Kailera Therapeutics, Inc. · NASDAQ:KLRA
Kailera Therapeutics — Investor Presentation (August 2026)
38 slides from Kailera Therapeutics's investor presentation, August 2026
Slide 1: Elevating the Next Era of Obesity Care
Elevating the Next Era of Obesity Care © 2026 Kailera Therapeutics. Proprietary and Confidential. Company Presentation August 2026
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
Slide 3: Kailera Q2 2026 Highlights
Kailera Q2 2026 Highlights Important progress across four clinical-stage programs demonstrating depth and breadth of obesity pipeline • IND for ribupatide oral active with U.S. FDA, initiation of global Phase 3 obesity trials planned for 1H’2027 • Ribupatide injection Phase 2b high-dose trial in obe
Slide 4: Elevating Obesity Care to Meet Patient Unmet Needs
Elevating Obesity Care to Meet Patient Unmet Needs UNPRECEDENTED GLOBAL MARKET OPPORTUNITY Strategic focus on obesity – a chronic disease that affects over 1 billion people worldwide and drives more than 200 comorbidities, and remains a largely untapped market with single-digit treatment rates DIVER
Slide 5: Experienced Team with Track Record of Building Successful 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
Slide 6: Global Obesity Market is Expected to Reach ~$115B by 2030
Global Obesity Market is Expected to Reach ~$115B by 2030 Global obesity market growing 3x by 20301 ~$115B Growing worldwide treatment rates >20M Medicare patients unlocked Patient journey spans multiple therapies ~$40B Oral options expanding market © 2026 Kailera Therapeutics. Proprietary and Confi
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 20301 achieve optimal efficacy and treatment persi
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/
Slide 9: 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 •
Slide 10: Ribupatide Injection
Kailera’s Diversified GLP-1-Based Pipeline © 2026 Kailera Therapeutics. Proprietary and Confidential. Ribupatide Injection GLP-1/GIP Receptor Dual Agonist 10
Slide 11: BMI 35+ Represent an Attractive Market with Highly Motivated Stakeholders
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 BMI 35+ Represent an Attractive Market with Highly Motivated Stakeholders Weight loss is a leading treatment goal for BMI 35+ across stakeholders © 2024 Kailera Therapeutics. Proprietary and Confidential. 60M+ Patient: In consumer-driven market, highl
Slide 12: Existing Options Do Not Provide Sufficient Weight Loss for BMI 35+ Patients
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Existing Options Do Not Provide Sufficient Weight Loss for BMI 35+ Patients After 72 weeks of tirzepatide treatment in SURMOUNT-11, 68% of Research suggests that efficacy is patients’ patients with BMI 35+ at baseline still live with obesity and at po
Slide 13: Very Few Pipeline Assets Can Address BMI 35+ Unmet Need
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Very Few Pipeline Assets Can Address BMI 35+ Unmet Need We Believe Few Products are Positioned to Compete in BMI 35+ Weight Loss “semaglutide-like” “tirzepatide-like” Better than tirzepatide 15% 20% High Efficacy Injectables Weekly GLP-1-based Orals A
Slide 14: Ribupatide Injection has Potential for the Greatest Weight Loss
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection has the Potential to be a Top Choice in BMI 35+ Among Limited Options for People with BMI 35+, Ribupatide Injection has Potential for the Greatest Weight Loss Comparison of Percentage Change in Body Weight* Weight from Baseline Co
Slide 15: Ribupatide Injection: Potential for the Greatest Weight Loss
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection: Potential for the Greatest Weight Loss • Focused on unmet need and maximal weight loss KaiNETIC Global • Three Phase 3 trials ongoing evaluating doses up to 10 mg over Phase 3 Ongoing 76 weeks, including a high BMI (35+) trial De
Slide 16: KaiNETIC Phase 3 Program Design
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
Slide 17: U.S. Phase 2b High Dose Trial in Obesity without T2DM
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection U.S. 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; N= 264 from bas
Slide 18: Phase 3 Trial in China: No Plateau in Weight Loss at 48 Weeks
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection Phase 3 Trial (up to 6 mg) in China: No Plateau in Weight Loss Observed at 48 Weeks MEAN BASELINE (N=567) Age Female Weight BMI Waist 34.4 54.5% 93.0 kg 33.3 kg/m2 105.8 cm Adverse events, N (%) Mean Body Weight Change Over Time (
