Obsidian Therapeutics, Inc. · NASDAQ:OBX

Obsidian Therapeutics — Investor Presentation (August 2026)

27 slides from Obsidian Therapeutics's investor presentation, August 2026

  1. Slide 1: Obsidian Therapeutics Corporate Presentation

    Obsidian Therapeutics Corporate Presentation August 2026

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements This presentation includes forward looking statements. All statements other than statements of historical facts contained in this presentation, including express or implied statements regarding our future results of operations and financial position, expected clinical deve

  3. Slide 3: Obsidian Therapeutics: Novel Engineered TIL Cell Therapies

    Obsidian Therapeutics: Novel Engineered TIL Cell Therapies Amsoki-cel (OBX-115): Team and resources to Differentiated, Patient-centric TIL cell therapy advance pipeline through clinical development • Engineered with regulatable mbIL15; IL2-sparing Strong TIL & oncology • Robust, proprietary scalable

  4. Slide 4: Robust Executive Leadership with Deep TIL Expertise

    Robust Executive Leadership with Deep TIL Expertise Madan Jagasia, Parameswaran Hari, Julie Feder Dana Alexander Jennifer Peterson Maria Fardis, M.D., M.S. M.D., M.S. Chief Financial Chief Technical Chief People Ph.D., M.B.A. Chief Executive Officer Chief Medical Officer Officer Officer Officer Boar

  5. Slide 5: Harnessing Regulatable mbIL15 to Enhance Amsoki-cel (OBX-115)

    Harnessing Regulatable mbIL15 to Enhance Amsoki-cel (OBX-115) Viral transduction of mbIL15-DRD Proprietary mbIL15 Tumor Isolated TIL transgene Amsoki-cel construct signals Cis-activation Patient ACZ ligand* in cis and in trans IL2Rβ IL2Rγ Immune cell Trans-activation of immune cells (e.g., NK cells)

  6. Slide 6: Our Pipeline

    Our Pipeline REGISTRATION- DISCOVERY PRECLINICAL PHASE 1 PHASE 2 ENABLING NEXT MILESTONE Top-line data: Amsoki-cel (OBX-115) Melanoma (Agni-01 Multicenter Study) YE 2027 Phase 1 data: Amsoki-cel (OBX-115) NSCLC (Agni-01 Multicenter Study) 1H 2027 Development Next-generation Cellular Therapies candid

  7. Slide 7: Current Approved Cell Therapy for 2L+ Melanoma Limited By Tolerability Profile

    Current Approved Cell Therapy for 2L+ Melanoma Limited By Tolerability Profile However, profile associated with tolerability and logistical challenges Available cell High-dose IL2 Standard-dose LD therapy option for IL2-dependent, terminally ~4× more Cy vs approved exhausted effector cells, severe A

  8. Slide 8: Obsidian Leverages Regulatable mbIL15 to Deliver Patient-centric Cell Therapy in Melanoma

    Obsidian Leverages Regulatable mbIL15 to Deliver Patient-centric Cell Therapy in Melanoma Transduced with • CD8+ cytotoxic, stem-like T cells with v regulatable mbIL15 memory phenotype • ACZ to regulate mbIL15 expression More Convenient Tissue • Core needle biopsy feasible • Enables outpatient proce

  9. Slide 9: ~$3B+ Potential US Market Opportunity for Amsoki-cel (OBX-115)

    ~$3B+ Potential US Market Opportunity for Amsoki-cel (OBX-115) 2L+ Adult Patients with Advanced (Unresectable or Metastatic) Melanoma ~10K IL2 Dependence Limits Addressable patients 1 Market for Non-eng. TIL: ✓ Sufficient fitness & health performance Eligibility for non-engineered TIL limited to ✓ D

  10. Slide 10: Amsoki-cel (OBX-115) in Advanced Melanoma

    Amsoki-cel (OBX-115) in Advanced Melanoma Agni-01 Phase 1/2 Study Ongoing © 2023 Obsidian Therapeutics | 10

