Applied Molecular Transport : AMT Corporate Presentation October 2020

Creating Novel Oral Biologics

Forward-looking statements

This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding our future financial condition, results of operations, business strategy and plans, and objectives of management for future operations, as well as statements regarding industry trends, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "estimate," "intend," "may," "plan," "potentially" "will" or the negative of these terms or other similar expressions.

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things: the timing of the initiation, progress and potential results of our preclinical studies, clinical trials and our research programs; our ability to use and expand our technology platform to build a pipeline of product candidates; uncertainty of developing biologic therapeutics; our ability to advance product candidates into, and successfully complete, clinical trials; the timing or likelihood of regulatory filings and approvals; our estimates of the number of patients who suffer from the diseases we are targeting and the number of patients that may enroll in our clinical trials; the commercializing of our product candidates, if approved; our ability and the potential to successfully manufacture and supply our product candidates for clinical trials and for commercial use, if approved; future strategic arrangements and/or collaborations and the potential benefits of such arrangements; our anticipated use of our existing resources; our estimates regarding capital requirements and needs for additional financing and our ability to obtain additional capital; the sufficiency of our existing cash and cash equivalents to fund our future operating expenses and capital expenditure requirements; our ability to retain the continued service of our key personnel and to identify, hire and retain additional qualified personnel; the implementation of our strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights, including our technology platform, product candidates and research programs; our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the pricing, coverage and reimbursement of our product candidates, if approved; and developments relating to our competitors and our industry, including competing product candidates and therapies. These risks are not exhaustive. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.

This presentation concerns product candidates that are under clinical investigation and which have not yet been approved for marketing by the U.S. Food and Drug Administration (FDA). It is currently limited by federal law to investigational use, and no representation is made as to its safety or effectiveness for the purposes for which it is being investigated.

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Novel, targeted oral	Enhanced efficacy	Platform technology
biologic product candidates	and safety profiles	generating wealth of new
		product candidates

Company Summary

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CLINICAL-STAGE Phase 2 biopharma developing oral biologics; deep pipeline of oral biologic assets (proteins, peptides, Mab)

AMT-101 (Oral IL-10Fusion): Enrolling comprehensive Phase 2 clinical program in IBD and RA

AMT-126 (Oral IL-22Fusion): IND/CTA filing in H2 2020; focusing on diseases associated with epithelial barrier defects

NOVEL ORAL BIOLOGICS PLATFORM and CMC capabilities to

drive pipeline and long-term growth

WORLD CLASS Management, Board of Directors, Science and Clinical Advisory Boards

Active Transport Across the Intestinal Epithelium Barrier

• Exploit nature's method of infection by engineering microbial transport molecules
• Trafficking domain is derived from Cholix protein, that is secreted by Vibrio cholerae, and combined with a therapeutic payload
• Active, rapid, transport across GI submucosa

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AM T C ARRIER

hIL - 2 2

AMT Pipeline of Oral Biologic Therapeutics

Immunology & Inflammation

Metabolism

GI

Research

AMT-101

Oral IL-10

AMT-126

Oral IL-22

Oral hGH

Oral GLP-2

Multiple

Research	Preclinical	Phase I	Phase II	Phase III	Next Key Milestone
				Phase 2 FPI (8/27/20)
Ulcerative Colitis - biologic naïve and experienced
Ulcerative Colitis - combination therapy with anti-TNFα			Phase 2 FPI (2020)
Pouchitis					Phase 2 FPI (2020)
Rheumatoid Arthritis - combination therapy with anti-TNFα			Phase 2 FPI (H1 2021)
GI Barrier Repair					IND/CTA Filing (2020)

Hormone Deficiency

Intestinal Rehab

Undisclosed

AMT maintains worldwide rights to all product candidates and research programs.

