SWK : 2Q23 Shareholder Presentation

Collaborative Approach to Life Science Financing

Shareholder Presentation

August 9, 2023

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Forward-looking and Cautionary Statements

Statements in this presentation that are not strictly historical, and any statements regarding events or developments that we believe or anticipate will or may occur in the future are "forward- looking" statements within the meaning of the federal securities laws. There are a number of important factors that could cause actual results, developments and business decisions to differ materially from those suggested or indicated by such forward-looking statements and you should not place undue reliance on any such forward-looking statements. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our Annual Report on Form 10-K for the year ended December 31, 2022 and our Quarterly Reports on Form 10-Q for subsequent periods. The Company does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise.

Our specialty finance and asset management businesses are conducted through separate subsidiaries and the Company conducts its operations in a manner that is excluded from the definition of an investment company and exempt from registration and regulation under the Investment Company Act of 1940.

This presentation is neither an offer to sell nor a solicitation of any offer to buy any securities, investment product or investment advisory services, including such services offered by SWK Advisors LLC. This presentation does not contain all of the information necessary to make an investment decision, including, but not limited to, the risks, fees and investment strategies of investing in life science investments. Any offering is made only pursuant to the relevant information memorandum, a relevant subscription agreement or investment management agreement, and SWK Advisors LLC's Form ADV, all of which must be read in their entirety. All investors must be "accredited investors" and/or "qualified purchasers" as defined in the securities laws before they can invest with SWK Advisors LLC.

Life science securities may rely on milestone payments and/or a royalty stream from an underlying drug, device, or product which may or may not have received approval of the Food and Drug Administration ("FDA"). If the underlying drug, device, or product does not receive FDA approval, it could negatively impact the securities, including the payments of principal and/or interest. In addition, the introduction of new drugs, devices, or products onto the market could negatively impact the securities, since that may decrease sales and/or prices of the underlying drug, device, or product. Changes to Medicare reimbursement or third-party payor pricing could negatively impact the securities, since they could negatively impact the prices and/or sales of the underlying drug, device, or product. There is also risk that the licensing agreement that governs the payment of royalties may terminate, which could negatively impact the securities. There is also the risk that litigation involving the underlying drug, device, or product could negatively impact the securities, including payments of principal and/or interest on any securities.

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SWK Holdings - Overview

Custom financing solutions for commercial-stage healthcare companies and royalty owners

Underserved, High-

Need Market

Demonstrated

Success, Attractive

Returns

Focus on Shareholder

Returns

• SWK targets $5M to $25M financings, a market niche that is less competitive and generates attractive full-cycle returns
• Business focus is secured financings and royalty monetizations
• Experienced and aligned management and Board with extensive life science network
• As of June 30, 2023, completed financings with 50 parties deploying $726M of capital
• Targets unlevered, mid-teens gross return on capital with a portfolio effective yield of 14.5% for 2Q231
• 32 exits from inception through June 30, 2023, generating an ~18% IRR and 1.4x MOIC
• Specialty finance segment generated a 10.6% LTM adjusted return on finance segment tangible book value2
• Demonstrated shareholder value creation: Share repurchases, NASDAQ uplisting, and Enteris strategic review
• Shareholder value creation strategy:
• • Increase book value per share at a 10% CAGR
  • Serve as partner of choice for small and mid-sized life sciences companies and inventors
  • Generate current income to utilize SWK's substantial NOL asset, $124.5M as of December 31, 2022

1. Effective yield is the rate at which income is expected to be recognized pursuant to the Company's revenue recognition policies, if all payments are received pursuant to the terms of the finance receivable; excludes warrants
2. Numerator is specialty finance division's adjusted non-GAAP net income. Denominator is shareholders equity less the deferred tax asset and Enteris PP&E and net intangibles and goodwill, which adds-back the contingent consideration payable

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Operating Segments

SWK operates through two segments: Life Science Specialty Finance and Enteris BioPharma

Centered on SWK's core focus on monetizing revenue streams and intellectual property

LIFE SCIENCE SPECIALTY FINANCE

ENTERIS BIOPHARMA

• Senior secured term loans	• CDMO and CMO services
• Royalties	• Peptelligence® and
	ProPerma™ dosing
• Synthetic royalties	technologies
• Hybrid structures	• 505b2 drug outlicensing

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Why Life Science Finance?

Tap into underlying demand that is pervasive, growing, and minimally correlated with economic cycles

• Healthcare spend large and increasing, representing ~20% of U.S. GDP forecast to grow at a 5% CAGR through 20301
• Sector has demonstrated durability as S&P 500 sales declined 9% in 2009, while Healthcare subsector sales grew 10%2

Leverage FDA-approved assets that have protected and "portable" value

• Clinical trials and FDA approval requires substantial investment of time and money and limits competition
• Assets are attractive acquisition candidates for strategics, which avoid internal development and approval risk; high gross margins immediately accretive for acquirers with existing sales infrascture

Invest where competition is limited and risk-adjusted return superior

1. • Few sources of non-dilutive capital exist for sub-$25M financings and equity is our primary competition
   • Achieve superior risk-reward via better pricing, lower leverage, tighter covenants, and downside protection
2. Centers for Medicare & Medicaid Services
3. Bloomberg

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