Linsitinib Oral Treatment Option

for Thyroid Eye Disease

1 Company Confidential © 2025

 Disclaimers
This presentation and any accompanying oral commentary have been prepared by Sling Therapeutics, Inc. (the "Company") for inf ormational purposes only and not for any other
purpose. All statements contained in this presentation and the accompanying oral commentary, other than statements of historical facts, are forward-looking statements, including:
statements about our expectations regarding the potential benefits, effectiveness, and safety of our product candidates; our expectations with regard to the design and results of our
research and development efforts, clinical trials and real world use or experience, including the timing and availability of data from such trials and real world use; our regulatory
development plans for our product candidates; the markets and market opportunities for our product candidates, if approved; t he timing, likelihood or success of our business
strategy, including our commercialization strategy, as well as plans and objectives of management for future operations; and our anticipated growth and other measures of future
operating results and financial performance. These statements involve substantial known and unknown risks, uncertainties and other factors that may cause our actual results, timing
of results, levels of activity, performance, or achievements to be materially different from the information expressed or imp lied by these forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as “expect,” “should,” “plan,” “anticipate,” “could,” “intend,” “targe t,” “project,” “believe,” “estimates,” “potential” or “continue”
or the negative of these terms or other similar expressions.

We operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. 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 actu al results to differ materially and adversely from those
anticipated or implied in the forward-looking statements. We may not actually achieve the plans, intentions, or expectations dis closed in our forward-looking statements, and you
should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the
forward-looking statements we make. The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent
events and developments will cause our views to change. However, while we may elect to update these forward -looking statements at some point in the future, we have no current
intention of doing so except to the extent required by applicable law. Except as required by law, neither we nor any other pe rson assumes responsibility for the accuracy and
completeness of the forward-looking statements in this presentation and the accompanying oral commentary. You should, therefore, not rely on these forward-looking statements as
representing our views as of any date subsequent to the date of this presentation.

This presentation contains trademarks, service marks, trade names and copyrights of the Company and other companies which are the property of their respective owners.

This presentation discusses certain product candidates that have not yet received marketing authorization or clearance by the U.S. Food and Drug Administration. No representation
is made as to the safety, effectiveness or likelihood of marketing authorization or clearance of these product candidates.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry.
These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the data
generated by independent parties and cannot guarantee their accuracy or completeness. 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.

This presentation is strictly confidential, is for informational purposes only. You may not disclose any of the information contained herein to any other parties without our prior express
written permission.

2 Company Confidential © 2025

 Sling Highlights
Linsitinib is a convenient oral therapy and with positive Phase 2b/3 TED data establishing IGF-1R
efficacy and a differentiated safety profile

Positive Phase 2b/3 study statistically significant and

Private and highly capital efficient biotech
clinically meaningful proptosis reduction

Differentiated safety profile with no drug-related hearing

Optimized, high-yield CMC process with long shelf-life
impairment or significant hyperglycemia

Only oral therapy in clinical trials for TED, avoiding infusions

TED is a multi-billion-dollar market opportunity
and reducing barriers to use for physicians and patients

Favorable safety profile with 900+ patients treated Series B financing completed Jan 2024

Linsitinib’s clinical profile and convenience could create a new TED treatment option for a broader number of
physicians across multiple therapeutic disciplines and reduce patient hurdles to treatment

CMC, chemistry, manufacturing, and controls; IGF-1R, insulin-like growth factor 1 receptor; PK/PD, pharmacokinetics/pharmacodynamics; TED, thyroid eye disease.

3 Company Confidential © 2025

 TED is a Rare and Debilitating Eye Disease

Estimated ~70,000 TED

patients in US1
Similar prevalence in EU

Focusing on a serious progressive ocular autoimmune condition

Symptoms include disfiguring proptosis
A subset of Graves’ disease, TED is driven
(eye bulging), double vision, pain, and
stimulation of IGF-1R fibroblasts behind the eye 2
potentially profound reduction in quality of life3

TED, thyroid eye disease.

1. Chen X, et al. ATA Annual Meeting, Washington, DC, 27 September–1 October 2023. Poster 523; 2. Shu X, et al. Front Immunol. 2024;15:1392956; 3. Rashad R, et al. Life (Basel). 2022;12(12):2084.

