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Mosliciguat in PH-ILD: PHocus Study Topline Results September 8, 2026
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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, the anticipated timing, costs, design, conduct and results of our ongoing and planned preclinical studies and clinical trials for our product and product candidates, any commercial potential of our product and product candidates following applicable regulatory approvals, where applicable, and the outcome of any pending litigation 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 and uncertainties, including, but not limited to, those risks set forth in the sections captioned “Risk Factors” and “Cautionary Note Regarding 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 mosliciguat as compared to certain other products and product candidates generated from separate, independent studies and that do not come from head-to-head analysis. Differences exist between study or trial designs and subject characteristics and caution should be exercised when comparing data across studies. Data regarding other products and product candidates 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 By the End of CY 2028, Roivant Will Execute on… Note: LISRAYA (brepocitinib) is FDA-approved only for treatment of dermatomyositis in adult patients. All other drugs and indications remain investigational and subject to regulatory approval. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years. Green outline and check indicate successful execution. Blue outline denotes addition since 2025 Investor Day. NDA: new drug application; BLA: biologics license application; DM: dermatomyositis; NIU: non-infectious uveitis; GD: Graves’ disease; MG: myasthenia gravis; CIDP: chronic inflammatory demyelinating polyneuropathy; SjD: Sjögren's disease; D2T RA: difficult-to-treat rheumatoid arthritis; PH-ILD: pulmonary hypertension with interstitial lung disease; CLE: cutaneous lupus erythematosus; CS: cutaneous sarcoidosis; LPP: Lichen Planopilaris *May be supplementary filings, depending on drug/indication 4+ NDA/BLA Filings* 9+ Pivotal Study Readouts 4+ Ph2/POC Clinical Readouts Across 4+ Indications PH-ILD CLE Across 7+ Indications brepocitinib IMVT-1402 GD MG NIUDM 3+ Commercial Launches brepocitinib IMVT-1402 mosliciguat brepocitinib IMVT-1402 GD NIU CS DM LPP NIU CIDPMGCS SjD D2T RAGD
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For investor audiences only Mosliciguat is an investigational drug and subject to regulatory approval Note: P-values except primary and key secondary endpoints are nominal given they are exploratory endpoints. 1. Excludes patients who discontinued during titration period; 87% with discontinuations included PVR: Pulmonary Vascular Resistance; 6MWD: 6-minute walk distance; PH: Pulmonary Hypertension; ILD: Interstitial Lung Disease Phase 3 PHrontier program in PH-ILD initiated Key Highlights: Mosliciguat PHocus Trial in PH-ILD All results achieved with convenient, one breath-per-day dosing Cardiac Measures Safety & TolerabilityKey Clinical Endpoints Week 24 Exploratory Analyses 98% 1 Of patients reached highest (4 mg) dose and remained on 4 mg through Week 24 -75.9% Placebo-adjusted reduction in NT-proBNP at Week 24 (p<0.0001) -56.3% Placebo-adjusted PVR reduction at Week 16 (p<0.0001) Primary Endpoint -22.8% Reduction in mean pulmonary arterial pressure (p<0.0001) Well-tolerated with cough rates lower than placebo (12.1% mosliciguat vs. 18.2% placebo)Placebo-adjusted increase in 6MWD at Week 24 (p<0.0001) +52.7m+35.2m Placebo-adjusted increase in 6MWD at Week 16 (p=0.0027) Key Secondary Endpoint +26.2% Increase in cardiac output (p<0.0001) 4
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For investor audiences only 5 PH-ILD Patients Experience Serious Comorbidities, Despite Standard of Care 1. Kiely et al., BMJ Open (2026) 2. Desai et al., J Med Life (2024) Compared to ILD Without PH, Patients With PH-ILD are at Greater Risk of Comorbidities2: ~70% Of Patients Have At Least 1 Comorbidity1 ~60% 3-Year Mortality Rate1 3x Pulmonary Circulation Disease 1.3x RA/Collagen Vascular Disease 2.1x Valvular Heart Disease 2.1x Congestive Heart Failure
