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materially different from historical results or from any future results expressed or implied by such forward-looking statements regarding Silverback Therapeutics, Inc. (the "Company"). These forward-looking statement include, but are not
limited to, those regarding the Company's plans and ability to bring new treatments to patients in need, including potential combination efforts, the progress and expected timing of the Company's drug development programs and clinical
trials, clinical development plans and timelines, regulatory matters, market size and opportunity, the Company's future financial position, the Company's strategy and intellectual property matters, and Company estimates regarding
expenses, capital requirements, and needs for additional financing. These forward-looking statements are based on the beliefs of the Company's management as well as assumptions made and information currently available to the Company. Such
statements reflect the current views of the Company with respect to future events and are subject to business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about the Company, including, among other things,
the development of its business, trends in the industry, the legal and regulatory framework for the industry, and future expenditures. Factors that may cause actual results to differ materially include the risk that compounds that appeared promising
in early research or clinical trials do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that the Company may not obtain approval to market its product candidates, uncertainties associated with
performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, the risks associated with reliance on outside financing to meet capital requirements, and other
risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. In light of these risks, uncertainties,
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assumptions, fully stated in the presentation. The actual results may vary from the anticipated results and the variations may be material. You are urged to consider statements that include the words may, will, would, could, should, believes,
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and uncertainties that the Company faces, please refer to the Company's periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date
they are made, and the Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation discusses product candidates that are under clinical study and
which have not yet been approved for marketing by the U.S. Food and Drug Administration. No representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. The
trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. 2Forward-looking statements and disclaimers Any reproduction or
distribution of this presentation, in whole or in part, or the disclosure of any of its contents is prohibited. This presentation includes certain forward-looking statements that involve risks and uncertainties that could cause actual results to be
materially different from historical results or from any future results expressed or implied by such forward-looking statements regarding Silverback Therapeutics, Inc. (the "Company"). These forward-looking statement include, but are not
limited to, those regarding the Company's plans and ability to bring new treatments to patients in need, including potential combination efforts, the progress and expected timing of the Company's drug development programs and clinical
trials, clinical development plans and timelines, regulatory matters, market size and opportunity, the Company's future financial position, the Company's strategy and intellectual property matters, and Company estimates regarding
expenses, capital requirements, and needs for additional financing. These forward-looking statements are based on the beliefs of the Company's management as well as assumptions made and information currently available to the Company. Such
statements reflect the current views of the Company with respect to future events and are subject to business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about the Company, including, among other things,
the development of its business, trends in the industry, the legal and regulatory framework for the industry, and future expenditures. Factors that may cause actual results to differ materially include the risk that compounds that appeared promising
in early research or clinical trials do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that the Company may not obtain approval to market its product candidates, uncertainties associated with
performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, the risks associated with reliance on outside financing to meet capital requirements, and other
risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. In light of these risks, uncertainties,
contingencies and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or
promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the
assumptions, fully stated in the presentation. The actual results may vary from the anticipated results and the variations may be material. You are urged to consider statements that include the words may, will, would, could, should, believes,
estimates, projects, promise, potential, expects, plans, anticipates, intends, continues, designed, goal, or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks
and uncertainties that the Company faces, please refer to the Company's periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date
they are made, and the Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation discusses product candidates that are under clinical study and
which have not yet been approved for marketing by the U.S. Food and Drug Administration. No representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. The
trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products. 2
Corporate highlights ImmunoTAC conjugates are designed to unlock a new
class of targeted immuno-oncology agents that direct a 1 myeloid cell agonist to the tumor microenvironment for localized activation Emerging clinical data supports proof-of-mechanism for localized TLR8 agonism and the ImmunoTAC platform, 2
evidenced by the robust activation of innate and adaptive immune response seen in patients SBT6050 has demonstrated early signals of anti-tumor activity as a monotherapy and in combination with a 3 PD-1 inhibitor, with a manageable safety profile
consistent with an active IO agent Clinical development plan to evaluate SBT6050 in combinations designed to have long-term benefit in early lines 4 of treatment, including combo with anti-PD1, with Enhertu and with Herceptin/Tukysa Positive
readthrough to Silverback's TLR8 pipeline with value-generating milestones expected in the next 6-18 5 months, including anticipated initiation of SBT6290 (Nectin4) Ph1 study and SBT8230 (HBV) Ph1-enabling studies 3Corporate highlights
ImmunoTAC conjugates are designed to unlock a new class of targeted immuno-oncology agents that direct a 1 myeloid cell agonist to the tumor microenvironment for localized activation Emerging clinical data supports proof-of-mechanism for localized
TLR8 agonism and the ImmunoTAC platform, 2 evidenced by the robust activation of innate and adaptive immune response seen in patients SBT6050 has demonstrated early signals of anti-tumor activity as a monotherapy and in combination with a 3 PD-1
inhibitor, with a manageable safety profile consistent with an active IO agent Clinical development plan to evaluate SBT6050 in combinations designed to have long-term benefit in early lines 4 of treatment, including combo with anti-PD1, with
Enhertu and with Herceptin/Tukysa Positive readthrough to Silverback's TLR8 pipeline with value-generating milestones expected in the next 6-18 5 months, including anticipated initiation of SBT6290 (Nectin4) Ph1 study and SBT8230 (HBV)
Ph1-enabling studies 3
Advancing a pipeline of systemically delivered, tissue-targeted programs
with value-generating milestones expected over the next 6-18 months Asset / Targeting Payload Antigen Indication(s) Preclinical Studies Phase 1 Phase 2 Anticipated Milestones 4Q 2021 - Initiate Libtayo tumor-specific expansion cohorts
1Q 2022 - Initiate additional Phase 1b tumor-specific expansion 101: Monotherapy and Combo cohorts with PD-1 Inhibitor 1H 2022 - Additional interim Phase 1 dose-escalation data Breast 2H 2022 - First Phase
1b data and additional Phase 1 data SBT6050 HER2 Cancer, GEA, TLR8 Agonist and NSCLC 1Q 2022 - Initiate dosing in combination with Enhertu and with 201: Combo with Herceptin+Tukysa Enhertu / Herceptin+Tukysa 1H 2023 -
Interim combo data Bladder Cancer, SBT6290 4Q 2021 - Submit IND Nectin4 TNBC, H&N TLR8 Agonist 1Q 2022 - Initiate Phase 1 dose-escalation Cancer, and NSCLC Chronic SBT8230 1Q 2022 - Initiate Phase
1-enabling tox studies ASGR1 Hepatitis B TLR8 Agonist 4Q 2022 - Phase 1 regulatory submission Virus ASGR1 = Asialoglycoprotein Receptor 1 (Liver Localized Protein) H&N = Head and Neck TLR8 = Toll Like Receptor 8 GEA =
Gastroesophageal Adenocarcinoma Nectin4 = Nectin Cell Adhesion Molecule 4 TNBC = Triple Negative Breast Cancer HER2 = Human Epidermal Growth Factor Receptor 2 NSCLC = Non-Small Cell Lung Cancer 4Advancing a pipeline of systemically delivered,
