Kintor Pharmaceutical Limited Developing Novel Drugs and Commercialisation Platform

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1 Table of Contents

01 Company Overview

02 Investment Highlights

03 Our Strategies

04 Financial Overview

2 Section 1 Company Overview Kintor at a Glance

2009 Oncology & AR-Focused1 6+N Pipeline Established as Suzhou Kintor by Focused on oncology AR-related diseases Small molecule & biological drugs: 6 potential Dr. Tong and Dr. Guo with substantial unmet medical needs first/best-in-class in clinical, N in pre-clinical

Indications Geographic Expansion COVID-19, fastest growing cancers (prostate, Potentially leveraging our global relationships breast & liver) globally, and other AR-related to license-out select products for rapid global indications like AGA2 and vulgaris expansion in the future

Proxalutamide Pyrilutamide ALK-1 antibody Our lead product, indications in COVID-19, Ph II patients enrolment completed in Dec 2020 , A new anti-angiogenesis inhibitor, positive prostate cancer, and breast cancer. NDA filing indications in androgenetic alopecia and acne data of HCC phase II trial in Taiwan, to in 2021 vulgaris commence trials in China and US

Note: 1 AR refers to receptor 2. AGA:androgenetic alopecia 4 Our Mission

COVID-19: The pandemic spread and the total cases and deaths keep increasing (Dated Mar 27, 2021)

Total Cases (’000) Total Deaths (‘000) 127,274 2,789 30,917 12,490 562 310

Globe US Brazil Globe US Brazil

Cancer: Prostate cancer, breast cancer and liver cancer contributed to c.34% among Top 10 new cancer cases in 2019

2,152.8 2,133.7 New cases in 2019 ('000)) 1,849.1 1,364.2 1,315.5 1,061.4 862.2 602.6 587.7 580.4

Our mission Lung Breast Colorectum Prostate Stomach Liver Lymphoma Esophagus Cervix uteri Other AR-related diseases: including Focus on developing potential “best-in-class” androgenetic alopecia and acne vulgaris and “first-in-class” novel drugs and # of Patients with Androgenetic # of Patients with Androgenetic Alopecia (million) Alopecia (million) commercialisation platform with the goal of 140.4 137.4 90.4 133.7 83.1 86.7 becoming a leading innovator of drugs 128.4 81.2

2015 2019 2024E 2030E 2015 2019 2024E 2030E # of Patients Aged 10-25 with # of Patients Aged 10-25 with Acne Vulgaris (million) Acne Vulgaris (million) 122.5 121.3 33.7 118.9 32.5 31.3

2018 2023E 2028E Source: Frost & Sullivan 2018 2023E 2028E

5 Products Pipeline

Target / Country/ Drug Candidate Indication Pre-Clinical IND Filing Phase I Phase II Phase III NDA Mechanism Region (Filed)|(Accepted) COVID-19 (Outpatients) US MRCT IND approved

COVID-19 (Inpatients, including ICU)* US Preparing for IND

COVID-19 (Outpatients)* MRCT Preparing for IND

COVID-19 (Inpatients) Brazil Released preliminary results on Mar 10, 2021 Second generation mCRPC China Expected to submit NDA in 2021 (GT0918) AR antagonist Combination therapy with Abiraterone for China Expected to complete patients enrolment in 2021 mCRPC mCRPC US Expected to complete phase II in 2021

Metastatic breast cancer China Combination therapy with , Letrozole China and Fulvestrant for metastatic breast cancer Androgenetic alopecia China Completed patients enrolment in Dec 2020

Pyrilutamide AR antagonist Androgenetic alopecia US Stage Products Stage (KX-826) (for external use) Acne vulgaris China Acne vulgaris US

Clinical Combination therapy with a PD-1 for metastatic Taiwan Interim data was released at ASCO GI in Jan 2021 HCC (2L) Combination therapy with a PD-1 for metastatic US MRCT ALK-1 Angiogenesis HCC (2L) (GT90001) inhibitor Liver cancer (1st-line combination therapy) China Preparing for IND Combination therapy with KN046 (PD-L1/CTLA-4) Taiwan for HCC, gastric cancer, urothelial tumor, ESCC Detorsertib mTOR kinase Metastatic solid tumours China (GT0486) inhibitor Hedgehog/ Leukaemia China GT1708F SMO inhibitor BCC US AR degrader GT20029 AGA and acne vulgaris China (PROTAC) PD-L1 / TGF-β dual Prepare for IND GT90008 Multiple types of solid tumours targeting antibody Other AR degraders

Clinical Multiple indications

- (PROTAC)

Pre c-Myc inhibitor Blood cancer Trials initiated by Kintor Trials initiated by Kintor and partners Trials initiated by Investigators mCRPC = metastatic castration-resistant prostate cancer, MRCT = Multi Regional Clinical Trial, HCC = hepatocellular carcinoma, BCC = basal- carcinoma, PROTAC = proteolysis targeting chimera ESCC = Esophageal squamous cell carcinoma * Subject to regulators’ approval 6 Achievements and Near-Term Outlook of Proxalutamide in COVID-19

Brazil 2020 MRCT • Proxalutamide o Outpatients - Initiated the clinical 2021 research with Applied Biology in July • Proxalutamide - First patient enrolled on o Outpatients Aug 20 - Prepare for MRCT - Completed patients The U.S. enrollment on Oct 25 - Published preliminary 2021 data of male patients on • Proxalutamide Dec 11 o Outpatients - Approved to conduct Phase III trial on Mar 5 - Commence patients enrolment in April 2021 • Proxalutamide o Hospitalised - Clinical trial approved by IRB on Jan 28 - Completed patients enrolment on Feb 22 - Released preliminary analysis of hospitalized on March 11 o Outpatients - Released final results of male outpatients on Jan 7 - Released preliminary results of female outpatients on Jan 10

7 Achievements and Near-Term Outlook in other R&D

Greater China 2020 • Proxalutamide 2021 o mCRPC • Proxalutamide - Completed phase III patients enrolment in o mCRPC August - Complete Phase II in 1H • Pyrilutamide - Publish result of Ph. II at ASCO o Acne Vulgaris GU in February - Received IND approval in September • ALK-1 o AGA o HCC - Complete patients enrolment in Dec - IND approved in Feb • ALK-1 o HCC and other indications - Conducted the combination therapy with PD-L1 / CTLA-4 bispecific of Alphamab in July, and commence global trials The U.S. successively 2021 • PD-L1 / TGF-β dual targeting antibody 2020 • Proxalutamide o Multiple types of solid tumours • Proxalutamide o mCRPC - Obtained an exclusive right from Gensun in o mCRPC - Apply for NDA August to promote the clinical development - Completed phase II patients - Published result of Ph. II at ASCO GU and commercialization in Greater China, and enrolment in July in February also obtained the right of first refusal - Obtained preliminary data of outside Greater China Ph. II in 4Q • Pyrilutamide o Acne Vulgaris • GT1708F • Pyrilutamide - Commence patients enrolment in Apr o Leukaemia o Androgenetic alopecia - Received IND approval in February - Completed phase Ib in August • ALK-1 o HCC • GT1708F - Released interim data of Taiwan Ph. o BCC II trial at ASCO GI in January - Received IND approval in November • AR degrader o AR-related diseases - IND was accepted in Feb

8 Growing from Small Molecules to Biologics: Joint Development + License-In + Innovation

With Alphamab: Cooperated with outstanding domestic and With Gensun: develop the combination foreign companies in R&D and manufacturing Introduce dual-targeting therapy of ALK-1 monoclonal of biologics antibody for layout of biologics antibody in dual/triple-targeting

In July 2020, entered into a partnership In Aug 2020, obtained an exclusive right from agreement with Alphamab to jointly Gensun to promote the clinical development develop the combination therapy of ALK-1 and commercialization in Greater China, and monoclonal antibody GT90001 and PD-L1 / also obtained the right of first refusal outside CTLA-4 bispecific antibody KN046 in Greater China. hepatocellular carcinoma (HCC).

With MabPlex: With Biotheus: all-round cooperation in the expand R&D strategies of R&D and manufacturing of biological drugs biologics

In Sep 2020, entered into a strategic In Oct 2020, entered into a strategic cooperation agreement with MabPlex, and the cooperation agreement on biological drug CMC work for GT90008 (PD-L1/TGF-β BsAb) development with Biotheus. was officially initiated.