4 Company Confidential © 2025

IGF-1R is Central to the Pathogenesis of TED and Inhibition Has
Been Shown to Improve the Disease
Activation of IGF1R/TSHR

• IGF-1R pathway is believed to be

the main biological driver of TED

• IGF-1R is upstream of other

pathways being investigated as
potential TED treatments

• Numerous IGF-1R inhibitors have

been shown to be effective at
treating TED

CD, cluster of differentiation; IGF-1R, insulin-like growth factor 1 receptor; IL, interleukin; TED, thyroid eye disease; TSHR, thyroid-stimulating hormone receptor.

5 Company Confidential © 2025

TED is a Large Market That is Expected to Grow

4
• Only approved TED therapy

Estimated TED Market Size ($B) 2

generates ~$2B1 in revenue and 3.1
has been a very successful rare 3
disease launch 2.6
2.3
• Small portion of ~70,000 TED
2.0 1.9
patients currently receive 2 1.8
1.7
therapy each year
• Growth has been restricted
primarily by limited physician 1
prescriber base, inconvenience,
and concerns with side effects
0
2021 2022 2023 2024 2025 2026 2027
Year

TED, thyroid eye disease.

1. Tepezza sales figures from Horizon (now Amgen) reports; [Link] sales forecasts and consensus estimates.

6 Company Confidential © 2025

 Linsitinib is the Only Orally-Administered Small Molecule Drug
in Clinical Trials for TED
Linsitinib is an Oral Small Molecule Monoclonal Antibodies are Injected

• Low molecular weight (~400 daltons) • High molecular weight (150,000+ daltons)
• No refrigeration needed • Refrigeration required
• Formulated as standard tablets for dosing • Re-constitution / dilution at point of
administration for IV products
• Short half-life with ~1 day wash-out period
• Long half-life with month+ washout period

IV, intravenous; TED, thyroid eye disease.

7 Company Confidential © 2025

 Linsitinib Manufacturing is Simple and Well Established
with Long Shelf Life
Linsitinib

• Three-step synthesis of API with known,

reproducible chemistry, high yields
and purity
• Produced at 20+ kg scale at multiple
vendors
• Exceptional shelf-life (4 years) at room
temperature to support commercial launch
• Low cost and complexity of manufacturing

API, active pharmaceutical ingredients; BID, twice daily.

8 Company Confidential © 2025

 Linsitinib is the Only Oral, Small Molecule Treatment
Under Development for TED

Asset Target Route TED stage of development

Tepezza1,2 IGF-1R IV Approved

Linsitinib1,3 IGF-1R Oral Phase 3

VRDN001 and 0031,4 IGF-1R IV/SC Phase 3

Satralizumab1,5 IL-6 SC Phase 3

Batoclimab1 FcRn IV Phase 3

Efgartigimod1 FcRn IV/SC Phase 3

TOUR0061 IL-6 SC Phase 2

LASN016 IL-11R IV Phase 2

Lonigutamab1 IGF-1R SC Phase 2

Disclosed trials/drugs as of December 5, 2024. FcRn, neonatal fragment crystallizable receptor; IGF-1R, insulin-like growth factor 1 receptor;
IL, interleukin; IV, intravenous; SC, subcutaneous; TED, thyroid eye disease; TSHR, thyroid-stimulating hormone receptor.
1. Park JW, Yoon JS. Korean J Ophthalmol. 2024;38(3):249-259; 2. Nie T, Lamb YN. Drugs. 2022;82(17):1663-1670; 3. NCT05276063. CTgov. [Link] Accessed August 2024;
4. Thyroid Eye Disease Programs. Viridian. [Link] Accessed August 2024; 5. NCT05987423. CTgov. [Link]
Accessed August 2024; 6. NCT05331300. CTgov. [Link] Accessed August 2024.

9 Company Confidential © 2025

Sling is Establishing a Scientific Leadership Role in IGF-1R Pathway
Biology and TED with World Leading TED KOLs

Dr. Anja Eckstein Dr. George Kahaly

• Head of Department of • Prof. of Medicine and

Oculoplastic and Endocrinology at Johannes
Reconstructive Surgery Gutenberg University
• Head of the Orbital Care Center • World renowned TED KOL and
for TED at Essen leading scientist and researcher
• Evaluated and published mouse • Evaluated and published effect
model demonstrating linsitinib of linsitinib on TED cell
biological activity apoptosis

Sling is widely engaging the scientific community and supporting efforts to maximize the
understanding of TED and IGF-1R inhibition
IGF-1R, insulin-like growth factor 1 receptor; KOL, key opinion leader; TED, thyroid eye disease.

