Investor Presentation

Cystic Fibrosis (CF) Program Overview Targeting all patients while not competing with CFTR therapies 30 FDA EUROPEAN MEDICINES AGENCY SCIENCE MEDICINES HEALTH ---- Positive Phase 2a results Orphan Drug Designation ■I 1: $5 million awarded in 2015 for first Phase 2 study, project completed; up to additional $25 million development awarded in 2018 towards Phase 2b study Ongoing Large Phase 2b study $30M in Development Awards from the Cystic Fibrosis Foundation¹ FDA Lenabasum Fast Track Status

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