Moonlake Immunotherapeutics · NASDAQ:MLTX
Moonlake Immunotherapeutics — Investor Day (April 2023)
85 slides from Moonlake Immunotherapeutics's investor day presentation, Apr 19, 2023
Slide 1: MoonLake Immunotherapeutics Capital Markets Day
Slide 2: Disclaimer
Disclaimer O moontake Forward Looking Statements Certain statements in this presentation may constitute “forward-looking statements" within the meaning of the US. Private Secutities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our ex
Slide 3: Welcome to our Capital Markets Day
Welcome to our Capital Markets Day Capital Markets Day Bedard (April 19) R&D Day (end Jun) e e e e @ e ° e e e e Date: April 19'", 2023 Topic Sub-topics Speaker Timing Time: 10:30-12:30 EDT Location: The Astoria Hub, Convene, 151 West Intro - Overview of MLTX and catalysts Jorge 20 mins 42° Street,
Slide 4: Introduction
Introduction
Slide 5: MoonLake: Revolutionizing Immunotherapeutics through Nanobody technology
Ce) MoonLake uy po you still Antibodye © Nanobody® technology licensed in initial fal i private round iy | | | q © Founded in 2021 in Switzerland oe 6 | Revolutionizing Immunothe, j ay © Unique molecule with sonelokimab, tri-specific i | IL-17A & IL-17F Nanobody® to elevate f | | treatment in inflam
Slide 6: MoonLake is led and supported by a highly experienced group
MoonLake is led and supported by a highly experienced group O woontake Leadership team Board of Directors Investors Jorge Santos da Silva \J Kara Lassen (CEO, Founder, Board Director) | (Roche) Prof. Kristian Reich “s Catherine Moukheibir (CSO, Founder) a (e.g., Oxford Biomedica) el Matthias Bodenst
Slide 7: Share price has picked up as we move closer to data
share price has picked up as we move closer to data onLake Share price/index variation (%, Y1D, to Apr 18") 120% 100% 80% © ~100% YTD increase 60% (max over $25/share) 40% 20% © Volumes increased 0% > _aere significantly -20% 1 ' ' Feb 2023 Mar 2023 Apr 2023 7 - © Nine equity analysts | MLTX $21.78
Slide 8: High interest in a differentiated molecule - Do you still Antibody?
High interest in a differentiated molecule - Do you still Antibody? (eo) MoonLake Nanobodies® are much smaller than traditional antibodies (0 Conventional ge Heavy-chain-only _ Nanobody* single- (-150kDa) antibody (- 85kDa) dom = ® «= ssa ex They can be designed to have multiple and different bindin
Slide 9: It's all about the dimers
It’s all about the dimers O woontake NA NF FF IL-17A and IL-17F function as oo oo ES dimers to drive inflammation through activation of IL-17RA ACELYRIN A Gx »_x & RC receptor complexes Y DICE Different IL-17RA & RC chains combine to form complexes, and those have different affinity for different di
Slide 10: Sonelokimab has an established next gen IL-17 profile by now
Sonelokimab has an established “next gen IL-17” profile by now (eo) MoonLake THE LANCET “§,@ ILA7NF nanbody soneiokimab inpatients with plagve psoriasis: multicentre, randomised, placebo-contolled, phase 2bstudy * Leading efficacy in Inflammation (PASI 100 for most patients) * IL-17F adds to IL-17A,
Slide 11: IL-17F inhibition is differentiating across inflammatory diseases
IL-17 F inhibition is differentiating across inflammatory diseases O woontake Trials Ph 3 patients (n) Leading MoA IL-17F inhibition doubles IL-17A- HS! BE HEARD | & Il 1,014 only inhibition & shows higher efficacy versus TNF on HiSCR75 PsA2 BE COMPLETE, ion IL-17F & A inhibition shows best : BE OPT
