1CONFIDENTIAL

April 2020

Pioneering the Next Generation of

Redirected T Cell Engaging Therapeutics in Immuno-Oncology

2

Agenda

• Corporate Overview: Leader in T Cell Engaging Therapy in Solid Tumors

• The Opportunity: T Cell Engaging Therapy in Solid Tumors – Game

Changing

• The Maverick Solution: COBRA™ Therapeutic Platform

• COBRATM Platform Validation: Lead Candidate MVC-101

• Path to Treating Patients: Clinical Strategy & Indications of Interest

• Single Focus on Developing T Cell Engaging Therapies: COBRA™ Pipeline

3

IL-2 approved

for metastatic

renal cell

carcinoma

PROLEUKIN®

(aldesleukin)

Breakthroughs in Cancer Immunotherapy Development

20182015

First CAR-T Cell Therapy

approved for ALL

KYMRIAH® (tisagenlecleucel)

James Allison, PhD & Tasuku

Honjo, MD, PhD win Nobel Peace

Prize for Checkpoint Inhibitors

2014

First Check Point Inhibitors

(Anti-PD-1) approved for

advanced melanoma

KEYTRUDA® (pembrolizumab),

OPDIVO® (nivolumab)

ALL = acute lymphoblastic leukemia

First Bispecific T Cell Engager

approved for Precursor B cell ALL

BLINCYTO® (blinatumomab) CD19 x CD3

First Oncolytic Virus

approved for melanoma

IMLYGIC® (T-VEC)

FDA

FDA

FDA

First autologous cellular

immunotherapy approved

for prostate cancer

PROVENGE® (sipuleucel-T)

1992

2010

2011

2017

First Checkpoint Inhibitor

(Anti-CTLA-4) approved

for metastatic melanoma

YERVOY® (ipilimumab)

First report of efficacy &

safety of CAR-T cell

Therapy or a

Bispecific T Cell Engager

in solid tumors

FDA

FDA

FDA

FDA

= accelerated approval www.drugs.com/approvalhistory

www.nobelprize.org/prizes/medicine/2018/press-release

CAR-T Cell Therapy

approved for B cell lymphoma

YESCARTA® (axicabtagene ciloleucel)

FDA

202X

FDA

mavericktx.com

CORPORATE OVERVIEW

4

Maverick Therapeutics Introduction

• Immuno-Oncology company launched in 2017

• Our Mission: Become the Leader in T Cell Engaging Therapy in Solid Tumors

COBRA™: A novel conditionally active T cell engager

designed to safely target solid tumors with highly

specific and potent activity

5

Partnerships

Focus

Strategic Validation

$125M of Committed Funding

Validation of approach,

scientific platform and

programs by key industry

leaders

Develop proprietary,

best-in-class, T cell-engaging

antibody therapeutics

5 year drug development

project based on the promise

of early-stage research

7

Leadership Team

mavericktx.com

T Cell Therapy in Solid Tumors = Game Changing Opportunity

THE OPPORTUNITY

8

The Promise of Bispecific T Cell Engagers

BiTEs significantly enhance immune response to tumors relative to antibody dependent cellular cytotoxicity (ADCC)

blinatumomab

rituximab100,000 fold

Dreier, et al. (2002), Int. J. Cancer, 100: 690–697

2012: Amgen acquires Micromet for $1.2 billion

2014: FDA grants accelerated approval of blinatumomab (Blincyto®) for the treatment of adult patients

with relapsed or refractory ALL

Sp

eci

fic

Cy

toto

xic

ity

[%

]

Antibody Concentration [ng/ml]

• BiTEs are a class of bispecific antibodies (bsAbs) used for cancer treatment

• They are a fusion between tumor-targeting and T cell engaging recombinant antibody fragments

9

The Challenge of bsAbs Beyond Hematological Cancers

• bsAbs redirect T cells to cell surface targets, regardless of whether expressed on the tumor or on healthy tissues

• Blinatumomab transiently depletes normal B

cells in hemo-onc patients, which can be

tolerated

• Damage to normal tissues by bsAbs results in

significant toxicity and limits patient response

by lowering the dose that can be safely

administered

The COBRA™ design can manage the limitations of less specific bsAb targets, by taking

advantage of the tumor’s unique proteolytic microenvironment for T cell activation