10 Company Confidential © 2025

 Growing Scientific Body of Evidence Supporting Linsitinib’s Ability
to Inhibit IGF-1R to Treat TED
Linsitinib inhibits proliferation
Linsitinib inhibits human fibroblast Linsitinib prevents and treats TED
and induces apoptosis
cell hyaluronan production in a disease mouse model1
of IGF-1R expressing cells 2
Linsitinib and teprotumumab in human Graves' orbital Proliferation assay: Linsitinib
fibroblast modela

hTSHR-A
Proliferation assay: Teprotumumab
3 immunization Q3W plus electroporation

Linsitinib “early” Linsitinib “late”

Tx 4 weeks Tx 4 weeks

6-week-old 4 weeks
mice
3 weeks 3 weeks Sacr ifice Sacr ifice

aTepezza data were replotted in Prism® from data published in Krieger, 2021 to adjust y-axis units to match those from the linsitinib data in Place, et al., 2017. Experiments are performed in the presence of serum.
hTSHR, human thyrotropin receptor; IC50, half maximal inhibitory concentration; IGF-1R, insulin-like growth factor 1 receptor; Q3W, every 3 weeks; Tx, treatment; TED, thyroid eye disease; TSH-R, thyroid-stimulating
hormone receptor.
1. Gulbins A, et al. Front Endocrinol (Lausanne). 2023;14:1211473; 2. Luffy M, et al. Front Immunol. 2024;15:1488220 [Epub ahead of print].

11 Company Confidential © 2025

 LIDS is a Randomized, Double-Masked, Placebo-Controlled
Phase 2b/3 Trial
Screening 24-Week Randomized Treatment Period Follow-Up

90 patients enrolled

PBO
n=30
Randomization [Link]

Responders enter an off-drug

extension period (VGN-TED-301)
Adults with
active, moderate Linsitinib 75 mg BIDa
Extension study VGN-TED-302
to severe TED n=30
offered for non-responders at Wk 24
and relapsers prior to Wk 72
of VGN-TED-301
Linsitinib 150 mg BIDb
n=30

BL W3 W6 W9 W12 W15 W18 W21 W24

W0
Primary endpoint:
Percentage of proptosis responders (≥2 mm change)​
Secondary endpoints:
Change from BL in proptosis (study eye); percentage of diplopia responders;
percentage of overall responders; percentage of CAS categorical responders
(study eye); change from BL in the GO-QoL questionnaire overall score
a75 mg BID dose to assess the minimally effective dose in TED; b150 mg BID dose safely studied in multiple oncology clinical trials. Phase 2b/3 trial includes many TED KOLs at 35 sites across US, Canada, UK, Italy, Spain.
BID, twice daily; BL, baseline; CAS, clinical activity score; GO-QoL, Graves’ ophthalmopathy quality of life; PBO, placebo; TED, thyroid eye disease; Wk, week.
Sling Therapeutics. Data on File.

12 Company Confidential © 2025

 Key Criteria for Patient Eligibility
Key Inclusion Criteria Key Exclusion Criteria
• 18 years of age or above • Previous orbital irradiation or surgery

• Clinical diagnosis of Graves’ disease and/or • Prior IGF-1R inhibitor therapy for any condition
autoimmune Hashimoto’s thyroiditis associated
• Malignant conditions being actively treated or treated in
with active moderate to severe TED with CAS
the past 12 months (with the exception of successfully
score ≥4 in at least one eye
treated basal cell of the skin); recent (within 3 months
• Confirmed active moderate to severe TED of screening) basal cell of the eyelid skin is excluded
diagnosis within the last 12 months
• Pregnant or lactating women
• Do not require immediate ophthalmic surgery,
radiotherapy to orbits or other ophthalmological
intervention (prior cataract surgery or LASIK >3 months
ago is not exclusionary)

• Euthyroid with baseline disease under control or have

mild hypo- or hyperthyroidism at screening
CAS, clinical activity score; IGF-1R, insulin-like growth factor 1 receptor; LASIK, laser-assisted in situ keratomileusis; TED, thyroid eye disease.
Sling Therapeutics. Data on file.

13 Company Confidential © 2025

 LIDS Phase 2b/3 Study Designed as a Robust Pivotal Study with
Numerous Clinical Endpoints

Study Procedures Eye exams

CAS Physical exams with vital signs

CSS including proptosis, motility, diplopia Laboratory tests

GO-QoL questionnaire Pharmacokinetic assessments

Hyperglycemia evaluation Pharmacodynamics assessments

ECGs in triplicate Adverse events, serious adverse events

BL, baseline; CAS, Clinical Severity Score; CSS, Clinical Severity Score; ECG, electrocardiogram; GO-QoL, Graves’ ophthalmopathy quality of life.
Sling Therapeutics. Data on file.