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AMT-101

Oral GI-SelectiveIL-10 Fusion

Immunology and Inflammation

AMT-101

• Oral, GI-selectiveonce-daily biologic
• Unique product profile with potential use as single agent or in combination
• Targeting large markets including IBD and peripheral immune disorders
• Initiated comprehensive Phase 2 program in multiple UC populations and RA
• Data readouts expected to begin in H2 2021

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Oral IL-10 Fusion Biologic

AMT CARRIER		AMT CARRIER

hIL-10

Interleukin-10(IL-10):

1. Clinically-ValidatedInflammation Target

Agonist Immunomodulator

• Down-regulatesT cell proliferation
• Inhibits NLRP3/inflammasome-mediated activation
• Induces Treg differentiation (Tr1)
• Promotes tissue repair mechanisms

Clinical efficacy in IBD with systemic rhIL-10

(SAEs: anemia and thrombocytopenia due to systemic administration)

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UC Remains an Unmet Need: New Therapies are Needed

UC TREATMENT BY SEVERITY

MILD

MODERATE

SEVERE

5-ASA

Steroids, Immunosuppressants

AMT-101

1 L Biologics

2L Biologics / IMs

AMT-101 is in Phase 2 clinical trials in moderate-to-severe UC patients

• Single agent for biologic naïve and experienced patients
• Combination therapy for patients on treatment but still experiencing symptoms

AMT-101 has Broad Potential in the >2mm Patient UC Market 1,2

1Crohn's and Colitis Foundation of America: The Facts about Inflammatory Bowel Diseases. November 2014	10
2Burisch, J et al. The Burden of Inflammatory Bowel Disease in Europe, Journal of Crohn's and Colitis (2013) 7, 322-337.

Oral AMT-101 Improved Colonic Histopathology and Efficacy in Murine Model of UC

Representative Histology

No Disease:	Disease:	Disease:
Naïve	Placebo Treated	AMT-101 Treated

• Naïve - Intestinal crypts showing normal tissue architecture
• Placebo - Immune cell infiltration-driven crypt destruction
• AMT-101Treated - Tissue/crypt architecture resembles naïve

Oxazolone murine model of ulcerative colitis.

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In NHP Model, AMT-101 Led to a Robust Systemic PD Response with Minimal Systemic Exposure

Minimal Systemic PK	Robust Systemic PD
with Oral Administration	with Oral Administration

AMT-101(IL-10) administration: PO (oral), SC (subcutaneous), IV (intravenous); LLOQ (lower level of quantification)

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Completed

Successful Phase 1a/b Trial for AMT-101

Phase 1a HV SAD

• Healthy Volunteers
• 6 dose levels: 1, 3, 10, 30, 60, 120 mg

• Placebo-controlled 4:2	AMT-101 was well-tolerated in all doses
	with no differences in TEAEs observed
Single Ascending Dose	between active and placebo
36 Healthy Volunteers

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Phase 1b UC MAD

• Adults with Active UC
• 14-daytreatment period
• 4 dose levels:1, 3, 10, 30 mg
• Placebo-controlled3:1

Multiple Ascending Dose

16 UC Patients

Trends of improvement in objective

measures of disease activity including fecal calprotectin, CRP, central read histology in only 14 days of treatment

No IL-10 related AEs as previously seen w/ systemic administration

Informs Phase 2 dose selection

Changes in Fecal Calprotectin (FCP) and C-Reactive Protein (CRP) Were Observed After 14 Days of Oral Treatment with AMT-101

Patients with Baseline FCP > 150 ug/g

ExpressionFCPinChange Baselinefrom	250%
200%
	150%
	100%
	50%
	0%
%	-50%
Mean
-100%

1 mg	3 mg	10 mg	30 mg	PBO
(n=2)	(n=2)	(n=3)	(n=2)	(n=3)

Placebo adjusted mean reductions of 44% and 27% in the 1 mg and 3 mg dose groups

Patients with Baseline CRP > 5mg/L

1 mg	3 mg	10 mg	30 mg	PBO
(n=2)	(n=2)	(n=2)	(n=1)	(n=4)

ExpressionCRPinChange	Baselinefrom	10
0
		-10
		-20
		-30
		-40
		-50
		-60
%		-70
	-80
Mean
	-90

Local gut delivery of IL-10 may result in localized as well as systemic immunomodulatory effects

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Histopathology Improvement in UC Patients After 14 Days of Treatment with AMT-101

Blinded central read

AMT-101

6/10 patients on active showed a reduction in total Geboes score

PLACEBO

0/2 patients had a reduction in total Geboes score

Baseline	15	AMT-101 for 14 days
	3
	Geboes	Geboes
	score	score

Images: 10 mg dose patient

Geboes score1: 0 (normal) to 22 point scale.

