Khosla Ventures Acquisition Co
Khosla Ventures Acquisition — SPAC Merger (July 2021)
60 slides from Khosla Ventures Acquisition's SPAC merger presentation, Jul 20, 2021
Slide 1: Valo Analyst Day Presentation Q3 2021
Valo Analyst Day Presentation Q3 2021Valo Analyst Day Presentation Q3 2021
Slide 2: Disclaimer
Disclaimer Disclaimer. This presentation (“Presentation ”) is for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Business Combination”) between Khosla Ventures Acquisition Co. (“Khosla”) and Valo Health,
Slide 3: Disclaimer (con't)
Disclaimer (con’t) Participants in the Solicitation. Khosla, Valo and their respective directors and executive officers may be deemed participants in the solicitation of proxies from Khosla’s shareholders with respect to the proposed Business Combination. A list of the names of Khosla’s directors an
Slide 4: Risk Factors
Risk Factors The below list of risk factors has been prepared as part of the Business Combination. The risks presented below are a subset of the general risks related to the business of Valo and the proposed Business Combination, and such list is not exhaustive. The list below has been prepared sole
Slide 5: Agenda
Agenda Presenter Topic David Berry Welcome Chief Executive Officer Overview David Berry Brandon Allgood Opal Platform Chief Artificial Intelligence Officer Q&A Session Break Hilary Malone Therapeutic Programs Chief Operating Officer, Therapeutics Graeme Bell Financial Overview Chief Financial Office
Slide 6: The Valo Opportunity
The Valo Opportunity - Digital integration has just delivered: a standing start to >3.6 billion doses administered to over 1 billion patients in 18 months - The leading edge of biotechnology is being enabled by digital integration: causal genomics into targets; targets into drug candidates - Valo is
Slide 7: The Valo Investment Opportunity Proposition
The Valo Investment Opportunity Proposition - Valo’s Opal platform based on a human data focusing on increasing NPV >4x per drug - Opal goal: cut 6 years (>50%) and $500M (>50%) per drug, increasing success rates 2-4x - Powered by human data from >8 million patients with tens of trillions of data po
Slide 8: Combination of Khosla & Valo Health creates an industry-defining opportunity
Combination of Khosla & Valo Health creates an industry-defining opportunity 1 Select KV Investments Khosla Ventures (KV): Bold… Early… Impactful $33B - Early investors in industry-defining companies across $17B market cap multiple verticals market cap 1 - Investments with $395B+ in value $48B $5B -
Slide 9: Pro forma valuation and ownership
Pro forma valuation and ownership 1 TRANSACTION OVERVIEW ILLUSTRATIVE PRO FORMA OWNERSHIP Share price $10.00 1 Pro forma shares outstanding 281.1 Equity value $2,810.9 (+) Debt [0.0] (-) Pro forma cash (488.0) Firm value $2,322.9 FOCUS ON LONG-TERM PERFORMANCE SOURCES Valo rollover equity $2,250.0 3
Slide 10: Valo is a technology company built to transform drug discovery and development
Valo is a technology company built to transform drug discovery and development using human-centric data and computation... 1,2 5 LEGACY BIOPHARMA MODEL VALO DRUG ACCELERATION MODEL Biological Target Hit to Target to Hit Discovery ID Lead TM Ph II Ph I Preclinical Lead Opt Ph III Reg Comm 3 3 LOCALIZ
Slide 11: Designed to enable a new fully integrated end-to-end model of drug development
…designed to enable a new fully integrated end-to-end model of drug discovery and development to overcome legacy model limitations AI-DRIVEN LIFE SCIENCES INNOVATION VALO TRANSFORMATION REINFORCING LEGACY Biological Target Hit to Target to Hit Discovery ID Lead Ph II Ph I Preclinical Lead Opt Ph III
Slide 12: Valo's Comparative Advantage: Opal platform
Valo’s Comparative Advantage: Valo’s Opal platform is designed to enable a fully integrated, human-centric approach to develop better drugs, faster Valo is building an end-to-end, fully-integrated digitally native drug development platform with a unified architecture, founded upon world-class human-
