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November 2025 Roivant Overview
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For investor audiences only Forward-Looking Statements This presentation includes forward-looking statements that are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, business strategy, potential uses of cash and capital allocation, research and development plans, profitability, the anticipated timing, costs, design, conduct and results of our ongoing and planned preclinical studies and clinical trials for our products and product candidates, and any commercial potential of our products and product candidates are forward-looking statements. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this presentation and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Although we believe that our plans, intentions, expectations and strategies as reflected in or suggested by those forward -looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements. These forward-looking statements may be affected by a number of risks, uncertainties and assumptions, including, but not limited to, those risks set forth in the sections captioned “Risk Factors” and “Forward-Looking Statements” of our filings with the U.S. Securities and Exchange Commission, available at www.sec.gov and investor.roivant.com. We operate in a very competitive and rapidly changing environment in which new risks emerge from time to time. These forward-looking statements are based upon the current expectations and beliefs of our management as of the date of this presentation, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Except as required by applicable law, we assume no obligation to update publicly any forward -looking statements, whether as a result of new information, future events or otherwise. This presentation includes data for each of batoclimab, IMVT-1402, brepocitinib, and mosliciguat as compared to certain other potential competitor products generated from separate, independent studies and that do not come from head -to-head analyses. Differences exist between study or trial designs and subject characteristics and caution should be exercised when comparing data across studies. Data regarding other products is based on publicly available information. Disclaimer This presentation is intended for the investor community only; it is not intended to promote the product candidates referenced herein or otherwise influence healthcare prescribing decisions. 2
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For investor audiences only 3 Roivant: Developing and Commercializing Transformative Medicines 1. FDA approval and trial figures include Vants transferred to Sumitomo Pharma in December 2019, as well as Dermavant ,which was acquired by Organon in October 2024 2. Cash, cash equivalents, marketable securities, and other current assets as of September 30, 2025 Vant model aligns incentives to drive fast, high-quality execution and rigorous capital allocation Proven track record with 12 consecutive positive Phase 3 trials and 8 FDA approvals1 4 mid -late -stage pipeline assets being evaluated across 7 registrational programs and 3 proof -of-concept (PoC) studies Consolidated cash , cash equivalents, restricted cash and marketable securities of $4.4BN as of September 30, 2025 2; fully funded to support one of the best pipelines in biotech, ongoing business development and additional share buybacks
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For investor audiences only Roivant in 2025: Continued Progress Across Key Programs Sets Foundation for Next Era of Growth Notes: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjögren’s disease; CLE: cutaneous lupus erythematosus; DM: dermatomyositis 1. Consolidated cash, cash equivalents, restricted cash, and marketable securities as of 9/30/2025 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves Positive VALOR data for brepocitinib in DM showed statistically significant benefit on all 10 ranked endpoints NDA filing planned in 1H 2026; potential first novel oral therapeutic in DM Unveiled durable-remission data in Graves’ disease; positive Phase 3 batoclimab data in MG and CIDP GD data demonstrate disease-modifying potential for IMVT-1402; MG and CIDP data validate “deeper is better” Favorable Markman ruling for Genevant in Pfizer case Continued progress in LNP litigation; jury trial in US Moderna case scheduled for March 2026 4 Potentially registrational trials initiated in GD, MG, CIDP, D2T RA, and SjD; POC trial initiated in CLE IMVT-1402 product development in indications with first-/ best-in-class potential Strong capital position with $4.4BN cash balance1 Current pipeline capitalized to profitability, pipeline expansion and potential additional capital return1,2
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For investor audiences only Roivant in 2025: Landmark Achievement of VALOR Study Success Sets Stage for Filing and Commercial Launch Notes: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjögren’s disease; CLE: cutaneous lupus erythematosus; DM: dermatomyositis 1. Consolidated cash, cash equivalents, restricted cash, and marketable securities as of 9/30/2025 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves Positive VALOR data for brepocitinib in DM showed statistically significant benefit on all 10 ranked endpoints NDA filing planned in 1H 2026; potential first novel oral therapeutic in DM Unveiled durable-remission data in Graves’ disease; positive Phase 3 batoclimab data in MG and CIDP GD data demonstrate disease-modifying potential for IMVT-1402; MG and CIDP data validate “deeper is better” Favorable Markman ruling for Genevant in Pfizer case Continued progress in LNP litigation; jury trial in US Moderna case scheduled for March 2026 5 Potentially registrational trials initiated in GD, MG, CIDP, D2T RA, and SjD; POC trial initiated in CLE IMVT-1402 product development in indications with first-/ best-in-class potential Strong capital position with $4.4BN cash balance1 Current pipeline capitalized to profitability, pipeline expansion and potential additional capital return1,2
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For investor audiences only Brepocitinib Is A Potential First-In-Class Dual Selective TYK2/JAK1 Inhibitor, Representing Next Generation of JAK Inhibition Nonspecific/pan-JAK Inhibitors Single JAK Isoform Inhibitors Selective, Dual Inhibitor of TYK2 and JAK1 First targeted oral agents for inflammatory diseases Non-specificity limited ability to dose to maximal efficacy and led to class-wide black box warning Modest commercial success, but uptake impaired by less-than-biologic efficacy Rinvoq (JAK1) is a multi-blockbuster drug (despite a black box warning) on the back of often best-in-indication efficacy Sotyktu (TYK2), designed specifically to avoid black box liability, has underperformed commercially due to less-than-biologic efficacy Brepocitinib combines the best attributes of selective TYK2 and JAK1 inhibition with potential to provide maximum efficacy for patients with highly morbid, heterogeneous autoimmune diseases Brepocitinib Evolution of JAK inhibitor field highlights demand for efficacy in treating patients with the most debilitating symptoms Note: All trademarks are property of their respective owners 6
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For investor audiences only Brepocitinib Strategy: Indications with High Unmet Need and Tailored to Novel Mechanism of Dual TYK2/JAK1 Inhibition *Excluding biosimilars and branded generics Note: All references are to calendar years and are approximate and subject to change DM NIU CS NDA filing planned 1H ‘26 Ph3 ongoing POC ongoing Biology exquisitely suited for dual TYK2/JAK1 inhibition Large unmet medical need with favorable benefit/risk Mid-high tens-of-thousands prevalence TYK2 and/or JAK1 clinical proof-of-concept New therapies approved in the last 60 years* 1 1 0 OVERALL OPPORTUNITY HIGH HIGH HIGH Opportunity for brepocitinib to become a leading treatment option in large, uncrowded markets Rapidly expanding the brepocitinib opportunity 3Q ‘22 – Initiated brepocitinib pivotal trial in DM and POC trial in NIU 1Q ‘24 – NIU Ph2 readout showing potential best-in- indication efficacy 3Q ‘24 – Initiated brepocitinib pivotal trial in NIU 2Q ‘25 – Initiated POC in CS Sept ‘25– Pivotal DM readout, enabling registrational filing in 1H ‘26 2H ‘26 – POC CS readout from Phase 2 study 1H ‘27 – Pivotal NIU readout, enabling registrational filing Rapidly enrolling CS POC trial and NIU Pivotal trial with topline data expected 2H ’26 and 1H ’27, respectively 7
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For investor audiences only Dermatomyositis Adult patients with dermatomyositis 241 30 mg once daily2 15.3 placebo-adjusted TIS delta at week 52 P = 0.0006 Alopecia Areata Patients with moderate-to-severe AA 94 3 30 mg once daily4 49.18 placebo-adjusted CFB in SALT Score at week 24 P < 0.00015 Psoriatic Arthritis Patients with active PsA 218 30 mg once daily 23.4% placebo-adjusted ACR20 RR at week 16 P = 0.0197 Ulcerative Colitis Patients with moderate-to-severe UC 167 30 mg once daily -2.28 placebo-adjusted CFB in Mayo Score at week 8 P = 0.0005 Plaque Psoriasis Patients with moderate-to-severe PsO 212 30 mg once daily -10.1 placebo-adjusted CFB in PASI Score at week 12 P < 0.0001 Hidradenitis Suppurativa Patients with moderate-to-severe HS 100 45 mg once daily 6 18.7% placebo-adjusted HiSCR Rate at week 16 P = 0.02984 Crohn’s Disease Patients with moderate-to-severe CD 151 60 mg once daily 7 21.4% placebo-adjusted SES-CD 50 Rate at week 12 P = 0.00124 Non-infectious Uveitis Patients with active non-infectious intermediate-, posterior-, and panuveitis 26 45 mg once daily 29.4% Treatment Failure Rate at week 24 Clinically Meaningful Results in Eight Completed Studies 8 Study Population N1 Brepocitinib Dose Brepocitinib Primary Endpoint Result Note: CFB: change from baseline; RR: response rate Note: The non-infectious uveitis and dermatomyositis studies were conducted by Priovant; all other studies shown here were conducted by Pfizer 1. Overall study N represents patients randomized to all brepocitinib dose levels or placebo and excludes patients randomized to other agents 2. Brepocitinib 15 mg once daily dose was also evaluated in this study 3. Includes patients from initial 24-week study period only 4. 60 mg QD for 4 weeks followed by 30 mg QD for 20 weeks 5. One-sided p-value (pre-specified statistical analysis) 6. Brepocitinib 45 mg once daily was the only brepocitinib dose evaluated in this study 7. Brepocitinib 60 mg once daily was the only brepocitinib dose evaluated in the induction period of this study Phase 3Phase 2
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For investor audiences only Dermatomyositis: Key Features in Common with Recent Orphan I&I Launches that Rapidly Achieved Blockbuster Revenue Note: All disease photos courtesy of Priovant 1. PriovantTx estimates based on Reeder 2010, Smoyer-Tomic 2012, and claims analysis 2. PriovantTX claims analysis High morbidity with poor/no modern treatment options Skin and muscle disease lead to pain, disfigurement, highly impaired mobility, and extensive comorbidities (e.g., cardiometabolic, GI, depression) Orphan price point and concentrated prescriber base Approximately half of treated DM patients at ~200 tertiary centers of excellence2 Mid tens-of-thousands prevalence Prevalence of approximately 40,000 adults in US1 with approximately 35,000 patients receiving advanced chronic therapy2 Planned NDA filing in 1H ‘26 9
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For investor audiences only Brepocitinib Showed Significant and Clinically Meaningful Improvement on Primary Endpoint of TIS Separation between brepocitinib 30 mg and placebo at all time points, starting as early as week 4, achieved together with substantially greater steroid reduction in brepocitinib 30 mg arm *Nominal P < 0.05 ** P < 0.001 0 5 10 15 20 25 30 35 40 45 50 0 4 8 12 16 20 24 28 32 36 40 44 48 52 Mean TIS (± SE) Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Study Week * * * * * ** * * ** 46.5 37.5 31.2 Primary Endpoint 30 mg vs. Placebo At Week 52 TIS∆ 15.3 P = 0.0006 Brepocitinib 30 mg Placebo Mean dose at baseline (mg/day) 12.2 11.3 ≤2.5 mg/day by week 48-52 62% 34% Off steroids by week 48-52 42% 23% Steroid reduction among patients on background OCS 10
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For investor audiences only 68% 54% 44% 46% 29% 26% >2/3 of Patients on 30 mg Achieved Moderate TIS Response (TIS40) & Nearly Half Achieved Major TIS Response (TIS60) Adjusted response rate (risk) differences calculated using the Mantel-Haenszel method. Patients Achieving Moderate TIS Response (TIS40) at Week 52 Patients Achieving Major TIS Response (TIS60) at Week 52 Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Brepocitinib 30 mg (n = 76) Brepocitinib 15 mg (n = 77) Placebo (n = 72) ∆ P 30 mg vs. Placebo 22.2% 0.0040 15 mg vs. Placebo 11.6% 0.1420 ∆ P 30 mg vs. Placebo 19.5% 0.0126 15 mg vs. Placebo 6.2% 0.3920 11
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For investor audiences only 36% 20% 9% 54% 41% 27% More Than A Third of Brepocitinib 30 mg Patients Achieved Both Major TIS Response And Minimal or No Steroid Burden At Week 52 *Nominal p-value calculated as part of post-hoc analysis Adjusted response rate (risk) differences calculated using the Mantel-Haenszel method. Patients Achieving Moderate TIS Response (TIS40) with Oral Steroids ≤2.5 mg/day at Week 52 Patients Achieving Major TIS Response (TIS60) with Oral Steroids ≤2.5 mg/day at Week 52 Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) ∆ P 30 mg vs. Placebo 25.7% 0.0006 15 mg vs. Placebo 13.0% 0.0851 ∆ P 30 mg vs. Placebo 27.1% <0.0001* 15 mg vs. Placebo 12.0% 0.0289* 12
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For investor audiences only 13 Brepocitinib 30 mg Achieved Statistically Significant Benefit on All Ten Ranked Endpoints in the VALOR Study Measurements of skin disease, muscle disease, rapidity of onset, and steroid sparing; consistent dose response was also seen across endpoints Key Endpoint Important Features Brepocitinib 30mg (n=81) Placebo (n=79) P-Value Mean TIS (Primary) Composite endpoint, focus on muscle disease and global benefit 46.5 31.2 0.0006 CDASI-A change from baseline at Week 52 Improvement in skin disease activity -11.7 -7.0 0.0006 DMOMS at Week 52 DM-specific muscle and skin composite measure of benefit 57.9 40.5 0.0014 TIS40 Response at Week 52 Moderate TIS response (focus on global benefit / muscle) 67.9% 44.3% 0.0040 Time to Consecutive TIS40 Response by Week 52 Time to onset of sustained benefit (particularly high bar) 85 days 168 days 0.0155 Patients achieving TIS40 Response + ≤2.5 mg OCS at Week 52 Achievement of clinical response and steroid reduction 54.3% 26.6% 0.0006 CDASI-A 40% Response with ≥4-point improvement at Week 52 Clinically meaningful skin response 61.7% 44.3% 0.0357 TIS60 Response at Week 52 Major TIS response – Highest TIS response threshold 46.1% 26.4% 0.0126 Change from baseline in HAQ-DI at Week 52 Improvement in physical and functional disability and daily living activities related to muscle strength -0.337 -0.042 0.0035 Change from baseline in CDASI-A at Week 4 Rapid onset of skin response -6.4 -3.5 0.0003
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For investor audiences only TIS: Total Improvement Score CDASI-A: Cutaneous Dermatomyositis Activity and Severity Index - Activity Subscore Statistically and clinically significant improvement in skin disease Statistically and clinically significant improvement in muscle disease Breadth of Response High TIS response rates even while aggressively tapering steroids Functional remission of skin disease achieved in nearly half of subjects with moderate-to-severe disease at baseline Depth of Response Confirmed benefit on TIS and CDASI as early as week 4 Median Time to TIS40 of 8 weeks Speed of Response Nearly all DM patients can potentially benefit from brepocitinib Significant fraction of patients can potentially achieve deep, clinically meaningful responses Patients can potentially achieve rapid improvement in symptoms in as few as 4 weeks Observed Results in VALOR Implication for Patients Results achieved with a convenient once-daily oral therapy VALOR Results Confirm Brepocitinib’s Potential to Meaningfully Improve the Lives of Patients with DM Safety database of >1,500 patients Adverse events of special interest balanced across treatment arms; no new safety signals for brepocitinib Safety Potentially favorable benefit:risk profile for patients 14
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For investor audiences only Non-Infectious Uveitis: Another Indication with Significant Unmet Medical Need 1. Thorne et al, JAMA Ophthalmol. (2016) and IQVIA analysis of pharmacy claims of patients with NIU 2. Barisani-Asenbauer, T., Maca, S.M., Mejdoubi, L. et al. Orphanet J Rare Dis 7, 57 (2012) 3. Jaffe et al, NEJM (2016) 4. Photo sourced from Masuda et al, Am J Ophthalmol Case Rep (2018) High morbidity and few treatment options Fourth-leading cause of blindness among working-age population in developed world2 Only approved modern therapy (Humira) has limited efficacy, with >50% ultimately experiencing treatment failure3 Orphan price point and concentrated prescriber base High concentration of patients treated at dedicated uveitis specialty centers; most of remainder treated by retina specialists High tens-of-thousands prevalence Approximately 70,000-100,000 prevalent patients in the US, with >40,000 patients receiving biologic therapy1 15
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For investor audiences only Fits well into Priovant strategy to develop in indications with high unmet need and tailored to novel mechanism of dual TYK2/JAK1 inhibition Cutaneous Sarcoidosis: Next Proof-of-Concept Indication for Brepocitinib 1. Grunewald et al, Nat Rev Dis Primers 2019 2. Culver, Curr Clin Med 2010 Image adapted from Patel et al, 2011 Proof-of-concept data from ~20 JAK-treated patients Dual TYK2/JAK1 inhibition well-suited to Th1 immunophenotype of sarcoidosis; case reports and investigator-initiated trial with JAKi agents have shown clinically meaningful responses Alignment with DM and NIU Orphan price point; concentrated prescriber base overlapping with DM Mid tens-of-thousands prevalence with high unmet need 30,000-50,000 affected US cutaneous sarcoidosis patients1 with no approved therapies; uncontrolled disease can result in severe disfigurement2 16
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For investor audiences only Roivant in 2025: “Deeper is Better” Further Validated with Batoclimab MG, CIDP and GD Remission Data; Driving IMVT-1402 Opportunity Forward Notes: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjögren’s disease; CLE: cutaneous lupus erythematosus; DM: dermatomyositis 1. Consolidated cash, cash equivalents, restricted cash, and marketable securities as of 9/30/2025 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves Positive VALOR data for brepocitinib in DM showed statistically significant benefit on all 10 ranked endpoints NDA filing planned in 1H 2026; potential first novel oral therapeutic in DM Unveiled durable-remission data in Graves’ disease; positive Phase 3 batoclimab data in MG and CIDP GD data demonstrate disease-modifying potential for IMVT-1402; MG and CIDP data validate “deeper is better” Favorable Markman ruling for Genevant in Pfizer case Continued progress in LNP litigation; jury trial in US Moderna case scheduled for March 2026 17 Potentially registrational trials initiated in GD, MG, CIDP, D2T RA, and SjD; POC trial initiated in CLE IMVT-1402 product development in indications with first-/ best-in-class potential Strong capital position with $4.4BN cash balance1 Current pipeline capitalized to profitability, pipeline expansion and potential additional capital return1,2
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For investor audiences only Note: MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; D2T RA: Difficult-to-treat rheumatoid arthritis; GD: Graves’ disease; SjD: Sjögren’s disease; CLE: Cutaneous lupus erythematosus 1. Based on IMVT-1402 data generated to date 2. Batoclimab data as compared to patients with IgG reduction <70% in the same study 3. Not including any potential patent term extension 18 IMVT-1402 Has Potential to be First- and Best-in-Class Across Multiple Indications Novel, fully human, monoclonal antibody blocking FcRn- mediated recycling of IgG + IMVT-1402 ++ + + + Deep IgG Lowering Phase 1 data suggests deep dose-dependent IgG lowering; expected to reach ~80% with continued weekly dosing of 600 mg Ongoing Clinical Progress GD, MG, CIDP, D2T RA, and SjD potentially registrational studies actively enrolling; CLE proof of concept also actively enrolling Robust IgG Lowering and Favorable Safety Profile drive optimism for differentiation vs. other FcRn blockers 1 Internal Data Validates Deeper is Better in multiple studies across GD, MG, and CIDP with notably improved clinical benefits for patients with IgG reduction >70% 2 Convenient Administration Delivered via market-proven, user- friendly auto-injector Strong Patent Protection Issued patent covers composition of matter, method of use and methods for manufacturing to 2043 3
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19 For investor audiences only Settling the “Deeper is Better” Debate Clinical data generated across multiple indications consistently shows that deeper IgG reduction leads to improved clinical outcomes for patients Graves’ Phase 2a1 MG Phase 31 CIDP Phase 2b1 23% ATD-Free Responders 64% ATD-Free Responders IgG Reduction <70% IgG Reduction ≥70% ATD-Free Response: % of participants who achieve normal T3 and T4 or have T3 or T4 below LLN, and ceased all ATD medications Minimal Symptom Expression: % of participants who achieve MG-ADL score of 0 or 1 at Week 12 31% MSEs 53% MSEs IgG Reduction <70% IgG Reduction ≥70% aINCAT Response: % of participants who achieve aINCAT improvement ≥1 at Week 12 44% Responders 84% Responders IgG Reduction <70% IgG Reduction ≥70% Reflects data from multiple clinical trials in multiple indications. Differences exist between trial designs and participant characteristics and caution should be exercised when comparing data across trials. Notes: MG data presented for acetylcholine receptor antibody-positive patients; ATD: Antithyroid drug; aINCAT: Adjusted Inflammatory Neuropathy Cause and Treatment; IgG: Immunoglobulin G; MSE: Minimal Symptom Expression; LLN: Lower limit of normal. The data referenced here includes data from the ongoing batoclimab Phase 2 study in CIDP and is based on a preliminary analysis of key efficacy and safety data, and such data may change following completion of the clinical trial and may not accurately reflect the complete results of the study 1. Batoclimab clinical data. 2. Includes N=1 additional responder vs. September 2024 disclosure. Patient discontinued prior to Week 12 and was counted as a non-responder per protocol but was included by the PI in the ATA 2025 poster presentation, given they were a responder at time of discontinuation and continued through 6 month off-treatment follow-up period.
