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Brepocitinib in NIU: CLARITY Topline Results October 21, 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, the timing of potential regulatory approvals for our product and product candidates, any commercial potential of our product and product candidates following applicable regulatory approvals 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 brepocitinib as compared to another product generated from separate, independent studies, not 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 product is based on publicly available information. LISRAYA (brepocitinib) is FDA-approved only for treatment of dermatomyositis in adult patients. All other indications remain investigational and subject to regulatory approval. See important LISRAYA safety information, including boxed warning, at lisrayahcp.com/pi 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 the treatment of dermatomyositis in adults. Its use in NIU remains investigational and subject to approval by the FDA. 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; CS: cutaneous sarcoidosis; LPP: Lichen Planopilaris; POC: proof-of-concept *May be supplementary filings, depending on drug/indication 4+ NDA/BLA Filings* 9+ Pivotal Study Readouts 3+ Ph2/POC Clinical Readouts Across 3+ Indications PH-ILD Across 7+ Indications IMVT-1402 GD MG 3+ Commercial Launches brepocitinib IMVT-1402 mosliciguat brepocitinib IMVT-1402 GD NIU CS DM LPP NIU CIDPMGCS SjDGD D2T RA brepocitinib NIUDM
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For investor audiences only 4 Brepocitinib: ROIV’s Clinical Development Strategy Focuses on Indications at the Intersection of Dual TYK2/JAK1 Biology and High Unmet Medical Need Non-Infectious Uveitis, Dermatomyositis, Cutaneous Sarcoidosis Mid-high tens-of- thousands prevalence TYK2 and/or JAK1 clinical proof-of- concept Few to no therapies approved Large unmet medical need with favorable benefit/risk Pathobiology aligned with TYK2/JAK1 inhibition 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. Non-Infectious Uveitis (NIU) sNDA Filing 1H 2027 Dermatomyositis (DM) Approved August 2026 Cutaneous Sarcoidosis (CS) Ph3 Ongoing Current Brepocitinib Indications Lichen Planopilaris (LPP) Ph2b/3 Ongoing Positive Ph3 Data Announced Today
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For investor audiences only 5 Non-Infectious Uveitis (NIU): Highly Morbid, Poorly Served Indication With Large Unmet Need 1. Dayani, Modern Retina (2020) 2. Jaffe et al., NEJM (2016) 3. Tallouzi et al., BMJ Open Ophth (2020) 4. Thorne et al., JAMA Opthalmol (2016) 5. Analysis by Roivant/Priovant using closed claims data from Inovalon from 2016-2024 6. Pate and Cleghorn, Rev Opt (2024) 7. Sen et al., Nat Rev Rheumatol (2015) 8. Rosenbaum, Rev Opt (2024) Disease Overview Anatomic Location 3rd leading cause of blindness in the US1 1 approved non- steroid therapy (Humira)2 50% of NIU patients fail within 6 months on Humira2 300- 860K US adults with anterior uveitis – generally treatable with local therapy4,5 70- 190K US adults with posterior, intermediate, or panuveitis, generally requiring systemic therapy many patients with panuveitis but particularly notable anterior inflammation may be initially diagnosed with anterior disease 4-6 May present as anterior, intermediate, posterior or panuveitis4 Etiology 50% 50% Common comorbidities: sarcoidosis, Behcet’s disease, Crohn’s disease, rheumatoid arthritis, ankylosing spondylitis, VKH, birdshot chorioretinopathy8 idiopathic in combo with other autoimmune diseases Across etiologies, pathobiology is driven by T-cell infiltration into the eye7 Symptoms include: eye pain, eye redness, distorted vision, floaters, headache, and fatigue 3
