DICE Therapeutics : Corporate Presentation March 2023

Corporate Presentation

March 2023

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, any expectations regarding the safety or efficacy of DC-806 and other candidates under development, the planned timing of our clinical trials, data results and further development of DC-806,DC-853 and our other candidates, 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 August 11, 2022, 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.

Certain data in this presentation are based on cross-study comparisons and are not based on any head-to-head clinical trials. Cross-study comparisons are inherently limited and may suggest misleading similarities and differences. The values shown in the cross-study comparisons are directional and may not be directly comparable.

© DICE Therapeutics 2023 2

Focus: development of oral small molecule medicines against biologically and often commercially validated targets in immunology

Technology: using DELSCAPE platform to disrupt protein-proteininterfaces 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 advancing to dose-ranging Phase 2b study after positive proof-of-conceptreadout in psoriasis patients; DC-853 currently in Phase 1 (SAD/MAD) study in healthy volunteers

© DICE Therapeutics 2023 3

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

Mary Riley, JD

General Counsel

Venkat Thalladi, PhD

Senior Vice President, CMC

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

© DICE Therapeutics 2023 4

DICE pipeline overview

Program

Indication(s)

Discovery

Preclinical

Phase 1

Phase 2

Phase 3

Anticipated Milestones

Oral

IL-17

Franchise

Oral

Integrins

Oral PD-L1

Psoriasis &

Other IL-17

Mediated

Chronic

Immunology

Indications

Inflammatory Bowel Disease

Fibrosis

Immuno- oncology

Lead: DC-806

Fast Follower: DC-853

Novel Scaffold

Oral α4β7

Oral αVβX

Oral PD-L1

•	P2b Initiation 1H 2023
• P1 data 2H 2023
•	Dev. Candidate 2023
•	Dev. Candidate 2023
• To be determined 1
• To be determined 2
•	Disclose new program

Discovery Programs

Use DELSCAPE to prosecute validated immunology PPI Targets

1H 2023

1. DICE has generated multiple lead series with a variety of selectivity profiles ranging from αVβ1-selective, to dual selective, to αVβ6-selective; we will continue to monitor the evolving αV integrin clinical landscape for increased target validation prior to committing additional resources to this program
2. In 2022, DICE regained rights to the previously partnered oral PD-L1 program; we intend to re-partner this asset as it is outside of our core immunology focus

© DICE Therapeutics 2023 5