1B. Lemmens, et al. May 2013.

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Enrolling Comprehensive Phase 2 Plan for Oral AMT-101

UC Monotherapy	UC Combination Therapy with anti-TNFα
• Moderate-to-severe UC patients	• Moderate-to-severe UC patients
• ~100 patients: biologic naïve and experienced	• ~30 patients: biologic naïve
• 12-week oral daily dosing	• 8-week oral daily dosing
• Randomized 2:1 to receive oral AMT-101 or placebo	• Randomized 1:1 to receive oral AMT-101 or placebo in
• Primary endpoint: Reduction in components	combination with adalimumab
of the Mayo Score at week 12	• Primary endpoint: Reduction in components of the Mayo Score
		at week 8

Pouchitis	RA Combination Therapy with anti-TNFα
• Chronic pouchitis patients	• Patients with active RA who had an inadequate response to anti-
• ~20 patients: biologic naïve and experienced	TNF therapy
• 12-week oral daily dosing	• ~20 patients: biologic experienced
• Randomized 1:1 to receive high or low dose of AMT-101	• 12-week oral daily dosing
• Co-Primary endpoint: Histologic and symptomatic improvement	• Randomized 1:1 to receive oral AMT-101 or placebo in
		combination with adalimumab
		• Primary endpoint: Safety and tolerability of AMT-101 and
		improvement in disease severity at week 12

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AMT-101 Has the Potential to Treat a Broad Range of Inflammatory Diseases

Psoriatic

Arthritis

RA

Crohn's

Compelling Option in Today's Environment

• Immunomodulator; not an immunosuppressor
• Non-systemic:clean safety profile allowing early use in treatment and in combination therapy
• Rapid response in patients after 14 days therapy1
• Local and systemic disease therapeutic potential
• Once daily oral tablet

UC

Psoriasis

Pouchitis

1. AMT-101 Phase 1b data

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AMT-126

Oral GI-SelectiveIL-22 Fusion

Immunology and Inflammation

AMT-126

Oral IL-22 Fusion Biologic

• Oral, GI-selective daily biologic targeting repair of epithelial damage

hIL-22

CARRIER

• Unique product profile with potential as single agent or in combination

• Demonstrated target engagement, efficacy, and safety in preclinical studies

• Potential to target indications including celiac, GI inflammation, GvHD and other diseases
• On track to file IND/CTA in 2020

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IL-22: Supporting Barrier Function Throughout the Body

INTESTINAL EPITHELIAL CELLS

• Increased antibacterial defense
• Enhance protection of stem cells against damage

PANCREATIC CELLS

• Increased protection against damage
• Inhibition of autophagy
• Enhance islet cell proliferation

SYNOVIAL FIBROBLASTS

• Elevated RANKL expression
• Increased production of monocyte-attracting chemokines

RESPIRATORY EPITHELIAL CELLS

• Increased antibacterial defense
• Enhanced proliferation
• Raised production of granulocyte-attracting chemokines

EPIDERMAL KERATINOCYTES

• Increased antibacterial defense
• Retarded differentiation and cornification

IL-22

• Elevated migration and tissue remodeling

HEPATOCYTES

• Increased acute-phase protein production
• Increased protection against damage
• Elevated liver progenitor cell proliferation

Modified from Sabat et al, NRDD (2014)	20

Epithelial Barrier Alterations in GI Tissue can Result in Serious Pathophysiologic Outcomes

PAT H O L O G I E S

• Loss of epithelial barrier integrity
• Enteric toxins entry
• Mucosal inflammation and tissue destruction
• Uncontrolled immune response

I N D I C AT I O N S

• Celiac disease
• IBD (UC, CD)
• GvHD
• IBS
• Food allergies
• T1, T2 Diabetes
• NAFLD, NASH

