Gran Forsberg, CEO December 2019 Safe Harbour Sta tatement - PowerPoint PPT Presentation

We want to save patients with severe cancer and autoimmune diseases Clinical investigations with our lead antibody CAN04 to our proprietary target Göran Forsberg, CEO December 2019

Safe Harbour Sta tatement Statements in the Investor Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend projections, constitute forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. No assurance is given that such forward-looking statements will prove to be correct. Prospective investors should not place undue reliance on forward-looking statements. They speak only as at the date of this Investor Presentation and the Company undertakes no obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, the Company undertakes no obligation to review, update or confirm expectations or estimates or to release any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the Investor Presentation. 2

Cantargia at t a gla lance Unique immunotherapy antibody CAN04 in phase IIa clinical development Current owners (30 Sep 2019) ▪ Positive interim data set with response rates higher than historic data ▪ Further phase II milestones during 2020 Sunstone 7.5% Platform with many potential therapeutic areas ▪ IL1RAP found on most solid tumor forms and leukemia ▪ IL1RAP signalling (IL-1, IL-33 and IL-36) described in large number of 4th AP fund 6.6% autoimmune/inflammatory diseases Alecta 6.6% Vision of becoming an important part in future cancer treatments 1st AP fund 6.3% ▪ Combination therapy strategy based on synergies with established therapies Avanza Pension 5.8% Highly relevant research within clinically validated mechanisms Öhman Bank S.A. 4.3% ▪ Focus on opportunities with major unmet medical need SEB S.A. 3.5% Robust patent portfolio – granted IP for therapeutic target IL1RAP and CAN04 2nd AP fund 3.0% ▪ Global patent families on IL1RAP as antibody target in oncology until 2032 and CAN04 until 2035 Mats Invest AB 1.8% Listed on Nasdaq Stockholm’s main list with over 5,000 shareholders and long Kudu AB 1.7% term investors ▪ Market cap: SEK 1.3bn 1 Others 53.2% ▪ Cash and cash equivalents: SEK 194.5m as of Q3 2019 3 Note: 1) As of 4 December 2019. Source: Factset

Cantargia – Opportunity to to save liv lives and cre reate value → Potentially more effective treatment against novel target in clinically validated pathway → Right team and clear plan to position our projects and maximize value 4 → First in class platform technology against novel target

Cantargia addresses a huge market Incidence, Globally 2018 Mortality, Globally 2018 Type of cancer: Type of cancer: Lung cancer Pancreatic cancer Lung: 18,4% Lung: 22,6% Other: Other: 35,8% Breast: 42,9% Incidence 2018 6,6% Breast: 2,093,876 458,918 11,6% Bowel: (globally) 9,2% Bowel: 10,2% Fraction of cancer 13.0% 2.9% Prostate: incidence Cervix: 3,2% Pancreatic: 4,5% 3,8% Prostate: Stomach: Stomach: Larynx: 3,2% 7,2% Larynx: 5,3% 8,2% Liver: 8,2% Liver: 4,7% 5,7% Mortality 2018 1,761,007 432,242 Incidence, Globally 2018 Mortality, Globally 2018 Region: Region: Fraction of cancer Latin America 19.9% 4.9% Africa: 5,8% Oceania: 1,4% Oceania: 0,7% & Caribbean: mortality 7,0% India: 6,4% Africa: 7,3% Latin America & China: 23,7% North America 5 year survival 18.6% 8.5% Caribbean: China: 30,0% & Caribbean: 7,8% 7,3% North Surgery, Radiation, America: Chemotherapy, India: 8,2% Europe: Treatment Chemotherapy, 13,2% Surgery, Radiation 23,4% Immunotherapy Europe: Asia: 19,1% 20,3% Asia: 28,3% Significant unmet needs in lung and pancreatic cancer 5 Note: 1) As of 4 December 2019. Source: Factset

Lead antibody CAN04

CAN04 – Mechanism of of action 7 Note: ADCC = Antibody-Dependent Cellular Cytotoxicity. CAF = Cancer-Associated Fibroblast. NK = Natural Killer. MCP = Monocyte Chemoattractant Protein. MMP = Matrix Metallopeptidase. IL = Interleukin. VEGF = Vascular Endothelial Growth Factor

Validating stu tudy – Counteracting tu tumor in inflammation CANTOS trial (n=10,061) Canakinumab phase III trials ▪ Canakinumab (Novartis) ▪ Reduced lung cancer incidence by 67% and death by 77% ▪ 1,500 patients Adjuvant NSCLC ▪ Reduced non-lung cancer death by 37% (CANOPY-A) ▪ After surgery, no mets, placebo control 3 HR (95% CI) p Placebo Placebo 1.0 (ref) (ref) Canakinumab 50 mg Cumulative incidence (%) 0.74 (0.47-1.17) 0.20 Canakinumab 150mg ▪ 626 patients 0.61 (0.39-0.97) 0.034 Canakinumab 300mg 0.33 (0.18-0.59) <0.0001 First line p trend across groups ▪ Untreated locally advanced/metastic 2 (CANOPY-1) <0.0001 ▪ Combination Pembro/Platinum doublet ▪ 240 patients 1 Second line ▪ Previously treated loc adv/metastatic metastatic High dose (CANOPY-2) ▪ Combinational Docetaxel 0 ▪ Renal cell cancer 0 1 2 3 4 5 → Clinical validation of IL-1 pathway ▪ Gastroesophageal cancer Additional trials ▪ Colorectal cancer → Dose/response ▪ Non-small cell lung cancer → Cantargia's CAN04 has broader MOA CANTOS data support CAN04 as well as broader IL1RAP platform activities 8