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For investor audiences only 6 PH-ILD Represents a Significant Unmet Medical Need With Few Current Treatment Options 1. El-Kersh et al., JHLT Open (2025) 2. Klinger et al., Cardiol Clin (2016) 3. Hoeper et al., PLoS One (2015) 4. Gall et al., J Heart Lung Transplant (2017) 5. Olsson et al., Eur Respir J (2021) 6. Kimura et al., Arthritis Care Res (2013) 7. Nikkho et al., Pulm Circulation (2022) 8. Alhamad et al., J Clin Med (2020) 9. Sathananthan et al., Chest (2023) 10. Kacprzak et al., Diagnostics (2023) 11. Hilberg et al., ERJ Open Res (2022) 12. Raghu et al., Eur Respir J (2015) 13. King et al., Chest (2020) 14. Collard et al., J Am Geriatr Soc (2012) 15. Shorr et al., Eur Respir J (2007) 16. Mathai et al., Am J Respir Crit Care Med (2010) Abbreviations: SoC: Standard of Care; PH: Pulmonary hypertension; ILD: Interstitial lung disease; PVR: Pulmonary vascular resistance • Approved treprostinil therapies require as many as 5x daily doses (up to 48 breaths/day), with unwanted cough and other side effects • Unmet needs with approved PH-ILD therapies necessitate novel therapies with improved efficacy, tolerability, and convenience No Non- Treprostinil Approved Therapies • Prevalence likely underreported due to limited treatment options, diagnostic barriers and evolving disease awareness8-16 • Despite potentially being a larger population, PH-ILD remains comparatively underserved relative to PAH Up to ~200k Patients in US and Europe • Patients with PH-ILD have a median survival of only 1.5-2 years from diagnosis1 • PH-ILD is a particularly severe subgroup of pulmonary hypertension with poorer prognosis and higher mortality than other forms of PH2-5 • Elevations in PVR are associated with worse mortality in PH-ILD patients6,7 1.5-2 Years Median Survival Despite Best- Available SoC1
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For investor audiences only 7Mosliciguat is an investigational drug and subject to regulatory approval Abbreviations: sGC: soluble guanylate cyclase; cGMP: cyclic guanosine 3 ′,5′-monophosphate; NO: nitric oxide Sources: 1. Sandner et al., Respir Med (2017); 2. Thoonen et al., Nat Commun (2015); 3. Becker -Pelster et al., Respir Res (2022); 4. Saleh et al., Clin Pharmacokinet (2025) xx sGC is a key enzyme in the NO-cGMP pathway and its activity is essential for vascular homeostasis1 Oxidative stress in pulmonary disease reduces NO production and impairs the sGC binding site, resulting in sGC dysfunction2 Mosliciguat activates impaired sGC, as well as native sGC, restoring cGMP production, resulting in vasodilation and potential reduction of fibrosis and inflammation1,3 Optimized particle size ensures distal lung deposition for targeted delivery4 Mosliciguat is Delivered Directly to the Lungs to Activate Impaired sGC – Potentially the First Non-Treprostinil Treatment Option NO–cGMP Pathway Heme- binding pocket sGC
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For investor audiences only 8 PHocus Study of Mosliciguat in Adult Patients With PH-ILD Double-blinded, multi-center, global trial in N=135 PH-ILD patients across 87 sites in 20 countries Mosliciguat is an investigational drug and subject to regulatory approval Notes: Not all pre-specified endpoints listed. Abbreviations: PH: pulmonary hypertension; ILD: interstitial lung disease; PVR: pulmonary vascular resistance; 6MWD: six -minute walk distance; NT-proBNP: N-terminal pro-B-type natriuretic peptide; WHO: World Health Organization; RHC: Right Heart Catheterization; CT: computed tomography; TTCW: Time to clinical worsening Screening Period Key Inclusion Criteria • Diagnosis of PH WHO Group 3 associated with ILD • PVR ≥4 WU by RHC • Pre-defined extent of fibrosis and emphysema as measured by CT Randomization (2:1) Week: 16 24 Pre-Specified Exploratory Endpoints: Primary Endpoint : Δ PVR Secondary Endpoints Δ 6MWD Δ NT-proBNP: Δ 6MWD Δ NT-proBNP TTCW Extension Period Blinded Treatment Period 0 Placebo MosliciguatRapid uptitration to stable dose Placebo dose mock titration Stable dose (placebo) Stable dose