Normal Tissue Tumor Tissue

T cell

B-cell counts of 20 patients treated with blinatumomab

B-cell Depletion (to ≤1/ μl)

Klinger, et al. (2012), Blood, 119:6226-6233

10

I/O Landscape: Enormous Unmet Need in Solid Tumors

Hematological Cancers Solid Tumor Cancers

Cancer Types Lymphoma, leukemia, myeloma

Breast, lung, prostate, colorectal,

melanoma, uterine & ovarian, kidney &

renal, head & neck, pancreas, others

Therapies

• Bispecific T cell engagers

(blinatumomab)

• CAR-T (tisagenlecleucel,

axicabtagene ciloleucel)

• Checkpoint Inhibitors (nivolumab,

pembrolizumab, ipilimumab)

Average Overall

Response Rates40 – 93%** 0.5 – 24%**

# of new cases* 174,000 = ~10% of all cancers 1,561,000 = ~90% of all cancers

* American Cancer Society, 2018

** Based on efficacy data in prescribing information for each therapy listed

There are 900% as many solid tumor cancers as there are hematological cancers

mavericktx.com

COBRA™: A Novel Conditionally Active Bispecific Antibody

THE MAVERICK SOLUTION

12

COBRA™ = Conditional Bispecific Redirected ActivationαEGFR sdAb inactive VLαCD3 VH αEGFR sdAb inactive VHαCD3 VL αHSA sdAb

Protease

Cleavable Linker8 a.a. 8 a.a.

COBRA™ Construct Design and Predicted Folding

Inactivated VH & VL domains pair

with αCD3 VH & VL domains

min2.5 5 7.5 10 12.5 15 17.5 20 22.5

mAU

0

100

200

300

400

500

600

700

DAD1 A, Sig=280,2 Ref=off (JK180703 SEC lot 803 2018-07-03 11-14-55\005-P1-A5-Pro186 lot PL-0803.D)

14

.69

8

17

.00

4

15.7

41

Monomer = 97.5%

Analytical Size Exclusion Chromatography

Predicted COBRA™ Folding

EGFR/MMP9 = MVC-101 = Maverick COBRA™ Program 1

Protein A and Preparative SEC purification

13

MVC-101 Active Dimer

αCD3 agonist (dimer of αCD3 VH and VL )

Binds EGFR

Binds CD3

MVC-101 Cleavage Products

αCD3

VH and VL

inactive

VH and VL

Binds EGFR

Impaired CD3 binding Binds serum albumin

+

MVC-101

Cleaved MVC-101 Dimerizes to Form the Active Molecule

Binds EGFR

Impaired CD3 binding

Binds serum albumin

14

Characterization of COBRA™ Binding

sdAb(monovalent EGFR binding)

MVC-101(bivalent EGFR binding)

Active MVC-101(tetravalent EGFR binding)

αEGFR KD (nM)

αEGFRKD (nM)

αCD3 KD (nM)

αHSAKD (nM)

αEGFRKD (nM)

αCD3 KD (nM)

Human 2.7 0.12 nb 11.3 <0.01 1.7

Cyno 6.3 0.14 nb 10.8 <0.01 2.4

Mouse nb* nb nb 106.3 nb nb

*nb = no binding

Binding kinetics to EGFR, serum albumin and CD3ε were assessed via the Octet system

15

COBRA™ Mechanism of AcEon

= MVC-101; = cMVC-101; = inactivating domain; = adMVC-101

Cell Surface

Target Antigen=

Watch our mechanism of action video here:

https://www.mavericktx.com/technology/#our-science

mavericktx.com

MVC-101: In Vivo Efficacy Data

COBRA™ PLATFORM VALIDATION

17

Activated MVC-101 Demonstrates Potent In Vitro Activity

HT29 Tumor Cells

E:T 10:1

48 hours

0.001

0.01

0.1 1 10100

1000

0.0

0.5

1.0

T cell Killing Assay

Concentration (pM)

Tu

mo

r ce

lls

- R

LU

MVC-NCL

MVC-101

MVC-101 Pre-Cleaved

200X

(Non-cleavable)

