Investor Presentaiton

Significant investments into R&D Planned continued losses through high R&D investments are sufficiently funded R&D Expenses marino med 1.4 1.3 1.0 0.9 Q1 19 Q1 20 Q2 19 Q2 20 Cash position 2.0 6.0 1.7 12.0 7.8 Comments Significant investments in R&D as planned, primarily relating to R&D personnel expenses and external services for clinical trials COVID-19 pandemic resulting in short-term delays Allergy challenge trials are currently not possible Planned start for the Tacrosolv phase II study in autumn Significant cash position available to advance pipeline products until commercialisation CarrageloseⓇ segment margin contributing to financing Financial flexibility available through undrawn tranches from EIB loan (€11 million) and expected refinancing of real estate Expected to be funded until break-even 2016 2017 2018 2019 Q2 20 14

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