May 15th, Med Sedemera på Aktietorget - til Nasdaq Smallcap på 4 år

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1 1 May 15th, 2018 Med Sedemera på Aktietorget - til Nasdaq Smallcap på 4 år

2 Saniona: Reduced risk high upside potential Reduced risk Very broad pipeline Risk mitigated late stage programs Many partnerships generating early income/pays development costs High upside potential Tesofensine obesity Tesomet PWS Tesomet metabolic NS2359 addiction Many shots on goal Late stage pipeline with potential first product in 2020 Addressing huge markets opportunities With first in class products 2 In orphan drug space Potential for own commercialisation Short studies - Orphan drug status possible With demonstrated execution power Experienced management: executed many deals and development programs World-class research team focused on ion channels with 25+ years of experience MSEK Revenues Expenses Operating profit Total assets Cash Equity Financing secured until 2020

3 Saniona s history - Saniona has delivered on strategy Internal programs Partnered programs Free ride programs Value added Spin outs research programs 2015 Tesofensine NS2359 Ph Tesomet T2D Phase Tesomet PWS Phase 2 Tesofensine SAN711 Phase 3 Preclinical NS CAD-1883 interim Phase 1

4 Strategic priorities 1. Tesomet in Prader Willi Syndrome To quickly develop and attain market approval for Tesomet internally in the U.S. and Europe in orphan indications 2. Tesomet in metabolic diseases To develop Tesomet in rest of the world through partnerships with pharmaceutical companies for metabolic diseases To quickly attain market approval for tesofensine in collaboration with Medix in Mexico and Argentina 3. Tesofensine in obesity in Mexico Market 2020? 4

5 PWS is a unique go-2-market opportunity 1) Develop Tesomet internally in the U.S. and Europe in orphan indications 1. Large commercial opportunity Life threatening disease (acute and long term) Huge medical need Affect entire family and costly for society 2. Fast to market Patients easily to identify Clear endpoints with short studies Orphan drug status possible 3. Low investment Relative short and small clinical trials Commercial set-up manageable 5

6 Tesomet: Phase 2a Study in PWS For Potential Orphan Indication 1) Develop Tesomet internally in the U.S. and Europe in orphan indications Prader Willi syndrome Incidence and prevalence 1 in 15,000 live births 15-20,000 in the U.S. and Europe combined Medical need Acute life threating hyperphagia (choking, bowel rupture) Life-threatening obesity (diabetes, cardio-vascular, sudden death) Short life expectation (average in 30 ties) No effective treatment available today Economic and social costs Quality of life for patients and families Family stress Loss of income Care and medical costs (USD K per year) Growth hormones etc. Assisted living Complication of hyperphagia and obesity Market opportunity in Prader Willi syndrom Prader Willi (consensus estimate by analysts) No FDA-approved treatment for PWS Analyst Market opportunity: 15-20, ,000 USD Estimated revenue of $1B ($650M U.S. and $350M EU) Hypothalamic obesity (consensus estimate by analysts) A non genetic disease with similar symptoms in terms of hyperphagia and obesity Analyst Market opportunity: 10-15, ,000 USD Leerink (2014, Zafgen beloranib estimate): ~$220MM in peak adjusted sales in 2029 SunTrust (2014, Zafgen beloranib estimate): ~$250MM in peak adjusted sales in

7 Tesomet: Phase 2a Study In PWS For Potential Orphan Indication 1) Develop Tesomet internally in the U.S. and Europe in orphan indications Phase 2a study initiated in April 2017 PWS hyperphagia score and weight loss Exploratory randomized, double-blind, placebo-controlled 12 weeks study in 9 patients Tesomet 6; Placebo 3 Positive effect on key efficacy endpoints Reduced craving for food Weight loss Higher than expected plasma levels indicates that lower doses should be used in PWS patients Tesomet Placebo Visit 1 Visit 2 Visit 5 Visit 9 Visit 14 Weight loss Week 8 Week 13 Tesomet 5.00 % (n=5) 6.75 % (n=2) Placebo 0.46 % (n=2) 0.75 % (n=2) April 2018 approval for next step: second part of PWS protocol in adolescents 7

