#1Corporate Presentation January 2023 .)< Comera LIFE SCIENCES ap#2Forward-Looking Statements ( Comera LIFE SCIENCES This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as "may," "might," "could," "will," "would," "should," "expect," "possible," "potential," "anticipate," "contemplate," "believe," "estimate," "plan," "predict," "project," "intends," and "continue" or similar words, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: risks that the recently completed business combination disrupts the Company's current plans and ability to retain its employees; the Company's ability to maintain the listing of its securities on the Nasdaq Capital Market; the effect of the COVID-19 pandemic on the Company's business; the price of the Company's securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which the Company plans to operate, variations in performance across competitors, changes in laws and regulations affecting the Company's business and changes in the capital structure; the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which the Company operates; the risk that the Company and its current and future collaborators are unable to successfully develop and commercialize the Company's products or services, or experience significant delays in doing so; the risk that we will be unable to continue to attract and retain third-party collaborators, including collaboration partners and licensors; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that the Company is unable to secure or protect its intellectual property; the risk that the Company is unable to secure regulatory approval for its product candidates; general economic conditions; and other risks and uncertainties indicated in the Quarterly Report on Form 10-Q filed with the SEC on November 14, 2022 under "Risk Factors" and in other filings that have been made or will be made with the SEC. Accordingly, nothing in this presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved, and any forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.#3.)< Comera ● LIFE SCIENCES Leading a compassionate new era in medicine. True medical advances are inspired by compassion • Our technology transforms antibody therapies from IV to self-administered, SQ forms • The freedom of self injectable care allows patients to fully realize the potential of their lives 3#4Comera Life Sciences Investment Highlights Near-Term Milestones Lower-Risk Development Multiple Shots on Goal Capital Efficient • Focus on reformulation of existing drugs ● ● Comera LIFE SCIENCES Partnerships yield near-term licensing fees; IND filing milestones within ~2 years SQore™ technology can be applied across multiple partnership and pipeline programs Business model characterized by low operating cost and development spend#5Innovative SQore Technology Enables Self Administration of Biologics 10 11 IV 12 SXFERTE 1 ● TM >200 EXCIPIENT COMPOUNDS SQore™ + PROPRIETARY EXCIPIENT ENGINEERING >$30M invested in building and developing platform technology ~10 years of research to develop and optimize SQore platform Robust platform tested across 20 different mAbs ( 1 MIN Comera LIFE SCIENCES SQ 5#6SQore Well-Positioned vs. Other Approaches SQore technology does not alter the structure or physical form of antibodies in solution, reducing drug product development uncertainty, time and expense vs. some other approaches ● ● Score approach TM SQore excipients do not bind to antibody No structural or chemical change to antibody Antibody remains as a true solution with no particulates No expected impact to mAb absorption or distribution after SQ administration ● ● ● Comera LIFE SCIENCES Other viscosity reduction approach examples Alteration of protein conformation or chemistry (e.g. dehydration, resuspension) Alteration of delivered solution (e.g. non- aqueous microparticle suspension) Impact to mAb absorption or distribution after SQ administration potentially unknown Approaches that either alter mAb