REIMAGINING THE TREATMENT OF HEARING LOSS Corporate Overview January 2021 Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within the approval for and commercializing

REIMAGINING THE TREATMENT OF HEARING LOSS Corporate Overview January 2021

Forward-Looking Statements and Other Disclaimers This presentation contains forward-looking statements within

the approval for and commercializing product candidates; the results of meaning of the Private Securities Litigation Reform Act of 1995. All earlier clinical trials not being indicative of the results from later statements contained in this

presentation that do not relate to clinical trials; differences between preliminary or interim data and matters of historical fact should be considered forward-looking final data; adverse events or undesirable side effects; disruptions at

statements, including without limitation statements regarding the the FDA and other regulatory agencies; the impact of the COVID-19 treatment potential of FX-322, the

Phase 2a clinical trial of FX-322 impact; failure to identify additional product candidates; new or and the Phase 1b studies in age-related hearing loss and severe

changed legislation; failure to maintain Fast Track designation for SNHL patients, design, pace and timing of enrollment for the Phase FX-322 and such designation failing to result in faster development 1b

studies in age-related hearing loss and severe SNHL, the timing or regulatory review or approval; costly and damaging litigation, and completeness of data from the Phase 2a clinical trial and Phase including

related to product liability, intellectual property or 1b studies in age-related hearing loss and severe SNHL, the results brought by stockholders; dependence on Astellas for the and implications of the Phase

1/2 durability of response data, the development and commercialization of FX-322 outside of the timing of end of phase 2 meetings with the FDA and future pivotal United States; misconduct by employees or

independent studies, the ability of our technology platform to provide patient contractors; reliance on third parties, including to conduct clinical benefit, the impact of COVID-19 on the Company s on-going and trials and manufacture product candidates; compliance with laws planned clinical trials and business, future milestone and royalty and regulations, including healthcare and environmental, health,

payments under the license and collaboration agreement with and safety laws and regulations; failure to obtain, maintain and Astellas Pharma Inc. ( Astellas ), the sufficiency of the Company s enforce protection of patents and other

intellectual property; cash, cash equivalents and short-term investments, estimates of the security breaches or failure to protect private personal information; size of the hearing loss population and population at risk for hearing attracting and

retaining key personnel; and ability to manage loss, estimates of the commercial opportunity of FX-322 and the growth. impact on existing treatment paradigms, the timing of the remyelination program, and the

potential application of the PCA These and other important factors discussed under the caption platform to other diseases. Risk factors in the Company s Form 10-Q filed with the Securities and

Exchange Commission (SEC) on November 16, 2020 and its These forward-looking statements are based on management s other reports filed with the SEC could cause actual results to differ current expectations. These statements are neither

promises nor materially from those indicated by the forward-looking statements guarantees, but involve known and unknown risks, uncertainties made in this presentation. Any such forward-looking statements and other important factors that may cause

actual results, represent management s estimates as of the date of this performance or achievements to be materially different from any presentation. While the Company may elect to update such future results, performance or achievements

expressed or implied forward-looking statements at some point in the future, it disclaims by the forward-looking statements, including, but not limited to, any obligation to do so, even if subsequent events cause its views to the following:

Frequency Therapeutics (the Company ) has change. These forward-looking statements should not be relied incurred and will continue to incur significant losses and is not and upon as representing the Company s views as of any date may

never be profitable; need for additional funding to complete subsequent to the date of this presentation. development and commercialization of any product candidate; the Company s dependence on the development of

FX-322; the unproven approach of the PCA platform; the lengthy, expensive and uncertain process of clinical drug development and regulatory approval; limited experience successfully obtaining marketing c

Frequency Therapeutics, Inc. 2

2021 A Year of Data and Growth LEADERSHIP MOMENTUM CLARITY Bringing focus to Speech Late Q1 2021: day-90 read Understanding the broadest Intelligibility as the major out of FX-322 Phase 2a study patient population that can unmet clinical need for Late Q2 2021: end-of-study be helped by FX-322. New hearing loss patients Phase 1b studies in age readout of