18

0 5 10 15 20 25 30 35 40 45

0

500

1000

1500

2000

SCC25

Days post initial dose

0 5 10 15 20 25 30 35

0

500

1000

1500

2000

LoVo

Days post initial dose

Tu

mo

r V

olu

me

(m

m3)

MVC-NCL - 100 µg/kg

MVC-101 - 100 µg/kg

MVC-101 - 20 µg/kg

MVC-101 - 4 µg/kg

0 5 10 15 20 25 30 35

0

500

1000

1500

2000

HT29

Days post initial dose

MVC-101 Regresses Established Solid Tumors in Mice

Dosed every 3 days for 7 doses total

Cell Lines:

8,774 EGFR/cell 33,218 EGFR/cell 239,344 EGFR/cell

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0 24 48 72 96 120 144 1680.1

1

10

100

1000

10000

Time (Hours)

Pla

sm

a C

on

c (

ng

/mL

)

Pre-Cleaved MVC-101 - 100 µg/kg

MVC-101 - 100 µg/kg

MVC-NCL - 100 µg/kg

PK in non-tumor bearing mice

Cleaved MVC-101 Clears More Rapidly Than Intact MVC-101

MVC-101

MVC-NCL

MVC-101

Pre-Cleaved

0 5 10 15 20 25 30 35

0

500

1000

1500

2000

LoVo

Days post dose initiation

Tu

mo

r V

olu

me

(m

m3)

MVC-NCL - 100 µg/kg

MVC-101 - 100 µg/kg

Pre-Cleaved MVC-101 - 100 µg/kg

20

Bio

log

ica

l R

esp

on

se L

eve

l

Log (exposure)

Preclinical Results Predict Increased Therapeutic Window

Efficacious

Dose

Maximum

Tolerated

Dose

MVC-101 exposures at efficacious doses relative to tolerated doses predicts

an increased therapeutic window compared to standard T cell engagers

Standard T Cell Engagers

21

Bio

log

ica

l R

esp

on

se L

eve

l

Log (exposure)

Preclinical Results Predict Increased Therapeutic Window

Efficacious

Dose

Maximum

Tolerated

Dose

Increased

Therapeutic

Window

MVC-101 exposures at efficacious doses relative to tolerated doses predicts

an increased therapeutic window compared to standard T cell engagers

COBRA™ MVC-101

21

Clinical Strategy & Indicagons

PATH TO TREATING PATIENTS

22

MABEL

Bio

log

ica

l Re

spo

nse

Le

vel

Log (exposure)

COBRA Safety Mechanisms Enable Increased FIH Dose

• FDA requires MABEL* starting dose for standard bispecific T cell engagers

• COBRA safety features & robust pre-clinical safety package combined with

an ex-US strategy allow Maverick to maximize FIH dose

COBRA™ MVC-101

“... [We] would, in principle, accept

the proposed approach based on

the HNSTD, provided that the

Sponsor is confident that the

calculated starting dose should not

be sub-efficacious in the proposed

patient population”

Starting ra

nge based

on feedback

*MABEL = minimum anticipated biological effect level

25

Clinical Development Strategy

Transition to select

indications and 3+3

design prior to

expansion

1+3 design for

iniXal steps

X μg/kg

X μg/kg

X μg/kgNon-Small Cell

Lung Cancer

N = 15-20

X μg/kg

Colorectal Cancer

N = 15-20X μg/kg

Head & NeckSCC

N = 15-20

• Utilize ex-US regulatory feedback

to maximize starting dose

• Dose Escalation run in Australia

• Begin US IND filing once sufficient

safety data has been collected

• Dose Expansion run in AUS and US

X μg/kg

26

Patient Populations of Interest

Head and Neck

Squamous Cell

Carcinoma (HNSCC)

Colorectal Cancer

(CRC)

Non-Small Cell Lung

Cancer (NSCLC)

