Investor Presentation

33 Ongoing CF Phase 2b Study Open to people with CF 12 years and older, regardless of mutation or current background medications, including Orkambi®, Kalydeco® and SymdekoⓇ Double-blind, randomized, placebo-controlled study 28 Week study Multinational ÎÒÅÒÂÎÄÎÎ ~415 subjects Lenabasum 1: Development award from CFF announced in January 2018, which provides up to $25M in funding 20mg BID 5mg BID Placebo 2:1:2 dosing Primary Endpoint: Event rate of PEx Secondary Endpoints: Other measures of PEx; CFQ-R Respiratory Domain Score; FEV1 % predicted

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