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"continue," "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward-looking statements contained in this presentation include, but are not limited
to, statements about: the potential of IMG-007 in AD, AA and other indications; the market and revenue opportunity for IMG-007 in AD and AA; the potential benefits of IMG-007 as compared to approved therapies or investigational drugs of competitors,
including its potential differentiated profile and potential as a maintenance therapy; the design of the planned Phase 2b trial of IMG-007 in AD; and the clinical development plan for IMG-007 in AD, including the planned clinical trials and timing
thereof;. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Imagene's control and are difficult to
predict. Factors that may cause such differences include, but are not limited to the risk that risks associated with: the uncertainties associated with Imagene's product candidates, as well as the risks associated with the clinical development
and regulatory approval of product candidates, including potential delays in the commencement, enrollment and completion of clinical trials and potential safety and other complications; risks related to the inability of Imagene to obtain sufficient
additional capital on favorable terms or at all to continue to advance these product candidates and its preclinical programs; uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result
therefrom; the significant net losses Imagene has incurred since inception; the timing of the availability of data from Imagene's clinical trials; the outcome of preclinical testing and clinical trials of Imagene's product candidates,
including the ability of those trials to satisfy relevant governmental or regulatory requirements; preclinical and clinical results may not be indicative of results that may be observed in the future; Imagene's ability to successfully
commercialize IMG-007 and any future product candidates, if approved, the rate and degree of market acceptance of IMG-007 and any future product candidates and the favorability of pricing regulations, reimbursement practices from third-party payors
or healthcare reform initiatives in the United States and abroad; developments and projections relating to Imagene's competitors, its industry or the market opportunities for IMG-007 or any future product candidates; regulatory, political,
environmental and public health developments in the United States and foreign countries; the ability of Imagene to maintain and protect its intellectual property rights; Imagene's ability to attract, hire, and retain skilled executive officers
and employees; Imagene's reliance on third parties, contract manufacturers, and contract research organizations; the possibility that Imagene may be adversely affected by other economic, business, or competitive factors; and risks associated
with changes in applicable laws or regulations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. These and other risks and
uncertainties are more fully described in the section titled "Risk Factors" in the Registration Statement on Form S-4, as amended (File No. 333-285881) (the "Registration Statement"), initially filed by Imagene with the SEC
on March 18, 2025, and declared effective on June 11, 2025, and in other filings that Imagene subsequently makes and will make with the SEC. You should not place undue reliance on these forward-looking statements, which are made only as of the date
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Imagene. Imagene obtained the industry, market and competitive position data used throughout this presentation from its own internal estimates and research, as well as from industry and general publications, and research, surveys and studies
conducted by third parties. Internal estimates are derived from publicly available information released by industry analysts and third party sources, Imagene's internal research and its industry experience, and are based on assumptions made by
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Imagene overview Clinical stage biopharmaceutical company
developing potentially differentiated therapies for the treatment of immunology and inflammatory (I & I) disorders Lead program, IMG-007, is an ADCC-silenced, half-life extended, non-depleting anti-OX40 mAb o Results from Phase 2a AD
trial where IMG-007 was administered every other week for 4 weeks: o Rapid and marked improvement from baseline in EASI, O-SCORAD and BSA scores as early as week 1 1 o Progressive improvement over 20 weeks after the last dose . 2 o Well-tolerated
without pyrexia or chills observed to date - potentially due to ADCC silencing 3 o Phase 1 PK study demonstrated a half-life for SC formulation of IMG-007 that supports potential for Q24W dosing for maintenance therapy. o Phase 2a AA trial