structure/function or the physical form of the antibody itself raise new scientific issues that may increase development risk, cost and timeline 6#7Dual Growth Pillars: Partnerships and Pipeline LIFE SCIENCES Comera's growth driven by utilizing our SQore platform to create value through partnerships with external innovators as well as developing our own reformulated SQ assets ● ● PARTNERSHIPS Partnering with companies to develop their IV biologic drugs into SQ formulations Near-term revenues Potential for license fees, milestones and royalties SQore TM ● PIPELINE Initial focus on reformulating existing biologics from IV to SQ Option to out-license development/commercialization rights Comera Learnings shared across pharma partnerships and internal product development 7#8Partnership Value Generated Through Multiple Stages Feasibility Evaluation Revenue generating research collaboration to assess feasibility License Option Exercise Potential $multi-million upfront payment to license SQore technology Milestones Potential $multi-million payments upon achievement of key development milestones Royalties Potential single to mid teen % royalty on product sales 100% Biopharma Out-Licensors are Receiving Larger Upfront Cash and Equity Investment Deals High-Dollar In-Licensing: Share of Deals by Range of Upfront Cash & Equity 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 6 12 9 2 10 2 4 14 24 2017 7 13 Q1 02 Q3 Q4 14 9 01 18 12 4 18 10 Q2 Q3 2018 9 28 15 8 24 7 04 Q1 23 8 2 19 10 7 20 5 Q2 03 04 2019 4 19 20 01 12 17 8 11 23 ( 5 2020 6 46 8 Q2 Q3 04 11 25 Comera 9 Q1 5 25 11 8 22 LIFE SCIENCES 7 2021 12 26 8 02 03 04 Source: DealForma.com database. Financials based on disclosed figures. Data through 4/7/2022. 5 Upfront Cash & Eq. >$100 Million 25 $10-$100 Million 2 <$10 Million 01 2022 8#9LIFE SCIENCES CLS-001 (SQ Vedolizumab): Best-in-Class Formulation CLS-001 is a multibillion-dollar product opportunity bringing differentiated value to improve the lives of patients with a self-administered SQ formulation having reduced dosing frequency Program Therapeutic Area Development Status Competition Differentiation Peak Annual Sales Potential SQ formulation of vedolizumab IBD Ulcerative colitis and Crohn's disease Formulation development No SQ currently in US Estimated SQ Entyvio approval 2024 Once monthly SQ dosing vs. every 2 weeks -$2B Source: L.E.K market research and analysis, January 2022; Evaluate Pharma; Biosimilardevelopment.com; Parrish (2020); Company website; Cowen (09.2021); SVB Leerink (10.2021); H.C. Wainwright (10.2021); Jefferies (07.2021); https://www.takeda.com/4ada11/siteassets/system/investors/report/quarterlyannouncements/fy2022/qr2022_q2_p01_en.pdf Blockbuster product - large conversion opportunity Entyvio® vedolizumab Today $0.4B 58% WW Sales (2021): $4B Estimated Peak (2026+): $7.5-9.0B Estimated Program Value CLS-001 rNPV by Stage Phase 1/2 $0.8B Comera 62% Phase 3 $1.7B 75% BLA Filing $3.0B Approval 95% $3.5B Key Risk-adjusted NPV (NPV) Probability of success 9#10Biologics Market is Massive and Growing Rapidly Global biologics market valued at $383B in 2022 and is expected to grow at an 8.8% CAGR through 20321 7 of the top 10 global medicines are biologics² Products across all major therapeutic indications Significant market opportunity for formulation improvements mAb therapies at the vanguard of cutting-edge biomedical technology and driving the next generation of treatments Outnumbering-Small-Molecule-Drugs.html Multiple $Billion Products Rituxan® Rituximab Herceptin trastuzumab SOLIRISⓇ (eculizumab) ( 1. Source: https://www.globenewswire.com/news-release/2022/08/09/2494541/0/en/The-Global-Biologics-market-is-projected-to-grow-at-a-CAGR-of-8-82-By-2032-Visiongain-Reports-Ltd.html 2. Source: https://www.globenewswire.com/news-release/2019/01/11/1690388/0/en/Global-Biologics-Outsourcing-Market-2018-2027-In-2017-7-out-of-10-Blockbuster-Drugs-were-Biologics- Remicade Comera LIFE SCIENCES INFLIXIMAB