Azora Therapeutics, Inc. · NASDAQ:AZR
Azora Therapeutics — Investor Presentation (October 2026)
22 slides from Azora Therapeutics's investor presentation, October 2026
Slide 1: Restoring immune balance at the site of disease
Restoring immune balance at the site of disease. Corporate Presentation October 2026 | NASDAQ: AZR 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation includes statements that are, or may be deemed, ‘‘forward-looking statements’’ within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to kno
Slide 3: Azora: Inspired by nature, refined by science, optimized for patients
Azora: Inspired by nature, refined by science, optimized for patients Azora Therapeutics is a Stanford spin-out developing locally-acting treatments for serious inflammatory diseases. The lead program, AT177, is a fully-synthetic, patented, oral, colon-targeted aryl hydrocarbon receptor (AhR) agonis
Slide 4: IBD is a $30B market: even modest improvements in efficacy can unlock significant value
IBD is a $30B market: even modest improvements in efficacy can unlock significant value I B D G LO B A L M A R K E T VA LU E C R E AT I O N L I M I TAT I O N S O F OPPORTUNITY PRECEDENTS E X I ST I N G U C D R U G S $30B per year $10B market cap Therapeutic ceiling that does not 1 30% exceed 30% cli
Slide 5: Aryl hydrocarbon receptor (AhR) is a master regulator of gut health
Aryl hydrocarbon receptor (AhR) is a master regulator of gut health AhR: transcription factor expressed in immune cells and epithelium that regulates immune and barrier function (increases tight junction proteins)¹ AhR agonism reduces pro-inflammatory cytokines (IL-17a, IL-6, TNFα) and increases IL-
Slide 6: Inspired by nature, rationally designed
Inspired by nature, rationally designed Azora is inspired by patient experience and robust clinical data We rationally designed AT177 based on validated science to be a potentially best-in-class treatment for serious inflammatory diseases 6
Slide 7: AT177: From botanical proof-of-concept to rationally-engineered drug
AT177: From botanical proof-of-concept to rationally-engineered drug B OTA N I C A L P R O O F - O F - C O N C E P T R AT I O N A L LY- E N G I N E E R E D D R U G I N D I G O N AT U R A L I S The discovery The solution Azora cofounder Julie Saiki treated her refractory UC with AT177, a fully-synthe
Slide 8: Indigo naturalis studies show potential for clinical remission, supporting AhR mechanism in UC
Indigo naturalis studies show potential for clinical remission, supporting AhR mechanism in UC STANFORD UNIVERSITY RANDOMIZED, DOUBLE-BLIND, PLACEBO- OPEN-LABEL LONG-TERM OPEN-LABEL PHASE 1B n=11 CONTROLLED n=86 MAINTENANCE n=33 ~12,000X colon AhR activity Up to 50% placebo-adjusted clinical remissi
Slide 9: AhR has the potential to raise the efficacy bar in UC
AhR has the potential to raise the efficacy bar in UC UC placebo-adjusted clinical remission rates by mechanism of action at induction AhR agonist1 INDIGO NATURALIS MiR-124 / AhR 2 21-51% placebo-adjusted remission demonstrates APPROVED THERAPIES potential efficacy with AhR mechanism JAK inhibitor O
Slide 10: AT177 converts into indirubin, the active moiety in indigo naturalis
AT177 converts into indirubin, the active moiety in indigo naturalis Indirubin is the most potent AT177 rapidly converts Indirubin directly binds the AhR agonist in indigo into indirubin AhR3 naturalis In the lumen of the colon and And showed comparable activity as With sub-nanomolar activity1 does
Slide 11: AhR is a validated target in inflammatory disease: efficacy is driven locally, not systemically
AhR is a validated target in inflammatory disease: efficacy is driven locally, not systemically Blocking AhR eliminates Colon epithelial Local AhR activation benefit of indigo signaling key to sufficient to drive naturalis efficacy1 clinical benefit When AhR is knocked out in a murine colitis When e
