Pioneering the Next Generation of Redirected T Cell Engaging Therapeutics in Immuno-Oncology April 2020

CONFIDENTIAL 1 Agenda

• Corporate Overview: Leader in T Cell Engaging Therapy in Solid Tumors

• The Opportunity: T Cell Engaging Therapy in Solid Tumors – Game Changing

• The Maverick Solution: COBRA™ Therapeutic Platform

• COBRATM Platform Validation: Lead Candidate MVC-101

• Path to Treating Patients: Clinical Strategy & Indications of Interest

• Single Focus on Developing T Cell Engaging Therapies: COBRA™ Pipeline

2 Breakthroughs in Cancer Immunotherapy Development

FDA First Bispecific T Cell Engager First report of efficacy & approved for Precursor B cell ALL safety of CAR-T cell FDA BLINCYTO® (blinatumomab) CD19 x CD3 First autologous cellular Therapy or a FDA FDA Bispecific T Cell Engager immunotherapy approved First Check Point Inhibitors First CAR-T Cell Therapy for prostate cancer in solid tumors (Anti-PD-1) approved for approved for ALL PROVENGE® (sipuleucel-T) advanced melanoma KYMRIAH® (tisagenlecleucel) KEYTRUDA® (pembrolizumab), OPDIVO® (nivolumab)

1992 2011 2015 2018

2010 2014 2017 202X

FDA FDA FDA James Allison, PhD & Tasuku IL-2 approved First Checkpoint Inhibitor First Oncolytic Virus approved for melanoma Honjo, MD, PhD win Nobel Peace for metastatic (Anti-CTLA-4) approved Prize for Checkpoint Inhibitors renal cell for metastatic melanoma IMLYGIC® (T-VEC) carcinoma YERVOY® (ipilimumab) FDA PROLEUKIN® CAR-T Cell Therapy (aldesleukin) approved for B cell lymphoma YESCARTA® (axicabtagene ciloleucel)

FDA = accelerated approval www.drugs.com/approvalhistory 3 ALL = acute lymphoblastic leukemia www.nobelprize.org/prizes/medicine/2018/press-release CORPORATE OVERVIEW

mavericktx.com Maverick Therapeutics Introduction

• Immuno-Oncology company launched in 2017

• Our Mission: Become the Leader in T Cell Engaging Therapy in Solid Tumors

COBRA™: A novel conditionally active T cell engager designed to safely target solid tumors with highly specific and potent activity

4 Partnerships

Develop proprietary, best-in-class, T cell-engaging Focus antibody therapeutics

Validation of approach, Strategic scientific platform and programs by key industry Validation leaders

$125M of 5 year drug development project based on the promise Committed Funding of early-stage research

5 Leadership Team

7 THE OPPORTUNITY

T Cell Therapy in Solid Tumors = Game Changing Opportunity

mavericktx.com The Promise of Bispecific T Cell Engagers

• BiTEs are a class of bispecific antibodies BiTEs significantly enhance immune response (bsAbs) used for cancer treatment to tumors relative to antibody dependent • They are a fusion between tumor-targeting cellular cytotoxicity (ADCC) and T cell engaging recombinant antibody fragments blinatumomab

rituximab 100,000 fold Specific Cytotoxicity [%] Cytotoxicity Specific

Antibody Concentration [ng/ml] Dreier, et al. (2002), Int. J. Cancer, 100: 690–697

2012: Amgen acquires Micromet for $1.2 billion 2014: FDA grants accelerated approval of blinatumomab (Blincyto®) for the treatment of adult patients with relapsed or refractory ALL

8 The Challenge of bsAbs Beyond Hematological Cancers

Normal Tissue Tumor Tissue • bsAbs redirect T cells to cell surface targets, regardless of whether expressed on the T cell tumor or on healthy tissues

B-cell counts of 20 patients treated with blinatumomab • Blinatumomab transiently depletes normal B B-cell Depletion (to ≤1/ μl) cells in hemo-onc patients, which can be tolerated • Damage to normal tissues by bsAbs results in significant toxicity and limits patient response by lowering the dose that can be safely administered