Slide 12: IL-17 inhibition is expected to lead in a growing $50bn+ market
IL-17 inhibition is expected to lead in a growing $50bn+ market (eo) MoonLake Global sales, USD 8n 51 Prevalence ( | ie cs i 4 = a -AxSpA 1 nr-AxSp. a 2021 2031 IL-17 and other innovative biologics are expected to grow at CAGR 2-3x the rate of the market overall, to 2031 Hidradenitis Suppurativa (Hs
Slide 13: Five reasons why we chose to focus now on HS and PsA
Five reasons why we chose to focus now on HS and PsA O woontake tag IL-17 is a key pathway and clinical results indicate it may be the only (HS) or one of the few (PsA) that is potentially a better treatment option IL-17F is most abundant pro-inflammatory cytokine involved in driving the disease Hid
Slide 14: We set out a large global Phase 2 program in HS and PsA
We set out a large global Phase 2 program in HS and PsA (eo) MoonLake Approach to clinical design Global Phase 2 program * Trials started for Hidradenitis Suppurativa (HS) and Psoriatic Arthritis (PsA), high unmet need diseases = Trials illustrate our pivotal design approach: — Larger size than usua
Slide 15: HS: IL-17F dependent deep tissue inflammation with high unmet need
HS: IL-17F dependent deep tissue inflammation with high unmet need O woontake Blockage of Aprocrine glands... ...creates deep tissue lesions... .«fich in IL-17F... ..and causing devastating damage (vicious circle between IL-17 (essentially an “apocrinitis") release and keratinocyte proliferation and
Slide 16: HS: Recent data underscores SLK potential in HS & HiSCR75 as new bar
HS: Recent data underscores SLK potential in HS & HiSCR75 as new bar O woontake Adalimumab Secukinuma Bimekizumab (simzek) a Povorci (Humira) (n/a) = TNFa inhibitor . 7A only = IL-17A and IL-F inhibitor, only other = JAK 1 inhibitor = JAK 1 inhibitor "Traditional mAb inhibitor molecule in same MoA a
Slide 17: HS: Recent data underscores SLK potential in HS & HiSCR75 as new bar
HS: Recent data underscores SLK potential in HS & HiSCR75 as new bar O woontake Adalimumab Secukinuma (Humira) = TNFa inhibitor . 7A only = IL-17A and IL-F inhibitor, only other "Traditional mAb inhibitor molecule in same MoA as SLK (~148kDa) * TraditionalmAb == ‘Traditional mAb (~150kDa), 3x (~151k
Slide 18: HS: Izokibep data from an open-label, uncontrolled trial hard to read
HS: Izokibep data from an open-label, uncontrolled trial hard to read O woontake Week 12 data Key Notes Porcemredcring (espectverHiSeR() IBIAS observed * Trial is an open label, non-placebo controlled a mine with 30 patients * Such trials are a known “failure mode” in HS, 57 with different drugs fai
Slide 19: Guidance: Meet or beat Bimekizumab on HiSCR75 end of June
Guidance: Meet or beat Bimekizumab on HiSCR75 end of June O woontake Primary Analysis HiSCR75 (Delta of best dose to PLC, ppt) Trial A Trial B ay y ITT-NRI 15 17.5 20 @) Bimekizumad (simzer) (mNREHS-ABxX) (22) (22.5) (23) At meno (@}) Adalimumab (Humira) ITT-NRI u 16 21 @ Secukinumab (Cosentyx, ITT-
Slide 20: We predict the HS biologics market to be USD 10bn+ in the US alone
We predict the HS biologics market to be USD 10bn+ in the US alone (eo) MoonLake US HS Biologics Market estimation Key drivers Overall HS True Prevalence 2.1% 2.1% (can be up to 4%, esp. in the US) Proportion with Mod-to- ~55% ~55% (as per literature) Severe disease Proportion of Mod-to- ~7% ~19% (g
