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1 Atrium Therapeutics February 2026 www.atriumtherapeutics.com RNA NASDAQ L I S T E D
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2 Forward Looking Statements Forward Looking Statements FORWARD LOOKING STATEMENTS AND OTHER INFORMATION: Certain statements in this Presentation may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our future results of operations and financial position, business strategies and plans, the planned completion and timing of the proposed acquisition of Avidity Biosciences, Inc. ("Avidity") by Novartis AG and Avidity's related spin-off of the Company, research and development plans, the anticipated timing, costs, design and conduct of our ongoing and planned preclinical studies and clinical trials for our product candidates, the timing and likelihood of regulatory filings and approvals for our product candidates, the timing and likelihood of success, plans and objectives of management for future operations and future results of anticipated product development efforts, and inflationary pressures on our business, are forward-looking statements. The forward-looking statements contained in this Presentation are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. There can be no guarantee that the conditions to the closing of the Transactions will be satisfied on the expected timetable or at all or that the expected benefits or synergies from the Transactions will be achieved in the expected timeframe, or at all. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements including, but not limited to: the initiation, timing, progress, potential registrational quality, and results of our research and development programs, preclinical studies, any clinical trials, Investigational New Drug Application, and other regulatory submissions; the beneficial characteristics, including potential safety, efficacy and therapeutic effects of our product candidates and the potential advantages of our product candidates compared to alternative therapies; the success and capabilities of the RNA delivery platform; the prevalence of certain diseases and conditions we intend to treat and our estimates of the potential market opportunity for our product candidates; the number of patients that we will enroll in our clinical trials; the timing of and costs involved in obtaining and maintaining regulat ory approval of our current product candidates and any future product candidates that we may identify or develop; our ability to meet future regulatory standards with respect to our product candidates, if approved; our plans relating to the further development and manufacturing of our product candidates, including for additional indications that we may pursue; the rate and degree of market acceptance and therapeutic benefits of our product candidates, if approved; our ability to develop or partner and progress our current and future product candidates; the implementation of our strategic plans for our business, product candidates, research programs and technologies; the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates; anticipated developments related to our competitors and our industry; our competitive position and the success of competing therapies that are or may become available; our ability to maintain our current license agreements and collaborations and identify and enter into future license agreements and collaborations; the expected potential benefits of strategic collaborations with third parties and our ability to attract collaborators with development, regulatory, manufacturing or commercialization expertise; our reliance on third parties to conduct preclinical studies and clinical trials of our product candidates; our ability to efficiently and cost-effectively conduct our current and future clinical trials; our reliance on third parties for the manufacture of our product candidates; our plans relating to sales strategy, manufacturing and commercializing our product candidates, if approved; anticipated regulatory developments in the United States and foreign countries in which we may seek regulatory approval for our product candidates in the future; the timing and likelihood of the achievement of milestones pursuant to our existing collaboration agreements; our ability to attract and retain key scientific and management personnel; the costs of operating as a public company; the accuracy of our estimates regarding future expenses, future revenue, capital requirements and the need for additional financing; the period over which we estimate our existing cash and cash equivalents will be sufficient to fund our future operating expenses and capital expenditure requirements; our ability to obtain funding for our operations necessary to complete further development and commercialization of our current and future product candidates; our anticipated use of our existing resources, estimates of our expenses, capital requirements and needs for additional financing; and other factors specified in the Company's Registration Statement on Form 10, initially publicly filed by the Company with the Securities and Exchange Commission (the "SEC") on December 10, 2025 and in other filings and furnishings made by the Company with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. The Company is currently a wholly owned subsidiary of Avidity and the description of its business contained in this Presentation assumes that the Transactions have been consummated. TRADEMARKS: This Presentation contains references to trademarks and service marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Presentation may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that the applicable licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. PUBLIC DATA SOURCES: Certain facts, forecasts and other statistics in this Presentation have been derived from various public data sources. We believe that the sources of the information are appropriate sources for such information, and we have taken reasonable care in extracting and reproducing such information. However, such information has not been independently verified by us, our directors, officers, or representatives. Furthermore, any facts, forecasts, and other statistics from such sources may not be prepared on a comparable basis or may not be consistent with other sources. In addition, certain facts, forecasts and other statistics have been taken from public official sources or statements. Neither we nor any of our directors, officers or representatives are responsible for the accuracy, reliability or completeness of the information from such public data sources. For these reasons, you should not place undue reliance on such information. You should carefully consider the importance placed on such information or statistics. MARKET AND INDUSTRY DATA: This Presentation also contains information regarding our market and our industry that is derived from third-party research and publications. That information may rely upon a number of assumptions and limitations, and we have not independently verified its accuracy or completeness. This data is subject to change. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any data based on past performance or modeling contained herein is not an indication as to future performance.