AVASTIN® bevacizumab OPDIVO (nivolumab) KEYTRUDA (pembrolizumab) TM 10#11High Unmet Need for Self-Administered SQ Formulations ● ● Most biologics administered intravenously, with significant limitations Self-administered SQ therapy has multiple potential benefits High viscosity is a significant hurdle to formulating biologics to SQ MIN Low Viscosity 12 Comera LIFE SCIENCES High Viscosity 11#12SQore: Validated by Scientific Peer-Review Caffeine-based lead SQore excipient proven in externally validated, rigorous scientific evaluation to achieve all desired target parameters for a viable SQ formulation • Lead SQore excipient, caffeine, used to show SQ formulation proof of concept for two leading mAbs • Remicade INFLIXIMAB YERVOY. (ipilimumab) Significant viscosity reduction. No effect on mAb stability No loss of biological activity ELSEVIER Journal of Pharmaceutical Sciences Volume 104 Number 12 December 2015 Contents lists available at ScienceDirect Journal of Pharmaceutical Sciences journal homepage: www.jpharmsci.org Pharmaceutics, Drug Delivery and Pharmaceutical Technology Caffeine as a Viscosity Reducer for Highly Concentrated Monoclonal Antibody Solutions *ReForm Biologics Inc., 12 Gill Street Suite 4650, Woburn, MA 01801, United States bKBI Biopharma Inc., 1101 Hamlin Rd, Durham, NC 27704, United States Yuhong Zenga,*, Timothy Tran, Philip Wuthrich, Subhashchandra Naik, Juan Davagnino, Daniel G. Greeneª,1, Robert P. Mahoney, David S. Soane ( Source: "Caffeine as a viscosity reducer for highly concentrated monoclonal antibody solutions", Journal of Pharmaceutical Sciences, 110 (2021) 3594-3604, https://doi.org/10.1016/j.xphs.2021.06.030 ADVANCING Comera APhA LIFE SCIENCES Check for updates APA American i farmacists Association Improving medication use. Advancing patient care View this journal online at wileyonlinelibrary.com 12#13Caffeine-based SQore Excipient Optimized to Lower Viscosity for Several Biologics Viscosity (CP) 70 60 50 30 20 10 0 50 Caffeine Control -Arginine -NaCl 75 100 infliximab (mg/mL) Remicade 125 INFLIXIMAB 150 77% viscosity reduction Infliximab formulated in a 20 mM phosphate-acetate buffer at pH 6.0 (control) and in the presence of 75 mM caffeine, 100 mM ArgHCI, or 100 mM NaCl Viscosity (CP) 70 60 50 40 30 20 10 0 100 Comm-Control -PBS-Control Comm-Caffeine -PBS-Caffeine 125 175 150 ipilimumab (mg/mL) (ma/mL) YERVOY (ipilimumab) ( Source: "Caffeine as a viscosity reducer for highly concentrated monoclonal antibody solutions" Journal of Pharmaceutical Sciences 110 (2021) 3594-3604 https://doi.org/10.1016/j.xphs.2021.06.030 200 Comera LIFE SCIENCES 45-78% viscosity reduction 225 Ipilimumab formulated in Yervoy commercial formulation vehicle (Comm.) and PBS with or without 75 mM caffeine 13#14SQore Platform Commands Strong IP Portfolio ● 3 Patent families; 12 issued Viscosity Reduction PATENTED Stabilizer Process enhancement PATENTED PATENTED ● >35 Patents Pending Broad geographical reach: US EU APAC Canada ● ● ● PENDING PATENT PENDING PALENT PENT PATENT PENDING ● ● ● Innovation focused on novel method of use for excipient molecules ● ( ● Comera LIFE SCIENCES Viscosity reduction Stability enhancement Enhancement of processing efficiency SQore computational prediction algorithms • New formulation IP generated with SQore technology provides substantial value Compelling commercial proposition of lifecycle extension for partners drives significant interest Potential for extension of franchise patent protection: ~20 years 14#15SQore™ IP With Solid Long-Term Protection into 2040s <Expiry> 702 703 704 705 706 707 708 709 710 711 712 713 Jun 2014 | 702 705 Oct Jun 2016 | 704 2015 | 703 <Priority> Aug_Mar/Nov_Oct/Nov Sep 2018 2017 | 707 706 712 2020 2019 708 709 710 Nov 2021 | 711 || 2022/ 2023 2035 2037 2038 2039 2040 | | | // | 713 4 ( 2043/ 2041 2042 2044 1 | | Comera LIFE SCIENCES Viscosity Stability Protein Processing Excipient Selection 15#16SQore™ Platform Leading to High-Value Partnerships ● ● ● ● ● ● TM Partnering Strategy Selective focus on high-value collaborations with near-term milestone value Late-stage clinical programs and/or commercialized assets Programs with significant commercial potential (.)