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June 17, 2025 Brepocitinib: Investor Event Seeking to improve the lives of patients with DM and other serious autoimmune conditions
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2 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 brepocitinib 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. For investor audiences only
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3 Agenda Brepocitinib program overview 1 Focus on dermatomyositis (DM)2 Brepocitinib in the context of Roivant3 Q&A4 Matthew Gline Chief Executive Officer, Roivant Benjamin Zimmer Chief Executive Officer, Priovant For investor audiences only
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4 Aiming to Set New SoC for Patients Across Multiple Areas of High Unmet Medical Need 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. SoC = Standard of Care PoC = Proof of Concept NIU = Non-Infectious Uveitis CS = Cutaneous Sarcoidosis Brepocitinib’s VALOR study, if positive, could significantly improve the standard of care for >40K patients currently living with dermatomyositis (DM) and potentially set a new clinical bar for other therapies Across multiple ongoing studies, if successful, brepocitinib could help >200K patients. ROIV’s enthusiasm and confidence drives the speed, depth and breadth of brepocitinib’s ongoing & planned late-stage development program (with Phase 3 studies ongoing for NIU and PoC study ongoing in CS) VALOR’s expected readout in 2H25 is the first of several upcoming clinical and regulatory catalysts expected for brepo over the next 24 months For investor audiences only
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Brepocitinib is a Potential First-In-Class Dual Selective TYK2/JAK1 Inhibitor, Representing Next Generation of Treatment for Inflammatory Diseases 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, 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 Brepo combines the best attributes of selective TYK2 and JAK1 inhibition with potential to provide very robust efficacy for patients across highly morbid, heterogeneous autoimmune diseases Brepo Evolution of JAK inhibitor field highlights demand for efficacy in treating patients with the most debilitating symptoms For investor audiences only 5Note: All trademarks are property of their respective owners
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6 JAK-STAT Signaling Pathway Reminder Figure adapted from Morris et al, 2018 There are 4 human JAK isoforms (JAK1, JAK2, JAK3, and TYK2) and distinct combinations of each are required for specific cytokine signaling pathways Inhibiting different JAK isoforms has a distinct pharmacologic effect in terms of which cytokine signaling pathways are suppressed For investor audiences only
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7 Dual TYK2/JAK1 Inhibition is a Novel Mechanism of Action, With Potential for Greater Efficacy Than Earlier Generation JAK Inhibitors Unlike any approved molecule, brepo inhibits both TYK2 and JAK1, suppressing signaling pathways for a distinctive set of cytokines linked to autoimmunity IFN-γ IL-2 IL-6 IFN-α/β IL-10 IL-12 IL-23 JAK1 and TYK2 Brepocitinib JAK1 TYK2 For investor audiences only
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1. Overall study N represents patients randomized to all brepocitinib dose levels or placebo and excludes patients randomized to other agents 2. Includes patients from initial 24-week study period only 3. 60 mg QD for 4 weeks followed by 30 mg QD for 20 weeks 4. Brepocitinib 45 mg once daily was the only brepocitinib dose evaluated in this study 5. Brepocitinib 60 mg once daily was the only brepocitinib dose evaluated in the induction period of this study Note: The failed SLE study was conducted by Pfizer. All other studies on the left-hand side timeline were conducted by Priovant. Out of the seven positive phase 2 studies on the right-hand side table, the non-infectious uveitis study was conducted by Priovant, and all others were conducted by Pfizer. 