FX-322 Phase 2a related and severe hearing Acceptance of clinical data study loss in Otology & Neurotology Continued partnership with Developing extensive HCP, Setting the standard Astellas

patient and payor insights to Creating the regulatory and guide strategy clinical path forward c Frequency Therapeutics, Inc. 3

Frequency Therapeutics: Pioneering a New Mode of Medicine Lead program,

FX-322, showed first evidence of a hearing signal and hearing restoration in a clinical study; potential to treat tens of millions of patients Clinical-stage company that uses small molecules to activate

progenitor cells within the body to restore damaged cells and tissue Transformative approach to regenerative medicine potentially for a broad range of degenerative diseases, including a 2nd program in multiple sclerosis c Frequency Therapeutics,

Frequency Therapeutics: A Vision Built on Regeneration Since 2014 Frequency Hearing loss: has been developing a

powerful new the 4th therapeutic approach largest cause to address a condition for which there has of disability been limited innovation in decades. globally Source: Wilson, et al. Lancet. (2017) c Frequency Therapeutics, Inc.

Large Hearing Loss Market: No Restorative Treatments Only 20% market ~$10 Billion ~41 Million $750 Billion

penetration for Hearing Aids US hearing aid SNHL patients Lost annually due to market annual sales in US untreated hearing loss globally c Frequency Therapeutics, Inc. 6

Intelligibility The Major Unmet Clinical Need I M NOTICING AND UNDERSTANDING WHAT YOU RE SAYING.

High Frequencies are Critical for Intelligibility For someone with high-frequency hearing loss, words may be

indistinguishable impacting their ability to understand and communicate.

40% of the words in English rely on the use of High Frequency Consonants 42% Of the words in Mandarin 55% Of

the words in Spanish c Frequency Therapeutics, Inc.

Hearing Loss May Have a Significant Impact on Overall Health Increased risks with untreated Hearing loss

is the hearing loss largest potentially modifiable risk factor for 50% 41% developing dementia July, 2020 DEMENTIA DEPRESSION JAMA Nov 8, 2018 Deal J, et al. Incident Hearing Loss and Comorbidity. A Longitudinal Administrative Claims Study.

The Problem: Missing Sensory Hair Cells in the Cochlea Missing Sensory Hair Cells Analysis of hair cells,

auditory nerve fibers and strial tissues shows that the degree of hearing loss is well predicted from the amount of hair cell loss. Sensory Hair Cells - Journal of Neuroscience, July 2020 Progenitor Cells

Solution: A Therapy to Address the Underlying Pathology Activating progenitor cells to regenerate sensory hair

cells in the cochlea

Solution: Directly Targeting Regenerating Sensory Hairs in the Cochlea

FX-322 is administered via a standard The injection concentrates FX-322 in the cochlear intratympanic injection, a common region that detects extended high-frequency

procedure ENTs perform routinely sounds, critical for speech intelligibility c Frequency Therapeutics, Inc. 14

Increasing Focus on Higher-Level Hearing Benefit Audibility (Loudness) Intelligibility (Clarity) measured with

pure tone test measured with word recognition and words-in-noise tests (Standard, Validated Tests) Word Recognition Test List of 50 monosyllabic words

Single words played in quiet Words-in-Noise Test Background noise from multiple voices Played at different signal-to-noise ratios c Frequency Therapeutics, Inc. 15

Recap: Completed FX-322 Phase 1/2 Safety Study Study Design Key

Findings FX-322 shown to have a favorable safety profile no serious AEs Absolute Word Recognition Scores Single No 50 Injection Injection 40 Clinically meaningful improvement in 15 drug,

All 23 30 word recognition scores in patients 8 placebo patients 20 with measurable word recognition 10 deficits 0 % Change from Baseline in Word Recognition Scores Statistically significant improvement in word recognition scores (words

in Injection only in one ear creating quiet/sound clarity) an additional control p = 0.010 Safety study % Change from Baseline in Words-in-Noise Scores

Patients with mild to moderate SNHL; permanent NIHL/SSNHL for at least 6 Improvement trend in words-in-noise months Majority of patients did not have p =

