#1mithra Women's Health Investor Presentation November 2023#2Important Information Important Notice IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by Mithra Pharmaceuticals SA (the "Company") or any person on behalf of the Company, and any question-and- answer session that follows the oral presentation: • This presentation has been prepared by the management of the Company. 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The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results and condition and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's results, condition, and growth and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company and each of its directors, officers and employees expressly disclaim any obligation or undertaking to review, update or release any update of or revisions to any forward-looking statements in this presentation or any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based, except as required by applicable law or regulation. This document and any materials distributed in connection with this document are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. This presentation is not an offer for securities in the United States. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act or exemption from the registration requirement thereof. By attending a meeting where this presentation is presented or by accepting a copy of it, you agree to be bound by the foregoing limitations. Regulatory disclaimer: Mithra's goal is to develop products offering better efficacy, safety and convenience, meeting women's needs throughout their life span. Mithra explores the potential of the unique native estrogen estetrol in a wide range of applications in women health and beyond. After having successfully launched the first estetrol-based product in 2021, the contraceptive pill ESTELLE®, Mithra is now focusing on its second product DONESTA, the next-generation hormone therapy. Mithra also offers partners a complete spectrum of solutions from early drug development, clinical batches and commercial manufacturing of complex polymeric products (vaginal ring, implants) and complex liquid injectables and biologicals (vials, pre-filled syringes or cartridges) at its technological platform Mithra CDMO. Active in more than 100 countries around the world, is headquartered in Liège, Belgium. General disclaimer: Note: Mithra Pharmaceuticals is closely following the evolution of macroeconomic conditions, the geopolitical situation in Ukraine and the COVID-19 global health crisis and is in constant dialogue with its partners to assess the impact and adapt operations accordingly. Mithra Pharmaceuticals has put in place mitigation plans to minimise delays. The impact of increased demands on the healthcare systems, limitations on non-essential hospital visits and procedures, social-distancing and travel restrictions may result in further delays to execution of clinical studies and impact sales. Mithra Pharmaceuticals will continue to update the market as needed and whenever possible. ESTELLE® and DONESTA® are registered trademarks of Mithra Pharmaceuticals or one of its affiliates. Mithra Investor Presentation - November 2023 2#3Achievements to date-- 2023 May June July August EUR 12.5 million in financing from Highbridge/Whitebox EUR 10 million in cash from our sale of Mayne Pharma shares Positive preclinical data for CSF-1R tyrosine kinase inhibitors EUR 17.05 million Canadian binding term sheet for DONESTAⓇ with Searchlight Pharma EUR 20 million equity private placement with Armistice Capital (with up to EUR 45 million more possible) API Supply agreement for Estetrol (E4) native estrogen with Gedeon Richter EUR 1.25 million milestone payment from Fuji Pharma, ESTELLEⓇ Japan partner October EUR 1.5 million milestone payment from Searchlight for execution of Canadian agreement EUR 2.5 million milestone payment from Fuji Pharma, ESTELLEⓇ Japan partner Mithra Investor Presentation Novem O#4Cash inflows from partnerships Product Regional marketing partners Total upfront & milestone payments to date (EUR) Total potential future milestones (EUR)¹ Total royalty &/or supply cash in from inception to date (H1 2023) (EUR) ESTELLEⓇ 15 128 million 