8 Rapid Expansion of Brepocitinib Program into Multiple Orphan Immunological Conditions with Well Established Safety Profile Across >1,500 Patients 4Q 2023 Pfizer SLE Ph2b trial failed to meet primary endpoint 3Q 2021 Priovant established by Roivant licensing brepo from Pfizer 3Q 2022 Initiated pivotal trial in DM and POC trial in NIU 1Q 2024 NIU Ph2 readout showing potential best- in-indication efficacy 3Q 2024 Initiated pivotal trial in NIU 2Q 2025 Initiated POC trial in CS Psoriatic Arthritis Patients with active PsA Study Population N1 Plaque Psoriasis Patients with moderate-to-severe PsO Ulcerative Colitis Patients with moderate-to-severe UC Alopecia Areata Patients with moderate-to-severe AA Hidradenitis Suppurativa Patients with moderate-to-severe HS 218 212 167 942 100 Brepocitinib Dose 30 mg once daily 30 mg once daily 30 mg once daily 30 mg once daily3 45 mg once daily4 Seven Positive Phase 2 Studies Crohn’s Disease Patients with moderate-to-severe CD 151 60 mg once daily5 Non-infectious Uveitis Patients with active non-infectious intermediate-, posterior-, and panuveitis 26 45 mg once daily Roivant’s Rapid Expansion of Brepocitinib For investor audiences only
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9 Brepocitinib Could Redefine SoC for Patients with Dermatomyositis (DM) • DM skin and muscle disease is debilitating to patients’ quality of life • Patients are heavily treated with high-dose chronic steroids and immunosuppressive therapies, with limited efficacy • Brepo is only oral therapy in late-stage development and could be first advanced novel approved therapy of any modality for patients with DM DM is a debilitating disease with significant unmet medical need VALOR Study is designed to potentially establish brepocitinib as a new SoC in DM • Strong clinical and pharmacologic rationale for TYK2/JAK1 inhibition in DM • VALOR is largest interventional DM trial ever conducted, with clinically relevant endpoints and enrolled patient population representative of real-world DM population • Strong success seen with steroid taper during study (blinded/pooled) For investor audiences only SoC = Standard of Care
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10 Dermatomyositis is a Chronic Inflammatory Disease of the Skin and Muscles That Affects Approximately 40-50K US Adults 1. Priovant/TMA Patient Survey 2. Myositis Journey and Burden of Disease Survey, MSU (2022) For investor audiences only 63%1 Unable to climb one flight of stairs 53%2 Unable to walk more than 1 mile 50%2 Unable to bend, kneel, or stoop Unable to lift or carry groceries 36%2 Unable to do chores (e.g., vacuuming, yard work) 40%2 Report use of mobility aids (e.g., canes/ crutches, rollators, wheelchairs, and walkers) 35%2 KEY SYMPTOMS Red, Painful Skin Rash100% Proximal Muscle Weakness~90%
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11 DM Skin Disease Activity Contributes to Major Quality of Life Disruption and is Associated with Poor Emotional and Social Health ADL: Activities of Daily Living Survey data adapted from Kleitsch et al, Arch Dermatol Res (2023) 1. Goreshi et al, J AM Acad Dermatol (2011) Reported that their cutaneous disease caused disruption of daily life Reported emotional symptoms caused by their disease including fear, anxiety, frustration, worry, guilt, discontent, and longing Reported itchiness; many patients experience disruption in their sleep due to itchiness Reported social impacts of their disease; patients feel self-conscious about how they look and experience social restrictions because of it 58% 53% 65% 82% In a separate analysis of DM skin disease’s impact on QoL, DM had higher (worse) Skindex -29 Emotional Subscores than any other inflammatory skin disease1. For investor audiences only
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12 High Treatment Rates, with >60% Receiving Multiple Therapies and ~80% Receiving Steroids, Often High Doses Administered Chronically Note: Analysis by Roivant/Priovant using closed claims data from Inovalon. Analysis includes patients with DM with continuous enrollment from 2020-2022. 0% 20% 40% 60% 80% 100% ISTs Biologics IVIG Steroid Use Among Patients Receiving Steroid-Sparing Therapy Received Oral Steroid ≥10 mg/day Received Any Oral Steroid Received Any Steroid (Oral or Injectable) All Patients Despite widespread use of multi-drug steroid-sparing therapy combinations, 62-72% of patients receiving steroid-sparing therapy still use oral corticosteroids, with most requiring doses ≥10 mg/day for ≥100 days/year For investor audiences only 24% 34%6% 15% 18% 3% Therapies Received by ~34K Treated Dermatomyositis Patients Only Steroids Steroids + IST Steroids + Biologic/IVIG Steroids + IST + Biologic/IVIG Only ISTs All Other Regimens