showed dose-related clinical activity signal and pharmacodynamic activity Founded in 2019; headquartered in San Diego, CA, and raised $140 million to date Merger between Ikena Oncology, Inc. and Imagene Biopharmaceuticals completed in
July 2025 ADCC: antibody-dependent cellular cytotoxicity. ADCC is a cytotoxic effector mechanism by which an antibody binds to and kills its antigen expressing cells through engaging its Fc region with immune effector cells, primarily natural killer
("NK") cells. IMG-007 binds specifically to OX40 receptor on activated T cells to block their binding to OX40L without killing them. AD: atopic dermatitis, AA: alopecia areata, BSA: body surface area, BTK: Bruton tyrosine kinase, EASI:
eczema area and severity index, intravenous, mAb: monoclonal antibody, SC: subcutaneous, SCORAD: SCORing atopic dermatitis; O-SCOARD: Objective SCOARD 1. Shen Y et al. Revolutionizing Atopic Dermatitis (RAD) annual conference 2024; Shen Y et al, the
European Academy of Dermatology and Venereology (EADV) annual conference 2024 2. Shen Y et al. American College of Allergy Asthma and Immunology (ACAAI) annual conference 2023, sources under footnote 2, and Imagene data on file 3. Q24W (every 24
weeks) for maintenance therapy is projected based on data for IMG-007 from the Phase 1 studies in healthy adults and Phase 2a study in adult patients with moderate-to-severe AD (see sources under footnotes 2 & 3) and published data for
rocatinlimab (Guttman-Yassky E, et al. Lancet. 2023;401[10372]:204-214) and amlitelimab (Weidinger S et al. 2024. J Allergy Clin Immunol. 2025;155(4):1264-1275. 3
Imagene leadership team Kristin Yarema, PhD Yufang Lu, MD, PhD Jotin
Marango, MD, PhD Chief Executive Officer Chief Financial Officer Chief Medical Officer 20+ years of leadership in executive 20+ years of experience in drug 20+ years of experience in management, clinical development, development and medical affairs
finance, corporate development, and commercial strategy/operations and biomedical research Erin Butler Anna Vardanyan, MD, PhD VP, Finance & Administration SVP, Business and Corporate Development 20+ years of experience in finance/accounting;
10+ years in 17+ years of experience in business public biotech companies development and R&D 4
1 Market potential for IMG-007 estimated at ~ $5bn Indication(s)
Eligible Population Current Status Atopic dermatitis ~3.0M Phase 2b (AD) Alopecia Areata ~0.6M Expansion Opportunity (AA) Asthma ~1.9M Expansion Opportunity IMG-007 2 Other Indications TBD Expansion Opportunity Total Opportunity ~5.5M Patients ~
$5bn Peak Sales Source: GlobalData, Sanofi R&D Day and Epidemiology Appendix (12/7/23) 1. U.S., EU5 (France, Germany, UK, Spain, Italy) and Japan 5 2. Including celiac disease, systemic sclerosis etc.
IMG-007 in Atopic Dermatitis (AD) 6
Addressing unmet need in treatment of atopic dermatitis AD presents a
diverse clinical course and AD is a chronic relapsing disease that requires long- presentation due to heterogenous molecular endotypes term management Currently approved biologics target Th2 pathway (IL13, Currently approved biologics require
frequent IL4), which may explain their suboptimal efficacy and 1 injections (Q2W or Q4W) 1 safety profiles Agents that require less frequent dosing, Agents modulating broader T cell pathways without especially for maintenance therapy, are desirable
increased safety risks are desirable OX40/OX40L antagonists may potentially address Molecular engineering (e.g., half-life this gap by uniquely targeting diverse T cell subtypes extension) may address this gap 1. Dupixent Prescribing information,
Regeneron Sanofi; ADBRY Prescribing information, LEO Pharma Inc.; EBGLYSS Prescribing information, Eli Lily and Company. 7
IMG-007: OX40 mAb with silenced ADCC and long half-life IMG-007 antibody
design IgG1 mAb targeting OX40 Fab Fab 1 ADCC silenced to minimize safety risk 2 Extended half-life supports the potential of 3 Q24W for maintenance therapy N297A Mutations Fc ADCC is a cytotoxic effector mechanism by which an
antibody binds to and kills its antigen expressing cells through engaging its Fc region with immune effector cells, primarily natural killer ("NK") cells. 1.Based on nonclinical and clinical evaluations, IMG-007 did not exhibit T cell
depleting effect, Imagene data on file 2.IMG-007 SC half-life is approximately 34.7 days for a single SC dose of IMG-007 600 mg based on interim data from a Phase 1 study in healthy adults. 3.Q24W for maintenance therapy is projected based on data
for IMG-007 from the Phase 1 studies in healthy adults (Shen Y et al. EADV annual conference 2023 and Imagene data on file) and Phase 2a study in adult patients with moderate-to-severe AD (Shen Y et al. RAD annual conference 2024 and Shen Y et al.
EADV annual conference 2024) and published data for rocatinlimab (Guttman- 8 Yassky E, et al. Lancet. 2023;401[10372]:204-214) and amlitelimab (Weidinger S, et al. J Allergy Clin Immunol. 2025;155(4):1264-1275..)