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20 For investor audiences only Potential for Disease Modification with Responders Demonstrating Strong Durability of Response through Six Months Off-Treatment at End of Follow-Up Notes: Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. Pts: Patients; T3: Triiodothyronine; T4: Thyroxine; ULN: Upper limit of normal; ATD: Anti-thyroid drug. 1. Includes N=1 patient who discontinued prior to Week 12 but remained in off-drug follow-up. 2. Includes N=21 patients who entered follow-up period and could be assessed for remission. 3. N=1 patient had T3/T4 ≤ULN, and one day following Week 48 visit had ATD dose equivalent to baseline. 25 Uncontrolled Graves’ disease patients Baseline Week 48 Patients off-drug for 24 weeks1,2 Week 12 Pts receive 12 weeks of 680 mg QW batoclimab1 Week 24 Pts receive 12 weeks of 340 mg QW batoclimab1 20/25 T3/T4 ≤ULN; ATD dose ≤Baseline 18/25 T3/T4 ≤ULN; ATD dose ≤Baseline 17/21 T3/T4 ≤ULN; ATD dose ≤Baseline3 Strong durability of response despite being off-batoclimab for six months 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Follow-up: 24 weeks Off-Treatment (Week 24-48) Dose step-down
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For investor audiences only Indication Strategy: Our FcRn Development Strategy is Designed for Maximum Commercial Potential, Leveraging 1402’s Potentially Best-in-Class Clinical Profile 21 Best-in-Class • Well-established markets with multiple competitors; potential to differentiate on efficacy • Example – MG and CIDP First-in-Class Best-in-Class • Expanding use of FcRn blockers to benefit greater number of patients with several new indications, with a potential efficacy advantage driven by deeper IgG reduction • Example – GD, D2T RA, CLE Nearly-First Best-in-Class • Close from a timing perspective to in-class competition, whilst maintaining potential for differentiated clinical profile driven by best-in-class IgG reductions • Example – SjD IMVT-1402’s potentially differentiated product profile offers wide range of development opportunities Note: MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; APCA+ D2T RA: Anti-cyclic citrullinated peptide antibody positive difficult-to-treat rheumatoid arthritis; GD: Graves’ disease; SjD: Sjögren’s disease; CLE: Cutaneous lupus erythematosus
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For investor audiences only Graves’ Disease Difficult-to-Treat Rheumatoid Arthritis Cutaneous Lupus Erythematosus Sjögren’s Disease Myasthenia Gravis Chronic Inflammatory Demyelinating Polyneuropathy Expected US Addressable Population1 ~330K ~70K ~75K ~90K ~20-35K ~16-58K Autoantibody Driven Pathology Driven by autoantibodies to the thyroid-stimulating hormone receptor (TSHR-Ab) Autoantibodies such as RF and ACPA present in ~75% of RA patients IgG autoantibodies (Ro/SSA, La/SSB) observed in majority of CLE patients Autoantibodies detected in ~50-70% of patients with primary SjD Driven by AChR antibodies disrupting signal transmission in nerve and muscle fibers Driven by autoantibodies that demyelinate peripheral nerves and nerve roots In-Class Data Batoclimab data showed deeper IgG reduction correlated with improved clinical response Response rate higher for patients with high baseline ACPA & deep IgG reduction2 Proof of principle IMVT-1402 case study showed meaningful clinical response Response rate higher for patients with deeper IgG reduction2 Batoclimab data showed deeper IgG reduction correlated with improved clinical response Batoclimab data showed deeper IgG reduction correlated with improved clinical response Stage of Development Two Potentially Registrational Trials Enrolling Potentially Registrational Trial Enrolling Proof of Concept Trial Enrolling Potentially Registrational Trial Enrolling Potentially Registrational Trial Enrolling Potentially Registrational Trial Enrolling Potential Best-in-Class Potential First-in-Class3 22 Broad Development Program for IMVT-1402 with Trials Underway, Expected to Potentially Address >600K Patient Population 1. IMVT data on file 2. Based on data generated by nipocalimab 3. Open check mark indicates nearly-first-in-class
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For investor audiences only Clear Focus on Execution to Unlock Value Both Near- and Long-Term Indication Study Data Catalyst 2025 2026 2027 2028 TED Potentially Registrational Topline Results* ACPA+ D2T RA Potentially Registrational Open-label Period 1 Initial Results CLE POC Topline Results ACPA+ D2T RA Potentially Registrational Topline Results GD Potentially Registrational Topline Results MG Potentially Registrational Topline Results SjD Potentially Registrational Topline Results CIDP Potentially Registrational Topline Results IMVT-1402 Batoclimab *Immunovant continues to expect the first of the two batoclimab Phase 3 TED studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, Immunovant anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026. Note: MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; TED: Thyroid eye disease; APCA+ D2T RA: Anti-cyclic citrullinated peptide antibody positive difficult-to-treat rheumatoid arthritis; GD: Graves’ disease; SjD: Sjögren’s disease; CLE: Cutaneous lupus erythematosus Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years 23
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For investor audiences only Roivant in 2025: Maximizing LNP Patent Estate Potential Notes: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjögren’s disease; CLE: cutaneous lupus erythematosus; DM: dermatomyositis 1. Consolidated cash, cash equivalents, restricted cash, and marketable securities as of 9/30/2025 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves Positive VALOR data for brepocitinib in DM showed statistically significant benefit on all 10 ranked endpoints NDA filing planned in 1H 2026; potential first novel oral therapeutic in DM Unveiled durable-remission data in Graves’ disease; positive Phase 3 batoclimab data in MG and CIDP GD data demonstrate disease-modifying potential for IMVT-1402; MG and CIDP data validate “deeper is better” Favorable Markman ruling for Genevant in Pfizer case Continued progress in LNP litigation; jury trial in US Moderna case scheduled for March 2026 24 Potentially registrational trials initiated in GD, MG, CIDP, D2T RA, and SjD; POC trial initiated in CLE IMVT-1402 product development in indications with first-/ best-in-class potential Strong capital position with $4.4BN cash balance1 Current pipeline capitalized to profitability, pipeline expansion and potential additional capital return1,2
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25 For investor audiences only Pivotal Period for LNP Litigation Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Moderna Cases Pfizer Case Pre-trial process to narrow scope of claims and defenses Summary judgment phase ongoing First major international hearings expected in 1H 2026 US jury trial scheduled for March 2026 Ongoing progress in discovery phase Favorable Markman ruling issued September 2025
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26 For investor audiences only Roivant in 2025: Strong Capital Position for Next Era of Growth Notes: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; SjD: Sjögren’s disease; CLE: cutaneous lupus erythematosus; DM: dermatomyositis 1. Consolidated cash, cash equivalents, restricted cash, and marketable securities as of 9/30/2025 2. Assumes 57% of future IMVT funding and 100% of other costs, as well as BD and capital return reserves Positive VALOR data for brepocitinib in DM showed statistically significant benefit on all 10 ranked endpoints NDA filing planned in 1H 2026; potential first novel oral therapeutic in DM Unveiled durable-remission data in Graves’ disease; positive Phase 3 batoclimab data in MG and CIDP GD data demonstrate disease-modifying potential for IMVT-1402; MG and CIDP data validate “deeper is better” Favorable Markman ruling for Genevant in Pfizer case Continued progress in LNP litigation; jury trial in US Moderna case scheduled for March 2026 26 Potentially registrational trials initiated in GD, MG, CIDP, D2T RA, and SjD; POC trial initiated in CLE IMVT-1402 product development in indications with first-/ best-in-class potential Strong capital position with $4.4BN cash balance1 Current pipeline capitalized to profitability, pipeline expansion and potential additional capital return1,2
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27 For investor audiences only Mosliciguat – Potential to Differentiate Across Efficacy, Convenience and Safety/Tolerability 1. In INCREASE, 6MWD benefit was driven entirely by patients with baseline PVR ≥ 4WU Efficacy “Big Gun” • Group 1 PH experience shows that the ability to reduce PVR is a predictor of success • Tyvaso Phase 3 INCREASE study in PH-ILD confirms this principle translates to Group 3 PH for inhaled therapies1 • Mosliciguat is able to generate greater PVR reductions than any product to date in a single-dose setting (exceeding what many can do even with repeat dosing) Convenience One Puff per Day • A single dose of mosliciguat is able to drive sustained cGMP elevation through 24 hours, while every other approved inhaled product requires between one and twelve breaths given 4x per day • Mosliciguat is delivered via DPI, preferable to cumbersome nebulizers Safety / Tolerability Safe and Well Tolerated • Inhaled prostacyclins carry class AEs that preclude many patients from reaching maximally effective doses and lead to significant rates of discontinuation • sGC modulation has been shown to be safe and well tolerated when delivered as an inhaled therapy (minimizing systemic exposure) Mosliciguat well-positioned for front-line use in PH-ILD; Tyvaso’s consensus ~$1.5-$2B peak sales for PH-ILD sets floor for opportunity No head to head studies have been conducted. Differences exist between study designs and subject characteristics, and caution should be exercised when comparing data across studies.
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28 For investor audiences only 2026+: Reading Out Multiple Late-Stage Potential Blockbuster Opportunities Over the Coming Years from 7 Programs Initiated in 2024 Note: All drugs are investigational and subject to regulatory approvals. All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years Statement regarding NIU data based on cross-trial comparisons. Differences exist between trial designs and participant characteristics and caution should be exercised when comparing data across trials. Transformational treatment data in Graves’ disease and 5 INDs cleared Potential for 6+ indications with multiple blockbuster launches IMVT-1402 6 potentially registrational studies ongoing; 1 PoC study enrolling Presented best-in-indication NIU data and initiated pivotal trial Potential for multi-blockbuster orphan franchise anchored by DM and NIU launches Positive registrational study sets up brepocitinib as first novel oral DM drug with multi-year lead over any other late-stage program; CS and NIU studies enrolling Unveiled new opportunity with supportive data & initiated PH-ILD study Positioned for front-line use in PH-ILD and other respiratory diseases PH-ILD study enrolling 2024 2026+2025 Brepocitinib Mosliciguat
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29 For investor audiences only Positive Brepocitinib Registrational Study in DM Kicks Off 36 Months Stacked with Additional Potentially Registrational Readouts and Launches Launch of Brepocitinib in DM Launch of Brepocitinib in NIU Launch of IMVT-1402 in Multiple Potential Blockbuster Indications Brepocitinib Registrational Data Readouts IMVT-1402 Registrational Data Readouts DM NIU D2T RA GD MG SjD CIDP Potential for additional indications and pipeline expansion Note: Figure is illustrative of potential registrational data readouts and product launches and is not intended to be representative of timelines on the events noted. Trials listed as registrational include those that we believe are potentially registrational
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30 For investor audiences only Modality Proof of Concept Registrational Status BREPOCITINIB Dermatomyositis | Priovant Small Molecule NDA filing expected 1H 2026 BREPOCITINIB Non-Infectious Uveitis | Priovant Small Molecule Ongoing BREPOCITINIB Cutaneous Sarcoidosis | Priovant Small Molecule ► Ongoing IMVT-1402 Graves’ Disease | Immunovant Biologic Ongoing IMVT-1402 Difficult-to-Treat Rheumatoid Arthritis | Immunovant Biologic Ongoing IMVT-1402 Myasthenia Gravis | Immunovant Biologic Ongoing IMVT-1402 Sjögren’s Disease | Immunovant Biologic Ongoing IMVT-1402 Chronic Inflammatory Demyelinating Polyneuropathy | Immunovant Biologic Ongoing IMVT-1402 Cutaneous Lupus Erythematosus | Immunovant Biologic ► Ongoing BATOCLIMAB Thyroid Eye Disease | Immunovant Biologic Ongoing MOSLICIGUAT Pulmonary Hypertension associated with Interstitial Lung Disease | Pulmovant Inhaled ► Ongoing ONGOING BD Pipeline Expansion Opportunities | Roivant Robust Late-Stage Pipeline with 11 Registrational Trials in Indications with Blockbuster Potential Focusing on Clinical Trial Execution to Drive Significant Potential Value Note: Trials listed as registrational include those that we believe are potentially registrational Note: All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All timelines reference calendar years unless otherwise noted
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31 For investor audiences only Program Vant Catalyst Expected Timing Roivant pipeline growth New mid/late-stage in-licensing announcements Ongoing LNP platform Summary judgment phase in US Moderna case Ongoing LNP platform Jury trial in US Moderna case 1Q 2026 Batoclimab Topline data released from Phase 3 trials in thyroid eye disease* 1H 2026 Brepocitinib Expected NDA filing for brepocitinib in dermatomyositis 1H 2026 Mosliciguat Topline data from Phase 2 trial in pulmonary hypertension associated with interstitial lung disease 2H 2026 Brepocitinib Topline data from Phase 2 trial in cutaneous sarcoidosis 2H 2026 IMVT-1402 Initial results from open label period 1 of potentially registrational trial in ACPA+ difficult-to-treat rheumatoid arthritis 2026 IMVT-1402 Topline data from Phase 2 trial in cutaneous lupus erythematosus 2026 Brepocitinib Topline data from Phase 3 trials in non-infectious uveitis 1H 2027 IMVT-1402 Topline data from potentially registrational trial in ACPA+ difficult-to-treat rheumatoid arthritis 2027 IMVT-1402 Topline data from potentially registrational trials in Graves’ disease 2027 IMVT-1402 Topline data from potentially registrational trial in myasthenia gravis 2027 IMVT-1402 Topline data from potentially registrational trial in Sjögren’s disease 2028 IMVT-1402 Topline data from potentially registrational trial in chronic inflammatory demyelinating polyneuropathy 2028 Rich Catalyst Calendar *Immunovant continues to expect the first of the two batoclimab Phase 3 TED studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, Immunovant anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026. Note: All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. All timelines reference calendar years unless otherwise noted
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Pipeline Deep Dive
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Brepocitinib
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34 For investor audiences only Oral Brepocitinib Overview Potential multi-billion dollar rare and orphan autoimmune disease franchise *Includes potential patent term extension Note: All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All timelines reference calendar years unless otherwise noted Seven Positive Phase 2 Studies Conducted • Clinically meaningful efficacy demonstrated in Psoriasis, Alopecia, Psoriatic Arthritis, Ulcerative Colitis, Hidradenitis Suppurativa, Crohn’s disease, and Non-infectious Uveitis • Did not meet primary endpoint in Systemic Lupus Erythematosus (SLE) • Safety in line with approved JAK inhibitors Positive Data Readout from Phase 3 VALOR Trial in DM • Dermatomyositis (DM): Large orphan indication with only one approved therapy and no other oral therapies in late-stage development • Phase 3 VALOR data readout shows statistically significant improvement on all 10 endpoints, setting the stage for NDA filing in 1H 2026 Phase 3 Program in NIU Ongoing Following Potential Best-in-Indication Phase 2 Data • Non-infectious uveitis (NIU): Large orphan indication with only one approved therapy and no other oral therapies in late-stage development • Phase 3 program in NIU actively enrolling, with data expected to read out in 1H 2027 • NEPTUNE results in NIU reinforce relevance of TYK2/JAK1 inhibition for highly inflammatory indications with high morbidity Potential for Multiple Additional Large Market Orphan Indications with Rapid Path to Market • Cutaneous Sarcoidosis (CS): Large orphan indication with no approved therapies; proof of concept study enrolling, with topline data expected to read out in 2H 2026 • Evaluating other potential indications that fit brepocitinib strategy of high unmet need and strong biologic rationale Strong Intellectual Property Position • IP protection expected until at least 2039*
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35 For investor audiences only Brepocitinib Is A Potential First-In-Class Dual Selective TYK2/JAK1 Inhibitor, Representing Next Generation of JAK Inhibition Evolution of JAK inhibitor field highlights demand for efficacy in treating patients with the most debilitating symptoms Nonspecific/pan-JAK Inhibitors Single JAK Isoform Inhibitors Selective, Dual Inhibitor of TYK2 and JAK1 First targeted oral agents for inflammatory diseases Non-specificity limited ability to dose to maximal efficacy and led to class-wide black box warning Modest commercial success, but uptake impaired by less-than-biologic efficacy Rinvoq (JAK1) is a multi-blockbuster drug (despite a black box warning) on the back of often best-in-indication efficacy Sotyktu (TYK2), designed specifically to avoid black box liability, has underperformed commercially due to less-than-biologic efficacy Brepocitinib combines the best attributes of selective TYK2 and JAK1 inhibition with potential to provide maximum efficacy for patients with highly morbid, heterogeneous autoimmune diseases Brepocitinib Note: All trademarks are property of their respective owners
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36 For investor audiences only Brepocitinib Strategy: Indications with High Unmet Need and Tailored to Novel Mechanism of Dual TYK2/JAK1 Inhibition *Excluding biosimilars and branded generics Note: All references are to calendar years and are approximate and subject to change DM NIU CS NDA filing planned 1H ‘26 Ph3 ongoing POC ongoing Biology exquisitely suited for dual TYK2/JAK1 inhibition Large unmet medical need with favorable benefit/risk Mid-high tens-of-thousands prevalence TYK2 and/or JAK1 clinical proof-of-concept New therapies approved in the last 60 years* 1 1 0 OVERALL OPPORTUNITY HIGH HIGH HIGH Opportunity for brepocitinib to become a leading treatment option in large, uncrowded markets Rapidly expanding the brepocitinib opportunity 3Q ‘22 – Initiated brepocitinib pivotal trial in DM and POC trial in NIU 1Q ‘24 – NIU Ph2 readout showing potential best-in- indication efficacy 3Q ‘24 – Initiated brepocitinib pivotal trial in NIU 2Q ‘25 – Initiated POC in CS Sept ‘25– Pivotal DM readout, enabling registrational filing in 1H ‘26 2H ‘26 – POC CS readout from Phase 2 study 1H ‘27 – Pivotal NIU readout, enabling registrational filing Rapidly enrolling CS POC trial and NIU Pivotal trial with topline data expected 2H ’26 and 1H ’27, respectively