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13 High Rates of Glucocorticoid (Steroid) Use in DM Patients are Associated with Major Adverse Effects Across Multiple Organ Systems 1. Vlekkert J., et al., Neuromuscul Dis (2010) 2. Loarce-Martos J., et al., Clin Rheumatol (2021) 3. Uchino M., et al., Eur Neurol (2012) 4. Ng K.P., et al., Clin Rheumatol (2009) 5. de Andrade D.C.O., et al., Rheumatol Int (2012) 6. Choy E.H.S., et al., Rheumatol (2002) 7. Naim M.Y., et al., J Rheumatol (2006) 8. Akter T., et al., J Dhaka Med Coll (2015) Cataracts1,4 (11-13%) Glaucoma1,4 (11-13%) Mood Swings1,2 (67-86%) Long-Term Adverse Events (Reported Frequency in DM/IIM) Cushingoid State1 (57%) Adrenal Insufficiency Steroid Myopathy7,8 Osteoporosis4,5,6 (18-42%) Osteonecrosis (18-42%) Short-Term Adverse Events (Reported Frequency in DM/IIM) Skin Thinning1 (47%) Hair Loss1 (37%) Euphoria and Hypomania Gastric Symptoms1,2 (43%) Hypertension1,3 (13-17%) Cutaneous Striae Impaired Wound Healing1 (40%) Diabetes/Hyperglycemia1,3 (33-36%) Infections1,3,4 (22-29%) Ability to reduce or discontinue chronic corticosteroids would likely have significant positive impact on patient health For investor audiences only
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14 Despite Widespread Use of SoC Therapies, Patients with DM Experience High Rates of Disease Flare and Pain, Often Requiring Opioid Painkillers 1. Christopher-Stine, et al. J Manag Care Spec Pharm (2020) 2. Bhashyam et al, Rheumatology (2023) PM = polymyositis 73% (N=524) Despite existing therapies, most adults with DM and PM experienced at least one disease flare in the past year1 57% (N=183) % of DM patients who use opioids to manage DM- associated pain2 97% (N=183) Nearly all DM patients report experiencing current or prior pain2 For investor audiences only
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15 Growing Evidence of Effectiveness of JAK Pathway for DM Patients 1. Paik et al, Arth Rheum 2021 2. Paik et al, Clin Exp Rheum 2022 3. Chinoy et al, ACR 2024 Abstract #1731 4. Landon-Cardinal et al, JAAD 2023 5. Wallwork et al, Exp Opin Pharmacother 2024 Note: IIT = investigator initiated trial 2021 2025 STIR Study (Tofacitinib)1 (N = 10 skin- predominant patients) Marked improvement in skin disease SLR: Case Reports in Adult and Juvenile Myositis2 (N = 145) Consistent improvements in skin and muscle disease STIR Study (Tofacitinib)1 (N = 10 skin-predominant patients) Marked improvement in skin disease MYOJAK Study (Baricitinib)3 (N = 15 patients with PM or DM, n = 13 with DM) Marked improvement in skin and muscle disease Pilot Study of Barictinib or Ruxolitinib in Adult DM4 (N = 16 patients) Marked improvement in skin and muscle disease SLR: Case Reports in Adult and Juvenile Myositis5 (N = 601) Consistent improvement in skin and muscle disease 1 IIT, ~150 published cases 3 IITs, >600 published cases For investor audiences only
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16 Dual TYK2/JAK1 Inhibition is Particularly Well-Suited to Address Underlying DM Pathobiology Pathogenic Cytokine Role in DM Pathogenesis Brepocitinib Selective JAK1 Inhibitor Selective TYK2 Inhibitor Type I IFN Antibody Type I IFN (IFNα/β) Direct Cellular Damage & Lymphocyte Activation Type II IFN (IFNγ) Th1 Lymphocyte Polarization IL-12 IL-6 Th17 Lymphocyte Polarization B Cell Activation Partial IL-23 For investor audiences only
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17 Independent Clinical Evidence for Each of JAK1 and TYK2 Axes in DM Phase 2 trial of tofacitinib in refractory DM (STIR)1 (Proxy for JAK1 inhibition) Phase 3 trial of anti-IL-12/23 ustekinumab in refractory DM2 (Proxy for TYK2 inhibition) Total Improvement Score Total Improvement Score For investor audiences only 1. Paik et al, Arth Rheum (2021) 2. Kawahata et al, RMD Open (2023) Weeks
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18 VALOR: A Single Phase 3 Study of Brepocitinib in Adults with Dermatomyositis Pivotal study fully enrolled with topline data expected 2H 2025 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 For investor audiences only Endpoints Assessed Approximately 1x Per Month 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.
