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CONFIDENTIAL –– Transaction & Company Overview 1
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CONFIDENTIAL –– Disclaimers 2 The information in this Presentation has been prepared by Sensei Biotherapeutics, Inc. ("Sensei") and Faeth Holdings Therapeutics, Inc. ("Faeth" and, together with Sensei and each of Sensei's subsidiaries, the "combined company") and contains information pertaining to the business and operations of the combined company. The information contained in this Presentation: (a) is provided as at the date hereof, is subject to change without notice, and is based on publicly available data, internally developed data as well as third party information from other sources; (b) does not purpose to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in the combined company; (c) is not to be considered a recommendation by the combined company that any person make an investment in the combined company; (d) is for information purposes only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities of the combined company in any jurisdiction in which such offer solicitation or sale would be unlawful. Where any opinion or belief is expressed in this Presentation, it is based on certain assumptions and limitations and is an expression of present opinion or belief only. This Presentation should not be construed as legal, financial or tax advice to any individual, as each individual's circumstances are different. This Presentation is for informational purposes only and should not be considered a solicitation or recommendation to purchase, sell or hold a security. Certain matters discussed in this Presentation may contain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Forward-looking statements can be identified by words such as “may,” “will,” “should,” “would,” “could,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “continue,” “seek,” “estimate,” “potential” or the negative of these terms or other similar terms. Forward-looking statements in this Presentation include, but are not limited to, statements about: Sensei, Faeth, the concurrent financing and the acquisition of Faeth by Sensei (the "Transactions"), including the closing of the concurrent financing, if any, and the expected effects, perceived benefits or opportunities and related timing with respect thereto; expectations regarding the use of proceeds from the concurrent financing and cash runway expectations therefrom, including such proceeds funding the combined company through key clinical milestones; the combined company’s product candidates and the potential benefits thereof; planned and ongoing pre-clinical and clinical studies, including the timing for data readouts and future development milestones; the potential peak sales for the combined company’s product candidates; the combined company’s CMC infrastructure plans and positioning for growth, including expectations regarding DS/DP supply for ongoing and proposed clinical trials; and expectations regarding patent protection for the combined company’s product candidates, including plans to file patent applications and the timing thereof. Such forward-looking statements reflect the current views of the combined company’s management regarding future events; they are not guarantees of future performance. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially and adversely from results expressed or implied by this Presentation, including, amongst others: the inability to complete the concurrent financing; costs related to the proposed transaction; the ability of the combined company to obtain sufficient additional capital to further advance its clinical programs; the ability of the combined company’s clinical trials to demonstrate acceptable safety and efficacy of its product candidates and other positive results; the progress of the combined company’s preclinical studies and clinical trials; risks related to clinical development and regulatory approval of the Company's product candidates, including potential delays in the commencement, enrollment and completion of clinical trials; the size of the market opportunities for the combined company’s product candidates; competition in the combined company’s industry; changes in applicable laws or regulations and other risks and uncertainties from time to time described in Sensei's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, including those under the "Risk Factors" section therein, and in Sensei's other filings with the U.S. Securities and Exchange Commission. The combined company assumes no obligation to update any forward-looking information contained in this Presentation. Certain information contained in this Presentation related to or are based on studies, publications and other data obtained from third party sources as well as our own internal estimates and research. While the combined company believes that such third-party sources are reliable, there can be no assurance as to the accuracy or completeness of the indicated information. The combined company has not independently verified the information provided by such third-party sources. This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Presentation may be listed without the TM, SM or © or ® symbols, but the combined company will assert, to the fullest extent under applicable law, the rights of the owners to these trademarks, service marks, trade names and copyrights.
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CONFIDENTIAL The proceeds from the private placement are expected to be primarily used to advance PIKTOR and deliver the following anticipated milestones: Phase 2 topline data in endometrial cancer and the initiation of a Phase 1b trial in HR+/HER2- advanced breast cancer, both expected by YE 2026. Continuing leadership includes Chris Gerry, President, Josiah Craver, SVP, Finance and Anand Parikh, Chief Operating Officer. Anand Parikh will also be joining the Sensei board. The acquisition of Faeth was structured as a stock-for-stock transaction whereby all of Faeth’s outstanding equity interests were exchanged for a combination of shares of Sensei common stock and a newly created, Series B non-voting convertible preferred stock. –– Transaction Highlights 3 Structure Financing Management and BOD Primary Use of Proceeds Concurrent with the acquisition of Faeth, Sensei executed a definitive agreement for a $200 million private placement with a group of institutional accredited investors.
