Kailera Therapeutics, Inc. · NASDAQ:KLRA

Kailera Therapeutics — Investor Presentation (May 2026)

40 slides from Kailera Therapeutics's investor presentation, May 2026

  1. Slide 1: Elevating the Next Era of Obesity Care

    Elevating the Next Era of Obesity Care © 2026 Kailera Therapeutics. Proprietary and Confidential. Company Presentation May 2026

  2. Slide 2: Disclaimer

    Disclaimer This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements contained in this presentation that do not relate to matters of historical fact should be consi

  3. Slide 3: Kailera Q1 2026 Highlights

    Kailera Q1 2026 Highlights Important progress across four clinical-stage programs demonstrating depth and breadth of obesity pipeline • Initiated five late-stage global obesity clinical trials: • Ribupatide injection KaiNETIC Phase 3 program, ribupatide injection Phase 2b high dose trial, and KAI-75

  4. Slide 4: Elevating Obesity Care to Meet Patient Unmet Needs

    Elevating Obesity Care to Meet Patient Unmet Needs OBESITY-FIRST FOCUS Strategic focus on obesity – a chronic disease that affects over 1 billion people worldwide and drives more than 200 comorbidities DIVERSIFIED GLP-1-BASED PIPELINE Four clinical-stage programs specifically designed to address cri

  5. Slide 5: Experienced Team with Track Record of Building Successful, High-Impact Companies

    Experienced Team with Track Record of Building Successful, High-Impact Companies Board of Directors John F. Milligan, PhD Andrew Kaplan Board Chair Partner, Bain Capital Private Equity Ron Renaud Adam Koppel President and Chief Executive Officer Partner, Bain Capital Life Sciences Frank Clyburn Shel

  6. Slide 6: Hengrui Partnership Adds Strategic Value and Optionality

    Hengrui Partnership Adds Strategic Value and Optionality • Robust clinical data sets inform and accelerate global development plans • Access to innovation and rapid development across new mechanisms and formulations with • Right of first refusal on certain additional metabolic assets from Hengrui •

  7. Slide 7: Kailera Pipeline Designed to Address the Most Critical Needs of the Future Market

    Kailera Pipeline Designed to Address the Most Critical Needs of the Future Market Patients with Higher BMI Patients with Lower BMI • More weight loss needed for the ~50% of adults • Lower GI side effects needed to with obesity living with BMI 35+ by 2030 1 achieve optimal efficacy and treatment pers

  8. Slide 8: Rapidly Progressing Four Clinical-Stage Product Candidates

    Rapidly Progressing Four Clinical-Stage Product Candidates with Near-Term Value-Creating Milestones Global Clinical Stage ANTICIPATED UPCOMING PRODUCT ROUTE OF GLOBAL DEVELOPMENT CANDIDATE ADMINISTRATION MECHANISM PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3 MILESTONES Ribupatide Phase 3 data in 2028 GLP-1/

  9. Slide 9: Ribupatide Injection

    Kailera’s Diversified GLP-1-Based Pipeline © 2026 Kailera Therapeutics. Proprietary and Confidential. Ribupatide Injection GLP-1/GIP Receptor Dual Agonist 9

  10. Slide 10: BMI 35+ Represent Significant Market with High Unmet Need

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 BMI 35+ Represent Significant Market with High Unmet Need 60+ Million US Adults expected to have People with BMI 35+ Need More Weight Loss BMI 35+ by 20301 than today’s options provide million 35+ BMI US adults 30 – 34.9 BMI BMI After 72 Weeks of Tirz

  11. Slide 11: Ribupatide Injection has the Potential to be a Top Choice in BMI 35+

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection has the Potential to be a Top Choice in BMI 35+ We Believe Few Products are Positioned to Among Limited Options for People with BMI 35+, Ribupatide Compete in BMI 35+ Injection has Potential for the Greatest Weight Loss Weight Los

  12. Slide 12: Ribupatide Injection: Potential for the Greatest Weight Loss

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection: Potential for the Greatest Weight Loss Designed for • Designed to be a higher efficacy dual GLP-1/GIPR agonist than tirzepatide Category-Leading • 3x more potent on GLP-1R and 0.5x on GIPR compared to tirzepatide 1 Chemistry • Ap

  13. Slide 13: Phase 3 Obesity Clinical Trial Overview (Hengrui)

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection Phase 3 Obesity Clinical Trial Overview (Hengrui) DESIGN PARTICIPANTS PRIMARY ENDPOINT A multi-center, randomized, double- ≥ 18 years old with obesity or Percentage change from baseline in body weight at blind, placebo-controlled,