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For investor audiences only 9 Baseline Disease Characteristics Were Well-Balanced Across Arms And Reflective of Patients With Moderate-to-Severe PH-ILD Mosliciguat is an investigational drug and subject to regulatory approval Data represents means unless otherwise noted. Abbreviations: NR: not reported; WHO: World Health Organization; PVR: pulmonary vascular resistance; WU: Wood units; NT -proBNP: N-terminal pro-B-type natriuretic peptide; mPAP: mean pulmonary arterial pressure; 6MWD: six -minute walk distance; PH: pulmonary hypertension; PDE5i: phosphodiest erase type 5 inhibitors; Source data on file. Notes: 1. N=43 placebo, N=89 mosliciguat, N=132 total Placebo (N=44) Mosliciguat (N=91) Age (years) 68.3 67.7 Sex, % female 41% 52% Median time since Diagnosis of PH (months) 7.2 5.8 Median time since Diagnosis of ILD (months) 65.2 62.2 PVR (dyn*sec*cm5) 580.0 562.0 PVR (WU) 7.3 7.0 mPAP (mmHg) 40.0 38.9 6MWD (m) 261.6 285.0 NT-proBNP (pg/mL)1 1575.0 982.5 Background PDE5i, % 25% 26% Background antifibrotic, % 59% 54% WHO Class Class II, % 18% 23% Class III, % 73% 74% Class IV, % 9% 3%
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Topline Data from the PHocus Study
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For investor audiences only 11 Mosliciguat Met the Primary Endpoint Of Pulmonary Vascular Resistance % Change From Baseline at Week 16 With a 56.3% Placebo-Adjusted Reduction Highest-ever reported PVR % reduction in any randomized, controlled trial in PH Mosliciguat is an investigational drug and subject to regulatory approval PVR percent change from baseline at Week 16 was analyzed using a nonparametric ANCOVA model (stratified Wilcoxon test) Abbreviations: IQR: interquartile range; PVR: pulmonary vascular resistance. Source data on file. 6.6% -51.3% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% Placebo (N=44) Mosliciguat (N=91) Median (IQR) % change from baseline PVR % Change from Baseline at Week 16 ∆ -56.3% p < 0.0001 100% of patients on drug experienced PVR reduction
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For investor audiences only -60% -50% -40% -30% -20% -10% 0% Mosliciguat Inhaled (DPI) 1x/day LAM-001 (sirolimus formulation) Inhaled 1x/day Adempas (riociguat) Oral 3x/day Revatio* (sildenafil) Oral 3x/day Opsumit (macitentan) Oral 1x/day Uptravi (selexipag) Oral 2x/day Winrevair (sotatercept) Injection Q3W Treprostinil palmitil inhalation powder Inhaled (DPI) 1x/day MK-5475 Inhaled (DPI) 1x/day Seralutinib Inhaled (DPI) 2x/day Ralinepag Oral 2x/day % Reduction in PVR from Baseline Mosliciguat Inhaled (DPI) 1x/day 12 Mosliciguat Demonstrated Among The Highest PVR Reductions Ever Seen In Pulmonary Hypertension PVR reduction observed with mosliciguat supports potential best -in-category status Mosliciguat is an investigational drug and subject to regulatory approval Notes: Not Exhaustive. Represents absolute % PVR changes (not placebo adjusted). Where multiple doses reported, highest PVR % reduction depicted. *% PVR reduction not reported – % change estimated based on absolute reduction and baseline values. Frequency of administration refers to that of approved dose, rather than how compoun d was used in given study. Data reflects minor variations in how PVR reductions were defined across studies. Absolute (non -placebo-adjusted) values reported throughout. Sources: Adempas – Ghofrani 2010; Revatio - Galie 2005; Opsumit - Pulido 2013; Uptravi – Simonneau 2012; Winrevair – Humbert 2021; TPIP – Insmed Investor Presentation, 6/10/25; MK -5475 – Humbert 2024; Seralutinib – Frantz 2024; Ralinepag – Torres 2019; LAM-001 – Quince PR, 5/18/26. PH-ILD PAH Figure represents a cross-study comparison and not a head-to-head study. Differences exist between study designs and subject cha racteristics, and caution should be exercised when comparing data across studies.