Slide 13: Data→compute→drug flywheel
Data→compute→drug flywheel builds from a human data foundation and accelerates to improve computationally derived insights OPAL ACCELERATION FLYWHEEL DATA - Large scale, high quality human data coupled with distinctive computation serves as Opal’s foundation - Every experiment we run generates data
Slide 14: Valo's strategy drives data integration to accelerate Opal
Valo’s strategy drives data integration to accelerate Opal, while applying it at scale CURRENT FUTURE Building what we believe is the first digitally Aspiration to become the standard technology native fully integrated pharma platform for drug development 1 2 3 4 BUILD VALIDATE SCALE DEMOCRATIZE Bui
Slide 15: Valo aspires to increase program NPV by reducing time and cost
Valo ultimately aspires to significantly increase program NPV by reducing the time and cost, and increasing PTRS of drug discovery and development DISCOVERY & PRECLINICAL CLINICAL DEVELOPMENT TOTAL AVERAGE AVERAGE AVERAGE 13.5 years 5.5 years 6.5 years $280M per launch $550M per launch $874M per lau
Slide 16: Initially deploying Opal for internal development of drugs
Valo is initially deploying Opal for the internal development of drugs, enabling its flywheel by accelerating our internal pipeline CURRENT Building what we believe is the first digitally native fully integrated pharma ● Foundational data lake in hand with enough data to power Opal 1 2 ● End-to-end
Slide 17: Opal is an end-to-end platform using human data
Opal is an end-to-end platform, using human data throughout the drug discovery and development process PLATFORM BIOLOGICAL DISCOVERY Human data to identify human targets designed to treat human disease with enhanced clinical development profiles TM CLINICAL DEVELOPMENT THERAPEUTIC DESIGN Active lear
Slide 18: Opal is built upon a differentiated human-centric data foundation
Opal is built upon a differentiated, human-centric, and high quality data foundation DATA >125M years of longitudinal patient data Multidimensional -’omics Exclusive access to one of the largest prospective studies spanning Valo’s cumulative longitudinal patient data pan-omics, imaging, and medical
Slide 19: Biological discovery: Causal human-centric target discovery
Biological discovery: Causal human-centric target and biology discovery BIOLOGICAL DISCOVERY Bayesian network 2 1 analysis Presumed loss of Circulating TARGET1 BIOMARKER function in GENE1 levels were has been significantly higher in associated with vascular disease, lower circulating compared to con
Slide 20: Biological discovery: Linking targets to patient populations
Biological discovery: Linking targets to precisely selected patient populations in disease progression BIOLOGICAL DISCOVERY PATIENT Designed to causally link therapeutic intervention to target & pathway mechanism to physiological biomarkers SUBGROUP of patient fit & response to disease-relevant outc
Slide 21: Therapeutic design: Closed-loop active learning molecule design
Therapeutic design: Closed-loop active learning proprietary molecule design and synthesis THERAPEUTIC DESIGN OPAL’S INTEGRATED MOLECULE DESIGN LOOP Molecule Discovery Input Data Predictive Models Generated by the input data set. >200K ADME data points from >50 endpoint assays Activity, selectivity,
Slide 22: Therapeutic design: Human-centric approach to optimize activity, ADME, tox
Therapeutic design: Human-centric approach to optimize for target activity, ADME, and tox to predict clinical potential in parallel THERAPEUTIC DESIGN 2 TRADITIONAL DEVELOPMENT VALO INTEGRATED DEVELOPMENT EXAMPLE PARALLELIZED DESIGN CYCLE 1 25 compounds synthesized Compound Valo’s parallelized desig
Slide 23: Clinical development: Computational tools to predict safety and responders
Clinical development: Computational tools designed to predict safety and responder populations driving higher confidence clinical trials CLINICAL DEVELOPMENT 1 2 3 4 Featurize patient Identify pathway Design pragmatic Monitor and adapt data & biomarker dysfunction in clinical studies study on ongoin