  14. Slide 14: Phase 3 Trial: No Plateau in Weight Loss Observed at 48 Weeks

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection Phase 3 Trial (up to 6 mg): No Plateau in Weight Loss Observed at 48 Weeks Adverse events, N (%) Ribupatide Ribupatide Ribupatide Placebo Mean Body Weight Change Over Time (%) 2 mg 4 mg 6 mg Treatment Policy (N=142) (N=141) (N=141

  15. Slide 15: Phase 2 High-Dose (8 mg) Obesity Trial Overview (Hengrui)

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection Phase 2 High-Dose (8 mg) Obesity Trial Overview (Hengrui) DESIGN PARTICIPANTS PRIMARY ENDPOINT A multi-center, randomized, double-blind, 18-65 years old with obesity or overweight (BMI Percentage change from Baseline in placebo-co

  16. Slide 16: Phase 2 (8 mg) Trial: 23.6% Mean Weight Loss over 36 Weeks

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection Phase 2 (8 mg) Trial: 23.6% Mean Weight Loss over 36 Weeks Mean Body Weight Change Over Time (%) Adverse events, N (%) (Efficacy Estimand) Placebo Ribupatide 8 mg N, incidence% N = 12 N = 49 TREATMENT POLICY TEAEs 10 (83.3) 45 (91

  17. Slide 17: Trend of Increased Efficacy and Improved Tolerability in Global vs. China Trials

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Trend of Increased Efficacy and Improved Tolerability in Global vs. China Trials Supported by Peer Data Comparison of Trials Conducted in China Comparison of Trials Conducted in China and Globally ~50% Female Population >65% Female Population Mean Wei

  18. Slide 18: KaiNETIC Phase 3 Program: Evaluating up to 10 mg

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KaiNETIC Phase 3 Program: Evaluating up to 10 mg, including Dedicated Trial in BMI 35+ Titration Population Maintenance Primary Endpoint(s) • 2,340 adults 10 mg • Percent change from • BMI ≥ 30 or ≥ 27 kg/m2 8 mg baseline in body weight at plus comorb

  19. Slide 19: Phase 2b High Dose Trial in Obesity without T2DM

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection Phase 2b High Dose Trial in Obesity without T2DM PARTICIPANTS PRIMARY ENDPOINT DESIGN ≥18 years old with BMI ≥35 kg/m2 Percentage change in body weight Double-blind, randomized, placebo-controlled without T2D from baseline at at W

  20. Slide 20: Ribupatide Oral

    Kailera’s Diversified GLP-1-Based Pipeline © 2026 Kailera Therapeutics. Proprietary and Confidential. Ribupatide Oral GLP-1/GIP Receptor Dual Agonist 20

  21. Slide 21: Oral: Potential for compelling efficacy and highly differentiated tolerability

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Oral: Potential for compelling efficacy and highly differentiated tolerability Unmet need for • Oral treatments are projected to represent ~20% of the obesity therapeutic market by 2030 oral treatments • Significant need to improve upon exi

  22. Slide 22: Oral Phase 2 Obesity Clinical Trial (Hengrui)

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Oral Phase 2 Obesity Clinical Trial (Hengrui) DESIGN PARTICIPANTS PRIMARY ENDPOINT Randomized, double-blind, placebo-controlled, Adults with BMI 28-40 kg/m with weight 2 Percentage change from baseline in Phase 2 clinical trial change ≤5% i

  23. Slide 23: Oral Phase 2 Trial: 12.1% Mean Weight Loss over 26 Weeks with Low GI AE Rates

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Oral Phase 2 Trial: 12.1% Mean Weight Loss over 26 Weeks with Low GI AE Rates Mean Body Weight Change Over Time (%) Achievement of Weight Loss Thresholds at 26 Weeks (%) (Efficacy Estimand) (Efficacy Estimand) Mean percentage change in body

  24. Slide 24: Oral Phase 2 Trial: 12.1% Mean Weight Loss over 26 Weeks with Low GI AE Rates

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Oral Phase 2 Trial: 12.1% Mean Weight Loss over 26 Weeks with Low GI AE Rates Adverse Events, N (%) Severity and Proportion of Patients with GI AEs Over Time Mild Moderate Severe Ribupatide Oral 25mg Ribupatide Oral 50mg Ribupatide Oral Pla

  25. Slide 25: Oral: Potential for Highly Competitive Profile

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Oral: Potential for Highly Competitive Profile Oral Peptide Oral Landscape – Comparison of Global Clinical Trials Small Molecule Percent Weight Loss, Placebo-Adjusted (Treatment Policy Estimand) 64W 72W 12W 13W 36W 26W Semaglutide Orforglip

  26. Slide 26: KAI-7535

    Kailera’s Diversified GLP-1-Based Pipeline © 2026 Kailera Therapeutics. Proprietary and Confidential. KAI-7535 Oral small molecule GLP-1 26