Klinger, et al. (2012), Blood, 119:6226-6233 The COBRA™ design can manage the limitations of less specific bsAb targets, by taking advantage of the tumor’s unique proteolytic microenvironment for T cell activation

9 I/O Landscape: Enormous Unmet Need in Solid Tumors

Hematological Cancers Solid Tumor Cancers

Breast, lung, prostate, colorectal, Cancer Types Lymphoma, leukemia, myeloma melanoma, uterine & ovarian, kidney & renal, head & neck, pancreas, others

• Bispecific T cell engagers (blinatumomab) • Checkpoint Inhibitors (nivolumab, Therapies • CAR-T (tisagenlecleucel, pembrolizumab, ipilimumab) axicabtagene ciloleucel)

Average Overall 40 – 93%** 0.5 – 24%** Response Rates

# of new cases* 174,000 = ~10% of all cancers 1,561,000 = ~90% of all cancers

There are 900% as many solid tumor cancers as there are hematological cancers

* American Cancer Society, 2018 ** Based on efficacy data in prescribing information for each therapy listed 10 THE MAVERICK SOLUTION

COBRA™: A Novel Conditionally Active Bispecific Antibody

mavericktx.com COBRA™ Construct Design and Predicted Folding

EGFR/MMP9 = MVC-101 = Maverick COBRA™ Program 1

Protease 8 a.a. Cleavable Linker 8 a.a.

αEGFR sdAbCOBRAα™CD3 V=H ConditionalαCD3 VL BαispecificEGFR sdAb Rinactiveedirected VL inactive Activation VH αHSA sdAb

Inactivated VH & VL domains pair with αCD3 VH & VL domains

Analytical Size Exclusion Chromatography

DAD1 A, Sig=280,2 Ref=off (JK180703 SEC lot 803 2018-07-03 11-14-55\005-P1-A5-Pro186 lot PL-0803.D) mAU 700 15.741

600 Monomer = 97.5%

500

400

300 Predicted COBRA™ Folding 200

100 17.004 0 14.698

2.5 5 7.5 10 12.5 15 17.5 20 22.5 mi n Protein A and Preparative SEC purification

12 Cleaved MVC-101 Dimerizes to Form the Active Molecule

MVC-101 MVC-101 Cleavage Products MVC-101 Active Dimer

αCD3 inactive αCD3 agonist VH and VL VH and VL (dimer of αCD3 VH and VL )

+

Binds EGFR Binds EGFR Binds serum albumin Binds EGFR Impaired CD3 binding Impaired CD3 binding Binds CD3 Binds serum albumin

13 Characterization of COBRA™ Binding

Binding kinetics to EGFR, serum albumin and CD3ε were assessed via the Octet system

sdAb MVC-101 Active MVC-101 (monovalent EGFR binding) (bivalent EGFR binding) (tetravalent EGFR binding) αEGFR αEGFR αCD3 αHSA αEGFR αCD3 KD (nM) KD (nM) KD (nM) KD (nM) KD (nM) KD (nM) Human 2.7 0.12 nb 11.3 <0.01 1.7 Cyno 6.3 0.14 nb 10.8 <0.01 2.4 Mouse nb* nb nb 106.3 nb nb *nb = no binding

14 COBRA™ Mechanism of Acon Watch our mechanism of action video here: https://www.mavericktx.com/technology/#our-science

= Cell Surface Target Antigen

= MVC-101; = cMVC-101; = inactivating domain; = adMVC-101

15 COBRA™ PLATFORM VALIDATION

MVC-101: In Vivo Efficacy Data

mavericktx.com Activated MVC-101 Demonstrates Potent In Vitro Activity

HT29 Tumor Cells E:T 10:1 T cell Killing Assay 48 hours

1.0 MVC-NCL (Non-cleavable) 200X MVC-101 0.5 MVC-101 Pre-Cleaved Tumor cells - RLU - cells Tumor 0.0 1 0.1 10 0.01 100 0.001 1000 Concentration (pM)