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CONFIDENTIAL –– Capitalization 4 ● Shares of common stock and preferred stock were issued to Faeth security holders in exchange for all of Faeth’s outstanding equity interest. ● Shares of preferred stock were issued to Faeth shareholders and are issuable to investors upon the closing of the $200 million private placement. ● Shares of preferred stock will automatically convert into 1,000 shares of common stock, subject to certain beneficial ownership restrictions set by each holder and approval of Sensei’s stockholders. ● Please refer to the company’s SEC filings for additional information. 1. Calculated using the treasury stock method2. Represents shares of common stock underlying Faeth options assumed by Sensei3. Includes shares underlying assumed warrants4. Represents shares of preferred stock issuable upon the closing of the concurrent financing5. Calculated on an as converted to common stock basis6. Represents Sensei's pre-acquisition shares of common stock outstanding and shares of common stock underlying the shares of preferred stock issued to Faeth stockholders at the closing of the acquisition and to be issued upon the closing of the concurrent financing
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CONFIDENTIAL –– Faeth Overview 5 ● Oral multi-node inhibition of PI3K/AKT/mTOR pathway; designed for more complete inhibition, less toxicity ● PIKTOR—investigational combination therapy consisting of two oral small molecules—hitting PI3K-alpha, mTORC1, mTORC2 ● Recent and anticipated readouts: ○ Phase 2 platinum resistant ovarian cancer (ESMO Oct 2025) - met primary endpoint ○ Phase 2 in endometrial cancer reads out EOY 2026 ● Raise is expected to fund the combined company’s product candidates through key clinical readouts, including a Phase 2 trial in second-line advanced endometrial cancer through topline data and initiation of a Phase 1b trial in first- and second-line HR+/HER2- advanced breast cancer, with remaining proceeds for general corporate purposes and completion of Sensei's ongoing Phase 1/2 trial of solnerstotug.
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CONFIDENTIAL –– Focused pipeline of potentially best-in-class product candidates, leveraging Faeth’s unique metabolic insights Target Population Phase IIPhase I Oncology: Endometrial, Breast, Ovarian, Lung Pediatric Rare Disease / Neuro IND enablingDiscovery PIKTOR: Serabelisib + Sapanisertib Novel small molecule targeting amino acid catabolism Oncology: RectalNEAAR: Formulated amino acids (+ Chemo / Radiation) Phase III 6
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CONFIDENTIAL –– Faeth scientific founders: world leaders in cancer biology 7 Lew Cantley, PhD Dana Farber Cancer Institute, Harvard. Founder: Agios (NASDAQ), Petra, Volastra Sid Mukherjee, MD PhD Asst. Prof., Columbia, Pulitzer Prize Winner, Time 100 Most Influential People, Founder: Vor (NASDAQ) Oliver Maddocks, PhD CSO & Co-Founder Honorary Professor of Cancer Biology & Metabolism, University of Glasgow Karen Vousden, PhD Group Leader, Crick Institute, Former Chief Scientist of CRUK, Director, Bristol Myers Squibb Scott Lowe, PhD Chair of Cancer Biology & Genetics at Memorial Sloan Kettering, Founder: ORIC (NASDAQ) Greg Hannon, PhD Director of CRUK Cambridge Institute
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CONFIDENTIAL –– PIKTOR: Potent and selective multi-node PI3K/AKT/mTOR pathway inhibition Insulin / GFs 8 ‘PIKTOR’ PI3K-alpha specific inhibitor serabelisib mTORC1 and mTORC2 inhibitor sapanisertib 3: Larger addressable market 4: Oral administration 1: More complete pathway shut down: Dose Tolerability 2: Evolved resistance is less likely: Durability of response Optional diet can reduce insulin Benefits Targeting the PI3K/AKT/mTOR pathway addresses the highest-frequency genomic driver across solid tumors1 1cBioPortal References: Cerami et al., Cancer Discov. 2012, and Gao et al., Sci. Signal, 2013