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For investor audiences only PVR Treatment Effect Consistently Favored Inhaled Mosliciguat Across All Prespecified Subgroups at Week 16 -140 -120 -100 -80 -60 -40 -20 0 20 40 60 80 cHP IIP ILD CTD IPF Non-IPF >350 m ≤350 m PVR Q4 PVR Q3 PVR Q2 PVR Q1 PVR ≥5 WU PVR <5 WU PDE5i No PDE5i PF % High PF % Medium PF % Low Antifibrotic Therapy No Antifibrotic Therapy Emphysema No Emphysema PP DLCO Hb cor ≥40% PP DLCO Hb cor <40% Male Female ≥65 yrs <65 yrs Overall Favors placeboFavors mosliciguat Placebo Mosliciguat Overall N=44 N=91 Age < 65 yrs 12 27 ≥ 65 yrs 32 64 Sex Female 18 47 Male 26 44 DLCO (% predicted, Hgb cor) < 40% 26 66 ≥ 40% 5 13 Emphysema No emphysema 37 75 Emphysema 7 16 Antifibrotic therapy No antifibrotic therapy 18 42 Antifibrotic therapy 26 49 Pulmonary fibrosis % Low 9 19 Medium 29 55 High 6 17 PDE5i No PDE5i 33 67 PDE5i 11 24 PVR Category < 5 WU 9 25 ≥ 5 WU 35 66 PVR Quartile (WU) Q1 (< 4.97) 9 24 Q2 (4.97 - <6.14) 10 24 Q3 (6.14 - <8.92) 12 22 Q4 (≥ 8.92) 13 21 Baseline 6MWD Category ≤ 350 m 31 64 > 350 m 13 27 PH-ILD etiology Non-IPF 29 66 IPF 15 25 ILD-CTD 16 34 IIP 20 37 cHP 8 20 -56.3 (-66.2, -46.4) -47.1 (-68.5, -25.7) -58.4 (-70.1, -46.6) -59.6 (-74.8, -44.4) -53 (-67.1, -38.9) -60.1 (-73.2, -46.9) -56.9 (-82.2, -31.5) -54.6 (-65.3, -43.9) -65.5 (-93, -38.1) -51.6 (-67.7, -36.2) -59.5 (-72.5, -46.6) -43.8 (-61.4, -26.2) -58.7 (-71.2, -46.2) -68.5 (-110.8, -26.2) -55.7 (-66, -45.4) -59.5 (-86.6, -32.3) -59 (-76.9, -41.2) -56.3 (-67.8, -44.7) -60.1 (-78.4, -41.8) -44.6 (-64.8, -24.3) -54.1 (-76.1, -32) -67 (-86.4, -47.6) -60.6 (-73.3, -47.9) -47.1 (-64.3, -30) -59.5 (-71.9, -47) -49.2 (-68.3, -30.2) -52.7 (-71.5, -34) -48.2 (-62.9, -33.4) -82.8 (-105.8, -59.9) Mosliciguat is an investigational drug and subject to regulatory approval Notes: DLCO data were not collected for all geographies due to limitations on availability of central equipment. Abbreviations: DLCO: Diffusing Capacity of the Lungs for Carbon Monoxide; PDE5i: Phosphodiesterase 5 inhibitor; PVR: Pulmonar y Vascular Resistance; WU: Wood units; 6MWD: Six -minute walk distance; IPF: Idiopathic pulmonary fibrosis; ILD-CTD: Connective tissue disease-associated interstitial lung disease; IIP: Idiopathic interstitial pneumonia; cHP: Chronic hypersensitivity pneumonitis. Source data on file. 13
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For investor audiences only 14 Mosliciguat Achieved Statistically Significant Improvement In 6MWD, Exceeding 35 Meters at Week 16 Mosliciguat is an investigational drug and subject to regulatory approval Change from baseline in 6MWD was analyzed using an MMRM model. Abbreviations: 6MWD: Six-minute walk distance. Source data on file. -14.9 20.3 -15 -10 -5 0 5 10 15 20 25 30 Placebo (N=44) Mosliciguat (N=91) LS mean change from baseline in 6MWD (m) at Week 16 6MWD Change from Baseline at Week 16 ∆ +35.2 p = 0.0027