tissue-targeted programs with value-generating milestones expected over the next 6-18 months Asset / Targeting Payload Antigen Indication(s) Preclinical Studies Phase 1 Phase 2 Anticipated Milestones 4Q 2021 - Initiate Libtayo
tumor-specific expansion cohorts 1Q 2022 - Initiate additional Phase 1b tumor-specific expansion 101: Monotherapy and Combo cohorts with PD-1 Inhibitor 1H 2022 - Additional interim Phase 1 dose-escalation data Breast
2H 2022 - First Phase 1b data and additional Phase 1 data SBT6050 HER2 Cancer, GEA, TLR8 Agonist and NSCLC 1Q 2022 - Initiate dosing in combination with Enhertu and with 201: Combo with Herceptin+Tukysa Enhertu /
Herceptin+Tukysa 1H 2023 - Interim combo data Bladder Cancer, SBT6290 4Q 2021 - Submit IND Nectin4 TNBC, H&N TLR8 Agonist 1Q 2022 - Initiate Phase 1 dose-escalation Cancer, and NSCLC Chronic SBT8230
1Q 2022 - Initiate Phase 1-enabling tox studies ASGR1 Hepatitis B TLR8 Agonist 4Q 2022 - Phase 1 regulatory submission Virus ASGR1 = Asialoglycoprotein Receptor 1 (Liver Localized Protein) H&N = Head and Neck TLR8 = Toll Like
Receptor 8 GEA = Gastroesophageal Adenocarcinoma Nectin4 = Nectin Cell Adhesion Molecule 4 TNBC = Triple Negative Breast Cancer HER2 = Human Epidermal Growth Factor Receptor 2 NSCLC = Non-Small Cell Lung Cancer 4
ImmunoTAC platform strategically pairs antigen binding domains with
linker-payloads to modulate pathways underlying serious diseases Library of Proprietary Molecules Antigen Binding Domains Antigen binding domain HER2 Nectin4 ASGR1 Undisclosed Linker-payload Linker-Payloads Fc region TLR8 TGFbR Undisclosed Agonist
Antagonist Robust IP portfolio with 4 issued patents and over 100 patent applications pending worldwide directed to payloads, conjugates, and antibodies, for use in cancer, virology and fibrosis 5ImmunoTAC platform strategically pairs antigen
binding domains with linker-payloads to modulate pathways underlying serious diseases Library of Proprietary Molecules Antigen Binding Domains Antigen binding domain HER2 Nectin4 ASGR1 Undisclosed Linker-payload Linker-Payloads Fc region TLR8 TGFbR
Undisclosed Agonist Antagonist Robust IP portfolio with 4 issued patents and over 100 patent applications pending worldwide directed to payloads, conjugates, and antibodies, for use in cancer, virology and fibrosis 5
SBT6050 is designed to localize TLR8 activation of myeloid cells in
tumors via a HER2 antibody TUMOR CELL Antigen Binding Domain: anti-HER2 antibody (pertuzumab) HER2 HER2 Fc R Fc R HER2+ MYELOID CELL NSCLC Tumor Administered systemically through Payload: TLR8 agonist SC injection TLR8 Fc region: IgG1
Agonist TLR8 Receptor 6SBT6050 is designed to localize TLR8 activation of myeloid cells in tumors via a HER2 antibody TUMOR CELL Antigen Binding Domain: anti-HER2 antibody (pertuzumab) HER2 HER2 Fc R Fc R HER2+ MYELOID CELL NSCLC Tumor
Administered systemically through Payload: TLR8 agonist SC injection TLR8 Fc region: IgG1 Agonist TLR8 Receptor 6
TLR8 is highly expressed in human myeloid cell types that elicit
anti-tumor responses when activated TLR8 Agonism Direct Effects Indirect Effects Macrophages Dendritic Cells Myeloid Derived Monocytes NK Cells T Cells B Cells Suppressor Cells Direct tumor killing Promote anti-tumor Reprogramming to a Immune cell
Direct tumor killing Direct tumor killing Antigen Pro-inflammatory T cell responses and pro-inflammatory recruitment Creation of a pro- presentation environment infiltration state Tumor killing and inflammatory Activate T cells Immune cell
stimulation environment Produce antibodies recruitment Myeloid cells can comprise between 5-10% of the tumor, at least twice the prevalence of T cells* * Zhang et al, Journal of Cancer 2019 7TLR8 is highly expressed in human myeloid cell types that
elicit anti-tumor responses when activated TLR8 Agonism Direct Effects Indirect Effects Macrophages Dendritic Cells Myeloid Derived Monocytes NK Cells T Cells B Cells Suppressor Cells Direct tumor killing Promote anti-tumor Reprogramming to a Immune
cell Direct tumor killing Direct tumor killing Antigen Pro-inflammatory T cell responses and pro-inflammatory recruitment Creation of a pro- presentation environment infiltration state Tumor killing and inflammatory Activate T cells Immune cell
stimulation environment Produce antibodies recruitment Myeloid cells can comprise between 5-10% of the tumor, at least twice the prevalence of T cells* * Zhang et al, Journal of Cancer 2019 7
Proof-of-mechanism established in 40 patient dose escalation study*
SBT6050 Pharmacodynamic (PD) markers indicative of myeloid and T/NK cell activation generally increase with dose, plateauing at 0.6 mg/kg PD activity is maintained with repeat dosing SBT6050 payload detected in intratumoral