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37 For investor audiences only Dermatomyositis Adult patients with dermatomyositis 241 30 mg once daily2 15.3 placebo-adjusted TIS delta at week 52 P = 0.0006 Alopecia Areata Patients with moderate-to-severe AA 94 3 30 mg once daily4 49.18 placebo-adjusted CFB in SALT Score at week 24 P < 0.00015 Psoriatic Arthritis Patients with active PsA 218 30 mg once daily 23.4% placebo-adjusted ACR20 RR at week 16 P = 0.0197 Ulcerative Colitis Patients with moderate-to-severe UC 167 30 mg once daily -2.28 placebo-adjusted CFB in Mayo Score at week 8 P = 0.0005 Plaque Psoriasis Patients with moderate-to-severe PsO 212 30 mg once daily -10.1 placebo-adjusted CFB in PASI Score at week 12 P < 0.0001 Hidradenitis Suppurativa Patients with moderate-to-severe HS 100 45 mg once daily 6 18.7% placebo-adjusted HiSCR Rate at week 16 P = 0.02984 Crohn’s Disease Patients with moderate-to-severe CD 151 60 mg once daily 7 21.4% placebo-adjusted SES-CD 50 Rate at week 12 P = 0.00124 Non-infectious Uveitis Patients with active non-infectious intermediate-, posterior-, and panuveitis 26 45 mg once daily 29.4% Treatment Failure Rate at week 24 Clinically Meaningful Results in Eight Completed Studies Study Population N1 Brepocitinib Dose Brepocitinib Primary Endpoint Result Note: CFB: change from baseline; RR: response rate Note: The non-infectious uveitis and dermatomyositis studies were conducted by Priovant; all other studies shown here were conducted by Pfizer 1. Overall study N represents patients randomized to all brepocitinib dose levels or placebo and excludes patients randomized to other agents 2. Brepocitinib 15 mg once daily dose was also evaluated in this study 3. Includes patients from initial 24-week study period only 4. 60 mg QD for 4 weeks followed by 30 mg QD for 20 weeks 5. One-sided p-value (pre-specified statistical analysis) 6. Brepocitinib 45 mg once daily was the only brepocitinib dose evaluated in this study 7. Brepocitinib 60 mg once daily was the only brepocitinib dose evaluated in the induction period of this study Phase 3Phase 2
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Brepocitinib Indications
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Dermatomyositis
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40 For investor audiences only Dermatomyositis: Key Features in Common with Recent Orphan I&I Launches that Rapidly Achieved Blockbuster Revenue Note: All disease photos courtesy of Priovant 1. PriovantTx estimates based on Reeder 2010, Smoyer-Tomic 2012, and claims analysis 2. PriovantTX claims analysis High morbidity with poor/no modern treatment options Skin and muscle disease lead to pain, disfigurement, highly impaired mobility, and extensive comorbidities (e.g., cardiometabolic, GI, depression) Orphan price point and concentrated prescriber base Approximately half of treated DM patients at ~200 tertiary centers of excellence2 Mid tens-of-thousands prevalence Prevalence of approximately 40,000 adults in US1 with approximately 35,000 patients receiving advanced chronic therapy2 Planned NDA filing in 1H ‘26
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41 For investor audiences only DM Patients Have Significant Unmet Medical Needs DM: Dermatomyositis IST: Immunosuppressive therapy IVIg: Intravenous immunoglobulin RCT: Randomized controlled trial Data Source: Analysis by Roivant/Priovant using closed claims data from Inovalon. Analysis includes patients with DM with continuous enrollment from 2020-2022. Conclusions corroborated through independent Veeva Compass open claims data through 2024. • Standard-of-care in DM is largely unchanged since the 1980s: combinations of corticosteroids and off-label ISTs • Patient and physician need for modern, targeted therapies is extraordinarily high given that unapproved targeted therapies with no RCT data (including JAK inhibitors) are used off-label at rates comparable to IVIg • Even among patients treated with IVIg or off- label targeted therapies, chronic high-dose steroid use remains high, with most requiring doses ≥10 mg/day for ≥100 days/year 41 75% 13% 11% Therapies Received by DM Patients Steroids & ISTs Alone IVIg-Containing Regimens Off-Label Targeted Therapy-Containing Regimens (No IVIg)
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42 For investor audiences only VALOR Study Success Represents a Landmark Achievement in Dermatomyositis Field Extensive track record of failure for targeted therapies in dermatomyositis, even among approved drugs that are blockbusters in other I&I indications DM: Dermatomyositis PM: Polymyositis IMNM: Immune-mediated necrotizing myopathy All trademarks are the property of their respective owners Failed in DM and PM Failed in DMFailed in DM and PM Failed in DM and PM Failed in DM, PM, and IMNMFailed in DM and PM Failed in DM and PM Failed in DM and PM First successful registrational trial for a targeted therapy in DM First successful 52-week placebo-controlled trial for any therapy in DM First successful placebo-controlled trial of any kind for a once-daily oral therapy in DM Largest interventional DM trial ever conducted, including other ongoing trials Brepocitinib Oral once-daily selective inhibitor of TYK2 and JAK1
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43 For investor audiences only Pathogenic Cytokine Role in DM Pathogenesis Brepocitinib Selective JAK1 Inhibitor Selective TYK2 Inhibitor Type I IFN Antibody Type I IFN (IFNα/β) Lymphocyte Activation Type II IFN (IFNγ) Th1 Lymphocyte Polarization IL-12 IL-6 Th17 Lymphocyte Polarization B Cell Activation Partial IL-23 Brepocitinib Inhibits both TYK2 and JAK1, Making It Particularly Well-Suited to Address Underlying DM Pathobiology 1. Wallwork et al, Expert Opin Pharmacother (2024) 2. Paik et al, Arthritis Rheumatol (2021) 3. Landon-Cardinal et al, 4. Chinoy et al, Arthritis Rheumatol (2024); ACR Convergence 2024 Abstract #1731 5. Paik et al, Arthritis Rheumatol (2024); ACR Convergence 2024 Abstract #0321 J Am Acad Dermatol (2023) JAK inhibition is clinically validated in DM across >600 case reports and three independent IITs (one evaluating tofacitinib (JAK1/3), one evaluating ruxolitinib (JAK1/2) & baricitinib (JAK1/2), and another evaluating baricitinib)1-4 • Meaningful clinical benefit consistently observed on skin and muscle disease, along with reductions in muscle edema as measured by diffusion weight imaging 5
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44 For investor audiences only Brepocitinib 30 mg Achieved Statistically Significant Benefit On All Ten Ranked Endpoints in the VALOR Study Measurements of skin disease, muscle disease, rapidity of onset, and steroid sparing; consistent dose response was also seen across endpoints Key Endpoint Important Features Brepocitinib 30mg (n=81) Placebo (n=79) P-Value Mean TIS (Primary) Composite endpoint, focus on muscle disease and global benefit 46.5 31.2 0.0006 CDASI-A change from baseline at Week 52 Improvement in skin disease activity -11.7 -7.0 0.0006 DMOMS at Week 52 DM-specific muscle and skin composite measure of benefit 57.9 40.5 0.0014 TIS40 Response at Week 52 Moderate TIS response (focus on global benefit / muscle) 67.9% 44.3% 0.0040 Time to Consecutive TIS40 Response by Week 52 Time to onset of sustained benefit (particularly high bar) 85 days 168 days 0.0155 Patients achieving TIS40 Response + ≤2.5 mg OCS at Week 52 Achievement of clinical response and steroid reduction 54.3% 26.6% 0.0006 CDASI-A 40% Response with ≥4-point improvement at Week 52 Clinically meaningful skin response 61.7% 44.3% 0.0357 TIS60 Response at Week 52 Major TIS response – Highest TIS response threshold 46.1% 26.4% 0.0126 Change from baseline in HAQ-DI at Week 52 Improvement in physical and functional disability and daily living activities related to muscle strength -0.337 -0.042 0.0035 Change from baseline in CDASI-A at Week 4 Rapid onset of skin response -6.4 -3.5 0.0003
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45 For investor audiences only Brepocitinib Showed Significant and Clinically Meaningful Improvement on Primary Endpoint of TIS Separation between brepocitinib 30 mg and placebo at all time points, starting as early as week 4, achieved together with substantially greater steroid reduction in brepocitinib 30 mg arm *Nominal P < 0.05 ** P < 0.001 0 5 10 15 20 25 30 35 40 45 50 0 4 8 12 16 20 24 28 32 36 40 44 48 52 Mean TIS (± SE) Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Study Week * * * * * ** * * ** 46.5 37.5 31.2 Primary Endpoint 30 mg vs. Placebo At Week 52 TIS∆ 15.3 P = 0.0006 Brepocitinib 30 mg Placebo Mean dose at baseline (mg/day) 12.2 11.3 ≤2.5 mg/day by week 48-52 62% 34% Off steroids by week 48-52 42% 23% Steroid reduction among patients on background OCS
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46 For investor audiences only 68% 54% 44% 46% 29% 26% >2/3 of Patients on 30 mg Achieved Moderate TIS Response (TIS40) & Nearly Half Achieved Major TIS Response (TIS60) Adjusted response rate (risk) differences calculated using the Mantel-Haenszel method. Patients Achieving Moderate TIS Response (TIS40) at Week 52 Patients Achieving Major TIS Response (TIS60) at Week 52 Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Brepocitinib 30 mg (n = 76) Brepocitinib 15 mg (n = 77) Placebo (n = 72) ∆ P 30 mg vs. Placebo 22.2% 0.0040 15 mg vs. Placebo 11.6% 0.1420 ∆ P 30 mg vs. Placebo 19.5% 0.0126 15 mg vs. Placebo 6.2% 0.3920
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47 For investor audiences only Brepocitinib 30 mg Resulted in High Rates of Clinically Meaningful Improvement 1. Aggarwal et al, NEJM 2022 68% 68% 58% 46% 38% 0% 10% 20% 30% 40% 50% 60% 70% Cross-Trial Comparison of TIS Responder Rates At Similar Timepoints TIS40 Response Rate ProDERM – Week 40 Open-Label VALOR – Week 52 Placebo-Controlled ProDERM – Week 40 Open-Label VALOR – Week 52 Placebo-Controlled TIS60 Response Rate Brepocitinib 30 mg (n = 81) Octagam (IVIg) (n = 45)1 Disclaimer: Figures reflect cross- trial comparison and not results from a head-to-head study. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies.
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48 For investor audiences only 36% 20% 9% 54% 41% 27% More Than A Third of Brepocitinib 30 mg Patients Achieved Both Major TIS Response And Minimal or No Steroid Burden At Week 52 *Nominal p-value calculated as part of post-hoc analysis Adjusted response rate (risk) differences calculated using the Mantel-Haenszel method. Patients Achieving Moderate TIS Response (TIS40) with Oral Steroids ≤2.5 mg/day at Week 52 Patients Achieving Major TIS Response (TIS60) with Oral Steroids ≤2.5 mg/day at Week 52 Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) Brepocitinib 30 mg (n = 81) Brepocitinib 15 mg (n = 81) Placebo (n = 79) ∆ P 30 mg vs. Placebo 25.7% 0.0006 15 mg vs. Placebo 13.0% 0.0851 ∆ P 30 mg vs. Placebo 27.1% <0.0001* 15 mg vs. Placebo 12.0% 0.0289*
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49 For investor audiences only Brepocitinib 30 mg Achieved Rapid Onset Of Action, With Confirmed Benefit As Early As Week 4 Rapid onset of action consistent with TYK2/JAK1 mechanism of action TIS: Total Improvement Score; CDASI-A: Cutaneous Dermatomyositis Activity and Severity Index - Activity Subscore *Based on nominal p value. Rapid Statistically Significant Separation From Placebo Time to achieve statistically significant separation on both TIS* and CDASI-A for brepocitinib 30 mg vs. placebo Week 4 Rapid Achievement of Clinical Improvement Thresholds 32 days Median Time to TIS20 61 days Median Time to TIS40
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50 For investor audiences only TIS: Total Improvement Score CDASI-A: Cutaneous Dermatomyositis Activity and Severity Index - Activity Subscore Statistically and clinically significant improvement in skin disease Statistically and clinically significant improvement in muscle disease Breadth of Response High TIS response rates even while aggressively tapering steroids Functional remission of skin disease achieved in nearly half of subjects with moderate-to-severe disease at baseline Depth of Response Confirmed benefit on TIS and CDASI as early as week 4 Median Time to TIS40 of 8 weeks Speed of Response Nearly all DM patients can potentially benefit from brepocitinib Significant fraction of patients can potentially achieve deep, clinically meaningful responses Patients can potentially achieve rapid improvement in symptoms in as few as 4 weeks Observed Results in VALOR Implication for Patients Results achieved with a convenient once-daily oral therapy VALOR Results Confirm Brepocitinib’s Potential to Meaningfully Improve the Lives of Patients with DM Safety database of >1,500 patients Adverse events of special interest balanced across treatment arms; no new safety signals for brepocitinib Safety Potentially favorable benefit:risk profile for patients
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Non-Infectious Uveitis
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52 For investor audiences only Non-Infectious Uveitis: Another Indication with Significant Unmet Need 1. Thorne et al, JAMA Ophthalmol. (2016) and IQVIA analysis of pharmacy claims of patients with NIU 2. Barisani-Asenbauer, T., Maca, S.M., Mejdoubi, L. et al. Orphanet J Rare Dis 7, 57 (2012) 3. Jaffe et al, NEJM (2016) 4. Photo sourced from Masuda et al, Am J Ophthalmol Case Rep (2018) High morbidity and few treatment options Fourth-leading cause of blindness among working-age population in developed world2 Only approved modern therapy (Humira) has limited efficacy, with >50% ultimately experiencing treatment failure3 Orphan price point and concentrated prescriber base High concentration of patients treated at dedicated uveitis specialty centers; most of remainder treated by retina specialists High tens-of-thousands prevalence Approximately 70,000-100,000 prevalent patients in the US, with >40,000 patients receiving biologic therapy1
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53 For investor audiences only IQVIA Analysis of the NIU Market Confirms >40,000 Patients Receiving TNFi for NIU, with >10% CAGR for Advanced Therapies Analysis includes patients with at least 2 NIU Dx claims at least 30 days in or before 2022 (patients had to have continuous pharmacy and medical benefit enrollment in 2021 - 2023) and medication utilization within one year of index NIU diagnosis in 2022. Includes NIU of any etiology or anatomic area 1. Includes any patient who received Humira during calendar year, whether or not they received any additional advanced therapy (including other TNFi) 2. Includes any patient who did not receive Humira during calendar year, but did receive a different TNFi. Includes originator molecules (e.g., Remicade, Enbrel) and biosimilars (e.g., Inflectra, Renflexis, Avsola) targeting TNF- 3. Other advanced therapies used include JAK inhibitors and biologic agents/monoclonal antibodies targeting IL-6, IL-12/23, IL-17, IL-1 , IL-1Ra, CD-20, and CD-28 The statements, findings, conclusions, views, and opinions contained and expressed on this page are based in part on data obtained under license from IQVIA PharMetrics Plus, January 2018 – December 2023, Iqvia, Inc. All Rights Reserved. The statements, findings, conclusions, views, and opinions contained and expressed herein are not those of IQVIA Inc. or any of its affiliated or subsidiary entities α β • Widespread use of advanced systemic medication for NIU treatment • Large commercial opportunity in TNF-refractory population alone, given high TNFi failure rate (>50% in clinical studies) • Additional potential blockbuster opportunity in broader non-anterior NIU population 16K 19K 21K 23K 26K 28K 9K 10K 10K 11K 12K 12K 2.9K 3.7K 4.3K 4.9K 5.9K 6.3K 0 5 10 15 20 25 30 35 40 45 50 2017 2018 2019 2020 2021 2022 Patients (Thousands) NIU Patients Treated with Advanced Therapy by Year Received Humira Received Other TNFi Received Other Advanced Therapy 28K 33K 36K 38K 43K 47K11% CAGR 1 2 3
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54 For investor audiences only 29% 35% 44% 56% 82% 93% 0% 20% 40% 60% 80% 100%Patients (%) *Treatment Failure calculations include all discontinuations as failures, per pre-specified endpoint definition in NEPTUNE study 1. Historical placebo data from Humira VISUAL 1 study - Jaffe et al, NEJM, 2016. Placebo failure rate was calculated by subtracting the reported No. of patients remaining over the total initial placebo population from 1 at weeks 25 and 55 (n=107) Phase 2 NEPTUNE Study of Brepocitinib in NIU Showed Potential Best-in- Indication Efficacy Sustained to One Year Treatment Failure compared to historical placebo* Lower failure rate = greater treatment benefit Reminder: Better Treatment Failure results for brepocitinib in NEPTUNE achieved despite 6-week steroid taper in NEPTUNE compared to 13-week taper in precedent studies, in both cases following two-week steroid burst • Requires that brepocitinib act more quickly • Increases difficulty of maintaining best state achieved • Reduces steroid burden 5/17 5/9 Disclaimer: Figure reflects cross -trial comparison and not results from a head- to-head study. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. 45 mg N = 17 15 mg N = 9 Historical Placebo1 45 mg N = 17 15 mg N = 9 Historical Placebo1 Brepocitinib (NEPTUNE) Brepocitinib (NEPTUNE) 5/17 4/9 6/17 5/9 Week 24 – Primary Endpoint Week 52
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55 For investor audiences only Brepocitinib Potential Best-In-Indication Efficacy Profile Also Seen On Median Time to Treatment Failure >12 9.3 5.6 3.0 Median Time to Treatment Failure (months) 45 mg N = 17 Brepocitinib (NEPTUNE) 15 mg N = 9 Active N = 110 Humira (VISUAL I1) Placebo N = 107 Disclaimer: Figures reflect cross-trial comparison and not results from a head -to-head study. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. Time to Treatment Failure compared to VISUAL I Study* (Registrational endpoint) Higher Time to Treatment Failure = greater treatment benefit *Time to Treatment Failure was primary endpoint in VISUAL I study. VISUAL I calculations do not include discontinuations as treatment failures, per pre-specified definition in VISUAL I. NEPTUNE calculations include discontinuations as treatment failures 1. As reported at https://www.humirapro.com/uveitis
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56 For investor audiences only -20-15-10-505-20-15-10-505 Measurement of retinal vascular leakage by wide-field fluorescein angiography (FA) score change from baseline at Week 24 and Week 52; centrally assessed using ASUWOG, a multi-domain, semi-quantitative scoring system1 Last observation carried forward used for participants with treatment failure or intercurrent event. 1. Tugal-Tutkun et al., Int Ophthalmol (2010) Dose Dependent Benefit on Posterior Segment Inflammation Seen, with Sustained Improvement at 52 Weeks ← Worsening Improvement → - 0.5 mean change - 4.3 mean change - 0.8 mean change - 5.1 mean change ← Worsening Improvement → Brepocitinib 45 mg (N = 16) Baseline (mean) = 11.1 Brepocitinib 15 mg (N = 8) Baseline (mean) = 10.4 Week 24 Week 52 Week 24 Week 52