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CONFIDENTIAL PIKTOR –Mutant-PI3Ka– –PI3Ka–-mTORC1- –PI3Ka– -mTORC2- PIKTOR Western blot data shown is from AN3CA endometrial cancer cells (mutations in PTEN, PIK3R1, mTOR) and is replicated in multiple PI3K-mutated endometrial and breast-cancer cell lines 1 Targeted nodes: -mTORC1- –PI3Ka– -mTORC2-–PI3Ka– -mTORC1- -mTORC2--mTORC1-–PI3Ka– –AKT– PIKTOR strongly inhibits pathway signaling via S6 and 4E-BP1 PIKTOR strongly inhibits pathway signaling at AKT, S6 and 4E-BP1 Tumor Growth AKT 9 At clinically relevant concentrations PIKTOR reduced PI3K-pathway signalling in cancer cell lines to a greater extent than single node PI3K-pathway inhibitors1 1Tyrakis et. al., (2025) British Journal of Cancer, 133: 144-154. –– Multi-node inhibition with PIKTOR achieved robust PI3K-pathway inhibition in cancer cell lines
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CONFIDENTIAL –– PIKTOR: Designed to solve the challenges of drugging the PI3K pathway Multi-node inhibition Immune Sparing (PI3K-alpha specific) Broad pathway mutation coverage Route of administration Prevents wt-PI3K escape ✔ ✔ ✔ ✔ Oral ✔ ✔ ✔ ✔ ✘ ✘ ✘ ✘ Intravenous Mechanism of action (target profile) PI3K-alpha mTORC1 mTORC2 Mutant PI3K-alpha AKT or mTORC1 or PI3K-alpha PI3K-alpha PI3K-beta PI3K-gamma PI3K-delta mTORC1 mTORC2 ✘ ✔ ✘ ✔ Oral Oral Mutant-specific Relay, Scorpion, OnKure (Ph.1/2, Breast) FDA-approved Alpelisib, Everolimus, Capivasertib, Inavolisib Gedatolisib Celcuity (Ph.3, Breast) -PIKTOR- Faeth 10 MULTI-NODE SINGLE-NODE (Ph.2, Endometrial)
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CONFIDENTIAL –– Ph1b study: PIKTOR + paclitaxel dose escalation using multiple-fold lower doses than monotherapy RP2D 11 Advanced Solid Tumors All-comers (mutation agnostic) Second line or later Sapanisertib / Serabelisib Cohort 1: 2mg / 100mg (Pac 60 mg/m2) Cohort 2: 2mg / 200mg (Pac 60 mg/m2) Cohort 3: 2mg / 200mg (Pac 80 mg/m2) Cohort 4: 3mg / 200mg (Pac 80 mg/m2) RP2D Expansion Cohort 5: 4mg / 200mg (Pac 80 mg/m2) Starks et. al., Gyn. Onc. 166, 2022 Data sources: (1) Juric et. al., Clin. Cancer Res. 23 (17) 2017. (2) Voss et. al., Br. J. Cancer 123 (11) 2020. (3) Starks et. al., Gyn. Onc. 166, 2022 Monotherapy RP2D Abbreviations: RP2D - Recommended Phase 2 Dose
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CONFIDENTIAL 12 ORR: ORR: w/PI3K pathway mutation CBR: 47% 71% 73% Average 4 prior lines of therapy (range 1-12) Serabelisib Sapanisertib Paclitaxel n=19 enrolled (15 response evaluable, 13 RECIST evaluable). Data cutoff per publication 10/1/21. 12 –– Ph1b: PIKTOR + paclitaxel achieved 47% ORR in R/R patients, including 3 CRs Abbreviations: ORR - Overall Response Rate, R/R - Relapsed Refractory, CR - Complete Response, uCR - Unconfirmed Complete Response, CBR - Clinical Benefit Rate, LOT - Lines of Therapy, Ov - Ovarian Cancer, En - Endometrial Cancer, Br - Breast Cancer
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CONFIDENTIAL –– Ph1b: PIKTOR + paclitaxel showed durable responses in both PI3KCAmt and wt patients Starks DC, Rojas-Espaillat L, Meissner T, Williams CB. Phase I dose escalation study of dual PI3K/mTOR inhibition by Sapanisertib and Serabelisib in combination with paclitaxel in patients with advanced solid tumors. Gynecologic Oncology. 2022 Jul 15. Cancer Type Prior LOT Endometrial 4 Endometrial 1 Ovarian 4 Breast 3 Endometrial 6 Ovarian 3 Ovarian 12 Ovarian 6 Ovarian 5 Ovarian 3 Endometrial 2 Endometrial 2 Ovarian 3 Ovarian 4 Ovarian 4 PFS (months) 0 5 10 15 20 25 KRAS, RB1, EFFRI1 MYC, AKT2 & PIK3CA-amplification MTOR & AKT1 PIK3R1, PTEN, MTOR TP53 PIK3R1 TP53, NF1, CHEK2 TP53, RB1, NF1-loss TP53 TP53, TSC1-loss, AKT3-amplification PIK3CA, PTEN, TSC1, PPP2R1A TP53 TP53, CCNE1 TP53, EGFR, MYCN-amplification PIK3CA, PTEN Complete Response Partial Response Stable Disease Progressive Disease PI3K/AKT/mTOR pathway altered without PIK3CA mutation PIK3CA mutation Not PI3K/AKT/mTOR pathway mutated Note patient died due to COVID Serabelisib Sapanisertib Paclitaxel 13 All but one subject had prior platinum and taxane based chemotherapy Seven (36%) had prior mTORC1 inhibitor (temsirolimus/everolimus) n=19 enrolled (15 response evaluable, 13 RECIST evaluable). Data cutoff per publication 10/1/21. Abbreviations: PI3KCAmt - with mutation in PI3KA, wt - wild type, LOT - Lines of Therapy, ORR - Overall Response Rate, CBR - Clinical Benefit Rate, PFS - Progression Free Survival
