Centessa IPO Presentation Deck

Lixivaptan: Phase 2 Results Support Potential in ADPKD DATA SUPPORTS POTENTIAL EFFICACY OF LIXIVAPTAN IN ADPKD • Lixivaptan treatment associated with potent, prolonged suppression of urine osmolality (Uosm), a pharmacodynamic marker of vasopressin V2 receptor inhibition, in ADPKD patients • Data from two 200 mg BID dose cohorts confirm choice of 200 mg BID as highest dose in Phase 3 Uosm (mOsm/kg) 600 AM dose 500 400 300 200 100 0 0 Time Course of Mean Spot Urine Osmolality PM dose Target: Maintain Uasm under 300 mOSM/kg 10 12 14 16 18 Time (hr) 20 22 24 Baseline Day 1 Day 7 URINE OSMOLALITY EFFECT OBSERVED TO BE SIMILAR TO TOLVAPTAN % ADPKD Subjects Meeting Target Trough Uosm <300 mOSM/kg (cross-study comparison to published results for tolvaptan) Tolvaptan (TEMPO Study) Lixivaptan (Study PA-102) 200 mg BID 50 mg BID 50% 60% 70% PALLADIO BIOSCIENCES 80% 90% CONCLUSIONS Phase 2 study achieved intended goals for lixivaptan . Demonstrated potent vasopressin V2 receptor inhibition in CKD patients • Defined highest dose for Phase 3: 200 mg BID • Defined "no effect" dose: 50 mg BID • Demonstrated similar PK profile to that in normal healthy volunteers • Observed tolerability profile consistent with previous studies 100% CENTESSA 14

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