CAN04 – Su Superior MoA again inst other IL IL-1 1 blo locking approaches IL-1 α IL-1 β Company Compound ADCC Indication/dev phase • Pancreatic cancer, NSCLC ++ ++ ++ Cantargia CAN04 phase IIa • Autoimmunity ++ – + Xbiotech Xilonix • Pancreatic cancer, phase I • Autoimmunity, registered Canakinumab – ++ – • NSCLC, phase III Novartis Gevokizumab • Cancer comb, phase II ++ ++ – • Cancer phase I Buzzard Isunakinra ++ ++ – • Autoimmunity, reg SOBI Kineret ++ ++ – • Autoimmunity, reg Regeneron Rilonacept ++ ++ – • Preclin Cellerant ADC Use of IL1RAP as target for Use of IL1RAP as target for The product candidate hematological cancers solid tumors CAN04 ▪ Valid until 2030 ▪ Valid until 2032 ▪ Valid until 2035 ▪ Granted (EPO, USA, Japan, ▪ Granted (EPO, Japan, USA, ▪ Granted (EPO, USA, China) China) China) Cantargia has strong IP and superior MoA in CAN04 9

Positive phase IIa IIa in inte terim combination data On Initiated Evaluable CR/PR SD PD → By adding CAN04 response rates are higher than therapy historical data using these standard first line chemo- 4 1) 3 2) PDAC 10 7 7 therapies alone Historical 23% 27% 20% → 4 of 7 evaluable patients with metastatic pancreatic 2 1) NSCLC 4 3 3 1 cancer (PDAC) showed objective response. 1 additional patient showed pseudoprogression. Pronounced effect Historical 22-28% 18% 40% of biomarker CA19-9 → 2 of 3 evaluable patients with metastatic non-small cell lung cancer (NSCLC) showed objective response including 1 complete response → No major side effects were observed apart from those expected with chemotherapy or CAN04 alone Strong tumor shrinkage in majority of patients 10 Note: 1) All patients except 1 PDAC and 1 NSCLC have responses confirmed on second scan. 3 of 4 PDAC patients with objective response has a sustained decrease of >90 % of CA19-9. In NSCLC, 1 patient has a confirmed complete response (CR). 2) 1 patient has ongoing tumor shrinkage after initial progression and a strong reduction in CA19-9. 1 patient terminated after rapid clinical progression without CT-scan

Combination th therapy – Response assessments Cohort 1 (5 mg/kg) 2 4 6 N1 ARM C (NSCLC) N2 2 4 N3 2 4 Months N4 Discontinued after V1 (IRR) Unconfirmed Confirmed Cohort 1 (5 mg/kg) CA19-9 >90% red 2 2 Progressive disease P1 Discountinued after V1 (IRR) √ P2 2 4 6 8 Pseudoprogression 2 2 √ P3 2 4 6 8 √ Stable disease 2 2 2 4 6 8 P4 Partial response 2 2 ARM D (PDAC) Cohort 2 (7.5 mg/kg) CA19-9 >90% red P5 2 4 6 Complete response 2 2 P6 Discontinued PD √ P7 2 4 6 Patient in treatment P8 2 2 time point for next scan P9 2 P10 2 10 out of 14 are still on therapy and doing well 11

CAN04 – CANFOUR cli linical tr trial PDAC NSCLC Dec CANFOUR Q2 Q3 2018 2020 2020 Phase I – Dose escalation Phase IIa – Dosage with assessment with safety assessment of therapeutic effect Monotherapy Combination therapy, NSCLC (Dose group X) Recommended Combination therapy, PDAC phase II dose Dose group 3 Expansion of Dose group 2 most promising Dose group 1 Evaluation of data subgroup ▪ Phase I data presented orally at ASCO ▪ Phase IIa (c. 20 centres) 2019 Combination with standard therapy (appr 30 pat per arm) ▪ 22 patients (NSCLC, PDAC, – Chemonaive patients colon cancer) ... and new – NSCLC Cisplatin/Gemcitabine – Good safety up to 10 mg/kg – PDAC Gemcitabine/nab-paclitaxel complementary trial – Pronounced effect on relevant – Interim analysis higher response rates than historical to open in USA biomarkers Monotherapy (20 pat) fully recruited, 15 mg/kg ongoing (IL-6, CRP) – Late stage patients – 9 pts had stable disease up to 6 months Generation of data instrumental for next phase of development 12 Note: Details on www.clinicaltrials.gov