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CONFIDENTIAL ● Favorable toxicity profile compared to approved agents ● Primarily low grade AEs - Common AEs included Gr 1, 2 events for nausea, decreased appetite, diarrhea, fatigue, neutropenia and anemia (potentially due to paclitaxel)1 –– Ph 1b Safety Highlights: PIKTOR was generally well tolerated PIKTOR and Paclitaxel1 Lenvatinib and Pembrolizumab2 Single agent chemo in 2L endometrial3 Grade 3 AEs Discontinuation 58% ~5% 89% 33% 73% 8% 14 The results are presented from different clinical trials at different points in time with differences in trial design. No head-to-head trials have been conducted among the results shown and cross-trial comparisons must be interpreted with caution. As a result, conclusive cross-trial comparisons cannot be made. Data sources: (1) Starks et al. Phase I dose escalation study of dual PI3K/mTOR inhibition by Sapanisertib and Serabelisib in combination with paclitaxel in patients with advanced solid tumors. Gynecologic Oncology. 2022 Jul 15. (2) Makker et al., NEJM 2022 (KEYNOTE-775) (3) Chemotherapy: Control arm from KEYNOTE trial; Treating investigator’s choice (doxorubicin 60 mg/m2 IV weekly or paclitaxel 80 mg/m2 IV weekly with 3 weeks on and 1 week off. Data cutoff per publication 10/1/21. Abbreviations: AE - Adverse Events
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CONFIDENTIAL –– Hyperglycemia: PIKTOR comparison to other PI3K pathway compounds CTCAE v5 CTCAE v4.03 % of patients Hyperglycemia AEs 15 Data sources: 1J Clin Oncol 2024;42:1-10 2RLY-2608 Ph1 (+fulvestrant): ASCO Poster 2025, 600 mg BID, RP2D Cohort 3Juric D. et. al. ESMO Presentation 2025 4Celcuity VIKTORIA-1 Phase 3 Results Presentation, Doublet Arm, Oct 2025 5Data snapshot PIK-201 PIKTOR + Paclitaxel in patients with advanced endometrial cancer, 05-01-2026 (ongoing Faeth Sponsored Multicenter Phase 2 trial) 6Andre, F. et. al. N Engl J Med 2019;380:1929-40 7Layman et. al., 2022 (SABCS 2022 Poster) 8Starks et. al., Gyn. Onc. 166, 2022 Abbreviations: AE - Adverse Events, NR - not reported in primary source, HbA1C - Hemoglobin A1C The results are presented from different clinical trials at different points in time with differences in trial design. No head-to-head trials have been conducted among the results shown and cross-trial comparisons must be interpreted with caution. As a result, conclusive cross-trial comparisons cannot be made. HbA1C criteria Fasting glucose criteria ≤ 7% < 7% < 8% ≤ 8% ≤ 6.4% ≤ 8% < 7% ≤ 140 mg/dL NR < 140 mg/dL ≤ 160 mg/dL ≤ 140 mg/dL ≤ 130 mg/dL ≤ 130 mg/dL PIKTOR Ph2 Endo PIKTOR Ph1b n = 20 64 205 22 284 103 19130 ≤ 6.4% NR
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CONFIDENTIAL % of patients 16 % of patients Stomatitis AEs –– Stomatitis: PIKTOR comparison to other PI3K pathway compounds Data sources: 1J Clin Oncol 2024;42:1-10 2RLY-2608 Ph1 (+fulvestrant): ASCO Poster 2025, 600 mg BID, RP2D Cohort 3Juric D. et. al. ESMO Presentation 2025 4Data snapshot PIK-201 PIKTOR + Paclitaxel in patients with advanced endometrial cancer, 05-01-2026 (ongoing Faeth Sponsored Multicenter Phase 2 trial) 5Andre, F. et. al. N Engl J Med 2019;380:1929-40 6Layman et. al., 2022 (SABCS 2022 Poster) 7Starks et. al., Gyn. Onc. 166, 2022 Abbreviations: AE - Adverse Events The results are presented from different clinical trials at different points in time with differences in trial design. No head-to-head trials have been conducted among the results shown and cross-trial comparisons must be interpreted with caution. As a result, conclusive cross-trial comparisons cannot be made. PIKTOR Ph2 Endo PIKTOR Ph1b