8 Craving Obsession Addiction Sanion: 3 unique products to control craving and addiction Tesomet Tesofensine NS2359 Food: sugar, fat, chocolate Alcohol Tobacco/nicotine Drugs: cocaine, opiates Gaming, Ludomania Social media mania Eating c.bader@c Disorders c.bader@c fbcom.fr c.bader@c fbcom.fr PWS fbcom.fr Obesity c.bader@c c.bader@c fbcom.fr c.bader@c fbcom.fr fbcom.fr Cocaine c.bader@c addiction c.bader@c fbcom.fr c.bader@c fbcom.fr fbcom.fr Ph2 Ph3 Ph2 Go to market Royalty Mexico Go to market 8

9 Craving Is Cause Of Three Out Of Four Largest Global Burdens 2) To develop Tesomet in ROW through partnerships for metabolic diseases 9

10 Obese BMI ( 30.00) Overweight BMI ( ) Normal Range BMI ( ) Obesity Present a significant Health Challenge in Mexico Mexico is experiencing an obesity epidemic with 38.8% of the population overweight and 32.4% obese 3 in 10 people worldwide are overweight or obese. In Mexico, the population is on avg. 2x+ as overweight or obese (7 in 10) Mexico is the 2 nd most obese country in the world after US; Mexican women and children are the most obese worldwide In Mexico, 8 in 10 deaths are caused by chronic, nontransmitted diseases linked to the overweight and obese population Significant Unmet Need in Mexico Body Mass Index 1 Classification 129 million Total Population 90.3 million overweight and obese Addressable Market 2.9 million 2 Diagnosed by Physician 1.1 million 2 Treated with Rx 10

11 Medix Collaboration Medix is the market leader with half of the obesity market in Mexico Market Share by Top 10 Players 48.6% By Sales 13.2% 13.2% 7.4% US$108mm sales (2016) 1,2 2.9% 2.9% 2.7% 1.8% 1.5% 1.4% Medix Collaboration Medix finances clinical studies and commercialization Saniona receives double digit royalties in Mexico and Argentina. Saniona retains rights to rest of the world Market size The prescription medicine market for obesity in Mexico is around USD 250 million Stage of development Phase 3 to be completed in

12 Tesofensine: Medix Phase 3 Study in Mexico 3) Attain market approval for tesofensine in collaboration with Medix in Mexico and Argentina Phase 3 Study Methodology: Randomised, double-blind, placebo controlled trial in Mexico 372 patients enrolled: N=124: placebo N=124: 0.25mg tesofensine N=124: 0.50mg tesofensine 24 weeks treatment period and a 12 week follow up All patients prescribed an energy restricted diet of 1,500-2,000 kcal and physical activity of minutes Endpoints: Primary endpoint: percent change in bodyweight compared to baseline at 24 weeks Secondary endpoints include: Proportions of patients achieving a weight loss of >5 and 10 percent, respectively Metabolic including glycaemic endpoints Quality of life 12

13 Tesofensine: Phase 2 Study Robust, dose dependent weight loss over 24 weeks of treatment Study methodology Randomized, double-blind, placebo controlled trial in five Danish obesity management centers Enrolled 203 patients Energy restricted diet with a daily energy deficit of 300kcal in addition to physical activity of minutes Primary endpoint: percentage change in bodyweight compared to baseline at 24 weeks Results & follow up Adverse effects similar to placebo with an increase in heart rate compared to baseline Open label study conducted to follow patients for an additional 24 weeks after the Phase 2b trial. At 48 weeks patients had lost 14-15% in bodyweight compared to baseline. Results at 48 weeks suggest tesofensine could be competitive to surgery which usually result in 15-20% reduction in bodyweight Reduction in bodyweight compared to baseline 2.0% average reduction 6.5% average reduction 11.2% average reduction 12.6% average reduction 13 *Results from competing drugs taken from their respective studies and have been adjusted for their respective placebo results. Results from competing trials are not directly comparable.

14 Placebo controlled weight loss Tesofensine Could Double Weight Loss Compared To Competitors Results at 48 weeks suggest tesofensine could be an alternative to surgery 16.0% Reduction in bodyweight versus competing drugs* 14.0% 14.0% 12.0% 10.0% 9.2% 8.0% 6.0% 5.2% 6.0% 6.6% 4.0% 2.4% 3.1% 2.0% 0.0% Xenical 3x120mg 4 years Belvig 2x10mg 1 year Contrave 2x360/32mg 56 weeks Victoza 3mg 56 weeks Osymnia 7.5/46mg 56 weeks Tesofensine 0.5mg 24 weeks Tesofensine 0.5mg 48 weeks open label 14 *Results from competing drugs taken from their respective studies and have been adjusted for their respective placebo results. Results from competing trials are not directly comparable.

