Corbus Pharmaceuticals : Investor Presentation

PIONEERING TRANSFORMATIVE MEDICINES THAT TARGET

THE ENDOCANNABINOID SYSTEM

NASDAQ: CRBP | corbuspharma.com | @corbuspharma

This presentation contains certain forward-looking statements, including those relating to the Company's product development, clinical trials, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. Additional written and oral forward-looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission (SEC) or otherwise. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward- looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the SEC. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise

FORWARD-

LOOKING STATEMENTS

2

Corbus at a glance

Targeting the endocannabinoid system

Focus on inflammatory and fibrotic diseases

Key catalysts expected in 2020 (4 clinical program readouts)

Large markets with significant unmet needs

VITAL STATS

Ticker

C R B P

Founded in

2 0 1 4

125+

Employees

Based in

Norwood, MA

$ 2 1 4 M

Capital raised to date

~ $ 4 5 M

Additional awards and grants from NIH and CFF

$ 2 7 M

Upfront payment from Kaken Pharmaceuticals collaboration

3

Corbus pipeline: early and late stage programs

LENABASUM

CRB-4001

PRECLINICAL

LIBRARY*

			PRECLINICAL	PHASE 1	PHASE 2	PHASE 3	APPROVAL
			Systemic sclerosis
	I M M U N E		Dermatomyositis
	A U T O		Systemic lupus erythematosus
	GENETIC		Cystic fibrosis
NASH
Goal: 1-2 new Phase 1 programs
each year starting in 2021	*>700 drug candidates

Lenabasum is not approved for the treatment of systemic sclerosis, dermatomyositis, cystic fibrosis or systemic lupus erythematosus; CRB-4001 is not approved for the treatment of NASH

4

2020: THE YEAR OF DATA

5

LENABASUM

• Phase 3 data in systemic sclerosis in summer 2020
• Phase 2b data in cystic fibrosis in summer 2020
• Phase 2a data in lupus (SLE)

CRB-4001

• Key inflection point: Phase 1 data

What is the

Endocannabinoid

System (ECS)?

2 r e l a t e d G P C R s

CB1 and CB2

2 e n d o g e n o u s a g o n i s t s

Anandamide & 2-AG

M e t a b o l i c e n z y m e s

FAAH and MAGL

6

CB1

C A N N A B I N O I D

R E C E P T O R T Y P E 1

Mostly in CNS.

Also found in liver,

kidney and lung where it

is pro-inflammatory.

CB2

C A N N A B I N O I D

R E C E P T O R T Y P E 2

Expressed on activated

immune cells and fibroblasts.

Plays a role in immune response.

Growing recognition of therapeutic potential of targeting the ECS

COMPANY	DRUG CANDIDATE	PHASE	TARGET	TYPE OF COMPOUND
	Lenabasum	Phase 3 in SSc & DM	SSc, DM, CF & SLE	Small molecule (NCE)
	(CB2 agonist)	Phase 2 in CF & SLE
	CRB-4001	Phase 1 safety data expected	NASH	Small molecule (NCE)
	(CB1 inverse agonist)	in 2020
	RO6871304	Preclinical	Uveitis	Small molecule (NCE)
	(CB2 agonist)
	GFB-024	Preclinical	Diabetic kidney disease	Monoclonal antibody
	(CB1 antagonist)	(Phase 1 planned 2H 2020)	(mAb)
	Nimacimab	Phase 1 completed	NAFLD & diabetes or pre-diabetes	Monoclonal antibody
	(CB1 antagonist)	(mAb)
	JNJ-42165279	Phase 2	Autism Spectrum Disorder & Social Anxiety Disorders	Small molecule (NCE)
	(FAAH inhib)
	JNJ-42226314	Preclinical	Potential therapeutic application in several CNS disorders, neuropathic and	Small molecule (NCE)
	(MAGL inhib)	inflammatory pain
	ABX-1431	Phase 2, Acquired by	Tourette's syndrome	Small molecule (NCE)
	(MGLL inhib)	H. Lundbeck A/S
	Cesamet (nabilone)	Commercial	Nausea & Vomiting Associated with Cancer	Phytocannabinoid
	(THC)	Chemotherapy
	Marinol®	Commercial	Anorexia Associated with Weight Loss in Patients with AIDS, Nausea &	Phytocannabinoid
	(THC)	Vomiting Associated with Cancer Chemotherapy
	Epidiolex®	Commercial	Seizures Associated with Lennox-Gastaut Syndrome or Dravet Syndrome	Phytocannabinoid
	(CBD)
	Sativex®	Commercial in EU	Symptomatic Relief of Spasticity in MS	Phytocannabinoid
7	(CBD & THC)

Target indications across major markets provide commercialization opportunities

~PATIENT POPULATION1

NORTH

AMERICA1

SSc: 80K

DM: 40K

SLE: 280K

CF: 30K

EUROPE1

SSc: 80K

DM: 30K

SLE: 240K

CF: 40K

CHINA2

SSc:140K

DM: 70K

SLE: 420K

JAPAN1

SSc: 28K

DM: 9K

SLE: 50K

KOREA1

SSc:9K

DM: 3K

SLE: 16K

J A P A N P A R T N E R S H I P Kaken Pharmaceuticals

• Exclusive licensing agreement for SSc and DM lenabasum indications in Japan
• Up-front$27M payment and up to $173M of potential milestone payments
• Double-digitroyalty payments

1: Health Advances, LLC, Lenabasum Commercial Market Assessment, North America Includes Canada and Mexico; 2: Rheumatology, Ru Li, Jian Sun, et al. (2012)

8

LENABASUM

9

Lenabasum MOA: CB2 receptor agonist targeting innate immune response

• Oral NCE
• Resolves inflammation
• Limits fibrosis
• Non-immunosuppressive
• Phase 3 data summer 2020
• IP until 2034