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57 For investor audiences only Potential Brepocitinib Benefit on Prevention and Treatment of Macular Edema Also Sustained to 52 Weeks CST: central subfield thickness 1. Definition of macular edema in NEPTUNE was CST ≥ 300 µm, normalized by central reader across instrument types 2. Jaffe et al, NEJM 2016 3. Leclerq et al, Ophthalmology 2021 7 patients had macular edema (CST ≥ 300 µm) 45 mg at Baseline 45 mg at Week 24 3 of 7 patients had resolution of macular edema (43% resolution rate) In a different study of patients with uveitic macular edema at baseline, Humira resolution rates at Month 6 were 22% 3 By comparison: 10 patients did not have macular edema (CST < 300 µm 1) 0 patients developed macular edema (0% occurrence rate) In the Humira VISUAL I study, among patients who did not have macular edema at baseline, 50% of placebo patients developed macular edema after 6.2 months • 50% of Humira patients developed macular edema after 11.1 months 2 Disclaimer: Figures reflect cross-trial comparison and not results from a head-to-head study. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. 45 mg at Week 52 3 of 7 patients had resolution of macular edema (43% resolution rate) 0 patients developed macular edema (0% occurrence rate)
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58 For investor audiences only Brepocitinib as a Potential Early Treatment Option for Physicians Looking to Intervene Aggressively to Prevent Vision Loss • Low treatment failure rates, even with rapid steroid taper • Potential benefit across multiple disease manifestations: inflammation and preventing onset of macular edema • Observed steroid-free benefit sustained over time: potential long-term quiescence NIU treatment paradigm places premium on efficacy, given particularly high morbidity 60+ mg/day steroid burst; transition patients as quickly as possible onto chronic therapies, without causing treatment failure Aggressive Early Treatment Following Diagnosis Given Risks of Blindness Try Multiple ISTs and Biologics With Mixed Efficacy to Treat Multiple Disease Manifestations Large number of biologic-treated patients (~40,000) with high failure/relapse rate (~50%) NEPTUNE Data Supports Potential Brepocitinib Use Early In Treatment Paradigm And In Refractory Population
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Cutaneous Sarcoidosis
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60 For investor audiences only Cutaneous Sarcoidosis: Next Proof-of-Concept Indication for Brepocitinib Fits well into Priovant strategy to develop in indications with high unmet need and tailored to novel mechanism of dual TYK2/JAK1 inhibition 1. Grunewald et al, Nat Rev Dis Primers 2019 2. Culver, Curr Clin Med 2010 Image adapted from Patel et al, 2011 Proof-of-concept data from ~20 JAK-treated patients Dual TYK2/JAK1 inhibition well-suited to Th1 immunophenotype of sarcoidosis; case reports and investigator-initiated trial with JAKi agents have shown clinically meaningful responses Alignment with DM and NIU Orphan price point; concentrated prescriber base overlapping with DM Mid tens-of-thousands prevalence with high unmet need 30,000-50,000 affected US cutaneous sarcoidosis patients1 with no approved therapies; uncontrolled disease can result in severe disfigurement2
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61 For investor audiences only Yale IIT Provides Proof-of-Concept for JAK Inhibition in Cutaneous Sarcoidosis; Dual TYK2/JAK1 Inhibition Optimized for Sarcoid Pathobiology Open label study of tofacitinib in 10 patients with longstanding cutaneous sarcoidosis1 Cutaneous Sarcoidosis Activity and Morphology Instrument (CSAMI) is an established, reproducible endpoint to assess sarcoidosis skin disease symptoms2 1. Damsky et al, Nat Comm 2022 2. Noe et al, JAMA Dermtol 2019 3. MCID = 5 point reduction from baseline 4. Damsky et al, N Engl J Med. (2018) 5. Damsky et al, J Am Acad Dermatol. (2020) 6. Damsky et al, ACR Open Rheumatol. (2020) 7. Kerkemeyer et al, J Am Acad Dermatol. (2021) 8. otenberg et al, Eur Respir J. (2018) 9. Wei et al, JAAD Case Rep. (2019) Baseline Characteristics Results 10 Patients with cutaneous sarcoidosis 37 Mean CSAMI score at baseline, indicating severe disease 10 (100%) Patients achieved clinically meaningful reduction in CSAMI from baseline (>5 point improvement)3 6 (60%) Patients achieved complete resolution of disease (CSAMI = 0) Tofacitinib 5 mg BID for 6 months Results supported by multiple case reports indicating complete or near -complete resolution of longstanding, recalcitrant disease in JAK-treated patients4,5,6,7,8,9
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62 For investor audiences only Pronounced Th1-type Immunity is the Predominant Polarization in Sarcoidosis Skin and Lung Tissue Marked upregulation of key Th1 cytokines, including Type II IFN and IL-12, suggests potential best-in-indication selectivity profile for brepocitinib’s dual inhibition of TYK2 and JAK1 Adapted from Damsky et al, Nat Comm 2022. RNA in situ hybridization quantitation in control skin (n = 10), control lung (n = 5), cutaneous sarcoidosis (n = 10), and pulmonary sarcoidosis (n = 10). Data presented as means ± 95% CI. JAK1/JAK2 JAK2/TYK2 JAK Signaling Pairs: Quantitation of RNA In-Situ Hybridization for Key Immunoregulatory Cytokines Th1 Th17 Th2
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63 For investor audiences only Reminder: Brepocitinib Has Generated Particularly Strong Data in Inflammatory Skin Disease Note: for agents with more than one pivotal study, the data from the study showing the higher placebo-adjusted response rate is shown. 1. Brepocitinib Alopecia: Priovant data on file. Brepo dosing 60mg QD for 4 weeks, then 30mg QD for 20 weeks 2. Baricitinib Alopecia: Olumiant Prescribing Information 3. Brepocitinib PsO: Priovant data on file 4. Deucravacitinib PsO: Armstrong et al, SDDS 2021 Poster 1042 5. Brepocitinib Hidradenitis Suppurativa: Priovant data on file 6. Upadacitinib Hidradenitis Suppurativa: Kimball et al, Poster 43799 AAD 2023 Disclaimer: Figures reflect cross-trial comparison and not results from a head-to-head study. Differences exist between trial designs and subject characteristics, and caution should be exercised when comparing data across studies. Brepocitinib 6030 mg QD1 Week 24 N = 94 OLUMIANT 4 mg QD2 Week 36 N = 470 45% 30% Brepocitinib 45 mg QD5 Week 16 N = 100 Upadacitinib 30 mg QD6 Week 12 N = 47 19% 13% Brepocitinib 30 mg QD3 Week 12 N = 52 SOTYKTU 6 mg QD4 Week 12 N = 511 Plaque Psoriasis Placebo-Adjusted PASI75 Response Rate 73% 40% Observed Clinical Results In Cutaneous Diseases Hidradenitis Suppurativa Placebo-Adjusted HiSCR50 Response Rate Alopecia Areata Placebo-Adjusted SALT ≤ 20 Response Rate
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Anti-FcRn Franchise: IMVT-1402 and Batoclimab
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65 For investor audiences only 1. Based on IMVT-1402 data generated to date 2. Compared to those with IgG reduction <70% in the same batoclimab studies 3. Not including any potential patent term extension Note: GD: Graves’ disease; D2T RA: Difficult-to-treat rheumatoid arthritis; MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; CLE: Cutaneous lupus erythematosus; SjD: Sjögren’s disease IMVT-1402 Has Potential to be First- and Best-in-Class Across Multiple Indications Novel, fully human, monoclonal antibody blocking FcRn- mediated recycling of IgG + IMVT-1402 ++ + + + Deep IgG Lowering Phase 1 data suggests deep dose-dependent IgG lowering; expected to reach ~80% with continued weekly dosing of 600 mg Ongoing Clinical Progress GD, MG, CIDP, D2T RA, and SjD potentially registrational studies actively enrolling; CLE proof of concept also actively enrolling Robust IgG lowering and favorable safety profile drive optimism for differentiation vs. other FcRn blockers 1 Internal Data Validates Deeper is Better in multiple studies across GD, MG, and CIDP with notably improved clinical benefits for patients with IgG reduction >70% 2 Convenient Administration Delivered via market-proven, user- friendly auto-injector Strong Patent Protection Issued patent covers composition of matter, method of use and methods for manufacturing to 2043 3
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66 For investor audiences only Settling the “Deeper is Better” Debate Clinical data generated across multiple indications consistently shows that deeper IgG reduction leads to improved clinical outcomes for patients Graves’ Phase 2a1 MG Phase 31 CIDP Phase 2b1 23% ATD-Free Responders 64% ATD-Free Responders IgG Reduction <70% IgG Reduction ≥70% ATD-Free Response: % of participants who achieve normal T3 and T4 or have T3 or T4 below LLN, and ceased all ATD medications Minimal Symptom Expression: % of participants who achieve MG-ADL score of 0 or 1 at Week 12 31% MSEs 53% MSEs IgG Reduction <70% IgG Reduction ≥70% aINCAT Response: % of participants who achieve aINCAT improvement ≥1 at Week 12 44% Responders 84% Responders IgG Reduction <70% IgG Reduction ≥70% Reflects data from multiple clinical trials in multiple indications. Differences exist between trial designs and participant characteristics and caution should be exercised when comparing data across trials. Notes: MG data presented for acetylcholine receptor antibody-positive patients; ATD: Antithyroid drug; aINCAT: Adjusted Inflammatory Neuropathy Cause and Treatment; IgG: Immunoglobulin G; MSE: Minimal Symptom Expression; LLN: Lower limit of normal. The data referenced here includes data from the ongoing batoclimab Phase 2 study in CIDP and is based on a preliminary analysis of key efficacy and safety data, and such data may change following completion of the clinical trial and may not accurately reflect the complete results of the study 1. Batoclimab clinical data. 2. Includes N=1 additional responder vs. September 2024 disclosure. Patient discontinued prior to Week 12 and was counted as a non-responder per protocol but was included by the PI in the ATA 2025 poster presentation, given they were a responder at time of discontinuation and continued through 6 month off-treatment follow-up period.
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67 For investor audiences only Consistent Evidence Across Programs and 8 Indications that Deeper IgG Reduction Leads to Greater Efficacy* Company Evidence of Deeper IgG Reductions Translating to Clinical Benefit MG Patient-level scatter plot demonstrating that deeper IgG reductions greater MG-ADL improvements3 GD Deeper IgG reduction across treatment cohorts higher rates of anti-TSHR autoantibody reduction and numerically higher responses for ATD dose tapering and ATD discontinuation Deeper IgG reductions across treatment arms greater MG-ADL improvements Patient-level scatter plot demonstrating that deeper IgG reductions greater MG-ADL improvements2 TED Deeper IgG reduction across arms higher rates of anti-TSHR antibody reduction and greater clinical response rates ITP Deeper IgG reduction across arms greater platelet responses6 More intensive dosing regimens across arms led to deeper IgG lowering deeper skin responses and lower rates of relapse7 PV/PF RA In those patients with deeper IgG reduction correlation with deeper autoAb reduction correlation with greater clinical response5 Dose-dependent IgG reduction across arms dose-dependent autoantibody reductions dose- dependent clinical response4 pSS *Many of the analyses above were post-hoc and not all were statistically significant. Cross trial and post-hoc analyses are inherently limited and are presented for hypothesis generating purposes only, nevertheless consistent and numerically positive increases in efficacy were observed as noted above; 2. Momenta Vivacity-MG Interim Phase 2 Investor Presentation, 2020; 3. argenx JP Morgan Healthcare Conference Presentation January 2021; 4. EULAR 2024 Abstract. 5. Janssen Research & Development, ACR poster, November 2023. 6. IgG reduction at day 8 estimated by WebPlotDigitizer for 4mg/kg, 7mg/kg and 10mg/kg doses. 7. Argenx phase 2 PV/PF publication, Br J Dermatol. 2022 Mar;186(3):429-439; MG: Myasthenia gravis, TED: Thyroid eye disease, GD: Graves’ disease, ITP: Immune thrombocytopenic purpura, RA: Rheumatoid arthritis; CIDP Deeper IgG reduction higher rates of aINCAT response rates
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68 For investor audiences only 61-64% 60-72% 50-72% 74-82% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% J&J ARGX UCB IMVT % IgG Reduction from Baseline Mean % IgG Reduction from Baseline Best-in-Class IgG Reductions Position Immunovant to Drive Best-in-Class Efficacy Notes: Mean IgG reductions only reflected for clinically-relevant/registrational doses for relevant indications. Immunovant data reflects batoclimab MG, Graves’, TED studies, and IMVT-1402 Phase 1 study (IMVT Data on File). Ranges of reductions for competitors include mean reductions from the following trials: MG Phase 3 (Howard et al., 2022), CIDP Phase 2b (Allen et al., 2024), ITP Phase 3 (Broome et al., 2022), PV/PF Phase 2 (Goebeler et al., 2021) for ARGX, RA Phase 2 (Taylor et al., 2024), Sjögren’s Phase 2 (Gottenberg et al., EULAR 2024), MG Phase 3 (Antozzi et al., 2025) for JNJ, and MG Phase 3 (Bril et al., 2023) and ITP Phase 3 (Cooper et al., 2024) for UCB. Some values are estimated from graphs where not reported. Nipocalimab (Imaavy) Efgartigimod (Vyvgart/Vyvgart Hytrulo) IMVT-1402 / Batoclimab Rozanolixizumab (Rystiggo) Figure reflects cross-trial comparisons and not data from head-to-head studies. Differences exist between trial designs and participant characteristics and caution should be exercised when comparing data a cross trials.
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69 For investor audiences only Indication Strategy: Our FcRn Development Strategy is Designed for Maximum Commercial Potential, Leveraging 1402’s Potentially Best-in-Class Clinical Profile Best-in-Class • Well-established markets with multiple competitors; potential to differentiate on efficacy • Example – MG and CIDP First-in-Class Best-in-Class • Expanding use of FcRn blockers to benefit greater number of patients with several new indications, with a potential efficacy advantage driven by deeper IgG reduction • Example – GD, D2T RA, CLE Nearly-First Best-in-Class • Close from a timing perspective to in-class competition, whilst maintaining potential for differentiated clinical profile driven by best-in-class IgG reductions • Example – SjD IMVT-1402’s potentially differentiated product profile offers wide range of development opportunities Note: MG: Myasthenia gravis; CIDP: Chronic inflammatory demyelinating polyneuropathy; APCA+ D2T RA: Anti-cyclic citrullinated peptide antibody positive difficult-to-treat rheumatoid arthritis; GD: Graves’ disease; SjD: Sjögren’s disease; CLE: Cutaneous lupus erythematosus
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70 For investor audiences only Graves’ Disease Difficult-to-Treat Rheumatoid Arthritis Cutaneous Lupus Erythematosus Sjögren’s Disease Myasthenia Gravis Chronic Inflammatory Demyelinating Polyneuropathy Expected US Addressable Population1 ~330K ~70K ~75K ~90K ~20-35K ~16-58K Autoantibody Driven Pathology Driven by autoantibodies to the thyroid-stimulating hormone receptor (TSHR-Ab) Autoantibodies such as RF and ACPA present in ~75% of RA patients IgG autoantibodies (Ro/SSA, La/SSB) observed in majority of CLE patients Autoantibodies detected in ~50-70% of patients with primary SjD Driven by AChR antibodies disrupting signal transmission in nerve and muscle fibers Driven by autoantibodies that demyelinate peripheral nerves and nerve roots In-Class Data Batoclimab data showed deeper IgG reduction correlated with improved clinical response Response rate higher for patients with high baseline ACPA & deep IgG reduction2 Proof of principle IMVT-1402 case study showed meaningful clinical response Response rate higher for patients with deeper IgG reduction2 Batoclimab data showed deeper IgG reduction correlated with improved clinical response Batoclimab data showed deeper IgG reduction correlated with improved clinical response Stage of Development Two Potentially Registrational Trials Enrolling Potentially Registrational Trial Enrolling Proof of Concept Trial Enrolling Potentially Registrational Trial Enrolling Potentially Registrational Trial Enrolling Potentially Registrational Trial Enrolling Potential Best-in-Class Potential First-in-Class3 Broad Development Program for IMVT-1402 with Trials Underway, Expected to Potentially Address >600K Patient Population 1. IMVT data on file 2. Based on data generated by nipocalimab 3. Open check mark indicates nearly-first-in-class
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71 For investor audiences only IMVT-1402 is Potentially the First Anti-FcRn to Launch with a Simple Autoinjector Device All current IMVT-1402 trials are being conducted with the YpsoMate® autoinjector – the intended commercial presentation Note: YpsoMate® autoinjector used in ADBRY®, COSENTYX®, AJOVY®, NUCALA®, FASENRA®, TEZSPIRE® Note: YpsoMate® is a registered trademark of YpsoMate AG HCP: Health Care Provider IMVT-1402 2.25 mL automated disposable injection device Dose: 150 mg/mL Injection volume: 2 mL Established, user-friendly autoinjector with multiple approved products Automated, simple, subcutaneous injection Hidden needle shield Provides both visual and audio feedback <10 sec at home self-administration or HCP administration
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Anti-FcRn Indications
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Graves’ Disease First- / Best-in-Class Opportunity
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74 For investor audiences only IMVT-1402 Has the Potential for a First- and Best-in-Class Profile for Patients with Graves’ Disease High Unmet Need ~25-30% of Graves’ disease patients are challenging to manage on ATD therapy - unable to complete initial treatment or unable to stay euthyroid despite treatment Autoantibody Pathology Role of TSH-R IgG autoantibodies well-recognized in Graves’ Disease; anti-FcRn directly targets the underlying disease pathophysiology, while ATDs do not Lower is Better Batoclimab POC demonstrated strong correlation between deep IgG lowering, normalization of thyroid hormone levels and reduced dependence on background ATD therapy Optimized Study Design IMVT-1402 trial designed to demonstrate thyroid hormone normalization and independence from ATD therapy at rates previously unattainable for challenging-to-manage Graves’ patients Potentially Registrational Trials Initiated Two potentially registrational trials are actively enrolling, both with self-administration via market- proven autoinjector Notes: Thyroid Stimulating Hormone Receptor (TSRH), Anti-thyroid drug (ATD), Graves’ disease (GD), Proof of concept (POC), Euthyroid = T3/T4 and TSH within normal limits
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75 For investor audiences only Graves’ Disease is a Classic Autoimmune Condition Driven by the Presence of Autoantibodies to the Thyroid Stimulating Hormone Receptor Graves’ Disease: Autoantibody-Driven Pathogenesis TSH produced by the pituitary gland stimulates the thyroid gland to produce and release thyroid hormones (T3 & T4) Autoantibodies to the thyroid stimulating hormone receptor (TSHR) stimulate thyroid hormone production and lead to excess thyroid hormone production (increased T3, T4) Normal Function Graves’ Disease McIver, B. and Morris, J. The Pathogenesis of Graves’ Disease (1996), Davies, T, Andersen, S, Latif, R. et al. Graves disease (2020). Image created using BioRender.