Slide 21: Backup: HS Market calculation details
Backup: HS Market calculation details (eo) MoonLake Biologics only Current state (2023, Future state (2035, _ Future state (2035, ranges) ranges) MLTX model values) Rationale & sources Total US population 336,000,000 355,000,000 355,000,000 ‘CBO data The Demographic Outlook: 2023 to 2053 | Conaressi
Slide 22: PsA: IL-17F dependent multi-domain disease in difficult-to-reach tissues
PsA: IL-17F dependent multi-domain disease in difficult-to-reach tissues (eo) MoonLake PsA is a multi-domain deep-tissue disease... ...With 3x IL-17F vs IL-17A'... ..and causing devastating damage Plaques arthritis psoriasis Nail Psoriasis (PSA starts as enthesitis?, with IL-17F producing cells in a
Slide 23: PsA: Recent data underscores role of IL-17F inhibition & penetration
PsA: Recent data underscores role of IL-17F inhibition & penetration O woontake Molecule * TNFa inhibitor + IL-17A only inhibitor + IL-17A and IL-F inhibitor + IL-17A/A inhibitor charac- * Traditional monoclonal * Traditional monoclonal * Traditional monoclonal + Antibody Mimetic (~18 kDa) teristics
Slide 24: Competitors: Focus on Bimekizumab
Competitors: Focus on Bimekizumab (eo) MoonLake Hidradenitis suppurativa Psoriatic arthritis (suNRIse (BE HEARD! (mea (ncrosziaéa ond | uctowzezeas) onan | nctOsaz2479) © SUNSHINE EI) Livaond ive iNoros713612)) ILI7A ond I I7F innotor BC) IEivainbiio sc) | innotor SC) Powe?» Prose 3 Prose Nove Nestl
Slide 25: Our time: Important anticipated catalysts in the short-term
Our time: Important anticipated catalysts in the short-term (eo) MoonLake (2 io) oS = ® (o iS fo) O Q2 2023 Q3 2023 Q4 2023 Q1 2024 Today Hs HS Hs a . -” | Jun-23: Ph2b | @4 2023; HS {ry End-point | Pha} i (2wk} {24-weekread} i teadout com) Novartis Cosentyx ILIA approval in Initia Ph trials aceurni
Slide 26: Differentiation: SLK combines properties like no other asset
Differentiation: SLK combines properties like no other asset (eo) MoonLake A winning MoA... ... and a differentiated molecule " Highest efficacy = Improved convenience IL-17A & F inhibition showed highest Candida ("thrush") at lower rates vs BKZ and durable HiSCR in HS (BKZ) monthly injections vs. b
Slide 27: SLK is a potential leader in different Type 3 inflammatory diseases
SLK is a potential leader in different Type 3 inflammatory diseases Inflammatory Pathway a wpe a Ty Macrophage Th2 cell ILC2 Mast cell O68 O68 Primary immune cells!? Thl LCI NK Tn Basophil Eosinophil Key cytokines!® 12 [iL-31 | Diseases related Pemphigus, ITP SLE Atopic dermatitis to dysregulated Rh
Slide 28: Best in class potential - SLK is a unique molecule
= “Best in class potential” — SLK is a unique molecule among all “next gen IL-17s” = “Rarefied air” — only two molecules can inhibit all IL-17 pro-inflammatory dimers, only SLK combines that MoA with unique molecular characteristics = “MLTX = Robust trials” - comparing apples-to-apples is critical,
Slide 29: AAD Reflections & Treatment Landscape
O AAD Reflections & ‘@) Oo Treatment Landscape Prof. Kenneth B. Gordon Chair of Dermatology at the Medical College of Wisconsin (©2023 | Popictary | Moontakerx | 29
Slide 30: Disclosures
Disclosures O woontake AbbVie, Amgen, Arcutis, Bristol Myers Squibb, Boehringer Ingelheim, Dermavant, Incyte, Janssen, Lilly, MoonLake, UCB, UNION Therapeutics