< High patient quality-of-life impact with availability of self-injectable formulation Emphasis on long-term value creation (milestone payments, royalties), if collaboration successful Companies with broad mAb portfolio Potential interest in licensing and acquiring Comera's internal assets at downstream stages of development Comera LIFE SCIENCES 16#17Ongoing Revenue-Generating, with Additional Collaborations on the Horizon ● ● ● ● Partnership #1 Regeneron Leading US biotechnology company High-priority assets in development Recently extended and broadened Includes a right to negotiate license after further technical evaluation complete ● High-Value Partnerships, Ⓡ Current Partnerships Partnership #2 Undisclosed Top 10 global pharma company Drug commercialized globally, currently the largest biologic drug by revenue to Company (top two overall) Option to license after further technical evaluation complete ● (< Comera LIFE SCIENCES Partnership #3 Intas Pharmaceuticals Ltd. Intas Pharmaceuticals is a leading, vertically- integrated pharmaceutical company. Development of a biosimilar product in oncology Option to license after further technical evaluation 17#18Leveraging SQore to Build Our Own SQ Pipeline Development focus is utilizing SQore platform to reformulate existing, commercially proven IV biologics to SQ forms, then out-licensing to partners after IND filing Multiple asset opportunities Short-term development Low capital intensity • Lower risk vs. novel program ● ● • Near-term return ● SQore™ ● TM Comera LIFE SCIENCES PIPELINE Limited investment focused on reformulating existing biologics from IV to SQ Low development cost, goal to get to IND and then out- license 2-3 years to monetization 18#19Multiple SQ Pipeline Opportunities Exist We have identified several other opportunities that fit the profile of our development focus: SQ reformulation of multi-billion dollar IV biologic products using the SQore platform Opportunity #1 Opportunity #2 Opportunity #3 Opportunity #4 Opportunity #5 Opportunity #6 Source: L.E.K market research and analysis, January 2022 Therapeutic Area Oncology Oncology Inflammation Oncology Inflammation Oncology, Inflammation Peak Market Size -$15B -$10B -$1B -$3B -$2B Comera -$4B LIFE SCIENCES 19#20Experienced and Accomplished Management Team Jeffrey S. Hackman Chairman and Chief Executive Officer EUSAPharma Baxalta Shire novelion THERAPEUTICS Osigma-tau PHARMACEUTICALS. INC. Med Immune Neal 1. Muni, MD, MSPH Chief Operating Officer azurity BRIGHAM AND WOMEN'S HOSPITAL LEERINK SUNOVION an todin hosto CUTISPHARMA HARVARD MEDICAL SCHOOL WYSSI INSTITUTE Robert Mahoney, Ph.D. Chief Scientific Officer SOANE ENERGY CROP ENHANCEMENT NALCO Water An Ecolab Company ANTENER VENDED Polymer Ventures Michael Campbell Chief Financial Officer Boston Ortho Scientific Clinical Diagnostics ΜΟΝΟΜΟΥ EY ADVISORS ( Comera LIFE SCIENCES Janice Marie McCourt Chief Business Officer LYVGEN 礼进生物 agenus P EDGEMONT PHARMACEUTICALS Heat Biologics Abbott Successful track record of drug development and life sciences operating expertise Takeda PRAECIS United Health Group 20#21Comera Life Sciences Investment Highlights Near-Term Milestones Lower-Risk Development ● Capital Efficient Comera LIFE SCIENCES Partnerships yield near-term licensing fees; IND filing milestones within ~2 years • Focus on reformulation of existing drugs Multiple Shots on • SQore TM technology can be applied across multiple partnership and pipeline programs Goal Business model characterized by low operating cost and development spend#22Thank you! Investor Contact John Woolford ICR Westwicke [email protected] Press Contact Jon Yu ICR Westwicke [email protected] 12 Gill Street, Suite 4650 Woburn, MA 01801, USA comeralifesciences.com