Slide 1: August 2026 Corporate Presentation
August 2026 Corporate Presentation
Slide 2: Disclaimers
2 Disclaimers This presentation is strictly confidential and being made to you solely as a prospective investor in the proposed private placement (the “Private Placement") of securities of Avere Therapeutics, Inc. ("we," "us," "our" or the "Company"). The securities have not been and will not be reg
Slide 3: Once-weekly AVR-001 targets IL-23 receptor
3 Once-weekly AVR-001 targets IL-23 receptor Confidential IL-12R1 IL-12Rβ1 IL--12Rβ1 ©Copyright 2026 Avere Therapeutics Antagonists that inhibit IL-23 signaling have been used to treat multiple inflammatory diseases
Slide 4: Developing AVR-001, a potentially best-in-class once-weekly oral IL-23RA
4 • Developing AVR-001, a potentially best-in-class once-weekly oral peptide IL-23 receptor antagonist (IL-23RA), with opportunity to address multiple high-value indications • Lead indication in psoriasis (PsO) is large and growing, with opportunity to expand into psoriatic arthritis (PsA) & inflamm
Slide 5: Avere is led by a world-class management team
5 Avere is led by a world-class management team Andrew Cheng Chairman Nimish Shah Board Member Venrock Julianne Bruno Board Member Fairmount Two Representatives from Hansoh Pharmaceuticals Management Team Board of Directors Confidential ©Copyright 2026 Avere Therapeutics Andrew Cheng, MD, PhD Chief
Slide 6: Psoriasis market: $32B+; IBD market: $25B+
6 Psoriasis market: $32B+ Projected to continue growing at 6% p.a. Unlocking opportunity with validated target in multibillion dollar inflammatory disease markets • IL-23R: one of the most effective and safe targets in PsO • Icotyde is the first oral option, but leaves opportunity for improvement gi
Slide 7: Oral IL-23RAs have blockbuster potential
7 “Icotyde has the potential to be one of our largest products ever” – Joaquin Duato, CEO of JNJ1 2026 2027 2028 2029 2030 2031 2032 203 2034 2035 0 5 10 15 20 Oral IL-23RAs have blockbuster potential Projected Icotyde WW revenue2 Total Revenue ($B) Projected sales PsO PsA UC CD • Peak psoriasis sal
Slide 8: Prescribers anticipate oral IL-23RA market share growth; once-weekly option favored
8 Current Future 0 25 50 75 100 “Patients would rather take weekly than daily pill for more convenience” “Once-weekly dosing would lead to a huge improvement in patient compliance” “Would be a huge improvement to have once a week dosing to reduce the daily thoughts of psoriasis management” Confident
Slide 9: A potential best-in-class, once-weekly oral IL-23RA for psoriasis
9 A potential best-in-class, once-weekly oral IL-23RA designed to be a leading psoriasis therapy Significant opportunity for a differentiated once-weekly fast-follower IL-23RA Next-generation orals have potential to expand psoriasis market • Skyrizi & Tremfya combined sold ~$15B in PsO in 2025 • Ora
Slide 10: AVR-001 Ph 1 study provides POC for once-weekly oral IL-23RA
10 Randomized, placebo-controlled Ph 1 MAD study for moderate-severe PsO Confidential AVR-001 Ph 1 study provides POC for a once-weekly oral IL-23RA in psoriasis Cohort 3 600 mg QW (x5) Cohort 2 300 mg QW (x5) Cohort 1 100 mg QW (x5) Weekly cohorts Cohort 6 100 mg QD (x7) + 50 mg QD (x21) Cohort 5 5
Slide 11: AVR-001 achieved similar absolute reductions in PASI as Icotrokinra
Confidential 11 AVR-001 achieved similar absolute reductions in PASI as Icotrokinra in Phase 1 MAD Study Comparable changes at Wk 4 -80 -60 -40 -20 0 AVR-001 (all cohorts)* AVR-001 (QW cohorts)* AVR-001 (QD cohorts)* Icotrokinra (QD) Absolute % change in PASI (from baseline) -44% -46% -41% -44% -80
Slide 12: AVR-001 achieved similar PASI response rate as Icotrokinra
Confidential 12 AVR-001 achieved similar PASI 75 response rate as Icotrokinra in Phase 1 MAD study Response rate at Wk 4 0 20 40 60 AVR-001 (all cohorts)* AVR-001 (QW cohorts)* AVR-001 (QD cohorts)* Icotrokinra (QD) PASI 75 response rate 11% 15% 6% 14% 0 20 40 60 AVR-001 (all cohorts)* AVR-001 (QW c
Slide 13: AVR-001 achieved consistent reductions in key biomarkers
13 Icotyde Log2 factor change from baseline in IL-17A and hBD-2 data are digitized ICONIC-LEAD data from EADV 2025 presentation; Cross-trial comparison only; trial designs, patient populations & endpoints differ between AVR-001 Ph1 MAD & Icotyde Ph3 ICONIC-ADVANCE 1 & 2. No head-to-head studies have
Slide 14: AVR-001 demonstrated generally favorable safety profile
Confidential 14 AVR-001 demonstrated generally favorable safety profile Preferred Term ≥2 patients Placebo AVR-001 100 mg QW 300 mg QW 600 mg QW 50 mg QD x7, 25 mg QD x21 100 mg QD x7, 50 mg QD x21 N=15 N=9 N=9 N=9 N=8 N=9 Lipase Increased, N (%) 1 (6.7) 1 (11.1) 1 (11.1) 0 0 2 (22.2) ALT Increased,
Slide 15: Icotrokinra validated IL-23RA orals in ulcerative colitis in Phase 2b
15 Icotrokinra has already validated the potential for IL-23RA orals in ulcerative colitis in a Phase 2b study *PEP, All values represent percentages; values in parentheses show the adjusted treatment difference between treatment group and placebo Confidential Source: V Jairath UEG presentation Oct
Slide 16: AVR-001 could deliver a powerful pipeline in one product
16 AVR-001 could deliver a powerful pipeline in one product Psoriasis anchors launch, then potential for expansion across IL-23-driven diseases AVR-001 Psoriasis market: $32B • Highest unmet need for oral • Icotrokinra Ph2/3 data validates path Source: Evaluate Pharma 2025 WW Sales, 7/8/26; Combine
Slide 17: Founding team combines company-building and drug development experience
17 Founding team combines significant company-building experience with extensive drug development expertise & & One of the leading China-based biopharmaceutical innovators with a track record of developing a robust pipeline of candidates, including AVR-001 US company-launching vehicle and financier:
Slide 18: Financings expected to fund AVR-001 through key clinical POC data
18 Financings expected to fund AVR-001 through key value-generating clinical POC data • Ph 2b psoriasis initiation • Ph 2b UC initiation • China Ph 2b psoriasis readout (1H) 2027 2028 AVR-001 (Oral IL-23RA peptide) • Ph 2b psoriasis readout (1H) • Ph 3 psoriasis initiation Anticipated Milestones Co
Slide 19: Recent milestones achieved
19 Recent milestones achieved Confidential ©Copyright 2026 Avere Therapeutics • Executed AVR-001 License Agreement with Hansoh Pharma • Worldwide (ex-Greater China) for all indications • Closed on $251MM of convertible notes • Additional food effect PK data • Enables fasted dosing at least 30 minute
Slide 20: Thank you
Thank you Contact: Andrew Cheng CEO, President, & Chairman andrew@averetx.com Forward-Looking Statements This communication contains forward-looking statements (including within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act) concerning NextCure, Avere, the prop