  11. Slide 11: Agni-01 Phase 1/2 Melanoma Patient Schema

    Agni-01 Phase 1/2 Melanoma Patient Schema Agni-01 Phase 1/2 Melanoma (N=20 Infused*) Phase 1 Phase 2 (n=11) (n=9) At DL3/RP2D: 4 outpatient lymphodepletion 100% of ACZ redosing in DL1 + DL2 DL3/RP2D outpatient setting† (n=5) (n=15) DL1 DL2 DL3/RP2D 30 × 109 100 × 109 100 × 109 Amsoki-cel cell maximu

  12. Slide 12: 67% ORR, with SOD Reduction in 80% of Patients

    67% ORR, with SOD Reduction in 80% of Patients 83% of Patients TTP method Surg Receiving Surg Surg DL3 /Surg Surg RP2D Experienced CNB* Surg Surg Tumor Surg Burden CNB* Reduction Surg Surg Surg Surg Surg Amsoki-cel dose 40 94.8 100 55.8 60.9 34.2 99.2 81.6 37.2 77.4 100 86 83.4 89.2 65.7 97.6 (cells

  13. Slide 13: Favorable Onset and Duration of Response

    Favorable Onset and Duration of Response BRAF- Anti–PD-1 + Prim Pt ACZ redosing† mut Anti–CTLA-4 Resist* ID + - + 114 14 - + + 115 15 - + + 112 12 - + + 131 31 - + - 1099 • Most responses achieved early (Week 6) - - + 133 33 • Responses observed across key disease subsets + + - 134 34 - + - 138 38 −

  14. Slide 14: Deepening and Durable Responses

    Deepening and Durable Responses Initial ACZ Initial ACZ ACZ redosing* ACZ redosing* 40 41 20 39 13* Median study follow-up: 18.6 weeks (%) SOD(%) Baseline fromBaseline 0 LesionSOD 1 2 3 6 12 18 24 36 48 60 72 Week -20 32‡ TargetLesion from 9 Change 33 -40 Change Target 12 4 34 31 inin -60 11 Complet

  15. Slide 15: Favorable Safety & Tolerability Profile

    Favorable Safety & Tolerability Profile TEAEs in ≥20% of patients All-grade Grade ≥3 Patients, % 0% 100 10% 80 20% 60 30% 40 40% 20 50% 0 60% 20 70% 40 80% 60 90% 80 100% 100 Hypokalemia AST increased Cytokine release syndrome • Grade ≥3 non-hematologic Hypoalbuminemia Hyponatremia Hypoxia Nausea Fa

  16. Slide 16: Patients Had Difficult-to-treat Post-ICI Disease

    Patients Had Difficult-to-treat Post-ICI Disease, With Majority Previously Exposed to Anti–PD-1 Combination Baseline Patient and Amsoki-cel Amsoki-cel Disease Characteristics (N=15) Treatment Characteristics (N=15) Age, median (range), years 55 (41–78) Lines of prior systemic therapy, median (range)

  17. Slide 17: Proprietary Manufacturing Process Enables Advantages in Phenotype, Yield, Process Control, and Procurement Method

    Proprietary Manufacturing Process Enables Advantages in Phenotype, Yield, Process Control, and Procurement Method Ex Vivo Manufacturing Optimized product: median >90% CD8+; effector-memory phenotype, stem-like signature, minimally exhausted1,2 Tumor tissue Optimized Activation/ Optimized Cryo- procu

  18. Slide 18: Encouraging Efficacy Profile in 2L+ Melanoma Across Modalities

    Encouraging Efficacy Profile in 2L+ Melanoma Across Modalities 70 66.7 60 50.0 50 ORR (%) 40 38.3 31.5 30 24.2 20 16.6 10 0 1-4, † 5 6,7 8,9 10,11 12 SOC Amsoki-cel AMTAGVI AMTAGVI TUDRIQEV (RP1) Anzu-cel (OBX-115) EOP2 Pivotal +OPDIVO (IMA203) N 971 1-4 15 47 73 91 14 Received anti–PD-1 + anti–CTLA