Slide 24: Key validations of Opal's acceleration potential
Key validations of Opal’s acceleration potential include: OPAL PLATFORM INDUSTRY New target idengficagon in weeks 6-12 months for typical target discovery using surrogates VS. (CV and ND targets discovered and/or staNsNcally validated in less than a 1 rather than humans month) Causal human targets an
Slide 25: Q&A (Part 1)
Q&A (Part 1)Q&A (Part 1)
Slide 26: Valo's internal supply chain of programs
Valo’s rapidly growing internal supply chain of programs demonstrates the potential of Opal drug acceleration, generating news flow and value inflection points TARGET DISCOVERY MOLECULE DISCOVERY IND ENABLING PHASE 1 PHASE 2 PHASE 3 (if needed) REGISTRATION Heart Failure; 1 OPL-0301 Acute Kidney Inj
Slide 27: OPL-0301: Differentiated Phase II-ready S1P1R agonist for heart failure
OPL-0301: Differentiated Phase II-ready S1P1R agonist for heart failure A biased S1P1R functional agonist designed to avoid the side effects of other S1P1R modulators with potential to THERAPEUTIC unlock therapeutic benefit for heart failure and kidney injury patients HYPOTHESIS OPL-0301 design inte
Slide 28: OPL-0301: Preclinical coronary flow reserve without lymphocyte reduction
OPL-0301: Preclinical result of increased coronary flow reserve without significant lymphocyte reduction supports mechanistic hypothesis In preclinical models, S1P1R activation doses were separated from S1P1R desensitizing doses Doses of 1 and 3 mg/kg activated (left) but did not cause lymphopenia (
Slide 29: Phase I data: Designed to avoid S1P1R class effects
Phase I data: Designed to avoid S1P1R class effects at well tolerated doses At doses <= 5 mg, OPL-0301 evoked little or no effects on heart rate (no symptomatic bradycardia or tachyphylaxis) DAY ONE DAY FOURTEEN Absolute change from baseline heart rate on day 1 Absolute change from baseline heart ra
Slide 30: Phase I data: endothelial-protective effects and distinct mechanism
Phase I data: suggest potential for dose and time-dependent endothelial- protective effects and distinct mechanism OPL-0301 demonstrated limited impact on lymphocytes in healthy Effect of 28 day once-daily treatment of OPL-0301 (1 and 5mg), or subjects in 14 day Phase I study (n=55) placebo on % flo
Slide 31: Prioritizing initial indications for OPL-0301
S1P1R biology leads to prioritizing initial indications for OPL-0301 in which both improved remodeling and reduced/managed afterload is important ILLUSTRATIVE TARGET PATIENT POPULATION Improved Endothelial Function Top-line heart failure 6.2M US / 6.44M EU5 / 1M JPN patients Improved Cardiac Remodel
Slide 32: Post-MI: OPL-0301 supported by human and rat data
Post-MI: OPL-0301 use in post-MI supported by human and rat data S1P levels ~50% lower in patients with myocardial Cardioprotective effective in rat MI model: infarction 59-65% reduction in infarct size 600 250 Vehicle CTRL i.v. (N=8) 50 1 mg/kg SEW2871 i.v. (N=8) 500 1 mg/kg OPL-0301 precursor comp
Slide 33: Acute kidney injury: Preclinical results support OPL-0301
Acute kidney injury (AKI): Preclinical results support OPL-0301’s poten\al for AKI OPL-0301 demonstrated significant renal In preclinical models, OPL-0301 preserved endothelial function preservation in rat model of AKI barrier integrity and capillary density Ischemia/reperfusion Sham ischemia/reperf
Slide 34: First planned OPL-0301 clinical study for post-MI
Valo’s first planned OPL-0301 clinical study for post-MI In 4Q21, we expect to inifate a Phase II study evaluafng the safety and efficacy of daily dosing post MI Planned Phase II clinical trial of OPL-0301 Clinical development expected to benefit from 1 Opal in multiple ways, including: in LVD post MI
Slide 35: OPL-0401: Oral Phase II ready compound for diabetic retinopathy
OPL-0401: An oral, Phase II ready compound for complications of diabetes, including diabetic retinopathy (DR) An oral ROCK1/2 inhibitor with potential for preferential exposure in the retina could address THERAPEUTIC DR patients currently underserved by existing therapies with potential for expansio