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Oral AMT-126 Demonstrated Efficacy in GI Inflammation Model

Body Weight Change	Hemoccult	Stool Consistency

(dextran sulfate sodium)

STUDY DAY

STUDY DAY

STUDY DAY

Oral dosing of AMT-126 reduced DSS-induced weight loss and fecal hemoccult, and improved stool consistency in a murine DSS-induced UC model

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AMT Technology Platform

AMT Oral Platform Can Deliver a Wealth of New Products

AMT CARRIER

+

AMT Carrier+Payload

1

2

Proteins Peptides Antibodies RNA

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GI TISSUE SELECTIVE

• Localized to the lamina propria
• Enhanced efficacy from direct access to target cells
• Improved safety due to minimal drug in blood

SYSTEMIC DISTRIBUTION

• Passes through GI tissue to the bloodstream
• Native, unmodified products
• Efficacy similar to injectables
• Improved safety with daily oral dosing

NEURAL

Oral Route Provides a

Significant Benefit

The gut is the primary site of convergence of core biology axes that impact virtually every organ system

IMMUNOLOGY

ENDOCRINOLOGY

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Multiple Disease Pathways Targeted by AMT Oral Platform

GI Targeted → Local GI Disease

• UC, Crohn's, Celiac
• Short bowel syndrome
• Motility-disorders
• Fibrosis
• GIST, CRC

GI Targeted → Distal Disease

• Rheumatoid Arthritis
• Psoriatic Arthritis
• Multiple Sclerosis
• Allergy
• Parkinson's Disease

Bloodstream Targeted → Systemic Disease

• NASH, Liver Disease
• Rare Disease
• Obesity
• Diabetes
• Growth Hormone Deficiency
• Cancer
• Hemophilia
• Psoriasis, Atopic Dermatitis
• Rheumatoid Arthritis, SLE

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Corporate Summary and Highlights

Talented Executive Team from Pioneering Organizations

MANAGEMENT TEAM

Tahir Mahmood, PhD	Randall Mrsny, PhD	Liz Bhatt	Bittoo Kanwar, MD	Shawn Cross
CEO, Co-founder & Director	CSO, Co-founder & Director	Chief Business & Strategy Officer	Chief Medical Officer	Chief Financial Officer
Amgen, Scripps, Kythera	Genentech, University of Bath	Gilead, Achaogen, Eli Lilly	Protagonist, Gilead, UCSF	JMP Securities, Deutsche
	(UK), ALZA			Bank, GT Biopharma

BOARD OF DIRECTORS (Non-Executive)

Helen Kim - Chairman	Graham Cooper	David Lamond	Aaron VanDevender, PhD
Managing Director, Vida Ventures	Former CFO, Receptos	President, En Pointe	Chief Scientific Consultant at Founders Fund

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Robust Internal Capabilities for Efficient and Nimble Operations and Multi-Product Pipeline Development

Discovery Biology & Research

Protein Sciences

Drug Product & Formulation

Development

GMP Biologics Manufacturing

QC Lab

Analytical Sciences

Clinical Development &

Operations

Regulatory Affairs

Project Management

Finance & Planning

Strategy & Market Planning Business Development

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Company

Summary and

Highlights

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AMT-101(Oral IL-10Fusion): Enrolling comprehensive Phase 2 clinical program in IBD and RA

UC Monotherapy (FPI August 27, 2020)

• UC Combination Therapy with anti-TNFα (2020)
• Pouchitis (2020)
• RA Combination Therapy with anti-TNFα (H1 2021)
• Phase 2 data readouts (beginning H2 2021)

AMT-126(Oral IL-22Fusion): Focusing on diseases associated with epithelial barrier defects

• IND/CTA filing (2020)

NOVEL ORAL BIOLOGICS PLATFORM and CMC capabilities to drive a deep multi-product pipeline of oral biologic assets (proteins, peptides, Mab)

STRONG BALANCE SHEET

• $163.3mm in cash and cash equivalents (as of June 30, 2020)
• IPO: $177.0mm gross proceeds (June 2020)

Creating Novel Oral Biologics

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