Slide 1: Breakthrough Antibodies for Obesity and Cardiometabolic Diseases
Breakthrough Antibodies for Obesity and Cardiometabolic Diseases Corporate Presentation August 2025
Slide 2: Forward-looking statements
Certain statements in this presentation constitute "forward -looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "
Slide 3: Revolution Sparked a New Era in Obesity Treatment
Revolution Sparked a New Era in Obesity Treatment Evolution Will Define Its Future Incretin Class Agonists Have Revolutionized Obesity Treatment >10% of American adults have taken a GLP-11 Interventional weight loss previously only achievable via surgery Attention is Shifting to Therapies That Build
Slide 4: The GLP-1 Revolution Unlocked Possibility — We Aim to Drive the Evolution
“For every 1 kg weight lost… 0.32 kg lean tissue was lost and for every 1 kg weight regained…, only 0.08 kg lean tissue was regained”1 1. Beavers et al (2011), Am J Clin Nutr. 94:767-74 2. Johnson et al (2017), J Bone Miner Res. 32(11):2278-2287 4 The GLP-1 Revolution Unlocked Possibility — We Aim t
Slide 5: iBio's Strategy to Redefine Obesity Care with Next-Generation Antibody Therapies
5 iBio’s Strategy to Redefine Obesity Care with Next-Generation Antibody Therapies Address Challenges With Current GLP-1 Drugs • Muscle mass loss • Side effects leading to discontinuation • Inconvenient dosing frequency • Room for high quality weight loss Focus on Highly Validated Targets • Preserve
Slide 6: Next Generation Antibodies for Obesity Targeting Key Gaps in Current Care
Next Generation Antibodies for Obesity Targeting Key Gaps in Current Care Corporate Highlights Lead Programs IBIO-610: Activin E antibody Myostatin x Activin A: Bispecific Antibody Pipeline 3 early-stage high novelty programs and 2 partnered programs Discovery to development candidate in as little a
Slide 7: iBio's Strategy in Motion: Advancing Next-Gen Treatments Beyond First-Gen Obesity Drugs
Programs are in-licensed from AstralBio, Inc *Spinal Muscular Atrophy 7 iBio’s Strategy in Motion: Advancing Next-Gen Treatments Beyond First-Gen Obesity Drugs Program Potential Indications Early Discovery Late Discovery Lead Optimization IND-Enabling Anticipated Near-Term Catalysts IBIO-610 Activin
Slide 8: IBIO-610 Anti-Activin E Antibody
IBIO-610 Anti-Activin E Antibody
Slide 9: IBIO-610 Targets Activin E to Potentially Drive Targeted Fat Loss
1. Akbari, P. et al. Multiancestry exome sequencing reveals INHBE mutations associated with favorable fat distribution and protection from diabetes. Nat Commun 13, 4844 (2022). 2. Deaton, A. M. et al. Rare loss of function variants in the hepatokine gene INHBE protect from abdominal obesity. Nat Com
Slide 10: IBIO-610 as a Potential First-in-Class Antibody Targeting Activin E
10 IBIO-610 as a Potential First-in-Class Antibody Targeting Activin E Antagonist antibody offers potential for greater Activin E inhibition than siRNA-based knockdown approaches Potential Class-Leading Pathway Targeting Weight loss observed in pre-clinical studies with no impact on lean mass Dual M
Slide 11: IBIO-610 Exhibited High-Affinity Binding and Potent Inhibition of Activin E Signaling
Target Protein Binding Assay Reporter Cell Line Functional Assay Primary Human Adipocyte Assay Data on file 11 IBIO-610 Exhibited High-Affinity Binding and Potent Inhibition of Activin E Signaling in Engineered and Primary Human Fat Cells 0.001 0.01 0.1 1 10 100 0 2000 4000 6000 mAb (nM) RLU Isotype
