Slide 1: Transforming GI Detection and Screening
Transforming GI Detection and Screening Filed Pursuant to Rule 433 Issuer Free Writing Prospectus Dated May 30, 2025 June 2025 (Relating to Preliminary Prospectus, dated May 30, 2025) Registration Statement No. 333-287148
Slide 2: Free Writing Prospectus Legend
Free Writing Prospectus Legend This presentation relates to the proposed initial public offering (“the offering”) of CapsoVision, Inc. (the “Company”, “we”, “us”, or “our”), which highlights the basic information about the offering and the Company. Therefore, this presentation should be read togethe
Slide 3: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains “forward-looking statements” that reflect our current expectations and views of future events. Significant known and unknown risks, uncertainties and other factors (including those listed under the caption “Risk Factors”
Slide 4: Transaction Summary
Transaction Summary Issuer CapsoVision, Inc. Transaction Type Initial Public Offering Ticker/Exchange CV / NASDAQ Shares Offered 5,250,000 Price Range $5.00 to $5.50 Offering Size @ Midpoint $27. 6 million Overallotment Option 15% To fund research and development activities related to CapsoCam as we
Slide 5: CapsoVision: Investment Highlights
CapsoVision: Investment Highlights • Commercial-stage medical technology company Who We Are • Capsule endoscopy solution providing superior imaging of GI tract • $11.8M revenue in 2024 (20% CAGR) • CapsoCam Colon study completed; 510(k) to be filed 2Q25 Capsule Endoscopy • Detects precancerous lesio
Slide 6: Leadership: Commitment to Innovation and Results
Leadership: Commitment to Innovation and Results Johnny Wang Kevin Lundquist Rebecca Petersen Doug Atkinson President & Chief Executive Officer Chief Financial Officer Director of Clinical Affairs Vice President of Sales Confidential © 2025 CapsoVision 6
Slide 7: CapsoCam Endoscopic System
CapsoCam® Endoscopic System ü 360°panoramic view of the intestine mucosa using four Used by cameras >135K ü Structured-light projector for polyp-size measurement patients as of 3/31/25 ü Remote video streaming from CapsoCloud, up to 20 frames/sec Granted ü Onboard data storage, not limited by regula
Slide 8: Efficient and Contemporary Workflow
Efficient and Contemporary Workflow Physician streams Streamlined data video and creates recovery and secure diagnostic report clinical processing anywhere Tele-supervised Cloud-based ingestion and storage, sharing convenient at home capability, and real retrieval time tracking Confidential © 2025 C
Slide 9: Market Overview
Market Overview Detection and • Market growth is driven by rising colon cancer rates, increased awareness, and focus on early detection. Screening for • Detection and screening methods include FIT, Cologuard, endoscopy capsules, blood Colon Disease tests, and colonoscopy. • Currently, optical colono
Slide 10: Colon Cancer Detection and Screening
Colon Cancer Detection and Screening High • Early detection and monitoring - ideally pre- Colonoscopy cancer stage - is goal. • Ideal option for patients reluctant to undergo Capsule Endoscopy invasive colonoscopy. • Cost (time and money) of colonoscopy is excessive; must be performed in Cologuard B
Slide 11: Large Opportunity in Colon Disease Detection and Screening
Large Opportunity in Colon Disease Detection and Screening CapsoCam Colon Indication Non-invasive visualization of the entire colon for the detection of polyps Target Patient Population CRC diagnostic (initial patient population), surveillance and screening Status Pivotal clinical study for FDA clea
Slide 12: Image Quality vs. Competitor
Image Quality vs. Competitor CapsoCam 360° FOV vs. PillCam 156° FOV CapsoCam Plus direct mucosal view, sees inner curve Competitor “tunnel” view, can miss inner curve Confidential © 2025 CapsoVision 12
Slide 13: CapsoCam Colon's Path to Commercialization
CapsoCam Colon’s Path to Commercialization • Clinical evaluation of Gen-2 CapsoCam Colon capsule commenced Q2 2025 • Completed U.S. pivotal study – Increased camera FOV and improved image quality for better (n=1327 patients at 20 sites) polyp detection, visualization of large polyps – Improved AI an
Slide 14: CapsoCam Plus for Small Bowel
CapsoCam Plus® for Small Bowel • FDA 510(k) clearance in 2016; $11.8M revenue in 2024 • Provides full circumferential view of the small bowel mucosa * • Demonstrated ability to see more lesions, facilitating accurate detection of pathology to support treatment • Better visualization, longer battery
Slide 15: CapsoCam Plus – For Small Bowel Capsule Endoscopy
CapsoCam Plus® – For Small Bowel Capsule Endoscopy CapsoCam Plus® Indication Visualize small bowel and detect pathology Target patient population Obscure GI bleeding, anemia, Crohn’s disease Status FDA cleared and sold worldwide through direct sales in the U.S. and direct/indirect worldwide ASP $425
Slide 16: How We Sell CapsoCam Plus
How We Sell CapsoCam Plus® Sales Prospecting • Direct Sales Force Closing Making – ~25 in U.S. the Sale Contact – 11 sales managers, trainers – 4 sales reps in Germany Sales Cycle • Indirect ex-U.S. through distributors Handling Qualifying • Identify targets through prior CPT usage Objections the Le
Slide 17: Attractive Benefits for Gastroenterologists
Attractive Benefits for Gastroenterologists Clinical Benefits → Greater lesion detection than PillCam* → 60% better visualization of the papilla* → Preferred by patients → AI feature** supports Dx report Operational Benefits → Patient freedom Financial Benefits → Free up scheduling with shorter → Pr
Slide 18: Financial Overview
Financial Overview Revenue Key Growth Drivers $14M $12M • Continued share gains anticipated with CapsoCam Plus® in small $10M bowel market upon FDA clearance of AI incorporation $8M • Commercial launch of CapsoCam $6M Colon expected to begin 2H 2026 $4M $2M 0 FY2021 FY2022 FY2023 FY2024 Small Bowel
Slide 19: Robust Development Pipeline Positioned for Long-Term Growth
Robust Development Pipeline Positioned for Long-Term Growth Esophagus—Varix screening Pancreatic Cancer Detection • Recommended for high-risk cirrhotic patients • No effective screening exists • 5.5M patients in the U.S. with cirrhosis*; • A dilated papilla is correlated with pancreatic 85% develop
Slide 20: CapsoVision: Investment Highlights
CapsoVision: Investment Highlights • Commercial-stage medical technology company Who We Are • Capsule endoscopy solution providing superior imaging of GI tract • $11.8M revenue in 2024 (20% CAGR) • CapsoCam Colon study completed; 510(k) to be filed 2Q25 Capsule Endoscopy • Detects precancerous lesio
Slide 21: Transforming GI Detection and Screening
Transforming GI Detection and Screening