Investor and Analyst Update on LIBERVANT

Investor and Analyst Update on LIBERVANT December 9, 2019

Forward Looking Statement 2 Certain statements in this presentation and associated oral statements

made by management may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "anticipate," "plan," "expect," "estimate," "intend," "may," "will," or the

negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements may include, but are not limited to, statements about our growth and future financial and operating results

and financial position, ability to advance Libervant to the market, regulatory approvals and pathways, clinical trial timing and plans, short-term and long-term liquidity and cash requirements, cash funding and cash burn, business strategies,

market opportunities, and other statements that are not historical facts. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results

to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks associated with the Company's development work, including any delays or changes to the timing, cost

and success of our product development activities and clinical trials; the risks of delays in FDA approval of our drug candidates or failure to receive approval; the risks inherent in commercializing a new product (including technology risks,

financial risks, market risks and implementation risks and regulatory limitations); risk of development of our sales and marketing capabilities; risk of legal costs associated with and the outcome of our patent litigation challenging third

party at risk generic sale of our proprietary products; risk of sufficient capital and cash resources, including access to available debt and equity financing and revenues from operations, to satisfy all of our short-term and longer term cash

requirements and other cash needs, at the times and in the amounts needed; risk of failure to satisfy all financial and other debt covenants and of any default; risk related to government claims against Indivior for which we license,

manufacture and sell Suboxone and which accounts for the substantial part of our current operating revenues; risks related to the outsourcing of certain sales, marketing and other operational and staff functions to third parties; risk of the

rate and degree of market acceptance of our products and product candidates; the success of any competing products, including generics; risk of the size and growth of our product markets; risk of the effectiveness and safety of our products and

product candidates; risk of compliance with all FDA and other governmental and customer requirements for our manufacturing facilities; risks associated with intellectual property rights and infringement claims relating to the Company's

products; risk of unexpected patent developments; the impact of existing and future legislation and regulatory provisions on product exclusivity; legislation or regulatory action affecting pharmaceutical product pricing, reimbursement or

access; claims and concerns that may arise regarding the safety or efficacy of the Company's products and product candidates; risk of loss of significant customers; risks related to legal proceedings, including patent infringement,

investigative and antitrust litigation matters; changes in governmental laws and regulations; risk of product recalls and withdrawals; uncertainties related to general economic, political, business, industry, regulatory and market conditions

and other unusual items; and other risks and uncertainties affecting the Company including those described in the "Risk Factors" section and in other sections included in the Company's Annual Report on Form 10 K filed with the SEC on March 14,

2019 and in our quarterly reports on Form 10-Q. Given these uncertainties, you should not place undue reliance on these forward-looking statements, which speak only as of the date made. All subsequent forward-looking statements attributable to

us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. The Company assumes no obligation to update forward-looking statements or outlook or guidance after the date of this press release

whether as a result of new information, future events or otherwise, except as may be required by applicable law.This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be

any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Welcome 3 Requested an accelerated review, which is not guaranteed but, if granted, on track to

potentially launch in early July* Commercial-stage, specialty pharmaceutical company with comprehensive capabilities to advance medicines from pipeline to market Completed rolling submission of New Drug Application (NDA) to U.S. Food and

Drug Administration (FDA) for Libervant (diazepam) Buccal Film for management of seizure clusters on November 27 If assigned a traditional review, on track to potentially launch in early November* Advancing a late-stage pipeline that

features promising treatments for patients and caregivers living with complex conditions, including hard to manage epilepsies and anaphylaxis *Subject to and assuming FDA approval obtained in this time period, which cannot be assured.