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76 For investor audiences only Shift Away from Ablation and Lack of New Medical Therapies Leaves 25-30% of Patients Who are Relapsed, Uncontrolled On, or Intolerant to ATDs Diagnosed with Graves’ Disease Anti-Thyroid Drug (ATD) ~85-90% Ablation ~10% 1st Line Treatment Continued Control with ATDs ~60-65% Ablation ~3-5% Relapse / Uncontrolled / Intolerant ~25-30% 2nd Line Treatment Graves’ Disease Patient Journey: Unmet Need • 25-30% of patients are relapsed, uncontrolled on or intolerant to ATDs • US data on ablation rates indicate that patients with ATD-refractory disease are choosing not to undergo ablation • Patients and healthcare providers seek therapeutic options that address underlying disease pathology 1. Roivant Claims Analysis – 2021 incident patient population, first-line treatment is primary treatment in the first-year post diagnosis, claims review included a five-year lookback to define the incident population, 2. Grove-Laugesen et al. (2023): Completer rates for combined arms: ATD remission 56.0%, continuing ATD 18.8%, ATD relapse of 21.8%, ablation of 3.4%. Of the 55.9K 1st line ATD patients, a total of ~75% are either in remission (56.0%: 31.3K) or continued ATDs (18.8%: 10.5K), 3. Azizi et al. (2019): ATD remission for patients on long-term ATDs is 85%. Of the 10.5K patients who continued ATDs, 15% relapse (1.6K) and 85% go into remission (8.9K). These 8.9K patients in remission will have a 15% rate of relapse resulting in 1.3K relapses. From the original 10.5K patients who continued on ATDs, there will be a total of 3K (1.3K +1.6K) relapses, 4. Stokland et al. (2023): Relapse post remission 15%. Of the 31.3K patients who are in remission, 15% will relapse (4.7K). In total, the late relapses from remission and continued ATDs will be ~7.6K, resulting in a weighted average relapse rate of ~18% (4.7K relapses from the 31.3K patients in remission averaged with the 2.9K relapses from the 10.5K patients who continued on ATDs).
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77 For investor audiences only Scientific Literature Indicates That Graves’ Disease Patients are at a Higher Risk of a Sequelae of Severe Comorbidities 1. Okosieme et al., 2019 2. Aggarwal et al., 2014 3. Chin et al., 2020 4. Potvin et al., 2023 5. Galindo et al., 2019 6. Bourcier et al., 2020 7. Pellgriti et al., 1998 0 1 2 3 4 5 6 7 8 Cardiovascular Events Pre-eclampsia Thyroid Cancer Risk of Comorbidity / Complication Non-Graves' Controls Graves' Disease Patients 7x higher risk1 4x higher risk2 2.5x higher risk1 Relative to Healthy Controls, Graves’ Patients Are at Increased Risk of Developing Several Severe Comorbidities Untreated Or Insufficiently Treated Graves’ Patients Experience Substantial Morbidity And Loss Of Quality Of Life Thyroid Eye Disease (TED) • TED affects ~40% of patients diagnosed with Graves’ Disease3 – Up to 8% of TED patients experience dysthyroid optic neuropathy (impairment of visual function, leading to permanent sight loss)4 Other Significant Complications • In patients hospitalized for Graves’ Disease, ~16% are diagnosed with thyroid storm5, which has a ~20% mortality rate6 • Graves’ Disease patients who develop thyroid cancer are at a >3x risk of recurrent disease / progressive distant metastases relative to euthyroid controls 7
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78 For investor audiences only Minimal Innovation in Graves’ Disease Treatment Options over the Past 70+ Years No existing pharmacologic therapy addresses underlying disease pathology • ~25-30% of patients are relapsed, uncontrolled or intolerant to ATDs1 • Potential for serious adverse events, including hepatotoxicity (liver injury ~3%) and agranulocytosis (loss of white blood cells ~0.3%)2,3 Anti-Thyroid Drugs (ATDs) (e.g., Methimazole, Propylthiouracil) Radioactive Iodine • TED development and/or exacerbation in 15-33% of patients4 • Dose dependent, long-term increased risk of death (5-12% increased risk per 100-mGy dose) from solid cancers5 • Necessitates life-long thyroid replacement therapy Thyroidectomy • Recurrent laryngeal nerve damage risk in 1-4% of patients leading to dysphonia3 • Permanent hypoparathyroidism observed in 2.6% of patients4 • Necessitates life-long thyroid replacement therapy Standard-of-Care Treatments Associated Challenges 1. Roivant / Inovalon Claims Analysis – 2021 incident patient population, first-line treatment is primary treatment in the first-year post diagnosis, claims review included a five-year lookback to define the incident population, IMVT Market Research 2020-2023 2. Suzuki, N., et al. (2019) 3. Smith, T., & Hegedüs, L. (2016) 4. Sundaresh, V., et al. (2013) 5. Kitahara, C., et al. (2019)
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79 For investor audiences only Graves’ Disease Market Opportunity Includes Annual Incident Opportunity and a Significant Untapped Prevalent Patient Pool Annual Market of 2nd Line Incident Uncontrolled Patients ~7K 1st Line Ablation ~34K Continued ATD Remission3,4 ~65K Annual Diagnosed & Treated U.S. Adult Population1 ~58K Receive 1st Line ATD1 ~20K~2K Ablation2 Incident Graves’ Disease Patients Prevalent Pool of ATD Relapse Patients ~120K Ablation6 ~310K Continued ATD Remission ~880K Diagnosed U.S. Adult Population5 ~760K Treated with ATDs in 2021-2022 1st Line ATD ~330K ~10K Ablation9 Prevalent Graves’ Disease Patients 1. Roivant Claims Analysis – 2021 incident patient population, first-line treatment is primary treatment in the first-year post diagnosis, claims review included a five-year lookback to define the incident population 2. Grove-Laugesen et al. (2023): Completer rates for combined arms: ATD remission 56.0%, continuing ATD 18.8%, ATD relapse of 21.8%, ablation of 3.4%.Of the 58K 1st line ATD patients, a total of ~75% are either in remission (56.0%: 32.5K) or continued ATDs (18.8%: 10.9K) 3.Azizi et al. (2019): ATD remission for patients on long-term ATDs is 85%. Of the 10.9K patients who continued ATDs, 15% relapse (1.6K) and 85% go into remission (9.3K). These 9.3K patients in remission will have a 15% rate of relapse resulting in 1.4K relapses. From the original 10.9K patients who continued on ATDs, there will be a total of 3K (1.4K +1.6K) relapses, 4. Stokland et al. (2023): Relapse post remission 15%. Of the 42K patients who are in remission, 15% will relapse (6.3K). In total, the late relapses from remission and continued ATDs will be ~9.3K, resulting in a weighted average relapse rate of ~19% (6.3K relapses from the 32.5K patients in remission averaged with the 3K relapses from the 10.5K patients who continued on ATDs). 5.Roivant Claims Analysis – 2022 prevalent patient population based on a two-year lookback for diagnosis. Of the 120K patients ablated, ~80K were ablated prior to 2021 and ~40K were ablated in 2021/2022 6.Azizi et al. (2019): Relapse rate was calculated as a weighted average considering relapse rate in patients on ATDs <18months is 53% compared to patients on ATDs >18months is 15%. Of the 570K patients treated with ATDs, ~470K are on ATDs <18months and ~100K are on ATDs for >18months. Rates have been applied proportionally. 7.Bandai et al. (2019): Of the ~190K patients previously treated with ATDs and currently monitored off-therapy, ~40% experience relapse, which is 75K. 8.Grove-Laugesen et al. (2023): 3.4% of ATD relapse patients will pursue ablation. 3.4% applied to the ~340K ATD treatment relapse patients is ~10K
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80 For investor audiences only 56% ATD-Free Responders 36% ATD-Free Responders Week 12 (N = 14/25) Week 24 (N = 9/25) Graves’ Data Demonstrates Transformational Results in Patients Uncontrolled on ATDs; Greater Response Driven by Deeper IgG Lowering Phase 2 Batoclimab Proof of Concept Data Note: Includes two patient discontinuations. One patient did not complete Week 12 due to pre-existing gallstones and is counted as a non-responder at Week 12 and Week 24. The second patient did not complete Week 24 and is counted as a non-responder at Week 24. This patient was lost to follow-up due to substance abuse unrelated to treatment % of participants who achieve normal T3 and T4 or have T3 or T4 below LLN, without increase in ATD 76% Responders 68% Responders Responders at Week 12 (N = 19/25) Responders at Week 24 (N = 17/25) 77% Mean IgG Reduction 65% Mean IgG Reduction 12 weeks 680mg → 12 weeks 340mg12 weeks 680mg Treatment Period: (24 weeks) N = 25 340mg batoclimab QW SC (Week 12-24) 680mg batoclimab QW SC (Week 0-12) % of participants who achieve normal T3 and T4 or have T3 or T4 below LLN, and ceased all ATD medications 12 weeks 680mg → 12 weeks 340mg12 weeks 680mg
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81 For investor audiences only Potential for Disease Modification with Responders Demonstrating Strong Durability of Response through Six Months Off-Treatment at End of Follow-Up 25 Uncontrolled Graves’ disease patients Baseline Week 48 Patients off-drug for 24 weeks1,2 Week 12 Pts receive 12 weeks of 680 mg QW batoclimab1 Week 24 Pts receive 12 weeks of 340 mg QW batoclimab1 20/25 T3/T4 ≤ULN; ATD dose ≤Baseline 18/25 T3/T4 ≤ULN; ATD dose ≤Baseline 17/21 T3/T4 ≤ULN; ATD dose ≤Baseline3 Strong durability of response despite being off-batoclimab for six months Dose step-down Notes: Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. Pts: Patients; T3: Triiodothyronine; T4: Thyroxine; ULN: Upper limit of normal; ATD: Anti-thyroid drug. 1. Includes N=1 patient who discontinued prior to Week 12 but remained in off-drug follow-up. 2. Includes N=21 patients who entered follow-up period and could be assessed for remission. 3. N=1 patient had T3/T4 ≤ULN, and one day following Week 48 visit had ATD dose equivalent to baseline. 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Off-Treatment (Week 24-48) Follow-up: 24 weeks
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82 For investor audiences only ~50% of Responders at Week 48 Achieved ATD-Free Remission, Demonstrating Strong Potential for Disease Modification by a High-Dose FcRn 8 of 17 patients with normal T3/T4 at Week 48 were in ATD -free remission Week 48 17 T3/T4 ≤ULN ATD-Free (N=8)1 47% ATD 2.5 mg (N=5) 29% ATD >2.5 mg (N=4) 24% Week 48 13/17 responders on ATD doses ≤2.5 mg / day after six months off- treatment Notes: Responders: Patients who have T3 and T4 values ≤ULN and no increase in ATD dose from baseline. T3: Triiodothyronine; T4: Thyroxine; ULN: Upper limit of normal; ATD: Anti-thyroid drug; FcRn: Neonatal fragment crystallizable receptor blocker. 1. Includes N=1 patient who discontinued prior to Week 12 but remained in off-drug follow-up. 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Off-Treatment (Week 24-48) Follow-up: 24 weeks
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83 For investor audiences only Off-Treatment Follow-up -100% -80% -60% -40% -20% 0% 20% IgG TRAb Mean percent change from baseline Baseline Week 4 Week 8 Week 12 Week 24 Week 48 340 mg batoclimab QW SC 680 mg batoclimab QW SC Step-down Sustained TRAb Reductions Post-Batoclimab Treatment Further Demonstrate the Potential for Disease Modification Notes: Data includes up to last measurement available for patients who discontinued. IgG: Immunoglobulin G; TRAb: Thyroid Stimulating Hormone Receptor Antibody; QW: Once weekly; SC: Subcutaneous. Patient counts at each time include Baseline (N=25), Week 12 (N=24), Week 24 (N=23), Week 48 (N=19). 340 mg batoclimab QW SC (Week 12-24) 680 mg batoclimab QW SC (Week 0-12) Treatment Period: 24 weeks Off-Treatment (Week 24-48) Follow-up: 24 weeks
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Myasthenia Gravis Best-in-Class Opportunity
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85 For investor audiences only IMVT-1402 Has the Potential to Improve Myasthenia Gravis Treatment Outcomes as a Best-in-Class Therapy, Leveraging Batoclimab Learnings High Unmet Need 95% of Neurologists agree there is opportunity for greater disease control (e.g., deeper responses)1 Autoantibody Pathology Classic IgG mediated disease, with proven anti-FcRn mechanistic response2 Lower is Better First-gen anti-FcRn batoclimab demonstrated deeper IgG suppression is consistently associated with deeper clinical effect2 Optimized Study Design Simple parallel continuous dose trial design with two dose options, designed to demonstrate a clear difference of effect between doses Potentially Registrational Trial Initiated Potentially registrational trial enrolling with self-administration via market-proven autoinjector 1. IMVT Market Research HCP MG Unmet Need: Part II (n=85), 2025 Neurologists/Neuromuscular Specialists treating ~28 gMG patients/month, reporting T3B percentages; 2. IMVT Investor Presentation March 19, 2025
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86 For investor audiences only Phase 3 Batoclimab MG Data Positions IMVT-1402 as the Potentially Best-in- Class Anti-FcRn1 680 mg batoclimab outperformed other anti-FcRn, complement, and CD19 inhibitors, demonstrating highest MG-ADL reduction from baseline (-5.6 points) observed in any global Phase 3 MG trial to-date 01 Highest rate of patients with minimal symptom expression (42%) observed in MG patients across any anti-FcRn in a Phase 3 trial02 93% of patients achieve clinical response (MG-ADL reduction of 2 or more points), representing highest response rate achieved in a global Phase 3 trial03 75% of patients who achieved Minimal Symptom Expression (MG-ADL = 0 or 1) on 680 mg dose by Week 6 maintained MSE status for ≥6 weeks04 Notes: Statements are based on cross-trial comparisons and not data from head-to-head studies. Caution should be exercised when evaluating data across trials due to differences in trial designs and participant characteristics. MG data presented for acetylcholine receptor antibody-positive patients; MSE: Minimal Symptom Expression; MG-ADL: Myasthenia Gravis Activities of Daily Living scale 1. IMVT Investor Presentation March 19, 2025
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87 For investor audiences only IgG-Mediated Autoimmune Disease with Growing Enthusiasm for the Anti- FcRn Class US Prevalence of MG: 59-116K1,2 AChR Autoantibody Positive: 85%3 Not well-controlled on SoC: 35%4,5 Note: All estimates are approximate AChR: anti-acetylcholine receptor, SoC: standard-of-care 1. Phillips LH 2nd, et al. (1992) The epidemiology of myasthenia gravis in central and western Virginia. Neurology. 42(10):1888-93; 2. Mina-Osorio P, et al. Incidence and prevalence of myasthenia gravis: analysis of a US commercial insurance claims database. Presented at American Association of Neuromuscular and Electrodiagnostic Medicine; 1-4 November 2023. Phoenix, Arizona. 3. Lazaridis K, Tzartos SJ. Autoantibody Specificities in Myasthenia Gravis; Implications for Improved Diagnostics and Therapeutics. Front Immunol. 2020. 4. Wang L, Zhang Y, He M. Clinical predictors for the prognosis of myasthenia gravis. BMC Neurol. 2017. 5. IMVT Market Research HCP Unmet Need 2025 Market Opportunity ~20-35K Target Addressable Population X X = 70% of patients currently on an anti-FcRn report having very or extremely bothersome symptoms • 97% experiencing fatigue and muscle weakness • ~3 in 4 report drooping eyelids walking/coordination issues, blurred/double vision • ~1 in 2 report difficulty chewing, speech difficulty, weakness of eye muscles Despite innovation, patients report residual and breakthrough symptoms on anti-FcRn therapy
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Chronic Inflammatory Demyelinating Polyneuropathy Best-in-Class Opportunity
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89 For investor audiences only IMVT-1402 Has the Potential to Deliver Best-in-Class Efficacy in Chronic Inflammatory Demyelinating Polyneuropathy High Unmet Need 30-50% of CIDP patients are inadequately controlled with existing therapies1 Lower is Better First-gen anti-FcRn batoclimab demonstrated deeper IgG suppression delivered greatest in-class mean change from baseline in aINCAT score in CIDP patients2 Optimized, Patient-Centric Study Design Simplified study design leveraging prior batoclimab experience to eliminate need for patient worsening via washout prior to treatment Potentially Registrational Trial Initiated Potentially registrational trial enrolling with self-administration via market-proven autoinjector 1. Internal Market Research Market Dynamics 2024 2. IMVT batcolimab initial Period 1 Data Investor Presentation March 19, 2025
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90 For investor audiences only Batoclimab CIDP Phase 2b Proof-of-Concept Data1 Positions IMVT-1402 to Potentially be Best-in-Class Opportunity to accelerate registrational program for IMVT-1402 in CIDP Demonstrated that deeper IgG reductions translate to improved response with 84% aINCAT response rate in patients achieving ≥70% IgG reduction Best-in-class efficacy observed across multiple efficacy measures: aINCAT, I-RODS, MRC-SS, and grip strength2 Generated learnings to inform IMVT-1402 trial design optimization 1. IMVT batcolimab initial Period 1 Data Investor Presentation March 19, 2025 2. Based on data pooled for 340 mg and 680 mg batoclimab dose groups
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91 For investor audiences only Batoclimab Treated Patients Achieved a Best-in-Class Mean Change from Baseline in aINCAT Score at Week 12 -0.9 -1.8 Vyvgart Hytrulo 1000mg (Stage A) Batoclimab Combined 340mg & 680mg (Week 12) Mean Change from Baseline in aINCAT Score 2x Vyvgart Hytrulo (N=322) Combined Batoclimab (N=73) Disclaimer: Figures reflect cross-trial comparison and not results from a head -to-head study. Differences exist between trial designs and s ubject characteristics, and caution should be exercised when comparing data across studies. Notes: Vyvgart Hytrulo based on ADHERE Phase 2b pivotal trial publication: Allen et al., 2024 (Supplementary Table 2) reported for Stage A (open-label period). aINCAT: Adjusted Inflammatory Neuropathy Cause and Treatment.