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19 VALOR Required Both Active Muscle and Skin Disease at Baseline Baseline Muscle Disease Requirement Active muscle disease, with MMT8 ≥80 and ≤142 Baseline Skin Disease Requirement Active skin disease, with CDASI-A ≥6 Clinical interpretation: at least mild muscle weakness at baseline, but without end- stage/irreversible muscle damage Clinical interpretation: at least mild skin disease activity at baseline For investor audiences only
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20 Concomitant Medication Protocol Requirements/Allowances Allowed Background Medications Oral corticosteroids (OCS) ≤ 20 mg/day prednisone equivalent, with mandatory taper Prohibited Background Medications IVIg Antimalarials (e.g., hydroxychloroquine) Non-steroidal immunosuppressant (IST) (e.g., azathioprine, methotrexate, mycophenolate mofetil) Biologic therapies Other JAK inhibitors Subjects could be on any combination of these medications, with dose stability requirements prior to baseline Prior use of these therapies with washout at trial start was allowed History of inadequate response to at least one current or prior DM medication required for enrollment, but no active background medication was required For investor audiences only
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21 Total Improvement Score (TIS): A Validated Assessment Tool for Use in Myositis Clinical Studies The TIS reflects improvement from baseline in 6 core set measures (CSMs), including 3 global measures that capture disease activity across organ systems, 2 muscle-specific measures, and a commonly used measure for ADLs Assessed by investigator on a Visual Analog Scale (VAS)Physician Global Activity For investor audiences only Reported by patient on a Visual Analog Scale (VAS) Patient Global Activity All non-muscle organs (e.g., skin, lungs) assessed by investigator on a Visual Analog Scale (VAS)Extramuscular Global Activity Most abnormal serum muscle enzyme (includes creatinine kinase, aldolase, ALT, AST, and LDH)Muscle Enzymes Questionnaire completed by the patient Heath Assessment Questionnaire Assessment of muscle/muscle group strength against examiner’s resistanceManual Muscle Testing Global Activity Measures Muscle Disease Activity Activities of Daily Living
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22 Total Improvement Score (TIS): A Validated Assessment Tool for Use in Myositis Clinical Studies Absolute changes in each CSM are assigned a level score, and all six level scores are summed to obtain a value from 0- 100 – this is a patient’s Total Improvement Score Muscle Enzymes Health Assessment Questionnaire Physician Global Activity Extramuscular Global Activity Manual Muscle Testing Patient Global Activity Worsening to 5% improvement 0 >5% to 15% improvement 7.5 >15% to 25% improvement 15 >25% to 40% improvement 17.5 >40% improvement 20 Worsening to 5% improvement 0 >5% to 15% improvement 2.5 >15% to 25% improvement 5 >25% to 40% improvement 7.5 >40% improvement 10 Worsening to 2% improvement 0 >2% to 10% improvement 10 >10% to 20% improvement 20 >20% to 30% improvement 27.5 >30% improvement 32.5 Worsening to 5% improvement 0 >5% to 15% improvement 5 >15% to 25% improvement 7.5 >25% to 40% improvement 7.5 >40% improvement 10 Worsening to 5% improvement 0 >5% to 15% improvement 2.5 >15% to 25% improvement 5 >25% to 40% improvement 7.5 >40% improvement 7.5 Worsening to 2% improvement 0 >2% to 10% improvement 7.5 >10% to 20% improvement 12.5 >20% to 30% improvement 15 >30% improvement 20 Total Improvement Score Sum of all 6 CSM Level Scores Range: 0-100 For investor audiences only TIS Responder Categories Minimal Responder ≥20 Moderate Responder ≥40 Major Responder ≥60
