Sell-side Analyst Day

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Agenda 2:00 - 2:05 pm Introducing our team 2:05 - 2:20 pm

IL-6 renaissance 2:20 - 3:00 pm TED 3:00 - 3:40 pm ASCVD 3:40 - 3:50 pm Key business items 3:50 - 4:30 pm Q&A and discussion 4

Experienced leadership team Sandeep Kulkarni, MD Yung Chyung, MD Brad

Middlekauff, JD Susan Dana Jones, PhD Chief Technology Co-founder and Chief Medical Chief Business Officer and Chief Executive Officer Officer General Counsel Officer Kevin Johnson, PhD Ryan Iarrobino Gerhard Hagn Dora Rau Chief Regulatory Senior

Vice President, Senior Vice President, Senior Vice President, Officer Product Development Head of Commercial & BD Head of Quality 5

Key highlights An IL-6 renaissance is underway: new insights emerging

about a broad range of indications where IL-6 may be clinically validated TOUR006 offers potential for low volume, infrequent subcutaneous administration We are rapidly advancing TOUR006 into mid/late-stage development Our team has extensive

experience developing and commercializing antibodies for orphan and autoimmune diseases Cash runway expected to fund development through 2026* *Upon completion of the merger with Talaris and pre-closing financing 6

Our lead indications Thyroid eye disease (TED): an Atherosclerotic

cardiovascular disease inflammatory disease that affects the (ASCVD): a leading cause of global tissue surrounding the eye morbidity and mortality TOUR006's upstream mechanism of action coupled Emerging clinical evidence

appears to validate with its convenient low volume, low frequency, decades-long research on IL-6 as a key subcutaneous administration profile could make it an cardiovascular risk factor optimal treatment option for first-line TED TOUR006

could pursue a fast follower strategy, with Mechanism clinically validated after >300 TED potential for less frequent dosing than competitor IL- patients treated with IL-6 blockers, showing 6 agents in ASCVD autoantibody reductions and

evidence of clinical benefit Phase 2 ASCVD biomarker trial expected to begin in 2024 Phase 2b TED study expected to begin in External pipeline of phase 3 trials by big pharma has Q3 2023 potential to validate IL-6 inhibition

in addressing ASCVD and other cardiac disorders 7

Clinical development plan for TOUR006 Indication Preclinical Phase 1

Phase 2 Phase 3 Expected Key Milestones Phase 2b expected to begin in Q3 2023 Thyroid Eye Disease Phase 2 open label basket trial expected to begin in early 2024 Plan to submit IND in H1 Atherosclerotic 2024 Cardiovascular Disease Phase 2 expected

to begin in 2024* *The FDA may require us to conduct a Phase 1 trial in ASCVD. Additional indications under evaluation 8

We are in an IL-6 renaissance Development timeline for IL-6 pathway

inhibitors First wave of IL-6 pathway inhibition IL-6 renaissance 10 indications approved Growing evidence implicating IL-6 in rare and large market diseases 1M+ patients treated Opportunities to expand into wide range of indications across

therapeutic areas $3.5B+ annual sales in 2022 2010-2014: 2017-2023: 2023: 2023+: Large body of potential indications Initial indication Expansion into Current late- Cardio: ACS AM CM IS approval set new indications stage programs Derm: BP PV RA GCA

AE Endo: Graves' GI: sJIA CRS AMR CD UC pJIA NMOSD ASCVD Hem: ITP TTP MCD SSc-ILD HF Neph: IgAN MN COVID19 MG Neuro: CIDP IBM PPMS RRMS PMR MOGAD Ophth: DME NIU TED Resp: CHP IPF PAP Sarcoid UME Rheum: AAV IgG4-RD SjS WG AAV: ANCA-associated

vasculitis; ACS: Acute coronary syndrome; AE: Autoimmune encephalitis; AM: Acute myocarditis; AMR: Antibody mediated rejection; ASCVD: Atherosclerotic disease; BP: Bullous Tourmaline indication pemphigoid; CD: Crohn's disease; CHP: Chronic

