Slide 1: Pacira BioSciences Annual Shareholder Meeting June 9, 2026
FOR INTENDED RECIPIENT ONLY Pacira BioSciences Annual Shareholder Meeting June 9, 2026
Slide 2: Executive Summary
EXECUTIVE SUMMARY 2 EXPAREL is approximately 80 % of Pacira’s revenue, deeming it a mission critical product . In 2024, Pacira lost an IP battle and had to settle with the generic costing shareholders approximately 38% of future EXPAREL volumes, beginning in 2030. In January 2025, Pacira launched th
Slide 3: DOMA Perpetual Believes Pacira's Board and Management Are Committing Gross Negligence
DOMA Perpetual Believes Pacira’s Board and Management are Committing Gross Negligence by Misleading Investors About the True Risks the Business Faces
Slide 4: Engagement History: DOMA's Push for Capital Allocation
ENGAGEMENT HISTORY: DOMA’S PUSH FOR CAPITAL ALLOCATION 4 ▪ At the beginning of 2023, Pedro Escudero had a telephone call with Charles Reinhart and Susan Mesco regarding generic drugs coming to market, prior to DOMA’s investment in the company. ▪ In July 2023, DOMA begins to establish a position in P
Slide 5: Engagement History: DOMA's Push for Capital Allocation
ENGAGEMENT HISTORY: DOMA’S PUSH FOR CAPITAL ALLOCATION 5 ▪ In February 2025 , Mr . Escudero spoke with Mr . Lee and Ms . Mesco regarding proxy efforts, capital allocation and the 5 x 30 plan . Mr . Escudero also sent a letter to the board expressing concern over underperformance . ▪ From March 2025
Slide 6: IP Litigation: Pacira vs. eVenus
IP LITIGATION: PACIRA VS. EVENUS A court loss cost Pacira over 30% of its flagship product ▪ In 2021 , Pacira BioSciences filed a patent infringement lawsuit against eVenus Pharmaceutical Laboratories, Inc . following eVenus’ filing of an Abbreviated New Drug Application (ANDA) for the generic versi
Slide 7: Lack of Oversight: Potential Gross Negligence
LACK OF OVERSIGHT: POTENTIAL GROSS NEGLIGENCE The Board is willing to bet the entire company again after losing prior patent litigation ▪ Pacira already lost a patent battle and had to settle for hundreds of millions in value destruction and cost shareholders approximately 38 % of EXPAREL volumes pr
Slide 8: Gambling With Shareholders Capital While Enriching Himself
GAMBLING WITH SHAREHOLDERS CAPITAL WHILE ENRICHING HIMSELF 8 Sources: Pacira PREC14A Filing, Pacira Biosciences Company Filings, Bloomberg database. Return data is calculated as of May 11, 2026 at 1pm EST. “…the outcome is uncertain and cannot be guaranteed .” – Frank D. Lee, CEO COMPENSATION VS. NE
Slide 9: Sustained Value Destruction
SUSTAINED VALUE DESTRUCTION Stock price has declined 55% in last 10 years 9 Source: Bloomberg Database, DOMA Internal Calculations, Data as of May 11, 2026 at 1pm EST.
Slide 10: Sustained Value Destruction: Shareholder Returns
Shareholders have lost money in 10 yrs, 5yrs, 3yrs, 2yrs, YTD and since Frank Lee was appointed returns SUSTAINED VALUE DESTRUCTION 10 Sources: Bloomberg Database, DOMA Internal Calculations, as of March 16 th 2026
Slide 11: Record Spending Amidst Vanishing Profits
RECORD SPENDING AMIDST VANISHING PROFITS 11 R&D and SG&A Spending vs. Net Income Last 5yrs Sources: Pacira Biosciences 10 - K, DOMA Internal Calculations, Data shown in thousands.
