Full Press Release Details
Dialysis Prevention April 28, 2022 1
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Today's Participants Pablo Legorreta, Chairman of the Board
Chamath Palihapitiya, CEO Dr. Joe Stavas, Tim Bertram, CEO SVP Clinical Development Darin Weber, Deepak Jain, COO SVP Regulatory Development Kishen Mehta, Ashley Johns, James Coulston, CFO Portfolio Manager SVP Clinical Operations Todd Girolamo,
David Friedman Dr. Libbie McKenzie, CMO General Counsel Analyst 4
Chronic Kidney Disease Market Is BIG 5
CHRONIC KIDNEY DISEASE MARKET IS BIG CKD is Highly Prevalent in the U.S.
& E.U. U.S. and E.U Prevalence of CKD Projected ~50% increase 1. 90.9 from 2010 -2040 in CKD 1. 82.2 Prevalence 1. 74.4 43.8 60.8 38.6 35.8 29.3 47.1 42.6 38.5 31.5 2010 2020 2030 2040 U.S. E.U. Source: National Health and Nutritional
Examination Survey 1. Data for the year ended 2020 and any subsequent years are based on certain estimates of management. This information may prove to be inaccurate because of the method by which the underlying data for the estimates was obtained
or because this information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties 6 CKD
Population (millions)
Large Amount Of Money Is Spent Treating CKD Globally 7
CKD IS AN ENORMOUS BURDEN ON THE HEALTHCARE SYSTEM CKD/Dialysis is One
of the Largest Healthcare 1 Expenditure Categories in the U.S. and ROW The Rates of CKD & ESRD and Associated Expenditures are Expected to Continue to Rise ~$80 Billion U.S. Adult Population with CKD - by KDIGO Stage of Disease (Renal Function)
Medicare spend on Chronic Kidney Disease CKD Population (millions) % of U.S. Adult Population with CKD 60 15.4% 15.0% 15.2% 55 13.4% ~$50 Billion 50 47.1 1.2 45 42.6 Medicare spend on End Stage Renal Disease 5.9 1.1 38.5 40 5.3 1.0 35 4.8 31.5 14.4
1.2 30 13.0 ~$93 Thousand 3.9 11.8 25 Medicare annual cost per patient for dialysis 9.7 20 10.4 9.4 8.5 15 7.3 10 14.9 13.5 12.2 5 9.2 Private insurance may pay up - 2010 2020 2030 2040 to 4x Medicare costs Stage 1 Stage 2 Stage 3a Stage 3b Stage 4
Stage 5 Source: Medicare spend and per patient dialysis cost as of 2018. United States Renal Data System - USRDS 2020 Annual Report (https://adr.usrds.org/2020/about-the-new-adr). KDIGO refers to Kidney Disease Improving Global Outcomes 1. Data for
the year ended 2020 and any subsequent years are based on certain estimates of management. This information may prove to be inaccurate because of the method by which the underlying data for the estimates was obtained or because this information
cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties 8
LARGE AMOUNT OF MONEY ISSPENT TREATING CKD GLOBALLY Currently, CKD Has
No Known Cure Standard of Current Care has Therapies are Limitations Blockbusters While Patients Continue to Lose Current Standard of Care Kidney Function on Existing Merely Slows Down The Therapies, Those Therapies Still Expected
Eventual Loss of Generate Multi-Billion $ Sales Kidney Function 9 9
REACT May Rescue Highest-Risk Progressors before ESRD
Unrelenting Progression of CKD with no Available Cures ALBUMINURIA CATEGORIES (mg/g) Severe Mild Moderate Standard of Care CKD 1 o Antihypertension o ACEi o ARB o Glucose and CKD 2 Inflammation Reduction o SGLT2i REACT CKD 3a
REACT REACT CKD 3b REACT REACT REACT REACT TARGETS CKD 4 10 2 eGFR CATEGORIES (ml/min/1.73m )
Recently Approved CKD Drugs Incrementally Slow eGFR Loss, But CKD Has
No Known Cure While New Therapies are a Step Forward, Treatment Effect at 24 Months Patients Still Lose Kidney Function 2 2 2 Empagliflozin: +1 ml/min/1.73 m Improvement Canagliflozin: +2.2 ml/min/1.73 m Improvement Dapagliflozin: +1.1 ml/min/1.73 m
Improvement 0 0 78 -1 -2 WW Sales WW Sales WW Sales -2 76 ~$5.1bn ~$740mm ~$3.7bn -4 -3 (2026) (2026) (2026) -4 -6 -5 74 -8 -6 2 +2.2 ml/min/1.73 m 2 +1.1 ml/min/1.73 m -7 -10 72 -8 2 +1 ml/min/1.73 m -12 -9 -10 70 -14 -11 -16 -12 68 -13 -18 -14 -20
-15 66 0 4 8 12 16 20 24 28 32 36 40 0 4 8 12 16 20 24 28 32 36 4 8 12 16 20 24 28 32 36 40 44 Months Since Randomization Months Since Randomization Months Since Randomization Empagliflozin 10mg Empagliflozin 25mg Placebo Canagliflozin Placebo
