O R P O R A T E P A R T I C I P A N T S

O R P O R A T E P A R T I C I P A N T S

Roderick Wong, Chief Executive Officer, Health Sciences Acquisitions Corporation

Pete Salzmann, Chief Executive Officer, Immunovant

Naveen Yalamanchi, Chief Financial Officer, Executive Vice President, Health Sciences Acquisitions Corporation

O N F E R E N C E C A L L P A R T I C I P A N T S

Marai, Nomura Instinet

Slutsky, LifeSci Capital

R E S E N T A T I O N

morning. My name is Melissa, and I will serve as your conference call Operator. At this time, all participants are in a listen-only

mode. A brief question-and-answer session will follow the formal presentation. If anyone should require Operator assistance during

the conference, please press star, zero on your telephone keypad. As a reminder, this conference is being recorded.

me on the call today will be Dr. Roderick Wong, Chief Executive Officer of Health Sciences Acquisitions Corporation, Dr. Naveen

Yalamanchi, Chief Financial Officer and Executive Vice President of Health Sciences Acquisitions Corporation, Dr. Pete Salzmann,

Chief Executive Officer of Immunovant, and Dr. Sandeep Kulkarni, Chief Operating Officer of Immunovant, and Dr. Robert Zeldin,

Chief Medical Officer of Immunovant.

we begin, I would like to remind everyone that today's conference call will include certain forward-looking statements within

the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. The words "expect,"

"believe," "estimate," "intend," "plan" and similar expressions indicate forward-looking

statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties,

assumptions, including assumptions about general economic, market, industry and operational factors, known or unknown, which could

cause the actual results to vary materially from those indicated or anticipated.

without further delay, I would like to turn the call over to Dr. Roderick Wong. Thank you. Dr. Wong, you may begin.

we incorporated HSAC, our goal was to leverage our research coverage of innovative drugs and devices and our pipeline of private

investment opportunities to find a scientific program with the potential to be a transformative therapy for patients with high

unmet need. We think IMVT-1401 is a promising molecule that has the potential to be a pipeline in a product.

provide a bit of context, we have been tracking the development of 1401 for several years now as part of our competitive analysis

of the FcRn drug class, which we expect will become a cornerstone therapy in auto-antibody driven disease. We have been impressed

by its ability to be given subcutaneously, and its robust reduction in IgG levels in a comprehensive Phase 1 program.

the last couple of years, we have been equally impressed by the development choices and execution by the Immunovant team. We think

Graves' ophthalmopathy, myasthenia gravis, and warm autoimmune hemolytic anemia position the company with three solid potential

initial paths to market.

we are excited to have gained the support of industry leading life-sciences investors, who have collectively agreed to provide

over $100 million in connection with this transaction to fund the development of 1401.

I'd like to turn the call over to Naveen to discuss some of the highlights of the transaction.

are ecstatic to have put such a compelling asset and an experienced management team with which to consummate our business combination.

Assuming that no shares of HSAC are redeemed, the combined company is expected to have approximately 55.6 million non-redeemable

shares outstanding, which implies a market capitalization of approximately $556 million at the negotiated transaction price of

$10 per share. We hope that the transaction will close in December 2019, pending standard regulatory reviews. By securing backstop

and voting agreements with a number of leading investors, we expect that the Company will have more than $100 million of cash

at closing after taking into account cash raised in connection with the transaction.

also like to take a minute to point out some important features that make this transaction distinct from most precedent SPAC deals.

Based on our confidence in the quality of IMVT-1401 and in the Immunovant team to execute on its vision, HSAC has agreed to forfeit

100% of its private sponsor warrants. In addition to agreeing to cancel its sponsor warrants, HSAC further agreed to place most

of its sponsor shares in escrow, to be delivered only after Immunovant's share price appreciates considerably. We have postponed

a portion of the typical sponsor compensation until such time as Immunovant's stock exceeds $31.50, more than triple the

transaction price of $10.00.

think it's important to point out that we believe concessions of this nature are in the best interest of all HSAC investors

and make this particular transaction quite different from prior SPACs. We would not have made these concessions without our conviction

in the prospects for Immunovant and IMVT-1401.

confidence in Immunovant is in no small measure linked to its exceptional management team, led by CEO Pete Salzmann.

that note, I'll now turn the call over to Pete.