Slide 12: IBIO-610 Observed to Induce Fat-Selective Weight Loss in Diet-Induced Obese Mice
*Non-responder outlier mice removed, IBIO-610 mouse surrogate used. 10 mg/kg, BIW dosing. DIO mice Data on file 12 IBIO-610 Observed to Induce Fat-Selective Weight Loss in Diet-Induced Obese Mice 0 7 14 21 28 -15 -10 -5 0 5 Day Body Weight % Change Baseline and Vehicle Corrected PBS IBIO-610 -8.9% *
Slide 13: IBIO-610 Synergizes with GLP-1 Through a Distinct, Non-Appetite-Based Mechanism
Data on file IBIO-610 mouse surrogate used, 10 mg/kg, BIW dosing. Semaglutide dosed QD at 10 nmol/kg. 13 IBIO-610 Synergizes with GLP-1 Through a Distinct, Non-Appetite-Based Mechanism Synergistic Weight Loss No Additional Appetite Suppression Visceral Fat Reduction Study Design Week -16 High-fat di
Slide 14: IBIO-610 Observed to Prevent Weight Regain Following GLP-1 Treatment
Data on file 14 IBIO-610 Observed to Prevent Weight Regain Following GLP-1 Treatment in Obese Mice Significant Prevention of Weight Regain Fat-Specific Effect Study Design 0 5 10 15 20 25 30 35 75 80 85 90 95 100 105 Day of Treatment Body Weight (%) Baseline and Vehicle Corrected PBS Sema=>PBS Sema=
Slide 15: The Next Wave of iBio Innovation: Early Pre-Clinical Programs
The Next Wave of iBio Innovation Early Pre-Clinical Programs
Slide 16: Combined Myostatin and Activin A Antagonism
16 Combined Myostatin and Activin A Antagonism Synergistic Effect on Muscle Growth and Potential Treatment for Pulmonary Hypertension (PH) in Heart Failure With Preserved Ejection Fraction (HFpEF) We are developing bispecific co-inhibitors of Myostatin and Activin A designed to enhance muscle growth
Slide 17: Myostatin and Activin A Bi-Specific Synergistically Increases Muscle Mass
Data on file 17 iBio’s Myostatin and Activin A Bi-Specific Targets Both Key Negative Muscle Regulators, Synergistically Increasing Muscle Mass Increased muscle fusion index in human muscle stem cells is a surrogate of muscle growth Negative control (Myostatin + Activin A) without antibody Myostatin
Slide 18: Harnessing Amylin Biology with Precision Targeting
1.Aronne, L.,et al.Progressive Reduction in Body Weight aft Treatment w/ Amylin Analog Pramlintide in Obese Subjects:A Phase 2, Randomized, Placebo-Controlled, Dose-Escalation Study. J Clin Endo Metab 92(8)(2007) 2. Ghosh, R.,Ghosh, S.,& Das, A.Understanding mechanism amylin aggregation:From identif
Slide 19: IBIO-600 Long-Acting Anti-Myostatin Antibody
IBIO-600 Long-Acting Anti-Myostatin Antibody
Slide 20: Strengthening the Weight Loss Journey: Myostatin Inhibition to Preserve Muscle Mass
1. Schuelke M. (2004). New England Journal of Medicine 350(2682–2688). 2. Deng, B. (2017). Nutrition and Metabolism, 14(29). 20 Strengthening the Weight Loss Journey: Myostatin Inhibition to Preserve Muscle Mass We are developing Myostatin inhibitors to potentially preserve and increase muscle mass,
Slide 21: IBIO-600: A Differentiated Long Acting Anti-Myostatin Program
21 IBIO-600: A Differentiated Long Acting Anti-Myostatin Program Potential best-in-class PK based on allometric scaling and dosing regimen suggests 2-4x improved PK over competitors Improved Pharmacokinetics Dual myostatin and GDF11 blockade has potential for improved lean mass preservation and fat
Slide 22: IBIO-600 Enhances Muscle Differentiation in Human Myoblasts
1. Francis, T., Soendenbroe, C., Lazarus, N. R., Mackey, A. L. & Harridge, S. D. R. Insights into human muscle biology from human primary skeletal muscle cell culture. J Muscle Res Cell Motil (2025) doi:10.1007/s10974-025-09696-w. - Data on file 22 IBIO-600 Enhances Muscle Differentiation in Human M