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For investor audiences only 6 Two Distinct Prescriber Bases for Novel Systemic Therapy for NIU Uveitis Specialists Community Retina Doctors / Partnered Rheumatologists Approach To Systemic Medication Quickly move to systemic medications; uveitis specialist leads medication selection Start with short-term local intervention; partnered rheumatologist leads systemic medication selection Treatment Paradigm Treat aggressively, with “zero tolerance” for ocular inflammation1 Local treatments → Systemic steroids → → DMARDs → TNFi → Other Potential Early Adopters All uveitis specialists Rheumatologists prescribing TNFi for NIU (and partnered retina doctor) Potential for Rapid Adoption All patients under uveitis specialists’ care TNFi-refractory population Patients Reached at Launch Tens of thousands of eligible patients treated at specialist centers Tens of thousands of TNFi-refractory patients 1. Nguyen, Am Acad Ophthamol (2007) TNFi: Tumor necrosis factor inhibitor; NIU: Non-infectious uveitis; DMARD: Disease-modifying anti-rheumatic drug Potential to Impact Tens of Thousands of Patients at Launch, With Additional Expansion Over Time
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For investor audiences only Brepocitinib CLARITY Topline Results
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CONFIDENTIAL Sources: 1. Oh et al, J Immunol (2011); 2. Egwuagu et al, J Immunol (1995); 3. Meng et al, Clin Exp Med (2025); 4. Yang et al, Intl J Mol Sci (2023) Brepocitinib’s Groundbreaking Efficacy Results In CLARITY Reflect Distinctive Features Of TYK2/JAK1 Mechanism Of Action Pathogenic Cytokine Role in NIU Pathogenesis JAK1 Alone TYK2 Alone Brepocitinib IL-23 Polarization of Th17 effector cells, which cause breakdown of the blood-retinal barrier1 X ✓ ✓ IFNγ Recruit, activate, and sustain proinflammatory cells in the eye2,3 ✓ X ✓ IL-12 X ✓ ✓ IL-6 Increases vascular permeability, causing fluid leakage and retention in the retina4 ✓ Partial ✓✓ NIU Inflammatory Cascade Dual TYK2/JAK1 inhibition is a novel mechanism with a distinctive pharmacologic effect that TYK2 or JAK inhibitors alone cannot match For investor audiences only 8
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CONFIDENTIAL 9 CLARITY Data Suggests Brepocitinib Can Potentially Achieve a New Standard for NIU Treatment Outcomes For investor audiences onlyReminder: Brepocitinib is not FDA-approved for treatment of NIU, and FDA has not yet deemed brepocitinib to be safe & effective for treatment of NIU Notes: Efficacy results are presented for brepocitinib vs. placebo in CLARITY (pooled). TNF: Tumor necrosis factor; NIU: Non-infectious uveitis Brepocitinib achieved the largest efficacy benefit ever seen for a non-steroidal therapy in NIU (time to treatment failure >48 weeks [median not reached] vs. ~12 weeks for placebo, p<0.0001), suggesting potential for improvement even beyond what was observable in the trial Brepocitinib met the primary endpoint and all secondary endpoints for each of CLARITY-1 and CLARITY-2 studies Efficacy was consistent across all patient subgroups with statistically and clinically meaningful improvements in vision-related endpoints and strong structural and functional benefit (including posterior inflammation measured with fluorescein angiography and macular edema resolution) 62% of patients achieved steroid-free quiescence at one year (placebo-adjusted ∆ 41%, p<0.0001), a key treatment goal for physicians Brepocitinib was generally well-tolerated with a safety profile consistent with prior studies
