Investor Presentation

About Kaken Pharmaceutical Broadening Lenabasum's Global Market Opportunity: Commercializing and Marketing Lenabasum in Japan for Systemic Sclerosis and Dermatomyositis 11 X 制 CH ● ● ● Lenabasum TRANSACTION TERMS: Exclusive licensing agreement for SSC and DM lenabasum indications in Japan ● KAKEN PHARMACEUTICAL CO., LTD. Specialty pharmaceutical company in Japan Experience in commercializing novel pharmaceuticals and medical devices, and well-regarded leader in rare autoimmune diseases Successful track record partnering with U.S. and other foreign companies to commercialize and market pharmaceuticals in Japan Up-front $27M payment and up to $173M of potential milestone payments Double-digit royalty payments

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