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CONFIDENTIAL Route Schedule Exposure ≥ IC 90 Cmax: IC90 ratio PIKTOR Oral 3 days per week, every week ~150-190 hours per month 1 ~2:11 Competitor IV Once weekly, 3 weeks a month ~66-72 hours per month 2 ~50:12 Three-day schedule is designed to enable repeated exposure in therapeutic range and avoid extreme Cmax ● PIKTOR’s 3-day oral regimen is designed to deliver repeated intra-week exposure above critical efficacy thresholds ● PIKTOR is given every week (4 out of 4 weeks per month), allowing sustained drug exposure ● Multiple weekly doses designed to avoid extreme Cmax which may be associated with AEs ● Human skin biopsy data showed dose-dependent reduction of 4EBP1 phosphorylation3, a critical biomarker correlated with in vitro/in vivo efficacy4 17 1Faeth internal PK modeling based on Faeth internal human PK data 2Based on Faeth internal analysis and estimates using publicly available data 3Faeth internal data from PK/PD study in human subjects 4Tyrakis et. al., (2025) British Journal of Cancer, 133: 144-154. 1 –– Oral PIKTOR dosing is designed to enable sustained exposure while limiting risk of potential Cmax related toxicity
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CONFIDENTIAL –– PIKTOR clinical development Endometrial First Indication: 2L advanced EC Estimated market size of ~$1-1.5B1 ● We believe this indication has the greatest potential for first approval ● Large unmet clinical need in 2L ● >80% PI3K/AKT/mTOR pathway mutated Phase 2 enrolling Breast First Indication:1L/ 2L HR+/HER2- advanced BC Estimated market size of ~$8-9B1 ● Well understood mechanism with potential for broad label ● 60% PI3K/AKT/mTOR pathway mutated ● Oral dosage form advantage vs. gedatolisib Phase 1b protocol drafted Ovarian First Indication: Advanced platinum-resistant OC Estimated market size of ~$1.5-2B1 ● Demonstrated activity in an all-comers population ● 60% PI3K/AKT/mTOR pathway mutated ● Successful Phase 2 complete Phase 2 complete (Sapa + Pac); FDA interaction planned in 2026 18 Lung First Indication: NFE2L2/KEAP1 advanced NSCLC Estimated market size of ~$1-1.5B1 ● Promising single agent activity of sapanisertib in NFE2L2/KEAP1 mutated NSCLC Phase 2 protocol drafted - LungMAP consortium IIT 1Based on estimated sales data, assuming FDA approval, contained in Deallus’ February 12, 2024 report to the Company
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CONFIDENTIAL Complete Response Partial Response Stable Disease Progressive Disease PFS (months) 0 5 10 15 20 25 Not PI3K/mTOR pathway mutated *Patients continued in follow-up; final PFS for these patients was 26.9 and 20.0 months respectively. OS continues at 53.3+ and 68.3+ months respectively. Paclitaxel monotherapy ~4mo PFS Note patient died due to COVID PI3K/mTOR pathway mutation Cancer Type Prior LoT Mut Endometrial* 4 + Endometrial* 1 + Endometrial 6 - Endometrial 2 + Endometrial 2 + 19 Serabelisib Sapanisertib Paclitaxel Starks et. al . Gynecologic Oncology. 2022 Jul 15. Data cutoff per publication 10/1/21. *Unpublished communication with authors –– PIKTOR + paclitaxel demonstrated clinical activity in endometrial cancer patients in Ph 1b Abbreviations: LOT - Lines of Therapy, ORR - Overall Response Rate, CBR - Clinical Benefit Rate, PFS - Progression Free Survival
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CONFIDENTIAL Phase 2 Single arm (n≅40) Sapanisertib 3 mg Serabelisib 200 mg Paclitaxel 80 mg/m2 Optional sub-study; diet to suppress glucose / insulin Screening - ORR - PFS - DOR - CBR - OS - Safety/tolerability - PK - Efficacy endpoints vs. specific mutations Eligibility Criteria ● Endometrial- endometrioid cancer ● 2nd line or later ● Post Pembrolizumab ● Must have PI3K pathway mutation Study is being conducted in partnership with: Primary endpoint Secondary endpoints Exploratory endpoints 20 –– FTH-PIK-201: PIKTOR + paclitaxel in advanced endometrial cancer (currently enrolling)