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For investor audiences only 15 Improvement In 6MWD Observed Early and Continued To Improve Through Week 24, Reaching More Than 52 Meters Mosliciguat is an investigational drug and subject to regulatory approval P-values except Week 16 are nominal given they are exploratory endpoints. Change from baseline in 6MWD was analyzed using an MM RM model. For the primary analysis, the model includes data through Week 16 and for the exploratory analysis, the model includes data through Week 24. Abbreviations: 6MWD: six -minute walk distance. Source data on file. +13.2 +20.6 +27.9 +35.2 +44.6 +52.7 0 10 20 30 40 50 60 Week 4 Week 8 Week 12 Week 16 Week 20 Week 24 LS mean difference in 6MWD (m) Placebo-Adjusted 6MWD Change from Baseline Over Time (N=135) p = 0.0087 p = 0.0027 p < 0.0001 p < 0.0001p = 0.0521p = 0.2540
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For investor audiences only 16 Reduction In NT-proBNP Observed Early and Continued To Improve Through Week 24, Reaching More Than -75% Mosliciguat is an investigational drug and subject to regulatory approval P-values except Week 16 are nominal given they are exploratory endpoints. NT-proBNP change and percent change from baseline at each scheduled visit was analyzed using a nonparametric ANCOVA model (strat ified Wilcoxon test), Abbreviations: NT -proBNP: N-terminal pro-B-type natriuretic peptide. Source data on file. -32.1% -35.2% -43.0% -53.2% -66.2% -75.9% -80% -70% -60% -50% -40% -30% -20% -10% 0% Week 4 Week 8 Week 12 Week 16 Week 20 Week 24 Median difference in % change from baseline Placebo-Adjusted % Change in NT-proBNP Over Time (N=135) p = 0.0016 p = 0.0002 p < 0.0001 p < 0.0001p = 0.0036p = 0.0060
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For investor audiences only 17 Mosliciguat PVR Reduction Was Associated With a Meaningful Improvement In Both mPAP and Cardiac Output Mosliciguat is an investigational drug and subject to regulatory approval Analysis based on patients with observed data at Week 16. a. Nominal p- value given exploratory endpoint; p- value was estimated using a nonparametric ANCOVA (stratified Wilcoxon test) Abbreviations: PVR: pulmonary vascular resistance; CO: cardiac output; mPAP: mean pulmonary arterial pressure. Source data on file. -0.20 0.92 -0.5 0.0 0.5 1.0 1.5 Placebo (N=38) Mosliciguat (N=78) Median change in CO from baseline at Week 16 (L/min) ∆ +26.2% p < 0.0001a -0.50 -9.17 -10 -5 0 5 Placebo (N=38) Mosliciguat (N=78) Median (IQR) change in mPAP from baseline at Week 16 (mmHg) ∆ -22.8% p < 0.0001a Reduced Pulmonary Arterial Pressure Increased Cardiac Output
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For investor audiences only Exploratory Analysis of Time To Clinical Worsening Suggests Mosliciguat Reduced Risk of Worsening By 37% Mosliciguat is an investigational drug and subject to regulatory approval P-value was calculated based on log -rank test. Hazard ratio was calculated using a Cox proportional hazard model. Abbreviations: CW: clinical worsening; PH: Pulmonary hypertension; 6MWD: Six -minute walk distance. Source data on file. 37% Risk Reduction Week 0 4 8 12 16 20 24 N at risk Placebo (N=44) 44 43 37 33 29 25 17 Mosliciguat (N=91) 91 82 68 64 61 56 43 Time to Clinical Worsening (TTCW) defined as the first occurrence of one or more of: • Hospitalization for cardiopulmonary indication • Decrease in 6MWD >15% from baseline • Lung transplantation for worsening PH • Rescue therapy for PH • Death (all causes) HR: 0.63 p = 0.0955 Time to First Clinical Worsening 0 25 50 75 100Probability of CW event-free survival 18