17 MVC-101 Regresses Established Solid Tumors in Mice

8,774 EGFR/cell 33,218 EGFR/cell 239,344 EGFR/cell Cell Lines: LoVo HT29 SCC25

2000 2000 2000 ) 3 1500 1500 1500

1000 1000 1000

500 500 500 Tumor Volume (mm Volume Tumor 0 0 0 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 40 45 Days post initial dose Days post initial dose Days post initial dose MVC-NCL - 100 µg/kg MVC-101 - 100 µg/kg MVC-101 - 20 µg/kg MVC-101 - 4 µg/kg

Dosed every 3 days for 7 doses total

18 Cleaved MVC-101 Clears More Rapidly Than Intact MVC-101

PK in non-tumor bearing mice LoVo 10000 2000

MVC) -NCL 1000 3 1500 100 1000 10 MVC-101 500 Plasma Conc (ng/mL) Conc Plasma 1 Tumor Volume (mm Volume Tumor 0.1 0 0 24 48 72 96 120 144 168 MVC-1010 5 10 15 20 25 30 35 Time (Hours) Pre-Cleaved Days post dose initiation MVC-NCL - 100 µg/kg MVC-NCL - 100 µg/kg MVC-101 - 100 µg/kg MVC-101 - 100 µg/kg Pre-Cleaved MVC-101 - 100 µg/kg Pre-Cleaved MVC-101 - 100 µg/kg

19 Preclinical Results Predict Increased Therapeutic Window MVC-101 exposures at efficacious doses relative to tolerated doses predicts an increased therapeutic window compared to standard T cell engagers

Standard T Cell Engagers

Maximum Efficacious Tolerated Dose Dose Biological Response Level

Log (exposure)

20 Preclinical Results Predict Increased Therapeutic Window MVC-101 exposures at efficacious doses relative to tolerated doses predicts an increased therapeutic window compared to standard T cell engagers

COBRA™ MVC-101

Increased Therapeutic Window Maximum Efficacious Tolerated Dose Dose Biological Response Level

Log (exposure)

21 PATH TO TREATING PATIENTS

Clinical Strategy & Indicaons

21 COBRA Safety Mechanisms Enable Increased FIH Dose • FDA requires MABEL* starting dose for standard bispecific T cell engagers

• COBRA safety features & robust pre-clinical safety package combined with an ex-US strategy allow Maverick to maximize FIH dose COBRA™ MVC-101

Startingon range feedback based “... [We] would, in principle, accept the proposed approach based on the HNSTD, provided that the Sponsor is confident that the calculated starting dose should not MABEL be sub-efficacious in the proposed patient population” Biological Response Level

Log (exposure)

*MABEL = minimum anticipated biological effect level 22 Clinical Development Strategy

• Utilize ex-US regulatory feedback to maximize starting dose

• Dose Escalation run in Australia Head & Neck SCC N = 15-20

Colorectal Cancer X μg/kg N = 15-20

X μg/kg Non-Small Cell X μg/kg Lung Cancer X N = 15-20 X μg/kg X μg/kg μg/kg Transition to select • Begin US IND filing once sufficient indications and 3+3 safety data has been collected 1+3 design for design prior to • Dose Expansion run in AUS and US inial steps expansion

25 Patient Populations of Interest

Head and Neck Colorectal Cancer Non-Small Cell Lung Squamous Cell (CRC) Cancer (NSCLC) Carcinoma (HNSCC) High (97%) Constant for both Most consistent EGFR Expression constitutively KRAS mutant and within EGFR mutant Consistency expressed for all wildtype2 subtype3 subtypes1 Standard of Care Efficacy* Bar – pembrolizumab4 regorafenib5 docetaxel6 Objective Response 16% 1% 15% Rate (ORR) *Based on MVC-101 target clinical positioning

