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ANB033 Top-Line Phase 1b Cohort 1 Results in Celiac Disease CARVING A NEW TRAIL IN IMMUNOLOGY October 12, 2026 NASDAQ: TRAX
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2 Safe harbor statement This presentation and any accompanying oral presentation contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the potential benefits, efficacy and safety profile of ANB033 and the Company’s other product candidates; the Company’s regulatory plans and the anticipated timing of initiation of, enrollment in, and data from, its clinical trials; strategic options for rosnilimab; and the potential market opportunity for ANB033. Statements including words such as “plan,” “expect,” “anticipate,” “potential” or “ongoing” and statements in the future tense are forward-looking statements. Top- line results are based on a preliminary analysis and may change following a more comprehensive review of the data, and results from a Phase 1b trial may not be predictive of results in later-stage trials. This presentation concerns drug candidates that are under clinical investigation, and which have not been approved by the U.S. Food and Drug Administration. These are currently limited by federal law to investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated. The assumptions used in the presentation, although considered reasonable to us at the time of preparation, may prove to be incorrect. You are cautioned that the information is based on assumptions as to many factors and that actual results may vary from the results projected and such variations may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained herein or rely on them as predictions of future events. All forward-looking statements in this presentation apply only as of the date made and are expressly qualified by the cautionary statements in this presentation. We do not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Certain information contained in this presentation may be derived from information provided by industry sources. The Company believes such information is accurate and that the sources from which it has been obtained are reliable. However, the Company cannot guarantee the accuracy of, and has not independently verified, such information. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. This presentation contains data based on cross-study comparisons and not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may suggest misleading similarities and differences. The values shown in the cross-study comparisons are directional and may not be directly comparable.
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3 Focused strategy to efficiently advance high-value immunology portfolio • Data-driven development approach prioritizing differentiation, speed and capital efficiency • Global clinical development strategy • Deep immunology and translational R&D expertise Lead program, ANB033, has pipeline-in-a-product potential across gastroenterology, dermatology and other broad autoimmune disease areas Developing differentiated antibody therapeutics in autoimmune and inflammatory diseases CeD: celiac disease; EoE: eosinophilic esophagitis; RA: rheumatoid arthritis. ANB033 (CD122 antagonist) • Phase 1b in CeD • Phase 1b in EoE • Anticipate Phase 2 expansion in H1 2027 into vitiligo and one additional indication Rosnilimab (Pathogenic T Cell depleter) • Phase 2b completed in RA ANB101 (BDCA2 modulator) • Phase 1a completed in healthy volunteers
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4 ANB033 top-line Phase 1b cohort 1 gluten challenge Results summary LS mean change = Least-squares mean change. Achieved a statistically significant and clinically meaningful protective effect on both gluten-induced intestinal damage and symptoms LS mean change from baseline in IEL density of -1.20 on ANB033 vs. +18.83 on placebo, a -20.03 placebo-adjusted delta (p<0.001) Prevented an increase in symptoms throughout the entire gluten challenge, with lower CDSD score on ANB033 vs. placebo that was statistically significant from the first day Well tolerated with no safety signals observed to date LS mean change from baseline in Vh:Cd ratio of -0.17 on ANB033 vs. -0.66 on placebo, a +0.49 placebo-adjusted delta (p=0.009)
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5 CD122 is the beta subunit (IL-2Rβ) of the receptor for IL-15 and IL-2 • Expressed on subsets of CD8+ and CD4+ T cells and NK cells CD122 antagonism reduces these immune cell subsets • Dependent on IL-15 and/or IL-2 for proliferation and survival Overexpressed in select diseases, including CeD gut or EoE • CeD: IELs, including cytotoxic CD8+ and NK cells • EoE: ILC2s ANB033 blocks CD122 to inhibit pathogenic immune cells Proliferation / Survival Inflammatory cytokine secretion CD122 (βc) CD132 (γc) ANB033 X Richards et al, Cell Rep. 2025 Jul 21;44(8):116039. IL-15 IL-2 X