9 Make A Breakthrough in Biological Compounds and Speed up Combo Therapies for A Variety of Tumours

Candidates Mono/combo therapies Indications

Combo Combination therapy with PD-1 or PD-L1 ➢ HCC therapies antibodies with other ➢ Multiple types of solid biological Combination therapy with PD-L1/TGF-β dual targeting antibodies tumours compounds ALK-1 Combination therapy with PD-L1/CTLA-4 ➢ HCC and multiple types bispecific antibodies of solid tumours

Combination therapy with other ➢ Multiple types of solid monoclonal/bispecific antibodies tumours

Monotherapy ➢ Multiple types of solid PD-L1/TGF-β tumours dual targeting Combination therapy with ALK-1 ➢ Multiple types of solid antibody tumours Combination therapy with other ➢ Multiple types of solid monoclonal/bispecific antibodies tumours

Combo ALK-1 Combination therapy with Proxalutamide ➢ mCRPC/mBC therapies -or- with small (AR antagonist) PD-L1/TGF-β molecules Combination therapy with Detorsertib ➢ Multiple types of solid dual targeting (mTOR inhibitor) tumours antibody

10 GMP Facilities and Commercialization

MANUFACTURING AND R&D BASE STRATEGIC COOPERATION AGREEMENT

• Sinopharm In March, signed the strategic cooperation agreement with Sinopharm in the market development of Pyrilutamide

• JD Pharmacy • c. 20,000 m2 factory in Suzhou In June, signed a strategic cooperation framework agreement with • Put into operation at the end of Aug 2020 JD Pharmacy in the marketing and sales of Pyrilutamide • Received production permit in 23 Nov, and will obtain China GMP certification, as well as FDA GMP and EU GMP subsequently • To meet the commercialization needs of Proxalutamide (50+ million tablets annual capacity) , and clinical needs of Pyrilutamide

• GloriousMed and HM Healthcare In Aug, signed a strategic cooperation framework agreement with GloriousMed and HM Healthcare to build a precise cancer treatment platform for patients of prostate cancer, breast cancer and other tumors

11 Section 2 Investment Highlights Investment Highlights

Risk-balanced and diversified pipeline of drug candidates targeting major 01 cancer types and other AR-related indications with substantial market potential

Proxalutamide was demonstrated likely the most effective drug for the treatment 02 of COVID-19 among current therapies in terms of positive clinical results

Potential best-in-class AR antagonist for mCRPC, forming the backbone of 03 potential combination therapies for AR-related cancers

Pyrilutamide is an AR antagonist developed as a novel topical drug for the 04 treatment of androgenic alopecia and acne vulgaris

ALK-1 is a potential first-in-class fully humanised IgG2 neutralising monoclonal antibody that can both inhibit the growth of tumour vessels / reduce their blood 05 flow and vascularisation

06 Other novel drugs indications in a bunch of solid tumors

Integrated R&D platform coupled with an experienced team of scientists enabling us to maintain quality and efficiency over our entire drug development 07 process

13 Risk-balanced Pipeline of Potential First- and Best-In-Class 1 Products…

Best-in-Class First-in-Class

Seek incremental yet significant improvements to Innovative drugs that seek to substantially expand the existing treatment options addressable market for the target indications

6 clinical-stage candidates Proxalutimide ALK-1 GT1708F Potential best-in-class Potential first-in- Quality candidates drug based on the well- class antibody to be Potential best-in-class researched AR used in combination Hedgehog signaling for potential combo therapy mechanism and proven Pyrilutamide with PD-1 for solid pathway SMO inhibitor target tumors Detorsertib GT20029 Potential first-in-class 10+ ongoing clinical studies drug based on AR Potential first-in-class AR-degrader developed mechanism target to mTORC1 and mTORC2 by using our in-house redefine androgenetic dual inhibitor Protac platform Global clinical program alopecia market in China(including Taiwan), U.S., and Brazil Fully in-house developed novel compounds

Proxalutamide - Patent expiration date is Mar 8, 2032; Pyrilutamide - Patent expiration date is Sep 8, 2030

Kintor has designed a two-pronged strategy for its Risk-balanced and Diversified product pipeline

Source: Company Prospectus, Frost & Sullivan analysis

14 AR Signaling Regulates ACE2/TMPRSS2 Mediated SARS-CoV-2 2 Infection

SARS-CoV-2 entry into host cells requires two host cell surface proteins: ACE2 and TMPRSS2.

• The spike protein need to be primed by TMPRSS2 before it could interact with ACE2 to get the RNA of the virus entered into host cells.

• The expression of TMPRSS2 and ACE2 are positively regulated by the AR signaling.

• Targeting AR-ACE2/TMPRSS2 signal axis could originally inhibit the entry of the virus into host cells by transcriptionally down-regulating the expression of TMPRSS2 and ACE2, which has gradually been receiving growing attention as potential therapies for COVID-19.

15 AR Antagonist Proxalutamide as a Potential Therapeutic Agent 2 for COVID-19

AR antagonists inhibit SARS-CoV-2 entry into host cells by inhibiting the function of AR and down-regulating the expression of ACE2 and TMPRSS2

16 2 COVID-19 and Androgen

Journals Articles Contents Notes

Blockage of AR signaling with AR antagonist Published in April 2020, and ranked top ten Proxalutamide (GT0918) reduced the expression of downloads in two topics (Mechanisms of Human ACE2 and TMPRSS2 in normal lung cells and cancer Disease and Anti-Infective Therapy) two weeks after Suppression of Androgen cells derived from prostate and lung cancer. publication Receptor (AR)- Proxalutamide (GT0918) also inhibited the expression of ACE2/TMPRSS2 Axis by AR SSRN inducible nitric oxide synthase (iNOS) and tumour Antagonists May Be necrosis factor-alpha (TNF α), the macrophage- Therapeutically Beneficial activation markers, in mouse macrophage cells. These for Male COVID-19 Patients results support the role of androgen-AR signalling in the disease progression and mortality in male patients with COVID-19

A retrospective study published in May 2020 SARS-CoV-2-infected men have a worse clinical outcome Androgen-deprivation than women, and cancer patients have an increased risk Annals therapies for prostate cancer of SARS-CoV-2 infection. Prostate cancer patients of and risk of infection by receiving androgen-deprivation therapies appear to Oncology SARS-CoV-2: a population- be partially protected from the infection. based study (N = 4532)

Androgens regulate the expression of ACE2, Published in Nov 2020 TMPRSS2, and (AR) in subsets of lung epithelial cells. Results in this study show that Targeting transcriptional targeting the transcriptional regulation of host entry regulation of SARS-CoV-2 PNAS factors TMPRSS2 and ACE2 is a viable treatment strategy entry factors ACE2 and to prevent SARS-CoV-2 infection. In particular, inhibitors TMPRSS2 of androgen receptor (AR) or bromodomain and extraterminal domain (BET) proteins are effective against SARS-CoV-2 infection.

Source: SSRN; Annals of Oncology; PNAS 17 2 Proxalutamide for Treatment of COVID-19 Outpatients

In July 2020, Kintor and Applied Biology entered into a clinical trial research agreement to conduct research for Proxalutamide (GT0918) as a treatment for the novel coronavirus disease (COVID-19). Applied Biology is a biotechnology company committed to the development of breakthrough drugs and medical devices for the treatment of androgen and hair disorders.

ClinicalTrials.gov identifier: NCT04446429 Inclusion Criteria: Male (18-year or older) and female (post-menopause) patients with mild to moderate COVID-19. Symptom severity ranges from 1 to 2 point as assessed by the WHO COVID-19 ordinal scale. Arms and Interventions: Protocol  Male cohort with patients randomized in a 1:1 ratio in Experimental arm and control arm  Female cohort with with patients randomized in a 1:1 ratio in Experimental arm and control arm (Randomized, Double-blind, • Experimental arm: Proxalutamide + Standard Care Placebo-controlled) Control arm: Standard Care (Ivermectin + Azythromycin) Primary end point: The co-primary endpoints of the clinical trial are the percentage of subjects hospitalized with COVID-19 and the COVID-19 Ordinal Outcome Scale (a 8-point ordinal scale published by the World Health Organization, such as mechanical ventilation usage and death) in 30 days.

 On Aug 20, 2020, the first male patient was enrolled  On Oct 25, 2020, completed initial target 254 male patients enrolment Status  On Nov 30, 2020, launched enrolment of 168 female patients as suggested by Brazilian regulator  On Jan 7, 2021, published final data of male patients.  On Jan 10, 2021, published preliminary data of female patients. Expected to complete female patients enrolment in 1Q 2021

COVID-19 Ordinal Outcome Scale: 1. Not hospitalized, no limitations on activities; 2. Not hospitalized, limitation on activities; 3. Hospitalized, not requiring supplemental oxygen - no longer requiring ongoing medical care; 4. Hospitalized, not requiring supplemental oxygen- requiring ongoing medical care (COVID-19 related or otherwise); 5. Hospitalized, requiring supplemental oxygen; 6. Hospitalized, on non-invasive ventilation or high flow oxygen devices; 7. Hospitalized, on invasive mechanical ventilation or ECMO; 8. Death. 18 2 NCT04446429: Baseline Characteristics of Male Patients

All Proxalutamide Placebo Characteristics (N=262) (N=134) (N=128)

Age - yr 44.5±7.1 44.2±14.0 45.0±10.8 No. of coexisting conditions — no. /total no. (%)

None 158 (60) 74 (55) 84 (66)

One 49 (19) 29 (22) 20 (16)

Two or more 55 (21) 31 (23) 24 (19) Coexisting conditions — no./total no. (%)

Type 2 diabetes 21 (8) 11 (8) 10 (8)

Hypertension 55 (21) 33 (25) 22 (20)

COPD 1 (0.4) 1 (0.7) 0 (0)

Obesity 43 (16) 22 (16) 21 (16)

19 2 Results of Proxalutamide’s COVID-19 Trial in Outpatients

The final results of 262 male patients, with 134 patients in Proxalutamide arm and 128 patients in control arm.

Proxalutamide arm Control arm (n=134) (n=128) Cases Percentage Cases Percentage Hospitalization 0 0% 35 27.3% Admission to ICU 0 0% 18 14.1% Mechanical 0 0% 13 10.2% ventilation requirement

Death 0 0% 2 1.6%

The preliminary analysis of female patients as of Jan 7, 2021 was based on 60 patients in Proxalutamide arm and 35 patients in the control arm.