Slide 19: Phase 2 (8 mg) Trial in China: 23.6% Mean Weight Loss over 36 Weeks
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Injection Phase 2 (8 mg) Trial in China: 23.6% Mean Weight Loss over 36 Weeks with No Plateau MEAN BASELINE (N=61) Age Female Weight BMI Waist 34.0 68.9% 84.6 kg 31.3 kg/m2 100.6 cm Mean Body Weight Change Over Time (%) Adverse events, N (%
Slide 20: 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
Slide 21: Ribupatide Oral
Kailera’s Diversified GLP-1-Based Pipeline © 2026 Kailera Therapeutics. Proprietary and Confidential. Ribupatide Oral GLP-1/GIP Receptor Dual Agonist 21
Slide 22: Oral: Potential for Compelling Efficacy and Differentiated Tolerability
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Oral: Potential for Compelling Efficacy and Highly Differentiated Tolerability Leveraging the Same Molecule as Lead Injectable Progressing to • IND active with U.S. FDA Global Phase 3 • On track to begin global Phase 3 trials in 1H' 2027 •
Slide 23: Oral Phase 2 Trial in China: 12.1% Mean Weight Loss over 26 Weeks
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 Ribupatide Oral Phase 2 Trial in China: 12.1% Mean Weight Loss over 26 Weeks with Low GI AE Rates MEAN BASELINE (N=166) Age Female Weight BMI Waist 33.8 63.3% 92.6 kg 33.3 kg/m2 105.1 cm Mean Body Weight Change Over Time (%) Achievement of Weight Loss
Slide 24: Ribupatide Oral Phase 2 Trial: Low GI AE Rates
Ribupatide Oral Ribupatide KAI-7535 KAI-4729 Ribupatide Oral Phase 2 Trial in China: 12.1% Mean Weight Loss over 26 Weeks with Low GI AE Rates Adverse Events, N (%) Severity and Incidence of GI AEs Over Time Mild Moderate Severe Oral Ribupatide 25mg Oral Ribupatide 50mg Oral Ribupatide Placebo (N=44
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
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
Slide 27: KAI-7535: Oral Small Molecule GLP-1 with Competitive Efficacy
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-7535: Oral Small Molecule GLP-1 with Competitive Efficacy Global Phase 2 • Kailera initiated a Phase 2 trial in April 2026 with Ongoing data anticipated in 2027 Small molecule • Provides convenience, small molecule scalability, advantages and comb
Slide 28: KAI-7535 Global Phase 2 Trial Initiated in Q2'2026
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-7535 Global 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 comorbidit
Slide 29: KAI-7535 PK Bridging Phase 1 Study in Australia
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 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 trial BMI 25 –
Slide 30: KAI-4729
Kailera’s Diversified GLP-1-Based Pipeline © 2026 Kailera Therapeutics. Proprietary and Confidential. KAI-4729 Injectable GLP-1/GIP/Glucagon tri-agonist 30
Slide 31: KAI-4729: Next-Generation GLP-1/GIP/Glucagon Agonist
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-4729: Next-Generation GLP-1/GIP/Glucagon Agonist Entering Global Clinical Development This Year Progressing to • Kailera expects to initiate Phase 1 trial in 2H' 2026 Global Phase 1 • Diversifies Kailera’s pipeline with potential for compelling KA
Slide 32: KAI-4729: Potential for Compelling Weight Loss and Liver Fat Reduction
Ribupatide Inj Ribupatide Oral KAI-7535 KAI-4729 KAI-4729: Potential for Compelling Weight Loss and Improved Liver Fat Reduction Phase 1 Trial Design in China DESIGN PARTICIPANTS PRIMARY OBJECTIVE Key Findings from Phase 1 SAD/MAD in China A randomized, double-blind, 100 healthy participants Safety
Slide 33: Manufacturing
© 2026 Kailera Therapeutics. Proprietary and Confidential. 33 Manufacturing
Slide 34: Manufacturing Strategy Leveraging Diversified CDMO-Based Network
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
Slide 35: Milestones
© 2026 Kailera Therapeutics. Proprietary and Confidential. 35 Milestones
Slide 36: 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 • Mid-2027: Phase 2b High-Dose Topline Data ✓ Q1’26: Initiated Global Phase 3 Trial – KaiNETIC-2 (Obesity with T2D) Injection ✓ Q1’26: Initiated Global Pha
Slide 37: 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 efficacy Potentially competitive weight loss Potential for compelling weight loss Potent
Slide 38: © 2026 Kailera Therapeutics. Proprietary and Confidential.
© 2026 Kailera Therapeutics. Proprietary and Confidential. 38
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