Dapagliflozin Placebo Estimated Global Market Sales of Canagliflozin, Source: EvaluatePharma. The New England Journal of Medicine Note: 2026 sales estimates for therapies reflect all indications and are not limited to CKD Dapagliflozin and
Empagliflozin are ~$10bn in 2026 11 Least-Squares Mean Change (ml/min/1.73 m ) Least-Squares Mean Change in Estimated GFR (ml/min/1.73 m ) 2 Adjusted mean (SE) eGFR (ml/min/1.73 m )
The Ability To Modify Diseases Can Result In Big Payoffs 12
REACT 's Addressable Patient Population We Initially
Target a 4-5 Million Patient Segment with Multiple Potential Label Expansion Indications 1 2020 US Patients (mm) US Prevalence of CKD Total CKD 38.5 CKD Stage 3&4 17.6 CKD Stage 3&4 Caused by Diabetes or Hypertension 13.4 8.3 million 5.1
million Potential CKD stage 3&4 caused by CKD stage 3&4 caused by Expansion diabetes hypertension 2 4.4 million REACT EU and ROW Populations Represent >2x the US Market Opportunity eligible patients 1. Total addressable market data
for the year ended 2020 is based on certain estimates of management. This information may prove to be inaccurate because of the method by which the underlying data for the estimates was obtained or because this 13 information cannot always be
verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties 2. 4.4 million reflects an estimate of CKD Stage 3 & 4
patients with diabetes as primary cause of CKD & 20-50 eGFR
Drug Pricing for Disease Modification Recently Launched Novel Targeted
Therapies Command High Prices * 1 $1,125,000 Median: ~$360k Price / Patient ($) 1. These are "game changing" (disease modifying medicines) for the affected patients 2. These medicines can command high prices for their medical impact
- total cost per patient of $200k to >$1mm (median ~$360k) Source: Evaluate Pharma, company press releases and Wall Street Research for U.S. and WW sales (2020 to 2030); Price per patient from company press releases, trade journals, online
pharmacies, etc. 14 1. Price for initial 2 years. Drug is a multi year therapy *Note that these sales figures are not indicative of sales for REACT
Meaningful Potential Payoff For REACT For Every 1% (44,000
Patients) Market Penetration Sizing the US Market Opportunity Illustrative Illustrative Illustrative Prevalence REACT Market REACT Price Unadjusted Penetration per Treatment Sales 1 ~$360,000 / ~$16BN 4.4 MM 1% 2 (44,000 patients) Per
1% US market patient Existing diabetic penetration of Based on median Assumed in the population in REACT of recently US alone stage 3a, 3b and 4 launched novel CKD with 20 - 50 targeted therapies of eGFR 1. Total addressable market data
for the year ended 2020 is based on certain estimates of management. This information may prove to be inaccurate because of the method by which the underlying data for the estimates was obtained or because this information cannot always be verified
with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties 2. Median total cost per patient on Trikafta/Orkambi, Tepezza,
Soliris/Ultomiris, Evryski, Spinraza and Vutrisiran 15
Significant Cost Savings Potential A Disease Modifying Drug in CKD
Would Reduce Treatment Cost ESRD Patients Remain on Dialysis for 5-10 Years on Average Estimated ESRD Cost Per Patient (Illustratively Potential Effects of Disease Based on 5 Years on Dialysis) Modifying Product Up to ~$2mm Improves
Patients' Quality of Life Incremental Private Insurance Enables Patients to be Productive X 5 Cost Years Reduces Burden to Families ~$500k Up to ~$400k Reduces Healthcare System Costs ~$100k Medicare Cost / Year Private
Insurance Cost / Year Cumulative 5 Year Cost per Patient Source: United States Renal Data System - USRDS 2020 Annual Report (https://adr.usrds.org/2020/about-the-new-adr), National Kidney Foundation
(https://www.kidney.org/atoz/content/dialysisinfo#how-long-can-you-live-dialysis), company estimates 16
Rest of World Opportunity Presents Attractive Potential Upside
REACT 's Market Opportunity ex-US/EU is ~230 Million Individuals China ~100 Million (~11% of population) Latin America ~64 Million (~10% of population) Middle East ~45 Million (~10% of population) Japan ~16 Million (~13% of population) Korea