Investor Presentation

31 Cystic Fibrosis at a Glance Genetic disease characterized by chronic lung inflammation that leads to lung damage and fibrosis ~70,000 people with CF in 7 major markets¹ Inflammation and fibrosis play key role in morbidity and mortality 1: Health Advances, LLC; Lenabasum Commercial Market Assessments Zero drugs approved targeting inflammation Lenabasum ~$0.7 $1B annual potential market opportunity for lenabasum¹ ■

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