Slide 1: Pulmatrix
PULMATRIxX NASDAQ: PULM
Slide 2: Safe Harbor
Safe Harbor This presentation contains forward-looking statements. All statements other than statements of historical fact contained herein, including statements regarding our business plans or strategies, projected or anticipated benefits or other consequences of our plans or strategies, projected
Slide 3: Our Mission
Our Mission PULM ATRIX PULMATRIiX is committed to the development and commercialization of novel and transformational medicines for patients all over the world, using our proprietary iSPERSE™ technology to optimally deliver both respiratory and non-respiratory therapies via the respiratory system.
Slide 4: Management Team
Management Team Deep expertise in respiratory diseases & drug delivery technology across all stages of development Ted Raad — CEO & Director Previously Chief Business Officer of Pulmatrix e 20 years of commercial healthcare and life sciences leadership experience e Former Chief Commercial Officer at
Slide 5: Credentialed Board of Directors
Credentialed Board of Directors Board of directors with extensive experience in public and private life sciences companies Michael J. Higgins — Chairman e Entrepreneur-in-residence at Polaris Partners and Board Member of Genocea, Voyager, Kindex, Madauder and Sea Pharmaceuticals e Former SVP, COO, a
Slide 6: PULM (NASDAQ) Investment Highlights
PULM (NASDAQ) Investment Highlights e Proprietary iSPERSE platform technology that seeks to optimize pharmacokinetics and pharmacology in respiratory and non-respiratory therapeutics e Ascalable platform with applicability across drug classes and dry-powder delivery devices to support pipeline devel
Slide 7: iSPERSE Enabled Pipeline With Multiple Potential Milestones
iSPERSE Enabled Pipeline With Multiple Potential Milestones =, rar [oe [oo [oe [ om [or [oo oe [os] oe [oo [on PUR1800 Acute Exacerbations in Chronic i 5 Ph1b Top Obstructive Pulmonary Disease O Line Dat: NSKI (AECOPD) pngivara PUR3100 fea Ph1 To DHE Acute Migraine | Line Data Anticipated PUR1900 Al
Slide 8: iSPERSE
ISPERSE Small Dense and Dispersible Engineered Dry Powder Proprietary Technology
Slide 9: iSPERSE Platform
iSPERSE Platform PERSE Enables Sick Patients to Get M Effective Doses gs, small molecule to biologic e. g. ‘metered- dose, reservoir, capsule or blister-based inhalers) w for penetration deep into lung, based ® tens of milligrams) with high delivery efficiency Tp 4 Large Small P oids f d sy: c s wit
Slide 10: PUR3100
PUR3100 Inhaled Dihydroergotamine (DHE) for Treatment of Acute Migraine Significant unmet need in a large market represents ~$575M U.S. peak net revenue opportunity’ Lung delivery offers many potential advantages including fast acting pain relief and symptom control with a favorable tolerability pro
Slide 11: PUR3100: Acute Treatment of Migraine: Large underserved market
PUR3100: Acute Treatment of Migraine: Large underserved market Large Market Large Unmet High Pharmacoeconomic Acute Treatment >1 billion worldwide Medical Need Burden New preventative treatment >38 million U.S. 75% of patients not actively $38 billion annual cost — U.S. options do not fully address
Slide 12: Migraine — Inhaled DHE Therapy Potential Advantages
Migraine — Inhaled DHE Therapy Potential Advantages What Do Patients W. 1 P 5 2 : 3, 7 4 5 f r ea Nhe A ] Fast onset of action Migraine upon : 24+ hour headache Inhaled preferred Absence of: through early T,,., : awakening, quick to : relief through over intranasal, : nausea, lethargy, and sustained
Slide 13: All PUR3100 Doses are Anticipated to Be in Therapeutic Window
All PUR3100 Doses are Anticipated to Be in Therapeutic Window Orally inhaled DHE (MAP0004) has a superior profile to other DHE — nl e Blue arrows indicate modelled C,,,,, for proposed 100,000 4 Seon Enea nV ma ae) PUR3100 clinical nominal doses of 0.5, 1 and 1.5mg “| .44 m 7 j j aces oe = Fine parti
Slide 14: PUR3100 Initial Phase Clinical Study to Evaluate Safety, Tolerability and Pharmacokinetics
PUR3100 Initial Phase 1 Clinical Study to Evaluate Safety, Tolerability and Pharmacokinetics Randomized Double-blind, Double-dummy Single Dose Study in 24 Healthy Volunteers Inhaled Placebo + 1mg IV DHE == Initial Phase 1 Study (n=6) : e IV DHE or 1 of 4 doses of Inhaled PUR3100 500yg + IV Placebo P
Slide 15: Potential PUR3100 Ph2 Dose Confirmation Study
Potential PUR3100 Ph2 Dose Confirmation Study Intended to Demonstrate Proof of Concept and Enable Pivotal Study t st 0 evalu Randomized Double-blind Placebo-Controlled Study in Otherwise Heal Patients with Migraine Placebo (n=30) Phase 2-Dose Confirmation e Patients provided with dose to administer
Slide 16: PUR3100: $575M Peak Net Revenue Potential at LOE in the U.S.