Proxalutamide arm Control arm (n=60) (n=35) Cases Percentage Cases Percentage Hospitalization 1 1.7% 6 17.1% Admission to ICU 0 0% 3 8.6% Mechanical 0 0% 2 5.7% ventilation requirement

Death 0 0% 1 2.9%

20 2 Proxalutamide for Treatment of Hospitalized COVID-19 Patients

ClinicalTrials.gov identifier: NCT04728802  In Jan 2021, was accepted for accelerated review by the Institutional Review Board (“IRB”) of Brazil. Inclusion Criteria: Hospitalized COVID-19 male and female patients of 18 years old or above. Symptom severity ranges from 3 to 6 point as assessed by the WHO COVID-19 ordinal scale. Protocol Arms and Interventions: (double-blinded, randomized and  588 patients (294 male and 294 female) . multi-center  Two cohorts of men and women and two arms of Proxalutamide Arm and Control Arm, respectively. The patients investigational will be randomized to each arm at a ratio of 1:1. study) Primary endpoint: Treatment of Proxalutamide arm relative to the Control arm as assessed by the WHO COVID-19 ordinal scale on day 14.  On Feb 2, 2021, commenced patients enrollment in 12 sites in Amazonas. On Feb 21, completed 588 patients enrolment. On Mar 10, announced preliminary analysis.

Source: https://www.portaltucuma.com.br/estudo-aponta-que-o-medicamento-proxalutamida-pode-ser-eficaz-contra-a-covid-19-e-suas-variantes/ https://blogs.sciencemag.org/pipeline/archives/2021/03/11/androgen-receptors-for-covid-19 21 Results of Proxalutamide’s COVID-19 Trial in Hospitalized 2 Patients

Based on 294 patients (56.8% male) in the Proxalutamide arm and 296 patients (57.8% male) in the control arm. According to the results on day 14: 1. Met the primary endpoint as assessed by WHO COVID-19 ordinal scale：

Proxalutamide Arm Control Arm Day 0 5.663 5.618 （Baseline） Day 14 1.653 5.368 Change -4.01 -0.25 P-value<0.0001

2. Proxalutamide reduced mortality risk by 92%, and shortened median hospital length stay by 9 days. Proxalutamide Arm Control Arm （n=294） （n=296） Cases Percentage Cases Percentage Mortality 11 3.7% 141 47.6%1 Median Hospital 5 days 14 days Length Stay (Days) New mechanical ventilation (MV) 13 4.4% 156 52.7% and/or Death Discharged from 262 89.1% 97 32.8% hospital

Note: 1. According to The Lancet, a 50% (n = 13,496) mortality rate was reported for in-hospital mortality in North Brazil (Amazonas). *Dated Mar 9, 2021 Accessed 10 March 2021.https://www.thelancet.com/journals/lanres/article/PIIS2213-2600(20)30560-9/fulltext 22 2 Update of the SARS-CoV-2 P.1 Variant in Brazil

The SARS-CoV-2 P.1 variant came to dominated in Brazil since 12/2020 and has spread to many countries out of Brazil. SARS-CoV-2 Variants in Brazil (No. (%)) SARS-CoV-2 Variants in Amazonas (No. (%))

Time Period P.1 P.2 B.1.1.28 B.1.1.33 Time Period P.1 P.2 B.1.1.28 others 2021 Jan & Feb 96（92%） 3（3%） 1（1%) 3（3%） 2021 Jan 32（91%） 2（6%） 0 1 (3%) 2020 Dec 70（50%） 19（14%） 38（27%） 8(6%） 2020 Dec 28（51%） 6（11%） 17 (31%) 4 (7%) 2020 Nov 0 1（3%） 24（77%） 3(10%)

Before 2020 Nov 0 0 11（61%） 1(6%) 2020 Nov 0 1（4%) 19 (79%) 4 (17%)

SARS-CoV-2 Variants in Brazil (2020 - 2021) 1 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 B.1.1.28 B.1.1.33 P.1 P.2 others Update of the SARS-CoV-2 genomic surveillance in the Before Nov Nov Dec Jan and Feb amazonas state, Brazil, https:// virological.org. Data resource: GISAID N = 293

23 2 Significance of Proxalutamide’s COVID-19 Clinical Trial

Dr. Youzhi Tong Dr. Andy Goren Founder of Kintor President and CMO of Applied Chairman, CEO Biology, Principal Investigator (PI)

“This trial for treatment of hospitalized COVID-19 patients “We are excited to partner with Kintor Pharma to study, was conducted in 12 sites in the Brazilian state of what we believe is, the first novel molecule that reduces Amazonas.…Most of the newly test-positive patients in the expresions of both TMPRSS2 and ACE2, the two Amazonas have been infected by the new P.1 variant, molecules implicated in SARS-CoV-2 infectivity. Provided which is more contagious and has led to a higher mortality our study demonstrates efficacy and safety, Proxalutamide rate. We are delighted to see that Proxalutamide could could potentially be used as a first line treatment for significantly reduce the mortality rate, shorten the COVID-19 male patients at the early stage of infection.” length of hospital stay, reduce the number of new mechanical ventilations (MV), and increase the percentage of discharge from hospital, thus alleviating ------Dr. Andy Goren shortages of public health resources in Amazonas.” ------Dr. Youzhi Tong

24 3 Proxalutamide: A Potential Best-in-Class Drug for mCRPC…

Evolution of AR antagonists Advantages of Proxalutamide 1st Gen Higher in-vitro binding affinity (Ki) • Proxalutamide binds to the AR ligand binding domain (LBD) binding pocket with an 1989 1995 additional hydrophobic interaction with the AR helix 12, resulting in increased binding FDA Approval of FDA Approval of affinity to the AR LBD Proxalutamide Bicalutamide AZD3514

Ki 14nM 48nM 160nM N/A 2200nM 2nd Gen Dual-acting mechanism • Not only inhibits androgen from binding to AR, but also exhibits the biological effect of 2012 2018 & 2019 reducing AR expression FDA Approval of Enzalutamide* FDA Approval of Apalutamide and *Severe side effects of 0.5%-2.2% seizure

Follow-up AR Antagonist

Proxalutamide Improved molecular design Favorable safety profile • Zero incidence of triggering seizure among over 1000 users • Suitable for combination therapy. Zero induction effect on CYP enzyme (CYP1A2, CYP3A4, etc,) • No drug-drug interaction (DDI) with other drugs taken by mCRPC patients (chronic Enzalutamide Apalutamide diseases such as diabetes, hypertension, cholesterol, etc.)

Source: Company Prospectus, Frost & Sullivan analysis; FDA Xtandi Label

25 …With the Potential to Become the Backbone of Future 3 Combination Therapies for AR-related Cancers

PARP EXEMESTANE OTHER INHIBITOR LETROZOLE CANDIDATES FULVESTRANT

Robust and Unique Clinical Profile In Combination with Current Treatment

• No induction on CYP family enzymes Undergoing phase III clinical trials in China for combo therapy for mCRPC 1st line treatment with Abiraterone • No reduction in drug exposure in vivo Undergoing Phase Ic clinical trials for mBC with Exemestane, Letrozole and Fulvestrant • Apalutamide and its metabolite (N-desmethyl apalutamide) are moderate to strong CYP3A4 and Expect to commence clinical trials in combo therapy CYP2C8 inducers with a PARP inhibitor • Enzalutamide is also a strong inducer of CYP3A4

No induction Best positioned to become the preferred backbone drug candidate CYP3A4 Leverage proprietary AR-related expertise to expand multiple indications in a single pipeline Proxalutamide is CYP2B6 CYP1A2 prioritized over the other in combination therapy

Source: Company Prospectus, Frost & Sullivan analysis

26 3 Proxalutamide – mCRPC

Overview of the mCRPC Market Competitive Landscape

# of mCRPC Patients in China # of mCRPC Patients in the US Treatment options are currently limited for mCRPC patients, with most ('000) ('000) drugs only slowing, rather than preventing the progression of the disease AR antagonist drug candidates for mCRPC globally 15-19 19-24E 24E-30E 15-19 19-24E 24E-30E Drug Company Status Milestone CAGR (%) 26.7% 16.3% 11.6% CAGR (%) 1.6% 0.8% 0.2% China

357.3 362.4 Proxalutamide Jul 2018 / Kintor mCRPC 2nd line: Ph. III 403.9 342.5 (mono and combo therapy) Dec 2018 209.6 322.0 mCRPC 1st line: NDA 98.6 Enzalutamide Pfizer/Astellas Nov 2019 38.2 approved

2015 2019 2024E 2030E 2015 2019 2024E 2030E HC-1119 Hinova mCRPC 2nd line: Ph. III Mar 2019

Key Growth Drivers SHR-3680(Mono/Combo1) Hengrui mCRPC 2nd line: Ph. I/II 2 Feb 2016 Growth in Higher affordability of Continuous launch diagnosed patients of new drugs and Jun 2018 drugs inclusion of existing Apalutamide J&J mCRPC: Ph. I due to an ageing drugs into the NDRL in Improved treatment Oct 2019 population and China (i.e. Abiraterone), options (i.e. US improvement of PSA which is expected to boost Enzalutamide and Proxalutamide) into screening technology drug sales nd the market Proxalutamide Kintor mCRPC 2 line: Ph. II Apr 2019 Enzalutamide Pfizer/Astellas mCRPC 1st line: NDA app. Aug 2012 Sales of approved AR antagonists for the treatment of mCRPC Apalutamide (combo) Aragon/J&J mCRPC 1st line: Phase III Oct 2014 2019 full year 2020 full year Darolutamide Bayer/Orion mCRPC 1st line: Phase I/II Oct 2016