296 million 21 million DONESTAⓇ 2 55 million 32 million 0 million MYRINGⓇ 20 20 Total 12 million 0 million 9 million 198 million 328 million 1 additional potential upside of high single-digit to low double-digit per annum royalties based on sales 30 million Mithra Investor Presentation - November 2023 4#5Strategic priorities ESTELLEⓇ Support marketing partners to realize growth potential Continued clinical development to support product differentiation DONESTAⓇ Complete NDA filing with FDA Establish optimal U.S. marketing agreement Perform additional clinical Phase 2 studies Hair Skin Sexual desire Estetrol (E4) New indications in women's health for fertility IVF implantation exploratory clinical studies on endometrial thickening New pharmacoecenomic Phase 2 and Phase 4 studies Estetrol (ESTELLE® / DONESTAⓇ) safety in br east cancer & blood clotting Additional imperatives . Debt consolidation • Better leverage CDMO • Options for Novalon complex therapeutics business Acquire preclinical and/or clinical opportunities Mithra Investor Presentation - November 2023#6• Mithra at a glance Global women's health company O Liege, Belgium Founded in 1999 Listed on Euronext Brussels in 2015: MITRA Innovative Estetrol products О Native estrogen Differentiated benefit/risk profile compared to existing hormone-based solutions ESTELLEⓇ, a new contraceptive DONESTAⓇ, potential treatment for menopausal symptoms & better aging Innovative pipeline expansion Novalon (complex therapeutics) & CDMO Commercial Development/ Performance in H1 2023 -50.5 million EUR net loss 2.6 million EUR Product sales of ESTELLE® 51 million EUR Milestones collected 634,000 MYRINGⓇ vaginal rings produced at our CDMO Dedicated to Mithra as a company transforming women's health Positive Top-line safety results for DONESTAⓇ Phase III (C302) 30 Countries in which our contraceptive pill ESTELLEⓇ is commercialized (+19 vs 2022) 1999 Founded Since 2015 Listed on Euronext Brussels 38 R&D collaborators among 233 dedicated 36 employees Patents covering E4 56% Women employees How we drive our business to lower impact on environment & society (ESG) -22% Reduction in Greenhouse gas emission (target- 55% by 2030) 100% Successful inspections and customer audits 55% Women in leadership posts (CEO N -2) Mithra Investor Presentation - November 2023 6#7Fundamental strengths for success New pipeline next generation medicines for women's health mithra Women's Health Innovative Estetrol-based products with important commercial role in women's health Revenue growth & strategic opportunities ⚫ Estetrol; MYRING®; TIBELIA®: ZORELINE® CDMO Strong experienced management ESTELLE® U.S. launch & sales ramping up DONESTAⓇ preparing for NDA filing Mithra Investor Presentation - November 2023#8Strong Experienced Management Chief Executive Officer David Horn Solomon Chief Scientific Officer Graham Dixon Chief Operating Officer Xavier Paoli ZEAL& ZEALAND PHARMA SILENCE THERAPEUTICS COLUMBIA UNIVERSITY AstraZeneca Galápagos Chief Commercial Officer Jean Manuel Fontaine Pfizer * Lundbeck GSK ZALUVIDA A ucb Chief Financial Officer Christophe Maréchal SMBC HAMON Mithra Investor Presentation - November 2023 8#9t EST 1 Diversified pipeline offering multiple near-term catalysts Product Indication Preclinical Phase I Phase II Phase III Commercialization ESTELLEⓇ Contraception e DONESTAⓇ Menopause Endometriosis; CSF-1R cancer; inflammatory disorders N MYRING® Contraception V a TIBELIA® Menopause ZORELINE® n Oncology Mithra Investor Presentation - November 2023 6#10Mithra 2 Estetrol Innovative product portfolio 3 4 5 Novalon CDMO Next Steps Mithra Investor Presentation - November 2023#11Estetrol (E4) a new estrogen with a differentiated benefit/risk profile Mithra Investor Presentation - November 2023#12Estetrol: the early-life native estrogen Estrogens made by the body Estradiol (E2) Estriol (E3) Estrogens made outside the body Made in ovaries during reproductive years E3 E4 ΕΙ Produced by the foeto-placental unit Synthetic Estrogens (e.g. Ethinyl estradiol) Produced for medical use e.g. in birth control pills Phytoestrogens Found in plants, E1 e.g. in soybeans Estrone (E1) Produced in liver, peripheral tissues and ovaries Adult Estrogens Estetrol (E4) Produced by the human fetus Fetal Estrogens Endocrine disrupting Xenoestrogens agents coming from man-made products 0000000 0000000 0000000 0000000 Mithra Investor Presentation - November 2023 12#13Estetrol: unique mode of action vs other estrogens AGONIST on the nuclear ERa Activates the nuclear estrogen receptor²-4 Important estrogenic activity on the vagina, endometrium, bone and cardiovascular system to provide beneficial effects²-4 BRO &Ro www ESTROGENS ESTETROL &Ro Membrane • . ANTAGONIST on the membrane ERa Blocks the membrane estrogen receptor²-4 Neutral effect on the liver unlike other estrogens²-4 Low impact on breast tissue (normal and malignant) 5-8 1. Abot A et al. EMBO Mol Med 2014.2.Foidart JM et al. InL Brinton RD et al (eds) 2019, Sex Steroids Effects on Brain, Heart and Vessels. ISGE Series.3.Arnal JF et al. Physiol Rev 2017. 4.Giretti MS et al. Front Endocrinol, 2014.5.Gerard C et al Endocrinol 2015. 6.Singer CF et al. Carcinogenesis, 2014. 7.Visser M et al. Horm Mol Biol Clin Invest 2012. Mithra - Investor Presentation - November 2023 13#14Breast Bone Brain A favorable safety profile Cardiovascular system Liver Uterus & vagina . Similar to other estrogens, Estetrol has also a beneficial and positive impact on the cardiovascular system, brain, bone and endometrium Unlike other estrogens, Estetrol has a limited impact on the liver and breast Breast: mixed activity on breast cell proliferation, migration and invasion1, limited impact on breast at therapeutic dose Liver: • minimal impact on Sex Hormone Binding Globulin (SHBG) synthesis • minimal impact on synthesis of coagulation factors (lower risk of VTE) limited lipid impact (including Triglycerides) Cardiovascular system 1. In presence of Estradiol (E2) Visser et al. Climacteric 2008 | Mawet et al. Eur J Contracept Reprod Health Care 2015 | Gérard et al. J Endocrinol 2015 | Abot et al. EMBO Mol Med 2014| Coelingh Bennink et al. Climacteric 2008 | Heegaard et al. Climacteric 2008 | Holinka et al. Biol Reprod. 1980 | Holinka et al. Climacteric 2008 | Pluchino et al. J Steroid Biochem Mol Biol 2014 | Tskitishvili et al. Exp Neurol 2014 Guivarc'h et al. J Am Heart Assoc 2018 | Kluft et al. Contraception 2017 | Douxfils et al. Contraception 2020 | Klipping et al. Contraception 2021 Mithra Investor Presentation - November 2023 14#15Estetrol is an environmentally-friendly estrogen Ethynyl estradiol (EE) 97% of current marketed Combined Oral Contraceptives are based on EE Known as a major Endocrine Disrupting Chemical VS Estetrol (E4) ✓ Insignificant endocrine disruptor effects, whether in aquatic organisms or organisms living in the sediment Amount of biologically active Estetrol released in the wastewaters after human use expected to be minimal ✓ Does not accumulate in living organisms Likely to dissipate rapidly from water d sediments 66 All biotests carried out show without ambiguity that the endocrine disruptor effects of Estetrol are insignificant in comparison with those observed for natural or synthetic estrogens, whether in aquatic organisms or organisms living in the sediment. Prof. Patrick Kestemont, President of the Research Institute Live, Earth & Environment, University of Namur, Belgium 0 Mithraz Investor Presentation - November 2023 15#16Reproductive Years ESTELLEⓇ (15mg Estetrol/ 3mg DRSP) A New Era in Combined Oral Contraception (COC) Mithra Investor Presentation - November 2023#17OBJECTIVE Optimize women's physiological hormonal balance by combining the best progestin & estrogen according to their profile The role of female sex hormones in COCs Progestins • Prevent ovulation • Thicken cervical lining • Endometrial protection • Estrogens ⚫ Cycle control Mithra Investor Presentation - November 2023 17#18ESTELLE® – addressing women's unmet need and improving women's contraceptive experience Improving contraceptive experience ➤ Reliable contraceptive efficacy ➤ Excellent cycle control' Proven superiority in comparison to Ethinylestradiol containing COCs ➤Improved quality of life & high user satisfaction ➤ Potential positive skin effect ➤ Low risk of drug-drug interaction² Addressing unmet needs Favorable safety profile Low impact on all markers of coagulation suggest low