  19. Slide 19: Amsoki-cel is Positioned Favorably vs Other Melanoma Cell Therapies

    Amsoki-cel is Positioned Favorably vs Other Melanoma Cell Therapies AMSOKI-CEL AMTAGVI ANZU-CEL Agni-01 Ph 2 ongoing Approved SUPRAME reg. trial ongoing 67% 1 31.5% 2 50% 3 Efficacy ORR (N=15) (N=73) (N=14) IL2-sparing Low-dose LD AE Profile Drivers No TRM No CRS Gr >3 or ICANS Outpatient-compatible

  20. Slide 20: Advancing Amsoki-cel (OBX-115) to Registration-enabling Study

    Advancing Amsoki-cel (OBX-115) to Registration-enabling Study FDA feedback FDA alignment on: Mid-2026: Enrollment obtained on a single-arm underway in registration- • Sufficiency of durable trial design for enabling cohort of ORR as an endpoint that existing multi-center study accelerated approval p

  21. Slide 21: Agni-01 Melanoma Registration-enabling Study Design: Outpatient-compatible Regimen

    Agni-01 Melanoma Registration-enabling Study Design: Outpatient-compatible Regimen Amsoki-cel Amsoki-cel Infusion Manufacturing Continue oral ACZ at home 4 days Week 1 Week 3 Weeks 6, 12, 18, 24 Tumor Tissue Low-dose Initial ACZ‡ Initial ACZ ACZ Redosing§ Procurement Lymphodepletion* ACZ activates a

  22. Slide 22: Amsoki-cel (OBX-115) in NSCLC

    Amsoki-cel (OBX-115) in NSCLC Agni-01 Phase 1/2 Study Ongoing © 2023 Obsidian Therapeutics | 22

  23. Slide 23: Amsoki-cel (OBX-115) Potential to Deliver Improved Profile in NSCLC

    Amsoki-cel (OBX-115) Potential to Deliver Improved Profile in NSCLC Amsoki-cel: Potential to Improve NSCLC Lifileucel: Efficacy in 2L+ NSCLC, TPP & Expand Market Opportunity But Associated with Toxicity Risk Lifileucel ORR in 2L+ Lung ✓ IL2-free regimen 30 25.6 21.4 ✓ Low-dose LD 20 ORR N=39 ✓ Core

  24. Slide 24: NSCLC Dose Escalation Leveraged Melanoma Experience; Dose Optimization at DL3 Ongoing

    NSCLC Dose Escalation Leveraged Melanoma Experience; Dose Optimization at DL3 Ongoing Infused Patients* Melanoma NSCLC Phase 1 Phase 2 Phase 1 Dose Level (N=11) (N=9) (N=10) ✓ Completed NSCLC dose 30B cell dose cap DL1 ACZ: 250 mg/day, Days 0–13 3 0 1 escalation to get to DL3 Planned 28-day cumulati

  25. Slide 25: Encouraging Signal in NSCLC Patients Treated at 60B Cell Dose Cap

    Encouraging Signal in NSCLC Patients Treated at 60B Cell Dose Cap Ph 1 DL3 (n=3) Ph 1 Expansion DL3 (n=3) % of planned ACZ 63% 29% 86% 86% 36% * 36% * dose received Amsoki-cel dose 69.6 90.0 84.0 19.9 23.2 47.8 (cells × 109) Patient 10L 36L 8L 45L 44L 43L † 60 47 40 Best Change from Baseline (%) 20

  26. Slide 26: Expected Milestones Through 2027

    Expected Milestones Through 2027 Recent Achievements Anticipated Milestones Enrollment underway in registration- Melanoma Ph 1/2 update Q4 2026 enabling cohort for melanoma Melanoma top-line data from Positive Ph 2 data in Agni-01 melanoma multicenter study registration-enabling cohort YE 2027 FDA c

  27. Slide 27: Thank you

    OBSIDIAN THERAPEUTICS Thank you

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