IN SILICO BINDING OF

LENABASUM (PURPLE)

TO CB2 RECEPTOR

10

Lenabasum Fact Sheet

• MW 400 Da
• Ki = 54 nM for CB2 vs. 680 nM for CB1
• 30% blood-brain barrier penetration further reduces potential CB1-mediated CNS AEs
• Oral administration, Tmax 2.5 - 4 hours, T½ 3-5 hours, longer biologic half-life
• Metabolized mainly in liver, ~2/3 fecal and ~1/3 renal excretion
• MTD: 180 mg total daily dose
• DLT: 240 mg: multiple mild or moderate AEs including dizziness, fatigue, nausea, vomiting, and unusual feelings

AUC0-IFN, ng.hr/ml

45000

40000

35000

30000

25000

20000

15000

10000

5000

0

0

y = 153.04x + 805.21

R2 = 0.8764

50

100

150

200

250

300

Total Daily Dose, mg

Closed circles = single doses, fasted; open circles, single doses fed; squares = multiple doses; open square = multiple doses in subjects ≥ 65 years of age

11

• The majority of adverse reactions observed in clinical studies conducted to date are mild or moderate
• Most common adverse events thought to be related to lenabasum are dizziness, dry mouth, and fatigue, which are consistent with expected class effects
• Minimal changes from baseline in vital signs and laboratory safety tests and changes similar to those seen with placebo
• Safety data in blinded clinical studies are consistent with that observed in unblinded studies (n > 800)

LENABASUM SAFETY OVERVIEW

12

Lenabasum PD: Human E.coli Blister Model

U.V. killed E. coli	Laser Doppler	Blister
intradermal injection	imaging	induction

Blister fluid aspiration

Placebo		Lenabasum 20 mg BID
Lenabasum 5 mg BID		Prednisone 15 mg

Motwani et al. Clin Pharmacol Ther. 2017 Dec 14. doi: 10.1002

13

SYSTEMIC

SCLEROSIS

14

Systemic sclerosis (SSc) at a glance:

• Rare and life-threatening autoimmune disease characterized by tissue inflammation & fibrosis
• Most lethal of the systemic autoimmune diseases1
• Standard of care: immunosuppressive therapies with potential for significant toxicity

Images provided by the Scleroderma Foundation | 1: Elhai M, Meune C, Avouac J, Kahan A, Allanore Y.

Rheumatology 2012;51(6):1017e26,

15

Clinical trial design: Pioneering the use of the ACR-CRISS endpoint

PHASE 2

DOUBLE-BLIND,PLACEBO-CONTROLLED

Primary endpoint:	42
ACR-CRISS	subjects
16 weeks	9 sites in U.S

PHASE 2

OPEN-LABEL EXTENSION

Primary endpoint:	29
ACR-CRISS	subjects*
Ongoing	8 sites in U.S
(> 36 months)

*At Month 25

PHASE 3

DOUBLE-BLIND,PLACEBO-CONTROLLED

Baseline characteristics of subjects are similar to those in the Phase 2 study

Primary endpoint:	365
ACR-CRISS	subjects
52 weeks	76 sites in

1:1:1 dosing 20 mg BID

5 mg BID

Placebo

SECONDARY ENDPOINTS

• Change from baseline in mRSS
• Change from baseline in HAQ-DI
• Change from baseline in FVC % predicted

Orphan Drug Designation from FDA, EMA and PMDA Fast Track status from FDA

16

The dynamics of the ACR CRISS score

Step 1: Assign score "0" if significant new organ

damage related to SSc occurs

Step 2: Otherwise, calculate score using change from baseline in mRSS, PtGA, MDGA, HAQ-DI and FVC % predicted

• Exponential, weighted score (median)
• Measures probability of improvement from baseline
• Scored as 0.000-1.000 or 0.0%-100.0%
• Both improvement and worsening in core items are incorporated into score
• The more core items improve and the greater the improvement → the greater the ACR CRISS score
• Change in mRSS has greatest weight

Example: Improvement in Multiple Core Items Increase

ACR CRISS Score Generated by a -5 Point Improvement in mRSS

1.00
0.90
0.80
0.70	70%
Score	61%
0.60
CRISS		mRSS alone
0.50	50%
ACR		mRSS + -0.250 Improvement in HAQ-DI
0.40
	35%
0.30		mRSS + -0.250 improvement in HAQ-DI + 3% improvement in FVC % predicted
0.20	18%	mRSS + -0.250 improvement in HAQ + 3% improvement in FVC % predicted, and -1
		improvement in MDGA"
0.10		mRSS + -0.250 improvement in HAQ-DI, 3% improvement in FVC % predicted, -1
		improvement in MDGA, and -1 improvement in PtGA
0.00

0 -1-2-3-4-5-6-7-8-9-10-11-12-13-14

Change from Baseline in mRSS

17

Phase 2 | Improvement in ACR CRISS score

		D B P C						O P E N - LABEL EXTENSION
	1.0														0.95 0.95		0.96		0.96	0.98
	0.9
score	0.8	Placebo DBPC										0.77
0.7	Lenabasum DBPC							0.70
	Lenabasum OLE
median							0.63
0.6
										0.58
Score,
0.5
CRISS					n=42
0.4
			0.33
ACR	0.3		0.28
0.2	0.19						0.21	0.26		0.25				Placebo in Tocilizumab Ph 3 study
	0.1					mean
	0.03
	0.01	0.01		20.2 wk												Placebo in Abatacept Ph 2 study
	0.0
			0.0			0.01					0.01
	0.0
	0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100 108
										Weeks

Subjects on stable standard-of-care drugs,

including immunosuppressive drugs

American College of Rheumatology Combined Response Index in diffuse cutaneous systemic sclerosis (ACR CRISS) score provides a composite measure of probability of improvement from baseline. Calculated using change from baseline in modified Rodnan Skin Score (mRSS), Physician Global Assessment, Patient Global Assessment, Health Assessment Questionnaire - Disability Index and forced vital capacity (FVC) percent predicted.