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For investor audiences only Mosliciguat Demonstrated a Cough Rate Lower Than Placebo and ~4-Fold Lower Than Prostanoid Competitors in PH-ILD 18.2% 33.1% 20.0% 12.1% 43.6% 51.7% 48.1%2 0% 10% 20% 30% 40% 50% PHocus (Phase 2) INCREASE (Phase 3) NCT05176951 (Phase 2a) ASCENT (Open-Label Phase 2) % of Patients Cough Incidence Observed In PH-ILD Trials Mosliciguat is an investigational drug and subject to regulatory approval Notes: 1. ASCENT study is open-label and data reflects patients with follow -up available through Week 24. 2. Treatment-related cough only – underestimates overall incidence. Mosliciguat treatment -related cough = 8.8% vs. 13.6% placebo. Figure represents cross-trial comparisons and caution should be taken when making comparisons. Source data on file. Sources: Tyvaso – Waxman et al., 2021; Yutrepia – Liquidia R&D Day Presentation, October 2025; TPIP – PVRI Poster, Molina-Molina et al., 2025. Tyvaso (N=163) Placebo (N=163) Yutrepia (N=54) TPIP (N=29) Placebo (N=10) Mosliciguat (N=91) Placebo (N=44) ~4-fold lower cough incidence vs. competitors and lower rate than placebo Figure represents a cross-study comparison and not a head-to-head study. Differences exist between study designs and subject cha racteristics, and caution should be exercised when comparing data across studies. 1 19
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For investor audiences only 20 Mosliciguat Was Observed To Be Well-Tolerated, With a Favorable Safety Profile Mosliciguat is an investigational drug and subject to regulatory approval Notes: 1. None of the upper respiratory tract infections (0%) were assessed as related to treatment. Abbreviations: TEAE: Treatment emergent adverse event; SAE: Serious Adverse Events. Source data on file. n (%) Placebo (N=44) Mosliciguat (N=91) Any TEAE 38 (86.4) 73 (80.2) TEAEs leading to treatment discontinuation 2 (4.5) 11 (12.1) Any SAE 12 (27.3) 30 (33.0) Deaths 1 (2.3) 3 (3.3) Most common TEAEs (≥10% frequency) Headache 3 (6.8) 16 (17.6) Edema peripheral 5 (11.4) 13 (14.3) Upper respiratory tract infection1 1 (2.3) 13 (14.3) Nausea 3 (6.8) 12 (13.2) Cough 8 (18.2) 11 (12.1) Treatment-Related Cough 6 (13.6) 8 (8.8) Diarrhea 5 (11.4) 11 (12.1) Dyspnea 6 (13.6) 10 (11.0) Vomiting 1 (2.3) 10 (11.0)
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For investor audiences only Mosliciguat: In A League Of Its Own PVR % Reduction 6MWD Improvement Cough Rate Breaths/Day -56.3%PH-ILD Competitors 10% 20% 30% 40% 50% 60% Mosliciguat PH-ILD Competitors 10m 20m 30m 40m 50m 60m +52.7m 60% 50% 40% 30% 20% 10% 12.1%PH-ILD Competitors 40 30 20 10 150 PH-ILD Competitors 1x Daily NT-proBNP % Reduction -75.9% 30% 40% 50% 60% 70% 80% PH-ILD Competitors Mosliciguat is an investigational drug and subject to regulatory approval; PVR: Pulmonary Vascular Resistance; 6MWD: 6-minute walk distance; m = Meters; NT-proBNP: N-terminal pro b-type natriuretic peptide. Notes: Mosliciguat and competitor efficacy data represent placebo-adjusted improvements on efficacy measures at Week 16 for PVR and at Week 24 for 6MWD and NT-proBNP. Competitor data is approximate – ranges represented by data from Tyvaso, Yutrepia, TPIP, L606. 1 Mosliciguat Figure represents a cross-study comparison and not a head-to-head study. Differences exist between study designs and subject cha racteristics, and caution should be exercised when comparing data across studies. 21