Slide 31: Hidradenitis suppurativa: a challenge and opportunity
Hidradenitis suppurativa: a challenge and opportunity O woontake HS poses a formidable challenge HS is progressive and results in irreversible tissue destruction over time Delayed diagnosis and the subsequent delay to effective therapy is a critical gap in the management of HS Prevalence likely to b
Slide 32: HS results in irreversible tissue destruction over time
HS results in irreversible tissue destruction over time O woontake " Major surgery Minor surgery Tunnels are recognized as a source of inflammation and as active mediators of disease pathogenesis! Window of opportunity Early initiation of disease can lead to persistent, deep-seated nodules and absce
Slide 33: Advanced disease with deep abscesses and tunnels
Advanced disease with deep abscesses and tunnels
Slide 34: Late stage disease with extensive scarring and ulceration
Late stage disease with extensive scarring and ulceration
Slide 35: Draining tunnels cause significant pain and morbidity for patients
Draining tunnels (dTs) cause significant pain and morbidity for patients O woontake Symptoms experienced by patients in/dis 1 746 General pain/discomfort = Inflammation/redness of lesions m5 Drainage from HS lesions = 621 4 48.1 Pain on sitting 36.5 2 Restricted movement of limbs ccayaae Malodorous
Slide 36: HS is characterized by a profound burden for patients and society
HS is characterized by a profound burden for patients and society (eo) MoonLake HS has a high disease burden with wide- ra HS also has a high associated economic and and negative consequences for patients! productivity burden? In a global survey (VOICE, n=1299) evaluating 20 18.37 Mi Potents yh unme
Slide 37: More severe HS is associated with an increased burden of comorbidities
More severe HS is associated with an increased burden of comorbidities (eo) MoonLake 7 BN Metabolic syndrome is observed Nip in ~40% of patients with HS from an early age* ovary syndrome!” D i ety are high! . , . eee areata paler iad IBD is observed in 0.3-3% of patients with Hs, Jolene Hamner etvet
Slide 38: Delay in diagnosis and delay to effective therapy is a critical gap
(eo) MoonLake Delay in diagnosis and delay to effective therapy is a critical gap Mean delay to diagnosis of 7-10 years! Most patients Patients report Formal Reported time Initial from onset of seeing report visiting ifestati symptoms to first 4 different a physician diagnosis monieoote physician vi
Slide 39: Adalimumab (Humira) is the only approved biologic for HS
Adalimumab (Humira®) is the only approved biologic for HS O woontake Adalimumab (Humira®')- approved for HS by FDA 2015 = TNFa inhibitor = Traditional mAb(~148kDa) No new FDA approved biologic or small molecule therapy for HS since Humira® approval 2015 PIONEER |? PIONEER II? & ITT-NRI ITT-NRI S FDA
Slide 40: The fast-evolving HS clinical development landscape
The fast-evolving HS clinical development landscape (eo) MoonLake ° A Sonelokimab!* Lufiaumab!? —(IL-I7A——etrekibart"” A {IL 1a/B) and IL-17F) force MAS825'4 chemokines} am Lovosa« \scalimab!+ ey) (CD40) Lyso06'+ A (aA eal nop Mints VRS/IAK) ' lzokibep!? 2 feizala) Usodectino’® gen 9 ene WAKI) nel +
Slide 41: Insights and learnings from the clinical development landscape