macrophages and on tumor cells SBT6050 monotherapy or in combo with pembro has a manageable safety profile Common adverse events consistent with immune activation Safety profile of SBT6050 in combination with pembrolizumab was
similar to SBT6050 monotherapy Non-overlapping adverse events with other HER2-directed agents support combination with Enhertu and Herceptin+Tukysa Tumor-localizing antigen: HER2 moderate and high expression (pertuzumab epitope
targeted) Early signals of anti-tumor activity in a heavily pre-treated heterogenous population Among 18 evaluable patients for tumor types of interest, one Partial Response (PR) Target cell: myeloid cells (-55%, NSCLC) maintained at the
most recent available scan obtained at 36 weeks post-enrollment, and 8 weeks after discontinuing study treatment Payload: proprietary TLR8 agonist Stable Disease (SD) reported in seven patients Next readout: 1H 2022 - additional
interim Phase 1 dose-escalation data * August 1, 2021 data cut-off date 8Proof-of-mechanism established in 40 patient dose escalation study* SBT6050 Pharmacodynamic (PD) markers indicative of myeloid and T/NK cell activation generally
increase with dose, plateauing at 0.6 mg/kg PD activity is maintained with repeat dosing SBT6050 payload detected in intratumoral macrophages and on tumor cells SBT6050 monotherapy or in combo with pembro has a manageable safety
profile Common adverse events consistent with immune activation Safety profile of SBT6050 in combination with pembrolizumab was similar to SBT6050 monotherapy Non-overlapping adverse events with other
HER2-directed agents support combination with Enhertu and Herceptin+Tukysa Tumor-localizing antigen: HER2 moderate and high expression (pertuzumab epitope targeted) Early signals of anti-tumor activity in a heavily pre-treated heterogenous
population Among 18 evaluable patients for tumor types of interest, one Partial Response (PR) Target cell: myeloid cells (-55%, NSCLC) maintained at the most recent available scan obtained at 36 weeks post-enrollment, and 8 weeks after
discontinuing study treatment Payload: proprietary TLR8 agonist Stable Disease (SD) reported in seven patients Next readout: 1H 2022 - additional interim Phase 1 dose-escalation data * August 1, 2021 data cut-off date 8
Phase 1/1b dose escalation study; projected RP2D determined for
expansion cohorts Part 1: monotherapy dose escalation Part 2: monotherapy tumor specific cohorts SBT6050 SC injection Q2W SBT6050 SC injection Q2W HER2-expressing (IHC 2+ or 3+) or HER2-amplified advanced cancers expressing HER2 BC, gastric/GEJ, and
NSCLC 0.3 mg/kg 0.6 mg/kg 0.9 mg/kg 1.2 mg/kg Part 3: pembrolizumab combination dose escalation Part 4: pembrolizumab combination expansion cohort HER2-expressing (IHC 2+ or 3+) or HER2-amplified advanced cancers SBT6050 SC injection Q2W;
pembrolizumab 400 mg IV Q6W SBT6050 SC injection Q2W; pembrolizumab 400 mg IV Q6W expressing HER2 solid tumors 0.15 mg/kg 0.3 mg/kg 0.6 mg/kg* Part 5: cemiplimab combination expansion cohort SBT6050 SC injection Q3W; cemiplimab 350 mg/kg IV Q3W
positive expressing HER2 gastric/GEJ cancer, HER2 NSCLC HER2 status: positive HER2 = HER2 IHC 3+ or IHC 2+/amplified expressing HER2 = HER2 IHC 2+, or IHC3+, or amplified low HER2 = HER2 IHC 2+/ not amplified *Currently enrolling | Data presented
are interim data with a data cut-off date of August 1, 2021 9Phase 1/1b dose escalation study; projected RP2D determined for expansion cohorts Part 1: monotherapy dose escalation Part 2: monotherapy tumor specific cohorts SBT6050 SC injection Q2W
SBT6050 SC injection Q2W HER2-expressing (IHC 2+ or 3+) or HER2-amplified advanced cancers expressing HER2 BC, gastric/GEJ, and NSCLC 0.3 mg/kg 0.6 mg/kg 0.9 mg/kg 1.2 mg/kg Part 3: pembrolizumab combination dose escalation Part 4: pembrolizumab
combination expansion cohort HER2-expressing (IHC 2+ or 3+) or HER2-amplified advanced cancers SBT6050 SC injection Q2W; pembrolizumab 400 mg IV Q6W SBT6050 SC injection Q2W; pembrolizumab 400 mg IV Q6W expressing HER2 solid tumors 0.15 mg/kg 0.3
mg/kg 0.6 mg/kg* Part 5: cemiplimab combination expansion cohort SBT6050 SC injection Q3W; cemiplimab 350 mg/kg IV Q3W positive expressing HER2 gastric/GEJ cancer, HER2 NSCLC HER2 status: positive HER2 = HER2 IHC 3+ or IHC 2+/amplified expressing
HER2 = HER2 IHC 2+, or IHC3+, or amplified low HER2 = HER2 IHC 2+/ not amplified *Currently enrolling | Data presented are interim data with a data cut-off date of August 1, 2021 9
SBT6050 activation of innate and adaptive immune response may enhance
and expand the effectiveness of Libtayo 1 SBT6050 activates myeloid cells, including dendritic cells, which then recruit and activate anti-tumor T cells Induction of myeloid cell activation along with increases in immune cell infiltrate/activation