Slide 23: IBIO-600 Fc Engineering Drives Extended Half-Life in Obese NHPs
1. Linear elimination phase used to estimate half-life with simple linear model Data on file 23 IBIO-600 Fc Engineering Drives Extended Half-Life in Obese NHPs Dose t1/2 (days) 5 mg/kg, I.V. 52.4 IBIO-600 Fc Engineering Results in Enhanced FcRn Binding Clone Fc Fold increase over standard IgG IBIO-6
Slide 24: IBIO-600 Dose Modeling Suggests Low Dose Requirements
24 IBIO-600 Dose Modeling From Human Muscle Cells and Monkey PK Suggests Low Dose Requirements to Block Myostatin for Extended Durations IBIO-600 Blocked the Effect of Myostatin on Human Muscle Cells IC90 (90% inhibition level) = 1.2 ug/mL (7.97 nM) 0 20 40 60 80 10 100 1000 Days Serum mAb (ug/mL) I
Slide 25: Allometric Scaling Predicts Potentially Extended Half-Life for IBIO-600
Data on File 25 Allometric Scaling Predicts Potentially Extended Half-Life for IBIO-600, Enabling Infrequent Dosing and Prolonged Myostatin Inhibition Y=2.49x+17 0 10 20 30 0 20 40 60 80 100 Allometric scaling YTE and LS mAb only NHP t1/2 (days) Human t1/2 (days) Dose NHP t1/2 (actual) Human t1/2 (p
Slide 26: PK Modeling Suggests IBIO-600 Can Be Dosed Twice-Yearly, Quarterly, or Co-Formulated
Data on file 26 PK Modeling Suggests IBIO-600 Can Be Dosed Twice-Yearly, Quarterly, or Co-Formulated With Weekly GLP-1s Twice Per Year Dosing (4 x 2 mL s.c.) 0 200 400 600 800 0 50 100 150 200 Day after first dose Serum (ug/mL) Single Dose Twice a Year Dosing IC90 in muscle 0 200 400 600 800 0 50 10
Slide 27: Single Low Dose of IBIO-600 Drives Sustained Muscle Gain and Fat Loss in NHPs
ROI (gluteal and thigh region) DEXA Data on file 27 Single Clinically Relevant Low Dose of IBIO-600 Observed to Drive Sustained Muscle Gain and Fat Loss in Aged, Obese Non-Human Primates Percent Increase in Lean Mass Weeks post dose 0 5 10 15 Change in lean mass (%, from baseline) 4 8 12 -20 -10 0 1
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Slide 29: Toward Any Epitope on Any Drug Target: AI Epitope Engineering
Toward Any Epitope on Any Drug Target AI Epitope Engineering and Antibody Optimization Engines unlock challenging target classes • Multi-layer technology platform addresses multiple challenges in Ab discovery • Patented Epitope Steering technology • Single-step Ab StableHu x Mammalian Display • Mask
Slide 30: Engineered Epitopes Have the Potential to be Tailor-Made Solutions
30 Engineered Epitopes Have the Potential to be Tailor-Made Solutions to Target Any Epitope
Slide 31: Mammalian Display Enables Rapid Whole Molecule Optimization
31 Mammalian Display Enables Rapid Whole Molecule Optimization Input library of diverse sequences, formats, masks, and linkers Multi-dimensional cell sorting selects for high expression, positive on target binding, and negative off-target binding
Slide 32: Corporate Summary
Corporate Summary
Slide 33: A Leadership Team with Deep Industry Experience
33 A Leadership Team with Deep Industry Experience Deep expertise in cardiometabolic disorders Marc Banjak CLO Martin Brenner, DVM, Ph.D. CEO & CSO Kristi Sarno Senior VP BD Felipe Duran CFO
Slide 34: Executive Summary
Executive Summary Corporate Highlights Differentiated Pipeline Aiming to Solve for the Challenges of today’s GLP1’s Focus on increased quality of weight loss (IBIO-610, Myostatin x Activin A) Developability (IBIO-610) Patented AI-Driven Discovery Tech Stack Advance a highly developable pre-clinical