Valo SPAC Presentation Deck

OPL-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

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