hypersensitivity pneumonitis; CIDP: Chronic inflammatory demyelinating polyneuropathy; CM: Cardiomyopathy; COVID19: Coronavirus disease 2019; CRS: Cytokine release syndrome; DME: Diabetic macular edema; GCA: Giant cell arteritis; GD: Graves'

disease; HF: Heart failure; IBM: Inclusion body myositis; IgAN: IgA nephropathy; IgG4-RD: IgG4 related disease; IPF: Idiopathic pulmonary fibrosis; IS: Ischemic stroke; ITP: Idiopathic thrombocytopenic purpura; MCD: Multicentric castleman's

disease; MG: Myasthenia gravis; MN: Membranous nephropathy; 9 MOGAD: Myelin oligodendrocyte glycoprotein antibody-associated disease; NIU: Non-infectious uveitis; NMOSD: Neuromyelitis optica spectrum disorder; PAP: Pulmonary alveolar proteinosis;

pJIA: Polyarticular juvenile idiopathic arthritis; PMR: Polymyalgia rheumatica; PPMS: Primary progressive multiple sclerosis; PV: Pemphigus vulgaris; RA: Rheumatoid arthritis; RRMS: Relapsing remitting multiple sclerosis; Sarcoid: Sarcoidosis; sJIA:

Systemic juvenile idiopathic arthritis; SjS: Sj gren's syndrome; SSc-ILD: Systemic sclerosis interstitial lung disease; TED: Thyroid eye disease; TTP: Thrombotic thrombocytopenic purpura; UC: Ulcerative colitis; UME: Uveitic macular edema; WG:

Wegener's granulomatosis

IL-6 drives production of autoantibodies and inflammation 1 IL-6

mediated impacts on B and T cell pathways Translational evidence IL-6 enhances antibody production and TOUR006 induces plasma cell differentiation and TGF- IL-6 2 survival IL-6 CD4 + CD4 CD8 T- + TFh T-cell T-cell cell TH17 In

ex vivo experiments using samples from patients with NMO, IL-6 shown to promote IL-6 IL-21 IL-21 TOUR006 IL-6 + plasmablast survival and stimulate anti- TOUR006 + 3 AQP4 secretion Survival Cytotoxic IL-21 B-cell CD8 Extensive observations in

TED and other T-cell Plasma cell IL-6 autoantibody disease that IL-6 blockade + TOUR006 suppresses autoantibody levels Memory Recent approval of satralizumab in NMOSD Antibody Extracellular Intracellular B-cell production immunity immunity

offers strong evidence of anti-IL-6's potential in autoantibody driven diseases 1. Adapted from Cabezas et al., Front. Immunol. (2022) 10 2. Dienz et al., JEM (2009) 3. Chihara et al., Proc. Natl. Acad. Sci. U.S.A. (2019)

TOUR006, a fully human, high affinity antibody that neutralizes IL-6 is

in advanced stages of development Fully human antibody that neutralizes IL-6 levels with high Median serum concentration time profile of CRP from all subjects following affinity day 1, 28, and 56 following multiple intravenous doses of TOUR006 to RA

Kd of 6 pM subjects (Study B0151002) Terminal half-life 47-58 days 12 Generated from Medarex transgenic mouse platform 10 Robust existing clinical data package Two Phase 2 studies completed (SLE and Crohn's) 8

448 subjects have been dosed with TOUR006 Durable and deep IL-6 signaling blockade observed with 6 infrequent dosing as low as 10mg every 4 weeks As measured by C-reactive protein (CRP), a pharmacodynamic 4 marker of IL-6 signaling 2

Limited immunogenicity Across 448 subjects dosed with TOUR006, only 2 subjects generated ADAs following treatment 0 1 7 14 28 35 42 56 63 70 84 Study Day Generally well-tolerated profile to date consistent with IL-6 class TOUR006 30 mg

TOUR006 10 mg Placebo Source: PF-04236921 Investigator's Brochure, dated February 2015 11 Median Value for C-Reactive Protein (mg/L)