Advantages of binding OX40 receptor versus OX40 ligand 1 Illustrative
OX40/OX40L interaction Anti-OX40 Anti-OX40L Block OX40/L signaling in: Blood Tissues An anti-OX40 mAb can engage its target in both blood and tissues vs. an anti-OX40L mAb predominantly in tissues Targeting OX40L
is limited by less efficient antibody penetration into tissues OX40L: OX40 ligand 1. Illustrative OX40/OX40L Interaction: OX40 is expressed primarily on activated T cells, including effector T cells, memory T cells and regulatory T (Tregs) cells,
while sparing na ve CD4+ and CD8+ T cells, or most resting memory T cells. OX40L is expressed primarily on antigen presenting cells (APCs), including dendritic cells, macrophages, activated B cells. OX40L expression is also found on various
tissue resident cells, including mast cells, endothelial cells, smooth muscle cells, and activated natural killer (NK) cells. During initial antigen recognition, professional APCs provide the OX40L signal to activated OX40-expressing T cells. The
activated OX40-expressing T cells can migrate through circulation to peripheral tissues where they interact with various OX40L-expressing resident cells during the effector phase, such as B cells, NK cells, mast cells, endothelial cells, and smooth
muscle cells, which results in a complex inflammatory milieu through OX40-OX40L signaling. 9
IMG-007's potential advantages compared to anti-Th2 mAbs Target
Anti-OX40 mAb Anti-Th2 (IL-4, IL- IMG-007 has the potential: pathway IMG-007 13, IL-31) mAbs to address more diverse clinical phenotypes Th1 by targeting a broader range of T cell subtypes than Th2 targeting biologics Th2
to provide durable pharmacodynamic effect 1 Th17 that supports favorable Q24W treatment regimen for maintenance therapy (vs. Q2W Th22 or Q4W), and could be disease modifying Memory T Regulatory T Th: T-helper, MOA:
mechanism of action, Q2W: every two weeks, Q4W: every four weeks 1. Q24W for maintenance therapy is projected based on data for IMG-007 from the Phase 1 studies in healthy adults (Shen Y et al. EADV annual conference 2023 and Imagene data on file)
and Phase 2a study in adult patients with moderate-to-severe AD (Shen Y et al. RAD annual conference 2024 and Shen Y et al. EADV annual conference 2024) and published data for rocatinlimab (Guttman-Yassky E, et al. Lancet. 2023;401[10372]:204-214)
and amlitelimab (Weidinger S, et al. J Allergy Clin Immunol. 2025;155(4):1264-1275.) 10
IMG-007 Ph2a trial in adult patients with moderate-to-severe AD 1 1
Trial design Baseline characteristics Mean Age, years (SD): 49.8 (15.0) Sex: Female 30.8%, Male 69.2% Mean BMI (SD): 31.4 (8.7) Race: Caucasian: 46.2%, Non-Caucasian: 53.8% Mean duration of AD, years 29.6 (19.8) (SD): Monotherapy study,
topical or systemic AD Mean EASI (SD): 29.5 (13.7) medications were prohibited 13 patients enrolled; open label Mean BSA % (SD): 52.0 (25.5) 2 3 IV doses of 300 mg at Week 0, 2 and 4 IGA=3 / IGA=4: 61.5% / 38.5% Follow up to 24
weeks 1. Shen Y et al. Revolutionizing Atopic Dermatitis (RAD) annual conference 2024; Shen Y et al, the European Academy of Dermatology and Venereology (EADV) annual conference 2024. 2. The same open-label design and IV dose regimen were used in
the rocatinlimab AD proof-of-concept study (H. Nakagawa et al. Journal of Dermatological Science 99 (2020) 82-89 BMI: body mass index Shen Y et al. Revolutionizing Atopic Dermatitis (RAD) annual conference 2024; Shen Y et al, the European
Academy of Dermatology and Venereology (EADV) annual conference 2024, 11 EASI: eczema area and severity index, IGA: Investigator's Global Assessment SD: Standard deviation
IMG-007 was generally well-tolerated in Ph2a atopic dermatitis trial 1
Overall summary of treatment-emergent adverse events There were no serious adverse events, Participants with at least one TEAE 9 (69.2%) no treatment-related AEs, no infusion- related reactions, no reports of pyrexia Study treatment related
TEAEs 0 or chills Serious AE 0 All AEs were of mild or moderate TEAE by CTCAE grade intensity, except for one patient who experienced a severe AE of AD flare Grade 1 (Mild) 3 (23.1%) AEs by preferred terms that were Grade 2 (Moderate)