Program Overview Gary Slatko, MDChief Medical Officer

5 Agenda Topic Time Speaker Opening Remarks 4:00 pm Keith Kendall Program Overview Gary

Slatko, MD Treatment Landscape for Epilepsy Rescue: The Unmet Need 4:10 pm Lawrence J. Hirsch, MD LIBERVANT Clinical Development Program: Key Studies and Findings Early-Phase Program Healthy Volunteer Studies With Diazepam Buccal Film

(DBF)Development of a Weight-Based Dosing RegimenPharmacokinetics of DBF in Adult Patients Dosed Under Interictal and Ictal/Periictal Conditions 4:25 pm Allen H. Heller, MD, MPH Demonstrating Comparability: Pharmacokinetics of Diazepam

Buccal Film in Adult Patients With Epilepsy: Comparison With Diazepam Rectal Gel 4:40 pm Michael A. Rogawski, MD, PhD Outpatient Administration: Safety and Tolerability Associated With Chronic Intermittent Use of Diazepam Buccal Film in

Pediatric, Adolescent, and Adult Patients With Epilepsy 4:55 pm Syndi Seinfeld, DO, MS Panel Discussion/Q&A 5:10 pm Moderator: Dr. SlatkoPanelists: Drs. Hirsch, Heller, Rogawski, Seinfeld Closing Remarks 5:30 pm Keith Kendall

6 Key challenges: comparability, safety, and usability Robust clinical development programHealthy

volunteer studiesPatient studiesIn-clinic single doseOutpatient chronic, repeated useKey findingsFavorable pharmacologyValidated weight-based dosing regimenComparable diazepam exposure to reference listed drugExpected diazepam safety profile

without local safety issuesReadily administered by patients and caregiversClinical sections of NDA filed November 27, 2019Meets FDA timelines and expectations LIBERVANT (diazepam buccal film; DBF) Development: Overview FDA, US Food and Drug

Administration; NDA, New Drug Application.

Today's Program ClinicalPK Comparative PK Outpatient Safety &

Administration Practice Dr. HirschHow many patients Treatments availableWhat patients needNew options Seizure

RescueTreatmentLandscape Dr. HellerHealthy subject studiesDose proportionalityWeight-based regimenBioavailabilityReliability of DBF Dr. RogawskiComparable PKValidation of regimenTime to effectConsistent, less variableHigh-fat meal

findings Dr. SeinfeldOutpatient intermittent useLow rate related TEAEsHigh success first tryPatient self-administer 23%Local AEs rare No administration injuries AllDiscussionPractice implicationsQuestions AE, adverse event; DBF, diazepam

buccal film; PK, pharmacokinetics; TEAE, treatment-emergent adverse event. 7

Treatment Landscape for Epilepsy Rescue: The Unmet Need Lawrence J. Hirsch, MDProfessor of NeurologyYale

UniversityNew Haven, Connecticut

Definitions Clinically and in the literature, the most commonly used definitions for cluster seizures

are:2-3 seizures occurring within 24 hours2 seizures occurring within 6 hoursStatistical definitions (prevalence usually lower with these)3-4 times the patient's usual seizure rateDiffering from a Poisson distributionVirtually all humans and

almost all rodents have nonrandomly distributed seizures; that is, everyone clusters to a degree 9

Prevalence of Cluster Seizures(2-3 seizures within 6-24 hours; not necessarily distinguishable from

habitual seizures) Best estimate after a literature review and our prospective trial1Patients with refractory epilepsy (ongoing seizures at any rate)40% will have a cluster seizure in a given year3.2 million patients with epilepsy in the

United States13% (~425,000) will have a cluster seizure in a given yearSeizure cluster patients in 2 recent studies experienced an average of 10.7 and 12.7 cluster episodes per year1,2Main risk factors for having a cluster seizureFrequent

seizuresPrior cluster seizures or status epilepticus 1. Detyniecki K, et al. Epilepsy Behav. 2018;88:349-56. 2. Seinfeld S, et al. Poster presented at: Annual Meeting of the American Epilepsy Society; December 6-10, 2019; Baltimore, MD. 10

Consequences of Cluster Seizures, From a Review1 of Retrospective Studies Higher risk of status

epilepticus, emergency department (ED) visits, injury, loss of work/study, lower quality of life (QOL) for patient and caregiver, and possibly higher mortality if cluster seizures occur while on treatment2Postictal psychosis 1. Jafarpour S, et

al. Seizure. 2019;68:9-15; 2. Sillanp M, Schmidt D. Brain. 2008;131(pt 4):938-44; 11