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6 Inhibition of IL-2 signaling – IL-2 stimulates ▪ CD4 effector memory T cell activation and proliferation ▪ IFNγ production leading to IL-15 secretion ▪ Induction closely linked to acute symptom development – Inhibiting IL-2 signaling reduces ▪ Gluten-responsive CD4 T cell expansion ▪ Inflammatory cytokine secretion Inhibition of IL-15 signaling – IL-15 induces proliferation of IELs ▪ Majority of IELs are CD122+ T cells – Inhibiting IL-15 signaling reduces IELs ▪ Reduces epithelial cell destruction ▪ Restores barrier integrity Activated CD4+ Th1 cell IL-2 TG2 Anti-gliadin Anti-TG2 IEL APC B cell Gliadin Gliadin from gluten ANB033 Deamidated gliadin IFNγ ANB033 HLA Loss of barrier integrity IL-15 CD122+ NK cell Peripheral blood Lamina propria ANB033 Adapted from Dieckman et al. (2022) Curr. Opin. Pharmacol. 66:102268. ANB033’s MOA is an ideal fit for targeting CeD inflammation CeD marked by excessive IL-2 and IL-15 production which perpetuates disease
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7 1. N=80 (n=60 ANB033, n=20 placebo) Phase 1a trial, administered both IV and SC dosing, 10 cohorts (four SAD IV, three SAD SC, and three MAD SC, follow-up to >7 months; 2. Graphs reflect SAD data and maximum reductions were achieved within the first 43 days. *** p<0.001 **p<0.01. ANB033 Phase 1a results1 Favorable safety and tolerability at all doses • No viral infections or unexpected lab abnormalities • Overall, no impact on peripheral total Treg counts Rapid and sustained PK profile • Up to 3-week half-life with IV and SQ dosing • Full receptor occupancy (RO) within hours and maintained for >30 days • Dose response observed • Modeled to achieve >IC90 on CD8+ T cell subsets in GI tissue Phase 1a demonstrated favorable safety, tolerability and PK profile with clear impact on immune cells driving CeD % Change from baseline % Change from baseline CD122+ CD8+ T cell impact CD122+ NK cell impact 0% - 69% - 74% -100% -80% -60% -40% -20% 0% 20% - 21% - 94% - 98% -100% -80% -60% -40% -20% 0% 20% *** *** ** Placebo ANB033 – IV Dose (mid-dose) ANB033 – SC Dose (initial dose)
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8 Primary analysis ANB033 Phase 1b trial in CeD Screening Randomized 1:1 Sites: • United States • United Kingdom • Western EU • Australia • New Zealand Week 0 6 124 302 Dosing () Cohort 1 Vh:Cd ≥ 2.0 Week 6 Endoscopy Gluten challenge Prevention of Mucosal Damage (6 weeks) ANB033 SC Dose Q2W Placebo SC Dose Q2W Baseline Endoscopy Follow-Up Period Cohort 2 Vh:Cd ≤ 2.5 Week 12 Endoscopy Follow-Up Period Baseline Endoscopy Mucosal Healing (12 weeks) ANB033 SC Dose Q2W Placebo SC Dose Q2W Safety Safety and tolerability in adult participants with well-controlled CeD Clinical PK PK and immunogenicity Efficacy • Change from baseline in Vh:Cd ratio • Change from baseline in IEL density • PROs, including Celiac Disease Symptom Diary (CDSD) Biomarkers Characterize ANB033 effects on circulating biomarkers, including robust translational plan 8 10 Primary analysis
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9 Minimal evidence of mucosal damage (Vh:Cd ≥ 2.0) • Symptom-controlled CeD patients • Receive gluten challenge after pre-treatment with ANB033 vs. PBO • ANB033 subcutaneous loading dose at Week 0, 2, 4 (pre-gluten challenge) • Gluten challenge allowed for controlled induction of mucosal damage o Beginning Week 4, 6g gluten dose daily (two 3g study supplied cookies) for 14 days through Week 6 • Endoscopy at Week 6 o Assessed prevention of gluten-induced mucosal damage and daily symptoms Screening 0 6 124 302 8 10 Cohort 1 (gluten challenge) to assess prevention of mucosal damage and symptoms Week Dosing () Cohort 1 Vh:Cd ≥ 2.0 Week 6 Endoscopy Gluten challenge Prevention of Mucosal Damage (6 weeks) ANB033 SC Dose Q2W Placebo SC Dose Q2W Baseline Endoscopy Follow-Up Period Primary analysis
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10 Baseline Characteristic Placebo (n=15) ANB033 (n=17) Overall (n=32) Age (years) 41.1 44.3 42.8 Sex (n, %) Male Female 2 (13.3%) 13 (86.7%) 5 (29.4%) 12 (70.6%) 7 (21.9%) 25 (78.1%) Baseline mean Vh:Cd ratio 2.77 2.74 2.75 Baseline mean IEL density/100 enterocytes 22.50 23.20 22.90 Baseline mean VCIEL -0.004 -0.146 -0.080 Cohort 1 baseline characteristics Vh:Cd = Villous height to crypt depth ratio; IEL = intraepithelial lymphocyte; VCIEL = Vh:Cd and IEL unified scale