5 (38.5%) reported by 2 participants included: dermatitis atopic (4 of 13), hypertension Grade 3 (Severe) 1 (7.7%) (2 of 13) and urticaria (2 of 13) TEAE that are infusion-related reactions 0 The well-tolerated profile is potentially
due to silenced ADCC function TEAE of pyrexia or chills 0 TEAE leading to 4-week dosing period discontinuation 0 1. AE: adverse event; CTCAE: Common Terminology Criteria for Adverse Events; TEAE: treatment-emergent adverse event Imagene data on
file. Shen Y et al. Revolutionizing Atopic Dermatitis (RAD) annual conference 2024; Shen Y et al, the European Academy of Dermatology and Venereology (EADV) annual conference 2024 1 12
* Pyrexia and chills are commonly observed in rocatinlimab's
clinical trials 1 2 Rocatinlimab tolerability in Ph2b AD study Rocatinlimab tolerability in Ph1 HV study 50% Pyrexia 36.4% Chills (N=22) (N=22) Pyrexia Chills Dose-related increase in the incidences of pyrexia and chills in rocatinlimab Ph2b AD
trial may be due to T cell depletion resulting from the enhanced ADCC function. * The results are presented from different clinical trials at different points in time with differences in trial design. No head-to-head trials have been conducted among
the results shown or among the results shown and IMG-007 and cross-trial comparisons must be interpreted with caution. As a result, conclusive cross-trial comparisons cannot be made. HV: healthy volunteers 1. Pyrexia and chills are common symptoms
of cytokine releases due to cytotoxicity (Fajgenbaum, DC and June CH. N Engl J Med 2020;383:2255-2273). Rocatinlimab was engineered to enhance ADCC to induce T cell cytotoxicity thereby depleting OX40-expressing T cells (Matsushita T. Korean J
Hematol, 2011,46[3]:148-50). ADCC is a cytotoxic effector mechanism by which an antibody binds to and kills its antigen expressing cells through engaging its Fc region with immune effector cells, primarily natural killer ("NK") cells.
Rocatinlimab was engineered in its Fc region for an enhanced ADCC intended to deplete OX40-expressing T cells. Rocatinlimab data is based on Guttman-Yassky, E et al. Lancet 2023; 401:204-214. 13 2. Nakagawa H et al. J Dermatol Sci
IMG-007 Ph2a AD study: PK sustained well above EC90 for 24 weeks 1 Drug
concentration in the blood With 3x 300 mg IV doses over 4 weeks, the mean serum drug concentration was maintained well above the EC90, concentration needed for OX40 target engagement in the blood, for 24 weeks The robust PK profile
supports a potential for differentiated SC dose regimens in future late phase studies 3 IV doses @Q2W 1 EC90 for inhibiting OX40/OX40Lsignaling 1. EC90: The 90% maximal effective concentration for the inhibition of OX40/OX40L signaling is ~1.2 ug/mL
based on in vitro assays. Imagene data on file N numbers for Day 1, Day 8, wk2 pre-dose, wk2 post-dose, wk4 pre-dose, wk4 post-dose, wk 6, 8, 12, 16, 20 and 24 were 12, 12, 13, 13, 12, 10, 9, 9, 8, 6, 6, and 6, respectively. PK: pharmacokinetic 14
EC90: 90% maximal effective concentration
IMG-007 AD Ph2a: rapid onset of clinical activity; sustained for 6
months Percent (%) change from Percent (%) change from Percent (%) change from baseline in EASI score baseline in O-SCORAD score baseline in BSA score 0 1 2 4 6 8 12 16 20 24 0 1 2 4 6 8 12 16 20 24 0 1 2 4 6 8 12 16 20 24 Analysis time point (week)
Analysis time point (week) Analysis time point (week) The above charts show Mean Standard Error N=13. Mixed-effect model with repeated measures (MMRM) was utilized for the analysis EASI: Eczema Area and Severity Index; EASI is a composite
scoring system used in clinical trials to measure the extent (area) and severity of atopic eczema (dermatitis) SCORAD: SCORing Atopic Dermatitis; O-SCOARD: Objective SCOARD. SCORAD and O-SCORAD are composite scoring systems used in clinical trials
to measure the extent and severity of atopic dermatitis BSA: Body Surface Area; BSA is a tool used in clinical trials to measure the extent of atopic dermatitis Source: Imagene data on file. Shen Y et al. Revolutionizing Atopic Dermatitis (RAD)