Verona Pharma : VRNA Investor Presentation November 2023

World COPD

Awareness Day

16 November 2023

#COPDAWARENESS

Developing innovative therapies for the treatment of respiratory diseases

November 2023

Ensifentrine is an investigational drug under review by the

FDA and has not been approved by any regulatory authority

Nasdaq: VRNA | www.veronapharma.com

Forward-looking statements

This presentation contains "forward‐looking" statements that are based on the beliefs and assumptions and on information currently available to management of Verona Pharma plc (together with its consolidated subsidiaries, the "Company"). All statements other than statements of historical fact contained in this presentation are forward-looking statements. Forward‐looking statements include information concerning the initiation, timing, progress and results of clinical trials of the Company's product candidate, the timing or likelihood of regulatory filings and approvals of its product candidate, and estimates regarding the Company's expenses, future revenues and future capital requirements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include those under "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2022, and current reports on Form 8-K and our other filings with the Securities and Exchange Commission. Forward- looking statements represent the Company's beliefs and assumptions only as of the date of this presentation. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward‐looking statements for any reason after the date of this presentation, or to conform any of the forward-looking statements to actual results or to changes in its expectations.

This presentation also contains estimates, projections and other information concerning the Company's business and the markets for the Company's product candidate, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, the Company obtained this industry, business, market and other data from reports, research surveys, clinical trials studies and similar data prepared by market research firms and other third parties, from industry, medical and general publications, and from government data and similar sources.

The Company's product candidate, ensifentrine, is an investigational drug under review by the US Food and Drug Administration (FDA). It has not been evaluated as safe or effective or approved for commercialization by any regulatory authority.

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Ensifentrine is an investigational first-in-class drug candidate US FDA review for maintenance treatment of COPD

PDUFA Action Date of June 26, 2024

Large market

with significant

unmet need

• ~$10B US sales1
• Millions of patients remain symptomatic and unsatisfied with current therapies2-6

Ensifentrine novel profile

• Novel, selective MOA, dual inhibitor of PDE3 and PDE4
• Positive Phase 3 data on key lung function measures, symptoms and exacerbations
• Well-toleratedover 24 and 48 weeks

Targeted

commercial opportunity

• Pulmonologists key to adoption with potential for broad utilization5
• Medical Benefits (Primarily Medicare Part B) is expected to be an important reimbursement channel7

1As of year end 2021, IQVIA MIDAS, IQVIA MIDAS Medical; 2Ferguson et al. Lancet Respir Med 2018;6:747-58; 3Mahler D, et al., Eur Respir J, 2014;43:1599-1609;4Vestbo J, et

3	al., The Lancet, 2017;389:19-29;5Verona I US MCOPD Integrated Conjoint Survey; 6Phreesia COPD Patient Survey 2022; 7Verona_IQVIA_LAAD Quarterly Reporting Report
2_June 2022- Data for MAT Dec 2021

Verona Pharma's respiratory product pipeline

Ensifentrine provides multiple product opportunities

Product	Indication	Pre-clinical	Phase 1	Phase 2	Phase 3	US FDA
review
	Maintenance
	treatment of COPD
Ensifentrine	Non-CF
(Nebulizer)	bronchiectasis
	Cystic Fibrosis
	Asthma
Ensifentrine + LAMA	Maintenance
(Nebulizer)	treatment of COPD
	Maintenance
	treatment of COPD
Ensifentrine	Asthma
(DPI / MDI)
	Cystic Fibrosis

LAMA: Long acting muscarinic agent

4 DPI: Dry powder inhaler, pMDI: Pressurized metered-dose inhaler

Strong financial position for potential launch

Financial highlights

Cash and Equivalents	$257.4M
(as of September 30, 2023)

Operating expenses	$16.3M
(quarter ended September 30, 2023)

Market cap (Nasdaq: VRNA)	$1.12B
(as of October 31, 2023)

Shares outstanding*	79.9M ADSs
(as of October 31, 2023)

*Approximately 639.5M ordinary shares outstanding.

**Runway expectations based on cash and equivalents as of September 30, 2023, expected UK tax credit receipts and future draws on Oxford debt facility.