29/36 (80%) of subjects enrolled in the OLE were still enrolled after 2 years

OTHER RECENTLY COMPLETED TRIALS IN SSc

		Time	ACR CRISS
Drug	N	score
(wks)
			Active	PBO
Cyclophosphamide1	84	52	0.24	0.01
Tocilizumab2, Ph 2	693	24	0.23	0.01
623	48	0.31	0.0
Tocilizumab3 + rescue
immunosuppressive drugs after	210	48	0.89	0.25
16 weeks if needed, Ph 3

Abatacept4 + rescue

immunosuppressive drugs695 52 0.68 0.01 after 26 weeks if needed, Ph 2

1. Khanna et al. ACR abstract 726, 2017; Khanna et al. Arthritis Rheumatol. 2016; 68:299-311; 2: Khanna et al. EULAR abstract SAT0373, 2017; 3: Completers only, Initial N = 87.3; 4: Khanna et al. ACR abstract 898, 2018k; 5: Khanna et al. ACR abstract 900, 2018 69 completers

18

Phase 2 | Improvement in mRSS

D B P C

O P E N - LABEL EXTENSION

0 0.0

-0.01-0.01

		-1.3	-2.0	-1.7	Placebo Cyclophosphamide
		-2.6	-2.6
		-3.8	-3.50	-4.4	Placebo Tocilizumab Ph 3
			-4.6	-4.5	Placebo Abatacept Ph 2
	-5
		-5.25
mean
		-6.61	-6.94
mRSS,				-7.32
	Placebo DBPC	-8.41	-9.28
		Lenabasum DBPC	-8.94	-9.17
	-10

Lenabasum OLE	-9.83
-10.28
	-10.67

mean 20.2 wk

-15

0

4

8

12

16

0

4

12

20

28

36

44

52

60

68

76

84

92 100108

Week

Subjects on stable standard-of-care drugs,

including immunosuppressive drugs

Baseline mRSS mean mRSS (SD) = 23.6 (10.4) for lenabasum arm and 26.2 (11.1) for placebo arm in Part A and 20.4 (11.0) for all subjects at start of open-label dosing; 1: Khanna et al, Ann Rheum Dis 2006; 65:1325

Reduction of 4 to 5 points is generally considered minimal clinically important difference (MCID)1

OTHER RECENTLY COMPLETED TRIALS IN SSc

			mRSS, mean
Drug	N	Time	(SD) change
from baseline
(wks)
			Active	PBO
Six drug trials1	492	~26	-2.9
Cyclophosphamide2	84	52	-5.3	-1.7
Tocilizumab3, Ph 2	67	24	-4.2	-2.1
58	48	-5.9	-3.2
Tocilizumab4 + rescue
immunosuppressive drugs	212	48	-6.1	-4.4
after 16 weeks if needed, Ph 3

Abatacept5 + rescue

immunosuppressive drugs886 52 -6.2-4.5 after 26 weeks if needed , Ph 2

1. α interferon, d-penicillamine, relaxin Ph 2 and 3, minocycline, methotrexate, anti-TGFβ, Merkel et al, Arthritis Rheum 2012;64:3420; 2: Khanna et al, ACR abstract 2016; 3: Le et al, Ann Rheum Dis 2011; 70: 1104; 4: Khanna et al. EULAR abstract SAT0373, 2017; 5: Khanna et al. ACR abstract 898, 2018; 6: Khanna et al. ACR abstract 900, 2018 6 69 completers

19

Phase 2 | Improvement in all five domains of ACR CRISS score

mRSS

0

Placebo DBPC

Lenabasum DBPC

Lenabasum OLE

-5 meanmRSS,

-10

mean 20.2 wk

-15
0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100108
								Week

FVC % predicted, mean

FVC% Predicted

2
1
0															Placebo DBPC
														Lenabasum DBPC
															Lenabasum OLE
-1
-2
-3
-4
			mean 20.2 wk
-5
0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100108
								Week

HAQ-DI

	0.2
	0.1
															Placebo DBPC
															Lenabasum DBPC
meanHAQDI,-	0.0														Lenabasum OLE
	-0.1
	-0.2
				mean 20.2 wk
	-0.3
	0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100108

Week

Patient Global Assessment

	1.0
	0.5
															Placebo DBPC
															Lenabasum DBPC
meanPtGA,	0.0														Lenabasum OLE
	-0.5
	-1.0
				mean 20.2 wk
	-1.5
	0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100108
									Week

Physician Global Assessment

0.0

Placebo DBPC

Lenabasum DBPC

Lenabasum OLE

-0.5 meanMDGA,

-1.0

mean 20.2 wk

-1.5
0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100 108
								Week

20

Phase 2 | Improvement in patient-reported skin symptoms

	0
	-10
mean
SSPRO,	-20
	-30
	-40

Skin Symptoms (SSPRO)

						-14.0						Placebo DBPC
													Lenabasum DBPC
							-18.2					Lenabasum OLE
							-23.8
								-25.9	-25.8	-26.7
								-27.0		-26.2	-26.3		-29.3		-30.3
																	-31.7
			mean 20.2 wk
0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100108
								Week

5D-Itch, mean

1

0

-1

-2

-3

-4

5D-Itch

					-0.60								Placebo DBPC
												Lenabasum DBPC
							-0.71						Lenabasum OLE
							-1.34		-1.35
							-1.48			-2.00
										-2.16
														-2.28		-2.25
										-2.16
												-2.60
				mean 20.2 wk												-3.43
0	4	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92 100108
								Week

21

Lenabasum treatment improves/stabilizes histological findings of inflammation and fibrosis in skin biopsies compared to placebo

Phase 2 | Improvement in biomarkers

			Inflammation				Fibrosis
Biopsies	100%
15%				15%
	80%
of Skin	15%	43%				Improved	38%	48%
%	60%
Baseline,	40%		69%						Stable
from			43%						39%
Change										46%
20%								Worsened
	0%				13%						13%
		Placebo	Lenabasum				Placebo	Lenabasum

Data from Phase 2 trial JBT101-SSc-001, study evaluated the safety, tolerability, pharmacokinetics and efficacy of Llenabasum in adult subjects with diffuse cutaneous systemic sclerosis.

