Slide 1: Breakthrough Antibodies for Obesity and Cardiometabolic Diseases
BREAKTHROUGH ANTIBODIES FOR OBESITY AND CARDIOMETABOLIC DISEASES CORPORATE PRESENTATION • September 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue,
Slide 3: Revolution Sparked a New Era in Obesity Treatment
Revolution Sparked a New Era in Obesity Treatment Evolution Will Define Its Future Incretin Class Agonists Have Attention is Shifting to Therapies Revolutionized Obesity Treatment That Build on That Foundation >10% of American adults have taken Durability of weight loss a GLP-11 Lean mass preservati
Slide 4: The GLP-1 Revolution Unlocked Possibility: We Aim to Drive the Future Evolution
The GLP-1 Revolution Unlocked Possibility: We Aim to Drive the Future Evolution “ “For every 1 kg weight lost… 0.32 kg lean tissue was lost and for every 1 kg weight Obesity + Cardiovascular Complication Risk regained…, only 0.08 kg lean tissue was regained”1 “ Healthy Weight “Compared to (control)
Slide 5: Portfolio Approach to Obesity: Targeting Multiple Mechanisms to Deliver Next-Generation Therapies
Portfolio Approach to Obesity: Targeting Multiple Mechanisms to Deliver Next-Generation Therapies, Beyond Incretins Designed to improve Broad portfolio of highly Differentiated high-value quality of weight loss not validated targets pipeline met by GLP-1’s • Prevent muscle loss • Fat-specific weight
Slide 6: Next Generation Antibodies for Obesity Targeting Key Gaps in Current Care
Next Generation Antibodies for Obesity Corporate Highlights Anticipated Near Targeting Key Gaps in Term Catalysts Lead Programs Current Care IBIO-610: Long-acting Activin E antibody IBIO-610 IND equivalent filing expected in 2H 2026 IBIO-800: Myostatin x Activin A bispecific antibody IBIO-600: Long-
Slide 7: iBio’s Strategy in Motion: Advancing Next-Gen Treatments Beyond First-Gen Obesity Drugs
iBio’s Strategy in Motion: Advancing Next-Gen Treatments Beyond First-Gen Obesity Drugs CARDIOMETABOLIC ANTICIPATED UPCOMING MILESTONES STAGE IND equivalent filing expected in 2H 26 IBIO-610 Activin E Antibody Discovery Optimization IND Enabling Phase 1 First patient dosed expected in 1H 27 Obesity
Slide 8: IBIO-610
IBIO-610 Activin E Antibody
Slide 9: IBIO-610: Long-acting Antibody against Activin E
IBIO-610: Long-acting Antibody against Activin E A Novel Target in Obesity IBIO-610 is being positioned as a differentiated antibody approach being studied to improve body composition and extend the commercial reach of incretin-based therapies Activin E / INHBE Therapeutic + Commercial Fit Why our A
Slide 10: IBIO-610 Demonstrates Extended Half-Life and Near-Complete Suppression of Activin E in Obese NHPs
IBIO-610 Demonstrates Extended Half-Life and Achieves Near-Complete Suppression of Activin E in Obese Non-Human Primates Dose IBIO-610 Week -4 Week 0 Week 8 DEXA DEXA MRI MRI ObeseNHP Obese NHPPharmacokinetics Pharmacokinetics Obese NHP Activin E Suppression 1000 1500 Vehicle IBIO-610 in serum Activ
Slide 11: IBIO-610 Shows Selective Fat Reduction and Lean Mass Preservation in Obese Non-Human Primates
IBIO-610 Shows Selective Fat Reduction and Lean Mass Preservation in Obese Non-Human Primates Dose Dose IBIO-610 Week -4 Week 0 Week 8 Week 16 DEXA DEXA DEXA MRI MRI MRI Body Composition in NHPs After Visceral Fat Total Fat Mass Total Lean Mass Activin E Pathway Inhibition 25 30 5 IBIO-610 % Change
Slide 12: IBIO-610 Improves the Quality of GLP-1-Induced Weight Loss in Obese NHPs
IBIO-610 Improves the Quality of GLP-1-Induced Weight Loss in Obese NHPs Dose IBIO-610 Week -4 Week 0 Week 8 DEXA DEXA Body Weight Lean tissue was 22% of mass lost with semaglutide alone vs 6% in combination Sema Fat Mass Lean Mass Composition of Weight Loss Sema + IBIO-610 1500 0 0 6% % Change from
Slide 13: IBIO-600
IBIO-600 Long-Acting Myostatin Antibody
Slide 14: IBIO-600: Differentiated Long-Acting Anti-Myostatin Program
IBIO-600: Differentiated Long-Acting Anti-Myostatin Program Potential best-in-class PK based on allometric scaling and Improved dosing regimen suggests 2-4x improved half-life over Pharmacokinetics competitors Dual myostatin and GDF11 blockade has potential for improved Dual Mechanism lean mass pres