Slide 12: Pay Without Performance
PAY WITHOUT PERFORMANCE 12 Skyrocketing CEO Pay Amidst Stagnant Shareholder Returns in thousands 2024 2025 Total Compensation of Frank Lee 15,944 11,637 Net Income (99,560) 7,034 Sources: Pacira Biosciences 2024 10 - K, Proxy Filings. Bloomberg Database, DOMA Internal Calculations Stock Price data a
Slide 13: The Cost of Underperformance
THE COST OF UNDERPERFORMANCE 13 $121M Executive & Director Pay vs. $93M Net Loss R&D and SG&A Surge 54% since Frank Lee was appointed Executives and Directors were paid $121M in two years, while shareholders have not seen a return. ▪ Total R&D and SG&A spending grew by 41%. ▪ Net Income decreased 83
Slide 14: Wasteful Spending Without Profitability
WASTEFUL SPENDING WITHOUT PROFITABILITY 14 Total R&D and SG&A spending is 25x their Operating Income in thousands 2024 2025 % YoY Change R&D $81,577 $117,312 +44% SG&A $294,099 $368,759 +25% in thousands 2023 2024 2025 Income from Operations 87,675 (73,371) 19,191 Net Income 41,955 (99,560) 7,034 So
Slide 15: Stock-Based Compensation
STOCK - BASED COMPENSATION Stock - based compensation continues to increase while the company reports minimal operating income 15 Source: Pacira Biosciences Proxy Filings, DOMA Internal Calculations $45,000,000 $50,000,000 $55,000,000 $60,000,000 $65,000,000 2021 2022 2023 2024 2025
Slide 16: Stock-Based Compensation: Dilution
STOCK - BASED COMPENSATION: DILUTION 16 Compensation: The board has shifted management incentives from performance - based options to Restricted Stock Units (RSUs) which can retain value even if the stock price declines. This further misaligns Management with shareholder interests as well as creatin
Slide 17: A Board Built for Clinical Labs, Not for Maximizing Shareholder Value
A BOARD BUILT FOR CLINICAL LABS, NOT FOR MAXIMIZING SHAREHOLDER VALUE The current board is lacking diversification, primarily comprised of physicians, researchers and biotech. ▪ Lack of Risk Management Expertise ▪ The Board allowed Pacira to engage in high - risk, patent litigation, for the second t
Slide 18: Governance Designed to Limit Shareholder Influence and Prevent Accountability
GOVERANCE DESIGNED TO LIMIT SHAREHOLDER INFLUENCE AND PREVENT ACCOUNTABILITY 18 Source: Pacira BioSciences, Inc. Bylaws Restated April 2019, Pacira BioSciences, Inc. Restated Certificate of Incorporation ▪ Staggered Board ▪ The directors are divided into three classes with staggered three - year ter
Slide 19: DOMA's Highly Qualified Board Nominees
DOMA’S HIGHLY QUALIFIED BOARD NOMINEES 19 Name Key Expertise Experience & Strategic Value Add CHRISTOPHER DENNIS, MD, MBA Clinical Leadership, Management, Operational Dr. Dennis fills a critical void on the current Board. There is a lack of a physician executive with deep, hands - on experience in b
Slide 20: DOMA's Action Plan
DOMA’S ACTION PLAN 20 Pacira faces an existential threat as its flagship and mission - critical product, EXPAREL, remains caught up risky litigation, again, despite a track record of failure and a loss of approximately 38 % of Company revenues from EXPAREL . FORMATION OF SUBCOMMITTEE FINALIZE SALE A
Slide 21: Protect Your Investment: Vote the WHITE Proxy Card
PROTECT YOUR INVESTMENT: VOTE THE WHITE PROXY CARD 21 Annual Meeting: June 9, 2026 We suggest shareholders vote on the WHITE proxy card to restore oversight and accountability to the Pacira Board. ELECTION OF DIRECTORS Vote FOR Christopher Dennis Eric de Armas Oliver Benton Curtis III Vote WITHHOLD
Slide 22: Disclaimer
22 DISCLAIMER DOMA Perpetual LO Equity Master Fund LP (“DOMA LO Master”), DOMA Perpetual Capital Management LLC (“DOMA”), DOMA 1 LLC (“DOMA 1 “), DOMA Perpetual Partners GP LLC (“DOMA GP”), DOMA 2 LLC (“DOMA 2 “), the John Templeton Foundation (“JTF”), via its wholly - owned investment holding compa