TOUR006's potential profile: subcutaneous, low volume, low

frequency injections Drug Properties Dosing interval (days) QW Q2W Q4W Q8W Q12W Indications being Black box ROA Drug Company Target Stage | | | | | pursued warning Drug not TOUR006 IL-6 In Phase 2b TED, ASCVD 56-84 approved Actemra RA, GCA, pJIA,

sJIA, 7-14 IL-6R Approved Yes (tocilizumab) SSc-ILD Kevzara IL-6R Approved RA, PMR Yes 14 (sarilumab) SC Enspryng NMOSD, AE, MG, IL-6R Approved No 28 (satralizumab) MOGAD, TED Drug not Ziltivekimab IL-6 In Phase 3 ASCVD (CKD), HF 28 approved Drug

not Clazakizumab IL-6 In Phase 2/3 AMR 28 approved Actemra RA, GCA, pJIA, sJIA, IL-6R Approved Yes 28 (tocilizumab) CRS, COVID19 Sylvant IL-6 Approved MCD No 21 IV (siltuximab) Drug not Clazakizumab IL-6 In Phase 2/3 ASCVD (ESKD) 28 approved Drug

not RG6179 IL-6 In Phase 3 UME, DME IVT 28 approved Indication Key: Approved Investigational Source: company reports, publications, FDA review documents, package inserts 12 AE: Autoimmune encephalitis; AMR: Antibody mediated rejection; ASCVD:

Atherosclerotic disease; COVID19: Coronavirus disease 2019; CRS: Cytokine release syndrome; DME: Diabetic macular edema; GCA: Giant cell arteritis; HF: Heart failure; MCD: Multicentric castleman's disease; MG: Myasthenia gravis; MOGAD: Myelin

oligodendrocyte glycoprotein antibody-associated disease; NMOSD: Neuromyelitis optica spectrum disorder; pJIA: Polyarticular juvenile idiopathic arthritis; PMR: Polymyalgia rheumatica; RA: Rheumatoid arthritis; sJIA: Systemic juvenile idiopathic

arthritis; SSc-ILD: Systemic sclerosis interstitial lung disease; TED: Thyroid eye disease; UME: Uveitic macular edema

TOUR006 has broad potential beyond autoantibody reduction An

"FcRn-plus" opportunity 1,2 Modes of action for IL-6 inhibition Potential benefits of IL-6 inhibition versus FcRn inhibition 3,4,5 1,2,6 FcRn inhibition IL-6 inhibition IL-6 inhibition impacts: Autoantibody reductions

Pathogenic B-cell and plasma cell proliferation Inhibition of autoantibody production Pathogenic Th17 and Tfh cell Anti-inflammatory effects beyond proliferation and differentiation autoantibody reduction Acute phase

proinflammatory Durability of effect signaling Low administration burden Circulation of pathogenic autoantibodies Favorable long-term ? safety profile 1. Cabezas et al., Front. Immunol. (2022) 5. Vyvgart, Vyvgart Hytrulo,

and Rystiggo FDA labels 13 2. Dienz et al., JEM (2009) 6. Tourmaline PK/PD modelling 3. Howard et al., Lancet Neurol (2021) 4. Patel and Bussel, J Allergy Clin Immunol (2020)

IL-6 inhibition has the potential to address a wide range of

autoantibody driven & other inflammation meditated conditions US Prevalence (2022) Atherosclerotic disease 24M Ischemic stroke 9.4M Heart failure 6.7M Cardiovascular Cardiomyopathy 800K Acute coronary syndrome* 780K Acute myocarditis* 70K

Pemphigus vulgaris 30K Dermatology Bullous pemphigoid 8K Endocrinology Graves' disease* 120K Crohn's disease 570K Gastrointestinal Ulcerative colitis 500K Idiopathic thrombocytopenic purpura 67K Hematology Thrombotic thrombocytopenic purpura 3K IgA

nephropathy 60K Nephrology Membranous nephropathy* 4K Primary progressive multiple sclerosis 620K Relapsing remitting multiple sclerosis 91K Myasthenia gravis 58K Neurology Autoimmune encephalitis 46K Chronic inflammatory demyelinating

polyneuropathy 16K Inclusion body myositis 11K Neuromyelitis optica spectrum disorder 7K Diabetic macular edema 750K Ophthalmology Non-infectious uveitis 400K Thyroid eye disease* 30K Sarcoidosis 200K Idiopathic pulmonary fibrosis 70K Respiratory