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11 1. CeD KOL and gastroenterologist feedback on clinically meaningful Vh:Cd change; Vh:Cd = Villous height to crypt depth ratio; LS mean change = Least-squares mean change ANB033 demonstrated a statistically significant Vh:Cd histologic benefit vs. placeboLS mean change from baseline (Week 6 vs. baseline) Change in Vh:Cd Ratio at Week 6 -0.66 -0.17 -1.00 -0.75 -0.50 -0.25 0.00 Placebo ANB033 p=0.009 Treatment difference of +0.49 ANB033: Vh:Cd Histologic Protection ▪ Prevented a clinically meaningful decline below the ~0.25 threshold1 ▪ Protected against gluten-induced intestinal damage ANB033 vs. Placebo ▪ Reduction in Vh:Cd decline of ~75%
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12IEL = Intraepithelial lymphocytes; IEL density = the number of IELs per 100 enterocytes; VCIEL = Vh:Cd and IEL unified scale. ANB033 demonstrated statistically significant IEL density and composite VCIEL benefit vs. placebo LS mean change from baseline (Week 6 vs. baseline) Change in IEL Density at Week 6 18.83 -1.20 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Placebo ANB033 p<0.001 Treatment difference of -20.03 LS mean change from baseline (Week 6 vs. baseline) Change in VCIEL Composite at Week 6 -3.59 -0.25 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 Placebo ANB033 p=0.002 Treatment difference of +3.33 ANB033 not only prevented an increase, but reduced IEL density, despite an intense gluten challenge
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13 Placebo patients experienced a marked increase in symptoms consistent with an intense gluten challenge 47% of placebo patients and only 6% of ANB033 patients took permitted medications to mitigate their GI symptoms Lower CDSD score on ANB033 vs. placebo, a statistically significant difference from the first day through the seventh day Lower moderate-to-severe symptoms on ANB033 vs. placebo, a statistically significant difference from the first day through the twelfth day ANB033 prevented an increase in symptoms throughout the entire gluten challenge ANB033 is the first therapy to report statistical significance on both histology and symptoms CDSD = Celiac Disease Symptom Diary; The CDSD is a validated, patient-reported outcome measure that assesses the frequency and severity of five key celiac disease symptoms which are abdominal pain, bloating, nausea, diarrhea, and tiredness.
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14 Treatment Placebo (n=16) ANB033 (n=18) Overall (n=34) Participants with any AE 16 (100%) 16 (88.9%) 32 (94.1%) Any SAE 0 (0%) 0 (0%) 0 (0%) Any severe AE 1 (6.3%) 0 (0%) 1 (2.9%) Any moderate AE 12 (75.0%) 3 (16.7%) 15 (44.1%) AE leading to treatment discontinuation 1 (6.3%) 0 (0%) 1 (2.9%) AEs occurring in ≥ 3 participants Nausea 7 (43.8%) 1 (5.6%) 8 (23.5%) Abdominal pain 6 (37.5%) 2 (11.1%) 8 (23.5%) Injection site erythema 2 (12.5%) 5 (27.8%) 7 (20.6%) Fatigue 5 (31.3%) 1 (5.6%) 6 (17.6%) Diarrhea 4 (25.0%) 2 (11.1%) 6 (17.6%) Vomiting 4 (25.0%) 2 (11.1%) 6 (17.6%) Upper respiratory tract infection 3 (18.8%) 2 (11.1%) 5 (14.7%) Injection site bruising 3 (18.8%) 1 (5.6%) 4 (11.8%) Headache 3 (18.8%) 1 (5.6%) 4 (11.8%) Abdominal distension 3 (18.8%) 0 (0%) 3 (8.8%) Constipation 3 ( 18.8%) 0 (0%) 3 (8.8%) Flatulence 3 ( 18.8%) 0 (0%) 3 (8.8%) ANB033 well tolerated with no safety signals observed to date Safety analysis set includes two additional participants who were randomized in Cohort 1 but discontinued the study prior to initiating the gluten challenge, were therefore unevaluable for gluten challenge efficacy analysis and did not undergo the second biopsy at Week 6. The one participant on ANB033 discontinued due to a decision not to undergo the gluten challenge.
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15 ANB033 achieved statistically significant and clinically meaningful protective effect on both gluten-induced damage and symptoms Endpoint Target Result Histology Vh:Cd Stat. sig. benefit 0.49 Δ vs. placebo (p=0.009) Protective effect (Vh:Cd <0.25) 0.17 change Below clinically meaningful threshold IEL density Stat. sig. benefit 20.03 Δ vs. placebo (p<0.001) Protective effect (No increase) 1.20 decrease (improvement) Symptoms Total Trend Prevented an increase in symptoms throughout entire gluten-challenge Lower CDSD score vs. placebo; Stat sig difference from first day Moderate-to- severe Trend Stat sig difference from first day Safety Safety and tolerability Well tolerated Well tolerated with no safety signals Δ = Delta.