PUR3100: $575M Peak Net Revenue Potential at LOE in the U.S. Physician and Patient Feedback Payer Feedback % of patients on triptan experiencing 40% | a suboptimal response 2 generic treatment 7 ¥ failures required “ys % of patients responding that they would prefer PUR3100 | ~63%) > A % of patients
Slide 17: PUR1900
PUR1900 Inhaled Antifungal Cipla Worldwide Development & Commercial Partnership Inhaled Itraconazole to Treat Allergic Bronchopulmonary Aspergillosis (ABPA) in Patients with Asthma iSPERSE enables itraconazole delivery to the lung, providing PUR1900 potential to address the underlying cause of disea
Slide 18: PUR1900: Potential to Change the Standard of Care for ABPA
PUR1900: Potential to Change the Standard of Care for ABPA Phase 1/1b study successfully met all endpoints Demonstrated safety and tolerability of PUR1900 administered up to 14 days VY ~100—400 fold lower plasma exposure over 24 hours than expected with oral Sporanox ~50 Lung Exposure ~85 Plasme Exp
Slide 19: PUR1900 Development Plan Builds Upon Clinical Precedent
PUR1900 Development Plan Builds Upon Clinical Precedent of Oral Itraconazole Improvement of FEV, in ABPA Oral itraconazole outcomes demonstrated in clinical literature the NEW ENGLAND JOURNAL of MEDICINE H Journal of Clinical Immunology : Expert Review of Respiratory Medicine 2000, Stevens et al. ;
Slide 20: PUR1900: Phase 2b Study Intended to Demonstrate Proof of Concept
PUR1900: Phase 2b Study Intended to Demonstrate Proof of Concept in Patients with Asthma and ABPA Successful FDA Type C meeting enables Ph2b study anticipated start in Q1 2023 Patient Profile Randomized i) Patients (M/F, ages 18-80) with confirmed asthma and ABPA double*blind placebo-controlled > ea
Slide 21: PUR1900: $1.5B Peak Net Revenue Potential in the U.S.
PUR1900: $1.5B Peak Net Revenue Potential in the U.S. Anticipated increase of first-line concomitant use with oral steroids drives the revenue forecast 65% ~1.3B Net ~200M U.S. ABPA Asthma Revenue U.S. Other Indications 30% Current Use of Antifungal 1st Line Future Use of Antifungal 1st Line Clair X
Slide 22: PUR1800
PUR1800 Inhaled p38, Syk, Src Kinase Inhibitor with Potential for Treating AECOPD NSKI Portfolio In-Licensed from Janssen, Including RV1162 RV1162 Reformulated Into iSPERSE Enabled PUR1800 PUR1800 potentially represents up to ~$2.4B' peak net revenue opportunity in the U.S. as an inhaled non-steroid
Slide 23: Limited Efficacy in Standard of Care for AECOPD
Limited Efficacy in Standard of Care for AECOPD Moderate-to-Severe Exacerbations Significant unmet need exists in AECOPD with underlying infection and/or steroid resistance Noninfectious Bacterial Acute Exacerbation in COPD (AECOPD) Etiology Bacterial & Viral PULMATRIixX Steroids are standard of car
Slide 24: Narrow Spectrum Kinase Inhibitors (NSKI)
Narrow Spectrum Kinase Inhibitors (NSKI) Block steroid-resistant inflammation and lung remodeling processes Treat Steroid-Resistant Inflammation e Inhibit p38 MAP kinases (p38MAPK) to restore steroid sensitivity and reduce inflammation e Block inflammatory action of Src, which promotes cytokine prod
Slide 25: RV1162 (NSKI) Reduces Steroid-Resistant Inflammation in Preclinical Models
RV1162 (NSKI) Reduces Steroid-Resistant Inflammation in Preclinical Models RV1162 reduces steroid insensitive, tobacco smoke-induced inflammation and restores steroid efficacy iy inhibition with similar potency across p38, Src and Syk kinases e Verified kinase target engagement and ws +S r 1 r | e R
Slide 26: PUR1800 Phase 1b Trial in Stable COPD Preliminary Results
PUR1800 Phase 1b Trial in Stable COPD Preliminary Results Randomized, double-blind, 3-way crossover study; 3 Dose Groups (2 active, 1 placebo) with 15 pts. 14 days of daily dosing, with 28-day crossover and 28-day follow-up Placebs PUR1800 | PUR1800 _ (250 11g) (600 11g) 4. PUR1800 Placebo PUR1800 q
Slide 27: Potential Phase 2 Exploratory Study in AECOPD
Potential Phase 2 Exploratory Study in AECOPD Pulmatrix intends to pursue partnership opportunities to advance a PUR1800 Phase 2 study a ° Evaluate Time to resolution of = Duration of therapy symptoms o Betanitlen|sents Treatment failure rate Pts. with COPD Experiencing Moderate Acute oecone Ta Retr
Slide 28: PUR1800: $2.4B in U.S. Peak Revenue Potential
PUR1800: $2.4B in U.S. Peak Revenue Potential e ~16M COPD patients in the U.S. Treatment Optio urre Expected ise ise e 77% experience at least one exacerbation annually PUR1800 ~35% i + ; re 35% e ~18M moderate-to-severe AECOPD episodes (slofel cotdcosteroldsandlonantbiotcs) annually in U.S. Oral Co
Slide 29: Chronic Toxicology Pathology Results Support Potential Expansion
Chronic Toxicology Pathology Results Support Potential Expansion Into Chronic Treatment of Pulmonary Disease (ex. COPD, IPF, Asthma) IPF Severe Rare Disease AECOPD : Pcoantcd Asthma 18M Moderate e Al OM acl to Severe Acute Exacerbations per year in US" (50% of Adult Asthma) COPD ~16M Diagnosed & 4th
Slide 30: Appendix
Appendix
Slide 31: Glossary of Terms
Glossary of Terms 505(b)(2) FDA Regulatory Pathway for Drug Approval IgG Immunoglobulin G Antibodies ABPA Allergic Bronchopulmonary Aspergillosis IND Investigational New Drug AECOPD Acute Exacerbations in Chronic Obstructive Pulmonary Disease IP Intellectual Property BAL Bronchoalveolar Lavage LPS L