0.211 measurable impairment in WR FX-322 Placebo

FX-322 Patients Show Sustained Hearing Improvements 13-21 Months After Initial Dosing 50 50W 47 Key Findings 40 50W 50W *25W Preliminary evidence 39 38 38 50W 50W indicating a durable 34 35 *25W benefit of hearing clarity 30 50W 30 50W 29 26

Baseline Correct words out of 50 50W 50W Day 90 Correct words out of 50 20 22 20 1-2 Years Correct words out of 50 50W 50W 16 50W 14 10 12 Three patients who had durable 50W improvements in

intelligibility 7 also had pure tone audiometry improvements of 10 15 dB at the 0 Month 16** Month 21** Month 19** Month 13** Month 21** highest frequency tested (8k Hz) Subject 1 Subject 2 Subject 3 Subject 4 Subject 5 *25W = 25 Word

test performed outside an official study site at 13-18 months after dosing; results scaled to 50 words 50W = 50 Word test performed under a formal protocol at original study site at 18-21 months after dosing Frequency Therapeutics, c Inc. **Since FX-322 dosing 17

Forthcoming Data Publication FX-322 Phase 1/2 and drug delivery studies

Peer-reviewed journal The pre-eminent journal in the field Focused on research and clinical advances Editor: Dr. Larry Lustig, Columbia University c Frequency Therapeutics,

FX-322 Study Phase 2a Design, Single and Multiple Doses Screening

NIHL/SSNHL Mild to Moderately Severe Double-blind, placebo-controlled, multi-center, adults Randomize 1:1:1:1 ages 18-65 All subjects have meaningful word recognition deficits Efficacy and

exploratory FX-322 FX-322 FX-322 Placebo endpoints 1X 2X 4X 4X Word recognition N = 24 N = 24 N = 24 N = 24 Words-in-noise Pure tone audiometry (0.25-16kHz) Weekly Dosing Tinnitus questionnaire QoL questionnaires Follow-up Visits Days 15, 30, 60, 90, 120, 150, 180, 210 Study Enrollment Completed Sept. 2020 c Frequency Therapeutics, Inc. 19

Phase 2a Study objectives Further establish Evaluate Clarify endpoints hearing signal repeat dosing and patient

population for registration Improvements in FX-322 impact on key intelligibility secondary measures measures such as word including ultra-high recognition and words frequency pure tones, in noise tinnitus and

QOL measures c Frequency Therapeutics, Inc. 20

Collecting Key Data to Inform Clinical Program Phase 1/2 Study Phase 2a Study Overview N= 23 N= 95 Hearing

restoration signal observed Further establish signal & validate potential endpoints Word recognition/Words-in-noise Word recognition/Words-in-noise Pure tone audiometry at 8kHz (0.25-8kHz) Pure tone audiometry /extended frequencies (0.25-16kHz)

Tinnitus questionnaire QoL questionnaires Entrance criteria limited participation of subjects Entrance criteria required all subjects have meaningful with meaningful word

recognition/words-in-noise word recognition deficits deficits Single dose Single and multiple doses Studies are double-blind, placebo-controlled, multi-center, in adults

Phase 2a Readouts: Data to be Provided Day-90 FX-322 day-90 group-level data review (late Q1 2021): Speech intelligibility as measured by WR and WIN testing Pure Tone Audiometry measures at frequencies from

0.25Hz to 16k Hz Partial data on measures of FX-322 on tinnitus, impact on QoL Safety profile

Phase 2a Readouts: Data to be Provided End of Study FX-322 end-of-study group- and individual- level data readout (late Q2 2021): Full (7 month) intelligibility and audibility data. Seven-month durability data (all

patients) Full study data on measures of FX-322 on tinnitus, impact on QoL Safety profile

Building on Existing Treatment Paradigms ENT treatment role in ENT diagnosis, cochlear Without implant or

bone-Therapeutics anchored hearing aid (Current State) Audiologist Empowers ENT s with a therapeutic Patient intervention Diagnosis Treatment Monitoring Journey Anticipate Audiologists will Audiologist see increased patient flow With Increased

patient flow Hearing aid still Need for on-going Therapeutics to AUD for diagnosis dispensed by AUD monitoring by AUD (Future State) ENT Diagnosis, therapeutic administered by ENT c Frequency Therapeutics,

