Efficacy and Safety of Seladelpar in Primary Biliary Cholangitis 52-Week Analysis of a Dose-Ranging Phase 2 Study

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Efficacy and Safety of Seladelpar in Primary Biliary Cholangitis 52-Week Analysis of a Dose-Ranging Phase 2 Study Bowlus CL, Neff G, Aspinall R, Galambos M, Goel A, Hirschfield G, Kremer AE, Mayo MJ, Swain M, Borg B, Dörffel Y, Gordon S, Harrison S, Jones D, Thuluvath P, Levy C, Sheridan D, Stanca C, Bacon B, Berg C, Hassanein T, Odin J, Shiffman M, Thorburn D, Vierling J, Bernstein D, Buggisch P, Corless L, Landis C, Peyton A, Shah H, Wörns M-A, Gitlin N, Steinberg S, Bergheanu S, Amato G, Choi, Y-J, Rosenbusch S, Varga M, McWherter C, Boudes P

Primary Biliary Cholangitis (PBC) A Progressive, Debilitating Liver Disease Most common autoimmune liver disease 1 1 in 1000 women over the age of 40 are estimated to have PBC 2 Inflammation and destruction of the biliary epithelial cells of intrahepatic bile ducts Chronic, slowly progressive, cholestatic liver disease 3 Ultimately causes cirrhosis 3 1. Hirschfield GM. Best Pract Res Clin Gastroenterol. 2011;25:701-712. 2. Primary Biliary Cholangitis. NORD. https://rarediseases.org/rare-diseases/primary-biliary-cholangitis/.accessed October 24, 2018. 3. Hohenester S, et al. Semin Immunopathol. 2009;31:283-307. 2

Current Licensed Therapies for PBC Limited Treatment Alternatives Ursodeoxycholic Acid (UDCA) 1 st Line Obeticholic Acid (Ocaliva ) 2 nd Line First-line therapy for PBC ~40% inadequate responders: AP > 1.67 x ULN Additional 5% are intolerant to therapy Combination therapy for UDCA-inadequate responders Monotherapy for UDCA-intolerant patients Established AP/bilirubin as biomarkers for conditional approval ~50% inadequate responders Can cause or worsen pruritus Significant need remains for (1) improved efficacy and (2) better tolerability AP, alkaline phosphatase. Invernizzi P, et al. Dig Liver Dis. 2017;49(8)841-846. 3

Seladelpar Once-Daily Oral PPARδ Agonist for Inflammatory Liver Diseases HO O O S O O CF 3 Human PPAR-δ EC 50 =2 nm 600-fold selective over PPAR-α Inactive against PPAR-γ Bile Acid Homeostasis Hepatocyte Cholangiocyte Kupffer cell Inflammation Cholesterol synthesis Bile acid synthesis (C4) Transport Fibrosis PPAR-δ S RXR Gene Activation or Repression NFκB-dependent gene activation Inflammatory cytokines hs-c-reactive protein (CRP) Metabolic Benefits Connective tissue growth factor (CTGF) LDL-C Stellate cell activation Cholesterol Collagen deposition Stellate cell Hepatocyte Lipids and increase in insulin sensitivity 4

Seladelpar Phase 2 Study in PBC Objective To evaluate the safety and efficacy of daily seladelpar treatment for up to 52 weeks from an ongoing open-label phase 2 study in PBC (NCT02955602) As of July 2018, results presented for 34 patients completing 52 weeks of treatment The 52 week time-point with a composite of AP and bilirubin as surrogates was used for regulatory approval of obeticholic acid Effect of AP at 1 Year Follow-up on Overall Percent Survival in Patients With PBC* 100 80 Effect of Bilirubin at 1 Year Follow-up on Overall Percent Survival in Patients With PBC* 100 80 *Global PBC study group Survival, % 60 40 20 0 0 AP 1.67 ULN 297/1991 AP >1.67 ULN 395/1258 HR AP >1.67 1.67 = 2.2 (1.9-2.5) 5 10 15 Follow up, years Survival, % 60 40 20 0 0 Normal bilirubin 416/2941 Abnormal bilirubin 418/740 HR abnormal vs normal bilirubin = 5.1 (4.3-5.9) 5 10 15 Follow up, years 5

Study Design and Eligibility Criteria Open Label, Dose Ranging, Stable UDCA Dose* or Intolerant to UDCA Entry AP 1.67 x ULN ALT/AST 3 x ULN Total Bilirubin 2 x ULN Seladelpar 5 mg qd Seladelpar 10 mg qd Option for Dose Adjustment Seladelpar 5/10 mg qd Long Term Extension Week 0 Week 12 Week 52 Primary End Point Secondary End Points AP % change from baseline Responder analysis defined as a composite of: AP < 1.67 x ULN, 15% decrease in AP, total bilirubin ULN AP normalization Changes in liver, metabolic, and inflammatory markers Pruritus visual analogue scale (VAS) *UDCA therapy for prior 12 months. At week 12 a dose adjustment in the 5/10 mg group was made based on patient response and tolerability. 6

Parameters Mean (SD) Seladelpar Phase 2 Study in PBC Baseline Demographics of mitt Population (Reference Range) Seladelpar 5/10 mg (n=17) Seladelpar 10 mg (n=17) Age, years 49 (5) 48 (11) Female/male 17/0 16/1 History of Pruritus, n (%) 11 (65) 14 (82) Pruritus VAS (0-100) 19 (22) 37 (31) AP (37-116 U/L) 351 (166) 279 (74) ALT (6-41 U/L) 41 (17) 52 (25) Total bilirubin* (0.10-1.10 mg/dl) 0.56 [0.50, 0.70] 0.75 [0.57, 1.14] UDCA Dose, mg/kg/day 15 (4) 17 (3) *Median [Quartiles: 25, 75]. mitt, modified intention to treat; VAS, visual analogue scale. 7