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92 For investor audiences only CIDP Patients and Providers are Seeking a New Treatment Option that Reduces Symptom and Treatment Burden1 75% of HCPs prefer to treat CIDP patients as early and aggressively as possible 30-50% of CIDP patients are inadequately controlled with existing therapies5 Lower Relapse Rates 60% of physicians report a need for better response to treatment and more durable CIDP treatments Improved Response and Durability ~90% of physicians noted a high need for treatments with improved ROA (e.g., at home administration) More Convenient Dosing Options 71% of US physicians report a need for treatment options with fewer side effects 6 Improved Safety & Tolerability Substantial Unmet NeedMarket Opportunity US Prevalence of CIDP: 58K2 Inadequately Controlled on Treatment: 30%4 ~16K Target Addressable US Population X = Note: All estimates are approximate. 1. Internal Market Research Market Dynamics 2024 2. Broers M, et al (2019) Incidence and prevalence of CIDP: a systematic review and meta-analysis. Neuroepidemiology 52(3–4):161–172; 3. Querol, L., et al. Systematic literature review of burden of illness in chronic inflammatory demyelinating polyneuropathy (CIDP). J Neurol 268, 3706–3716 (2021).; 4. Kuitwaard K, Bos-Eyssen ME, Blomkwist-Markens PH et al (2009) Recurrences, vaccinations and long-term symptoms in GBS and CIDP. J Periph Nerv Syst 14(4):310–315. https://doi. org/10.1111/j.1529-8027.2009.00243.; 5. Internal Market Research HCP Survey and KOL advising 2023 6. Internal Market Research CIDP Patient Journey 2022
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Difficult-to-Treat Rheumatoid Arthritis First- / Best-in-Class Opportunity
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94 For investor audiences only IMVT-1402 Has the Potential to Achieve a First- and Best-in-Class Profile for Patients with ACPA+ Difficult-to-Treat Rheumatoid Arthritis (D2T RA) ACPA: anticitrullinated protein autoantibodies 1. Takanashi S, et al. Rheumatology. 2021;60:5247-56 2. Taylor PC et al. “Efficacy and Safety of Nipocalimab in Patients with Moderate to Severe Active Rheumatoid Arthritis (RA): The Multicenter, Randomized, Double-blinded, Placebo-controlled Phase 2a IRIS-RA Study Presented at ACR, Nov 10-15, 2023 High Unmet Need Subgroup 5-20% of RA patients are difficult-to-treat (D2T), with inadequate or loss of response to multiple classes of advanced therapies1 Autoantibody Pathology Autoantibodies such as ACPA play a key role in pathophysiology, and ACPA-positive RA is associated with severe disease and poor outcomes Lower is Better Phase 2 anti-FcRn RA data demonstrated that greater IgG reduction led to greater autoantibody reductions, which correlated with greater clinical response2 Potentially Registrational Trial Initiated Potentially registrational trial enrolling with self-administration via market-proven autoinjector
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95 For investor audiences only In Addition to Cellular Autoimmunity and Cytokine Dysregulation, Autoantibodies Like ACPA Play a Key Role in the Pathophysiology of RA Autoantibodies such as Rheumatoid factor (RF) and ACPA are present in ~75% of RA patients1 Antigen presenting cells (APCs) process and present citrullinated peptides to T cells T cells activate B cells to generate autoantibodies Immune complex formation upregulates pro-inflammatory cytokines ACPA may bind to osteoclasts and thereby promote bone erosion 1 2 3 4 Upregulation of pro- inflammatory cytokines and perpetuation of inflammation Osteoclastogenesis NETs formation enhancement Complement activation Citrullinated proteins T cell activation B cell activation ACPA ProductionImmune Complex Formation Role of ACPA in RA pathophysiology Anti-FcRn has the potential to directly target underlying disease biology by lowering pathogenic autoantibodies (i.e., ACPA) and immune complexes ACPA: anti-citrullinated protein antibody 1. Brito Rocha et al. Advances in Rheumatology (2019) 59:2
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For investor audiences only 96 Difficult-to-Treat RA is Estimated to Comprise 5-20% of RA Patients Whose Disease Cannot be Managed by Available Therapies EULAR: European League Against Rheumatism Collaborative Initiative; DMARD: disease-modifying antirheumatic drug; QoL: Quality of Life 1. Roodenrijs NMT et al. Ann Rheum Dis 2018;1705 -09, 2. Nagy G, et al. Ann Rheum Dis 2021; 80: 31-35 High Unmet Need • Estimated 5-20% of patients remain symptomatic despite multiple treatment rounds1 • These patients need new therapies and approaches, according to a global survey of 410 rheumatologists • Difficult-to-treat (D2T) RA defined by EULAR as: 2 • Multiple DMARD failures • Signs suggestive of active/progressive disease • Symptom management viewed as problematic to doctor and/or patient • At least moderate disease activity as defined by composite endpoints which include tender and swollen joint counts • Progressive joint damage on imaging • Inability to decrease chronic glucocorticoid therapy below 7.5mg/day • Ongoing RA symptoms and QoL impact despite therapy D2T RA Patient Population
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For investor audiences only 97 Nipocalimab Data in RA Demonstrated Proof of Mechanism and Showed Deeper Autoantibody (ACPA) Reduction Correlated with Clinical Response1 Correlation Between Auto-Ab Reductions and Clinical Response using (A) DAS28-CRP Remission and (B) ACR50 Response at Week 12 Notes: Auto-Ab: Autoantibody; ACPA: Anti-citrullinated protein autoantibody; DAS28-CRP: Disease Activity Score 28 using C-reactive protein; GMean: Geometric mean. 1. Pharmacodynamic effects of nipocalimab in patients with moderate to severe active rheumatoid arthritis (RA): Results from the multicenter, randomized, double-blinded, placebo-controlled Phase 2A IRIS-RA study. Janssen Research & Development, ACR poster, November 2023 ~60% Total IgG and ~30% Pathogenic Auto-Ab (ACPA) Reductions in JNJ Phase 2 RA Study Select results from a study of FcRn blockage vs placebo in biologic-experienced RA patients
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For investor audiences only 98 Of the 1.5M US RA Patients1, a Subset Progresses to D2T Status in a Relatively Short Period of Time and Requires New Therapeutic Options US Prevalence of Severe RA: 490K2 Autoantibody Positive with Inadequate Response to Prior b/tsDMARDs: 15%2,3 Note: All estimates are approximate; b/tsDMARD: biologic (b) or targeted synthetic (ts) disease-modifying antirheumatic drug 1. Aletaha D, Smolen JS. JAMA. 2018;320(13):1360. 2. GlobalData Analysis and Forecast, 2023. 3. Okada et al. Ann Rheum Dis 2019;78; 446-453. 4.. Murray K et al. Arthritis Res Ther 2021; 23(1):25. 5. Rosenberg V et al. Adv Ther 2023; 40(10):4504-4522. 6. Takanashi S, et al. Rheumatology. 2021;60:5247-56 Market Opportunity Patient Journey Learnings ~50% of patients fail their first b/tsDMARD therapy within the first year of treatment 4,5 Fewer than 50% of RA patients remain on first therapy In a large US registry, the median time to meeting D2T criteria was 4 years, in those who were D2T6 D2T emerges for some in ~4 years 5% – 20% of all RA patients meet the criteria for D2T in the US6 5% - 20% of RA patients are D2T~70K Target Addressable Population X =
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Sjögren’s Disease Nearly-First- / Best-in-Class Opportunity
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For investor audiences only Sjögren’s Disease (SjD) is a Potentially Best-in-Class Indication for IMVT-1402 High Unmet Need Disease No therapies are currently approved for the treatment of primary SjD Autoantibody Pathology Autoantibodies detected in ~50-70% of patients with primary SjD; anti-FcRn proof of mechanism established Lower is Better Nipocalimab data demonstrated that deeper IgG reduction leads to better clinical response across all primary and secondary endpoints Potentially Registrational Trial Initiated Potentially registrational trial enrolling with self-administration via market-proven autoinjector 100
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For investor audiences only Dry eyes, mouths, throat, and nose Dental decay Oral yeast infections Digestion issues Joint pain Fatigue Enlarged lymph nodes 1. Mariette X, et al. N. Engl J Med. 2018; 378:931-9 2. Brito-Zeron P et al. Nature Reviews. 2016; 2:1-20 3. GlobalData Epi Analysis and Forecast, Oct. 2020 101 Disease Awareness • SjD: a chronic autoimmune disease characterized by lymphocytic infiltration of the salivary and lacrimal glands • Symptoms include severe dryness of the eyes and mouth; the latter frequently associated with difficulty swallowing or speaking, tooth decay, gum disease, and impaired QoL1,2 • May occur in isolation (primary SjD) or in association with another systemic autoimmune disease such as RA (secondary SjD) • SjD can be challenging to diagnose due to the heterogeneity of presentation3 • ACR/EULAR classification criteria are now widely endorsed for diagnosing primary SjD Common symptoms Sjögren's Disease is an Autoimmune Disease Associated With A Myriad Of Clinical Manifestations
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For investor audiences only • Serological abnormalities are common in SjD and include autoantibodies, hypergammaglobulinemia, and hypocomplementemia1 • Identification of disease-precipitating antibodies were discovered back in 1975. Anti-Ro/SSA and anti-La/SSB antibodies were detected in patients with SjD in 19822 • Present day, autoantibodies are detected in ~50- 70% of patients with primary SjD 102 Autoantibody Involvement Disease Pathogenesis3 Autoantibodies Play Crucial Roles in Both the Diagnosis and Prognosis of SjD 1. Baer AN, et al. Elsevier; 2023. Chapter 45, Clinical aspects of Sjögren’s disease; p. 637-647 2. Brito-Zeron P et al. Nature Reviews. 2016; 2:1-20 3. Figure reprinted from Maslinska M, Kostyra-Grabczak K. Front Immunol. 2024 Sep 19:15:1376723 under the terms of the Creative Commons Attribution License (CC BY) Anti-Ro Ab Anti-La Ab RF
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For investor audiences only 103 Publicly Available Nipocalimab Data Support Anti-FcRn Proof of Mechanism and Dose Response in SjD Select results from a study of FcRn blockage vs placebo in primary SjD LS mean (90%) change in ClinESSDAI score at Week 24 Mean (SE) change in ClinESSDAI score Nipocalimab 15mg/kg Q2W (n=54)Placebo (n=56) Nipocalimab 5mg/kg Q2W (n=53) CI: confidence interval; ClinESSDAI: clinical European League Against Rheumatism Sjögren’s Syndrome Disease Activity Index; LS: least squares; NS: not significant; Q2W: every 2 weeks; SE: standard error. 1. Gottenberg JE et al. Efficacy and Safety of Nipocalimab, an Anti-FcRn Monoclonal Antibody, in Primary Sjögren’s Disease: Results from a Phase 2, Multicenter, Randomized, Placebo-Controlled, Double-Blind Study (DAHLIAS). ACR Convergence 2024, November 16-19, 2024
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For investor audiences only Sizable Patient Group with Unmet Need for an Approved Treatment Option Note: All estimates are approximate 1. GlobalData Analysis and Forecast, January 2025 2. Brito-Zeron P et al. Nature Reviews 2016; 2:1-20 3. Decision Resources Group Sizable Unmet Need Expansion Opportunities Potential to impact conditions with shared autoimmune pathology Secondary Sjögren’s Unmet need to improve glandular manifestations beyond symptom relief Glandular Disease Disease impact on patient QoL varies widely; so-called “nuisance” symptoms can become debilitating if inadequately managed Less Severe Disease US Prevalence of Primary Sjögren’s Disease: 290K1 Moderate-to-severe with anti-Ro/SSA antibodies: 30%2,3 ~90K Target Addressable US Population X = 104
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Cutaneous Lupus Erythematosus First-/Best-in-Class Opportunity
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For investor audiences only IMVT-1402 is Potentially First-/Best-in-Class in Cutaneous Lupus Erythematosus (CLE) Untapped Market Opportunity IMVT-1402 has potential to be the first novel targeted therapy for CLE in >50 years1 IgG and Immune Complex Driven Biologic, translational and mechanistic evidence support the critical role of IgG autoantibodies and immune complexes in the pathogenesis of CLE Upstream Targeting Disruption of CLE pathology by upstream targeted approach supported by IMVT-1402 patient case studies IMVT-1402 Study Initiated Proof-of-concept trial enrolling with self-administration via market-proven autoinjector 1061. Presto JK, Werth VP: Cutaneous Lupus Erythematosus: Current Treatment Options. Curr Treat Option Rheumatol. 2016; 2(1): 36–48
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107 For investor audiences only CLE is a Rare, Chronic Autoimmune Disease Affecting the Skin, with Limited Available Treatment Options and High Unmet Need Alopecia within lesions (typical location is near the ear) LE tumidus Lupus panniculitis Discoid LE Chilblain lupus Red, raised, scaly rash on sun exposed areas Subacute Chronic Lupus Erythematosus (SCLE) Chronic Cutaneous Lupus Erythematosus (CCLE) • Annular or papulosquamous, psoriasis-like scaling erythematous plaques • Estimated 59K prevalence (25%) 5 • Scaling, erythematous, typically scarring, disc-shaped plaques, alopecia • Estimated 94K prevalence (40%) 5 Panniculitis Chilblain lupus For the purposes of this presentation, reference to CLE is focused on SCLE and CCLE subtypes. • CLE is a rare, chronic skin disease characterized by skin-specific disease-activity, inflammation and eventually damage 1,2 • Symptoms include painful skin lesions, itching, burning, and alopecia 3 • Limited innovation and no novel therapies in >50 years4 1. Vale ECSD and Garcia LC. An Bras Dermatol. 2023;98(3):355-372. 2. Presto JK, Werth VP: Cutaneous Lupus Erythematosus: Current Treatment Options. Curr Treat Option Rheumatol. 2016; 2(1): 36–48 Stull, et. al. The Journal of Rheumatology 2023;50:27–35; doi:10.3899/jrheum.220089 3. Klein R, et al. J Am Acad Dermatol. 2011;64(5):849-858, 4. Wahie S, Meggitt SJ. Long-term response to hydroxychloroquine in patients with discoid lupus erythematosus. Br J Dermatol. 2013 Sep;169(3):653-9. doi: 10.1111/bjd.12378. PMID: 23581274 5. Internal market research Spherix 2024
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108 For investor audiences only IMVT-1402’s deep suppression of IgG autoantibodies and immune complexes has the potential to dampen multiple downstream inflammatory cascades by providing upstream inhibition of inflammatory cascade CLE: IgG Autoantibodies and Immune Complexes Mediate a Cycle of Self- Amplifying Skin Inflammation and Tissue Damage in the Skin Pathogenesis of CLE Disease UV light triggers enhanced cell death, IgG autoantibody immune response, and produces immune complex formation, leading to skin tissue damage and increased inflammation1 CLE specific IgG autoantibodies produced (i.e., Ro/SSA, La/SSB) IgG Autoantibodies: • Induce skin cell death • Trigger recruitment of inflammatory cells that form immune complexes Autoantibody Involvement2 Immune complexes can activate receptors of the innate immune system that drive: • Inflammation • Tissue damage • Skin cell death • Recruit other immune cells Immune Complex Involvement2 FcRn blockage has the potential to disrupt CLE pathology 1. Klein Benjamin , Kunz Manfred. Current concepts of photosensitivity in cutaneous lupus erythematosus. Frontiers in Medicine, 2022. 10.3389/fmed.2022.939594. 2. Achtman, J.C., Werth, V.P. Pathophysiology of cutaneous lupus erythematosus. Arthritis Res Ther 17, 182 (2015). https://doi.org/10.1186/s13075-015-0706-2
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109 For investor audiences only Case Study: 12-Week Treatment with IMVT-1402 in CLE Demonstrated Meaningful Clinical Benefit • Female, 57 • Subacute CLE and alopecia • Multiple skin locations affected • CLASI-A score at screening = 36 • Background medications: hydroxy- chloroquine, methotrexate, leflunomide Second patient dosed also showed >50% improvement in CLASI -A score by week 12 (CLASI-A at screening of 18 reduced to 8 by week 12) 36 13 0 5 10 15 20 25 30 35 40 Screening Week 12 CLASI-A Score 64% reduction IMVT-1402 Case Study: Patient 1 Patient treated with 600 mg QW SC open-label for 12 weeks • >60% reduction in CLASI-A score to 13 by week 12 • Significant clinical improvement in both skin lesions and alopecia • 78% total IgG reduction from baseline achieved by week 12 Baseline Demographics Treatment Outcomes CLASI-A: Cutaneous Lupus Area and Severity Score Index – Activity; QW: once weekly; SC: subcutaneous IMVT Data on File 2025
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110 For investor audiences only Dermatologists Desire a Skin-Focused, Targeted Biologic that Addresses CLE Unmet Needs1 IMVT-1402 has potential to be the first novel dermatology therapy for CLE in >50 years2 US Prevalence of SCLE and CCLE: 153K3 Non-Responders to Antimalarials or Topicals: Up to 50%4 1. Internal Market Research CLE Dermatologist Unmet Need 2023, Internal Market Research CLE Patient Journey 2024 2. Presto JK, Werth VP: Cutaneous Lupus Erythematosus: Current Treatment Options. Curr Treat Option Rheumatol. 2016; 2(1): 36–48 3. Jarukitsopa et al 2015; IMVT Spherix Internal Market Research 4. Wahie S, Meggitt SJ. Long-term response to hydroxychloroquine in patients with discoid lupus erythematosus. Br J Dermatol. 2013 Sep;169(3):653-9. doi: 10.1111/bjd.12378. PMID: 23581274 Market Opportunity Potential Differentiated Profile Dermatologists are frustrated by the skin-specific therapies currently available Targeted Biologic Speed of action is critical to disease control and QoL- prevention of scarring and potential disfigurement1 Quick Control 90% of dermatologists cite sustained remission and reduced severity of flares as top unmet needs 1 Sustained Remission ~75K Target Addressable US Population X = 80% of HCPs report lack of long- term efficacy, tolerability and toxicity risks with current CLE treatments2 Improved Safety and Tolerability