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CONFIDENTIAL Eligible Patients • Active, non-infectious intermediate uveitis, posterior uveitis, or panuveitis • Active disease defined by the presence of at least one of the following: • Active inflammation, such as inflammatory chorioretinal and/or retinal vascular lesion • ≥ 2+ vitreous haze grade presumed due to active inflammation Primary Endpoint Time to treatment failure from Week 6 through Week 48 BREPOCITINIB 45 MG QD (N=85) PLACEBO (N=81) Primary Endpoint 48-WEEK TREATMENT PERIOD CLARITY: Two Identical Global Phase 3 Studies of Brepocitinib in Patients with Non-Infectious Uveitis N=371 adults with active, non- anterior NIU Randomized 1:1 in each sub study Participants with treatment failure immediately cross over to open-label brepocitinib 48-WEEK OLE Open-Label Brepocitinib CLARITY-1: CLARITY-2: BREPOCITINIB 45 MG QD (N=101) PLACEBO (N=103) Steroid Burst and Taper: 60mg/day for 2 weeks followed by forced taper to 0mg/day by Week 8 OCS STEROID-FREE TREATMENT (40 WEEKS) Notes: One participant who was randomized but did not receive masked study drug is excluded from the mITT population for all efficacy analyses. NIU: Non-infectious uveitis; OLE: Open-Label Extension; QD: Once daily; OCS: Oral corticosteroids 10
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CONFIDENTIALNotes: 1. Among subjects with macular edema at baseline. Excludes subjects with lamellar or full thickness macular hole. All slides reflect the modified ITT (mITT) population, which excludes one subject who was randomized but did not receive any doses of masked study drug. NIU: Non-infectious uveitis; BCVA: Best corrected visual acuity; ETDRS: Early Treatment Diabetic Retinopathy Study; CST: Central subfield thickness; FA: Fluorescein angiography; TNFi: Tumor necrosis factor inhibitor; SD: Standard deviation. CLARITY Enrolled a Representative NIU Population For investor audiences only CLARITY-1 CLARITY-2 Brepocitinib 45 mg (N=85) Placebo (N=81) Brepocitinib 45 mg (N=101) Placebo (N=103) Mean Age (years) (± SD) 45.0 (±14.8) 47.3 (±14.9) 45.7 (±16.0) 46.6 (±14.8) Sex (Female) – no. (%) 53 (62%) 55 (68%) 74 (73%) 69 (67%) Region: US/Canada – no. (%) 55 (65%) 51 (63%) 56 (55%) 59 (57%) Uveitis Type – no. (%) Intermediate 19 (22%) 16 (20%) 19 (19%) 26 (25%) Posterior 29 (34%) 27 (33%) 30 (30%) 38 (37%) Panuveitis 37 (44%) 38 (47%) 52 (51%) 39 (38%) Bilateral uveitis (%) – no. (%) 73 (86%) 76 (94%) 89 (88%) 89 (86%) BCVA ETDRS letters (± SD) 77.9 (±12.4) 76.5 (±12.5) 77.0 (±12.7) 79.1 (±11.5) Macular edema – no. eyes (%) 52 (32%) 48 (30%) 61 (31%) 57 (28%) CST1 (± SD), µm 433 (±123) 465 (±161) 420 (±108) 424 (±123) FA total score (± SD) 13.2 (±6.7) 13.2 (±7.0) 12.5 (±6.2) 12.6 (±6.8) Medications at Baseline – no. (%) Immunosuppressive therapy 23 (27%) 27 (33%) 20 (20%) 24 (23%) Topical corticosteroid drops 21 (25%) 24 (30%) 17 (17%) 23 (22%) Prior TNFi use – no. (%) 28 (33%) 25 (31%) 30 (30%) 29 (28%) For investor audiences only Population represents a broad NIU population including patients with varying levels of visual acuity impairment and those with and without macular edema 11
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CONFIDENTIAL ACC: Anterior chamber cell; VH: Vitreous haze; FA: Fluorescein angiography; ASUWOG: Angiography Scoring Uveitis Working Group; CST: Central subfield thickness; NEI-VFQ-25: National Eye Institute Visual Function Questionnaire-25 item. 12 Brepocitinib Achieved Statistical Significance On The Primary Endpoint And All Secondary Endpoints Across Both Trials Key Endpoint Key Features CLARITY-1 P-Value CLARITY-2 P-Value Time to Treatment Failure Primary Endpoint Time to first occurrence of treatment failure, including new vascular lesions, ACC grade worsening, vitreous haze worsening, or visual acuity worsening <0.0001 <0.0001 Patients Achieving Steroid-Free Quiescence in Both Eyes Both eyes with no new active vascular inflammatory lesions; ACC and VH grades ≤ 0.5+; and no current use of systemic or ophthalmic corticosteroids for uveitis at Week 48 <0.0001 <0.0001 Eyes Achieving ≥30% Reduction in Total Fluorescein Angiography Score Proportion of eyes achieving clinically meaningful reduction in total FA score (ASUWOG) from baseline at Week 48 <0.0001 <0.0001 Resolution of Macular Edema Proportion of eyes achieving macular edema resolution (CST < 325 µm) at Week 48, among eyes with macular edema (CST ≥ 325 µm) at baseline 0.0041 0.0002 ≥5-point improvement in NEI VFQ-25 Overall Composite Score Clinically meaningful improvement in patient-reported vision-related quality of life and how vision affects daily functioning 0.0013 0.0003 For investor audiences only