  27. Slide 27: KAI-7535: Oral Small Molecule GLP-1 with Competitive Efficacy and Class-like Tolerability

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-7535: Oral Small Molecule GLP-1 with Competitive Efficacy and Class-like Tolerability Data in Phase 2 Trials in China • Oral treatments are projected to represent ~20% Unmet need for of the obesity therapeutic market by 2030 oral treatments • Sign

  28. Slide 28: KAI-7535 Phase 2 Dose-Range Obesity Trial Overview (Hengrui)

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-7535 Phase 2 Dose-Range Obesity Trial Overview (Hengrui) DESIGN PARTICIPANTS PRIMARY ENDPOINT Randomized, double-blind, placebo-controlled, Adults with a BMI range 28-40 kg/m2 Percentage change from baseline in Phase 2 clinical trial without diabe

  29. Slide 29: KAI-7535 Phase 2 Obesity Trial: 15% Weight Loss at Week 36 in PK-Detectable Patients

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Phase 2 Obesity Trial: 15% Weight Loss at Week 36 in PK-Detectable Patients Mean percentage change in weight from baseline to Week 36 Plot 1: ITT Plot 2: PK-Detectable All participants dosed Post-hoc analysis excluding participants with PK value BLQ a

  30. Slide 30: Kailera's KAI-7535 PK Bridging Phase 1 Study in Australia

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Kailera’s KAI-7535 PK Bridging Phase 1 Study in Australia DESIGN PARTICIPANTS PRIMARY ENDPOINT Randomized, double-blind, placebo-controlled, Healthy adults living with obesity or overweight, Safety, tolerability, pharmacokinetics Phase 1 clinical tria

  31. Slide 31: KAI-7535 Phase 2 Trial Initiated in Q2'2026

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-7535 Phase 2 Trial Initiated in Q2’2026 DESIGN PARTICIPANTS PRIMARY ENDPOINT Double-blind, randomized, placebo-controlled 18-75 years old with obesity or overweight Percentage change in body weight and at least one weight-related comorbidity from

  32. Slide 32: KAI-4729

    Kailera’s Diversified GLP-1-Based Pipeline © 2026 Kailera Therapeutics. Proprietary and Confidential. KAI-4729 Injectable GLP-1/GIP/Glucagon tri-agonist 32

  33. Slide 33: KAI-4729: Potential for compelling weight loss, differentiated tolerability, and improved liver fat reduction

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-4729: Potential for compelling weight loss, a differentiated tolerability profile, and improved liver fat reduction • Superior GLP-1 receptor in vitro potency vs. retatrutide 1 Alternative • KAI-4729 vs. retatrutide1 in nonclinical studies showed

  34. Slide 34: KAI-4729: Phase 1 Trial Design in China

    Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-4729: Potential for compelling weight loss, a differentiated tolerability profile, and improved liver fat reduction Phase 1 Trial Design in China D ESIG N PA R TIC IP AN TS PR IMA R Y O BJ EC TI VE Key Findings from Phase 1 SAD/MAD in China A rand

  35. Slide 35: Manufacturing

    © 2026 Kailera Therapeutics. Proprietary and Confidential. 35 Manufacturing

  36. Slide 36: Manufacturing Strategy Designed to Leverage Diversified CDMO-Based Strategy

    Manufacturing Strategy Designed to Leverage Diversified CDMO-Based Strategy to Support Global Scale and Long-term Continuity Diversified CDMO-Based Network Accelerated Entry to Clinic Parallel tech transfers to ex-China Sourcing initial CTM from Hengrui CDMOs seek to establish supply enables rapid p

  37. Slide 37: Milestones

    © 2026 Kailera Therapeutics. Proprietary and Confidential. 37 Milestones

  38. Slide 38: Key Milestones Across Our Portfolio

    Key Milestones Across Our Portfolio Program 2026 2027+ ✓ Q4’25: Initiated Global Phase 3 Trials – KaiNETIC-1 and KaiNETIC-3 (BMI 35+) Ribupatide ✓ Q1’26: Initiated Global Phase 3 Trial – KaiNETIC-2 (Obesity with T2D) • 2027: Phase 2b High-Dose Topline Data Injection ✓ Q1’26: Initiated Global Phase 2

  39. Slide 39: GLP-1-Based Pipeline Designed to Address Patient Needs Throughout Treatment Journey

    GLP-1-Based Pipeline Designed to Address Patient Needs Throughout Treatment Journey Ribupatide Injection Ribupatide Oral KAI-7535 KAI-4729 GLP-1 / GIP GLP-1 / GIP GLP-1 GLP-1 / GIP / GCG Potential for compelling weight Potential for the greatest weight Potential for compelling efficacy Potentially c

  40. Slide 40: © 2026 Kailera Therapeutics. Proprietary and Confidential.

    © 2026 Kailera Therapeutics. Proprietary and Confidential. 40

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