Insights and learnings from the clinical development landscape O woontake Key insights Waxing and waning of disease activity 11 = Disease pathways; Therapeutic successes and failures (e.g., IL-23p1912 , TYK28, MK245, IL-108) are helping decipher key pathways underpinning disease = 1L-17 inhibition f
Slide 42: Designing a robust clinical trial in HS: Integrating learnings from psoriasis
Designing a robust clinical trial in HS: Integrating learnings from psoriasis O woontake DESIGN - Double-blind, placebo-controlled, randomized clinical trial . COMPARATOR ©@®@ Inclusion of active comparator or reference arm Multiple dose regimens, with “anchor dose” SIZE/CENTER ¢ nisin EXPERIENCE Mu
Slide 43: Key study design elements of Phase 3 trials
Key study design elements of Phase 3 trials O woontake Study element SUNSHINE / SUNRISE® BE HEARD | / II Stage Phase 3 Phase 3 Phase 3 Size n=307 / n=326 n=541 / n=543 n=505 / n=509 Design R, DB, PC. R, DB, PC R, DB, PC Dose arms TADA, placebo 2SEC, placebo 3.BKZ, placebo Key inclusion criteria - Ba
Slide 44: Phase 3: Inhibition of IL-17A and IL-17F with bimekizumab demonstrates elevated outcomes
Phase 3: Inhibition of IL-17A and IL-17F with bimekizumab demonstrates O Moontake elevated treatment outcomes as measured by HiSCR75 Adalimumab (Humira) = TNFa inhibitor * Traditional mAb(~148kDa) Pooled PIONEER’ (n=633) HISCR response, % patients Secukinumab ( = IL-17A only inhibitor * Traditional
Slide 45: Phase 3: Emerging evidence of improved overall outcomes
Phase 3: Emerging evidence of improved overall outcomes O woontake Secukinumab (Cosentyx) = IL-17A only inhibitor = Traditional mAb (~151kDa) Can you alter tunnel development? Can you prevent hospitalizations and surgical interventions? Patients with no increase in draining tunnels, %! Patients with
Slide 46: Phase 2: Several JAK-1 inhibitors under investigation for HS
Phase 2: Several JAK-1 inhibitors under investigation for HS (eo) MoonLake Upadacitinib (Rinvoq) = JAK-1 inhibitor = Small molecule Povorcitinib = JAK-1 inhibitor = Small molecule Povorcitinib Phase 2! Upadacitinib Phase 2? NCT04476043 (n=209) NCT04430855 (n=68) a 45 2 z 5 38 ge 9 30 Pal 24 n @ oe g
Slide 47: Open label: Izokibep HiSCR data open to interpretation
Open label: Izokibep HiSCR data “open” to interpretation O woontake Izokibep po = Synthetic ligand trap targeting the IL-17A/A homodimer & = Small size and albumin binding domain Week 12 (Observed data, Study Part A)! Considerations Z + Open label, non-placebo-controlled 57 + HiSCR response rates in
Slide 48: MIRA trial with the IL-17A and IL-17F inhibiting nanobody sonelokimab
MIRA trial with the IL-17A and IL-17F inhibiting nanobody sonelokimab O weontake reading out June 2023 Sonelokimab IL-17A and IL-17F inhibiting nanobody Small size (40 kDa) Albumin binding domain MIRA Trial Design werd Placebo-controlied period ‘creening [up to 4 weeks} Safety « “= Activereference (
Slide 49: Key study design elements of the MIRA trial are comparable to pivotal
Key study design elements of the MIRA trial are comparable to pivotal O woontake Phase 3 HS trials Stage Phase 3. Phase 3 Phase 3 Phase 2 Size n=307 / n=326 n=541 /n=543 n=505 / n=509 n=234 Design R, DB, PC R, DB, PC R, DB, PC R, DB, PC (AR) Dose arms 1 ADA. placebo 2SEC, placebo 3BKZ, placebo 2SLK.
Slide 50: What about the future of HS management?