Slide 12: AT177 performs like indirubin in DSS colitis mouse model with superior in vivo AhR activity
AT177 performs like indirubin in DSS colitis mouse model with superior in vivo AhR activity DSS COLITIS MODEL LO C A L C O LO N A h R S I G N A L I N G AT177 performs like indirubin in UC models ~8X more colon AhR signaling than indirubin Dextran sodium sulfate (DSS) model. Mice treated for 9 days o
Slide 13: AT177 reduces disease activity in TNBS colitis and supported by histology
AT177 reduces disease activity in TNBS colitis and supported by histology Vehicle TNBS COLITIS MODEL · DISEASE ACTIVITY INDEX AT177 Preserved tissue architecture Rodents treated with oral AT177 have preserved colonic crypt architecture, restored epithelial integrity and reduced inflammatory infiltra
Slide 14: AT177 is colon-targeted and has a wide therapeutic index
AT177 is colon-targeted and has a wide therapeutic index Oral AT177 administration Mini-pig study C O LO N E X P O S U R E C O LO N V S P L A S M A PLASMA EXPOSURE Indirubin levels above the EC50 Robust colon AhR activation with Plasma exposure well below along the entire colon minimal systemic expo
Slide 15: AT177 was rationally designed to have the right profile for UC
AT177 was rationally designed to have the right profile for UC Azora Abivax Equillium Dr. Falk1 Active moiety has shown clinically meaningful activity in patients Activity Azora’s AT177 is High potency AhR agonist designed to be highly potent, Optimized PK/PD profile for UC ? ? rapidly metabolized,
Slide 16: AT177: same active moiety as indigo naturalis with the potential for improved control and delivery
AT177: same active moiety as indigo naturalis with the potential for improved control and delivery I N D I G O N AT U R A L I S Indigo naturalis has demonstrated clinical benefit in refractory UC Indigo naturalis efficacy requires AhR signaling in the intestinal epithelium Indirubin is the most pote
Slide 17: AT177: Phase 1 clinical trial planned for 1H 2027
AT177: Phase 1 clinical trial planned for 1H 2027 With rapid progression to Phase 1 and 2 value inflection 17
Slide 18: CMC infrastructure is ready to support clinical advancement
CMC infrastructure is ready to support clinical advancement AT177’s CMC package DRUG SUBSTANCE DRUG PRODUCT SCALE-UP has a scalable synthetic process, Fully synthetic Colon-targeted Kilogram-scale colon-targeted Commercially available Uses only FDA-approved KG+ feasibility batches formulation using
Slide 19: Financing positions Azora through IND-enabling studies and into PoC in UC
Financing positions Azora through IND-enabling studies and into PoC in UC 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Capital-efficient path to Financing $32M financing Up to $32M milestone tranche clinical proof-of-concept in UC IND-enabling: tox, safety pharm, Long-term tox
Slide 20: Leadership with deep drug development experience and a track record of FDA approvals
Leadership with deep drug development experience and a track record of FDA approvals Our team and advisors have been instrumental in developing: Matt Davidson, PhD Julie Saiki, PhD Celia Economides David Rubenstein, MD, PhD Ajay Duggal, MBChB, MRCP, DPM Chief Executive Officer Chief Strategy Officer
Slide 21: AT177: Success in UC opens a broad inflammatory disease opportunity
AT177: Success in UC opens a broad inflammatory disease opportunity DISCOVERY PRE-CLINICAL IND-ENABLING PHASE 1A/1B PHASE 2 PHASE 3 AT177 Initiate Phase 1 trial Ulcerative colitis 1H 2027 AT177 Crohn's disease TODAY Current financing positions Azora through IND-enabling studies and key clinical valu
Slide 22: NASDAQ: AZR
Azora (ah-ZOR-ah) – a derivative of ⻘空 — aozora (あおぞら) a Japanese compound noun meaning "blue sky” NASDAQ: AZR Investor Contact: Mike Moyer, Managing Director LifeSci Advisors +1-617-308-4306 mmoyer@lifesciadvisors.com 22
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