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Mosliciguat
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For investor audiences only 112 Mosliciguat: Phase 2-Ready Inhaled, Once-Daily, Soluble Guanylate Cyclase (sGC) Activator with Potential to Transform Pulmonary Hypertension (PH) 1. Based on ATMOS PH trial with Group 1 and 4 patients Mosliciguat has Potential to be First-in-Class • Mosliciguat is an inhaled sGC activator specifically designed for lung-targeted effects • sGC pathway activation results in vasodilatory, anti-inflammatory and anti-fibrotic effects • Unlike sGC stimulators, mosliciguat does not require heme or NO to work and retains efficacy even in conditions associated with oxidative stress Large and Well-Validated Market Opportunity • Focusing initially on high unmet need in Group 3 PH, a large population with limited or no treatment options • Initiating clinical program with a Phase 2 PHocus study in pulmonary hypertension associated with interstitial lung disease (PH-ILD) – optimized trial design and patient population will maximize probability of success Compelling Clinical Data in Phase 1b ATMOS study • Some of the highest reductions to date in pulmonary vascular resistance (PVR)1 • Favorable safety profile with no clinically relevant changes seen in systemic vascular resistance or blood pressure • Phase 1b (n=38) data, including PVR reductions, were presented at European Respiratory Society (ERS) Congress • Robust and well-characterized program, with safety database of 170 subjects to date Differentiated Dosing Profile • ~40-hour half-life allows convenient, one puff per day dosing with a dry powder inhaler (DPI) • Targeted delivery directly to lungs reduces risk of systemic side effects Favorable Transaction Structure with Strong IP • Global rights licensed from Bayer for $14M upfront and up to $280M in development, regulatory, and commercial milestones, and tiered high-single digit royalties • Granted patents and pending applications, if issued, provide protection out to 2042, before potential PTE
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For investor audiences only 113 Initially Focusing on Group 3 PH (Associated with Lung Disease) with Potential for Multiple Other PH Expansion Opportunities Adapted from European Heart Journal, Volume 43, Issue 38, 7 October 2022, Pages 3618–3731 WHO Pulmonary Hypertension Groups High blood pressure that affects the arteries in the lungs and right side of the heart Group 1 Pulmonary arterial hypertension Group 2 PH associated with left heart disease Group 3 PH associated with lung disease Group 4 PH associated with pulmonary artery obstructions Group 5 PH with unclear / multifactorial mechanisms • PH-ILD: PH associated with interstitial lung disease • PH-COPD: PH associated with chronic obstructive pulmonary disease • Additional lung diseases
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For investor audiences only 114 PH-ILD Patients Have Limited Treatment Options with Reduced Quality of Life and Less Than 5-Year Median Survival 1. Humbert et al., European Heart Journal, 2022 2. Kacprzak et al., Diagnostics, 2023 3. Nikkho et al., Pulm Circulation, 2022; Klinger et al., Cardiol Clin., 2016; Hoeper et al., PLoS One, 2015; Gall et al., J. Heart and Lung Transplantation, 2017 4. Olsson et al., Eur Respir. J., 2021; Alhamad et al., J Clin Med., 2020 5. Humbert et al., Eur Respir J., 2023; Dhont et al., ERJ Open Res., 2022 “Even if progression of ILD seems to be slowing with the antifibrotics, I am pretty aggressive with treatment given how fast they can decline when PH is present.” - Physician “Efficacy [of approved therapy] is not amazing … it’s all we have, but there is definitely room to improve.” - Physician “My medical problems are consuming my everyday life.” – PH-ILD patient PH-ILD is a particularly severe subgroup of PH1 • Lung disease is the second most common cause of PH1 • Structural lung changes and chronic hypoxia lead to pulmonary vascular remodeling and PH in ILDs 2 • Compared to patients with PAH, PH-ILD patients have3: − Increased risk of mortality & morbidity − Reduced functional capacity and health related QoL • Elevations in PVR are associated with worse mortality in PH-ILD patients4 – reducing PVR should improve outcomes < 5-year median survival3 Limited or no approved treatment options • No approved therapies in major ex-US markets • Only 2 approved therapies in the US, which requires 3-5x daily dosing and causes cough in patients whose lungs are already compromised • Other than inhaled treprostinil, Group 1 PH drugs have generally not shown clinical benefit in patients with Group 3 PH5
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For investor audiences only PAH Group 1 PH-ILD Group 3 Idiopathic PAH or Connective-Tissue Disease Associated PAH PH associated with interstitial lung disease US & EU Patient Population 70 – 100k patients1 Up to ~200k patients2 Competitive Landscape 15+ approved therapies, across five drug classes High unmet need Only 2 approvals in PH-ILD (US only, among major markets) Commercial Validation4 Generated multiple blockbuster products Tyvaso approaching $1B in annual US PH-ILD sales just ~3 years into launch Market Size ~$6B3 Potentially >$6B4 115 PH-ILD is Even More Prevalent than PAH (~$6B Market) but Has Only Two Approved Therapies in US and None Ex-US 1. Humbert et al., Respiratory Medicine, 2020; Leber et al., Pulm Circ., 2021; Delcroix et al., Eur Resp Review, 2015 2. Sathananthan et al., Chest, 2023; Kacprzak et al., Diagnostics, 2023; Hilberg et al., ERJ Open Res., 2022; Raghu et al., Eur Respir J., 2015 4. Company estimate based on US and EU patient population size for PH-ILD and Tyvaso pricing ( for treatment 3. Analysis of global Group 1 PH 2023 revenues including Tyvaso, Adempas, Remodulin, Orenitram, Uptravi, Opsumit and Letairis ~$300K/pt/year)
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For investor audiences only 116 Mosliciguat has an Ideal Target Product Profile, with Potential to Differentiate Across All Three Key Domains – Efficacy, Convenience and Safety/Tolerability 1. In INCREASE, 6MWD benefit was driven entirely by patients with baseline PVR ≥ 4WU Efficacy “Big Gun” • Group 1 PH experience shows that the ability to reduce PVR is a predictor of success • Tyvaso Phase 3 INCREASE study in PH-ILD confirms this principle translates to Group 3 PH for inhaled therapies1 • Mosliciguat is able to generate greater PVR reductions than any product to date in a single-dose setting (exceeding what many can do even with repeat dosing) Convenience One Puff per Day • A single dose of mosliciguat is able to drive sustained cGMP elevation through 24 hours, while every other approved inhaled product requires between one and twelve breaths given 4x per day • Mosliciguat is delivered via DPI, preferable to cumbersome nebulizers Safety / Tolerability Safe and Well Tolerated • Inhaled prostacyclins carry class AEs that preclude many patients from reaching maximally effective doses and lead to significant rates of discontinuation • sGC modulation has been shown to be safe and well tolerated when delivered as an inhaled therapy (minimizing systemic exposure) Mosliciguat well-positioned for front-line use in PH-ILD; Tyvaso’s consensus ~$1.5-$2B peak sales for PH-ILD sets floor for opportunity No head to head studies have been conducted. Differences exist between study designs and subject characteristics, and caution should be exercised when comparing data across studies.
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For investor audiences only 117 Robust Phase 1 Program Demonstrates that Mosliciguat is a Potent sGC Activator with a Favorable Safety Profile Given to 170 healthy volunteers and patients with PH 1 1. Numbers do not include subjects randomized to placebo Trial (Population) N1 Duration Findings SAD (HVs) 62 Single dose • Inhaled dose range of 0.06-4.0 mg well tolerated • Dose-dependent increase in cGMP MAD (HVs) 27 7-day • Inhaled dose range of 0.48-2.0 mg well tolerated • Accumulation and dose-dependent increases in cGMP confirms effective once-daily dosing Bioavailability (HVs) 26 Single dose • Determined inhaled bioavailability • Inhaled, oral and intravenous dosing well tolerated MAD (HVs) 17 14-day • Well tolerated over 14 days • Steady state of cGMP production achieved in <14 days ATMOS (Group 1 / 4 PH) 38 Single dose • Data presented at ERS • Primary endpoint: PVR reduction Total 170
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For investor audiences only sGC is a key enzyme in the nitric oxide (NO) and cyclic guanosine monophosphate (cGMP) signaling pathway that helps maintain vascular homeostasis sGC catalyzes conversion of GTP to cGMP, a key messenger molecule responsible for a wide variety of desirable outcomes 1 Both reduced heme and NO are required for maximal sGC activity PH and lung disease are often associated with high oxidative stress, leading to impaired sGC activity and insufficient levels of cGMP sGC modulation restores impaired sGC activity and recovers cGMP levels 118 sGC Modulation is Ideally Suited for Disease Modification in Pulmonary Hypertension 1. Stasch et al., Circulation, 2011; Mauersberger et al., Nature Cardiovascular Research, 2022; Dumitrascu et al., Circulation, 2006; Sandner et al., Respir Med., 2017 Smooth muscle Endothelial cell sGC Mosliciguat Vasodilation PROMOTES eNOS Inflammation Apoptosis Fibrosis Platelet Aggregation Proliferation Remodeling INHIBITS GTP HEME Heme pocket
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For investor audiences only 119 Mosliciguat, an sGC Activator, Should Outperform an sGC Stimulator in the Oxidative Environment of PH-ILD Requires both reduced heme and NO for optimal activityGTP cGMP sGC HemeNO Stimulator sGC Works independently of heme and NOActivator GTP cGMP LOSES activity RETAINS activity In a Highly Oxidized Environment (eg PH-ILD) where reduced heme and NO are depletedTarget Requirements Broad applicability makes mosliciguat the “go to” sGC modulator
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For investor audiences only 38.1% 28.6% 26.7% 24.0% 17.1% 28.0% 29.0% 19.0% 28.5% - 5% 10% 15% 20% 25% 30% 35% 40% 45% Mosliciguat Inhaled (DPI) 1x/day (treprostinil) Inhaled (MDI) 4x/day (treprostinil) Inhaled (neb) 4x/day Adempas (riociguat) Oral 3x/day Ventavis (iloprost) Inhaled (neb) 6-9x/day Revatio (sildenafil) Oral 3x/day Opsumit (macitentan) Oral 1x/day Uptravi (selexipag) Oral 2x/day Winrevair (sotatercept) Injection Q3W % Reduction in PVR from Baseline (mean-max where available) 120 Mosliciguat has Shown Among the Highest PVR Reductions Ever Seen in the Single or Repeat Dose Setting Note: Where PVR reductions not published for labeled dose, ranges estimated based on P2 or academic studies with active ingredient Note: Treprostinil MDI for 45 mcg (28.6%) and 60 mcg (22.5%) shown Note: In clinical practice, dose depends on what the specific patient can tolerate. Frequency of administration refers to that of approved dose, rather than how compound was used in given study Note: Single dose data reflects mean-max PVR change from baseline. Repeat dosing data reflects minor variations in how PVR reductions were defined across studies Sources: Tyvaso (MDI) - Voswinckel 2008; Tyvaso (neb) - Voswinckel 2006; Adempas - Grimminger 2009; Ventavis - Richter 2015; Tracleer - Channick 2001; Revatio - Galie 2005; Opsumit - Pulido 2013; Uptravi – Simmoneau 2012; Winrevair – Hoeper et al., NEJM, 2023 Figure represents a cross-study comparison and not a head-to-head study. Differences exist between study designs and subject characteristics, and caution should be exercised when comparing data across studies. Single Dose Repeat Dosing
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For investor audiences only 60 70 80 90 100 110 120 130 140 0 20 40 60 80 100 120 140 160 180 % of baseline value time [min] • >30% PVR reductions continue to deepen as of last time point measured (3 hours post-dose) • Cmax at ~2-2.5 hours with extended half-life in blood of ~40+hr • cGMP levels peak 8 hours post-dose, are sustained through 24 hours and rise with repeat dosing Single dose of mosliciguat has shown… • A short half-life, leading to small window of effect: PVR back to baseline in as little as 2 hours1 • 6MWT effects are reduced at trough exposures2 Single dose of inhaled treprostinil has shown… 121 Mosliciguat Pairs Best-In-Category PVR Reductions with a Superior Dosing Profile and Formulation 1. PVR reduction data in Group 1 PH patients with nebulized treprostinil: Voswinckel et al., Journal of the American College of Cardiology, 2006 2. Results from Tyvaso Phase 3 INCREASE study (per FDA label) baseline ~2hr post dose 72 μg = highest tested dose for Tyvaso nebulizer in PH-ILD 24-hour coverage allows highly convenient “one puff per day” dosing Tyvaso has 4x daily dosing, with majority of day still spent with suboptimal PVR reductions No head-to-head studies have been conducted. Differences exist between study designs and subject characteristics, and caution should be exercised when comparing data across studies.
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For investor audiences only 122 Mosliciguat’s Pulmonary Vascular Benefits Appear Lung-Specific, as No Clinically Significant Changes Were Observed in Systemic Blood Pressure No difference between day 8 and pre-dose systolic blood pressure compared to placebo with 7 days of dosing Phase 1 MAD Study in Healthy Volunteers: Difference between Day 8 and Baseline Systolic Blood Pressure (mmHg), N=36 Note: Means +/- SDs for the Change from Baseline (pre-dose) after multiple doses (Day 8) for systolic Blood Pressure (mmHg), Supine Safety Analysis Set (N=36) Note: Doses were administered on Day 1, 3, 4, 5, 6, 7, 8
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For investor audiences only Mosliciguat SAD/MAD and ATMOS Phase 1b Data Show Clean Safety and Tolerability Profile • Inhaled prostacyclin-related AEs include high rates of cough, throat irritation, oropharyngeal pain and headache • These AEs are likely to occur with any inhaled prostacyclin, regardless of frequency of administration or formulation • In Tyvaso’s Phase 3 PH-ILD study (INCREASE) with 4x/day nebulizer:1 • ~45% of Tyvaso patients had cough • less than half reached the top dose level (72 μg), likely due to poor tolerability • In the INCREASE OLE, AEs led to 22% of patients discontinuing drug 2 Tolerability Concerns for Inhaled Prostacyclins as a Class 123 Safety Data Indicate All Dose Levels of Mosliciguat Were Well-Tolerated in Both Healthy Volunteers and Patients with PH 1. Results from Tyvaso Phase 3 INCREASE study (per FDA label) 2. Waxman et al., European Respiratory Journal, 2023 • Majority of treatment emergent adverse events were mild • Continuous dosing in healthy volunteers (HV) for 7-14 days did not reveal relevant additional events compared to single-dose experience in HV and PH patients • No clinically significant changes to blood pressure or heart rate suggest successful minimization of systemic side effects • All doses tolerated as inhaled dry powder without significant cough • “One Puff per Day” dosing further mitigates risk of cough No head to head studies have been conducted. Differences exist between study designs and subject characteristics, and caution should be exercised when comparing data across studies. For investor audiences only
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For investor audiences only Mosliciguat Tyvaso + Other Inhaled Prostacyclins1 Seralutinib2 MK-54753 Company Group 3 PH Stage of Development Phase 2 Marketed or Pending Phase 3 Pending Phase 3 Phase 2 (in PH-COPD only) MOA sGC activator Prostacyclin PDGFRα/β, CSF1R and c- KIT inhibitor sGC stimulator Administration Inhaled Inhaled Inhaled Inhaled >30% PVR Reductions with Once Daily Dosing # Inhalations / Day 1 Up to 48 Up to 12 TBD Half-life ~40+ hours ~0.5–9 hours ~3–6 hours ~2–3 hours Tolerability 124 Potential for Best-in-Category Profile with Robust Efficacy, Favorable Tolerability and Safety, and a Convenient, One Puff per Day Dosing Regimen 1. Tyvaso INCREASE trial results: Nathan et al., N Engl J Med, 2021; Tyvaso showed high cough AE rate (43.6%) and 20-25% of patients had a clinical event within 16 weeks in the INCREASE trial. Tyvaso PVR reduction data obtained from Phase 1 study (N=28) in Group 1, Group 3 and Group 4 PH 2. Seralutinib Phase 2 TORREY trial results: Frantz et al., Lancet Resp Med, 2024; Seralutinib showed high cough AE rate (43%) in the TORREY study 3. Bajwa et al., Am J Respir Crit Care Med, 2023, Bajwa et al., Int J Chron Obstruct Pulmon Dis., 2024 No head to head studies have been conducted. Differences exist between study designs and subject characteristics, and caution should be exercised when comparing data across studies.