(in billion USD ) Global US Global US TRC253 Tracon/J&J mCRPC: Phase I/IIa Dec 2016

Enzalutamide 4.3 2.58 5.19 3.2 TAS3681 Taiho mCRPC 2nd line: Phase I Oct 2015

Abiraterone 2.8 0.81 2.47 0.37 ONC1-0013B Avionco mCRPC: Phase I Mar 2017

Source: Frost & Sullivan Report,financial report of Astellas/Pfizer/J&J Note: 1. SHR-3680 combo therapy with PARP suspended 27 3 Proxalutamide’s Phase II Clinical Trials in China

Protocol of Clinical Trials Safety Comparison with Enza and Abi

Proxaluta- COU-AA-3012 COU-AA- AFFIRM4 Cohorts: 108 patients with 3 dose groups: 100 mg(37), 200 mide （Abiraterone 3023（Abi （Enzaluta- mg(35), 300 mg(36) Ph. II1 post-chemo） prior- mide post- chemo） chemo） Inclusion Criteria: mCRPC patients who had failed standard ≥grade 3 25.9% 60.4% 47.6% 45.3% chemotherapy regimen containing Docetaxel or were unable to AE tolerate or unwilling to receive standard chemotherapy treatment Drug 13.0% 23.0% 22.5% / 100 mg 200 mg 300 mg Total related≥ N=37 N=35 N=36 N=108 grade 3 AE Post-Chemo 10 (27.0%) 13 (37.1%) 15 (41.7%) 38 (35.2%) SAE 15.7% 42.4% 32.8% 33.5% Docetaxel 8 (21.6%) 12 (34.3%) 12 (33.3%) 32 (29.6%) Drug 4.6% 11.1% 10.9% / Other Chemo 4 (10.8%) 6 (17.1%) 5 (13.9%) 15 (13.9%) related SAE Withdraw 5.6% 20.5% 10.1% 7.6% Principle Entity of Investigation: Shanghai Changhai Hospital Drug 2.8% 5.4% 5.4% / related withdraw Dosing Duration: Received oral Proxalutamide tablets until six Death 1.9% 13.3% 3.7% 2.9% treatment cycles(28 days per treatment cycle), or unable to tolerate Drug 0 1.0% 0.9% / related Death Primary Endpoint: maximum PSA decline rate Seizure 0 0 0 0.9%5

Source: EMA assessment report EMEA/H/C/002321/II/0004/G, EMAassessment report EMEA/H/C/002639 Note: 1. CDE Identifier: CTR20170177 2. Clinical Trials Identifier: NCT00638690 3. NCT00887198 4. NCT00974311 5. 0.9% in this assessment report, and 0.5% for Xtandi overall (labeling dated Dec 2019) 28 3 Proxalutamide’s Phase II Clinical Trials in China (cont’d)

Efficacy Comparison with Enza and Abi No PSA 6 Progression Dosing time（months) (as of Sep 2020) 100% Total Avg: 10.82m Drug Location PSA50 ORR/ Ph Safety SD4 100mg: 11.18m 80% 200mg: 12.02m China 41.9% ORR II ≥Grade 3 AEs, 25.9%, of 300mg: 9.35m Proxalutamide 15.8%; which 13% was drug related 60% SD 63.2% Japan1 28.3% ORR 4.5%; II ≥Grade 3 AEs, 40.4% 40% SD 40.9% Abiraterone 20% Gobal2 29% ORR 14% III Serious AEs, 46.14%

0% Japan3 43.6% - NA8 ≥Grade 3 AEs, 1%5 0.00 5.00 10.00 15.00 20.00 total 100mg 200mg 300mg (Mth) Enzalutamide Japan7 28.9% ORR 5.3%; II Serious AEs, 34.2% SD 42.1% rPFS of Enzalutamide study in Japan3

• A retrospective study in Japan has found that, rPFS of post-chemo mCRPC patients taking Enzalutamide was 4.4 mth (right lower panel) • For Enzalutamide Phase III clinical trial for patients with docetaxel- naïve in Asia, TTPP was 8.3 mth (TTPP was 5.55 mth and rPFS was 9.43 mth for China group) • For Proxalutamide Phase II clinical trial in China for mCRPC patients post chemo or chemo intolerant, the average dosing time (dosing duration) for 200mg cohort per day has been 12.02 mth as of Sep, 2020 (right upper panel) • 200mg corhort was chosen for Proxalutamide’s as a monotherapy of ongoing Phase III trial in China.

Note: 1. NCT01795703; 2. NCT00638690; 3. Retrospective study by Cancer Institute Hospital, Japan; 4. Based on RECIST; 5. No Seisure but a syncope. Xtandi seizure rate 0.5%; 6. Dosing duration reflects progression free survival time; 7. NCT01284920; 8. From paitens treated during 2014-2015 in Cancer Institute Hospital 29 3 Conclusion of Proxalutamide Phase II Clinical Trials in China

✓ Proxalutamide(41.9%) showed better PSA50 effect than Abiraterone global2 (29%) and Abiraterone Japan1(29%);

✓ As of September 2020, the PSA50 rate in 100 mg dose group of Proxalutamide was slightly lower (35.1%), the PSA50 rate of the 200 mg and 300 mg dose groups reached 45.5% and 45.7%, respectively, which was better than the results of enzalutamide in Japan 3 (43.6%);

✓ As of September 2020, the dosing duration (reflects progression free survival time) of Proxalutamide reached 10.82 m (100 mg group: 11.18 m; 200 mg group: 12.02 m; 300 mg group: 9.35 m). In addition, There were 10 patients in the donated period, which would further extend the average dosing duration;

✓ As of September 2020, the ratio of more than 15m and 18m dosing duration in the 200 mg cohort exceeded 31.4% and 20%, respectively, which was far better than Japan's Enzalutamide trial 3(20% for non-chemotherapy patients);

✓ The safety of Proxalutamide was much better than that of Abiraterone, and there was no seizure with Proxalutamide(the Seizure rate of enzalutamide is 0.5%4).

Note: 1. NCT01795703; 2. NCT00638690; 3.Retrospective study by Cancer Institute Hospital, Japan; 4. Xtandi label 30 Proxalutamide: Leveraging our AR Expertise to Expand into 3 Treating AR-relevant Cancer Types

Proxalutamide

Broad Clinical Program Demonstrates Promising Results

Ongoing Clinical Trials Trial Under Planning

Pre- Phase Phase Phase Indication IND NDA Clinical I II III Expected Timetable mBC (mono & combo Expected to commence Phase III clinical trials in 2021 therapy)

TNBC

Clinical Progress Well tolerated and no treatment-related DLT in MTD Completed Phase I/Ib trials in China and will commence Phase III trials for a combination therapy with Fulvestrant for the treatment Favorable PK profile showing fast absorption of mBC in China and for mono- and combo therapies for the treatment of TNBC in the US

Clinically proven therapeutic effect on advanced m AR+ TNBC Efficacy Avoid the risk of inducing epilepsy 5/10 patients in the phase 1b monotherapy trials were treated with more than 6 treatment cycles

Source: Company Prospectus, Frost & Sullivan analysis

31 3 Proxalutamide – Metastatic Breast Cancer

Overview of the Metastatic Breast Cancer Market Competitive Landscape

# of AR+ & ER+ Breast Cancer # of AR+ & ER+ Breast Cancer Breast cancer is a disease that can take on many different forms. There are Patients ('000) Patients ('000) currently 5 major types of breast cancer and 4 main treatment types

14-18 18-23E 23E-28E 14-18 18-23E 23E-28E Treated with TNBC Hormones Treated with CAGR (%) 20.4% 11.0% 7.7% CAGR (%) 5.9% 5.1% 4.4% cytotoxic agents TNBC • TNBC generally grows faster than 20% other breast cancers HR+, HER2- 4,299 Treated with • As TNBC lacks a clear drug target, 2,919 50% HER2+, HR- 3,469 15% anti-HER2 some patients experience poor 2,012 2,844 efficacy from chemotherapy and 2,140 HER2+, HR+ 1,328 relapses are more likely to occur 524 15% Treated with anti-HER2 • TNBC represents a major potential +/- Hormones market for AR antagonists 2014 2019E 2023E 2028E 2014 2019E 2023E 2028E AR Antagonists Currently Undergoing Clinical Trials for Metastatic Breast Cancer Key Growth Drivers Drug Indication Company Status Increasing patient pool, driven by deteriorating environmental conditions, unhealthy lifestyles and high levels of stress from women China Proxalutamide AR+ breast cancer Kintor Phase I Rising demand for therapies as patients have increased access to breast cancer US screening, as detection and therapeutic technologies have improved Enzalutamide Advanced, AR+ TNBC Pfizer/Astellas Phase II Support from insurance schemes (i.e. the recent inclusion of new cancer HER2+, AR+ metastatic/ Enzalutamide/Trastuzumab Astellas Phase II drugs in the NDRL and removal of imported cancer drug tariffs in China advanced breast cancer Enzalutamide/Taxol Stage I-III AR+ TNBC Astellas Phase II AR Expression Rate From Different Breast Cancers Enzalutamide Early Stage AR+ TNBC Astellas Phase II AR (%) Treatment Regimen AR+,ER-, PR- metastatic Bicalutamide AstraZeneca Phase II Luminal A 91.0% Hormones breast cancer Luminal B 67.5% Hormones +/- anti-HER2 Palbociclib/ Bicalutamide AR+ metastatic breast cancer Pfizer Phase I/II HER2 58.7% Anti-HER2 Taselisib/Enzalutamide AR+ metastatic TNBC Genentech Phase I/II Basal-like 31.7% Cytotoxic agents AR+ and PTEN+ metastatic Novartis/ Alpelisib/Enzalutamide Phase I Unclassified 46.1% Cytotoxic agents breast cancer Astellas

