Confidential 1 SMSNA 2019

1 Confidential 1 SMSNA 2019 October 25, 2019 LPCN Oral T (TLANDO) Reduces Liver Fat in Men with Fatty Liver Presenter: Irwin Goldstein, MD Director, Sexual Medicine, Alvarado Hospital, San Diego, CA Clinical Professor of Surgery, University of California at San Diego Authors: Irwin Goldstein, MD; Kilyoung Kim, PhD; Somaya Albhaisi, MD; Jonathan Baker, PhD; Nachiappan Chidambaram, PhD; Arun Sanyal, MD; Mahesh V. Patel, PhD; Anthony DelConte, MD Dr. Irwin Goldstein Disclosures: Research: AbbVie, Marius, Plethora, TGI Speakers Bureau: Coloplast

2 Confidential LPCN Oral T Is Not Hepatotoxic TLANDO (Testosterone Undecanoate) vs Methyl Testosterone LPCN Oral T (TLANDO *) is a non - methylated, orally bioavailable prodrug of natural T Testosterone Undecanoate Testosterone 2 Methyl - TLANDO (Oral TU) * TLANDO, LPCN 1144, and LPCN 1021 include the same active pharmaceutical ingredient, API (Testosterone Undecanoate).

3 Confidential TLANDO Improves Mental and Sexual Domains with 52 - Week Treatment TLANDO Restores Normal T Levels in Hypogonadal Males. * Study of Androgen Replacement (SOAR, NCT02081300); Topical T: AndroGel 1.62% as active control SOAR* Trial: a 52 - wk, multicenter, active controlled (topical T , n=105), open label study with TLANDO (n=210)

4 Confidential Non Alcoholic Fatty Liver Disease (NAFLD) Pathways & Effect of Androgens 4 NAFLD: Non Alcoholic Fatty Liver Disease, NASH: Non Alcoholic Steatohepatitis, LFT: Liver function test, TG: Triglycerides - Normal TGs - Normal LFTs - TGs - LFTs - Liver fat - TGs & LFTs - Liver fat - Fibrosis markers - Inflammation - Immune response - Scar tissues replaces liver cells - Fibrosis markers Hepatocellular Carcinoma 30 - 40% US Adults 15 - 20% NAFLDs 10 - 20% NASH Healthy Liver Fatty Liver NASH Liver Cirrhotic Liver Androgens aids to maintain liver homeostasis 1 Androgens are Anti - inflammatory 2 and Immunomodulator 2 Androgens aids in Liver regeneration 3 Resolution of decompensation events via anabolic effects 1. Shen, M. and Shi, H, IJE 2015 2. Malkin et al., JCEM 2004 3. Bernard et al., Hepatol 1982

5 Confidential Low T is Associated with NAFLD Across the Full Disease Spectrum Kim et al., BMC Gastroenterol 2012 "Men with low testosterone are at high risk for NAFL" "Low T levels in cirrhotic men are associated with the mortality or transplantation" Sinclair et al., Liver Transplant 2016 NAFL* (Non - alcoholic fatty liver) Cirrhosis Free T (ng/dL) Free T (ng/dL) NASH** (Non - alcoholic steatohepatitis) Sumida et al., Gastroenterol Hepatol 2015 Decreasing levels of free T correlated with increased prevalence and severity of NASH. 0 20 40 60 80 100 1 2 3 4 5 Prevalence of NAFL (%) Testosterone range, ng/dL (Quintiles) (11 - 317) (318 - 388) (392 - 478) (480 - 570) (571 - 1343) Fibrosis stage - - Testosterone < 240 ng/dL - Testosterone 240 ng/dL, p=0.027

6 Confidential TLANDO Clinical Experience More than 700 subjects have been exposed to TLANDO across 14 clinical studies Two studies involved the assessment of liver health (liver fat changes and liver injury marker changes) Clinical Study # of Subjects Duration of Study Outcome Established SOAR* Trial [Open label active control] N = 315 210 - TLANDO 105 - Topical T** 52 weeks Significant reduction of elevated liver injury markers Adequate & well tolerated safety profile Liver Fat Study (LFS) [Open label] N = 36 4 months Liver fat reduction by MRI - PDFF Well tolerated safety profile Liver fat % was measured using a Magnetic Resonance Imaging - Proton Density Fat Fraction (MRI - PDFF) technique. * SOAR: Study Of Androgen Replacement; ** AndroGel 1.62% used as active control

7 Confidential Liver Fat Study: Longitudinal Improvement in Liver Fat with 4 - Month TLANDO Treatment Non Alcoholic Fatty Liver (NAFL) Free (LF < 5%) Non Alcoholic Fatty Liver (NAFL) (LF 5%) NAFLD Free NAFLD Free NAFLD Free NAFLD Free NAFLD Free NAFLD Free 52% 48% NAFL Free NAFL 63% 38% NAFL Free NAFL About 50% of NAFL Subjects Experienced Resolution at EOS 34% 66% NAFL Free NAFL Baseline (N=32*) Interim (Week 8, N=31) End of Study (Week 16, N=32) * Full Analysis Set (N=32)

8 Confidential SOAR: Improved Liver Injury Markers Post 52 - Wk TLANDO Treatment 8 - 17% - 10% - 5% - 10% -25% -20% -15% -10% -5% 0% ALT AST ALP GGT Mean % Change from BL Mean BL* (U/L) 53.6 32.0 74.0 53.6 * BL: Baseline, TLANDO patients for ALT > 40 U/L at BL; SOAR (NCT02081300), N=42 N 42 4 6 36 BL 53.6 U/L 59.8 U/L 125.3 U/L 82.2 U/L 52% 50% 67% 31% 0% 10% 20% 30% 40% 50% 60% 70% ALT AST ALP GGT % of Subjects Normalized at EOS Normalization of Liver Injury markers ALT, AST, ALP, and GGT normal range upper limit is 40 U/L, 43 U/L, 115 U/L, and 49 U/L, respectively ALT: Alanine Aminotransferase, AST: Aspartate Aminotransferase, ALP: Alkaline Phosphatase, GGT: Gamma - Glutamyl Transferase

9 Confidential SOAR: Differentiated TLANDO Effect on Biomarkers Compared to Topical T Post 52 - Week Treatment -10% -5% 0% 5% 10% 15% TLANDO Topical T ALP CBL* ALP Changes from Baseline P=0.009 -30 -20 -10 0 10 20 30 40 TLANDO Topical T TG CBL (mg/dL) TG Changes from Baseline P=0.02 0 2 4 6 8 10 12 TLANDO Topical T Free T CBL (ng/dL) Free T Changes from Baseline P=0.003 * CBL: Change from baseline; ALP: Alkaline Phosphatase, TG: Triglycerides, Topical T: AndroGel 1.62% as active control

10 Confidential Conclusions TLANDO restores normal T levels in hypogonadal men with - Observed improvement on mental health domain by SF - 36 - Observed improvement on sexual domain by PDQ (maintained erection and full erection %). TLANDO is beneficial on liver health demonstrated by - Nonalcoholic fatty liver (NAFL) resolution in about 50% of fatty liver subjects in 4 - month therapy - Meaningful reduction of elevated liver injury markers in 1 - year treatment - Substantial normalization of elevated liver injury markers in 1 - year treatment TLANDO safety was demonstrated in more than 700 subjects across 14 clinical trials with exposure up to 52 weeks.