1. Zimmerman M, et al. (2006), Radiat Oncol, 10.1186/1748-717X-1-11 2. Callisia C, et al. (2015), Journal of Gastrointesnal Oncol, 6(6):660-667 3. Mascaux C, et al. (2011), Clin Cancer Res, 24:7796-807 4. hps://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_pi.pdf 5. hp://labeling.bayerhealthcare.com/html/products/pi/Svarga_PI.pdf 6. hp://uspl.lilly.com/cyramza/cyramza.html

26 Path to Early Line: Head and Neck SCC (HNSCC)

HNSCC Initial Presentation

60% 30% 10% Worldwide1 US2 AUS3 Resectable Unresectable Metastatic Surgery ± Anti-PD1 moving to induction therapy New Cases per Year 700,000 50,000 5,200 Radiation Induction Platinum Chemo Deaths per Year 380,000 10,000 1,200 Therapy: + Radiation

30% 40%

Recurrent Unresectable Locally • 98% EGFR positive by IHC Advanced or Metastatic Disease

90% 10% • PD-1 combination: Potential path to first line for COBRATM 1st Line: Anti-PD1 + MVC-101 EXTREME4

2nd Line: EXTREME4 Anti-PD1

16% ORR

2nd Line MVC-101 1. World Health Organization Or Later: 2. National Cancer Institute 3. Australian Institute of Health and Welfare 4. Cetuximab + platinum + fluorouracil

27 Path to Early Line: Colorectal Cancer (CRC)

Unresectable Metastac CRC

Worldwide1 US2 AUS3

Molecular testing New Cases per Year 1,800,000 145,000 16,400

Deaths per Year 861,000 51,000 5,600 Ras Mut (30-50%) Ras WT (25-30%) BRAF Mut MSI-H

Chemo4 + Limited Paent 1st Line: Chemo4 + Bev5 Anti-EGFR6 Populaon 42% • 83% EGFR positive by IHC 38%

2nd/ (3rd) Chemo4 + Regorafenib MVC-101 “More than 90% of patients with Line: Bev5 metastatic colorectal cancer will require second-line treatment.”7 1 % ORR 42%

3rd Line MVC-101 Or Later: Regorafenib 1. World Health Organization 2. National Cancer Institute 3. Australian Institute of Health and Welfare 4th Line MVC-101 4. 5-FU + Oxaliplatin + Irinotecan given concurrently (FOLFOXIRI) or sequentially Or Later: (irinotecan monotherapy 2nd) 5. Bevacizumab 6. Cetuximab or panitumumab 7. Tanios Bekaii-Saab (2018) Clinical Advances in Hematology & Oncology 16 (9) Supp 18

28 SINGLE FOCUS ON DEVELOPING T CELL ENGAGING THERAPIES

COBRA™ Pipeline

31 COBRA™ Platform Pipeline

32 Maverick Achievements

ü We have designed a conditionally active, highly potent T cell engaging platform

ü In vitro assays demonstrate protease mediated linker cleavage increases potency of T cell-mediated killing up to 200-fold

ü Regression of established solid tumors in xenograft-bearing mice is dependent on tumor mediated activation

ü Half-life extended MVC-101 has a more rapid clearance rate post proteolytic activation

ü Exploratory tox study validates COBRA mechanism of action and establishes meaningful therapeutic index

ü First-in-class programs with best-in-class design

31 Maverick Highlights

UNMET MEDICAL NEED The COBRA™ platform is designed to safely target a broad range of solid tumors with highly specific and potent activity while limiting on-target toxicities in normal tissues TECHNOLOGY Proprietary, best-in-class, T cell-engaging antibody therapeutics that are selectively activated by the tumor microenvironment INTELLECTUAL PROPERTY Patents issued for T cell engaging and half-life extension domains; multiple patents filed for conditionally active formats PEOPLE Maverick is led by a team of leading experts in protein engineering, immunotherapy and T cell therapeutic research and development FUNDING/MILESTONES $125M of committed funding through 2021, providing the runway for clinical proof of concept in patients

32 Thank You

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