Slide 15: IBIO-600: Selective target inhibition, extended T1/2 and improved body composition in NHPs
IBIO-600: Selective target inhibition, extended T1/2 and improved body composition in NHPs IBIO-600 blocks Myostatin Baseline human Myostatin inhibits and increases myoblast Single Dose Study in Obese NHPs myoblast differentiation1 myoblast differentiation differentiation 1000 IBIO-600 Extended Half
Slide 16: IBIO-600 in Phase 1 Clinical Development
IBIO-600 in Phase 1 Clinical Development Strategic significance Phase 1 SAD enrollment JUNE 2026 is complete Test Translation into Humans Assesses whether iBio’s half-life extension seen in • Randomized, placebo-controlled study in adults NHPs translates clinically. with overweight or obesity • Sing
Slide 17: IBIO-800
IBIO-800 Myostatin and Activin A Bispecific Antibody
Slide 18: Why IBIO-800: PH-HFpEF Affects a Large, Poor-Prognosis Population with No FDA-Approved PH-Specific Therapy
Why IBIO-800: PH-HFpEF Affects a Large, Poor-Prognosis Population with No FDA-Approved PH-Specific Therapy 65-80% ~1 in 3 0 Fraction of pulmonary hypertension that Newly diagnosed HFpEF patients who FDA-approved therapies specifically arises from left heart disease (Group 2)1 develop pulmonary hyper
Slide 19: IBIO-800: Selective Multi-specific by Design, targeting three disease-relevant ligands
IBIO-800: Selective Multi-specific by Design, targeting three disease-relevant ligands (Activin A, Myostatin, GDF11) INPUTS INTERVENTION CONVERGENT SIGNALING THERAPEUTIC INTENT Targeted disease-relevant ligands Convergent ActRII Intended pharmacology Designed for chronic subcutaneous dosing Activin
Slide 20: IBIO-800: Human cells connect target biology to pharmacologic response
IBIO-800: Human cells connect target biology to pharmacologic response Ligand-driven biology is visible in human cells; combined antibody blockade produces strongest response HFpEF Activated Cardiac α-SMA ↑ Fibroblast pSmad2/3 ↑ Functional Blockade TGF-β, Activins, GDF8/GDF11 Dual myostatin × Activi
Slide 21: The Next Wave of iBio Innovation
The Next Wave of iBio Innovation Early Preclinical Programs
Slide 22: Harnessing Amylin Biology with Precision Targeting: iBio’s Engineered Antibody Agonist Approach
Harnessing Amylin Biology with Precision Targeting: iBio’s Engineered Antibody Agonist Approach Why We Target Amylin Selective Amylin Receptor Agonists (SARAs) (Rather Than DACRAs) Have Potential as a More Precisely Targeted Obesity Intervention Validated metabolic hormone that promotes DACRA* satie
Slide 23: Platform Technology
Platform Technology
Slide 24: Toward Any Epitope on Any Drug Target: iBio’s Discovery Engine
Toward Any Epitope on Any Drug Target AI epitope engineering and Ab optimization unlock challenging targets iBio’s Discovery Engine We use our Tech Stack to generate new IP against hard-to-drug targets – from idea to Development Candidate in 7 months iBio’s Proprietary AI AI-guided precision hits Ge
Slide 25: Engineered Epitopes Are Tailor-Made Solutions for Your Target of Interest
Engineered Epitopes Are Tailor-Made Solutions for Your Target of Interest Target of Interest Generative AI Use Cases Epitopes of Interest Design scaffold supporting native epitope structure Protein Complexes Stabilize junctional and/or discontinuous epitopes membrane Membrane Proteins Solubilize tra
Slide 26: Tech Stack: Mammalian Display Enables Rapid Whole Molecule Optimization
Tech Stack: Mammalian Display Enables Rapid Whole Molecule Optimization Input library of diverse Multi-dimensional cell sequences, sorting selects for formats, masks, high expression, and linkers selective target binding, and negative off-target binding 26
Slide 27: Corporate Summary
Corporate Summary
Slide 28: A Leadership Team with Deep Industry Experience
A Leadership Team with Deep Industry Experience Martin Brenner, DVM, Ph.D. Felipe Duran Molly Carr, MD Marc Banjak CEO & CSO CFO CMO CLO 28
Slide 29: Executive Summary
Executive Corporate Highlights Financial Highlights Summary Differentiated Pipeline Aiming to $88.0M in cash, cash Solve for the Challenges of today’s equivalents and debt GLP1’s securities as of June 30, 2026 Focus on increased quality of weight loss (IBIO-610, IBIO-800) ~64.3M shares outstandi