22

Greatest unmet need is in patients with early or active diffuse systemic sclerosis (SSc)

ESTIMATED U.S. PREVALENCE

60-75K SSc Patients1

20-30K

Diffuse SSc Patients2

~10-15K

Early Diffuse SSc

(<6 years) or

Active Disease3

EU SSc PATIENT POPULATION ESTIMATED

TO BE SLIGHTLY HIGHER THAN U.S. (~80-90K)4

1. Furst. J Rheumatol. 2012; Robinson Jr. Curr Med Res Opin. 2008; Mayes. Arthritis Rheum. 2003; Maricq. Arthritis Rheum. 1989; 2: Estimated 33-40%: Mayes. Arthritis Rheum. 2003; Peoples. J Scleroderma Relat Discord. 2016; Young. J Clin Rheumatol. 2016; 3: Estimated @ 50% of Diffuse SSc; 4: Health Advances, LLC Corbus Assessment &

23 Aurore Bergamasco et al., Clin Epidemiol, 2019.

LIMITED SYSTEMIC SCLEROSIS

• Skin manifestations are limited to hands, face, feet and forearms
• Lower risk of internal organ involvement exists

DIFFUSE SYSTEMIC SCLEROSIS

• Skin manifestations may extend to torso
• Early onset of organ involvement and rapid disease progression
• Treated more aggressively with immunosuppressants

Systemic sclerosis is a multi-system, heterogenous disease without an approved treatment for overall disease

Symptom onset

Diagnosis

Treatment	Ongoing systemic sclerosis
initiation	management
	MAINTAIN ORGAN #1	MAINTAIN ORGAN

Lungs	GI tract
Shortness of	Diarrhea,
breath, fatigue	dysphagia

Chronic pain	Hand & fingers
Joint &	Discoloration
muscle pain	& swelling

Mentioned

More common Less common

PCP RHEUM

ORTHO

DERM

PULMCARD

GASTRO

Patients often see other healthcare professionals for symptoms prior to diagnosis by Rheumatologist

INITIATE ORGAN #1 THERAPY	ASSESS RESPONSE	THERAPY		#1 THERAPY
Symptoms	Treatments					INITIATE ORGAN #2 THERAPY
Skin thickening,	Mycophenolate mofetil
tightening, digital ulcers	Methotrexate
	PDE5 inhibitors				SWITCH /			PATIENTS
Raynaud's		INADEQUATE		ADVERSE
Calcium channel blockers			STOP		OFTEN RECEIVE
		RESPONSE		REACTION
				TREATMENT		POLY-PHARMACY
	Proton pump inhibitors
GI issues	Antacids
	Antibiotics

PDE5 inhibitors

Pulmonary hypertension Bosentan

Prostacyclin / lloprost

MMF

ILDNintedanib

Rituximab

SCT

Cardiac fibrosis, Renal crisis Ace inhibitors

Methotrexate

Chronic painPlaquenil

NSAIDs

Steroids

All insights and quotes derived from proprietary qualitative market research conducted in Q3 2019 [n=20 U.S. Rheumatologists treating at least 10 SSc patients; n=20 U.S. SSc diagnosed patients]

24

Corbus is the only company with a late-stage experimental drug in systemic sclerosis

"Treatment for scleroderma is the number one unmet need in rheumatology today."

Treatment Center Rheumatologist

"Physicians are just trying to use whatever immunosuppressive agents they can find today to treat SSc. We need efficacious therapies to treat SSc patients."

U.S. Payer

25

SYSTEMIC SCLEROSIS (SSc) IS A LIFE-THREATENING AND

DEBILITATING RARE DISEASE

• 11-22average years of life expectancy lost1
• 2 in 3 patients become unable to work and show symptoms of depression2,3

RHEUMATOLOGISTS MANAGE SYMPTOMS, BUT HAVE NO APPROVED TREATMENT TO ADDRESS THE TOTALITY OF DISEASE

• Experts are at scleroderma centers, but care also extends to community rheumatologists
• Current therapies address symptoms or specific organ complications
• Multiple therapies required, often immunosuppressive

LENABASUM TARGET PROFILE MET WITH INTEREST BY

PHYSICIANS, PAYERS AND PATIENTS

1. • Payers and physicians recognize the high unmet need in SSc
   • Potential efficacy, safety and tolerability profile viewed favorably
   • Oral dosing further strengthens product profile
2. Hao Y, Hudson M, Baron M, et al; Arthritis Rheumatol. 2017;69(5):1067-1077. 2: Thombs BD, Taillefer SS, Hudson M, Baron M. Arthritis Rheum. 2007;57(6):1089-1097. 3: Sharif R, Mayes MD, Nicassio PM, et al; and GENISOS Study Group. Semin Arthritis Rheum. 2011;41(1):38-47. *All insights and quotes derived from proprietary qualitative market research conducted in H2 2019 [n=20 U.S. Rheumatologists treating at least 10 SSc patients; n=20 U.S. SSc diagnosed patients; n=10 U.S. Payers]

Corbus can efficiently serve patients and providers with a small field footprint and targeted multichannel initiatives

In addition to the 46 Scleroderma Centers primarily in

metropolitan areas, many community-based Rheumatologists also diagnose and treat

Washington DC

SCLERODERMA RESEARCH CENTERS (46)

Corbus study sites (28)

Non -study sites (18)

Prescribers can be reached through

a small customer facing team

augmented through other channels

Experts &

High Treaters

~200 Rheums

Treaters

~1,500 Rheums

(Other Academic & community

based Rheums with 10+

systemic sclerosis patients)

Low SSc Patient Volume

(Remaining ~3,000 practicing Rheums and other specialists supporting Rheums in management of systemic sclerosis manifestations)

*Preliminary prescriber sizing estimates based on Komodo Serenity analysis.