Understanding the Broader of FX Phase 1b Study 5M severe evaluating ages

18- 65 with Each SNHL Type Being Studied in severe hearing loss FX-322 clinical program represents a significant patient population Phase 1b Study evaluating ages 66-85 with 16M mild to moderate, age 65+ mild to moderately severe age- related hearing loss Phase 2a Study evaluating ages 18 65 with 20M mild to moderate, age 18-65 noise induced and sudden mild to moderately severe SNHL Source: NCHS Survey Data 2016-18; NCHS 2017; NCHS 2016; c Frequency Therapeutics, Inc. 25

Program Momentum and Expansion Sensorineural Hearing Loss DISCOVERY PRECLINICAL PHASE 1 PHASE 2 PHASE 3 (SNHL) FX-322 Phase 2a 202 Study Study of noise induced and sudden SNHL Fully enrolled; Day-90 data analysis planned for late Q1 2021 patients with mild to moderately severe

with end of study read out in late Q2 2021 acquired SNHL, ages 18 65 FX-322 Phase 1b 112 Study First patient dosed October 2020, Study of mild to moderately severe

age- read out planned for Q2 2021 related hearing loss patients, ages 66 85 FX-322 Phase 1b 113 Study Study commenced in Q4 2020, read out Study of patients

with severe SNHL, planned for Q3 2021 ages 18 65 DISCOVERY PRECLINICAL PHASE 1 PHASE 2 PHASE 3 Remyelination in Regulatory submission Multiple Sclerosis planned for H2 2021 c Frequency Therapeutics, Inc. 26

Regenerative Approach with Broad PotentialBrainEar EyeLung SkinProgenitor cells are stem cells that are pre-programmed to Intestine Bone perform a specific activityMuscle CartilagePotential to address a range of degenerative diseasesc Frequency Therapeutics, Inc. 27

Remyelination Program for Multiple SclerosisRemyelination is the Target Regulatory major unmet need in MS

submission 2H21 Little room to improve Single agents have current demonstrated signal in immunomodulators early Phase 2 MS studies Patients still decline due Frequency has secured to lack of myelination rights across

multiple Target population for key classes of molecules remyelination Building on Frequency represents 50% of MS expertise in synergistic patients combinations of small moleculesc Frequency Therapeutics, Inc. 28

Summary and Financial ProfileAddressing Broadest FX-322 Near-Term Ex-US Partnership with Potential SNHL Market Data Readouts Strong Potential Milestones and RoyaltiesStudies across all major Continued clinical validation SNHL types and development progressAddressable market of

>40 towards pivotal studies million people in the USPlatform $224.2 Million in Cash and Well capitalized for Potential Cash Equivalents advancement of pivotal trials. PCA platform with potential to treat patients across Runway into 2023numerous

degenerative *As of Sept. 30, 2020. Excludes diseases restricted cash29c Frequency Therapeutics, Inc.

REIMAGINING THE TREATMENT OF HEARING LOSS

Broad Potential of Progenitor Cell Activation Approach. 32Broad Potential of Progenitor Cell Activation

Approach. 32Broad Potential of Progenitor Cell Activation Approach32Broad Potential of Progenitor Cell Activation Approach32Broad Potential of Progenitor Cell Activation Approach32APPENDIXCorporate Overview January 2021

Origin of Frequency TherapeuticsTissue-Specific, Pre-programmed Stem

CellsDecoding Intestinal Enabling Cochlear Frequency Regeneration Regeneration TherapeuticsLanger and Karp publish Same cues reactivate Small molecule small molecules activate normally inactive therapeutics show clinical intestinal progenitors

progenitors in the cochlea proof of conceptNiche-independent high- Clonal Expansion of Lgr5-purity cultures of Lgr5+ Positive Cells from intestinal stem cells and Mammalian Cochlea and their progeny High-Purity Generation of Sensory Hair Cells

Frequency Progenitor Cell Activation (PCA) ApproachInactive Progenitor CellInactive ACTIVATEDProgenitor

ProgenitorAsymmetric division using native programs + Functional Target CellCombinations of small molecules designed to activate progenitor