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• Mean TIS is a continuous variable that ranges from 0 to 100 • Primary endpoint is the difference in means at week 52 between the 30mg arm and the placebo arm • VALOR is 90% powered to detect a difference of 12 points between 30mg arm and placebo on mean TIS, and to result in a statistically significant outcome for differences as low as 8 points Response rates for TIS improvement thresholds are secondary endpoints Mean TIS is the VALOR primary endpoint 23 The VALOR Study Will Evaluate the TIS as Both a Continuous Variable (Primary Endpoint) and as Response Rates for Given Improvement Thresholds For investor audiences only • The percentage of patients achieving a 40-point improvement on TIS (TIS40) and a 60-point improvement on TIS (TIS60) will be assessed as secondary endpoints o TIS40 and TIS60 are responder endpoints evaluated as “double deltas” (i.e., difference between drug and placebo in percentage of patients achieving the given response threshold) • Focusing on higher-threshold measures most relevant to patients (akin to those in other inflammatory diseases, like PASI-90 or HiSCR-90) • We will also evaluate time-to-TIS-response and percentage of patients achieving TIS response while also meeting certain steroid reduction benchmarks
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24 Placebo Response Behavior in TIS is Still in the Process of Being Understood, Particularly Across a 52-Week Study 1. Among patients with MMT-8<142 at baseline 2. Aggarwal et al, NEJM (2022) 3. Fiorentino et al., Lancet (2025) 4. Argenx ALKIVIA poster, EULAR OP0002 (2025) For investor audiences only • TIS only goes up → some placebo response inevitable • Only completed 52-week study using TIS was Corbus’s lenabasum trial: mean TIS at 52 weeks in placebo group was 39.31 • Lenabasum failed in Phase 3 studies in scleroderma and dermatomyositis • Placebo mean TIS in shorter studies has varied significantly: Octagam P3 placebo Week 16 21.62 Dazukibart P2 placebo Week 12 36.93 Efgartigimod P2 placebo Week 24 35.74
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• CDASI is scored by a clinician at 15 distinct anatomic sites based on the extent of erythema, scale, and erosion/ulceration • Activity scores (CDASI-A) range from 0 – 100; a higher score indicates more severe disease • CDASI-A scores of 14 or greater indicate moderate-to-severe skin disease activity • A 4-point change is the minimum clinically important difference • Historically less susceptible to placebo response than TIS 25 CDASI is a validated, widely used measure of skin disease activity in patients with dermatomyositis CDASI: Cutaneous Dermatomyositis Disease Area and Severity Index For investor audiences only 25
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26 DMOMS – Recently Developed DM-Specific Composite Endpoint Physician Global Activity CDASI-A Manual Muscle Testing Patient Global Activity ≤ 0.5 point improvement 0 0.6 – 1.5 point improvement 7.5 1.6 – 2.5 point improvement 15 2.6 – 4.0 point improvement 17.5 ≥ 4.1 point improvement 20 ≤ 0.5 point improvement 0 0.6 – 1.5 point improvement 4 1.6 – 2.5 point improvement 7.5 2.6 – 4.0 point improvement 11 ≥ 4.1 point improvement 15 ≤ 3 point improvement 0 4 – 7 point improvement 10 8 – 12 point improvement 20 13 – 19 point improvement 27.5 ≥ 20 point improvement 32.5 ≤ 4 point improvement 0 5 – 7 point improvement 10 8 – 12 point improvement 20 13 – 19 point improvement 27.5 ≥ 20 point improvement 32.5 The Dermatomyositis Outcomes for Muscle and Skin (DMOMS) endpoint was developed to more precisely reflect the clinical manifestations of dermatomyositis specifically, rather than myositis in general Total DMOMS Score Sum of all 4 Level Scores Range: 0-100 Global Activity Measures Muscle Disease Activity Skin Disease Activity For investor audiences only 26
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27 VALOR Pooled/Blinded Baseline Characteristics, Compared to ProDERM (IVIg Phase 3 Trial) Pooled VALOR enrolled similar patient population, with modestly higher proportion of patients having severe disease 1. Aggarwal et al, NEJM (2022) VALOR (N = 241) ProDERM1 (N = 95) Disease Activity (by Physician Global Activity) Mild 45 (19%) 26 (27%) Moderate 142 (59%) 56 (59%) Severe 54 (22%) 13 (14%) Median Time Since Diagnosis (years) 3.0 2.6 Mean MMT-8 (Max score = 150, lower scores indicate more weakness) 122.6 120.9 Mean CDASI-A (Max score = 100, higher scores indicate more severe disease) 19.8 18.9 CDASI-A > 14 146 (61%) 51 (54%) For investor audiences only All VALOR data are pooled and blinded to sponsor and investigators. Data extracted prior to final database lock are preliminary and subject to change.