26

Corbus recently launched a disease education campaign in systemic sclerosis

CURRENT MINDSET

Systemic sclerosis (SSc) is a terrible disease, and I am doing the best I can to manage my patients' skin and organ symptoms with what I have.

FUTURE MINDSET

With no available solutions that address both inflammation and fibrosis, advancements in SSc therapy should address the full burden of disease to allow for a more meaningful improvement in my patients lives. Targeting CB2 is a promising path forward.

OVERARCHING MESSAGE

A novel approach is needed to address the totality of systemic sclerosis

FOUR CORE MESSAGING PILLARS

• SSc is a rare and debilitating disease driven by inflammation and fibrosis
• There is significant unmet need in available treatment options that treat clinical manifestations, not the underlying mechanisms of the disease
• A multi-factorial approach is needed: both in patient care and development of therapy
• CB2 agonism shows promise as a novel approach to address the inflammation and fibrosis that drives SSc

27

TotalSSc.com Core Story Pillars

PILLAR 1	PILLAR 2	PILLAR 3	PILLAR 4
Systemic Sclerosis	Current treatment	Emerging measure:	Future Hope:
(SSc) complexity	limitations	ACR CRISS	New mechanism of action

28

Lenabasum launch team leadership

Craig Millian, MBA	Brian Walsh, MBA	Kaizar Lehri, MBA
Chief Commercial Officer	Head, Global Marketing	Head of Global Supply Chain
25 years of experience leading commercial	More than 10 years of commercial	Accomplished executive with more than
organizations for a range of pharmaceutical	leadership roles in healthcare	25 years of supply chain management
companies as well as a successful track	management, consulting and sales	and technology implementation
record building pharmaceutical brands		experience

Keith White, MBA	Quinn Dinh, MD	Lindsey Smith
Head of Market Access	Vice President, Medical Affairs	Director, Investor Relations
Proven commercial leader with more than	Experienced senior leader with more than 10	and Corporate Communications
20 years of professional experience at	years of medical affairs and R&D experience,	Strategic corporate communications
leading commercial stage biotech companies	with a focus on rare and complex diseases	professional with patient advocacy, media
		relations and product launch experience

29

DERMATOMYOSITIS

30

Dermatomyositis (DM) and systemic sclerosis are related rare systemic autoimmune diseases

• DM is a rare and life-threatening autoimmune disease characterized by skin and muscle inflammation

• 30% mortality in 5 years1

• Standard of care: immunosuppressive therapies with potential for significant toxicity

Images provided by Myositis Support and Understanding and The Myositis Association; 1: Schiopu et al, 2012

31

Ongoing Phase 3 DETERMINE study

• Baseline characteristics of subjects are similar to those in the Phase 2 study
• Anticipate enrollment complete in 2020

D O U B L E - B L I N D , R A N D O M I Z E D , P L A C E B O -

C O N T R O L L E D S T U D Y

5 2 - W E E K S T U D Y

M U L T I N A T I O N A L

1 5 0

S U B J E C T S

2 : 1 : 2

D O S I N G

20 mg BID

5 mg BID

Placebo

P R I M A R Y E N D P O I N T I N U . S . & E U :

• American College of Rheumatology (ACR) / European League Against Rheumatism (EULAR) 2016 Total Improvement Score (TIS) in Adult Dermatomyositis & Polymyositis

SECONDARY ENDPOINTS

• Mean MMT-8 Score
• CDASI activity score
• Investigator Global Assessment scale of skin activity
• Short Form-36 physical functioning domain score
• Corticosteroid dose
• FVC % predicted

Orphan Drug Designation from FDA and EMA

32

Phase 2 | Improvement in skin activity

				DBPC								OPEN-LABEL EXTENSION
	0		0.0
					-2.5
	-3.4	-3.7				-3.7
				-4.6	-4.3
	-5
(Mean)			-5.0			-5.5								Placebo DBPC
				-7.8
				-7.6
							-8.0							Lenabasum DBPC
Score									-9.4						Lenabasum OLE
-10							-9.3
Activity								n=22						-15.1	-14.8
								-12.7		-13.8
CDASI	-15
								-16.0		-15.6
															-16.8
	-20																		-20.2	-20.1	-20.9
															-20.8
																					-21.1
																		-21.9
								mean 31 wk
	-25
	0	2	4	6	8	12	16	0	4	12	20	28	36	44	52	60	68	76	84	92	100

Weeks

• Subjects had moderate to severe skin disease refractory to immunosuppressive treatment
• CDASI activity score measures active disease in the skin
• Favorable safety profile persists in
  OLE
• Durable efficacy in OLE
• 90% persistence in OLE at 2 years
• Reduction of 4 points at 12 months is associated with improvement in skin-related quality of life outcomes, itch and pain1

1 Week 0 DBPC CDASI activity score mean (SD) = 33.3 (9.74) for lenabasum and 35.8 (7.77) for placebo. P* = 0.09, p = 0.05, p = 0.28, p = 0.04, for lenabasum vs. placebo at Weeks 4, 8, 12, and 16, respectively, of DBPC Part A of study, MMRM, 2-sided; 1: Robinson et al. Br J Dermatol. 2015;172:169

