#1context therapeutics Advancing Medicines for Female Cancers Corporate Presentation September 2022 context#2Forward Looking Statement Except for statements of historical fact, any information contained in this presentation may be a forward-looking statement that reflects the Company's current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or the Company's actual activities or results to differ significantly from those expressed in any forward-looking statement. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "plan", "predict", "expect," "estimate," "anticipate," "intend," "goal," "strategy," "believe," "could", "would", "potential", "project", "continue" and similar expressions and variations thereof. Forward-looking statements may include statements regarding the Company's business strategy, cash flows and funding status, potential growth opportunities, clinical development activities, the timing and results of preclinical research, clinical trials and potential regulatory approval and commercialization of product candidates. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the Company cannot guarantee future events, results, actions, levels of activity, performance or achievements. 2 Context Therapeutics Inc. - Sept. 2022 These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading "Risk Factors" in documents the Company has filed with the SEC. These forward-looking statements speak only as of the date of this presentation and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. 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. Trademarks: 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.#3Context Therapeutics Overview Focus on Women's Oncology ONA-XR oral PR antagonist CLDN6 x CD3 bispecific antibody Cash Guidance → Unmet clinical need in breast, ovarian, and endometrial cancers ONA-XR is novel, potentially first-in-class progesterone receptor (PR) antagonist → Q4 2022 expected initiation of Phase 1b/2 ELONA trial to evaluate elacestrant (oral SERD) plus ONA-XR Q4 2022 expected preliminary data from three ongoing Investigator-Sponsored Trials (IST) Claudin 6 (CLDN6) is uniquely expressed in certain adult and pediatric cancers Developing a highly selective CLDN6 x CD3 bispecific antibody → On track for Candidate selection in Q4 2022 and IND submission in Q1 2024 3 Context Therapeutics Inc. - Sept. 2022 Executive Summary → Expected cash runway into Q1 2024#4Pipeline Cancer ONA-XR (PR antagonist)¹ Breast Cancer Ovarian Cancer Clinical Indication Endometrial Cancer 2L/3L ER+,PR+, HER2- Combination w/ elacestrant 2L/3L ER+,PR+,HER2- Combination w/ fulvestrant Recurrent PR+ Granulosa Cell Combination w/ anastrozole Recurrent PR+ Endometrioid Combination w/ anastrozole CLDN6xCD3 bispecific antibody Ovarian & Endometrial Cancer Context Therapeutics Inc. - Sept. 2022 Research Phase 1 Phase 1b/2 ELONA Trial *Phase 1b/2 SMILE Trial *Phase 2 Trial *Phase 2 Trial Phase 2 Phase 3 Initiate Q4 2022 • Phase 1b data Q4 2023 . . . Executive Summary Key Anticipated Milestones Preliminary data Q4 2022 Preliminary data Q4 2022 Preliminary data Q4 2022 Candidate selection Q4 2022 IND submission Q1 2024 FDA Fast Track (1) Tyligand Biosciences Ltd licensed rights to ONA-XR in China, HK, Macau * Investigator Sponsored Trial#5ONA-XR Progesterone Receptor Antagonist Context Therapeutics Inc. - Sept. 2022 context therapeutics A#6Onapristone Extended Release (ONA-XR) Mechanism of Action Dosing and Administration Historical Clinical Data Ongoing and Planned Clinical Trials Intellectual Property 6 Context Therapeutics Inc. - Sept. 2022 Onapristone is a progesterone receptor (PR) antagonist that suppresses PR oncogenic signaling PR oncogenic signaling is associated with breast, ovarian, and endometrial cancer Onapristone is the only known clinical-stage full PR antagonist ONA-XR is an extended-release (XR) tablet form of onapristone (ONA) 50 mg administered orally twice per day Onapristone generated a 56% ORR and a 17.5 DoR in patients with advanced or metastatic 1L