Seladelpar Phase 2 Study in PBC Rapid and Sustained Activity Through Week 52 Mean Percent AP Change Dose adjustment for 5/10 mg group *P<0.0001 for both groups compared to baseline values Mean ± SEM Decreases in AP >45% observed at 5/10 mg and 10 mg 8

Seladelpar Phase 2 Study in PBC Meaningful and Sustained Activity Through Week 52 Mean AP from Baseline to Week 52 Dose adjustment for 5/10 mg group Mean ± SEM Significant Substantial sustained improvement improvement with AP in < AP 1.67 over x ULN time 9

Seladelpar Phase 2 Study in PBC Responder Analysis at Week 52 Composite Responder Rate AP Normalization Up to 71% of patients achieved the composite efficacy end point 10

Seladelpar Phase 2 Study in PBC Stable Total Bilirubin Levels Through Week 52 Median Total Bilirubin Dose adjustment for 5/10 mg group Median total bilirubin remains normal with 5/10 mg and 10 mg 11

Seladelpar Phase 2 Study in PBC Significant Decreases in Transaminase Through Week 52 Median Percent ALT Change Mean ALT *P<0.0001, compared to baseline values Dose adjustment for 5/10 mg group Dose adjustment for 5/10 mg group No transaminase safety signal was observed Mean ± SEM 12

Seladelpar Phase 2 Study in PBC Additional Markers of Interest Percent Change in Other Biochemical Markers from Baseline to Week 52 Parameter Mean (SD) (Reference range) Baseline Seladelpar 5/10 mg (n=17) % change from baseline P-value Baseline Seladelpar 10 mg (n=17) % change from baseline P-value LDL-C (50-130 mg/dl) 140 (28) -13% (13) 0.0005 143 (47) -21% (20) 0.0006 HDL-C (35-60 mg/dl) 82 (21) +4 (23) NS 74 (27) +9 (22) NS GGT (Female: 7-38, Male: 11-52 U/L) 140 (28) -37% (34) 0.0004 286 (223) -32% (32) 0.0008 hs-crp* (0.0 3.0 mg/l) 3 [2, 6]* -14% (-69, 180) NS 3 [2, 6]* -7% (-81, 200) NS *Median (Quartiles: 25, 75). Median (Min, Max). 13

Seladelpar Phase 2 Study in PBC Patient Reported Pruritus: VAS Through Week 52 Median Change in VAS Median VAS Baseline median VAS, 5/10 mg=10 and 10 mg=32 Dose adjustment for 5/10 mg group Dose adjustment for 5/10 mg group In patients with baseline itch, the median changes in VAS were -30% and -66% in the 5/10 mg and 10 mg groups, respectively Treatment was not associated with increased pruritus 14

Seladelpar Phase 2 Study in PBC Safety Population Adverse Event (AE) Profile AE Category Seladelpar 5/10 mg (n=64) n (%) Seladelpar 10 mg (n=55) n (%) Any AE 50 (78) 38 (69) Any AE grade 3 6 (9) 4 (7) Any treatment-related AE 20 (31) 13 (24) Any treatment-related AE grade 3 0 0 Any AE with outcome of death 0 0 Any serious AE (SAE) 6 (9) 5 (9) Any treatment-related SAE 0 0 Any AE leading to discontinuation from seladelpar 2 (3) 1 (2) Most Common AEs ( 10%) Pruritus 14 (22) 10 (18) Fatigue 8 (13) 4 (7) Diarrhea 9 (14) 3 (6) Nausea 9 (14) 3 (6) 15

Seladelpar Phase 2 Study in PBC Safety Summary There were 11 serious AEs in the study; none were deemed related to seladelpar No grade 3 ALT elevations No discontinuations for transaminase elevations Three discontinuations One discontinuation for a grade 1 gastroesophageal reflux was deemed related to seladelpar Two discontinuations (pneumonia & worsening of pruritus) were deemed unrelated to seladelpar Overall, no increase in pruritus 16

Seladelpar for PBC Summary and Next Steps Seladelpar maintained a potent anti-cholestatic effect over 52 weeks Up to 71% of patients achieved the composite efficacy end point Overall, seladelpar was generally safe, well tolerated, and not associated with pruritus A 52-week phase 3 global PBC study (ENHANCE) has been initiated to further confirm these results 17

Acknowledgements We gratefully acknowledge study patients, investigators, site staff, and CB8025-21629 team! USA Guy Neff, Michael Galambos, Goel Aparna, Marlyn Mayo, Brian Borg, Stuart Gordon, Stephen Harrison, Paul Thuluvath, Cynthia Levy, Carmen Stanca, Bruce Bacon, Tarek Hassanein, Joseph Odin, Mitchell Shiffman, John Vierling, David Bernstein, Charles Landis, Adam Peyton, Norman Gitlin UK Richard Aspinall, David Jones, David Sheridan, Douglas Thorburn, Lynsey Corless Germany Andreas Kremer, Yvonne Dörffel, Christoph Berg, Peter Buggisch, Markus-Alexander Wörns Canada Gideon Hirschfield, Mark Swain, Hemant Shah CymaBay Sasha Steinberg, Gianni Amato, Yun-Jung Choi, Scott Rosenbusch, Monika Varga, Charles McWherter, Pol Boudes, Sandrin Bergheanu 18

Thank You