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3 Our vision: To pioneer precision RNA medicines for the heart and profoundly improve the lives of people impacted by cardiac diseases Our vision: To pioneer precision RNA medicines for the heart and profoundly improve the lives of people impacted by cardiac diseases
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4 Unlocking precision cardiology for genetically driven cardiomyopathies Targeted RNA Delivery Platform Designed at Avidity Biosciences Focused Pipeline Two lead programs (PRKAG2 & PLN) with near term catalysts Clear Medical Need Limited targeted therapies in genetic cardiomyopathies1 1 Aro, A. et al, "Po pulation Burden of Sudden Death Associated With Hypertrophic Cardiomyo pathy” Circulation vol 136 (2017)
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5 Millions of people with genetic cardiomyopathies lack disease -modifying treatments diagnosed in the US 1 ~2 Million have underlying genetic driver of disease 2,3 50% Limited targeted or etiology-specific therapies today5 Opportunity for RNA -based precision therapies Most managed through symptom control 4 1 Kramer,C . E t al, "Hypertro phic Cardiomyopathy Registry: The rationale and design o f an international, observational study of hypertroph ic cardiomyopathy. Am Heart J. 2015 Aug;170(2):223-30 and Ababio, Yaa et al, "Prevalence and Clinical Burden of Idiopathic Dilated Cardiomyopathy in the United States". Am J o f Medicine Open Volume 10, 2023. 2 Ho, CY. “Genotype and lifetime burden of disease in hyptertro phic cardiomyopathy 3 Ch eng, Z,. et al, “Hypertrophic Cardio myopathy: Fro m Phenotype and Pathogenesis to Treatment”. Frontiers in Cardiovascular Medicine vol. 8 (2021) . DOI=10.3389/fcvm.2021.722340 4 Hutt, E, et al, “Medical Treatment Strategies for Hypertroph ic Cardiomyo pathy.” American Journal of Cardiology vol 212, S33 -41 5 Aro, A. et al, "Po pulation Burden of Sudden Death Associated With Hypertrophic Cardiomyo pathy”. Circulation vol 136 (2017)
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6 Genetic cardiomyopathy is at an inflection point 1,2 and primed for precision therapies Precise clinical development Rapid disease growth Genetic testing adoption RNA therapies Novel regulatory approaches Increasing target validation RWE and registry data Science & T echnology Convergence: UNLOCKING PRECISION CARDIO Atrium Platform in Rare Genetic Cardiomyopathies OPTIMIZATION IN CARDIAC DISEASE Future Scaling of Platform to Address Broad Cardiac Disease 1 Javad, S, and Halliday, B. “Precision therapy in dilated cardiomyopathy: Pipedream or paradigm shift?.” Cambridge prisms. Precisio n medicinevol. 1 e34. 20 No v. 2023, doi:10.1017/pcm.2023.24 2 Nomuro , S, Ono M. “Precisio n and genomic medicine fo r dilated and hypertroph ic cardiomyopathy”. Frontiers in Cardiovascular Medicine vol 10 (2023) DOI=10.3389/fcvm.2023.1137498
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7 A precision RNA platform primed for genetic cardiomyopathies mAb OLIGO Oligonucleotide Therapies OLIGO Antibody Oligonucleotide Conjugate (AOC) Monoclonal Antibodies mAb Scalable Platform ✓ AOCs applicable across multiple genetically-defined cardiomyopathies ✓ Efficient expansion potential to additional indications Targeted Delivery ✓ RNA delivery technology designed to efficiently reach heart tissue ✓ Built on technology developed at Avidity Genetic Precision ✓ Designed to directly target pathogenic RNA ✓ Potential to modify disease progression
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8 PROGRA M/INDICA TION TARGET RESEA RCH IND-ENABLING PHASE 1 PHASE 2 PHASE 3 A NTICIPATED UPCOMING MILESTONES PRKAG2 syndrome PRKAG2 IND filing in 2H ’26 PLN cardiomyopathy PLN IND filing in 2027 Robust pipeline supported by strong capital position ATR 1072 ATR 1086 $270M Cash and cash equivalents1 $1.5B potential R&D milestone payments from existing collaborations with BMS and LLY 2 Strong balance sheet runway through clinical proof-of-concept CLINICA L 1 Reflects amo unt of cash to be contributed to the Company by Avidity Biosciences in connection w ith the Separation and Distribution 2 Receipt of such milesto ne payments are subject to the terms and co nditio ns of the collaboratio n agreements with BMS and LLY, respectively, which will be assigned to the Company in connection w ith the Separation and Distribution
