Sachs Annual Biotech in Europe Forum Developing of Antibody-Drug Conjugates (ADCs) targeting the collagen receptor uPARAP in cancer Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds   Niels Behrendt Christoffer Nielsen Lars H. Engelholm Henrik Stage

Glioblastoma Multiforme ADC targeted delivery of toxins to the cancer No cancer brain tissue stained Glioblastoma Multiforme brain tissue uPARAP Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds  

The ADCendo strategy uPARAP internalizing 1 role 2 6 uPARAP 4 3 5 Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds   5 Adapted from Senter (2012) Nat. Biotechnol.

Published  It works – in vitro and in vivo Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds  

Published  It works – in vivo Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds  

uPARAP has important role in several cancers with unmet medical needs Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds   Glioblastoma Sarcomas Leukemia

By founders and Novo Seeds / Finsen Lab Financing the Next Steps  Scale up, Tox and Phase 1 IP Series 0 By founders and Novo Seeds / Finsen Lab Series A Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds   Series B

Founders – Senior Scientists & Biotech Entrepreneur CEO: Henrik Stage More than 25 years of executive experience in biotech and finance. Served as CFO and CEO of Santaris Pharma A/S, Denmark, a company sold to Hoffmann-La Roche in 2014 for 450m USD. Leading up to the sale to Roche Henrik led the preparation of Santaris for an IPO at NASDAQ in USA. Transformed Santaris from a “technology platform company” to a “clinical stage company” with a pipeline of 6 drugs. Raised +150m USD in dilutive funds from venture capital investors and +150m USD in non-dilutive funds from pharma partners. Partner in Ventac Partners. MSc. from Copenhagen Business School. Scientific founders and inventors Niels Behrendt D.Sc, Section head, Cancer Invasion Section, Finsen Laboratory Expertise in cell surface receptors, proteolysis, ECM biology and cancer invasion Discovered and cloned uPARAP/Endo180 (Behrendt et al. J.Biol.Chem. 2000). Lars H. Engelholm PhD, Group leader and head of Histology Core Facility, Finsen Laboratory Expertise in receptor biology, antibody technology, molecular biology and immunohistochemistry Created the uPARAP/Endo180 gene-deficient mouse and determined the biological function of the receptor (Engelholm et al. J.Cell Biol. 2003). Christoffer Nielsen PhD, postdoc, Finsen Laboratory Specific expertise in ADC technology Developed, created and characterized the ADCs used in this project (Nielsen et al. Oncotarget 2017) Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug -Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds  

SUND – University of Copenhagen Slide 1 – ADCendo at Sachs Thank you to Sachs and to Novo Seeds for inviting us for this presentation of ADCendo; a company founded 2 months ago by Niels (who is here today), Lars, Christoffer and me. I’m Henrik Stage – the CEO of the company Slide2 – Glioblastoma case The reason that we are here today is that we hope to be able to make a difference for patients that suffers from some very serious cancer diseases – one of them is the very serious brain cancer - Glioblastoma. On this slide you see healthy and glioblastoma cancer tissue. The cancer tissue is colered based on the presence of the protein uPARAP. Our ambition is to use this very clear and obvious presence of uPARAP to make a drug that can kill the cancer cells but not touch the healthy tissue. The bullet is an ADC With an antibody targeting uPARAP A linker that can release the drug when it is internalized and a toxin that can kill the cell Slide 3 – ADCendo Strategy - Cartoon This cartoon shows that the ADC is being internalized, released and is killing the cancer cells Import to note that the uPARAP target is having a natural role as “internalizer” hence increasing the numbers of internalizations of the drug - Several other ADC’s only targets receptors present that does not internalize Slide 4 – Published – It works in vitro Gets into the cells Create apoptosis – or cell death – BUT only in the cancer tissue – the healthy tissue is still alive Slide 5 – Published - It works in vivo Mice gets 3 doses of our ADC The mice cancer volume increases for the non treated and decrease for treated animals 10 out of 10 of treated mice survive and all non treated dies Slide 6 - uPARAP has important role in several cancers with substantial unmet medical needs Glioblastoma Sarcomas Out of 53 osteosarcoma cores: 29 cores: major part score positive 10 cores: 20%<X<70% positive 8 cores: <10% positive 2 cores negative Leukemia Slide 7 - Financing the Next Steps  Scale up, Tox and Phase 1 Scale up Tox Phase 1 Slide 8 – Founders Henrik Stage Niels Behrendt Lars Engelholm Christoffer Nielsen Slide 9 – Thanks Copenhagen University Hospital Finsen Laboratories BRIC Novo Seeds   Niels Behrendt Christoffer Nielsen Lars H. Engelholm Henrik Stage