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CONFIDENTIAL 0% 20% 40% 60% 80% 100% 0 12 24 36 48 Treatment Failure (%) Week 0% 20% 40% 60% 80% 100% 0 12 24 36 48 Treatment Failure (%) Week Primary Endpoint: Time to Treatment Failure Over 48 Weeks CLARITY-1 CLARITY-2 HR=0.27 p<0.0001 HR=0.22 p<0.0001 Placebo: 13 Weeks Brepocitinib: >48 weeks (Median Not Reached) Placebo: 12 Weeks Brepocitinib: >48 weeks (Median Not Reached) The primary endpoint compared time to treatment failure from Week 6 to Week 48. Treatment failure defined as: New chorioretinal and/or retinal vascular lesions, ACC grade (inability to achieve ≤ 0.5+ at Week 6 or ≥ 2-step increase), VH grade (inability to achieve ≤ 0.5+ at Week 6 or ≥ 2-step increase), BCVA ≥ 15-letter worsening from best state achieved. Participants who received rescue therapies prior to treatment failure were handled as if treatment failure had occurred at the time of rescue medication; all other intercurrent events used observed data, with censoring at the time of Period 1 exit. The primary inference was made via a Gehan-Wilcoxon test. Hazard ratio and Wald 95% CI are for brepocitinib vs placebo and are estimated using a Cox-proportional hazards model that includes treatment and randomization stratification factors as covariates. ACC: Anterior chamber cell; VH: Vitreous haze; BCVA: Best correct visual acuity; HR: Hazard Ratio. 13For investor audiences only Primary endpoints in both studies were met with high statistical significance with median time to treatment failure >48 weeks (median not reached) for brepocitinib vs. ~12 weeks for placebo during the 48-week trial
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CONFIDENTIAL 0% 20% 40% 60% 80% 100% 0 12 24 36 48 Treatment Failure (%) Week Cross-Trial Comparison Suggests Brepocitinib May Provide >2x Longer Timeline For Prevention of Treatment Failure vs. Standard of Care CLARITY-1 & CLARITY-2 (Pooled) VISUAL I Note: Kaplan-Meier estimates for treatment failure from CLARITY (pooled) and VISUAL-I are presented. *Approximate values for the Week 48 visit window for VISUAL-I were measured from Kaplan-Meier figures included in HUMIRA product labeling. Source: Jaffe et al., NEJM (2016), Figure 1A..HR: Hazard Ratio. Placebo: 12 Weeks Brepocitinib: >48 weeks (Median Not Reached) HR=0.24 p<0.0001 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. HR=0.50 p<0.001 14For investor audiences only 0% 20% 40% 60% 80% 100% 0 12 24 36 48 Treatment Failure (%) Week Placebo: 13 Weeks HUMIRA: 24 weeks 34% 78% ~64%* ~86%*
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CONFIDENTIAL 15 Cross-Trial Comparison Suggests Brepocitinib May Provide Even Greater Benefit vs. SoC Given Rapid Steroid Taper in CLARITY For investor audiences only Brepocitinib (CLARITY-1 & CLARITY-2 Pooled) HUMIRA (VISUAL I) OCS burst and taper period 8 weeks 15 weeks Median time to treatment failure >48 weeks 24 weeks Time from end of steroids to median treatment failure >40 weeks 9 weeks 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. Source: Jaffe et al., N Engl J Med (2016); SoC: Standard of Care
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CONFIDENTIAL Brepocitinib Shows Low Treatment Failure Rates In Overall Population As Well As For Patients With Prior TNFi Treatment Notes: Kaplan-Meier estimates for cumulative incidence of treatment failure by Week 48 are presented. P-value is based on Gehan-Wilcoxon test for brepocitinib vs placebo. P values are nominal. TNFi: Tumor necrosis factor inhibitor 38.1% 77.5% 0% 20% 40% 60% 80% 100% Brepocitinib 45 mg (N=58) Placebo (N=54) Treatment Failure Rate (%) 33.5% 78.2% 0% 20% 40% 60% 80% 100% Brepocitinib 45 mg (N=186) Placebo (N=184) Treatment Failure Rate (%) ∆ 44.7%; p<0.0001 ∆ 39.4%; p<0.0001 OVERALL POPULATION CLARITY-1 & CLARITY-2 (Pooled) 16For investor audiences only PRIOR TNFi POPULATION CLARITY-1 & CLARITY-2 (Pooled)