15 Validation of Tesomet concept Program de-risked through pre-clinical and clinical studies Extraordinary weight loss Tesofensine has shown unique appetite and body weight reducing efficacy in obese patients in a Phase 2 study superior to any single agent currently on the market and also a significant reduction of several glycaemic parameters in the pre-diabetic subgroup. Full tox package and well tolerated in humans Full tox package on tesofensine including carcinogenicity is available Tesofensine has been dosed to ~ 1700 healthy volunteers and patients with no unexpected side effects Adverse effect at therapeutic doses similar to placebo However, an increase in heart rate is seen (driven by noradrenaline beta-activity). Combination with metoprolol blunts heart rate increase, but maintains weight loss The combination of tesofensine and metoprolol has in an animal study shown the desired cardiovascular safety profile without any loss in weight reducing efficacy The combination of tesofensine and metoprolol showed no clinically relevant drug-drug interaction in a Phase 1 DDI study and a single dose of metoprolol mitigated the tesofensine-induced increase in heart rate. Validation of Tesomet concept in Ph2 Study in T2D: Weight loss efficacy with favourable cardiovascular profile (HR and BP reduced) New IP estate Recently filed applications on Tesomet product should provide protection until

16 INDICATIONS COMPOSITION Tesomet: Potential Blockbuster Drug With Orphan Drug Prospects Mechanism of action creates multiple opportunities within metabolic diseases and eating disorders Potential best-in-class profile combining unmatched weight loss with a benign side effect profile for the treatment of weight related metabolic diseases TESOFENSINE Effective weight loss drug METOPROLOL Beta blocker to control increased heart rate EATING DISORDERS METABOLIC DISEASE Prader Willi Syndrome US/EU Prevalence: ~ 20,000 Hypothalamic obesity (e.g after brain surgery) US/EU Prevalence: ~ 15,000 Binge eating WW Prevalence: ~2.8 million Obesity WW Prevalence: ~500 million Type 2 diabetes WW Prevalence: ~370 million Fatty liver (NASH) WW Prevalence: +10 million 16

17 Obesity in ROW will be first target for Tesomet in metabolic field 2) To develop Tesomet in ROW through partnerships with pharmaceutical companies for metabolic diseases With long development times in the U.S. and European markets, we expect to introduce Tesomet much earlier in Rest of World in the metabolic field 1. Commercial Obesity is a world-wide problem We have already a partner in Mexico, which intends to develop Tesomet 2. Fast to market Shorter and smaller Phase 3 studies (e.g. 6 months with a few hundred patients versus 12 months and thousands of patients) 3. No cannibalisation on eating disorders Orphan drug and high prices niche indications does not exist in these territories 17

18 Tesomet: Development And Partnering Strategy Develop Tesomet for eating disorders AND mature program for partnering in metabolic field Prader Willi Syndrome Phase 2a Phase 2a/b eating disorder Go to market approach Tox on combination GMP Tablet Production Test of tablet (Ph1) Validation of dose ratio (Ph1) Phase 2b obesity/metabolic Partner approach 18

19 Early Clinical and Preclinical Pipeline Strategic goal: Leverage research platform in partnerships and internally develop at least one candidate to Phase 2 Product/Target Indication Preclinical Research Preclinical Development Phase 1 Cadent Therapeutics Program Ataxia and tremor SAN711 Neuropathic pain & Itching Boehringer Ingelheim Program Schizophrenia IK Program Inflamation, IBD Benevolent Program Neurological Disorders Niccotine α6 Program Parkinsons Disease Research collaborations create long term value as projects develop to clinical stage Research collaborations also provide funding for internal activities until market approval - Operational costs - Investments in internal pipeline 19