Prospective Study of Rescue Medication Use for Cluster Seizures1 Rescue medication useOnly 28% of

patients with active epilepsy had a rescue medication prescribedIncluding only 15% of those in the intermediate-risk group, even though 30% went on to have cluster seizuresDuring the year-long study follow-up, only 11% of patients actually used

a rescue medication. Of these:74% used oral lorazepam Not a labeled indication14% used intranasal midazolam Off label use of iv in a spray2% used rectal diazepam Indicated for this useRescue medications were used in 3% of 6-hour cluster

cases 1. Detyniecki K, et al. Epilepsy Behav. 2018;88:349-56. 12

Why Are Rescue Medications So Underused? Per the literatureNo seizure action plan in usePoor

physician-patient communicationConcerns about limited route(s) of administration For adultsLack of an approved nonrectal option (until late 2019)No one who can administer rescue medication 13

Rescue Therapies Currently Available in the United States Rectal diazepam (Diastat): only approved

option until late 2019Oral lorazepam (Ativan); clonazepam, including clonazepam ODT (orally disintegrating tablets); similar medications (but slow onset)Nasal midazolam: approved and recently introduced Non-medicineVagus nerve stimulator magnet

swipeDeep brain stimulator (extra stimulation) 14

Systematic Review of Benzodiazepines for Seizure Emergencies1 Broader inclusion, 75 studiesConclusions:

for out-of-hospital use, buccal, IN, and IM are all comparable and better options than rectal or IV Time to Seizure Cessation Following Drug Administration IM, intramuscular; IN, intranasal; IV, intravenous. 1. Haut SR, et al. Epilepsy

Behav. 2016;63:109-17. 15

16 Although benzodiazepines are considered the treatment of choice for terminating cluster seizures,1,2

currently available drug formulations are suboptimal in terms of:Onset of actionDosing accuracyPortabilityEase of administrationRoute of administration1,3,4 Ideal properties of a pharmacologic agent for treatment of cluster seizures4Effective

against a variety of seizure typesQuickly absorbed with rapid onset of actionPredictable and consistent interpatient bioavailabilityEasily prepared and administered by anyoneSustained duration of actionMinimal side effects Improving Treatments

for Cluster Seizures 1. Penovich PE, et al. Neurologist. 2017;22:207-14; 2. Haut SR. Curr Opin Neurol. 2015;28:143-50; 3. Tatum WO. Epilepsy Behav. 2002;3:535-8; 4. Cereghino JJ. Curr Treat Options Neurol. 2007;9:249-55.

New Treatment Advances to the Rescue! Company UCB Aquestive Neurelis Engage Ther. Xeris

Pharma Epalex Corp. Crossject Product Nayzilam LIBERVANT Valtoco (NRL-1) STAP-0011 XeriJect Diazepam EP-103 Zeneo

Midazolam2 Generic Midazolam Diazepam Diazepam Alprazolam Diazepam Propofol Midazolam Administration Intranasal Bucccl Intranasal Inhaled Injection Intranasal Transdermal Phase Approved Filed Filed Phase 2 Phase

1 Preclinical Preclinical Orphan Designation October 2009 November 2016 November 2015 NA May2016 August2016 February 2018 Patent Expiration Unknown 2030+ January2035 December 2022 December 2023 Unknown Unknown Sources:

EvaluatePharma, accessed February 2019; BioMedTracker, accessed February 2019; US FDA, accessed February 2019. 17

Monitoring Devices: A Reasonable Precaution1-6 Supervision leads to decreased risk of sudden unexpected

death in epilepsy (SUDEP)7Devices can help with early intervention when a convulsive seizure occursHaving a caretaker present during or immediately after a seizure is an advantageDevice technology is quickly evolving and will play a major role

in the treatment of epilepsy 1. Ryvlin P, et al. Epilepsia. 2018;59(suppl 1):61-6. 2. Zhao X, Lhatoo SD. Curr Neurol Neurosci Rep. 2018;18(7):40; 3. Jory C, et al. Seizure. 2016;36:4-15;4. van Andel J, et al. Epilepsy Behav. 2016;57(pt

