Slide 1: Pulmatrix
PULMATRiX NASDAQ; PULM
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements. All statements other than statements of historical fact contained herein, including statements regarding our business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected
Slide 3: Pulmatrix mission and iSPERSE technology
PULMATR RIX PULMATRIiX is committed to the development and commercialization of novel and transformational medicines for patients all over the world, using our proprietary iSPERSE™ technology to optimally deliver both respiratory and non-respiratory therapies via the respiratory system.
Slide 4: Management Team
Management Team Deep expertise in respiratory diseases & drug delivery technology across all stages of development © Previously Chief Business Officer of Pulmatrix © 20 years of commercial healthcare and life Ted Raad ~ CEO & Director las sciences leadership experience © Former Chief Commercial Offi
Slide 5: Credentialed Board of Directors
Credentialed Board of Directors Board of directors with extensive experience in public and private life sciences companies Michael J. Higgins — Chairman © Entrepreneur-in-residence at Polaris Partners and Board Member of Genovea, Voyager, Kindex, Madauder and Sea Pharmaceuticals ‘© Former SVP, COO,
Slide 6: PULM (NASDAQ) Investment Highlights
PULM (NASDAQ) Investment Highlights © Proprietary iSPERSE platform technology that seeks to optimize pharmacokinetics and pharmacology in respiratory and non-respiratory therapeutics * Ascalable platform with applicability across drug classes and dry-powder delivery devices to support pipeline devel
Slide 7: iSPERSE Enabled Pipeline With Multiple Potential Milestones
iSPERSE Enabled Pipeline With Multiple Potential Milestones Far [o= [os [on] or [oe [oo [oe [aro] co [on Acute Exacerbations in Chronic pur 800 Obstructive Pulmonary Disease (AECOPD) RUS ICD Acute Migraine fe ee Anticipated Pulmazole Allergic Bronchopulmonary PRESET Topline (Cipla Partnership) 7 PUL
Slide 8: iSPERSE
iSPERSE Small Dense and Dispersible Engineered Dry Powder Proprietary Technology
Slide 9: iSPERSE Platform
iSPERSE Platform Small, dense and dispersible particles designed for highly efficient respiratory delivery iSPERSE Enables Sick Patients to Get More Effective Doses Dry Pow © Can be used with a broad range of drugs, small molecule to biologic © Can be used with almost any device (eg., metered-dose,
Slide 10: PUR3100
PUR3100 Inhaled Dihydroergotamine (DHE) for Treatment of Acute Migraine (OQ) Significant unmet need in a large market represents &=4) ~$575M U.S. peak net revenue opportunity’ Lung delivery offers many potential advantages including fast acting pain relief and symptom control with a favorable tolera
Slide 11: PUR3100: Acute Treatment of Migraine
PUR3100: Acute Treatment of Migraine: Large underserved market Large Market Large Unmet High Pharmacoeconomic Acute Treatment >1 billion worldwide Medical Need Burden New preventative treatment >38 million U.S. 75% of patients not actively $38 billion annual cost — U.S. options do not fully address
Slide 12: Migraine — Pulmon Inhaled DHE Therapy Potential Advantages
Migraine — Pulmon Inhaled DHE Therapy Potential Advantages at Do Patients Want? ring a Fast onset of action : Migraine upon : 24+ hour headache Inhaled preferred Absence of: through early Ta, =; awakening, quickto | relief through over intranasal, nausea, lethargy, and sustained : peek intensity, re
Slide 13: PUR3100 Pharmacokinetics Compare Favorably With MAP0004
PUR3100 Pharmacokinetics Compare Favorably With MAP0004 Dog inhaled kinetics predicts human inhaled kinetics cone (nathimiing MAPO0O4 dog PUR3100. 1 pharmacokinetics achieves similar DIARIO thes) 10.23 accurately pharmacokinetics MAP0004 Human? 4.15 9.22 predicts MAPO004 to MAPO004 human - in the do
Slide 14: All PUR3100 Doses are Anticipated to Be in Therapeutic Window
All PUR3100 Doses are Anticipated to Be in Therapeutic Window Orally inhaled DHE (MAP0004) has a superior profile to other DHE SE a Blue arrows indicate modelled C,,ax for proposed =o=1V 1 mg (MAP) PUR3100 clinical nominal doses of 0.5, 1 and 1.5mg >50% Emesis Petar ao mg . : : eerie Fine particle d
Slide 15: PUR3100 Initial Phase Clinical Study to Evaluate Safety, Tolerability and PK
PUR3100 Initial Phase 1 Clinical Study to Evaluate Safety, Tolerability and Pharmacokinetics Relative to |V DHE Phase 1 study in Australia allows Pulmatrix to generate the most comprehensive dataset for inclusion in an IND for Phase 2 in the United States, while also providing the most time efficien
Slide 16: Potential PUR3100 Ph2 Dose Confirmation Study
Potential PUR3100 Ph2 Dose Confirmation Study Intended to Demonstrate Proof of Concept and Enable Pivotal Study Proof of concept study design to evaluate safety, efficacy and confirm appropriate dose for Ph3 Randomized Phase 2-Dose Confirmation © Patients provided with dose to administer at home dur
Slide 17: PUR3100: $575M Peak Net Revenue Potential at LOE in the U.S.