Immunovant, our mission is to enable normal lives for patients with autoimmune diseases. During my 20 years at Lilly, where I

recently led the firm's U.S. Immunology Business Unit, and before that as a physician, I've personally come to know

countless autoimmune patients. Though the category encompasses a variety of conditions and disease manifestations, I can tell

you one thing these patients all have in common is that they just want to feel normal again. With this in mind, we believe the

future for FcRn-targeted therapies is very bright. The current body of scientific knowledge is only just scratching the surface

of what FcRn-targeted therapies may have to offer.

the anti-FcRn class, we believe the potency of IMVT-1401 and the ability to administer IMVT-1401 as a simple subcutaneous injection

represent important differentiating features. For the patient, whose journey with the disease often lasts a lifetime, there's

nothing more important than ease of administration. The ability to take back control over their health by self-administering 1401

with a quick, subcutaneous injection, in the privacy of their own home, offers life-changing potential.

that targeting FcRn offers great promise in a number of disease areas, we've developed a two-pronged strategy. Specifically,

we strive to be best-in-class in target indications where the anti-FcRn approach has already established clinical proof-of-concept,

and first-in-class in target indications with clear biologic rationale and no in-class competition.

these ends, I am proud of the many milestones delivered by the Immunovant team this year, including completion of a comprehensive

Phase 1 program demonstrating robust IgG reductions of 78% with simple weekly subcutaneous injections of 680mg. Note that the

Immunovant team ran this trial in Australia and Canada and successfully dosed 99 healthy volunteers across cohorts.

also initiated a broad Phase 2 program with both first-in-class and best-in-class potential in multiple diseases with high unmet

patient need. Importantly, 1401 was also generally well tolerated in this good-sized Phase 1 trial.

the next 20 months, we anticipate four data readouts. In the first quarter of 2020, we expect to report initial results from our

Phase 2a study in Graves' ophthalmopathy, a potentially sight-threatening disease affecting an estimated 15,000 to 20,000

patients in the United States each year.

Phase 2b study in the same indication is expected to report initial results in early 2021.

in the first half of 2020, we expect to report top-line results for our Phase 2a study in myasthenia gravis and initiate a pivotal

Phase 3 study shortly thereafter.

we anticipate reporting initial results from a Phase 2a study in our third indication, warm autoimmune hemolytic anemia by the

fourth quarter of 2020. Warm autoimmune hemolytic anemia is a serious blood disorder affecting approximately 42,000 patients in

the U.S. and 66,000 patients in Europe. As is true for the other two indications we are pursuing, there is a lot of unmet medical

need in this condition.

Immunovant, we believe that the field of FcRn-targeted therapy is still in its infancy, and that the possibilities for IMVT-1401

expand far beyond our initial target indications of myasthenia gravis, Graves' ophthalmopathy, and warm autoimmune hemolytic

believe we are just getting started on our mission to enable normal lives for patients with autoimmune diseases.

that, I will ask the operator to open the call for Q&A.

you. At this time we'll be conducting a question-and-answer session. If you'd like to ask a question, please press

star, one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star,

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to pick up your handset before pressing the star key.

first question comes from the line of Christopher Marai with Nomura Instinet. Please proceed with your question.

morning. Thank you for taking the question. I was curious if you could perhaps expand for us upon on how your FcRn approach is

different from some of the others. Specifically, looking at some of your Phase 1 protocols, you've tested some higher doses

it looks like you're going to be bringing into the Graves' trial coming up. Could you maybe expand on toxicity seen

at the higher doses, if any? Then if those higher doses conferred any further reduction in IgG, or are you sort of maxed out at

the doses that you were exploring? And then I have a follow-up. Thank you.

Chris. It's Pete. Thanks for that question or series of questions. There are some important questions there.

me take the first one regarding the differentiation of our program versus other FcRn programs. I think this is a market that's

going to be subcutaneous. Patients are going to demand a simple, easy-to-administer therapy. If we look at the various subcutaneous

programs, we have demonstrated the most IgG reduction across any subcutaneous program. In fact, as you reference, in our Phase

1 trial, we did test both subcutaneous and intravenous dosing in the single ascending dose trials and showed that the reduction

in IgG was the same whether 1401 is delivered subcutaneously or intravenously. That allows us to build our entire development

program around subcutaneous dosing.