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CONFIDENTIAL Evolving Treatment Goals in NIU Extend Beyond Flare Management to Early, Sustained Disease Control Emerging Standards for NIU Treatment Sustained steroid-free quiescence Sustained disease control without the cumulative local and systemic toxicities of steroids Early, aggressive treatment supported by key imaging biomarkers Treat-to-target approach with early normalization of wide-field FA and CST Preservation of visual acuity and function Protection of visual acuity, rather than treating vision loss after it occurs, with improvements in vision-related quality of life and functioning Prior to CLARITY, no systemic therapy demonstrated the ability to deliver substantial benefits across all these domains For investor audiences only Maintaining quiescence in chronic uveitis is critical as inflammation tends to cause cumulative damage with each recurrent episode. Even if vision partially recovers with treatment of a flare, repeated episodes tend to result in a stepwise, ‘saw-tooth’ decline in visual function over time.” — Zhang et al., J Ophthalmic Inflamm Infect (May 2026) “ Sources: Agrawal, R. et al., Prog. Retin. Eye Res., (2025); Nguyen, Q.D., et al., Retina, (2006); Zhang et al., J Ophthalmic Inflamm Infect., (2026) FA: Fluorescein angiography; CST: Central subfield thickness; NIU: Non-infectious uveitis 17
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CONFIDENTIAL The risk difference and relative risk and their corresponding p-values are for brepocitinib vs. placebo and are based on the non-linear estimates from generalized estimating equations with logit link function adjusted for treatment and randomization stratification factors. ACC: Anterior chamber cell; VH: Vitreous haze Steroid Free Quiescence (Week 48): Brepocitinib Delivers Significant Improvement 64.4% 19.4% 0% 20% 40% 60% 80% 100% Brepocitinib 45mg (N=101) Placebo (N=103) Steroid Free Quiescence (%) 58.8% 19.8% 0% 20% 40% 60% 80% 100% Brepocitinib 45mg (N=85) Placebo (N=81) Steroid Free Quiescence (%) ∆ 38.1%; p<0.0001 ∆ 45.2%; p<0.0001 CLARITY-1 CLARITY-2 18For investor audiences only Quiescence requires both eyes with no new active chorioretinal and/or retinal vascular inflammatory lesions; ACC and VH grades ≤ 0.5+; and no current use of systemic or ophthalmic corticosteroids for uveitis
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CONFIDENTIAL 19 Wide-Field Fluorescein Angiography Now Enables More Rigorous, Quantitative Assessment of Inflammatory Disease Control in NIU Registrational Program (NIU or UME/MESI) Therapy Wide-field FA assessed as efficacy endpoint? RETISERT Fluocinolone 0.59 mg implant No HURON / OZURDEX Dexamethasone intravitreal implant No VISUAL I / II Adalimumab No YUTIQ / ILUVIEN Fluocinolone 0.18 mg implant No PEACHTREE Suprachoroidal triamcinolone No MEERKAT / SANDCAT Vamikibart No PEAK / PINNACLE KSI-101 No CLARITY-I/II Brepocitinib Yes Schematic Fluorescein Angiogram (right eye) ASUWOG FA scoring domains Semiquantitative fluorescein angiography 40-point scale Domain Max points 1 Disc hyperfluorescence 3 2 Retinal vascular leakage 7 3 Macular edema 4 4 Capillary leakage 10 5 Capillary nonperfusion 6 6 Neovascularization of disc 2 7 Neovascularization elsewhere 2 8 Pinpoint leaks 2 9 Retinal staining / subretinal pooling 4 Total maximum FA score 40 Brepocitinib is the first therapy to be rigorously evaluated using wide-field fluorescein angiography (FA), the gold standard biomarker for chorioretinal inflammation, in a uveitis registrational trial; centrally scored at Duke Reading Center For investor audiences onlyASUWOG: Angiography Scoring in Uveitis Working Group; FA: Fluorescence angiography Sources: Tugal-Tutkun et al., Int Ophthalmol., (2010); Sadiq, M.A., et al., Int. J. Retina Vitr., (2020); Sepah, Y.J., et al., Am. J. Ophthalmol., (2017)