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CONFIDENTIAL –– PIKTOR clinical development Endometrial First Indication: 2L advanced EC Estimated market size of ~$1-1.5B1 ● We believe this indication has the greatest potential for first approval ● Large unmet clinical need in 2L ● >80% PI3K/AKT/mTOR pathway mutated Phase 2 enrolling Breast First Indication:1L/ 2L HR+/HER2- advanced BC Estimated market size of ~$8-9B1 ● Well understood mechanism with potential for broad label ● 60% PI3K/AKT/mTOR pathway mutated ● Oral dosage form advantage vs. gedatolisib Phase 1b protocol drafted Ovarian First Indication: Advanced platinum-resistant OC Estimated market size of ~$1.5-2B1 ● Demonstrated activity in an all-comers population ● 60% PI3K/AKT/mTOR pathway mutated ● Successful Phase 2 complete Phase 2 complete (Sapa + Pac); FDA interaction planned in 2026 21 Lung First Indication: NFE2L2/KEAP1 advanced NSCLC Estimated market size of ~$1-1.5B1 ● Promising single agent activity of sapanisertib in NFE2L2/KEAP1 mutated NSCLC Phase 2 protocol drafted - LungMAP consortium IIT 1Based on estimated sales data, assuming FDA approval, contained in Deallus’ February 12, 2024 report to the Company
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CONFIDENTIAL 22 mPFS = 2.0 months mPFS = 9.3 months HR = 0.24 (95% CI = 0.17 - 0.35) mPFS = 7.4 months HR = 0.33 (95% CI = 0.24 - 0.48) Patients with HR+/HER2- PIK3CA-wild-type ABC ● Pre-/post-menopausal women and men ● Progression during or after CDK4/6 inhibitor + aromatase inhibitor ● ≤ 2 lines of prior endocrine therapy for ABC ● No prior mTORi, PI3Ki, AKTi, or chemotherapy for ABC ● Measurable disease per RECIST v1.1 Gedatolisib Palbociclib Fulvestrant Arm A - Gedatolisib Triplet Gedatolisib Fulvestrant Arm B - Gedatolisib Doublet Arm C - Control Fulvestrant Triplet Doublet Control Data for the PIK3CA Wild-type cohort. Full safety data not yet released (‘no worse than Phase 2 data’). Topline data for the PIK3CA Mutant cohort is expected 1H 2026 R 1:1:1 (N=392) Celcuity: Gedatolisib Faeth: PIKTOR Conclusion Target Profile Administration Pan-PI3K + mTORC1/2 PI3K-alpha + mTORC1/2 Intravenous Oral We believe positive Celcuity data validates a multi-node PI3K + mTORC1/2 approach, while PIKTOR holds potential advantages due to oral administration and PI3K-alpha specificity Hurvitz S, et. al., ESMO 2025 –– We believe the Celcuity Ph3 VIKTORIA-1 PI3KCAwt data validates PIKTOR’s mechanism Abbreviations: ABC - Advanced Breast Cancer, mPFS - median progression free survival, HR - Hazard Ratio
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CONFIDENTIAL 23 MDA-MB-361 Human Breast Cancer Cell Xenograft Serabelisib 75 mg/kg Mouse equivalent of 200mg in humans PO QD 3 days on 4 days off Sapanisertib 0.5 mg/kg Mouse equivalent of 3mg in humans PO QD 3 days on, 4 days off MDA-MB-361 Mutations: PIK3CA, MTOR, BRCA2, BRAF, CDKN2A, TP53 Sapanisertib Vehicle Control Serabelisib PIKTOR PIKTOR shows low nM cellular IC50 in breast cancer cell lines 1 1Tyrakis et. al., (2025) British Journal of Cancer, 133: 144-154. –– PIKTOR showed superior breast cancer xenograft tumor growth inhibition vs. monotherapy
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CONFIDENTIAL Study Drug / Combination ORR DCR mPFS CR 1Garcia-Saenz et. al., (2022) J. Clinical Cancer Research (2022) 28 (6): 1107–1116 2Hurvitz, S. et. al., (2025) ESMO Presentation 3Juric et. al., (2017) Clin. Cancer Res. 23 (17) 4Juric et. al., (2018) Journal of Clinical Oncology 36 (13),1291-1299 7.2 m 3.5 m 7.4 m Sapanisertib + Fulvestrant (n=47 arm B) Fulvestrant (n=46 arm A) HR+/HER2- Phase 2 21.3% 10.9% 75% PR+CR+SD 61% PR+CR+SD Garcia-Saenz et. al., 2022 1 Garcia-Saenz et. al., 2022 1 2/47 0/46Control Arm Sapa Serabelisib (n=21) Alpelisib (n=23) Breast Cancer Subjects from Phase 1 14% 4% 76% PR+CR+SD 61% PR+CR+SD NA NA Juric et. al., 2017 3 Juric et. al., 2018 4 0/21 0/23 Study Drug / Combination ORR DCR mPFS CR Comparator Drug Data Serabelisb 24 VIKTORIA-1 Phase 3 28.3% 77% PR+CR+SD NAGedatolisib + Fulvestrant (n=130)Gedatolisib Hurvitz, S. et. al., 2025 2 –– Serabelisb and Sapanisertib have each independently shown activity in HR+/HER2- breast cancer Abbreviations: ORR - Overall Response Rate, DCR - Disease Control Rate, mPFS - median progression free survival, CR - Complete Response The results are presented from different clinical trials at different points in time with differences in trial design. No head-to-head trials have been conducted among the results shown and cross-trial comparisons must be interpreted with caution. As a result, conclusive cross-trial comparisons cannot be made.