ER+,PR+, HER2- breast cancer; however, transient liver enzyme elevations were noted¹ ONA-XR was developed to mitigate the risk of liver enzyme elevations2,3 Over 150 patients dosed to date with no cases of drug-related liver enzyme elevations Support ongoing Investigator-Sponsored Trials (ISTs) Initiate Phase 1b/2 combination clinical trial to evaluate elacestrant (oral SERD) plus ONA-XR IP protection through at least 2034 assuming no additional patent filings or patent term extensions ONA-XR is a New Chemical Entity (NCE) ONA-XR ¹ Robertson et al., J Eur Cancer, 1999 2 Cottu et al., PLOS One, 2019 3 Lewis et al., Drug Safety, 2020#7Clinical Development Strategy Blocking cancer growth by combining antiestrogen and antiprogestin therapies Stimulus Cancer Driver Outcome 7 Context Therapeutics Inc. - Sept. 2022 Antiestrogens aromatase inhibitors, SERM, SERCA, injectable SERD, oral SERD 1 Estrogen Cell Survival Proliferation Antiprogestin ONA-XR 1 Progesterone Stemness Cancer Growth and Metastasis ONA-XR Immune Evasion#8ONA-XR Evaluation in Breast Cancer Clinical Trials Breast Cancer Treatment Line Adjuvant (after primary disease treatment) First-Line Metastatic Second / Third Line Metastatic Second / Third Line Metastatic Context Trial Design Window of Opportunity 1L ER+,PR+,HER2- (ctDNA high) 2L/3L ER+,PR+,HER2- (post-CDK4/6i) 2L/3L ER+,PR+,HER2- (post-CDK4/6i) Clinical Collaborator Treatment 8 Context Therapeutics Inc. - Sept. 2022 SOLTI ←II+ M # THE Memorial Sloan Kettering Cancer Center. MENARINI group (W) Carbone Cancer Center UNIVERSITY OF WISCONSIN SCHOOL OF MEDICINE AND PUBLIC HEALTH ONA-XR ONA-XR + palbociclib + letrozole ONA-XR + elacestrant ONA-XR + fulvestrant Trial Status Completed; Data presented at SABCS '21 Enrolling patients Q4 2022 initiation Enrolling patients PR+ Patients (US)¹ >>250,000 -56k -35k -35k Medical Need ONA-XR Enhance antiestrogen potency Treat patients who are at high risk of early progression Improve response rate and progression free survival Developing ONA-XR as an Add-on to Antiestrogen Therapy Across Treatment Lines Improve response rate and progression free survival (1) Secondary epidemiologic estimates, 2020 estimates#9ONA-XR Evaluation in Gynecologic Clinical Trials Cancer Recurrent Endometrial Recurrent Granulosa Cell Tumor of Ovary Context Trial Design Combination with anastrozole in PR+ patients Combination with anastrozole in PR+ patients Clinical Collaborator 9 Context Therapeutics Inc. - Sept. 2022 S Jefferson HOME HOMETRIIVEL MEDICAL COLLEGE ←tt # INKA Memorial Sloan Kettering Cancer Center... Trial Status Enrolling Patients Monotherapy Phase Complete; Combination Study Enrolling Patients PR+ Patients (US)¹ (SOC) -25k Standard of Care -5k Lenvima + Keytruda Physician's Choice ONA-XR Medical Need Limited treatment options after recurrence Developing ONA-XR as an Add-on to Antiestrogen Therapy Across Gynecologic Cancers No FDA approved products in recurrent setting (1) Secondary epidemiologic estimates, 2020 estimates#10Elacestrant + ONA-XR Combination Clinical Trial Clinical Trial Collaboration with Menarini 10 Context Therapeutics Inc. - Sept. 2022 context therapeutics A#11. Rationale for Clinical Trial Collaboration Clinical Trial Collaboration and Supply Agreement Phase 1b/2 study of ELacestrant in combination with ONApristone in patients with advanced or metastatic ER+, PR+,HER2- breast cancer (ELONA trial) ● Context will sponsor the clinical trial and Menarini will supply elacestrant at no cost Context and Menarini will form a Joint Development Committee to review the clinical trial results MENARINI M Elacestrant is the first oral SERD to show positive Ph 3 top line results¹ group Priority Review and assigned a PDUFA date of February 17, 2023 11 Context Therapeutics Inc. - Sept. 2022 Elacestrant + ONA-XR Potential to enhance elacestrant clinical activity in metastatic breast cancer Establish clinical proof of concept for ONA-XR combination therapy with oral SERD class • Menarini Clinical Trial Collaboration • context therapeutics