Source: Frost & Sullivan Report

32 Pyrilutamide: Utilizing our Proprietary AR Capabilities to 4 Address Androgenic Alopecia and Acne Vulgaris

Underpenetrated market lack of novel treatment Robust Clinical Profile Target to Redefine the Market

Androgenetic alopecia is a common form of scalp hair loss that affects Pyrilutamide is an AR antagonist developed as a topical drug for the both men and women treatment of androgenic alopecia and acne vulgaris

Finasteride Minoxidil AGA Approved for androgenetic Approved for androgenetic alopecia by the US FDA in alopecia in 1988 and as an OTC Phase I Clinical Trials for AGA in China and U.S. 1997 drug in 1996 by the US FDA Phase Ib clinical trials in US for androgenetic alopecia completed, data analysis, cleaning and summarisation are Only two products* available in the market for androgenic alopecia, underway and no novel treatment approved in the last 22 years Completed patients enrolment for Phase II clinical trials in 2020 Significant limitations and side effects in current treatments in China

Finasteride Minoxidil Expect to conduct phase III clinical trials in 2021 • Severe sexual adverse effects • Fragmented market after patent Acne Vulgaris • Orally taken drug expiry in 1998 • Only approved and found effective • No clear MoA Received IND approval for acne vulgaris in China, commence first for use in men patient enrolment in Apr 2021 Expect to complete phase I/II trial in 2021 Acne vulgaris is a chronic inflammatory dermatosis notable for open Expect to commence phase III trial in 2022 or closed comedones and inflammatory lesions • Pyrilutamide is the only treatment for AGA in late-stage clinical development in Hormonal agents, topical therapies, 150+ million China systemic antibiotics and isotretinoin Total patients globally • Compared to , topical application acts directly on the target are the prescribed treatment options aging 10 to 25 in 2018 treatment areas of the scalp and skin with low systematic drug exposure • Pyrilutamide does not affect androgen levels in human bodies, and is not expected to cause impotence

* Dutasteride was approved for the treatment of AGA by South Korea and Japan in 2009 and 2015 separately, but was approved by FDA only for the Pyrilutamide treatment of benign prostatic hyperplasia (BPH) in 2001

Source: Company Prospectus, Frost & Sullivan analysis 33 4 China Androgenic Alopecia Market

Significant unmet need for effective and safe medical option to treat androgenic alopecia, as many patients choose clinically unproven OTC remedies and consumer products Androgenic alopecia – A growing concern globally Fragmented market suppressed by limited medical solution

Common form of scalp hair loss affecting both men and women • Propecia (Finasteride) Current treatment • Minoxidil Rx Drugs Rapidly growing concerns among all age group due to lifestyles and stress • Shampoo products containing Consumer Minoxidil products − Zhangguang 101, Bawang etc. • Anti-hair loss supplements, TCM 1 Patient population Market potential • A surgical procedure moves hair to a bald area Hair Transplant • Potential concerns − High cost − Safety issue 134 million

Market Size of Drugs Approved for Limited medical solution Androgenetic Alopecia CNY5.04bn in 2028 • Strong demand by patients for the medical treatment with proven efficacy and safety

83 million • Treatment rate for hair loss remains high and is expected to improve consistently each year Market Size of Drugs Approved for Androgenetic Alopecia • OTC options and hair transplant are rapidly growing due to the US$1.4bn in 2028 lack of effective and safe medical options

Source: Company Prospectus, Frost & Sullivan analysis, Note: 1. Data in 2019 2. USD/CNY = 6.67 34 4 Pyrilutamide – Acne Vulgaris

Pathophysiological Processes Classification of Acne Severity

Severity Defination

< 20 comedones, or < 15 inflammatory lesions, Mild or < 30 total lesions

20 to 100 comedones, or 15 to 50 inflammatory Moderate lesions, or 30 to 125 total lesions

> 5 cysts, or total comedone count > 100, or total Severe inflammatory lesion count > 50, or > 125 total lesions

Treatment Algorithm for Management of Acne Vulgaris

Mild Moderate Severe

¶ Topical combination therapy* – OR – BP Oral antibiotic + Oral antibiotic + – OR – Topical retinoid + Topical combination First-line Topical retinoid BP ¶ therapy* treatment – OR – – OR – – OR – Topical combination Oral antibiotic + ¶ Oral isotretinoin therapy* Topical retinoid + BP + Topical antibiotic Consider alternate combination Consider change in • The pathogenesis of acne involves several processes, including sebum Add topical retinoid or therapy oral antibiotic production and sebocyte differentiation, proliferation, and BP (if not on already) – OR – – OR – inflammation. – OR – Consider change in oral Add combined oral • These processes are regulated by circulating levels as Alternative Consider alternate antibiotic contraceptive or oral treatment retinoid – OR – well as locally synthesized hormones, neuropeptides, the microbiota, – OR – Add combined oral contraceptive (females) and pro-inflammatory cytokines, lipid mediators, antimicrobial Consider topical or oral spironolactone (females) – OR – peptides, and monounsaturated fatty acids (MUFAs). 。 dapsone – OR – Consider oral Consider oral isotretinoin isotretinoin

*BP + antibiotic; or Retinoid + BP; or Retinoid + BP + antibiotic Source: Nature, MSD Manuals, JAAD: ACNE CLINICAL GUIDELINE

35 Mechanism of AR Inhibitors for AGA and Acne Treatment 4 Proven

Case Study - Cassiopea MoA

27 Aug 2020, Cassiopea announced that the US FDA has Clascoterone is a “first-in-class” androgen receptor (AR) approved a new drug application for its Clascoterone (1% inhibitor for external use. The chemical competes with concentration) for the treatment of acne. Sales will lauch , particularly DHT, and with the sebaceous glands in Mid 2021. and androgen receptors within the hair follicles. Clascoterone inhibits lipid production in cultured sebocytes and reduces This is the first new mechanism pro-inflammatory cytokines affected by androgens. drug for acne treatment approved by FDA in the past 40 years. Patent will expire in 2028. Indication of AGA

Benefit to Market Cap Cassiopea is conducting clinical trials for treatment of AGA with Clascoterone. The phase II clinical trial for male had completed and submitting phase III protocol to FDA. The phase II clinical trial for female completed patients enrolment and will obtain data in Q3 2021.

3 Jan 2020 28 Aug 2020 Stock Price: 41.4 CHF Stock Price: 55.8 CHF Mkt Cap: 414 million CHF Mkt Cap: 599.9 million CHF (c. 457.7 million USD) Mkt Cap (c. 663.2 million USD) +44.9%

Source: Cassiopea official web, Press Release, Yahoo Finance

36 4 Pyrilutamide – Androgenetic Alopecia

Mechanism of Action Key Advantages

Androgenetic alopecia occurs when androgen binds to the AR in hair follicle cells Pyrilutamide has the potential to redefine the market given its treatment avoids and an enzymatic reaction occurs, which ultimately causes hair follicles to shrink notable side effects that have deterred users from accepting the treatment

Vs. Minoxidil An AR complex forms after the androgen binds to the AR and a complex Despite being an approved product, Minoxidil lacks clear evidence enzymatic reaction occurs • of mechanism of action on androgenetic alopecia • Minoxidil also lacks specific targeted therapy and the coverage and response of androgenetic alopecia patients are also limited The AR complex undergoes a series of processes that causes the hair to prematurely enter into a resting period and shrink hair follicles Vs. Finasteride • Finasteride has shown to cause adverse sexual side effects such as decreased libido and ejaculation disorder

DHT formation catalysed by 5α reductase is an important process that • Additionally, Finasteride is only approved for use in men, and leads to androgenetic alopecia. Finasteride promotes hair growth by found to be ineffective for treating androgenetic alopecia in inhibiting synthesis of androgen DHT women

Pyrilutamide addresses androgenetic alopecia by locally blocking the androgen mediated signalling by competing with androgen to bind to AR Pyrilutamide in the targeted tissues • Pyrilutamide is anticipated to be topical administered with limited systematic drug exposure • As Pyrilutamide does not affect androgen levels in human Pyrilutamide is designed for topical application, and it acts directly on the bodies, Pyrilutamide is not expected to cause impotence, target treatment areas of the scalp with low systematic drug exposure which has been a large deterring factor for patients

37 5 ALK-1: Potential First-in-class Fully Human Mab

Addressing Limitations in Existing VEGF Inhibitors with the Potential to Become a Complementary Combo Drug for Solid Tumours ALK-1 is a fully humanised IgG2 neutralising monoclonal antibody for vascular endothelial cells ALK-1 and can both inhibit the growth of tumour vessels / reduce their blood flow and vascularisation by blocking its receptors and alter the tumour microenvironment