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9 ATR 1072 PRKAG2 Syndrome
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10 PRKAG2 Syndrome • Autosomal dominant disease caused by gene mutations in PRKAG2 that leads to AMPK overactivity resulting in glycogen accumulation in heart muscle • Contributes to cardiomyopathy due to thickened heart muscles, electrical conduction problems and arrhythmias • Causes heart failure and sudden cardiac death • Current treatment limited to symptom management for arrhythmias and myocardial hypertrophy • No therapy targeting root cause of disease • Typically emerges during adolescence and early adulthood1 A rare, progressive disease that can lead to sudden cardiac death 0 Approved therapies 1,000 -2,000 People with PRKAG2 in the U.S.2 Up to 100% of people inheriting the mutation will develop symptoms 3 1 van der Steld, L et al. “PRKAG2 syndrome, a rare hypertroph ic cardiomyopathy: a Brazilian long -term follow -up w ith extracardiac disorders.”Einstein (Sao Paulo , Brazil)vol. 22 eAO0549. 26 Jul. 2024, doi:10.31744/ einstein_journal /2024AO0549 2 Murphy, R, et al. “Adenosine Mono phosphate-Activated Protein Kinase Disease Mimicks Hypertrophic Cardiomyopathy and Wolff -Parkinso n-White Syndrome.” Journal of th e American Co lllege of Cardiology vol 45 (2005). doi:10.1016/j.jacc.2004.11.053 3 Porto, A, et al. "Clinical Spectrum of PRKAG2 Syndrome." Circ Arrhythm Electrophysiol . Jan 2016.
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11 ATR 1072 designed to silence mutant PRKAG2 to normalize AMPK activity Mechanism of Disease Therapeutic Approach PRKAG2 is the regulatory component of AMPK Mutant PRKAG2 leads to overactivation of AMPK Hypertrophic cardiomyopathy (HCM) characterized by glycogen accumulation and arrhythmia ATR 1072 -mediated degradation of cardiac PRKAG2 mRNA Reduced mutant PRKAG2 leads to normalization of AMPK activity Attenuates HCM disease progression A TR 10 72
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12 ATR 1072 ATR 1072 normalizes key cardiac functional measures in pre -clinical studies 1 Reduction of PRKAG2 at Day 28 following single dose of ATR 1072 (3mg/kg) ATR 1072 Improvements in Cardiac Relaxation and Atrial Signaling at 24 weeks following 3 doses of ATR 1072 (3 mg/kg, q12w) E/A ratio: Ratio of the E wave peak velocity to the A wave peak velocity. Data are presented as mean ± SEM. Student’s t-test. * p < 0.05. 1 Based o n preclinical studies conducted by Avidity P Wave Amplitude ATR 1072
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13 Achievements Upcoming Milestones ATR 1072: Clear path to clinical proof -of-concept • Pre-clinical proof-of-concept • GMP manufacturing • Successful pre-IND meeting • Complete IND-enabling studies • IND filing planned 2H 2026 • Phase 1 trial study initiation1 • Phase 1 proof-of-concept in PRKAG2 syndrome 1 Subject to successful completion of IND filing and regulatory clearances
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14 ATR 1086 PLN Cardiomyopathy
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15 0 Approved therapies 2,000 -4,000 People with pathogenic PLN variants in the U.S.2 PLN Cardiomyopathy • PLN-R14del is the most common disease- relevant PLN mutation • Mutant PLN-R14del forms aggregates and impairs cardiomyocyte function • Characterized by dilated, arrhythmogenic or hypertrophic cardiomyopathy • Notable for frequent family history of premature sudden cardiac death and progressive cardiac failure • High incidence of sudden cardiac death, ventricular arrhythmias and cardiac transplantation • Current treatment focuses on symptom management1 • No therapy to target root cause of disease Is a rare progressive disease with frequent family history 1 Vafiadaki E, et al. “ Phospholamban R14del disease: The past, the present and the future.” Frontiers in Cardio vascular Medicine vol 10 (2023). doi:10.3389/fcvm.2 023.1162205 2 Internal so urces based on discussio ns with genetic testing providers