20 Financial position Income statement MSEK Acummulated Net sales 20,7 74,9 13,6 21,7 13,3 7,9 152,2 Operating expenses -77,9-70,8-41,7-30,0-15,0-10,2-245,5 Operating profit/loss -57,2 4,2-28,1-8,3-1,7-2,2-93,3 Financial items 0,9 0,8-1,2 0,5-0,0-0,0 1,0 Tax on net profit 7,1-2,7 6,3 1,8 0,4 0,6 13,5 Profit/loss -49,2 2,2-22,9-5,9-1,3-1,7-78,8 Other comprehensive income -1,0-1,1 0,3 0,0-0,1 0,0-1,8 Total comprehensive income -50,2 1,1-22,6-5,9-1,4-1,7-80,6 Balance sheet MSEK Dec-17 Dec-16 Dec-15 Dec-14 Dec-13 Dec-12 Non-current assets 7,8 2,7 2,3 2,1 2,0 0,1 Current receivables 18,3 14,8 8,4 3,7 1,1 0,8 Cash and cash equivalent 22,3 53,3 47,0 9,7 0,9 7,2 Total assets 48,4 70,8 57,7 15,5 4,0 8,0 Equity 37,6 54,3 52,9 8,8-2,9-1,5 Total liabilities 10,7 16,5 4,7 6,7 6,9 9,6 Total equity and liabilities 48,4 70,8 57,7 15,5 4,0 8,0 Cash flows MSEK Acummulated Operating activities -57,3 8,0-28,8-8,0-3,7 7,1-82,9 Investing activities -6,0-0,8-1,0-0,9-2,4-0,1-11,0 Financing activities 33,2-66,7 17,6-0,1 117,5 Cash flow -30,1 7,2 36,9 8,7-6,1 7,1 23,7 20 Conversion rate: SEK to 1 USD

21 Nice & Green convertible note financing of up to 144M SEK May cover planned activities until 2020 excluding lump sum payments from partners Nice & Green is a private Swiss company, which specializes in financing solutions tailored to the requirements of listed growth companies within the biotech and cleantech industries Very flexible call option Saniona may draw SEK 6 million per month at its discretion Non utilized tranches rolls over and extends option period Reasonable costs No interest on convertibles N&G may convert at a discount of 8% to 5 days VWAP (volume weight average price) N&G receives a commitment fee in line with industry standard where as Saniona receives a percentage of N&G s net capital gain. Estimated net transaction costs to Saniona of 3-4% No warrant coverage or other financial obligations to Saniona N&G to promote Saniona in N&G s network Arranges 4 major investor meetings in Switzerland, Germany and France totalling more than 100 investors First meeting took place in April in Geneva Status of transaction is communicated at Saniona s homepage and through press releases upon the issue of new shares 21

22 Potential inflection points within the next 12 months Not listed chronological Tesofensine: Top-line data from Phase 3 study in obesity and preparation of NDA filing in Mexico Tesomet: Completion of base package for Phase 2b and Phase 3 studies in eating disorders and metabolic diseases New activities within eating disorders for the US and EU markets (PWS, other) New activities within metabolic field (Phase 2b in obesity) NS2359: Interim data for NS2359 in cocaine addiction CAD-1883: Results and new initiatives by Cadent Therapeutics in relation to ataxia and Tremor SAN711: Completion of pre-clinical development and initiation of Phase 1 for chronic pain and itching Progress and potential milestones under existing research collaborations Potential new collaborations or spin-outs from our world class research team 22

23 Summaryary 1 Clinical stage Phase 3 company - Tesofensine in Phase 3 for obesity Medix partnership - Tesomet in Phase 2a for PWS - NS2359 in Phase 2a for cocaine addiction sponsored by grants - Preparation of Phase 2b for Tesomet in both metabolic diseases and eating disorders - CAD-1883 in Phase 1 for ataxia and tremor Cadent partnership Go to market 2 Additional value drivers: Partnerships with significant potential Unique platform technology - Several partnerships - Three spin-outs 23 3 Upcoming milestones - Results from Medix Phase 3 study - Next steps in eating disorders e.g. Prader Willi studies - Future studies in metabolic diseases - Interim data for NS2359 in cocaine addiction - Progress and potential milestones under existing collaborations - Potential new collaborations or spin-outs from our world class research team

24 Saniona AB Baltorpvej 154 DK-2750 Ballerup Denmark Tel: Web: saniona.com 24