EGFR Expression

Consistency

High (97%)

constitutively

expressed for all

subtypes1

Constant for both

KRAS mutant and

wildtype2

Most consistent

within EGFR mutant

subtype3

Standard of Care

Efficacy* Bar –

Objective Response

Rate (ORR)

pembrolizumab4

16%

regorafenib5

1%

docetaxel6

15%

*Based on MVC-101 target clinical positioning

1. Zimmerman M, et al. (2006), Radiat Oncol, 10.1186/1748-717X-1-11

2. Callisia C, et al. (2015), Journal of Gastrointes4nal Oncol, 6(6):660-667

3. Mascaux C, et al. (2011), Clin Cancer Res, 24:7796-807

4. hMps://www.merck.com/product/usa/pi_circulars/k/keytruda/keytruda_pi.pdf

5. hMp://labeling.bayerhealthcare.com/html/products/pi/SRvarga_PI.pdf

6. hTp://uspl.lilly.com/cyramza/cyramza.html

27

• 98% EGFR positive by IHC

• PD-1 combination: Potential path

to first line for COBRATM

InductionTherapy:

1st Line:

Surgery ±

Radiation

Platinum Chemo

+ Radiation

Resectable Unresectable

Anti-PD1

HNSCC Initial

Presentation

Recurrent Unresectable Locally

Advanced or Metastatic Disease

2nd LineOr Later:

30%

1. World Health Organization

2. National Cancer Institute

3. Australian Institute of Health and Welfare

4. Cetuximab + platinum + fluorouracil

40%

Metastatic

60% 30% 10%

Anti-PD1 moving to

induction therapy

EXTREME4

EXTREME42nd Line:

90% 10%

MVC-101

Anti-PD1

16% ORR

Path to Early Line: Head and Neck SCC (HNSCC)

MVC-101+

Worldwide1 US2 AUS3

New Cases per Year 700,000 50,000 5,200

Deaths per Year 380,000 10,000 1,200

28

• 83% EGFR positive by IHC

“More than 90% of patients with

metastatic colorectal cancer will

require second-line treatment.”7

1st Line:

2nd/ (3rd) Line:

Ras Mut (30-50%) Ras WT (25-30%) BRAF Mut

Chemo4 + Bev5Chemo4 +

Anti-EGFR6

Chemo4 +

Bev5Regorafenib

MSI-H

Molecular testing

3rd LineOr Later:

Limited PaRent

PopulaRon

Path to Early Line: Colorectal Cancer (CRC)

MVC-101

Regorafenib MVC-101

4th LineOr Later:

MVC-101

1 % ORR

Unresectable

Metasta:c CRC

42%38%

42%

Worldwide1 US2 AUS3

New Cases per Year 1,800,000 145,000 16,400

Deaths per Year 861,000 51,000 5,600

1. World Health Organization

2. National Cancer Institute

3. Australian Institute of Health and Welfare

4. 5-FU + Oxaliplatin + Irinotecan given concurrently (FOLFOXIRI) or sequentially

(irinotecan monotherapy 2nd)

5. Bevacizumab

6. Cetuximab or panitumumab

7. Tanios Bekaii-Saab (2018) Clinical Advances in Hematology & Oncology 16 (9) Supp 18

31

COBRA™ Pipeline

SINGLE FOCUS ON DEVELOPING

T CELL ENGAGING THERAPIES

32

COBRA™ Platform Pipeline

31

Maverick Achievements

ü We have designed a conditionally active, highly potent T cell engaging

platform

ü In vitro assays demonstrate protease mediated linker cleavage increases

potency of T cell-mediated killing up to 200-fold

ü Regression of established solid tumors in xenograft-bearing mice is

dependent on tumor mediated activation

ü Half-life extended MVC-101 has a more rapid clearance rate post

proteolytic activation

ü Exploratory tox study validates COBRA mechanism of action and

establishes meaningful therapeutic index

ü First-in-class programs with best-in-class design

32

Maverick Highlights

UNMET MEDICAL NEEDThe COBRA™ platform is designed to safely target a broad range of solid tumors with

highly specific and potent activity while limiting on-target toxicities in normal tissues

TECHNOLOGYProprietary, best-in-class, T cell-engaging antibody therapeutics that are selectively

activated by the tumor microenvironment

INTELLECTUAL PROPERTYPatents issued for T cell engaging and half-life extension domains; multiple patents filed

for conditionally active formats

PEOPLEMaverick is led by a team of leading experts in protein engineering, immunotherapy

and T cell therapeutic research and development

FUNDING/MILESTONES$125M of committed funding through 2021, providing the runway for clinical proof of

concept in patients

33CONFIDENTIAL

Thank You