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CONFIDENTIAL 25 We believe PIKTOR has the potential to become a differentiated all-oral option across first- and second-line settings, with relevance across future standards of care. NGS Testing Chemotherapy, Antibody-Drug Conjugates Oral SERDs: elacestrant, imlunestrant, camizestrant, giredestrant ESR1m PIK3CAm Alpelisib PIK3CA/AKT1/PTEN alterations Capivasertib PARP inhibitors BRCAOtherwise WT Represents potential PIKTOR disruption* 2L 3L PIKTOR + Novel Oral Agents CDK 4 inhibitor + aromatase inhibitor (AI) HR+ / HER2- Advanced Breast Cancer AI options: letrozole, exemestane, and anastrozole CDK4 inhibitor options: atirmociclib, BGB-43395, RGT-419B 1L CDK 4/6 + fulvestrant + Inavolisib CDK4 inhibitor + fulvestrant PARP inhibitor aBC endocrine sensitive aBC endocrine resistant aBC endocrine resistant + PIK3CA/AKT1/PTEN alterations BRCA PIKTOR + Novel Oral Agents Gedatolisib + CDK 4/6 + fulvestrant Everolimus +/- Fulvestrant or Everolimus +/- AI or tamoxifen GedatolisibGedatolisib Gedatolisib PIKTOR + Novel Oral Agents * * * * * PIKTOR + Novel Oral Agents –– HR+/HER2- Advanced Breast Cancer Landscape - potential future state
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CONFIDENTIAL –– PIKTOR clinical development Endometrial First Indication: 2L advanced EC Estimated market size of ~$1-1.5B1 ● We believe this indication has the greatest potential for first approval ● Large unmet clinical need in 2L ● >80% PI3K/AKT/mTOR pathway mutated Phase 2 enrolling Breast First Indication:1L/ 2L HR+/HER2- advanced BC Estimated market size of ~$8-9B1 ● Well understood mechanism with potential for broad label ● 60% PI3K/AKT/mTOR pathway mutated ● Oral dosage form advantage vs. gedatolisib Phase 1b protocol drafted Ovarian First Indication: Advanced platinum-resistant OC Estimated market size of ~$1.5-2B1 ● Demonstrated activity in an all-comers population ● 60% PI3K/AKT/mTOR pathway mutated ● Successful Phase 2 complete Phase 2 complete (Sapa + Pac); FDA interaction planned in 2026 26 Lung First Indication: NFE2L2/KEAP1 advanced NSCLC Estimated market size of ~$1-1.5B1 ● Promising single agent activity of sapanisertib in NFE2L2/KEAP1 mutated NSCLC Phase 2 protocol drafted - LungMAP consortium IIT 1Based on estimated sales data, assuming FDA approval, contained in Deallus’ February 12, 2024 report to the Company
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CONFIDENTIAL 27 Primary endpoint: PFS Secondary endpoints: ORR, OS, DoR, CBR, QoL, Safety Experimental endpoint: Genetic biomarkers in tissue / blood Arm A: 6.6% Arm B: 7.0% Gastrointestinal AEs (0% vs. 11.4%) and Rash (0% vs. 2.9%) more common in Arm B but were manageable ● OS, ORR and detailed safety data to come ● Potential FDA interaction in 2026 regarding future development, including potential registrational trial Platinum Resistant Ovarian Cancer Late breaking oral pres at ESMO Arm A: 4.0 months Arm B: 5.8 months HR=0.66; 90% CI: 0.45–0.96 (P=0.07) Mean PFS Grade 3/4 AEs Next steps Krell, J. et. al., ESMO 2025 –– Phase 2 DICE Trial: Sapanisertib + Paclitaxel showed benefit in PROC Abbreviations: ORR - Overall Response Rate, OS - Overall Survival, DoR - Duration of Response, CBR - Clinical Benefit Rate, QoL - Quality of Life, PFS - progression free survival, HR - Hazard Ratio, CI - Confidence Interval
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CONFIDENTIAL 28 28 Krell, J. et. al., ESMO 2025 –– Phase 2 DICE Trial: Sapanisertib (aka TAK 228) and Paclitaxel showed PFS benefit in PROC Abbreviations: PFS - progression free survival, CI - Confidence Interval