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Introducing PHrontier: The Path Forward
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For investor audiences only 23 Phase 3 PHrontier Study Is Underway And Actively Screening Double-blinded, multi-center, global trial in N = ~375 PH-ILD patients Mosliciguat is an investigational drug and subject to regulatory approval Notes: All endpoints assessed at estimated peak exposure. Abbreviations: PH: pulmonary hypertension; ILD: interstitial lung dise ase; PVR: pulmonary vascular resistance; 6MWD: six -minute walk distance; NT-proBNP: N-terminal pro- B-type natriuretic peptide; WHO: World Health Organization; RHC: Right Heart Catheterization; CT: computed tomography. Blinded Treatment Period Screening Period Key Inclusion Criteria • Diagnosis of PH WHO Group 3 associated with ILD • PVR ≥4 WU by RHC • Pre-defined extent of fibrosis and emphysema as measured by CT • Background treprostinil use permitted Randomization (1:1) Week 0 24 Placebo Mosliciguat Primary Endpoint: Δ 6MWD Key Secondary Endpoints: • Time to Clinical Worsening • Δ PVR • Δ NT-proBNP Stable dose (placebo) Stable dose Extension Period Rapid uptitration to stable dose Placebo dose mock titration
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For investor audiences only 0.0 1.0 2.0 3.0 2018 2019 2020 2021 2022 2023 2024 2025 2026E Estimated PAH Share Estimated PH-ILD Share 24 Rapid Growth in Treprostinil Sales Since First PH-ILD Approval Illustrates Clear Unmet Need, Yet PH-ILD Treatment Domain Remains in its Infancy Blockbuster annual sales run rate already achieved in PH- ILD with only <20% market penetration1,2 Source: Company filings and Wall Street consensus estimates. Note: All references are to calendar years. 1. ROIV internal estimate for breakdown of treprostinil sales in PAH / PH-ILD. 2. Penetration rate estimate per UTHR management guidance. ($ in billions) 11 May ’25: Yutrepia approved for PAH and PH-ILD May ’22: Tyvaso DPI approved for PH-ILD April ’21: Tyvaso approved for PH-ILD 4x growth in treprostinil sales in just a 5-year period $0.5 $2.0
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For investor audiences only 25 Evolution of Pulmonary Arterial Hypertension (PAH) Treatment Paradigm Represents a Likely Path for PH-ILD Market Development Key Treatment Pathway(s) | Median Survival Progression 1. D’Alonzo et al., Ann Intern Med (1991) 2. Sitbon et al., JACC (2002) 3. Benza et al., Chest (2012) 4. Hendriks et al., Pulm Circ (2022) 5. Alsumali et al., Adv Ther (2025) 6. ESC/ERS Guidelines from 2009 – 2022 7. Muller et al., Adv Ther (2024) 12 - 15+ yrs5 (proj.) 6 – 8 yrs4 5 – 7 yrs3 3 – 5 yrs2 ~2.8 yrs1 2020 & Beyond 2010- 2020 2000- 2010 1990- 2000 Pre- 1990s Supportive care IV prostacyclin sGC stimulator, oral treprostinil Oral PDE5i, oral ERA, SC and inhaled treprostinil Inhaled treprostinil (DPI), sotatercept PAH Guideline Evolution6 No targeted therapy – only symptom management Guidelines based on functional class; monotherapy only 2009 ESC/ERS: introduced sequential combination