Anti-angiogenic Drugs: The Limitations of Existing ALK-1 Pathway as a Potential Opportunity to Solve an Current Backbone Therapy VEGF Inhibitors Potential Escape Path Unmet Medical Need

Due to its efficacy & milder side effects, anti- However, certain patients develop VEGF Research has hypothesized that the ALK-1 As such, ALK-1 signalling may also be a angiogenic drugs (i.e. VEGF inhibitors) have resistance, rendering VEGF inhibitors ineffective in pathway may allow tumours to escape from the complementary angiogenesis pathway to be become a key treatment for liver cancer treating the cancer effects of VEGF inhibitors activated upon VEGF resistance

ALK-1 overexpression • Avastin in human breast and • Axitinib colon tumours • Sorafenib

ALK-1 antibody received the exclusive global license from Pfizer in 2018 for development, production and commercialization, which also covered all types of cancers. It received grants from the National Science and Technology Major Project of the Thirteenth Five-Year plan. Latest Clinical Progress of GT90001: Combination therapy with a PD-1 for metastatic HCC commenced in May 2019 in Taiwan

Stage 1: GT90001 (7、4.5、 3 mg/kg) +Nivolumab (3 mg/kg), 6 patients/group, if Preliminary result: no DLT was observed, move on to stage 2 Clinical The results showed that among the 20 evaluable patients, Trial no DLT was observed, move on to stage 2 eight patients (40.0%) were observed partial remission (PR). Design of The side effects were well tolerated and manageable. The Phase II Stage 2 (Expansion Cohort): 14 patients pharmacokinetic parameters of GT90001 and Nivolumab Primary Endpoints: Safety, Tolerability are similar to those of monotherapy. Secondary Endpoints: ORR, DOR, DCR, TTR Source: Company Prospectus

38 5 ALK-1 (GT90001) – Metastatic HCC

Study Design: a phase I/II, open-label, single arm,dose de-escalation and expansion trial of GT90001 in combination with Nivolumab (NCT03893695)

Study Population: Primary Endpoints

• HCC with at least one measurable lesion. • Safety and tolerability • BCLC C or B (refractory or not amenable to locoregional therapy). Secondary Endpoints • Have documented disease progression or intolerance after first-line systemic treatment with Sorafenib or Lenvatinib • ORR (investigator) • Child-Pugh score ≤ 6. • DOR, DCR, TTR, PFS (investigator) • ECOG performance status: 0-1. • PK profile

Stage One: Safety evaluation

GT90001 SMC Stage Two: Dose Expansion • 7.0 mg/kg, iv, Q2W Nivolumab GT90001 SMC • Subject Population: same as stage one • 3.0 mg/kg, iv, Q2W • 4.5 mg/kg, iv, Q2W N = 14 (enrollment completed in June GT90001 Cohort A, N = 6, no DLT Nivolumab 2020) • Treatment: • 3.0 mg/kg, iv, Q2W • 3.0 mg/kg, iv, Q2W GT90001 7.0 mg/kg, iv, Q2W Nivolumab Nivolumab 3.0 mg/kg, iv, Q2W • 3.0 mg/kg, iv, Q2W

39 5 ALK-1 (GT90001) – Metastatic HCC (cont’d)

Safety Results

Table 2. AEs occurring in ≥10% of patients (N = 20) update date: 30-Sep-2020 All AEs(N=20) Treatment-related AEs(N = 20) N（%） N（%） All Grades ≥ Grade 3 All Grades ≥ Grade 3 Platelet count decreased 11(55) 3(15) 11(55) 3(15) Pruritus 9(45) - 8(40) - Rash 7(35) 2(10) 7(35) 2(10) Aspartate aminotransferase increased 3(15) 1(5) 3(15) 1(5) Epistaxis 3(15) - 3(15) - Fatigue 5(25) - 2(10) - Blood bilirubin increased 3(15) - 2(10) - Hot flush 3(15) - 2(10) - Headache 2(10) - 2(10) - Alanine aminotransferase increased 2(10) - 2(10) - Blood thyroid stimulating hormone increased 2(10) - 2(10) - Eosinophilia 2(10) - 2(10) - Hyperthyroidism 2(10) - 2(10) - • No DLTs were observed in the cohort A in dose de-escalation phase. • In total, 20/20 (100%) patients ≥1 treatment-related AE, mainly mild to moderate and easily manageable. • Treatment related grade 3-4 AEs were reported in 6 patients (30%), including platelet count decreased (n=3, 15.0%), skin rash (n=2, 10%), Aspartate aminotransferase increased(n=1,5%). No grade 5 AEs reported. • 3 patients (15%) experienced treatment-related SAEs (renal dysfunction G2, hepatitis G2, hyperamylasemia G2).

40 5 ALK-1 (GT90001) – Metastatic HCC (cont’d)

Efficacy Results

Table 3. Preliminary efficacy results update date: 30-Sep-2020

ORR DOR（N=8） GT90001 (7 mg/kg) + PR ORR SD≥16weeks DCR (confirmed) ＞ Nivolumab (3 mg/kg) (N = 20) (N = 20) (N = 20) (N = 20) ＞6months (N = 20) 12months Number (%) of Patients 40% (8/20) 40% (8/20) 25% (5/20) 10%(2/20) 50% (10/20) 12.5%（1/8） 37.5（3/8） • As of 30th Sep. 2020, all 20 patients had received at least one non-baseline tumor evaluation. • Eight (8) patients achieved PR while five (5) pts achieved confirmed PR. One patient has not yet reached confirmed PR. • Six(6)patients remain on responding status. Treatment Duration in Individual Patient

PD:

SD:

patients PR:

Continuous treatment: Individual First time point of PR:

Subsequent time point of PR:

0 50 100 150 200 250 300 350 400 450 days • One (1) patient with 1-time study drug administration is excluded from the figure with best response of progression disease. • All patients who ended treatment were due to disease progression.

41 5 ALK-1 (GT90001) – Metastatic HCC (cont’d)

PK Analysis N i v o l u m a b : M e a n C o n c .  S D G T 9 0 0 0 1 : M e a n C o n c .  S D

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P l a n n e d p o s t - d o s e t i m e p o i n t ( h o u r ) P l a n n e d p o s t - d o s e t i m e p o i n t ( h o u r )

• In the combination, the of GT90001 and nivolumab were similar to those observed in monotherapy. • Serum concentrations declined in a bi-exponential manner over the course of the treatment interval. • GT90001 was slowly eliminated from the circulation.

Table 4. PK pharmacokinetic parameters* *Geometric Mean, Geometric Coefficient of Variation(%)

Tested Drug AUC0-t (hr*μg/mL) CL (mL/hr/kg) T1/2 (day) Cmax (μg/mL) N=6 N=6 N=6 N=6 GT90001 20160.9 ±37.8 0.23 ±0.08 10.1 ±5.1 159.3 ±42.3 Nivolumab 7043.7 ±46.1 0.179 ±0.054 16.3 ±4.3 50.3 ±23.6

42 6 Detorsertib: mTORC1 and mTORC2 Dual Inhibitor

Highlights MoA

◆ Detorsertib is a second-generation mTOR inhibitor that inhibits both mTORC1 and mTORC2 ◆ Has shown greater therapeutic advantages as compared with first- generation mTOR inhibitors that only inhibit mTORC1. ◆ There was no mTORC1/mTORC2 dual inhibitor that had been approved for marketing globally.

Global ongoing clinical studies on mTORC1/2 dual inhibitor

Drugs Company Stage/Indications/Locations • Phase 2: NSCLCa, US • Phase 2: HCCb, China/US/S Korea Onatasertib • Antengene & • Phase 2: MM, US (CC-223) Celgene • Phase 2: Non-Hodgkin lymphoma, US • Phase 1: Diffuse large B-cell lymphoma, EU/US Detorsertib • Kintor • Phase 1: Leukaemia and BCC, China/US • Diffusion DFN-529 • Phase 1: Age related macular degeneration, US Pharma XP-105 • Xynomic • Phase 1: Solid tumor, Germany/Belgium/Italy The PI3K/AKT/mTOR signalling pathway helps regulate • Shandong various cellular functions, including cell proliferation, SCC-31 • Phase 1: Metastatic breast cancer Luoxin differentiation, apoptosis and nutrition. a. CC-223 combo with Erlotinib or Azacitidine; b. CC-223 mono. First generation mTOR inhibitor only inhibits mTORC1 and has no efficacy on mTORC2, which can cause the activation of oncogene Other drug candidates are in pre-clinical stage AKT and AMPK and drug resistance through mTORC2. • CMG-101(developed by CHA University, S. Korea, treatment for RCC) Detorsertib can compete with the catalytic site of mTOR for • mTOR inhibitor (developed by Nankai University) ATP, reducing the toxicity of dual inhibition of PI3K/mTOR without affecting the feedback pathway such as AKT.