What about the future of HS management? O woontake * Need to think long-term, consistent disease control * Intervening early to prevent permanent adverse impact of disease . ew to get to higher levels of response without compromising safety
Slide 51: MoonLake R&D Update
O MoonLake R&D Update
Slide 52: Key learnings from Prof. Gordon
fe) MoonLake Key learnings from Prof. Gordon = HS is more frequent than previously thought, with prevalence ‘ \ ~2% and high unmet need = HS has low diagnostic and treatment rates — but inflammation VU needs to be addressed early (“window of opportunity”), ideally with an asset that can impact on tu
Slide 53: Vicious circle in HS with crosstalk of immune cells with keratinocytes
1. Vicious circle in HS with crosstalk of immune cells with keratinocytes (eo) MoonLake mRNA expression levels viet by anatomical compartment Sepa s - epidermis IL17A IL17F 5 uy aie : aia oo & ne keratinocytes _ a1 ° eG i. - t 3 eae, [it | agi IEE a if g ” + dermis a* i a i i —— ¥o i ¥ i ote oli * N
Slide 54: IL-17F is specifically upregulated in HS lesions
1. IL-17F is specifically upregulated in HS lesions Ce} MoonLake 1003 1003 * <3 8 E 104 =e 3 <8 104 = Ro < BE Rou 5 2 2 is Ol r 1 1 PL Nodule Tunnel PL Nodule Tunnel 1000-3 504 ¥ * 5 38 1004 = Fe = * be 2 Re log & 54 ze z 5 2 J Te-001 05+ PL Nodule Tunnel PL Nodule Tunnel PL = perilesional skin Tole
Slide 55: IL-17F is the dominant IL-17 cytokine in HS lesions
1. IL-17F is the dominant IL-17 cytokine in HS lesions O woontake Upregulation of IL-17F in HS vs. PSO Abundance of IL-17F vs. IL-17A in lesions ‘] factor >10 factor =2 400 z g 2 20 Ss = Ze = 300 2 & 19 Solo 1 sm iJ BS 33 bs BS 20 Se < ee a3 S Kz ge = Values >1 sa 5 wold = indicate 238 == = - greate
Slide 56: Upregulation of key IL-17-induced chemo-attractants in HS lesions
1. Upregulation of key IL-17-induced chemo-attractants in HS lesions (eo) MoonLake Chemo-attractive mediators for neutrophils and Th17 cells ..and their receptors MRNA (bulk RNA-seq) Protein (biopsy lysates) CCXCLI port Receptor for CXCL1 and 8& CXCLI CXCL8 CCL20 1000 ies ac = 100000: . : gi L |< i
Slide 57: IL-17F potently activates human KCs, independently of IL-17A
1. IL-17F potently activates human KCs, independently of IL-17A, to O woontate release the mediators that are upregulated in HS IL-17A pro-inflammatory IL-17F pro-inflammatory effects in KCs effects in KCs LY ace rer ene e © 2 & ae i 3 9 5° aE? ce 2 gt a $58 $5 ont Lmeani7ee & Eg, EQ 2 ae fen a| oF
Slide 58: Why IL-17A & F inhibition is the most attractive MoA in HS
1. Why IL-17A & F inhibition is the most attractive MoA in HS (eo) MoonLake Multiple stimuli induce subsets of immune cells to produce IL-17A and F Different cell types preferentially produce IL-17 A and/or F IL-17A and F as “bottleneck” in HS pathology IL-17A and F induce multiple pro-inflammatory
Slide 59: IL-17 represents a unique and potentially safer MoA vs. other options
1. IL-17 represents a unique and potentially safer MoA vs. other options O woontake + Jak/Tyk2 inhibitors affect multiple cytokine pathways explaining broad immunosuppressive and unwanted side effects * MK2 and IRAK4 are involved in the epithelial reaction to danger signals IL-2, IL-4, IL- EPO, TPO,
Slide 60: PK/PD pattern in PsO favors intermittent dosing scheme
2. PK/PD pattern in PsO favors ‘intermittent’ dosing scheme O woontake Sonelokimab induction Sonelokimab molecular response Sonelokimab clinical response Phase 1 MAD’, effect of Q4W dosing on Phase | MAD', Week 6 Phase 1 MAD", Week 12 SLK trough levels 120 EPASLTS PASI Ey PASK-I00 3 Li Poscbo El] M1