14 Company Confidential © 2025

 Global Study with 35 Sites Participating from US, Canada,
UK and EU

*
*

15 Company Confidential © 2025

 Baseline Demographics and Patient Characteristics

PBO Linsitinib 75 mg BID Linsitinib 150 mg BID

Characteristic
n=30 n=30 n=30

Age (years), mean (SD) 50.9 52.8 50.1

Female % 56.7 63.3 70
Race
White % 86.7 83.3 76.7
Black % 6.7 10 10
Asian % 6.7 3.3 13.3
Other 0.0 0.0 0.0
Smoker % 16.7 36.7 20
Proptosis (mm), mean (SD) 23.8 23.0 22.0

BID, twice daily; PBO, placebo; SD, standard deviation; TED, thyroid eye disease.
Sling Therapeutics. Data on File.

16 Company Confidential © 2025

 Proptosis Responder Rate Primary Endpoint Was
Statistically Significant for the 150 mg BID Dose
Analysis of Proptosis Response a at Week 24 (ITT Population)
(Primary Endpoint)b
100
Proptosis Responder Rate (%)

90
p=0.010*
80
70
60 p=0.090 52
50
39
40
30
19
20
10
0
PBO (n=30) Linsitinib 75 mg BID (n=30) Linsitinib 150 mg BID (n=30)

a≥2 mm reduction from BL in the primary study eye without deterioration (≥2 mm increase) of proptosis in the contralateral non -study eye; bBased upon a CMH test, stratified by smoking status at a one-sided significance
level ɑ=2.5%. P-value is based upon transformed Wilson-Hilferty CMH test statistic. Following Hochberg testing rules, if the larger p-value (regardless of dose) is <0.025 then both doses are considered statistically
significant from PBO. If the larger p-value is ≥0.025 then this dose is not considered statistically significant and then smaller p-value is evaluated at ɑ=0.0125. If p-value is <0.0125 then this dose is considered statistically
significant from PBO (indicated by *).
BID, twice daily; BL, baseline; CI, confidence interval; CMH, Cochran-Mantel-Haenszel; ITT, intent to treat; PBO, placebo; SE, standard error.
Sling Therapeutics. Data on File.

17 Company Confidential © 2025

 Linsitinib Responders Show Response Early in the Treatment
Course and Continue to Respond Through 24 Weeks
Proptosis Response
through Week 24
60
52
50
Proptosis Response Rate (%)

46
• Majority of responders (~70%)
38 show response by Week 6
40 36
• Increasing response rate through
30 26 Week 24
29
19 • High placebo response driven by low n
20 (4 out of 25 patients at Week 24)
13
• Clear and statistically significant
10
separation from placebo at Week 24
0
0 6 12 18 24
Weeks
PBO Linsitinib 150 mg
PBO, placebo.
Sling Therapeutics. Data on File.

18 Company Confidential © 2025

 Key Secondary Endpoints Showed Numerical
Clinically Meaningful Improvement

CAS Response at Week 24 Overall Response at Week 24 Change in GO-QoL at Week 24

p=0.204 a
p=0.002 a
57.0 p=0.013 a
60 60 12 11.3

Overall Response Rate (%)

50.0
CAS Response Rate (%)

GO-QoL Change from

50 50 10

Baseline (Points)
40 40 8
35.0
30 30 6
19.0
20 20 4

10 10 2
0.5
0 0 0
PBO Linsitinib 150 mg PBO Linsitinib 150 mg PBO Linsitinib 150 mg

Magnitude of drug effect on secondary endpoints similar to other IGF-1R therapies

aConfirmatory statistical testing not performed on secondary endpoints due to hierarchical procedures
CAS, clinical activity score; GO-QoL, Graves’ ophthalmopathy quality of life; IGF-1R, insulin-like growth factor 1 receptor; PBO, placebo.
Sling Therapeutics. Data on File.

19 Company Confidential © 2025

 Summary of Treatment-Emergent Adverse Events

PBO Linsitinib 75 mg BID Linsitinib 150 mg BID

TEAEs n=31 n=30 n=29
n (%) n (%) n (%)
TEAE of any grade 22 (71.0) 21 (70.0) 23 (79.3)
TEAE considered possibly related 9 (29.0) 13 (43.3) 16 (55.2)
TEAE leading to study drug discontinuation
Any 2 (6.5) 5 (16.7) 9 (31.0)
SAE
Any 1 (3.2) 0 (0.0) 2 (6.9)
AE leading to death 0 (0.0) 0 (0.0) 0 (0.0)

Patients in VGN-TED-301 were randomized to receive PBO (n=30), linsitinib 75 mg (n=30) or linsitinib 150 mg (n=30); the primary endpoint was the percentage of proptosis responders (≥2 mm change)​ at Week 24.
One subject from the linsitinib 150 mg BID arm was mis-randomized to placebo and has been included as part of the placebo group for all safety assessments.
AE, adverse event; BID, twice daily; PBO, placebo; SAE, serious adverse event; TEAE, treatment emergent adverse event.
Sling Therapeutics. Data on File.