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CONFIDENTIAL –– We believe regulatory positioning supports accelerated path to registrational trial Combination Dosing Precedent Clin Pharm Requirements Defined Safety Database Supports Advancement CMC Program on Track Path to Registrational Trial Contribution of Components 29 ✔ ✔ ✔ 1Hurvitz, S. et. al., (2025) ESMO Presentation 2Patel et. al., 2019, Clin Pharmacol Drug Dev Jul;8(5):637-646., Voss et al. 2020 British Journal of Cancer Nov;123(11):1590-1598 ✔ ✔ Abbreviations: PK/BA - Pharmacokinetics / Bioavailability Precedent supports a PI3K/mTOR multi-node strategy ● Recent Gedatolisib Ph3 success reinforces the class and mechanism1 Combination acceptable for HV studies ● FDA has previously allowed dosing of serabelisib in healthy volunteers providing robust PK/BA data alongside extensive PK/BA data available from historical sapanisertib clinical studies2 Clin Pharm gaps are well-defined and addressable Strong safety foundation ● More than 240 subjects exposed; no Hy’s law cases, minimal bilirubin elevations, predictable toxicity on intermittent dosing to date Additional contribution of components work may be needed but could be accelerated with capital
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CONFIDENTIAL Mature DS/DP Materials Defined Life-Cycle StrategyManufacturing Scale-Up ● Both DS are highly stable ● DS/DP Batches with 36-60 month stability data ● Proven manufacturing history ● Formulation work underway ● DS and DP process optimisation being completed ● Demo batches planned for 2026 ● Registrational readiness on track Expect ample DS/DP supply for ongoing and proposed Phase 1b/Phase 2 Studies 30 –– CMC infrastructure positioned for registration and scale
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CONFIDENTIAL 31 Subject Matter Patent Expiration Date Note Composition of Matter ● Serabelisib API ● Sapanisertib API Aug 2037 ● Issued COM patents for each API ● COM expiry date includes patent term adjustment (PTA) and expected 5 years of patent term extension (PTE) added to serabelisib COM patent PIKTOR + ISD Method of Treatment for Cancer May 2039 ● Issued Patent ● Covers use of PIKTOR + ISD in a range of tumor types PIKTOR Method of Treatment for Cancer Pending (March 2046 = 20-year) ● Patent Filed March 2025 ● Endometrial and Breast cancer Sapanisertib Method of Treatment for Cancer Pending (Oct. 2046 = 20-year) ● Patent Filed Oct. 2025 ● Ovarian Cancer Opportunity for novel composition of matter IP Formulation development ongoing Target patent filing = 2026 (20-year expiry ~2046) ● Development work ongoing –– Key PIKTOR patents Global exclusive licenses for Serabelisb and Sapanisertib, from Takeda for all oncology indications
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CONFIDENTIAL 32 PIK-201 Ph 2 Endo PIK-101 Ph1b Breast Before EOY: Enrollment complete, topline data readout Last patient dosed + 6 months data 1H: Trial initiation, Ph1b dose escalation Interim safety data from dose escalation Interim efficacy data from dose escalation Expansion cohorts initiated Expansion data 2026 2027 2028 DICE Ph 2 PROC Potential FDA interaction regarding future development Key External Events 1H: Potential Gedatolisib FDA Approval, VIKTORIA-1 PI3Kmt Readout Potential Gedatolisib VIKTORIA-2 Data Readout –– Financing expected to fund PIKTOR program through key anticipated catalysts
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CONFIDENTIAL Anand Parikh, JD Chief Operating Officer Management Team 33 –– Faeth team is well rounded with deep experience in drug development Christopher Gerry, JD President & General Counsel Josiah Craver, CPA SVP, Finance Board Bob Holmen, JD Board Chair Kristian Humer, MBA Anand Parikh, JD Tom Ricks, MBA Christopher Gerry, JD Phil Donenberg Debbie Chirnomas, MD MPH Chief Medical Officer Oliver Maddocks, MPharm PhD Chief Scientific Officer Key Faeth Employees
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CONFIDENTIAL –– Thank you 34