33

Distribution of CDASI scores at 23 months in open-label extension study

Individual CDASI Scores

• 72% achieved low skin disease activity
  (CDASI ≤ 14) by week 100

CDASI Activity score

Each Bar Represents an Individual Subject, Month 23

34

Phase 2 | Patient-reported improvement in skin and overall disease activity

Patient Skin Activity 10-cm VAS (Mean)

1

0

-1

-2

-3

-4

Skin Activity

									Placebo DBPC
				-0.9				Lenabasum DBPC
							Lenabasum OLE
						-1.1
						-1.5
						-1.5	-1.9
						-2.3	-2.2	-2.4
								-2.7	-3.0	-2.9
									-3.0	-3.4
				mean 31 wk						-3.6
0	4	8	12 16	0	4	12 20 28 36 44 52 60 68 76 84 92100
						Weeks

Patient Disease Activty 10-cm VAS (Mean)

1

0

-1

-2

-3

-4

Disease Activity

							Placebo DBPC
				-0.9			Lenabasum DBPC
						Lenabasum OLE
						-1.0
						-1.2
						-1.3
						-1.9
						-2.1	-2.2
						-2.2
							-2.7	-2.8
							-2.9-2.9	-3.3
								-3.3
				mean 31 wk
0	4	8	12 16	0	4	12 20 28 36 44 52 60 68 76 84 92100

Weeks

35

Phase 2 | Patient-reported improvement in function and other symptoms

	(Mean)	0
	Functioning	-5
	SkinDex	-10
	-15
Pain29-PROMIS (Mean)FunctionPhysical		4
	2
			0
			-2
			-4
		-6

Placebo DBPC

Lenabasum DBPC

Lenabasum OLE

				mean 31 wk
0	4	8	12 16	0	4	12 20 28 36 44 52 60 68 76 84 92100
						Weeks

				Placebo DBPC
				Lenabasum DBPC
				Lenabasum OLE
			mean 31 wk
0	4	8 12 16	0	4 12 20 28 36 44 52 60 68 76 84 92100
				Weeks

(Mean)	0
							Placebo DBPC
								Lenabasum DBPC
	10							Lenabasum OLE
Symptoms
20
SkinDex	30					mean 31 wk
	40
		0	4	8	12 16	0	4	12 20 28 36 44 52 60 68 76 84 92100
								Weeks
	0							Placebo DBPC
								Lenabasum DBPC
(Mean)	-1							Lenabasum OLE
-2
VAS	-3
Itch
	-4
					mean 31 wk
	-5
	0	4	8	12 16	0	4	12 20 28 36 44 52 60 68 76 84 92100

Weeks

4

Pain (Mean)		2
PROMIS-29 Interference		0
	2
			4
		-6
	(Mean)		0
	-5
	Emotions	5
		0
	SkinDex	0
		-25

Placebo DBPC

Lenabasum DBPC

Lenabasum OLE

				mean 31 wk
0	4	8	12 16	0	4	12 20 28 36 44 52 60 68 76 84 92100
						Weeks

Placebo DBPC

Lenabasum DBPC

Lenabasum OLE

mean 31 wk

0

4

8

12 16

0

4

12 20 28 36 44 52 60 68 76 84 92100

Weeks

36

Phase 2 | Improvement in biomarkers

Lenabasum treatment was associated with reduction in T cell infiltration in skin biopsies in DM

LenabasumPlacebo

K E E W		K E E W
0		0

K E E W		K E E W
2 1		2 1

Associated with Improvement in CD4+ Cells in Skin Biopsies

Chen et al. EULAR poster FRI0307

37

CYSTIC

FIBROSIS

38

Despite advances in CF treatment, a large percentage of CF patients experience pulmonary exacerbations (PEx)

• Vast majority of treatment occurs in one of 130 CF Care Centers, including 33 Corbus sites
• Decline in percentage of patients experiencing PEx-IV has been modest despite introduction of CFTR modulators
• On average, patients spend nearly 18 days hospitalized for PEx per year
• Even with latest approval, 10% of CF patients remain ineligible for a CFTR modulator

U.S. CF PREVALENCE (AGE 12+)

21,500 U.S. CF 12+

8,600 (~40%)

1 or more PEx-IV per year

4,000 (~18%)

2 or more

PEx-IV per year

*Prevalence & PEx-IV rates estimated from 2018 CFF Patient Registry Annual Report

39

Ongoing CF

Phase 2b study

• Enrollment complete
• Topline data expected summer of 2020
• Up to $30M in funding from CFF

D O U B L E - B L I N D , R A N D O M I Z E D , P L A C E B O -

C O N T R O L L E D S T U D Y

2 8 - W E E K S T U D Y

M U L T I N A T I O N A L

4 2 6

S U B J E C T S

2 : 1 : 2

D O S I N G

20 mg BID

5 mg BID

Placebo

P R I M A R Y E N D P O I N T

• Event Rate of PEx

Open to people with CF 12 years and older, regardless of mutation or current background medications, including Orkambi®, Kalydeco® and Symdeko®

SECONDARY ENDPOINTS

• Other measures of PEx
• Cystic Fibrosis Questionnaire- Revised Respiratory Domain Score
• FEV1 % predicted

Orphan Drug Designation from FDA and EMA

Fast Track status from FDA

40

Lenabasum treatment was associated with longer time to PEx in Phase 2 study (n = 85) and consistent

reduction in key inflammatory biomarkers in sputum

Phase 2

Kaplan-Meier Survival Time Without a PEx

1.0

+ Censored

	0.9
a PEx	0.8
0.7
Without
0.6
Survivalof
0.5
Probability	0.4
0.3
	0.2
	0.1													Lenabasum
													Placebo
	0.0
	61	59	55	52	51	50	50	48	47	42	38	37	22	1
	24	22	22	22	20	16	16	16	15	15	15	13	7	0
	0	10		20	30	40		50	60	70		80	90	100

p = 0.047 Days PEx Free

Reduction with Lenabasum 20mg BID

Compared to Placebo (Log10)

p = 0.20				-0.7		Neutrophils,
				cells/ml
				0.7
p = 0.053				-1.49		Eosinophils,
					cells/ml
				-1.49
p = 0.089				-1.37		Lymphocytes,
					cells/ml
				-1.37
				-0.61		Macrophages,
					cells/ml
				-0.61
						Neutrophil
		p = 0.061	-0.23		elastase,
						cells/ml​
		p = 0.033	-0.19		IL-8, pg/ml
		p = 0.037	-0.19		IgG, mg/dl
-2.5	-2	-1.5	-1		0