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16 Program / Company Gluten Challenge Admin / MOA Change in Vh:Cd Change in IEL Density Symptom Benefit ANB033 First Tracks Phase 1b (n=32, 1:1) 14-day, 6g per day SC (CD122) Drug: -0.17 Placebo: -0.66 0.49 PBO Δ p=0.009 Drug: -1.20 Placebo: +18.83 20.03 PBO Δ p<0.001 Prevented an increase in symptoms throughout gluten challenge Lower CDSD scores vs. placebo; stat sig difference from first day TEV-534081 Teva Phase 2a (n=50, 1:1) 6-week, 3g gluten/day SC (IL-15) Drug: -0.43 Placebo: -0.88 0.45 PBO Δ p<0.05 Drug: +0.37 Placebo: +27.60 27.2 PBO Δ No stats reported “Stable CDSD scores on drug; worse on placebo” No stats reported FB-1022,3 Forte / Argenx Phase 1b (n=32, 3:1) 16-day, 2g, 4g, to 8g/day IV (CD122) Drug: -0.046 Placebo: -0.173 0.13 PBO Δ p value not significant Drug: -1.5 Placebo: +13.3 14.8 PBO Δ P=0.0035 4.0 drug vs. 6.9 placebo cumulative symptoms +AEs /subject No stats reported Phase 2a (n=126., 2:2:1) 54-day, 8g to 3g gluten/day IV (CD122) Data not reported p=0.0176 Data not reported “prevent emergence of patient symptoms” No stats reported 1. Teva Phase 2a celiac results reported Sept. 2, 2026; 2. Forte Biosciences Phase 1b results reported June 23, 2025; 3. Argenx Phase 2a results reported Oct. 8, 2026; Δ = Delta Note: Data reflect cross-trial comparisons and not head-to-head studies. Caution should be used when comparing data due to differences in trial designs, participant characteristics and endpoint definitions. ANB033 achieved statistically significant and clinically meaningful protective effect on both gluten-induced damage and symptoms
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17 Potential blockbuster opportunity for ANB033 in non-responsive CeD 2.1 million U.S. adult patients1 (Projected prevalence based on biopsy-confirmation rate) High disease burden • Debilitating symptoms and QoL • Increased risk of developing other autoimmune disorders • Disease awareness driving growth • No approved therapies CD122s differentiated from other Tx in development • HCPs favor MOA that targets both symptoms and histology >$20B+ U.S. market in patients non-responsive to gluten-free diet • Expect reimbursement with limited utilization management Growing to >50% U.S. diagnosis rate2 (Actual diagnosed confirmed via biopsy) 1. King et al. (2020), Singh et al. (2018), Choung et al. (2016), Katz et al. (2011), Trinity Life Sciences Commercial Assessment HCP Primary Market Research (2025). CeD sizing reflects future US market in 2030 assuming growth in diagnosis rate based on historic trends and projected growth with entrance of novel therapies; 2. Leffler et al. (2007), Abhijeet et al. (2016), Aggarwal et al. (2025) Mahadev et al. (2017, Trinity Life Sciences Commercial Assessment HCP Primary Market Research (2025). 3. Lebwohl et al. Presented at DDW (2026); Percent of CeD non-responders to gluten free diet whose symptoms are not well controlled with or without villous atrophy. 4.1 million U.S. adult patients1 (Projected prevalence based on serological positivity rate) ~25% to 40% non-responsive to gluten-free diet2,3
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18 Leading pipeline designed to deliver meaningful advances for patients with autoimmune diseases Antibody Program Therapeutic Indication Development Stage and Anticipated Milestones IND Enabling Phase 1a Phase 1b Phase 2 Phase 3 ANB033 (CD122 antagonist) Celiac Disease Eosinophilic Esophagitis Vitiligo Inflammatory Disease Rosnilimab (Pathogenic T cell depleter) Rheumatoid Arthritis ANB101 (BDCA2 modulator) Inflammatory Disease Immune Cell Modulators Top-line P1b Cohort 2 data in Q1 2027 Initiate late-stage trial in 2027 Top-line P1b data in Q3 2027 Completed P1a in healthy volunteers Assessing ROE-maximizing strategic options FDA Fast Track Designation Initiate in H1 2027 Initiate in H1 2027