Slide 61: PD pattern supports disease control in PsO with intermittent inhibition
2. PD pattern supports disease control in PsO with intermittent inhibition Q woontake D British joural of Dermatology ‘om NE PATHE OUTCOMES WSN DISEASE WORLOMOE Maintenance of response in moderate-to-severe psoriasis after withdrawal of the IL-17A and IL-17F nanobody sonelokimab ~ Is there a role fo
Slide 62: SLK clinical data supports a superior safety profile vs BKZ
2. SLK clinical data supports a superior safety profile vs BKZ (eo) MoonLake Incidence of oral Candida Incidence of oral Candida infections in Ph2 PsO (%) infections in Ph3 HS (%) Initial Period? |? One year? '3 BE HEARD trials? + 16.5 Ml 8Kz 320mg Qaw I 8kz 320mg Q2W 13.0 7.0 Dal 5.2 3.8 SLK BKZ SL
Slide 63: Unique binding characteristics of SLK optimises IL-17 inhibition
2. Unique binding characteristics of SLK optimises IL-17 inhibition (eo) MoonLake Representation of SLK Best fit tetrameric models Main findings Schematic Chimeric homology AntLa7IVE termina Model 1 o IL-7 F/F LIT AIF Model 2 = ie * IL-17 F/F ILI7 AIA 3D model indicates simultaneous interaction of S
Slide 64: Potency of SLK is on the pM scale, much higher than Cosentyx
2. Potency of SLK is on the PM scale, much higher than Cosentyx™ O woontake ‘he lower the value, the higher he inhibition IC50 (nM) Interaction | Sonelokimab | Secukinumab | fold potency IL-T7A/A IL-17A/F IL-A7E/F Methodology | tested Co CaF) 6o IL-417 AA with 0.039 BY23) 134 IL-7RA _~—_, —_+ Alphas
Slide 65: SLK is a differentiated inhibitor of IL-17A and IL-17F
2. SLK is a differentiated inhibitor of IL-17A and IL-17F (eo) MoonLake Surface Plasma Resonance ~ Kp, (noimaiized to SLKIL-17A/A affinity) Molecules Sonelokimab (SLK) Secukinumab (SEC) Bimekizumab (BKZ) Dimers 1.0 (ref) 7 0.5 0.8 100x higher affinity 99.7 49.5 ma Sxhloner . - + affinity 0.5 0.2 5.0
Slide 66: The penetration advantage of sonelokimab
2. The penetration advantage of sonelokimab O woontake Molecule size matters in inflammation Albumin binding matters in inflammation (%) Biodistribution coeffi 100 Influence of molecular size on tissue distribution Distribution 24h afteriv nanobodies (left) and effects of anti-tumor necrosis factor
Slide 67: Arthritic joint assessment suggests SLK efficacy in deep tissue
2. Arthritic joint assessment suggests SLK efficacy in deep tissue (eo) MoonLake Arthritic joint assessment for SLK! Clinical improvement with SLK vs. standard mAb without Alb binding domain? Collagen-induce 70 ~ ~o- Vehicle rol z o- EXP ILIA & IL-I7F € MAb 10mg/kg : yg) SSK 28moKkg 8 = = z 0 Immuni
Slide 68: SLK has enhanced inhibitory effect in deep HS lesions vs. Humira
2. SLK has enhanced inhibitory effect in deep HS lesions vs. Humira® O woontake Inhi in of CCL20 in tissue vs. Humira® Inhibition of CXCL8 in tissue vs. Humira® Biomarker expression in proprietary HS organ culture model, CCL20 mRNA Biomarker expression in proprietary HS organ culture model, CXCL8 MR
Slide 69: SLK has enhanced inhibitory effect in deep HS lesions vs. Bimzelx
2. SLK has enhanced inhibitory effect in deep HS lesions vs. Bimzelx® O woontake Inhi in of CCL20 in tissue vs. Bimzelx® Biomarker expression in proprietary HS organ culture model, CCL20 mRNA (relative expression)! 104 VEH VEH BKZ sik Perilesional Tunnel SLK inhibi Inhibition of CXCL8 in tissue vs.