41

Despite advances in CF treatment, pulmonologists project a sizable percentage of their CF patients will continue to exacerbate

"I'd start with patients who have PEx in the past, 2 per year. There will still be high PEx'ers no matter what [even with triple therapy]."

U.S., Pulmonologist

"Reducing PEx is an explicit treatment goal.

A lot of the loss in lung function is experienced during a PEx."

U.S., Pulmonologist

REDUCING PEx IS THE MOST IMPORTANT TREATMENT

GOAL FOR CF PATIENTS

• Pulmonologists describe PEx as a key mechanism of disease progression
• PEx have negative physical and emotional impacts on patients
• PEx are expensive to the healthcare system and reduce productivity

ADVANCEMENTS IN CFTR MODULATORS WILL LIKELY REDUCE EXACERBATIONS BUT UNMET NEED REMAINS

• Virtually all eligible patients will be considered for Trikafta
• Pulmonologists still expect many patients will continue to exacerbate

PULMONOLOGISTS VIEW LENABASUM AS APPROPRIATE FOR PATIENTS WHO NEED TO REDUCE THE FREQUENCY OF PEx,

REGARDLESS OF MUTATION

• Pulmonologists would consider lenabasum for patients on CFTR modulators if they continue to exacerbate
• Lenabasum offers potential treatment option for patients who are ineligible for modulators

All insights and quotes derived from proprietary qualitative market research conducted in H2 2019 [n=20 U.S. Pulmonologists that treat at least 20 CF patients over 12 years of age]

42

Ongoing systemic lupus erythematosus Phase 2 study funded and run by National Institutes of Health

• Topline data expected 2020

D O U B L E - B L I N D , R A N D O M I Z E D , P L A C E B O -

C O N T R O L L E D S T U D Y

1 6 - W E E K S T U D Y

1 5 S I T E S I N U . S .

~ 1 0 0

S U B J E C T S

1 : 1 : 1 : 1

D O S I N G

20 mg BID

20 mg BID

5 mg BID

Placebo

P R I M A R Y E N D P O I N T I N U . S . :

• Change from baseline in the
  7-Day Average of the Maximum Daily Numeric Rating Scale for Pain (NRS-Pain) Score

SECONDARY ENDPOINTS

• BILAG-2004
• SELENA-SLEDAIScore
• SELENA-SLEDAIFlare Index
• Patient Global Assessment
• PROMIS-29
• SLE Responder Index
• Swollen or Tender Joint Count

43

CRB-4001

44

2020: Targeting CB1 for metabolism was highly desirable

DRUG NAME	COMPANY	STAGE
Rimonabant		Launched in EU

Taranabant

Phase 3

Otenabant

Phase 3

Surinabant

Phase 2

Ibipinabant

Phase 2

Projected annual sales of rimonabant were $3bn1

1: 2007 Analyst Sales Estimates: WestLB, Sanford Bernstein, Raymond James, ING, Goldman Sachs

45

…But it ended poorly in 2008

CB1 binding in the brain led to

depression and suicidality

Rimonabant (Acomplia) withdrawn

Entire drug class terminated

46

2019: Focusing on CB1 without affecting the brain

COMPANY	COMPOUND	PHASE	MOA	TYPE OF COMPOUND

CRB-4001	Phase 1 safety data	CB1 inverse agonist	Oral small molecule
expected in 2020

GFB-024	Preclinical	CB1 antagonist	Injectable mAb
(Phase 1 planned 2H 2020)

Nimacimab	Phase 1 completed	CB1 antagonist	Injectable mAb
(JNJ-2463)

47

Risk factors for progression of NASH to cirrhosis

	NAFLD	Noncirrhotic	NASH with
Normal liver	NASH	Cirrhosis
Fatty liver
	Fatty liver + inflammation	Fatty liver + inflammation
		and fibrosis	and severe fibrosis
	PROGRESSION TO NAFLD AND FURTHER	PROGRESSION TO
	PROGRESSION TO NONCIRRHOTIC NASH	NASH WITH CIRRHOSIS
	Obesity | Insulin resistance | Diabetes	Fibrosis
	Metabolic syndrome | Sedentary lifestyle
	Age | Genetic factors

World Gastroenterology Organization Global Guidelines, 2012

48

CRB-4001 is an attractive candidate to treat NASH

• Strong preclinical data around CRB-4001
• Preferentially binds CB1b, predominant isoform in liver in obesity
• Limited CB1 occupancy in mouse brain

CRB-4001 Blocks Metabolic Abnormalities and Reduces Biomarkers

of Liver Damage Common In Nash In Animal Models

		Stimulates Insulin Release1				Reduces Body Fat2		Reduces Liver Fat3
Insulin levels	Vehicle					30	Fat mass	Lean mass		Hepatic triglyceride (mg/g)
	8			Ex4 = long-actingglucagon-like
									STD		HFD
(ng/min/100islets)				peptide 1Receptor agonist (0.33nM)						50
					*,#
6			CRB-4001 (0.1nM)	(g)
			Rimonabant (0.1nM)			2				40
									0	*			30
	4
												20
									10						*
Insulin	2												10
							0
											0
														Veh	Veh	CRB-4001
	10	15	20	25	30
			Perfusion time (min)
Reduces Pro-Inflammatory Mediators	Has Antifibrotic Effects on Fibroblasts		Reduces Liver Enzymes3
		+ multiple effects on cells4	effect	0		Fibroblasts		ALT (U/L)
				IL-1							200	STD		HFD
							induced
	4000					-2					150
													100
		2000					of
						change	-4				50			*
														Veh	Veh	CRB-4001
	0					Fold	-6					0