therapy for nonresponders 2015 ESC/ERS: initial combination therapy (ERA + PDE5i) endorsed; risk- based approach formalized 2022 ESC/ERS: 4-strata risk model, earlier diagnosis, support for early triple therapy in select patients $0 $20 $40 $60 $80 $100 $120 2002 through 2009 2010 through 2019 2020 through Today 3 Unique Pathways 4 Unique Pathways Evolution of Total PAH Sales 2002-2025 $ BN 15+ approved drugs to date have yielded >$100BN in sales $9BN +$49BN +$44BN 6 drug approvals 5 drug approvals (5 drugs off patent in period) 4 drug approvals 43% of PAH patients begin on dual therapy7 >17% escalate to triple therapy, median 7 months 7
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For investor audiences only Primary endpoint: -56.3% placebo-adjusted PVR reduction at week 16 (p<0.0001), the highest -ever PVR reduction shown in a randomized controlled study of any type of pulmonary hypertension Statistically significant and clinically meaningful +35.2 meters placebo -adjusted increase in 6MWD at Week 16 (p=0.0027), further improving to +52.7 meters at Week 24 (p<0.0001 a) Mosliciguat was well-tolerated with incidence of cough lower than placebo (12.1% mosliciguat vs. 18.2% placebo) All results were achieved with convenient, one breath per day dosing Phase 3 PHrontier program in PH-ILD already underway Key Highlights: Mosliciguat PHocus Trial in PH-ILD Mosliciguat is an investigational drug and subject to regulatory approval Notes: a. Nominal p-value given exploratory endpoint. Abbreviations: PVR: Pulmonary Vascular Resistance; 6MWD: 6 -minute walk distance; PH: Pulmonary Hypertension; ILD: Interstitial Lung Disease; WU: Wood Units 26
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For investor audiences only 27 Phase 1 Phase 2 Registrational Approved Brepocitinib DM NIU CS LPP IMVT-1402 D2T RA GD MG CIDP SjD CLE Mosliciguat PH-ILD High-Value Pipeline, With More to Come Before Year End Note: LISRAYA (brepocitinib) is FDA-approved only for treatment of dermatomyositis in adult patients. All other drugs and indications remain investigational and subject to regulatory approval. All catalyst timings are approximate, based on current expectations and, where applicable, contingent on FDA feedback, and may be subject to change. All references are to calendar years. Topline data 2H 2026 Topline data 2028 Further updates 2H 2026 Topline data 2027 Topline data 2027 Topline data 2028 Topline data 2028 Topline data 2H 2026 Phase 3 initiated Phase 2b/3 FPFV 1Q 2026 Approved August 2026
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Q&A
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Appendix
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For investor audiences only 30 Pulmovant: Other Details ROIV owns 97%1 of PulmovantOwnership 1. As of June 30, 2026. 90% on a fully diluted basis 2. Includes potential patent term extension Intellectual Property We expect mosliciguat to have US exclusivity until the mid-2040s2 Geographic Rights Pulmovant holds worldwide commercial rights to mosliciguat Milestones Pulmovant is obligated to pay Bayer development, regulatory and net sales milestones, up to an aggregate $280M Royalties Pulmovant is obligated to pay Bayer tiered high-single-digit royalties on annual net sales