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1 September 21, 2026 Acquisition of a royalty on tavapadon for the treatment of Parkinson’s disease
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2 This presentation has been prepared by DRI Healthcare Trust (“DRI Healthcare” or “DRI”). Established as an unincorporated open-ended trust in Ontario, Canada, and publicly trading since its 2021 IPO, DRI is a global leader in providing financing to advance innovation in the life sciences industry. Cautionary Note Regarding Forward-Looking Information This presentation, including responses to questions related thereto, may contain “forward-looking information” within the meaning of, and made pursuant to the “safe harbour” provisions of, Canadian provincial securities laws. Statements that contain forward-looking information are predictive in nature, depend upon or refer to future events or conditions, and include, but are not limited to, statements which reflect management’s current opinions, estimates and assumptions regarding the operations, business, investment opportunities, the profitability and availability of royalty investments, results, performance, financial position and compounding of cash flow, expected financial results, priorities, objectives, strategies, prospects, pipeline, capital management and both short- and long-term outlook of DRI Healthcare and its subsidiaries, which are based on management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate and reasonable in the circumstances. Statements containing forward-looking information are typically identified by words such as “guidance,” “target,” “project,” “assumes,” “seek,” “objective,” “outlook,” “commitment,” “believe,” “expect,” “will,” and other similar expressions. Despite careful consideration and review of the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct, and undue reliance should not be placed on such statements. Forward-looking information is subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results to materially differ from those depicted or implied by such information, including but not limited to the risk factors or assumptions identified in DRI Healthcare’s most recent Management’s Discussion and Analysis (“MD&A”), under “Risk Factors” in DRI Healthcare’s most recent Annual Information Form, and in DRI Healthcare’s other filings with Canadian securities regulators available on SEDAR+ at www.sedarplus.ca. The forward-looking information contained in this presentation represents management’s expectations as of the date of this presentation, and is subject to change after such date. Except as may be required by applicable securities laws, DRI Healthcare does not undertake any obligation to update or revise any statement containing forward-looking information in this presentation, whether as a result of new information, future events or otherwise. Past performance or historical results are not necessarily indicative of future results and there can be no assurance that comparable results will be achieved. Any target returns disclosed in this presentation are for illustrative and informational purposes only and no assurance, representation, or warranty is made by any person that the target return will be achieved. Neither DRI Healthcare nor any of its subsidiaries warrant that this presentation, including any projections, predictions, forecasts or other forward-looking statements relating to DRI Healthcare's performance, will be accurate, complete or up-to-date, or that inaccuracies or errors in this presentation will be identified or remedied. This presentation contains certain data obtained from third party sources. Such third-party data is provided for information purposes only and, while it was obtained from sources believed to be reliable, DRI Healthcare has not independently verified such data and does not make any representations as to its accuracy, completeness and/or timeliness. Non-GAAP Measures and Ratios This presentation also makes reference to certain non-GAAP financial measures including Total Cash Receipts, Normalized Total Cash Receipts, Total Cash Royalty Receipts and Adjusted EBITDA, and certain non-GAAP ratios including Adjusted EBITDA Margin and Adjusted Cash Earnings per Unit. These measures and ratios are not standardized measures under the International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar financial measures disclosed by other issuers. Rather, these measures and ratios are provided as additional information to complement those IFRS measures by providing further understanding of DRI Healthcare’s financial performance from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. See “Financial Review: Non-GAAP Financial Measures” in the MD&A, which includes a reconciliation of IFRS to non-GAAP measures, such reconciliation being incorporated by reference herein. All dollar figures in this presentation are stated in U.S. dollars unless otherwise indicated. Disclaimer
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3 1 A differentiated therapy on highly predictable terms • tavapadon is an oral, once-daily partial dopamine agonist, with positive Phase 3 results across early and advanced Parkinson’s disease and low observed rates of somnolence and impulse control disorders • Upon closing, DRI will invest $316 million in the acquisition, comprised of four fixed annual payments, cumulative sales milestones and tiered royalties, with Total Cash Receipts capped at $437.5 million 2 Increases deployment capacity and Adjusted EBITDA growth • Before any future transactions, tavapadon is expected to lift Adjusted EBITDA growth to aspirational levels by 2030 • The tavapadon deal provides a well- defined set of near-to-medium-term cash flows that DRI can redeploy into new royalty acquisitions • As that capacity is redeployed into further royalty acquisitions, DRI expects to exceed the low-teens Adjusted EBITDA CAGR 2 aspiration for 2026 to 20303 • Together with the proceeds from the Ekterly put option, tavapadon is expected to enhance DRI’s deployment capacity, strongly positioning it to exceed its previously communicated capital deployment aspirations for 2026–2030 3 3 Strengthens the balance sheet and complements DRI’s pipeline • Four equal annual payments totaling $93.75 million become contractually payable following closing, irrespective of product performance • Contracted fixed payments and near-to- medium-term royalty receipts improve access to leverage over time • In the near-term, DRI intends to direct that capacity toward attractive pre- approval opportunities, which it believes offer the most compelling risk-adjusted returns • tavapadon’s cash flow characteristics complement the longer-dated royalties DRI intends to add to the portfolio A differentiated once-daily therapy for Parkinson’s disease, acquired on terms that accelerate DRI’s growth agenda tavapadon royalty acquisition1 1. All statements regarding the tavapadon royalty assume completion of the transaction, which, among others, is conditional on F DA approval of tavapadon. Statements regarding expected deployment, Adjusted EBITDA growth and the timing of receipts are forward-looking and assume, among other things, that tavapadon is approved and successfully launched and that U.S. net sales are in line with management’s expectations. See the cautionary note at the front of this presentation. 2. Compound annual growth rate. 3. The $800 million to $1 billion capital deployment range and the low -teens Adjusted EBITDA CAGR for 2026 to 2030 were communicat ed as multi-year aspirations through 2030 and, as disclosed at that time, do not constitute guidance or outlook; they are provided to assist the reader in measuring progress toward DRI Healthcare’s growth objectives.