PUR3100: $575M Peak Net Revenue Potential at LOE in the U.S. Physician and Patient Feedback Payer Feedback % of patients on triptan experiencing 4 ) a suboptimal response 5o) generic treatment % of patients ranking “starts to show / failures required improvement by 30 minutes” as the | 44% #1 most i
Slide 18: Pulmazole
Pulmazole Inhaled Antifungal Cipla Worldwide Development & Commercial Partnership Inhaled Itraconazole to Treat Allergic Bronchopulmonary Aspergillosis (ABPA) in Patients with Asthma iSPERSE enables itraconazole delivery to the lung, providing Pulmazole potential to address the underlying cause of d
Slide 19: Pulmazole: Potential to Change the Standard of Care for ABPA
Pulmazole: Potential to Change the Standard of Care for ABPA Phase 1/1b study successfully met all endpoints Demonstrated safety and tolerability of Pulmazole administered up to 14 days ~100-400 fold lower plasma exposure over 24 hours than expected with oral Sporanox ~50 tinstsposure = ~85 Prasmatx
Slide 20: Pulmazole Development Plan Builds Upon Clinical Precedent
Pulmazole Development Plan Builds Upon Clinical Precedent of Oral Itraconazole Improvement of FEV, in ABPA Oral itraconazole outcomes demonstrated in clinical literature ty NEW ENGLAND JOURNAL 4 MEDICINE. : Journal of Clinical Immunology Expert Review of Respiratory Medicine 2000, Stevens et al. H 2
Slide 21: Pulmazole: Phase 2b Study Intended to Demonstrate Proof of Concept
Pulmazole: Phase 2b Study Intended to Demonstrate Proof of Concept in Patients with Asthma and ABPA Successful FDA Type C meeting enables Ph2b study anticipated start in Q1 2023 Patient Profile “a Patients (M/F, ages 18-80) with confirmed asthma and ABPA placebo-controlled Placebo study (N=30 patien
Slide 22: Pulmazole: $1.5B Peak Net Revenue Potential in the U.S.
Pulmazole: $1.5B Peak Net Revenue Potential in the U.S. Anticipated increase of first-line concomitant use with oral steroids drives the revenue forecast 65% ~1.3B Net ~200M U.S. ABPAAsthma Revenue U.S. Other Indications 30% Current Use of Antifungal 1stLine Future Use of Antifungal ‘st Line x6laix,
Slide 23: PUR1800
PUR1800 Inhaled p38, Syk, Src Kinase Inhibitor with Potential for Treating AECOPD NSKI Portfolio In-Licensed from Janssen, Including RV1162 RV1162 Reformulated Into iSPERSE Enabled PUR1800 ® PUR1800 potentially represents up to ~$2.4B" peak net revenue opportunity in the U.S. as an inhaled non-stero
Slide 24: Limited Efficacy in Standard of Care for AECOPD
Limited Efficacy in Standard of Care for AECOPD Moderate-to-Severe Exacerbations Significant unmet need exists in AECOPD with underlying infection and/or steroid resistance e Steroids are standard of care for moderate-to- severe acute exacerbations, which occur across all patient severity types Noni
Slide 25: Narrow Spectrum Kinase Inhibitors (NSKI)
Narrow Spectrum Kinase Inhibitors (NSKI) Block steroid-resistant inflammation and lung remodeling processes Treat Steroid-Resistant Inflammation @ © Inhibit p38 MAP kinases (p38MAPK) to restore steroid sensitivity and reduce inflammation © Block inflammatory action of Sre, which promotes cytokine pr
Slide 26: RV1162 (NSKI) Reduces Steroid-Resistant Inflammation in Preclinical Models
RV1162 (NSKI) Reduces Steroid-Resistant Inflammation in Preclinical Models RV1162 reduces steroid insensitive, tobacco smoke-induced inflammation and restores steroid efficacy e Verified kinase target engagement and inhibition with similar potency across p38, Src and Syk kinases e Reduces steroid-se
Slide 27: PUR1800 Phase 1b Trial in Stable COPD Preliminary Results
PUR1800 Phase 1b Trial in Stable COPD Preliminary Results Objectives of safety and pharmacokinetics were completed Randomized, double-blind, 3-way crossover study; 3 Dose Groups (2 active, 1 placebo) with 15 pts. 14 days of daily dosing, with 28-day crossover and 28-day follow-up Endpoints © Safety
Slide 28: Potential Phase Exploratory Study in AECOPD
Potential Phase 2 Exploratory Study in AECOPD Pulmatrix intends to pursue partnership opportunities to advance a PUR1800 Phase 2 study © Evaluate Time to resolution of - * Duration of therapy symptoms : = Sees Treatment failure rate pm wincoro [id g = Safety and tolerability FEV, Experiencing EM Pre
Slide 29: PUR1800: $2.4B in U.S. Peak Revenue Potential
PUR1800: $2.4B in U.S. Peak Revenue Potential ise ise © 77% experience at least one exacerbation annually PUR1800 j (+ oral corticosteroids and/or antibiotics) 0% seib e ~18M moderate-to-severe AECOPD episodes annually in U.S. Oral Corticosteroids + Antibiotics ~58% ~34% e > 20% corticosteroid treat
Slide 30: Chronic Toxicology Pathology Results Support Potential Expansion
Chronic Toxicology Pathology Results Support Potential Expansion Into Chronic Treatment of Pulmonary Disease (ex. COPD, IPF, Asthma) Severe Asthma ~10M Adults: in US? Rare Disease AECOPD <100K in US*+ 18M Moderate toSi es aad (50% of Adult Su ° k d 109 Asth Exacerbations g/kg/day in a per yearin US
Slide 31: Appendix
Appendix
Slide 32: Glossary of Terms
Glossary of Terms 505(b)(2)__ FDA Regulatory Pathway for Drug Approval lg Immunoglobulin G Antibodies ABPA Aller Bronchopulmonary Aspergillosis IND Investigational New Drug AECOPD Acute Exacerbations in Chronic Obstructive Pulmonary Disease P "Intellectual Property BAL Bronchoalveolar Lavage LPS Lip