A):82-9; 5. Ulate-Campos A, et al. Seizure. 2016;40:88-101; 6. Van de Vel A, et al. Seizure. 2016;41:141-53;7. Nashef L, et al. Epilepsia. 1997;38(11 suppl):S1-2. 18

Conclusions Cluster seizures are common, especially in patients with frequent seizures, and are

potentially harmfulRescue medication is effective but greatly underusedTreating early is beneficialMost patients should have a clear seizure action plan, preferably in writing and reviewed regularlyMany better options for treating cluster

seizures or prolonged seizures are just now becoming availableAnd not just rectal!Combining seizure alarms and rescue therapies can help prevent injuries, status epilepticus, ED visits, and possibly sudden death 19

Allen H. Heller, MD, MPHFounder and CEO Pharma Study Design, LLCClinical Professor of Preventive

MedicineKeck School of MedicineUniversity of Southern CaliforniaLos Angeles, California Healthy Volunteer Studies With Diazepam Buccal Film (DBF)Development of a Weight-Based Dosing Regimen Pharmacokinetics of DBF in Adult Patients Dosed Under

Interictal and Ictal/Periictal Conditions

Property of Aquestive Therapeutics, Inc. 21 Healthy Volunteer Studies Aquestive conducted a series of

phase 1 studies using diazepam buccal film (DBF) and diazepam rectal gel (DRG) in healthy adultsDBF was dose-proportional-maximum plasma concentration (Cmax) increased in proportion to the dose-whereas DRG was less than dose-proportional for

CmaxDBF showed higher bioavailability than DRG (more of the dose was absorbed) DBF (given its oral administration) showed a food effect (reduced Cmax after a fatty meal) but no change in the amount absorbedDBF absorption was more reliable than

DBF Exhibits Dose-Proportional Pharmacokinetics in Healthy Adults From Heller AH, et al. Presented at:

Annual Meeting of the American Academy of Neurology; April 21-28, 2018; Los Angeles, CA; Neurology. 2018;90(15 suppl):P4.272. Mean Cmax Values by Diazepam Dose AUC0-t, area under the plasma concentration time curve from time zero until last

measurable concentration; Cmax, maximal plasma concentration; DBF, diazepam buccal film. Mean AUC0-t Values by Diazepam Dose 22

DRG Does Not Exhibit Dose-Proportional Pharmacokinetics Mean Cmax Values by Diazepam Dose Mean AUC0-t

Values by Diazepam Dose DBF DBF From Heller AH, et al. Presented at: Annual Meeting of the American Academy of Neurology; April 21-28, 2018; Los Angeles, CA; Neurology. 2018;90(15 suppl):P4.273. AUC0-t, area under the plasma

concentration time curve from time zero until last measurable concentration; Cmax, maximal plasma concentration; DBF, diazepam buccal film; DRG, diazepam rectal gel. 23

Proposed Weight-Based Dosing Regimen for DBF The weight-based dosing regimen for DBF was modeled to

account for differences between DBF and DRG (linear pharmacokinetics and food effect associated with oral dosing)The proposed dosing regimen for DBF is designed such that, after a moderate-fat meal, the Cmax of diazepam from DBF is comparable

to that from DRG Cmax, maximal plasma concentration; DBF, diazepam buccal film; DRG, diazepam rectal gel. 24

DRG 20 mg (n=31) DRG 12.5 mg (n=32) DRG 5 mg (n=33) DBF 15 mg (n=33) More Reliable Absorption With

DBF Than With DRG DBF produces peak plasma levels similar to DRG using lower doses In a comparative PK study in healthy adults,1 3 subjects exhibited extremely low diazepam concentrations after one or more doses of DRG, whereas all subjects

exhibited expected concentrations after DBF2 Mean Diazepam Plasma Concentration (All Subjects) DBF, diazepam buccal film; DRG, diazepam rectal gel.1. Heller AH, et al. Presented at: Annual Meeting of the American Academy of Neurology; April

21-28, 2018; Los Angeles, CA; Neurology. 2018;90(15 suppl):P4.273. 2. Heller AH, et al. Presented at: Annual Meeting of the American College of Clinical Pharmacology; September 15-17, 2019; Chicago, IL; Clin Pharmacol Drug Dev.