DICE Therapeutics : Corporate Presentation July 2022

Corporate Presentation

July 2022

Forward Looking Statements

These slides contain forward-looking statements and information relating to DICE Therapeutics, Inc. within the meaning of, and made pursuant to the safe harbor provisions of, the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on forward-looking statements, as these statements are based upon our current expectations, forecasts, and assumptions and are subject to significant risks and uncertainties. Any statements contained herein or provided orally that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "believe," "may," "will," "potentially," "estimate," "continue," "anticipate," "intend," "could," "would," "project," "plan," "expect," "predict," "potential" and similar expressions that convey uncertainty of future events or outcomes, although not all forward-looking statements contain these words. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our future financial performance, business plans and objectives, timing and success of our planned development activities, our ability to obtain regulatory approval, the potential therapeutic benefits and economic value of our product candidates, potential growth opportunities, competitive position, industry environment and potential market opportunities, and the impact of the COVID-19 pandemic on our business and operations.

Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors. It is not possible for our management to predict all risks, 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 any forward-looking statements we may make. These factors, together with those that are described in under the heading "Risk Factors" contained in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission ("SEC") on November 12, 2021, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Statements, including forward-looking statements, speak only to the date they are provided (unless an earlier date is indicated). We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this prospectus to conform these statements to actual results or to changes in our expectations, except as required by law. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.

These slides 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. 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.

2

Focus: development of oral small molecule medicines against biologically and

often commercially validated targets in immunology

Technology: using DELSCAPE platform to disrupt protein-protein interfaces that enables medicinal chemistry on a massive scale

Team: seasoned R&D leaders with demonstrated track records progressing programs from hit-to-lead discovery through regulatory approval

Pipeline: four programs, each targeting multi-billion-dollar opportunities

Oral IL-17Franchise: DC-806 (S011806) in Phase 1 with key proof-of-conceptreadout in psoriasis patients expected 2H22; DC-853 nominated as Novel

Scaffold 1 development candidate in 4Q21

Experienced team of drug-hunters

M A N A G E M E N T

J. Kevin Judice, PhD

Founder & Chief Executive Officer

Scott Robertson, MBA

Chief Business & Financial Officer

Tim Lu, MD / PhD

Chief Medical Officer

John Jacobsen, PhD

Chief Scientific Officer

Charon Spencer

Chief Human Resources Officer

Mary Riley, JD

General Counsel

B O A R D

Richard Scheller, PhD

Chairman

Shaan Gandhi, MD, DPhil

J. Kevin Judice, PhD

James Scopa, JD, MBA

Jake Simson, PhD

Sharon Tetlow, MBA

Lisa Bowers, MHSA

Mittie Doyle, MD, FACR

4

DICE pipeline overview

Program	Indication(s)	Discovery	Preclinical	Phase 1	Phases 2/3	Anticipated Milestones Rights
	Psoriasis &	Lead: DC-806 (S011806)			• P1 PoC data 2H 2022
	Other IL-17
Oral	Mediated
IL-17	Fast Follower: DC-853			• P1 PoC data 2023
Franchise	Chronic
	Immunology	Novel Scaffold				•
					Dev. Candidate 2022
	Indications	Program #2
	Inflammatory	Oral α4β7				•	Dev. Candidate 2022
	Bowel Disease
Oral
Integrins						•
Fibrosis	Oral αVβX				Dev. Candidate 2023
Oral PD-L1 *	Immuno-	Oral PD-L1				•	IND filing 2023
oncology

Discovery Programs	Use DELSCAPE to prosecute validated immunology PPI Targets	• New target screen 2022

* DICE recently regained rights to previously partnered oral PD-L1 program. Anticipated milestones subject to change following analysis of data package received from Sanofi.

5