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CONFIDENTIAL 20 Fluorescein Angiography (FA) Response Was Rapid, With Increasing Benefit Over Time FA response (≥30% reduction from baseline) over time 34% 44% 48% 7% 6% 8% 0% 10% 20% 30% 40% 50% 0 6 12 18 24 30 36 42 48 Proportion of subjects Brepocitinib (pooled) CLARITY placebo (pooled) Δ 40.2% P<0.0001Δ 36.2% P<0.0001 Δ 25.3% P<0.0001 Among eyes with baseline FA total score > 5 For investor audiences only Results suggest brepocitinib can provide durable control of posterior segment inflammation and potentially prevent uveitis flares Fluorescein angiography total score was assessed by the Angiography Scoring for Uveitis Working Group (ASUWOG) scoring system. Analysis is limited to eyes with baseline FA total score > 5. The risk difference and the corresponding p- value are based on the non-linear estimates from generalized estimating equations with logit link function adjusted for clustered eyes within participants and adjusting for treatment and randomization stratification factors. Nominal P- values are reported. FA: Fluorescein angiography
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CONFIDENTIAL Macular Edema (Week 48): Brepocitinib Delivers Statistically and Clinically Meaningful Resolution 40.4% 2.1% 0% 10% 20% 30% 40% 50% 60% Brepocitinib 45mg (N=52 eyes) Placebo (N=48 eyes) Eyes Achieving ME Resolution (%) ∆ 33.3%; p=0.0041 42.6% 7.0% 0% 10% 20% 30% 40% 50% 60% Brepocitinib 45mg (N=61 eyes) Placebo (N=57 eyes) Eyes Achieving ME Resolution (%) ∆ 40.1%; p=0.0002 CLARITY-1 CLARITY-2 Notes: Includes eyes with macular edema (CST ≥ 325 µm) and without lamellar or full thickness macular holes at baseline. Eyes with a lamellar or full thickness macular hole at Week 48 are considered non-responders. Central subfield thickness was assessed by a central reader. The risk difference and the corresponding p-value for brepocitinib vs placebo are based on non-linear estimates from generalized estimating equations with logit link function adjusted for clustered eyes within participants and adjusting for treatment and randomization stratification factors. ME: Macular edema 21For investor audiences only Macular Edema affects roughly one-third of uveitic eyes: persistent edema damages photoreceptors, which could lead to permanent vision loss and have a major impact on vision-related quality of life
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CONFIDENTIAL NEI Visual Function Questionnaire-25: Brepocitinib Achieved Clinically and Statistically Significant Improvement in Visual Function CLARITY-1 CLARITY-2 NEI VFQ-25: National Eye Institute Visual Function Questionnaire-25. Limited to subjects with baseline NEI VFQ-25 composite score ≤ 95. The risk difference and corresponding p-value are based on the non-linear estimates from generalized estimating equations with logit link function adjusted for treatment and randomization stratification factors. 36.4% 13.7% 0% 10% 20% 30% 40% 50% 60% Brepocitinib 45mg (N=77) Placebo (N=73) NEI VFQ-25 ≥5-point Improvement (%) 40.4% 14.1% 0% 10% 20% 30% 40% 50% 60% Brepocitinib 45mg (N=94) Placebo (N=85) NEI VFQ-25 ≥5-point Improvement (%) ∆ 21.9%; p=0.0013 ∆ 24.5%; p=0.0003 22For investor audiences only Benefits observed across VFQ-25 subscales, including general vision, ocular pain, near activities, distance activities, mental health, role difficulties, dependency, and driving, with onset beginning at Week 6