ONA-XR is the most complete PR antagonist in clinical development² ONA-XR tolerability profile makes it a potentially ideal combination agent³ Desire to clinically validate combination of ONA-XR with new oral SERDS (1) "Positive EMERALD Trial Results for Elacestrant Presented at San Antonio Breast Cancer Symposium 2021." Menarini Group, 8 Dec. 2021. Press release (2) Afhuppe, J. Steroid Biochem. Mol. Biol. 2009, 105; Afhuppe, J. Steroid Biochem. Mol. Biol. 2010, 45 (3) Lewis, J. Drug Safety 2020#12Phase 1b/2 (ELONA Trial) - Designed to Evaluate Combination Efficacy and Tolerability · . - Indication: ER+,PR+,HER2- advanced or metastatic breast cancer Study: Phase 1b (n=12-28) / Phase 2 (n=45) Primary Endpoint: overall response rate (ORR) Secondary Endpoint: progression free survival (PFS), clinical benefit rate (CBR) Sites: US only, 16-19 sites Patient Population Prior therapy with CDK4/6 inhibitor required No prior chemotherapy in metastatic setting permitted ≥ 50% of patients will have ESR1 mutation ● 12 Context Therapeutics Inc. - Sept. 2022 Phase 1b M Dose escalation 12-28 patients Menarini Clinical Trial Collaboration • 4 cohorts Phase 2 . -45 patients#13CLDN6xCD3 Bispecific Antibody Program 13 Context Therapeutics Inc. - Sept. 2022 context therapeutics A#14Claudin (CLDN) Proteins ● Tight junctions (TJ) regulate cell barrier and permeability CLDN proteins constitute a structural core of TJ, along with junction adhesion molecule (JAM) and occludin Over 20 CLDN proteins have been characterized Dysregulation of CLDN protein expression and function occurs in multiple diseases, including cancer 14 Context Therapeutics Inc. - Sept. 2022 Tight Junction Structure¹ ZO proteins CLDN6xCD3 Bispecific Antibody Program Actin filament Claudin JAM Occludin 1 Otani, Trends in Cell Biology, 2020#15Many CLDN Proteins are Associated with Disease CLDN CLDN 1 CLDN 2 CLDN 3 CLDN 4 CLDN 5 CLDN 6 CLDN 7 CLDN 9 CLDN 11 CLDN 14 CLDN 15 CLDN 16 CLDN 17 CLDN 18.2 CLDN 19 Disease Colitis, skin permeability Colorectal cancer, IBD Psoriasis, ovarian cancer Diabetes, ovarian cancer Cerebral edema, depression Multiple cancers Colon cancer Hearing loss Myelin dysfunction Kidney stones, hearing loss Celiac disease Hypercalcinuria Renal dysfunction Gastric cancer Renal dysfunction, vision loss 15 Context Therapeutics Inc. - Sept. 2022 Reference Bhat 2016, Furuse 2001 Barrett 2020, Dhawan 2011 Sikora 2019, Oh 2021 Li 2014, Stewart 2006 Menard 2017, Matsumoto-Okazaki 2012 Antonelli 2011, Reinhard 2020, Ushiku 2012 Xu 2021 Nakano 2009, Ramzan 2021 Maheras 2018, Riedhammer 2021 Thorleifsson 2009, Wilcox 2001 Schumann 2012 Simon 1999 Adil 2022 Nimi 2001 Adil 2022, Wang 2019 CLDN6xCD3 Bispecific Antibody Program Human CLDN Family Tree CLDN6 shares significant homology with CLDN3, 4, 9. CLDN9 CLDN6 CLDN4 CLDN3 CLDN5 CLDN8 CLDN17 CLDN2 CLDN14 CLDN20 CLDN7 CLDN1 CLDN19 CLDN34 CLDN12 CLDN23 CLDN16 CLDN24 CLDN22 CLDN25 CLDN18 CLDN11 CLDN15 CLDN10#16CLDN6 is an Emerging Oncology Target XX S CLDN6xCD3 Bispecific Antibody Program CLDN6 is a tumor-specific protein that is present at high surface density across adult and pediatric cancers¹ CLDN6 selectivity is required to avoid off-target liabilities identified in murine knockout studies with CLDN3 (pancreas), CLDN4 (kidney, pancreas), and CLDN9 (ear, gut) BioNTech's BNT211 establishes Proof of Concept for CLDN6 immunotherapy: 5 of 10 (50% ORR) patients who received BNT211 (CLDN6 CAR-T) + CARVac (CLDN6 mRNA vaccine) showed a partial response in an ongoing Ph 1 study in CLDN6+ solid tumors Elevated transaminase and lipase were noted side effects² 16 Context Therapeutics Inc. - Sept. 2022 1 Faber MS, et al. Bispecific claudin-6 x CD3 antibodies AACR Annual Meeting; 2021; Virtual. Abstract 1860 2 Haanen JB, et al. BNT211: A Phase I trial. ESMO Annual Meeting; 2022; Paris, France. LBA38#17CLDN6 Prevalence in Cancer Cancer Testicular Ovarian Gastric NSCLC Malignant Rhabdoid (AT/RT and non-CNS) Breast Endometrial Glioma Bladder SCLC 17 Context Therapeutics Inc. - Sept. 2022 