CRB-4001, µM

1. Gonzalez-Mariscalet al. Sci. Rep. 2016; 6: 33302; Insulin release from isolated islet cells perfused with 7.5 nM glucose alone (blue line) and in combination with 0.33 nM Ex4 (red-line,half-max stimulation or with 0.1 nM CRB-4001 (green line) or 0.1 nM rimonabant (purple line), Treatment time point is indicated by arrow. Islet cells isolated from obese individual; 2: Tam et al. Cell Metabolism 2012; 16 167-179; N = 6/group. *p < 0.005 relative to STD, # p < 0.01 relative to high-fat diet (HFD) vehicle group; 3: Cell Metabolism 2012: 16 167-179; STD = standard diet, HFD = high fat diet. 6-7 DIO mice per group, Veh = vehicle. CRB-4001 at 3 mg/kg/day X 28 days. * = p < 0.01 vs HFD vehicle; 4: Data as concentration of cytokine, pg/mL

49

NEXT STEPS

SAFETY DATA

• Phase 1 safety data expected in 2020

KEY INFLECTION POINT

• Demonstrate differentiated brain CB1 binding as compared to rimonabant

50

CORBUS PLATFORM: NOVEL PRECLINICAL CANDIDATES

THAT TARGET THE ENDOCANNABINOID SYSTEM

51

First group of compounds generated from our proprietary platform in preclinical development

I P p r o t e c t i o n u n t i l

2039

F i r s t c l i n i c a l c a n d i d a t e w i l l b e s e l e c t e d i n

2020

CB1

C A N N A B I N O I D

R E C E P T O R T Y P E 1

Novel CB1 Inverse

Agonists

CRB-4614

CRB-4496

CB2

C A N N A B I N O I D

R E C E P T O R T Y P E 2

Novel CB2 Agonists

CRB-371

CRB-378

CRB-317

CRB-388

CRB-391

CRB-350

52

Management team with proven record of execution

Yuval Cohen, PhD	Sean Moran, CPA, MBA	Craig Millian, MBA
Chief Executive Officer, Director	Chief Financial Officer	Chief Commercial Officer
More than 13 years of executive	More than 20 years of senior financial	25 years of experience leading
leadership experience in inflammatory	experience with emerging biotechnology,	commercial organizations for a range of
disease drug development	drug delivery and medical device	pharmaceutical companies as well as a
	companies	successful track record building
		pharmaceutical brands

Barbara White, MD	Robert Discordia, PhD	Ross Lobell
Chief Medical Officer and Head of Research	Chief Operating Officer	VP, Regulatory Affairs
Previous academician with more than 15 years	More than 25 years of biopharmaceutical	More than 35 years of regulatory affairs
of industry clinical development and medical	industry experience in CMC development	experience with an extensive
affairs experience in inflammatory and	and business operations	biopharmaceutical background in leading
autoimmune diseases		preclinical, clinical and nonclinical
		regulatory strategies

53

Experienced and engaged board of directors

Amb. Alan Holmer Ret.

Chairman of the Board

More than two decades of public service in Washington, D.C. including Special Envoy to China; Former CEO of PhRMA

David Hochman

Director

More than 20 years of healthcare, entrepreneurial and venture capital experience; Chairman & CEO, Orchestra BioMed; Chairman, Motus GI Holdings, Inc. (NASDAQ: MOTS)

Avery W. (Chip) Catlin

Director

More than 25 years of senior financial leadership experience in life science companies; Former CFO and Secretary of Celldex Therapeutics

Rachelle Jacques

Director

More than 25-year professional career,

experience in U.S. and global biopharmaceutical commercial leadership, including multiple high- profile product launches in rare diseases; CEO of Enzyvant Therapeutics

Yuval Cohen, PhD	George Golumbeski, Ph.D.
Chief Executive Officer, Director	Director
More than 13 years of executive	Pharmaceutical / biotechnology leader with
leadership experience in inflammatory	distinctive expertise in corporate development &
disease drug development	corporate strategy. Formerly led corporate and
	business development at Celgene and Novartis

John K. Jenkins, MD	Pete Salzmann, M.D., MBA
Director	Director
Distinguished 25-year career serving at	20 years of industry experience and currently
the U.S. FDA, including 15 years of	serves as Chief Executive Officer of Immunovant
senior leadership in CDER and OND	(NASDAQ: IMVT), a biopharmaceutical
	company focused on developing therapies for
	patients with autoimmune diseases

54

Financial profile:

CRBP (NASDAQ)

$ 2 1 4 M

E Q U I T Y R A I S E D T O - D A T E

$ 4 5 M

N O N - D I L U T I V E F U N D I N G F R O M N I H A N D C F F O U N D A T I O N 1

1. Includes development award from CFF announced in January 2018 which provides up to $25m in funding; 2: Based on July 7, 2020 closing price of $8.03 per share

7 2 . 5 M

C O M M O N S H A R E S O U T S T A N D I N G ( 8 6 . 6 M F U L L Y D I L U T E D )

$ 4 6 . 6 M

C A S H B A L A N C E A S O F 3 / 3 1 / 2 0 2 0

$ 5 8 2 M

M A R K E T C A P 2

55

PIONEERING TRANSFORMATIVE MEDICINES THAT TARGET

THE ENDOCANNABINOID SYSTEM

NASDAQ: CRBP | corbuspharma.com | @corbuspharma