• $150M debt facility ($130M potential future draws)
• 2025 funded through at least end of 2025**

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COPD affects >380 million patients worldwide1

Despite available treatments COPD is still the third leading cause of death

Prevalence of COPD in US:

~8.6M treated chronically2

Prevalence of COPD in China:

~100M patients3

Prevalence of COPD in EU:

~70M patients4

~$10B in maintenance COPD sales5

~$1B in sales (expected to double by 2030)5

~2B Euros in sales (2020)5

1https://www.who.int/news-room/fact-sheets/detail/chronic-obstructive-pulmonary-disease-(copd);2Verona IQVIA Ensifentrine Market Research; 3Wang et. al, The

6 Lancet, April 2018;391; 4NCD Alliance estimates, https://ncdalliance.org/news-events/news/66-million-people-may-live-with-copd-in-europe-yet-it-remains-unknown;5IQVIA MIDAS, IQVIA MIDAS Medical

Current COPD maintenance treatments limited to 3 MoAs

LAMAs & dual therapies generate the majority of US sales

Maintenance Treatment Choices1

LAMA		Perforomist	LABA
(bronchodilator) Yupelri		(bronchodilator)
(nebulized)	Anoro	(nebulized)
Lonhala	Brovana
Stiolto
(nebulized)	(nebulized)
Bevespi
Incruse	Serevent

Breztri

SpirivaBreo Striverdi

Trelegy

TudorzaAdvair

Symbicort

ICS*

(anti-inflammatory)

2021 US Sales by MOA2

2021 Sales

	($,m)
$4,000
$3,000		$2,931
$2,377	$2,510
$2,000	$1,716
$1,000	$526
$-

LAMA: Long acting muscarinic agent, LABA: Long acting beta-adrenoceptor agonist, ICS: Inhaled corticosteroids

7 *GOLD Guidelines recommend ICS products for patients who have a frequent history of exacerbations

1https://www.copdfoundation.org/Learn-More/I-am-a-Person-with-COPD/Treatments-Medications.aspx;2IQVIA MIDAS, IQVIA MIDAS Medical

Execution driven leadership team

Decades of respiratory and commercialization experience

David Zaccardelli, Pharm D

President & CEO

Mark Hahn, CPA

CFO

Kathy Rickard, MD

CMO

Chris Martin

Senior VP, Commercial

Tara Rheault, PhD

Senior VP of R&D

Peter Spargo, PhD

Senior VP, CMC

Claire Poll, LLB

General Counsel

Caroline Diaz

Senior VP, Regulatory Affairs

Kavita Aggarwal

Senior VP, Medical Affairs

Ostra Jewell

Senior VP, Human Resources

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Ensifentrine: Novel mechanism of action

Resulting in downstream bronchodilatory, anti-inflammatory, and ciliary effects

Direct mechanisms:

• Modulation of intracellular cAMP in cells that express PDE3, PDE4, or both

Indirect mechanisms:

• Reduction in macrophage activation that impacts cellular adhesion, chemotaxis, and survival of neutrophils and eosinophils

• CFTR activation and increased ciliary beat frequency in vitro

1Calzetta L, et al., J Pharmacol Exp Ther. 2013;346(3); 2Calzetta L, et al., Pulm Pharmacol Ther 2015;32:15-23;3Matera MG, et al., Am J Respir Crit Care Med 2013;187:A1495; 4Venkatasamy R, et al., Br J Pharmacol 2016;173(15):2335-2351;5Boswell-Smith V, et al., J Pharmacol Exp Ther 2006;318(2):840-848;6Franciosi LG, et al., Lancet Respir Med

9 2013;1(9):714-727;7Schmidt D, et al., Br J Pharmacol 2000;131(8):1607-1618;8Turner MJ, et al., Am J Physiol Lung Cell Mol Physiol 2016;310(1):L59-70

Pivotal Phase 3 program

Two efficacy and safety studies: ENHANCE-1 and ENHANCE-2

Ensifentrine as a Novel inHAled Nebulized COPD thErapy in moderate to severe COPD

	Ensifentrine	Long-term safety
ENHANCE-1	3mg BID n=500	n=300	Reported
n=800		Long-term safety	December 2022
	Placebo BID n=300
	n=100
	Ensifentrine		Reported
ENHANCE-2	3mg BID n=500
	August 2022
n=800
	Placebo BID n=300
	24 Weeks	48 Weeks

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Patient population:

• LAMA or LABA background allowed (approx. 50% of trial population) and ICS (up to approx. 20% of population)
• 30-70%predicted FEV1
• Symptomatic (mMRC ≥ 2)

Additional information:

• Long-termsafety in ENHANCE-1
• Sites in North America, EU and Asia