Source: Zhang et al, Int J Mol Sci, 2019, prospectus 43 6 GT1708F: Hedgehog Signaling Pathway SMO Inhibitor

MoA Competitions Three approved SMO inhibitors in US/EU: Glasdegib for AML (Pfizer), Sonidegib Tumour cells have abnormal activation of Hedgehog signalling pathway for BCC (Novartis/Sun), Vismodegib for BCC (Genentech/Roche). (PTCH, the patched, deletion or SMO overexpression) and overexpression of the target gene. Drugs in clinical stage globally Drug Active Company Global Dev. Glasdegib Pfizer • Phase III, China • The occurrence of medulloblastoma and basal-cell carcinoma are associated Phase 2: Basal cell nevus syndrome, US; Novartis AG; Sun Myelofibrosis: Switzerland with abnormal activation of the Hedgehog signalling pathway. Sonidegib Pharmaceutical Industries Ltd • Phase 1: Myelodysplastic syndrome: France • Phase 2: Meningioma / Head and neck Genentech Inc; Roche Vismodegib tumor, US The Hedgehog signalling pathway is activated by up-regulating SMO in acute Holding AG myeloid leukaemia cells and chronic myeloid leukaemia stem cells • Phase 1: Odontogenic tumor, US • patidegib (topical Phase 3: Basal cell nevus syndrome, US PellePharm Inc gel) • Phase 2: BCC, US/UK NLM-001 Nelum Corp • Phase 2: Pancreas tumor, US The occurrence of chronic myeloid leukaemia in a mouse model can be reduced through the inhibition of SMO. Kintor ranks the second among clinical trials in China NO. Drug Name Active Company Dev. in China 1 Glasdegib Pfizer Inc AML: Phase III Kintor Leukaemia and BCC: 2 GT-1708F Pharmaceutical Ltd Phase I deuterated vismodegib Hinova 3 Preclinical analogs Pharmaceuticals Inc hedgehog signaling Simcere 4 Preclinical pathway inhibitors Pharmaceutical Group IMPACT Therapeutics 5 IMP-5471 Preclinical Inc hedgehog pathway Zhejiang Academy of 6 Preclinical inhibitors Medical Sciences hedgehog signaling 7 Fudan University Preclinical pathway inhibitors

Source: Prospectus 44 6 PROTAC: Emerging Technology in Drug Discovery

PROTAC: PROteolysis TArgeting Chimera

Ubiquitinproteasome system(UPS) is a PROTAC hijacks UPS in the cell to degrade natural protein degradation process target protein

• Much of the turnover of protein in cells is mediated by the UPS. • Using the UPS to induce degradation of specific target proteins has been studied for decades. • PROTACs are heterobifunctional compounds comprising a recruiting element for a protein of interest (POI) and an E3 ligase recruiting element bound together via a linker. By bridging the gap between a POI and an E3 ligase and inducing their proximity, PROTACs can induce the ubiquitination of the POI and then degrading POI.

45 6 GT20029 – Androgenetic Alopecia and Acne Vulgaris

MOA of GT20029

GT20029 is a AR-degrader developed by using our in-house Protac platform. It can selectively degrade Androgen Receptor in cell based assays. It will be applied locally to affected areas for treatment.

Advantage of GT20029

GT20029 has the totally different MOA for treating androgenetic alopecia and acne vulgaris. It has the potential to redefine the market given its treatment avoids notable side effects that have deterred users from accepting the treatment

It has all the advantages that Pyrilutamide has over other treatments currently on the market.

Additionally: • GT20029 could not permeate through skin owing to its physical properties and its blood level is undetectable while applied on the skin of the animals. Thus devoid of any mechanism based side effect. • GT20029 shows potential in degrading mutant AR protein which will benefit the post AR antagonist treated patient. • Since the protein will take time to regenerated once it is depleted, the treatment could last longer than antagonist. • By circumventing the oral bioavailability problem of Protac molecule and pinpoint the effect protein degradation, this molecule has the potential to prove, for the first time, the effectiveness of Protac technology in drug discovery.

46 6 PD-L1 / TGF-β Dual Targeting Antibody

Advantage in Composition Competitive Landscape

No new drugs have been approved. The fastest clinical trials in progress are by Merck KGaA With a high activity in inhibiting both PD-L1 and TGF-β. • Merck KGaA - Bintrafusp alfa Pre- Phase Phase Genetic engineering modification Indications IND Phase I NDA clinical II III could reduce its degradation or fragmentation in CHO cell NSCLC1 expression proteins, which makes it 2 easier to be commercially produced BTC and becomes a potential “best-in- Cervical cancer class” drug Multiple types of solid tumours Potential Indications and Market Opportunities Note: 1. Merch announced discontinuation of phase III trial on Jan 20, 2021 for failure to meet the co- primary endpoint 2. Announced on Mar 16, 2021 that failed to meet the ORR threshold for regulatory filing in 2L Could be treatment for a variety of solid tumours, including: treatment, and 1L trial is ongoing A few companies are developing PD-L1 / TGF-β dual targeting Non-small cell lung cancer (NSCLC) 1L/2L antibody in China Lung cancer is one of the malignant tumors with the highest incidence and • Hengrui Medicine – SHR1701 number of deaths. Among them, NSCLC accounts for more than 85% Pre- Phase Phase Indications IND Phase I NDA clinical II III Biliary tract cancer (BTC) 1L/2L From 2019 to 2023, the CAGR of the global BTC treatment market will be NPC close to 6% Multiple types of solid Cervical cancer (CC) 2L tumours CC ranks the second in mortality rate of cancers among women. About 500,000 women are newly diagnosed with cervical cancer every year globally. • Pumis Biotechnology – PM8001

Pre- Phase Phase Nasopharyngeal carcinoma (NPC) Indications IND Phase I NDA NPC is one of the high incidence of malignant tumors in China, and the clinical II III incidence rate ranks the first among tumors of otolaryngology Advanced solid tumours

Source: Merck KGaA Official Web, CDE, Technavo market research reports, Press Release

47 7 Integrated R&D Platform Spearheaded By Top Scientists

Dr. Youzhi Tong (Ph.D.) Dr. Xunwei Dong (M.D.) Chairman, CEO & Founding Chief Medical Officer Member

• 17+ years of experience in biopharm R&D and management • 18+ years medical related experience in Novartis, • National innovative talent Pfizer and GSK • Former VP of Angion Biomedica in the U.S. • Previous Clinical Development Medical director of • Former Assistant professor of Albert Einstein College Novartis of Medicine • 10 years experience as an attending surgeon • Ph.D. in pharmacology from Cornell; MA and BA in • M.D. from Peking Union Medical College Chemistry from PKU

Lucy Lu Dr. Jie Chen (Ph.D.) Chief Financial Officer Deputy General Manager, Joint Company Secretary

• 13+ years of experience in investment banking • 10+years of experience in drug R&D • Former head of investment banking and managing • Published nearly 20 papers and holds 4 patents director at GF Capital • Working as guest researcher at Suzhou Research • Executive director in the Asian healthcare group at Institute of LICP UBS

48 7 Integrated R&D Platform Spearheaded By Top Scientists

Juping Shen Liandong Ma Dr. Ruo Xu (Ph.D.) Deputy General Manager Vice President, Vice President Head of Institute of R&D R&D (Chemistry)

• 20+ years of experience in the • 30+ years of experience in the • Senior scientist of Eli Lilly and Company pharmaceutical industry pharmaceutical industry • 20+ years of experience in the development • Former Chief Scientist of Schering-Plough, • Main drafter of Chinese GMP and related of new oncology drugs, leading and and worked in Merck for more than 15 years rules participating in more than 10 oncology drug • Responsible for the design and synthesis of • Worked in Otsuka, Eisai, Chiatai Tianqing, R&D projects, and bringing 4 drugs to the more than 7 small molecule inhibitors Sanhome, Fresenius Kabi clinical stage • Published 50 papers and holds 15 patents

Dr. Jianfei Yang (Ph.D.) Dr. Jianhua Shen (Ph.D.) Vice President Analytical Development R&D (Biologics) Senior Director

• 17+ years of experience in Boehringer- • 20+ years of experience in analytical R&D Ingelheim and GSK in immune-related management in pharmaceutical industry drug R&D • Worked for Synta and Inotek in US • Published 12 papers as corresponding • Former Senior R&D Director at WuXi authors and holds 4 patents PharmaTech

49 7 Integrated R&D Platform Spearheaded By Top Scientists

Fang Liu Jian Cui Government Affairs Ying Guan Regulatory Affairs Commercial Head Senior Director Senior Director

• Licensed Pharmacist • 15 years of experience in marketing, new • 19 years of experience in sales, • 10 years of Eli Lilly and 10 years of AstraZeneca product launch, portfolio management government affairs, and market access work experience in drug registration • Former Marketing Associate Director in • Served in Double Crane Pharmaceutical • Experience in NDA/LE application and approval Astrazeneca. Served in Tsumura, Santen, and Yabao Pharmaceutical of more than 4 pharmaceutical products Baxter China

Enle Chen Dr. Xue Zhong (Ph.D.) BD Director BD Director

• 10 years of experience in BD. Served in Bayer, • More than 5 years of work experiences in Hanhui Pharmaceutical, and Springfield. R&D and BD • Graduated from the Law School of Fudan • Ph.D. from Changchun Institute of Applied University, passed China Bar Qualification, and Chemistry, Chinese Academy of Sciences was CFA Chart holder • Worked at HEC Research Center

50 Section 3 Our Strategies Our Strategies

Rapidly advance the clinical development, regulatory approvals and commercial launch of Proxalutamide in COVID-19

Strategically progress the clinical development of Proxalutamide in oncology therapies

Continue the clinical development of Pyrilutamide in both China and the United States

Continue the clinical development of ALK-1 as a monotherapy and combination therapy and increase our focus on biologics R&D

Enhance our proprietary R&D capabilities to further the development of potential first-in-class and best-in-class drugs, particularly based on our PROTAC technology platform

Explore potential strategic partnerships with global pharmaceutical companies through licensing-in / licensing-out and co- development strategy