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CONFIDENTIAL 23 Overall Summary of Safety: Double-Masked Treatment Period CLARITY-1 & CLARITY-2 (Pooled) Reported as n (%) Brepocitinib 45mg N=186 | 130.1 Patient Years1 Placebo N=184 | 77.0 Patient Years1 Treatment-Emergent Adverse Events 153 (82%) 120 (65%) Mild 82 (44%) 81 (44%) Moderate 62 (33%) 34 (18%) Severe 9 (5%) 5 (3%) Serious Adverse Events 14 (8%) 5 (3%) Infections and infestations 3 (2%) 2 (<1%) Adverse events leading to permanent discontinuation 6 (3%) 5 (3%) Fatal Events 1 (1%)* 0 *62-year-old with sarcoidosis and ILD requiring supplemental O2 at baseline. After one month of treatment, brepocitinib and steroids were discontinued. Death occurred on Day 49, approximately 20 days off brepocitinib, due to complications of end-stage ILD secondary to fibrotic sarcoidosis (autopsy confirmed). For investor audiences onlyNotes: 1. Because of the study design, which crossed patients over to open-label treatment immediately when treatment failure occurred, brepocitinib exposure was about 2x that of the placebo group during the masked treatment period. Treatment-emergent AEs are reported. Percentages are based on the number of unique participants with an event out of the column total. O2: Oxygen; ILD: Interstitial lung disease. Safety consistent with prior brepocitinib studies and JAK drug class
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CONFIDENTIALNotes: 1. Because of the study design, which crossed patients over to open-label treatment immediately when treatment failure occurred, brepocitinib exposure was about 2x that of the placebo group during the masked treatment period. AESI: adverse events of special interest. MACE: major adverse cardiovascular events. NMSC: non-melanoma skin cancer. CK: creatine kinase. ULN: upper limit of normal. ALT: alanine transaminase. AST: aspartate transaminase. CLARITY-1 & CLARITY-2 (Pooled) Brepocitinib 45mg N=186 | 130.1 Patient Years1 Placebo N=184 | 77.0 Patient Years1 Cardiovascular events Chest discomfort 0 1 (<1%) MACE 0 0 Thromboembolic events Peripheral artery thrombosis 0 1 (<1%) Pulmonary embolism 1 (<1%) 0 Malignancy (NMSC) Basosquamous carcinoma 1 (<1%) 0 Malignancy (excluding NMSC) CNS lymphoma 1 (<1%) 0 Thyroid cancer recurrent 1 (<1%) 0 Viral reactivation Herpes zoster 11 (6%) 1 (<1%) CK elevation > 5x ULN With rhabdomyolysis 0 1 (<1%) Without rhabdomyolysis 8 (4%) 0 Liver enzyme elevation ALT or AST elevation ≥ 3x ULN or baseline 6 (3%) 0 Probable or confirmed drug-induced liver injury 0 0 Reductions in lymphocytes, neutrophils, or hemoglobin Grade 3 4 (2%) 6 (3%) Grade 4 0 0 AESIs and Laboratory Changes Onset Day 36; onset of CNS symptoms was documented prior to the study and overlapped with the onset of uveitis Onset Day 182; Recurrent from 3 years prior to study For investor audiences only Onset Day 53; resected and brepocitinib was continued 24
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CONFIDENTIAL 25 CLARITY Data Suggests Brepocitinib Can Potentially Achieve a New Standard for NIU Treatment Outcomes Sustained steroid- free quiescence Best-in-disease treatment failure prevention (HR 0.24, Δ45%, p<0.0001) High rates of steroid-free quiescence at one year (62%, Δ41%, p<0.0001) Data suggests brepocitinib may be the most effective therapy for preventing treatment failure and achieving steroid-free quiescence Improving imaging biomarkers Significant increase in FA responses (48%, Δ40%, p<0.0001) Resolution of macular edema (42%, Δ34%, p<0.0001) with rapid improvement in CST Safety Brepocitinib was generally well-tolerated Most adverse events were mild or moderate in severity Preserved acuity and function Preserved visual acuity vs. progressive worsening on placebo (p<0.0001) Improvement in visual function and HRQoL (VFQ-25 response 39%, Δ23%, p<0.0001) Once-daily oral therapy that avoids injections Safety profile was consistent with prior brepocitinib studies For investor audiences only Data suggests brepocitinib can control the underlying inflammatory and structural processes that contribute to poor outcomes in uveitis Data suggests brepocitinib can preserve & restore visual function with less steroids and with once-daily oral administration Potentially favorable benefit:risk profile for patients with NIU Note: LISRAYA (brepocitinib) is FDA-approved only for the treatment of dermatomyositis in adults. Its use in NIU remains investigational and subject to approval by the FDA. Efficacy results are presented for brepocitinib vs. placebo in CLARITY (pooled) – p values are nominal. FA: Fluorescein angiography; CST: Central subfield thickness; HRQoL: Health-related quality of life; VFQ-25: Visual Function Questionnaire-25; HR: Hazard ratio; NIU: Non-infectious uveitis; sNDA: Supplemental new drug application; 1H: First Half Brepocitinib sNDA filing in NIU expected in 1H 2027