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28 Nearly All Patients Entered Study on Background OCS and/or IST, Consistent with Real-World Population Proportion of subjects within each medication group receiving stable dose for given duration prior to baseline N (overall study N = 241) Protocol dose stability requirement (prior to baseline) 4+ Weeks 12+ Weeks 18+ Weeks 24+ Weeks Oral corticosteroids N = 181 Mean dose ~12 mg/day 4 weeks (must have initiated OCS ≥12 weeks prior) 99% 75% 59% 47% Immunosuppressive therapy (azathioprine, methotrexate, mycophenolate mofetil) N = 166 12 weeks 100% 99% 84% 80% Antimalarial N = 65 12 weeks 100% 98% 88% 83% For investor audiences only All VALOR data are pooled and blinded to sponsor and investigators. Data extracted prior to final database lock are preliminary and subject to change.
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29 Steroid Tapering Was A Key Focus of VALOR Study ICE = Intercurrent Event 1. Observed patients to date Protocol Requirements • Mandatory taper to ≤5 mg/day for any subjects on >5 mg/day at baseline (N = 133) • Encouraged taper off steroids altogether for all subjects on background OCS (N = 181) Among Subjects Taking OCS at Baseline Without ICE Mean OCS Dose Baseline End of Study1 ~12 mg/day ~2.5 mg/day Proportion Achieving OCS Dose Reduction >50% from BL >85% Proportion Achieving OCS Dose Reduction >75% from BL >60% Proportion Eliminating OCS Entirely >40% Success Rate of Mandatory Taper >98% All clinical improvement demonstrated in VALOR results will be against the backdrop of significant reductions in harmful steroid exposure For investor audiences only All VALOR data are pooled and blinded to sponsor and investigators. Data extracted prior to final database lock are preliminary and subject to change.
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30 VALOR Study: Concluding Thoughts Any positive result (i.e., statistical significance on primary endpoint) for the VALOR trial would represent a breakthrough for DM research and treatment Steroid burden is significant in DM; ability to demonstrate improvement on disease symptoms while also reducing steroid exposure would be highly impactful for patients and clinicians Active engagement with FDA around potential NDA submission if study successful; received Orphan Drug Designation in May For investor audiences only
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Brepocitinib Dazukibart Efgartigimod Anifrolumab Phase 3 Top Line Readout* 2H 2025 2H 2026 2H 2026 1H 2027 Route of Administration Oral IV SC SC Increasing Pharma Recognition of Commercial Opportunity in DM with Brepocitinib Well Ahead of the Pack and Only Oral Option in Phase 3 For investor audiences only 31 Phase 2 DM Clinical Program Initiations Since VALOR Study Start Note: All drugs are investigational and subject to regulatory approvals. All 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. Note: All trademarks are property of their respective owners *Phase 3 top line readouts per ClinicalTrials.gov
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How Brepocitinib Exemplifies These Objectives Roivant’s Strengths 32 The Brepocitinib Program is a Good Case Study of ROIV’s Broader Strategy Identify high value programs with differentiated mechanisms of action Focus on creative development plans in indications with significant unmet medical need Execute efficiently on focused clinical execution Dual TYK2/JAK1 inhibition is a novel mechanism, with broad and differentiated therapeutic impact. If successful, Brepo will represent a next generation treatment for hard to treat autoimmune conditions. Chose to focus on rare autoimmune conditions vs. more ‘obvious’ areas like PsA, UC, CD, AA, HS etc. Driven by quantum of unmet medical need, clear commercial ‘swim lane,’ and deep understanding of disease biology for interested indications. VALOR is the largest interventional DM trial ever conducted and has enrolled patients significantly faster than several other DM studies. Beyond VALOR, decision to expand into other indications and speed of execution (e.g., rapid transition from PoC trial start to expected Ph 3 readout for NIU) showcases strong clinical execution. For investor audiences only
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33 Brepocitinib: Expected Upcoming Events For investor audiences only 2H 2026 Proof of Concept data from CS study 2H 2025 VALOR study readout for brepo in DM 1H 2027 Topline data readout from pivotal study in NIU 2H 2027 Potential regulatory filing of brepo for use in NIU Early 2027 Potential brepo approval and launch Early 2026 Potential regulatory filing of brepo for use in DM Additional opportunities evaluation and pivotal study progression based on PoC data 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.