clotting risk Minimal increase of triglycerides ➤ Minimal impact on glucose metabolism ➤Minimal impact on breast tissue expected based on preclinical data³ 1) Kaunitz et al,. Contraception 2022; Jensen et al., Contraception 2022; Archer et al., JCM 2022 2) Foidart et al., NAMS 2022 3) Gallez et al. Cancers 2021 Mithra Investor Presentation - November 2023 18#19Key partners for ESTELLEⓇ's commercialization R GEDEON RICHTER Europe Gedeon Richter Plc. is a major pharma. company which product portfolio covers many important therapeutic areas, including Women's Healthcare, Central Nervous System, and Cardiovascular areas With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the Women's healthcare field worldwide mayne pharma U.S. and Australia Mayne Pharma is an ASX-listed specialty pharma. company focused on commercializing novel and generic pharmaceuticals, offering patients better, safe and more accessible medicines It has a 40-year track record of innovation and success in developing new oral drug delivery systems Mithra holds 4.96% of the outstanding shares Mithra Investor Presentation November 2023 19#20ESTELLE®: Global commercialization progress Commercialized LSA signed Commercialization started in 2021 In 2023 - First launches in: • Latin America Asia Middle East Ex CIS countries Mithra Investor Presentation - November 2023 20#21ESTELLE® in the US: NEXTSTELLISⓇ highlights 35.000 30.000 25.000 20.000 15.000 10.000 5.000 0 NEXSTELLISⓇ monthly performance metrics from 2Q-2022 to 2Q-2023 mars-23 avr-22 mai-22 juin-22 juil-22 août-22 sept-22 oct-22 nov-22 déc-22 janv-23 févr-23 Total Cycles avr-23 mai-23 juin-23 -Cycles NRx RRx 350.000 • 300.000 250.000 200.000 150.000 100.000 50.000 • 0 TRX NEXTSTELLISⓇ growth is accelerating thanks to new commercial strategy implemented by Mayne in December 2022 NEXTSTELLISⓇ has continued to achieve solid growth during 1H-2023 to date driven by access improvements (Co-Pay) and new targeting strategy implemented by Mayne in December 2022 • > 314,000 cycles dispensed since launch in June 2021 > 161,000 cycles dispensed in 6 months since January 2023 > 7,500 weekly cycles from now • Growth 2Q-2023 vs 1Q-2023 of NRx +19% and TRX +19% RRx expected to improve following patient retargeting initiative in December 2022 Experienced WH sales team of 94 (up from 86) able to reach target customers Net selling price returning to normal levels Direct-to-Consumer campaign launched in July 2022 with GoodRx and TV campaign launched in February 2023 with other marketing avenues being explored Mithra Investor Presentation - November 2023 21#22DONESTAⓇ (Estetrol only) A new era in Hormone Therapy (HT) Menopause years Mithra Investor Presentation - November 20232#23Hormone Therapy (HT) Treatment recommended to address long-term biological changes, including common symptoms of menopause, that result from declining levels of the natural hormones (estrogen and progesterone) during and after menopause. HT also helps to balance estrogen and progesterone in women around the time of menopause. Collapsing of HT's use worldwide after the announcement of the first results of the Women's Health Initiative (WHI) in 2002, which indicated that HT could have more detrimental than beneficial effects. Ph2 POC trials to launch in 2023 in skin quality, hair quality and FSAD Mithra - Investor Presentation November 2023#24DONESTAⓇ: potentially beyond VMS Clinical Phase Phase 3 Phase 2 Primary Endpoint Estetrol effect on reducing Vaso-Motor Symptom frequency / severity, H & NH* women Estetrol effect on various aspects of Female Sexual and Urogenital Functions Secondary Endpoint Effect on lipids, glucose metabolism, hemostasis parameters, breast density endometrial safety, health-related quality of life, treatment satisfaction and vulvar and vulvo-vaginal atrophy Effect of Estetrol on quality of life Phase 2 Effect of Estetrol on skin health, quality and appearance Phase 2 Effect of Estetrol on quality of life and various skin-related endpoints Effect of Estetrol on hair texture, quality and appearance Effect of Estetrol on quality of life and various hair-related endpoints *Hysterectomized and non-hysterectomized Published Phase 2 data: Gaspard et al., Menopause 2023 