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For investor audiences only Lichen Planopilaris Ph2b/3 Initiated Positive CLARITY Data Marks the Next Step in Brepocitinib’s Multi-Indication Journey, With Two Additional Pivotal Programs Underway Dermatomyositis NDA Filed Cutaneous Sarcoidosis Positive Ph2 Topline Data Non-Infectious Uveitis Positive Ph3 Topline Data Dermatomyositis NDA Approved ~70K Patients (DM) ~140K Patients (DM + NIU) ~280K Patients (DM + NIU + CS + LPP) Non-Infectious Uveitis Potential sNDA Approval Cutaneous Sarcoidosis Ph3 Ongoing Cutaneous Sarcoidosis Potential sNDA Approval Late 2026 Late 2027 / Early 2028 2028+ + Potential Additional Indications Illustrates ~10K patients. Note: LISRAYA (brepocitinib) is FDA-approved only for treatment of dermatomyositis in adult patients. All other 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. 26 Lichen Planopilaris Ph2b/3 Ongoing Lichen Planopilaris Potential sNDA Approval Cutaneous Sarcoidosis Ph3 Initiated Positive CLARITY data de-risks the opportunity in NIU, a DM-scale indication with significant unmet need
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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 Mosliciguat PH-ILD High-Value Pipeline, Delivering Series of Near-Term Catalysts 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. sNDA filing 1H 2027 Topline data 2028 Topline data 2028 Further updates 2H 2026 Topline data 2027 Topline data 2027 Topline data 2028 Phase 3 initiated Phase 2b/3 FPFV 1Q 2026 Approved August 2026
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For investor audiences only 28
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Q&A
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Appendix
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CONFIDENTIAL NEI VFQ-25 Measures Vision-Targeted Health-Related Quality of Life and Visual Functioning NEI VFQ-25 combines 11 vision-related subscales to generate an overall composite score, from 0 to 100 (best) General Vision Overall assessment of eyesight Ocular pain Discomfort in or around the eyes Near Vision Reading the newspaper, cooking, finding objects on a shelf Distance Vision Reading street signs, going to the movies Peripheral Vision Seeing objects off to the side Color Vision Matching clothes or finding objects by color Driving Driving in daylight, driving at night, in difficult conditions Mental Health Worrying about eyesight, frustration, embarrassment Social Functioning Difficulty visiting with friends, neighbors, or relatives Role Difficulties Accomplishing less because of vision, being limited in work Dependency Staying home, relying on others, needing help from others Scored from 0 to 100 (best) MCID is 3-4 points For investor audiences onlyNEI VFQ-25: National Eye Institute Visual Function Questionnaire-25; MCID: Minimal clinically important difference. Sources: Sheppard et al., JAMA Ophthalmol. (2017); Suñer IJ et al., Invest Ophthalmol Vis Sci. (2009); Naik et al., Qual Life Res (2013) 31
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For investor audiences only 32 Priovant: Other Details ROIV owns 71%1 of Priovant, with Pfizer owning 24%. Ownership Geographic Rights Intellectual Property Milestones Royalties 1. As of June 30, 2026. 65% on a fully diluted basis. 2. Includes potential patent term extension We expect brepocitinib to have US exclusivity at least until 20392. 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.