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4 tavapadon has a unique mechanism of action and a differentiated clinical profile in a large, underserved market tavapadon: an oral, once-daily therapy for Parkinson’s disease 1. PD: Parkinson’s disease; FDA: U.S. Food and Drug Administration. 2. Sources: Cerevel Therapeutics and AbbVie Inc. disclosure; published TEMPO-1, TEMPO-2, TEMPO-3 and TEMPO-4 clinical results; DRI Healthcare analy sis. The Market • Parkinson’s disease (PD) is a chronic, progressive and incurable neurodegenerative disorder • Approximately 1 million people in the United States live with the disease, with roughly 90,000 new diagnoses each year • Motor symptoms - tremor, bradykinesia and rigidity - are accompanied by cognitive decline, sleep disorders and depression, all of which worsen over time • As PD 1 progresses, therapies fail to control symptoms, requiring patients to take higher and more frequent doses of levodopa or adjunct therapies The Mechanism of Action • tavapadon is an oral, once-daily partial dopamine agonist • tavapadon selectively activates D1/D5 receptors while sparing D2/D3, receptors associated with side effects including somnolence, impulse control disorders and edema • Current dopamine agonists (which activate D2/D3 receptors) were used initially more broadly in patients with PD 1, but use has decreased over time due to the emergence of these side effects The Data2 • Phase 3 TEMPO-1 and TEMPO-2 studies showed tavapadon monotherapy improved motor signs and symptoms versus placebo in early PD 1 • Phase 3 TEMPO-3 showed tavapadon, used as adjunctive therapy, improved both “ON” and “OFF” time versus placebo in advanced PD1 • Phase 3 and long-term extension studies highlight a differentiated safety profile, with low rates of somnolence, impulse control disorders and edema versus current dopamine agonists • Strong data form the basis for FDA1 approval
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5 Consideration A single upfront payment of $316 million Therapeutic area Neurology - Parkinson’s disease Regulatory status FDA1 approval expected in Q3 2026 Closing Conditional on FDA1 approval of tavapadon Estimated U.S. LOE1 June 2039 $316 million upfront for a well-defined set of royalty, milestone and fixed payments, capped at $437.5 million Transaction Overview What DRI Is Acquiring Fixed payments Four equal annual payments of $23.4375 million, totaling $93.75 million, payable on or before each of the first four anniversaries of FDA1 approval Sales milestones Sales milestones upon first reaching certain cumulative U.S. net sales thresholds Royalties Combined tiered, mid-single digit to low-double digit royalty rates on annual U.S. net sales Payment frequency Royalties quarterly; fixed payments annually Cap Total Cash Receipts to DRI capped at $437.5 million tavapadon U.S. Net Sales Consensus2 $0 $200 $400 $600 $800 $1,000 $1,200 $ millions Transaction terms 1. LOE: loss of exclusivity; FDA: U.S. Food and Drug Administration. 2. This information is the property of S&P Global and is provided for informational purposes only on an "as is" basis and is not updated. The information reflects consensus estimates and does not constitute the views, recommendations, or advice of S&P Glo bal. S&P Global makes no representation or warranty, express or implied, as to the accuracy, timeliness, completeness, or fitness for a p articular purpose of the information. S&P Global shall have no liability whatsoever for any errors, omissions, or delays in t he information, or for any actions taken in reliance thereon.
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6 From one high-quality asset to the next generation of royalties tavapadon – strategic implications 01 FIT tavapadon’s cash flow characteristics complement the longer-dated royalties DRI intends to add to the portfolio 02 FOCUS In the near-term, DRI intends to focus on attractive pre-approval opportunities, where it sees the most compelling risk-adjusted returns 03 COMPOUNDING tavapadon accelerates DRI’s strategy: a larger balance sheet and a deep pre-approval pipeline enable DRI to compound predictable cash flows into the next generation of royalty acquisitions 1. All statements regarding the tavapadon royalty assume completion of the transaction, which is conditional on FDA approval of tavapadon. See the cautionary note at the front of this presentation .
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7 Thank you ir@drihealthcare.com Contact us Bill Zhang