in press; Gaspard et al., Menopause 2020; Douxfils et al., Climacteric 2022 Mithra Investor Presentation November 2023 24#25DONESTAⓇ: Gedeon Richter partnership Seeking for the highest long-term added value for Mithra and Gedeon Richter Strengthening our long-term partnership € Upfront & milestone payment structure Upfront payment 55m EUR Regulatory milestones 15m EUR Double-digit royalties tiered on net sales Territories covered Exclusivity: Europe, Russia, CIS countries, Central & Latin America Semi-Exclusivity: Brazil, Australia, New Zealand RG Mithra Investor Presentation - November 2023 25#26DONESTAⓇ: Territories already covered GR Exclusivity* GR Semi-exclusivity* FUJI Pharma Exclusivity Mithra Investor Presentation November 2023 26#27mithra Women's Health Novalon Complex Therapeutics 1 2 3 4 5 Estetrol CDMO Next Steps Mithra portfolio Mithra Investor Presentation - November 2023 27#28Advancing our complex therapeutics business Products MYRINGⓇ Description Contraceptive vaginal ring (based on etonogestrel/ EE/polymers) Indication Opportunity Contraception Circa $580m* Original product: NUVARINGⓇ from Merck Status Commercialized ZORELINE® Biodegradable SQ implant (goserelin) Prostate & breast cancer and benign gynecological indications Circa $963m** TIBELIAⓇ Therapeutic solution for HT composed of tibolone (synthetic steroid) Menopause *According to IQVIA, sales are for the 12 months ended June 2022 **Source: IQVIA quantitative market research, Q2 2022 Original product: ZOLADEX® from AstraZeneca New formulations assessed via animal PK/PD comparative study for 1 month and 3 months implant Commercialized Circa $117m** Original product: LIVIALⓇ from Merck Mithra Investor Presentation November 2023 28#29mithracdmo Mithra CDMO 2 3 4 5 Mithra Estetrol portfolio Novalon Next Steps Mithra Investor Presentation - November 2023 29#30Amsterdam Paris 304 km 198 km An integrated R&D and manufacturing platform Specialized pharmaceutical ecosystem, to take products from POC to market 15,000 m² state-of-the art facilities Dedicated R&D and production areas Ability to handle high potent and complex developments Pilot, clinical & commercial batches GMP Standards compliance Ideally located, at the intersection of major European biopharma clusters mithroodmo Liège Frankfurt 228 km Strategy for the CDMO is to leverage our unique expertise in polymers (long-acting, implants, vaginal rings) and injectables for high value- added commercial projects and products Mithra Investor Presentation - November 2023 30#31C V B N 2 command option not In Balance Next steps Amnt In 45 356 -67 6 5678 56 678 Account Number: 0981-654 ate: 12/11/2016 al: 321 654 87698 4 75-67 2 456 578 No 56 mount In Out 78 Disc 78 -67 9 -56 Charge ard 76 Out In 45 76 78 67 789 45 678 45 45 789 6 3 356 5 356 87 76 5678 4 243 456 4 356 56 789 456 78 456 578 456 -78 67 Estetrol portfolio 578 78 578 56 456 356 78 456 456 456 45 243 1678 78 678 7 356 457 9 9 76 29- 76 45 -76 45 -4 56 97 Mithra 178 67 67 578 • 78 6 456 678 76 17日 9 45 356 56 578 76 -53 356 7 1St 678 45 S 78 789 5678 -67 4 789 789 356 456 -23 4 3456 -45 56 -53 45 356 243 678 456 789 +62 345 4 68 243 9 457 578 457 -73 6789 3 4' 457 -23 76 689 78 689 31 456 62 -76 689 456 456 45 456 456 456 -73 356 345 345 678 45 -31 345 27 23 56 46 9 78 23 789 44 567 23 -78 567 3 789 356 145 B 76 789 -56 243 457 46 34 45 1457 67 689 23 35 356 689 456 18 654 56 456 345 134 45 789 45 68 4 345 23 35 46 23 44 654 27 44 13 3 76 15 76 45 45 356 356 56 56 709 3 4 Novalon CDMO LO Mithra Investor Presentation - November 2023 31#32Next steps DONESTAⓇ Support NDA filing with FDA Additional Phase 2 studies to support differentiation for treatment of menopause symptoms O O Hair Skin Sexual desire • ESTETROL New indications in women's health IVF implantation - exploratory clinical studies on endometrial thickening New pharmacoecenomic Phase 2 and Phase 4 studies to establish safety of Estetrol (ESTELLEⓇ/DONESTAⓇ) in breast cancer & blood clotting ZORELINE® • 1-month & 3-month formulation studies Mithra Investor Presentation - November 2023#33Contact us [email protected] mithra Women's Health Rue St-Georges 5/7 - 4000 Liège Tel: +32 (0)4 349 28 22 https://www.mithra.com/en/investors/