Slide 36: OPL-0401: First indication diabetic retinopathy with expansion opportunities
OPL-0401: First indication under development is diabetic retinopathy with expansion opportunities into diabetic complications more broadly OPL-0401 for the potential treatment of Diabetic Retinopathy ILLUSTRATIVE TARGET PATIENT POPULATION ILLUSTRATIVE EXAMPLES OF APPROVED PRODUCTS 3 2020 Net Revenue
Slide 37: OPL-0401: Preferential retinal exposure after oral administration
OPL-0401: Preclinical experiments have shown preferential retinal exposure following oral administration without toxicity in the eye Preclinical studies demonstrated that OPL-0401’s concentration in the OPL-0401 was evaluated in 6 and 12 retina was nearly 200-fold higher than that in the plasma foll
Slide 38: OPL-0401 administered across clinical studies to date
OPL-0401 has been administered across 11 clinical studies to date Summary of clinical studies completed for OPL-0401 Subjects Phase Study Description Enrolled - OPL-0401 has been dosed across nine Single dose study in healthy, young male subjects evaluating doses between 1 mg Phase I clinical trials
Slide 39: Third party studies established proof of concept for ROCK inhibition in DR
Third party clinical studies have established proof of concept for ROCK inhibition in DR In a third party clinical study, ROCK inhibition in combination with SoC demonstrated improved and sustained efficacy over SoC alone in patients with DR - In this study, patients with center-involving DR/DME wer
Slide 40: Leveraging Opal to inform Phase II design for OPL-0401
Valo intends to leverage Opal to inform a Phase II study design for OPL-0401 We expect to initiate an Opal-enabled Phase 2 study evaluating the safety and efficacy of OPL-0401 in patients with diabetic retinopathy starting in 2022 with intent to collect data for other indications as well Planned Pha
Slide 41: OPL-0101: NK cell & T cell stimulator for immuno-oncology
OPL-0101: Investigational NK cell & T cell stimulator with reduced exhaustion for immuno- oncology An investigational NK cell and CD8+ T cell selective activator protein designed to avoid Tregs and to result in THERAPEUTIC minimal toxicity or exhaustion could enable a new frontier in immune oncology
Slide 42: OPL-0101: key cell specificity and minimal off-target effects
OPL-0101: designed to have key cell specificity and minimize off-target side effects In human samples, OPL-0101 significantly increased CD8+ and NK Mouse and non-human primate data 1 cells, selectively over Tregs, >10x more than IL-2 (n=8) showed activity and low adverse event occurrence IL-2 expand
Slide 43: OPL-0101: Opportunity to address unmet needs in oncology
OPL-0101: Opportunity to address unmet needs in oncology through differentiated design intent OPL-0101 has the potential to be developed across a wide- In the immuno-oncology space, key relevant potential approved products include: range of oncology indications, leveraging Opal 1 - Valo’s current de
Slide 44: Research - Building a Digitally Integrated Pipeline
Research - Building a Digitally Integrated Pipeline Select key quesOons we ask ourselves: - What if we could unlock undruggable targets with Opal such as p53 and cMyc, and thereby unlock the potenOal of these powerful biologies? - What if we could improve upon current candidates and drugs to overcom
Slide 45: Discovery-stage compounds for undruggable targets
Valo is seeking to develop discovery-stage compounds that allow us to drug previously undruggable targets USP7 is a clinically validated oncogene implicated in the In vivo: Complete responses to established 1 OPAL-0012: USP7 p53 pathway tumors in mouse models THERAPEUTIC HYPOTHESIS USP7 Control Drug
Slide 46: Potential best-in-class compounds leveraging proven biology