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16 ATR 1086: Designed to silence mutant PLN to prevent protein aggregates and target root cause of disease 1 1 Based o n preclinical studies conducted by Avidity Mechanism of Disease Therapeutic Approach Phospholamban (PLN) regulates Ca2+ handling in cardiomyocytes R14del mutation on PLN causes PLN to form protein aggregates Dilated and Arrhythmogenic cardiomyopathy (DCM & ACM) ATR 1086 mediated degradation of cardiac PLN mRNA Reduced mutant PLN prevents protein aggregate formation Attenuates DCM & ACM disease progression A TR 10 8 6
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17 ATR 1086 demonstrates functional improvement and survival in preclinical model of disease 1 Ejection fraction measured at 6-weeks of treatment. Dotted lines indicate WT levels. Data are presented as mean ± SEM. Student’s t-test, * p < 0.05. PLN mRNA levels were measured in cardiac tissue in transgenic mice expressing hPLN WT. Reduction of hum an PLN expression in the heart following treatment with ATR 10 86 (6 m g/kg) Im proved survival (Kaplan-Meier survival curve) and ejection fraction following repeated ATR 10 86 treatment (6 m g/kg) in a humanized m ouse m odel of hPLNR14/R14 ATR 1086 ATR 1086 ATR 1086 1 Based o n preclinical studies conducted by Avidity
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18 ATR 1086: Building clinical -stage pipeline Achievements Upcoming Milestones • Identified ATR 1086 as lead candidate • Pre-clinical proof-of-concept • GMP manufacturing • IND-enabling studies planned to initiate in 2026 • Anticipate IND filing in 2027
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19© 2026 Atrium Therapeutics | Confidential Leadership team expertise in rare disease and RNA Leadership team expertise in rare disease and RNA Atrium Board Members1 1 Atrium’s Board of Directors will be divided into three classes and will have 6 members. Sarah Boyce is the Chair of the Board of Directors. Atrium will establish two standing committees—Audit and Human Capital Management—each of which will operate under a charter that will be approved by the Board of Directors. Sarah Boyce (Chair) Carsten Boess Kath Gallagher Simona Skerjenac Troy Wilson Kath Gallagher | Chief Executive Officer and Board Member 20+ years in the biopharmaceutical industry leading portfolio strategy, program management, investor relations, and corporate affairs in preclinical to commercial stage companies AVIDITY, AKCEA, MERRIMACK PHARMA Rocio Martin | Chief Strategy Officer 20+ years in various senior strategy, management and commercial roles in clinical and commercial organizations AVIDITY, KRONOS, AUDENTES, ULTRAGENYX, CELGENE Steve Hughes, MD | Chief Medical Officer 25+ years in biopharmaceutical industry contributing to 50+ clinical trials and multiple product filings and launches in rare disease, cardiovascular and neurology therapy areas AVIDITY, IONIS, BIOGEN, CSL BEHRING, SANOFI Stephanie Kenney | Chief Corporate Affairs Officer 25+ years in biopharmaceutical industry leading corporate affairs, investor relations and marketing at preclinical to commercial stage companies in autoimmune, cardiovascular and renal therapy areas AVIDITY, HANSA, ASTRAZENECA Brendan Winslow | Chief Financial Officer 15+ years financial leadership experience in biotech and diversified healthcare, including global operations, commercialization, and strategic transformations AVIDITY, ACADIA, BAXTER Husam Younis, PhD, PharmD | Chief Scientific Officer 20+ years in drug discovery and development, including rare disease, and SVP of development science at Avidity AVIDITY, NGM, IONIS, PFIZER W. Michael Flanagan, Ph.D.
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20 Focused pipeline with growth potential Strong balance sheet and experienced leadership 20 Leverage proprietary RNA delivery platform for precision cardiology Leverage proprietary RNA delivery platform for precision cardiology
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21 IR Contact Stephanie Kenney, Chief Corporate Affairs Officer investors@atrium-tx.com