Cassiopea S p A : Public Investor Presentation H.C. Wainwright Annual Global Conference

OUR SKIN TELLS A STORY

HC Wainwright Global Investment Conference

September 2021

Confidential | © 2021 Cassiopea. All Rights Reserved.

Disclaimer

This presentation contains "forward-looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our business strategy, objectives and opportunities; market sizes and potential market growth opportunities; future business and product development, clinical and regulatory plans and anticipated timing with respect to such plans; product goals, attributes and performance; the successful completion of, and timing expectations for the receipt and announcement of topline efficacy and safety data from, our clinical trials. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements, including, but not limited to, those related to the successful development, regulatory approval and commercialization of our product candidates; the costs of our development programs; our ability to obtain necessary additional capital; the design, implementation and outcomes of our clinical trials, including related to further analysis of the results of our studies; the outcomes of meetings with regulatory agencies; our dependence on the Service Agreement with Cosmo Pharmaceuticals and our dependence on third-party clinical research organizations, manufacturers and suppliers; market acceptance of our potential products; our ability to develop and maintain collaborations and license products and intellectual property; the impact of competitive products and therapies including generics; our ability to manage the growth and complexity of our organization; our ability to maintain, protect and enhance our intellectual property; and our ability to continue to stay in compliance with applicable laws and regulations. You should not rely upon forward-looking statements as predictions of future events. Neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update any forward-looking statements after the date of this presentation except as may be required by law.

This presentation may also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Projections, assumptions and estimates of the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. The trademarks included herein are the property of the owners thereof and are used for reference purposes only.

We use our website (www.cassiopea.com) as channels of distribution of information about our company, product candidates, planned announcements, attendance at upcoming conferences and other matters. Such information may be deemed material information and we may use these channels to comply with our disclosure obligations. Therefore, investors should monitor our website in addition to following our press releases, public conference calls and webcasts.

Local irritation is the most common adverse effect associated with Winlevi therapy. See Important Safety Information and accompanying Full Prescribing Information.
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Confidential | © 2021 Cassiopea. All Rights Reserved.

Agenda

• Winlevi Commercialization Update
• Clascoterone Solution Update
• 2021 Outlook and Key Milestones

Local irritation is the most common adverse effect associated with Winlevi therapy. See Important Safety Information and accompanying Full Prescribing Information.

Confidential | © 2021 Cassiopea.

. All Rights Reserved.

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Commercial Update

Cassiopea. All Rights Reserved.

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Acne is the most prevalent skin condition in the

U.S...yet the last new mechanism of action approved by the FDA was almost 40 years ago1,2

50	$5	24	70%
Million	Billion US	Million	Total Prescriptions
sufferers in	market4	prescriptions4	written in the
US3			Dermatology Office4

Source: 1. Thielitz A, Gollnick H. Am J Clin Dermatol. 2008;9(6):369-81; 2. Costa CS et al. Cochrane Database Syst Rev 2018;11:CD009435. 3. Skin Conditions by the numbers. American Academy of Dermatology. https://www.aad.org/media/stats/conditions/skin-conditions-by-the-numbers. 4. IQVIA National Prescription Audit Sept. 2019.

Local irritation is the most common adverse effect associated with Winlevi therapy. See Important Safety Information and accompanying Full Prescribing Information.

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Confidential | © 2021 Cassiopea. All Rights Reserved.