Genesis, 01 December 2016

Case Study DealF-star / Denali

Jane Dancer, CBO

F-star Biotechnology Ltd

Company Highlights

Vision Team Platform Pipeline Partners

To dominate the bispecific antibody space in immuno-oncology through unique pipelinedepth and breadth

Leadership team has built numerous successful biotech companies and is backed by world-class scientific advisers

Highly efficient Modular Antibody Technology to rapidly identify First-in-Class products with novel biology

Deep proprietary immuno-oncology pipeline

Strong partnerships with top tier pharma partners including AbbVie, BMS (programme in Phase I), Merck and Denali Therapeutics with multiple additional partnering opportunities

2

The Most Powerful Approach to Create a Bispecific mAb

Permissive CH3 domain loop residues identified

Fc

Unparalleled versatility

Fcab ™

mAb² ™

Limited number of amino acid

substitutions required

CD

EF

AB

R D E L T K N Q V S

N G Q P E N N Y

D K S R W Q Q G N V

WT FcStructural integrity

and effectorfunctions retained

Introduction of an antigen binding site

with Fab potency (affinity, etc.)

Phage display libraries

Yeast display library

Plug-and-play insertion of Fcab into any mAb

LOOKS LIKE a mAb

Comparable structure

PERFORMS BEYOND a mAb

Synergy through bispecificity

WORKS LIKE a mAb

Retains antibody functionality

BEHAVES LIKE a mAb

Maintains CMC characteristics

COMBINATORIAL SCREENING

Easy mAb2 design & screening

Unrivalled speed in testing for novel biology

The Most Powerful Approach to Create a Bispecific mAb

Unparalleled versatility

Fcab ™

mAb² ™Virtually limitless

possibilities

Significant Expansion of Pipeline

5

FS118IND Filing 2017

FS18 FS17

FS20 FS22

FS101 FS117

AbbVie

Denali

Immuno-oncology

CNS disorders

Proprietary Partnered

BMSOncology (FS102)

Merck (EMD Serono)

Undisclosed

Denali Therapeutics: Key Facts

6

Parkinson’s disease

Alzheimer’s disease

ALS

Other neurodegenerative diseases

FOUNDED BY WORLD CLASS TALENT IN CNS DISORDERS

Alexander Schuth, COOex-Genentech,Merrill Lynch’s investment bank

Ryan Watts, CEO, Presidentex-Genentech - Head of Neuroscience

Marc Tessier-Lavigne, ex-Genentech - Head of ResearchRockefeller UniversityStanford University

$130mAUG 2016

SERIES B

$217mMAY 2014

SERIES A

Therapeutic bispecific

antibodies cross the blood-brain

barrier in nonhuman primatesNovember 2014

Delivery of Therapeutics across the Blood-Brain Barrier (BBB)

BBB

Brain

Blood SMALL MOLECULES

LARGER COMPOUNDS

TRANSPORTER

Fcab

Modular Antibody Technology™

mAb² mAb² mAb²

Potential to treat neurological diseases

Specific targets within the CNS

DENALI

Company Structure Provides Flexibility

SHAREHOLDERS SHAREHOLDERS SHAREHOLDERS SHAREHOLDERS

Asset Centric VehiclesPlatform Company

F-star GmbH

F-star BetaMULTIPLE IO ASSETS

F-star AlphaFS102

F-star GammaCNS DISORDERS

BMSOPTION TO BUY

IP / Services

F-starBiotechnology

AbbVieLICENCE

SHAREHOLDERS

F-star DeltaFUTURE ENTITIES

DenaliOPTION TO BUY

or LICENCE

$ $ $ $

Denali Deal Structure

9

COLLABORATION

Upfront payments: $6mResearch FundingTechnical Milestone PaymentsPre-specified number of Fcab targets

BUY-OUTTRACK

$450m in aggregate exercise and milestone payments

Y

LICENSINGTRACK

$1b potential aggregate value Pre-specified number

of mAb² based on each Fcab

N

Prior to the initiation Phase 1 clinical trial

OPTION EXERCISE