Valo is seeking to develop potential best-in-class compounds leveraging known or proven biology in discovery Creating a PARP1 inhibitor with central OPAL-0001: PARP1 OPAL-0021: NAMPT Preven^ng NAMPT inhibi^on in the re^na penetrance while preserving activity could THERAPEUTIC THERAPEUTIC while drivi
Slide 47: Novel cardiovascular and neurodegenerative targets discovered
Novel cardiovascular and neurodegenerative targets discovered, activated cardiovascular target program (OPAL-0022) shown below Bayesian network 2 1 analysis Presumed loss of CirculaMng TARGET1 function in GENE1 BIOMARKER levels were significantly has been associated higher in vascular with lower dise
Slide 48: Financial Overview
Financial Overview
Slide 49: Valo's current investors support the company's vision
Valo’s current investors support the company’s vision of transforming the pharmaceutical industry PIPE investors ✓ a leading integrated healthcare delivery network ✓ Khosla Ventures ✓ NG MGG Strategic ✓ Caz Investments and returning investors ✓ Koch Disruptive Technologies ✓ Flagship Pioneering ✓ Pu
Slide 50: Aspiration for Opal to become industry standard platform
Valo’s aspiration is for Opal to become the industry standard platform for drug discovery and development Our future focus, beyond our internal development plans, is to FUTURE accelerate drug development externally: Aspiration to become the standard technology platform for drug development ● Buildin
Slide 51: Outlook - Mission requires additional capital
Outlook - Our mission is broad, expensive to achieve and will require additional capital in the future - Development of pharmaceutical products and software programs is capital-intensive - We believe that the net proceeds from the Business Combination and the PIPE Financing, assuming no redemptions,
Slide 52: Valo has a growing patent portfolio estate
Valo has a growing patent portfolio estate CUMULATIVE VALO PATENTS AND APPLICATIONS Over 600 Patents and Applications 600 - Over 600 patents and applications directed to compositions of matter and methods of use, including patents and Granted applications related to Valo’s proprietary programs acros
Slide 53: Closing Remarks
Closing RemarksClosing Remarks
Slide 54: Experienced team transforming the pharmaceutical industry
Valo is a technology company built to transform the pharmaceuOcal industry, led by a deeply experienced team who, prior to Valo, have been involved in: >100 >1,000 >1,000 >28,000 1 1 1 1 drug approvals regulatory filings clinical trials AI models deployed Graeme Bell, MBA, David Berry, MD, PhD Brand
Slide 55: Valo's Board
Valo’s Board support the company’s vision of transforming the pharmaceu\cal industry Ron Hovsepian David Berry, MD, PhD Shreeram Aradhye, MD Chairman of the Board of Directors Board Director Board Director CEO Indigo Agriculture, Former CEO Novell, Former Founder Indigo (#1, #3 CNBC Disruptor), MCRB
Slide 56: Aspiration for Opal to become industry standard platform
Valo’s aspiration is for Opal to become the industry standard platform for drug discovery and development CURRENT FUTURE Building what we believe is the first digitally Aspiration to become the standard technology native fully integrated pharma platform for drug development 1 2 3 4 BUILD VALIDATE SC
Slide 57: Valo is rapidly scaling and executing its strategy
Valo is rapidly scaling and executing its strategy to enable near term and regular newsflow while scaling Opal internally and externally Powered by the Opal platform, Valo aspires to transform the biopharma industry as what we believe is the first digitally-native fully integrated pharma. Valo is: -
Slide 58: The Valo Investment Opportunity Summary
The Valo Investment Opportunity Summary - Valo’s Opal platform based on a human data focusing on increasing NPV >4x per drug - Opal goal: cut 6 years (>50%) and $500M (>50%) per drug, increasing success rates 2-4x - Powered by human data from >8 million patients with tens of trillions of data points
Slide 59: Q&A (Part 2)
Q&A (Part 2)Q&A (Part 2)
Slide 60: Slide 60
Khosla Ventures Acquisition — SPAC Merger (July 2021) on 6ix