Investor Presentation

32 X Lenabasum Reduced PEx in Completed Phase 2 Study Events per subject per 12 weeks 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Rate of Pulmonary Exacerbations Requiring New Antibiotics Weeks 1-4 0.77 Placebo 0.35 1 mg 0.38 Primary outcome for ongoing Phase 2b study 5 mg 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 Weeks 5-12 0.46 Placebo 0.25 0.21 20 mg 20 mg bid Survival Probability 1.0 0.8- 0.6 Kaplan-Meier Survival Time Without a PEx 0.4 - 0.2- 0.0- Lenabasum Placebo 0 61 24 60 21 61 21 T 20 Treatment 57 21 53 16 53 15 51 15 40 Days PEx Free Lenabasum 50 15 Lenabasum 60 Placebo 45 14 Lenabasum Placebo + Censored 40 14 37 13 80 P = 0.047, Cox proportional hazard model, 2-sided, Hazard ratio = 0.452 37 13

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