52 R&D and Manufacturing Capabilities

Fully-integrated R&D Platform Global Supply Manufacturing Facility

To meet commercial scale production with GMP requirements, and received Sophisticated R&D Process production permit in Nov 2020

Small-molecule Biologics

Pharmaco Chemistry Biology Antibody kinetics MAH approval from NMPA

Clinical Clinical Analytical Formulation First in China for a Operation Medicine Research novel drug developer

2 Pre-clinical stage 4,100m Total gross floor Clinical stage area globally 20,000m2 40,000 m2 Industrial land owned in Suzhou Experienced R&D Team Completed construction Expected to be acquired Production permit ready in Nov for APIs production • Our core R&D personnel includes leading scientists and 2020 researchers with drug discovery experience from U.S. biotech companies and global pharmaceutical companies • Our core R&D personnel have accumulated extensive experience from research institutions, universities and pharmaceutical companies in the relevant therapeutic areas 50+ million tablets (Proxalutamide) annual capacity • Majority of R&D personnel have obtained master’s or Ph.D. after Suzhou factory construction degrees

53 Section 4 Financial Performance Income Statement (Adjusted)

Year ended 31 December 2019 2020 RMB'000 Revenues - - Cost of sales - - Gross profit - - Other income 19,018 25,134 Marketing costs (336) (8,628) Administrative expenses (32,763) (77,063) include: Listing expenses (12,512) (20,761) Share-based compensation expenses - (7,832) Research and development costs (214,019) (328,764) Include: Share-based compensation expenses - (20,327) Other losses – net (587) (115,530)

Operating loss (228,687) (504,851) Finance costs – net (3,890) (3,377) Loss before income tax (232,577) (508,228) Income tax expense - (73) Loss and total comprehensive loss for the period (232,577) (508,301) Less: One-time expenses and non cash items 12,512 48,920 Adjusted loss and total comprehensive loss for the period (220,065) (459,381)

• Exclude one-time expenses and non cash items (listing expenses and share-based compensation expenses) • The listing expenses in 2019 was RMB 12.5 million (USD 1.9 million)；in 2020, the listing expenses is RMB 20.8 million (USD 3.1 million), and the share-based compensation expenses is RMB 28.2 million (USD 4.2 million)

55 Overview of Key Financials

Research and Development Cost Cash and Cash Equivalents and Time Deposits

USD'000 USD'000

49,315 5% 3% 3% 208,349 16% 12% 26%

32,103 13%

44,889 3% 28% 18% 18% 16% 25,217 7% 17% 10% 22% 21% 16% 6% 55% 3% 53% 27% 29,330 48% 29% 31% 32% 20% 34% 8%

2017 2019 2018 1H18 2020 1H19 2019/12/31 2020/12/31 Clinical research expenses Employee benefit expenses Third party contracting fees Materials and consumables expenses Others

• R&D costs increased by 53.6% in 2020: (i) an increase of RMB 52.2 million • The increase in cash and cash equivalents and time deposits in 2020 is (USD 7.8 million) in materials and consumables expenses; (ii) an increase of mainly due to IPO proceeds and bank borrowings RMB 34.0 million (USD 5.1 million) in employee benefit expenses, including • The company has been listed in May 2020 with net proceeds of an RMB 20.3 million (USD 3.0 million) in share-based compensation expenses; amount of about HK $1.7billion (USD 218 million) (iii) an increase of RMB 22.7 million (USD 3.4 million) in third-party contracting fees • As of 31 December 2020, we had bank loans of RMB 218.5 million (USD 32.8 million) and unutilised bank facilities of RMB 101.0 million (USD 15.2 million)

Note: USD/CNY=6.67, USD/HKD=7.8 56 Overview of Key Financials

Administrative Expenses Marketing Costs

USD'000 USD'000

5% 11,559 3% 1,294 16% 12% 14% 22% 13%

44,889 28% 27% 18%

4% 7% 25,217 10% 4,914 22% 14% 11% 78% 6% 55% 38% 3% 53% 27% 7% 41% 29% 31% 20% 20% 34% 50 8% 24% -

2017 2019 2018 1H18 2020 1H19 2019 2020 Employee benefit expenses Utilities and office expenses Employee benefit expenses Others Depreciation and amortization Listing expenses Others

• In 2020, the administrative expenses increased by 135.2% over the same period last year, mainly due to: (i) an increase of RMB 23.9 million (USD 3.6 • Our marketing costs increased from RMB 0.3 million (USD 45 thousand) million) in employee benefit expenses; (ii) an increase of RMB 3.7 million in 2019 to RMB 8.6 million (USD 1.3 million) in 2020, which consisted of (USD 0.6 million) in utilities and office expenses as we expand office space; employee benefit expenses of RMB 6.7 million (USD 1 million), mainly (iii) an increase of RMB 8.2 million (USD 1.2 million) in listing expenses; and due to the establishment and expansion of sales and marketing team in (iv) an increase of RMB 7.3 million (USD 1.1 million) in other administrative preparation for Proxalutamide expenses

Note: USD/CNY=6.67 57 Overview of Key Financials

Net Cash Flows Used in Operating Activities Net Cash Flows Generated from Financing Activities

USD'000 57,132 USD'000 267,045

34,206

44,378

2019 2020 2019 2020

• The net cash outflow from operating activities mainly includes R&D expenses and administrative expenses • In 2020, the net cash inflow from financing activities mainly includes IPO proceeds and bank loans • In 2020, the increase of R&D expenditure is mainly due to the increase of material cost brought by the project in clinical phase III and the increase of • In 2019, the net cash inflow from financing activities mainly came salary and welfare expenses brought by the expansion of R&D team size; the from bank loans increase of administrative expenditure is mainly due to the increase of non R&D employees, and the increase of IPO expenses (one-time)

Note: USD/CNY=6.67 58 Overview of Key Financials

Capital Expenditure

USD'000

27,898

6,759 5,958 4,085 27,127 3,143 6,884 3,806 1,251 1,464185 1,415 311 98 - 141 700 420 179 - 2019 2020 2017 2018 1H19 Construction in progress Machinery and equipment Intangible assets Others

• In 2019 and 2020, our capital expenditure amounts are RMB 74.1 million (USD 11.1 million) and 96.2 million (USD 14.4 million) respectively, which are mainly used for Suzhou factory construction (including civil engineering, electromechanical, etc.) and equipment procurement, as well as intangible assets purchase (including in-license and software purchase) • We expect capital expenditure in 2021 mainly to be upgrading of Suzhou factory for production capacity expansion, land acquisition, design and engineering construction of the Pinghu factory, decoration and lab equipment procurement of Guangdong Zhuhai R&D Center

Note: USD/CNY=6.67 59 Income Statement

Year ended 31 December 2019 2020 RMB'000 Revenues - - Cost of sales - - Gross profit - - Other income 19,018 25,134 Marketing costs (336) (8,628) Administrative expenses (32,763) (77,063) Research and development costs (214,019) (328,764) Other losses – net (587) (115,530)

Operating loss (228,687) (504,851) Finance costs – net (3,890) (3,377) Loss before income tax (232,577) (508,228) Income tax expense - (73) Loss and total comprehensive loss for the period (232,577) (508,301)

• In 2020, our other income came from interest income and government subsidies, and our main expenditure was R&D and administrative expenses • In the administrative expenses, IPO related expenses and employee benefit expenses increased significantly, while in R&D costs, material expenses and employee benefit expenses increased significantly • Two phase III trials in China of Proxalutamide increase investment in 2020 • Other losses-net increases mainly due to foreign exchange loss

60 Balance Sheet

As of Dec 31, 2019 As of Dec 31, 2020 （Audited） （Audited） RMB'000 Assets Non-current assets Property, plant and equipment 98,369 174,612 Intangible assets 179,299 209,760 Right-of-use assets 14,412 12,068 Other non-current assets 40,683 34,419 332,763 430,859 Current assets Other receivables, deposits and prepayments 25,081 31,621 Time deposits - 323,407 Cash and cash equivalents 195,532 1,065,588 220,613 1,420,616 Total assets 553,376 1,851,475

Liabilities Non-Current Liabilities Borrowings - 134,900 Lease liabilities 2,311 490 Deferred income tax liabilities 38,818 38,818 41,129 174,208

61 Balance Sheet

As of Dec 31, 2019 As of Dec 31, 2020 （Audited） （Audited） RMB'000 Current liabilities Trade and other payables 79,999 81,409 Borrowings 58,700 83,600 Lease liabilities 3,086 2,713 Deferred income 798 361 Amounts due to related parties - 1,250 142,583 169,333 Total liabilities 183,712 343,541

Equity Equity attributable to the equity holders of the company Share capital 17 261 Shares held for the Employee Incentive - (17) Scheme Reserves 369,647 1,507,690 Total equity 369,664 1,507,934 Total equity and liabilities 553,376 1,851,475

62 Cash Flow Statement

Year ended 31 December

2019 2020

RMB'000

Net cash used in operating activities (228,042) (380,882)

Net cash (used in)/generated from investing activities (7,013) (439,728)

Net cash generated from financing activities 295,852 1780,298

Net increase/(decrease) in cash and cash equivalents 60,797 959,688

Cash and cash equivalents at the beginning of the year 137,513 195,532

Exchange gains on cash and cash equivalents (2,778) (90,531)

Cash and cash equivalents at the end of the year 195,532 1,064,689

63 Q&A

64