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Genevant/LNP Patent Litigation
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For investor audiences only 126 Genevant is a Leading Nucleic Acid Delivery Solutions Company • Genevant was formed in 2018 by Roivant and Arbutus and licensed Arbutus’s LNP technology and patent portfolio • Deep expertise in delivery systems for mRNA and other nucleic acids • Without adequate protection, nucleic acids degrade quickly in the body before accessing their target cells – long known to be a significant obstacle to accessing their therapeutic potential • Many years ago, a team of research scientists at an Arbutus predecessor company began to take on this challenge o Years of effort led to the innovative solution — tiny particles made of four carefully selected lipid types, now commonly known as lipid nanoparticles or LNP o Genevant’s technology became the first LNP to be included in an FDA-approved RNA product in 2018, Alnylam’s Onpattro® developed under LNP license from Arbutus • LNPs are now the primary means for delivering the industry’s mRNA pipeline, as well as a key delivery approach for gene editing • Core members of the team behind the early LNPs now lead Genevant’s R&D efforts, collaborating with leading companies to develop innovative nucleic acid medicines
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For investor audiences only 127 Genevant Collaborates with Leading Companies for Access to its LNP Technology to Develop Medicines for a Variety of Diseases and Disorders Partner LNP Collaborations Outside of COVID-19 Publicly Disclosed Financials* Nucleic acid therapeutics directed to specified targets in HSCs to treat liver fibrosis1 Royalty rate: undisclosed Upfront & milestones: $600M mRNA for a specified number of oncology targets; co-dev in up to five rare diseases2 Milestones and royalties (amounts undisclosed); 50:50 on co-development programs RNA editing therapy for Alpha-1 Antitrypsin Deficiency (AATD)3 Royalty rate: mid-single digits4 Upfront & milestones: $100M Gene editing therapy for hemophilia A5 Royalty rate: mid-single digits† Upfront & near-term option: $10M + milestones mRNA Cholesterol Degrading Platform (CDP) for atherosclerosis6 Total deal value: $107M Royalty rate: mid-high single digits Gene editing therapy (CRISPR Cas12a) for two undisclosed targets7 Total deal value: $238M Royalty rate: undisclosed mRNA immunotherapy targeting aberrantly-expressed tumor specific antigens for an undisclosed oncology indication8 Total deal value: $123.5M Royalty rate: mid-high single digits *Includes publicly disclosed terms only and therefore does not reflect all payments that may be applicable and received by Genevant (e.g., reimbursements for FTE support, field expansion fees, etc.). All potential payments are contingent upon achievement of specified milestones †Depending on the circumstances Note: All trademarks are property of their respective owners 1. Genevant press release, March 15, 2021 2. BioNTech Form F-1, July 21, 2020 3. Genevant and Korro Bio joint press release, March 7, 2023 4. Korro Bio S-1/A SEC Filing, December 20, 2023 5. Genevant press release, November 6, 2023. Agreement arose from the exercise of an option under agreement between Genevant and 2seventy bio and later assigned by 2seventy bio to Novo Nordisk. 6. Genevant press release, September 26, 2024 7. Genevant press release, October 21, 2024 8. Genevant press release, December 19, 2024
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For investor audiences only 128 Updates on Genevant IP Litigation Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Moderna • In February 2022, Genevant and Arbutus jointly filed a complaint against Moderna in the U.S. District Court for the District of Delaware asserting infringement of six patents • In November 2022, the Court issued an opinion and order denying Moderna’s partial motion to dismiss the suit based on the government-contractor defense under 28 U.S.C 1498 (Section 1498), which was an attempt by Moderna to shift liability for an unspecified portion of its alleged infringement to the US government and taxpayers • In February 2023, the United States Government filed a Statement of Interest urging the Court to rule that Section 1498 does apply to Moderna’s first vaccine contract with the Government to shield Moderna from liability for patent infringement related to that contract and require that infringement claims based on that contract be brought against the Government in the Federal Court of Claims • In March 2023, the Court reaffirmed the analysis and conclusions in its November 2022 opinion and order and its denial of Moderna’s partial motion to dismiss • In February 2024, the Court held a Markman hearing to construe four disputed terms within the claims of the asserted patents • In April 2024, the Court issued its Markman ruling, in which it agreed with Genevant and Arbutus’ proposed constructions for three of the four disputed terms • In March 2025, Genevant and Arbutus initiated international patent infringement enforcement actions against Moderna in Canada, Japan, Switzerland, and the Unified Patent Court. Together, the enforcement actions target alleged infringing activities in 30 countries • In the U.S. litigation, fact discovery and expert discovery have been completed. The summary judgment phase of the case began in July 2025 and a jury trial is scheduled to be held in March 2026. Additionally, in July 2025, the case was reassigned to a different judge in the same court Pfizer • In April 2023, Genevant and Arbutus jointly filed a complaint against Pfizer and BioNTech in the U.S. District Court for the District of New Jersey asserting infringement of five patents; discovery is ongoing • In December 2024, the Court in the Pfizer case held a Markman hearing to construe disputed terms within the claims of the asserted patents • In September 2025, the court issued its claim construction ruling, which construed the disputed claim terms in a manner that GSG generally considers to be favorable
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For investor audiences only 129 Summary Judgment Motions Filed in US Moderna Case Note: All references are to calendar years and are approximate and subject to change. The timing of the litigation-related events noted above is subject to change, including at the discretion of the court. See Slide 2 for further information on these forward-looking statements Genevant and Arbutus Filed 3 Motions for Summary Judgment 1. Moderna cannot relitigate obviousness arguments against the Lipid Composition Patents (the ’359, ’435, and ’378 patents) already raised in its unsuccessful IPRs and appeals. 2. Moderna cannot argue at trial that the Asserted Patents are invalid because they do not enable someone in the art to practice the inventions without undue experimentation. 3. Arbutus and Genevant did not derive the invention disclosed in the ’651 patent from a much later Moderna invention. Moderna Filed 3 Motions for Summary Judgment 1. 28 U.S.C. § 1498 requires Arbutus and Genevant to recover damages for infringement under one government contract from the U.S. government, not Moderna. 2. Plaintiffs’ claims under the doctrine of equivalents are barred by amendments and arguments made to the PTO during patent prosecution, and Arbutus and Genevant should be able to recover for literal infringement only. 3. The asserted claims of the ’651 patent are invalid for indefiniteness with respect to the Court’s construction of the term “fully encapsulated”. Patents Asserted (following initial Claim Narrowing) Subject Matter US Patent No. Particle Composition 8,492,359 9,364,435 11,141,378 mRNA-LNP Compositions 9,504,651
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VantAI
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For investor audiences only Select recent milestones 131All partnerships where work began prior to February 2024 Continued Progress at VantAI Underscores Unique Opportunity Entered into collaboration to accelerate molecular glue drug discovery with generative AI. Eligible to receive up to $674M in discovery, development, clinical, regulatory, and sales milestone payments plus tiered royalties from BMS Collaborating to discover induced proximity therapeutics, which include molecular glues, heterobifunctional degraders, and more. Expanded collaboration 2x on successful execution, with $1.67B potential upside Unprecedented proprietary data moat, perfectly matched to unlock proximity modulation at scale with AI Enable development of proximity modulators, with focus on rational molecular glue design Predict and engineer protein surfaces to modify protein-protein interactions, powered by breakthrough AI foundation model Proximity Modulators Generative AI Structural Proteomics Pre-clinical milestones hit on every major collaboration with $4B+ in total potential upside1 Multiple internal preclinical programs for induced proximity targets in large, validated markets Strategic research collaboration to discover and develop selective proximity-based therapies in cancer and immunology. Total potential value exceeds $1B, including upfront and milestone payments.
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Appendix: Designs of Ongoing Trials 132
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For investor audiences only 133 VALOR: A Single Phase 3 Study of Brepocitinib in Adults with Dermatomyositis Primary Endpoint • 30 mg vs placebo mean Total Improvement Score (TIS) at Week 52 Secondary Endpoints Include • TIS responder analyses • CDASI-A • DMOMS Brepocitinib 15 mg QD Double-blind treatment (52 weeks) Brepocitinib 30 mg QD Open-label extension (52 weeks) Baseline Adults with active DM N = 241 • US: 38% • EU: 32% • ROW: 30% Placebo Week 52: Primary Endpoint 1:1:1 Randomization Endpoints Assessed Approximately 1x Per Month Note: Brepocitinib is investigational and subject to regulatory approvals. All catalyst timings are based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years. CDASI: Cutaneous Dermatomyositis Disease Area and Severity Index DMOMS: Dermatomyositis Outcomes for Muscle and Skin Positive Topline Results Announced in September 2025
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For investor audiences only 134 CLARITY: A Phase 3 Study of Brepocitinib in Adults with Active, Non- Infectious, Non-Anterior Uveitis Two identical sub-studies, CLARITY-1 and CLARITY-2, actively enrolling under a single protocol; topline results expected in 1H 2027 48 Weeks: Primary Endpoint Steroid burst and taper • 60 mg/day OCS burst for 14 days; forced taper to 0 mg/day by Week 8 (identical to Phase 2 study) 96 Weeks Adults with active non-anterior NIU N = 150 per sub-study (300 total) PERIOD 1 Double-blind treatment (48 weeks) PERIOD 2 Open-label extension (48 weeks) 1:1 Randomization Brepocitinib 45mg QD Placebo Brepocitinib 45mg QD Brepocitinib 45mg QD Follow up (4 weeks) Primary Endpoint • Time to Treatment Failure in Period 1 Secondary Endpoints Include • Visual acuity • Posterior-segment inflammation as measured through Wide-Field FA • Change in CST / macular edema Baseline
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For investor audiences only 135 BEACON: A Phase 2 Study of the Safety and Efficacy of Brepocitinib in Adults with Cutaneous Sarcoidosis Topline results expected in 2H 2026 CFB: Change from baseline CSAMI: Cutaneous sarcoidosis activity and morphology instrument Week 16 Primary Efficacy Assessment (CFB in CSAMI Score) Subjects with moderate/ severe active cutaneous sarcoidosis N = 28 TREATMENT PERIOD (16 weeks) 3:2:2 Randomization Brepocitinib 45mg QD (N=12) Brepocitinib 15mg QD (N=8) Follow up (4 weeks) Baseline Placebo QD (N=8)
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For investor audiences only 136 Two Phase 3 Clinical Trials of Batoclimab in TED Ongoing Note: Subset of inclusion criteria for TED Ph3 trial shown on slide Note: CAS = Clinical Activity Score, anti-TSHR-Ab = anti-TSHR antibody, QW = weekly; SC = subcutaneous injection *Immunovant continues to expect the first of the two batoclimab Phase 3 TED studies to read out before the end of calendar year 2025. However, due to evolving competitive dynamics, Immunovant anticipates sharing topline results from both TED studies concurrently in the first half of calendar year 2026. Placebo-controlled, two dose regimens: Study 1 and 2: Active Treatment Phase Placebo QW SC 24 weeks 340mg batoclimab QW SC 12 weeks 680mg batoclimab QW SC 12 weeks Primary Endpoint: Proptosis responders at Week 24 vs placebo where responders defined as ≥ 2 mm reduction from baseline in proptosis in the study eye without deterioration (≥ 2 mm increase) in the fellow eye Participants that complete the active treatment phase may enter an open-label extension study, which will evaluate the response rate and durability of response over time Randomization (2:1) Follow up (4 weeks) Inclusion • Subjects with clinical diagnosis of TED (active, moderate to severe TED with a CAS ≥ 4) • Moderate to severe active TED (not sight- threatening but has an appreciable impact on daily life) • Graves’ disease as evidenced by positive anti-TSHR-Ab titers Anticipate sharing topline data from both trials in 1H 2026*
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For investor audiences only 137 First Potentially Registrational Trial for IMVT-1402 in Graves’ Disease Treatment Period: 52 Weeks N = 240 Randomization (1:1:1) Primary Endpoint: Proportion of participants who become euthyroid 2 and stop ATD at week 26 Key Secondary Endpoint: Proportion of participants who become euthyroid2 and stop ATD at week 52 Design enables study of remission as upside Inclusion1 • Adults with active Graves’ Disease as documented by presence of TSH- R binding autoantibodies • Subjects on an ATD for ≥12 weeks before the Screening Visit • Subjects who are hyperthyroid based on suppressed TSH despite ATD 1. Additional inclusion and exclusion criteria not listed on slide 2. Euthyroid = T3/T4 and TSH within normal limits Note: QW: Weekly; SC: Subcutaneous Group 1 Group 3 Group 2 ATD titration to lowest effective dose (including 0 mg/day) to maintain euthyroidism Period 2 (26 weeks blinded treatment) Period 1 (26 weeks blinded treatment) 600 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC Placebo QW SC Placebo QW SC Placebo QW SC 600 mg IMVT-1402 QW SC Off-Treatment Follow-Up (52 Weeks) TRAb Responder? No Yes
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For investor audiences only 138 Second Potentially Registrational Trial for IMVT-1402 in Graves’ Disease Blinded Treatment Period: 26 weeks N = 210 Randomization (1:1:1) Primary Endpoint at Week 26: Proportion of participants on 600 mg who become euthyroid2 and off ATD versus placebo Secondary Endpoint at Week 26: Proportion of participants on 600 mg who have T3 (Total T3 or FT3) and FT4 ≤ ULN and off ATD Inclusion1 • Adults with active Graves’ disease who are hyperthyroid based on suppressed TSH despite ATD treatment 1. Additional inclusion and exclusion criteria not listed on slide 2. Euthyroid = T3/T4 and TSH within normal limits; TSH: Thyroid-stimulating hormone; ATD: Antithyroid drugs; QW: Weekly; SC: Subcutaneous; T3 = triiodothyronine; FT3: free triiodothyronine; FT4: free thyroxine; ULN: upper limit of normal ATD titration to lowest effective dose (including 0 mg/day) to maintain euthyroidism 300 mg IMVT-1402 QW SC N = 70 Placebo QW SC N = 70 Off-Treatment Follow-up 600 mg IMVT-1402 QW SC N = 70
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139 For investor audiences only PROPEL: Potentially Registrational Study for IMVT-1402 in Myasthenia Gravis Clinical data generated across multiple indications consistently shows that deeper IgG reduction leads to improved clinical outcomes for patients Period 1: Induction (12 weeks) N = 231 1:1:1 Randomization Placebo QW SC 600mg IMVT-1402 QW SC Period 2: Maintenance (14 weeks) Primary Analysis Population: AChR Ab+, MuSK+, LRP4+ Primary Endpoint: Change in MG-ADL from baseline through 12 weeks Primary Analysis (Week 12) 300mg IMVT-1402 QW SC 600mg IMVT-1402 QW SC 300mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC Notes: Period 2 followed by Long-Term Extension (LTE) study. QW: Weekly; SC: Subcutaneous injection; AChR Ab+: Acetylcholine receptor antibody-positive; MuSK+: Muscle-specific tyrosine kinase antibody-positive; LRP4: Low- density lipoprotein receptor-related protein 4 antibody-positive; MG-ADL: Myasthenia Gravis Activities of Daily Living scale; QMG: Quantitative Myasthenia Graves scale.
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For investor audiences only 140 First Potentially Registrational Trial for IMVT-1402 in Difficult-to-Treat Rheumatoid Arthritis Screening Period (up to 5 weeks) Primary endpoint: For participants achieving ACR20 response at Weeks 14 and 16, proportion of participants who achieve ACR20 response at Week 28 Key Secondary endpoint: Change from baseline in CDAI and SDAI at Weeks 16 to Week 28 Inclusion • CRP > upper limit of normal • Active RA defined as ≥ 6/68 tender/painful joints, ≥ 6/66 swollen joints, and DAS28-CRP > 4.1 • ACPA+ • Inadequate response to 2 or 3, but not more than 3, classes of b/tsDMARDs • On stable treatment with csDMARD Note: QW: Weekly; SC: Subcutaneous *Meets ACR20 criteria at Week 14 & Week 16 APCA: anti-citrullinated protein antibody; C-reactive protein (CRP; Disease Activity Score-28 (DAS28); Clinical Disease Activity Index (CDAI); Simplified Disease Activity Index (SDAI); Disease-modifying antirheumatic drugs (DMARDs); American College of Rheumatology (ACR) Safety Follow-up Period (4 weeks) Period 1 : Open-label, active treatment lead-in (16 weeks) N = 120 600mg IMVT-1402 QW SC Period 2: Blinded randomized withdrawal (12 weeks) 600mg IMVT-1402 QW SC 300mg IMVT-1402 QW SC Placebo QW SC Randomized Treatment Responders* (1:1:1)
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141 For investor audiences only First Potentially Registrational Study for IMVT-1402 in Sjögren’s Disease Treatment Period: up to 48 weeks N = 180 Primary Endpoint at Week 24: Change from baseline in clinESSDAI score Key Secondary Endpoint at Week 48: Change from baseline in clinESSDAI score Design enables comparison of high dose (600 dose) to standard FcRn blockage (300 dose) Inclusion1 Group 1 Group 3 Group 2 Period 2* (24 weeks) Period 1 (24 weeks) 300 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC 600 mg IMVT-1402 QW SC Placebo QW SC Placebo QW SC Follow-up (4 weeks) 300 mg IMVT-1402 QW SC *Only clinESSDAI responders (improvement of ≥ 4 points from baseline) continue through period 2 Randomization (1:1:1) • Primary SjD • Moderate to severe systemic disease activity (clinESSDAI total score ≥ 5) • Anti-SSA/Ro antibody positive • Residual unstimulated salivary flow • On stable background medication(s) for primary SjD, if applicable 1. Additional inclusion and exclusion criteria not listed on slide QW: Weekly; SC: Subcutaneous; ClinESSDAI: clinical European League Against Rheumatism Sjögren’s Syndrome Disease Activity Index Primary Analysis (Week 24)
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For investor audiences only Inclusion1 • Clinical criteria for typical CIDP • Having evidence of active disease 1. Additional inclusion and exclusion criteria not listed on slide QW, once weekly; SC subcutaneous. aINCAT: Adjusted Inflammatory Neuropathy Cause and Treatment disability score 2:1 Randomization Placebo QW SC N = 54 600 mg IMVT-1402 QW SC N = 108 Blinded Treatment Period: 24 Weeks N = 162 Follow-up: (4 weeks) Primary Endpoint at Week 24: Proportion of participants remaining relapse free (aINCAT) 142 IMVT-1402 Potentially Registrational Trial in CIDP Simplified study design without washout period and flare requirement prior to randomization based on experience in the batoclimab CIDP study in identifying patients with active disease
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143 For investor audiences only Period 2 Open-Label (14 weeks) Period 1 Blinded (12 weeks) N = 56 IMVT-1402 Proof-of-Concept Study in Cutaneous Lupus Erythematosus Inclusion1 • SCLE or CCLE, with or without SLE • Autoantibody positive • CLASI-A score ≥ 10 at Screening and Day 1. • Inadequate response to conventional therapies (steroids or antimalarial agents) Screening Period (up to 5 weeks)600mg IMVT- 1402 QW SC Primary endpoint: Percent change from baseline in CLASI-A score at Week 12 Secondary endpoints: % of participants who have disease improvement as defined by a reduction in CLASI-A at Week 12 of: • ≥ 5 points • ≥ 50% • ≥ 70% Safety Follow-up Period (4 weeks) Placebo QW SC 600mg IMVT-1402 QW SC Period 3 Blinded (26 weeks) 600mg IMVT- 1402 QW SC 300mg IMVT- 1402 QW SC 1. Additional inclusion and exclusion criteria not listed on slide QW, once weekly; SC subcutaneous. CLASI-A: Cutaneous Lupus Area and Severity Score Index - Activity
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For investor audiences only 144 PHocus: Phase 2 Study of Mosliciguat in Pulmonary Hypertension Associated with Interstitial Lung Disease Subjects with PH-ILD (N ≈ 120) Active Arm Active* 24-week treatment period Eligible Patients Eligible participants diagnosed with PH-ILD Inclusion/Exclusion Criteria • Confirmed ILD (IIP, CHP, ILD-CTD) • Elevated baseline PVR • Pre-defined extent of fibrosis and emphysema as measured by CT Primary Endpoint Change from Baseline PVR Secondary / Exploratory Endpoints • Change from baseline 6MWD • Change from baseline NT-proBNP • Time-to-clinical-worsening (TTCW) at W24 • QoL Week 16: Primary Efficacy Assessment (PVR) If Phase 2 is positive, we believe a single registrational study will be sufficient for approval Screening Period (6 weeks) Active Arm* Placebo Extension Period Randomization (2:1) Week 24: Exploratory Endpoints Multi-center, global trial in ~120 PH-ILD patients * Rapid uptitration to stable dose
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Thank you.