20 Company Confidential © 2025

 Treatment-Emergent AEs >10% in Any Treatment Group

PBO Linsitinib 75 mg BID Linsitinib 150 mg BID

Any TEAE >10% in any treatment group n=31 n=30 n=29
n (%) n (%) n (%)
Diarrhea 2 (6.5) 4 (13.3) 6 (20.7)
Headache 1 (3.2) 3 (10.0) 6 (20.7)
Nausea 1 (3.2) 3 (10.0) 6 (20.7)
Fatigue 2 (6.5) 5 (16.7) 5 (17.2)
ALT increased 0.0 3 (10.0) 4 (13.8)
Hyperhidrosis 0.0 1 (3.3) 4 (13.8)
Muscle spasms 1 (3.2) 2 (6.7) 3 (10.3)
AST increased 0.0 2 (6.7) 3 (10.3)
Alopecia 0.0 3 (10.0) 0.0
Nasopharyngitis 1 (3.2) 2 (6.7) 0.0

One subject from the linsitinib 150 mg BID arm was mis-randomized to placebo and has been included as part of the placebo group for all safety assessments.
AE, adverse event; ALT, alanine transaminase; AST, aspartate transaminase; BID, twice daily; PBO, placebo; TEAE, treatment-emergent adverse event.
Sling Therapeutics. Data on File.

21 Company Confidential © 2025

 Very Few Treatment-Emergent AEs of Interest Observed
PBO Linsitinib 75 mg BID Linsitinib 150 mg BID
TEAE of Interest n=31 n=30 n=29
n (%) n (%) n (%)
Tinnitus 1 (3.2) 1 (3.3) 1 (3.4)
Hypoacusis / hearing impairment 0.0 0.0 1 (3.4)a
Glycosylated hemoglobin increased 1 (3.2) 0.0 0.0
Hyperglycemia 0.0 1 (3.3) 1 (3.4)
Menstrual changes 0.0 0.0 0.0

• Minimal and not clinically meaningful AEs relating to hearing, no study drug discontinuations due to hearing AEs
– 0% placebo adjusted tinnitus rate
– Only 1 hearing impairment on linsitinib, assessed as unrelated to treatment
• 3.4% (1 out of 29) with hyperglycemia with no medical intervention required to treat
• No observed menstrual changes
• Rigorous assessment by ECG throughout study showed no QTc prolongation in any patient
• No patients TED disease progressed while on treatment
aAssessed as unrelated to treatment.
One subject from the linsitinib 150 mg BID arm was mis-randomized to placebo and has been included as part of the placebo group for all safety assessments.
AE, adverse event; BID, twice daily; ECG, electrocardiogram; PBO, placebo; QTc, corrected QT interval.
Sling Therapeutics. Data on File.

22 Company Confidential © 2025

As the Only Oral Treatment with a Positive Study in Patients with
TED, Linsitinib is Poised to Change the Treatment Paradigm

Given disease biology expect IGF- There are obstacles associated with …which could be overcome with a
1R inhibitors to continue to be used existing IGF-1R inhibitors… safe, effective, oral IGF-1R therapy:
first line • Concern over side effects, particularly • Lower patient hurdles to accepting
hearing impairment and hyperglycemia treatment
• Access to prescribing physicians • Simplified administration for
• Inconvenience of IV infusions physicians and patients
• Potential expansion of prescriber
base

Rapid response and no disease progression

observed on therapy Opportunity for more patients to consider and
receive a therapeutic intervention for TED
Minimal downside to initiating linsitinib

IGF-1R, insulin-like growth factor 1 receptor; TED, thyroid eye disease.

23 Company Confidential © 2025

 We are Excited to Continue to Advance Linsitinib as a Treatment
Option for Patients with TED

Engage with health Initiate confirmatory Present full results Continue to build
authorities to Phase 3 study of clinical trial at an and grow our team
confirm submission upcoming medical and program
requirements meeting

TED, thyroid eye disease.

24 Company Confidential © 2025

 Thank you

25 Company Confidential © 2025