Slide 70: The MIRA trial in HS has the design of a pivotal study
3. The MIRA trial in HS has the design of a pivotal study (eo) MoonLake Placebe-conkolled period Key design elements of MIRA * Global study (North America and Europe) with approx. 60 sites Screening Safety * Double-blind, placebo-controlled, active to 4 weeks Activereterence (no HH) Placebo/ectivere
Slide 71: Key MIRA design elements are comparable to pivotal HS trials
3. Key MIRA design elements are comparable to pivotal HS trials (eo) MoonLake Study element PIONEER I / II’ ‘SUNSHINE/ SUNRISE” BE HEARD! / II? a Stage Size Design Dose arms Key inclusion criteria - Baseline AN count - Hurley stage Primary endpoint Stratification Primary analysis Previous biologic u
Slide 72: MIRA trial in HS: Primary and key secondary endpoints
3. MIRA trial in HS: Primary and key secondary endpoints (eo) MoonLake Primary endpoint = HiSCR75! response at Week 12 Key secondary endpoints = HiSCR5O response at Week 12 = % Change from baseline in IHS4 = DLQI total score of 5 or below at Week 12 = Patients achieving NRS30? in Patient's Global As
Slide 73: Current status of patient exposure & baseline in MIRA trial
3. Current status of patient exposure & Baseline in MIRA trial O woontake Patient exposure Patient baseline characteristics Patient Characteris | mira I=33 pts to go (~mid May) Age, years, mean 37.6 N=201 pts (Today) 240- 220- 200- Gender, female, % 59.8 all Race, White, % 85.0 - ce BMI, kg/m2, mean
Slide 74: The MIRA baseline characteristics are comparable to pivotal HS trials
3. The MIRA baseline characteristics are comparable to pivotal HS trials (eo) MoonLake Patient characteristic PIONEER|/1I' | SUNSHINE / SUNRISE? BEHEARDI/I? [i == MIRA Age (years), mean 34.9 - 37.8 35.5 - 37.3 36.7 / 36.6 37.6 Gender, female, % 59.5 - 69.3 54-57 63.0 / 50.7 59.8 Race, White, % 758 -
Slide 75: HS: Valid Ph2 designs are typically replicated in Ph3
HS: Valid Ph2 designs are typically replicated in Ph3 HS examples v Adalimumab Ph2 HS results (double-blind, placebo- controlled, two active dose arms, n= 154 patients, n = 26 sites) were predictive of Ph3 results! * secukinumab Ph2 HS results (open-label, uncontrolled, n = 20 patients, single-cente
Slide 76: ARGO trial in PsA: will release data towards end of 2023
3. ARGO trial in PsA: will release data towards end of 2023 (eo) MoonLake Screening Placebo-controlled period Safety {up to 4 weeks) ‘active reference (no H2H) Placebo/activeraterance crossover Follow-up — Group | pW Sonelokimab 120 mg: Week 12, Q4W. roa GEE caimumas oma wesc fl SonelokImab 60 mg: P
Slide 77: ARGO trial in PsA: Primary and Key Secondary Endpoints
3. ARGO trial in PsA: Primary and Key Secondary Endpoints O woontake Primary endpoint = ACRS5O response’ at Week 12 Key secondary endpoints = PASI90 response at Week 12 (patients with psoriasis involving 23% BSA at baseline) = ACR20 response at Week 12 Other secondary endpoints = ACR70 response at W
Slide 78: Summary: Differentiating science and clinical development of SLK
fe) MoonLake Summary: Differentiating science and clinical development of SLK '@) IL-17F is a unique target in HS and other inflammatory diseases Ly * IL-17F is specifically upregulated in HS more than in PsO = Evidence for pro-inflammatory role independent of IL-17A Unique molecule and binding char
Slide 79: Financial Update & Path Forward
O ] Financial Update Oo & Path Forward
Slide 80: Many potential catalysts over the next months
Many potential catalysts over the next 12 months O woontake What we focused on today... ...and there is a whole lot more to come March 2023 April 2023 End June 2023 Early @4 2023 Late 2023 Q1/Q2 2024 Competitor Capital HS primary HS 24w data PsA primary PsA 24w readouts Markets Day data data data IL
Slide 81: Expected cash runway now expected to the end of 2024
Slide 82: Reminder of MLTX's corporate structure and history
Slide 83: Strong share price accompanied by increase in trading volume
Slide 84: Reflections on MLTX's path forward
Slide 85: Slide 85
MoonLake Immunotherapeutics — Investor Day (April 2023) on 6ix