug conc(ng/mL) conc (ng/g) OPAL-0021 (10 mpk) Valo preclinical NAMPT compound Plasma drug conc (ng/mL) 174x Retina drug conc (ng/g) 2Q21 29#30Valo is seeking to develop compounds that allow us to drug previously undruggable targets OPL-0012: USP7 THERAPEUTIC HYPOTHESIS A specific, selective targeted inhibitor designed to unlock p53 biology for treating various cancers³ OPL-0015: USP28 THERAPEUTIC HYPOTHESIS A specific, selective targeted inhibitor designed to unlock c-Myc biology for treating various cancers³ USP7 is a clinically validated oncogene implicated in the p53 pathway¹ Ub Deubiquitination Ub Ub Ub Ub USP28 p53 P53 degradation Skp1 FBW7 USP7 Transcriptional activation Ubiquitination Cul1 Ub E2 DNA damage Substrate C-MYC LSD1 HIF-1a Ub Up Ub USP28 has been demonstrated to be required for c-Myc stability and clinically implicated in cancers² Proteasome Deubiquitination ATM ATR PIRH2 MDM2 Claspin [1] Wang, Zhiru, et al. "USP7: Novel Drug Target in Cancer Therapy." Frontiers in Pharmacology. V-10, 427, (Apr 2019) Valo [2] Wang, Xiaofang, et al. "Targeting Deubiquitinase USP28 for Cancer Therapy." Cell Death Dis, V-9, 186 (2018) [3] Reflects management's current expectations ULUb Ub Ub CHK2 Ub MDM2 degradation CHK1 Ub Ub Self-ubiquitination ↑ Ub Ub Ub p53 In vivo: Complete responses to established tumors in mouse models Tumor Volume (mm³) Tumor volume (mm³) 1800 1500- 1200- 900- 600- 300- 2000 0 1600 0 1200 800 400 0 4 Dose Strong anti-tumor signals demonstrated by lung squamous cell carcinoma (LSCC) model in mice Established tumor model: LSCC (NCI-H520) Human Cells 12 416 Dose → Vehicle →OPAL-0015 1 Dose Days post treatment initiation (Day) I 20 424 Dose Control Drug 2 3 Time of Treatment (d) 28 4 2Q21 P<0.0001 30#31Valo has a growing patent portfolio estate 605 Patents and Applications 600 patents and applications directed to compositions of matter and methods of use, including patents and applications related to Valo's proprietary programs across cardiovascular-metabolic-renal, oncology, and neurodegenerative diseases 5 patents and applications directed to technology and machine learning for drug discovery/development IP Strategy Driven by Patents and Trade Secrets Patent strategy focused around therapeutics Significant trade secret strategy in place with focus around technology platform 600 400 200 0 CUMULATIVE VALO PATENTS AND APPLICATIONS Granted Pending 2018 Valo Cumulative Valo patents and applications reflects portfolio as of May 28, 2021. Figures include patents and applications exclusively licensed to Valo 2019 2020 May 2021 411 Granted 196 Pending 2Q21 31#32Valo's scalable acceleration model is designed to build a 'supply chain' of programs - aspiration to become the standard drug development platform Cross-program active learning benefits internal and external programs INTERNAL SUPPLY CHAIN OF PROGRAMS CURRENT FOCUS THERAPEUTIC AREAS: ONCOLOGY Multiple Drug Candidates expected in 2021¹ PROGRAMS/INSIGHTS CARDIOVASCULAR-METABOLIC-RENAL First clinical program launch expected in 2021¹ DATA NEURODEGENERATIVE Multiple novel preclinical programs expected in 2021¹ OPAL ACCELERATION FLYWHEEL DATA DRUG DEVELOPMENT Phase III Phase II BIOLOGICAL DISCOVERY Target Discovery RWE Diagnosis Opal PLATFORM Phasel Preclinical Target ID Lead Opt PROGRAMS/INSIGHTS THERAPEUTIC DESIGN Both internal & external programs benefit from Opal's scale DATA COMPUTE 10000 EXTERNAL SUPPLY CHAIN OF PROGRAMS EMERGING EMERGING ECOSYSTEM: PARTNERSHIPS SOFTWARE SOLUTIONS EARLY DISCOVERY END-TO-END PRECLINICAL CLINICAL MANUFACTURING The self-reinforcing nature of Opal's flywheel is designed to enable increasing utility with and at scale Valo [1] Reflects management's 2021 goals 2Q21 32#33Valo's aspiration is for Opal to become the industry standard platform for drug discovery and development, unlocking multiple business models Valo CURRENT Building what we believe is the first digitally native fully integrated pharma 1 BUILD Build Opal platform and Data Lake ANTICIPATED REVENUE MODEL 2 VALIDATE Validate Opal platform through internal pipeline Commercialize or partner a growing series of de-risked, high impact therapeutics FUTURE Aspiration to become the standard technology platform for drug development 3 SCALE Scale Opal platform through high-value partnerships High value technology-driven partnerships generating payments, milestones, and royalties 4 DEMOCRATIZE Democratize access to Opal through software businesses Partner with ecosystem players to sell software solutions across the ecosystem Valo's strategy aims to accelerate Opal's data-compute-drug flywheel over time 2Q21 33#34Valo is rapidly scaling and executing its strategy with the goal of positioning Opal as the standard technology platform upon which drugs are built Powered by the Opal platform, Valo aspires to transform the biopharma industry as what we believe is the first digitally-native fully integrated pharma. Valo is: Leveraging Opal to achieve scalable activation and advancement of high potential therapeutic programs - Optimizing portfolio and minimizing risk with existing pipeline of 15 active programs with high impact potential Expecting myriad clinical development milestones in diverse areas in the near-term¹ Aspiring to create a repeatable flow of 2-3 preclinical drug candidates annually (substantial latent pipeline of programs) CLINICAL DEVELOPMENT Reg Valo [1] Reflects management's 2021 goals Comm BIOLOGICAL RWE Diagnosis Opal PLATFORM Phase III Phase II DISCOVERY Target Discovery Phasel Preclinical Target ID Target to Hit Lead Opt. Planning to scale external supply chain of programs to increase velocity of Opal's flywheel We believe there is an opportunity for Opal to become the standard technology platform for drug development via combination of partnerships and software solutions Khosla Ventures has a reputation for betting on industry transformations and high growth companies. Combination with Khosla represents recognition of Valo's execution to-date and transformative aspirations THERAPEUTIC DESIGN 2Q21 34#35