Prevalence (IHC, RNAseq) 95% 54-55% 13-55% 6.5-50% 29-44% 2-41% 20-31% 21% 2-8% 2% Reference Reinhard 2020 Reinhard 2020, Wang 2013 CLDN6xCD3 Bispecific Antibody Program Gao 2013, Kohmoto 2020, Lin 2013 Micke 2014, Reinhard 2020, Soini 2022, Wang 2015 Antonelli 2011, Sullivan 2012 Jia 2019, Reinhard 2020, Yafang 2011 Kojima 2020, Reinhard 2020, Ushiku 2012 Antonelli 2011 Reinhard 2020, Ushiku 2012 Reinhard 2020#18CLDN6xCD3 Bispecific Antibody Program We have developed a library of CLDN6xCD3 bispecifics Explored a range of bispecific frameworks, CLDN6 sequences, and CD3 sequences Comparator bispecifics generated for benchmarking Candidate selection on track for Q4 2022 • ● • 18 Context Therapeutics Inc. - Sept. 2022 YY Highly specific CLDN6 MAbs generated by Integral Molecular a-CLDN6 Y Well characterized anti-CD3y8 partner arms CLDN6xCD3 Bispecific Antibody Program a-CD3 Rucker et al., Development of CLDN6 bispecific antibodies for treatment of ovarian cancer, AACR 2022#19Our Antibodies Display High Selectivity for CLDN6 Key Takeaways Benchmark (IMAB027) exhibits off-target binding to CLDN9 1st generation Context mAb (IM301, IM302) exhibit high CLDN6 selectivity 2nd generation Context mAb (data not shown) exhibit even greater CLDN6 selectivity than IM301 and IM302 • . Mean Fluorescence 150,000, 100,000- 50,000- 0+ -10 CLDN6 Benchmark -9 -8 -7 Log [MAb], M 19 Context Therapeutics Inc. - Sept. 2022 -6 CLDN9 150,000 100,000- 50,000- 0+ -10 CLDN3 CLDN4 IM 301 -9 -8 -7 Log [MAb], M 150,000 100,000- -6 50,000- 0+ CLDN6xCD3 Bispecific Antibody Program -10 IM 302 -9 -8 -7 Log [MAb], M -6 Benchmark = IMAB027 Rucker et al., Development of CLDN6 bispecific antibodies for treatment of ovarian cancer, AACR 2022#20CLDN6xCD3 Bispecific Antibody Library Cell Binding (MCF) Bispecific antibodies retain high CLDN6 specificity 30,000- 20,000- 10,000- 0-F -11 Bispecific Formats CLDN9 Reactivity Benchmark (IMAB027) -10 -8 Log [Bispecific] (M) 20 Context Therapeutics Inc. - Sept. 2022 ș Bispecifics induce robust T-cell dependent cytotoxicity % Cytotoxicity 100₁ 50- 0- -3 CLDN6xCD3 Bispecific Antibody Program T-cell Dependent Cytotoxicity -2 -1 1 Log [Bispecific] (nM) 0 H 2 Rucker et al., Development of CLDN6 bispecific antibodies for treatment of ovarian cancer, AACR 2022#21Corporate 21 Context Therapeutics Inc. - Sept. 2022 context therapeutics A#22Experienced Leadership Team Martin Lehr CEO and Director Chris Beck, MBA SVP Operations Tarek Sahmoud, MD, PhD Chief Medical Officer 22 Context Therapeutics Inc. - Sept. 2022 Praesidia OLOGICS Cure Duchenne OSAGE UNIVERSITY PARTNERS Galera Therape, Shire MERCK NOVARTIS H3 Bowde Celgene Jennifer Minai, CPA Chief Financial Officer Alex Levit, Esq Chief Legal Officer Priya Marreddy, MS VP Clinical Operations MILLENDO THERAPEUTICS parexel, EY optinose teva ReedSmith Spark teva PRA Health Sciences Corporate Focus on Execution . • Experienced team with deep oncology experience • Our CMO led the clinical development of multiple blockbuster drugs for female cancers, including Kisqali, Arimidex, and Afinitor • Our management team is supported by a Board with strong public company operating and governance experience#23Recent and Key Anticipated Milestones ONA-XR Breast - AACR preclinical update Breast-ELONA trial initiation Breast ELONA trial Phase 1b data Breast - 2L/3L (post-CDK4/6) Phase 2 preliminary data Endometrial - Phase 2 preliminary data Granulosa Cell - Phase 2 preliminary data Claudin 6 Candidate selection IND submission 23 Context Therapeutics Inc. - Sept. 2022 1H 2022 1H 2022 2H 2022 2H 2022 2023 2023 Corporate 2024 2024#24Investment Highlights 2 Large Unmet Need Female Cancers 24 Context Therapeutics Inc. - Sept. 2022 S High-Value Targets Progesterone Receptor and Claudin 6 K Near-Term Milestones Multiple Data Readouts in Q4 2022 Strong Team Deep Domain Experience, Track Record of Success Corporate Ti # Financial Strength Expected Cash Runway into Q1 2024#25context therapeutics BRINGING CHANGE FOR FEMALE CANCERS O CONTEXT THERAPEUTICS 2022 context