Valo SPAC Presentation Deck

Valo 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

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