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Q&A
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Thank you.
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Appendix
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Dermatomyositis: Disease Overview Literature-Based Estimates Priovant Claims Analysis Other Companies Developing DM Therapies 23K1 70K40K 52K2 51K Dermatomyositis is a chronic inflammatory disease of the skin and muscles that affects approximately 40-50K US adults US ADULT PREVALENCE For investor audiences only 37K INCIDENCE 37 Literature-Based Estimates 1.1/100,0003 3.0/100,0004 1. Smoyer-Tomic et al, BMC Musculoskeletal Disorders (2012) 2. Reeder et al, Arch Dermatol (2010) 3. Kronzer et al, Arth Care Res (2021) 4. Osman et al, Sci Reports (2023) Priovant Claims Analysis 2.2/100,0001.4/100,000
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38 Brepocitinib: Other Details ROIV owns 75%* of Priovant, with Pfizer owning the remainder. Ownership For investor audiences only Geographic Rights Intellectual Property Milestones Royalties *As of March 31, 2025. 68% on a fully diluted basis. We expect Brepocitinib to have US exclusivity at least until 2039. Priovant has commercial rights to brepocitinib in US and Japan. Priovant is obligated to pay Pfizer mid tens-of-millions if sales exceed a mid hundreds-of-millions amount in Priovant territories. Pfizer is obligated to pay Priovant low tens-of-millions if sales exceed a mid hundreds-of-millions amount in non-Priovant territories. Priovant is obligated to pay Pfizer tiered sub-teens royalties on annual sales in Priovant territories. Pfizer is obligated to pay Priovant tiered high single digits to sub-teens royalties on annual sales in non-Priovant territories.
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39 Speaker Biographies Matthew Gline Matt Gline serves as Chief Executive Officer of Roivant Sciences. Mr. Gline joined Roivant in March 2016 and previously served as Chief Financial Officer. From April 2014 to March 2016, he was a Vice President at Goldman Sachs, Fixed Income Digital Structuring, where he focused on technology and data strategy. Prior to Goldman Sachs, Mr. Gline was a co-founder of Fourthree, a risk analytics technology and consulting company. From 2008 to 2012, he served as Vice President at Barclays, Enterprise Risk Management Advisory, where he provided analysis for corporate clients related to capital markets access for financing and risk management. Mr. Gline earned his A.B. in Physics from Harvard College. Benjamin Zimmer Ben Zimmer has been CEO of Priovant since the company’s creation in 2021. Prior to joining Priovant he served on the leaders hip team of Roivant as acting COO (2018-2019) and President, Roivant Health (2018-2021). In this role, Ben led the incubation, launch, and board oversight of Datavant (majority stake acquired by New Mountain Capital), Sinovant (included in Roivant-DSP transaction), and VantAI. From 2015-2018, Ben worked at Roivant in a variety of roles across business operations, clinical operations, and public affairs. Before Roivant, Ben founded and ran a public policy-focused non-profit and worked as a consultant at McKinsey. He holds an A.B. in History from Harvard College and a J.D. from Yale Law School. For investor audiences only