Duvelisib (IPI-145), a PI3K-δ,γ Inhibitor, is Clinically Active in Patients with Relapsed/ Refractory Chronic Lymphocytic Leukemia

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Duvelisib (IPI-145), a PI3K-δ,γ Inhibitor, is Clinically Active in Patients with Relapsed/ Refractory Chronic Lymphocytic Leukemia Susan M. O Brien 1, Manish R. Patel 2,3, Brad Kahl 4, Steven Horwitz 5, Francine Foss 6, Pierluigi Porcu 7, Justin McLaughlin 8, Jennifer Sweeney 8, Kerstin Allen 8, Kerrie Faia 8, Howard Stern 8,Virginia Kelly 8, and Ian Flinn 3,9 1. MD Anderson Cancer Center, Houston, TX; 2. Florida Cancer Specialists, Sarasota, FL; 3. Sarah Cannon Research Institute, Nashville, TN; 4. Dept of Medicine, Section of Hematology and Oncology, University of Wisconsin School of Medicine, Madison, WI; 5. Lymphoma Service, Memorial Sloan-Kettering Cancer Center, New York, NY; 6. Yale University Cancer Center, New Haven, CT; 7. The Ohio State University Wexner Medical Center, Columbus, OH; 8. Infinity Pharmaceuticals, Inc., Cambridge, MA; 9. Tennessee Oncology, Nashville, TN. Presented Monday, 07 September 2015 International Workshop of Chronic and Lymphocytic Leukaemia, Sydney, Australia

Study IPI-145-02 Design Objectives maximum tolerated dose (MTD), pharmacokinetics (PK), pharmacodynamics (PD), safety, and efficacy in patients with advanced hematologic malignancies 25 mg BID selected for phase 3 development based on early clinical activity (Flinn et al, ASH 2013) 55 R/R CLL/SLL pts received duvelisib BID in 28-day cycles Response criteria per iwcll 2008 AEs per CTCAE v 4.03 PD markers: pakt and Ki67 in CLL cells, serum cytokines & chemokines Prior treatment with a Bruton s tyrosine kinase inhibitor (BTKi) allowed

Pharmacodynamics & Mechanism of Action Studies: pakt (S473) and Ki67 Measurements in CLL Cells pakt (S473) Percent Positive in CLL Cells*(n=41) Ki67 Percent Positive in CLL Cells* (n=29) Rapid inhibition of pakt (S473) following duvelisib Inhibition of CLL proliferation (Ki67) following 1 cycle of duvelisib, with near complete inhibition in pts not previously treated with BTKi

Change in Key Serum Chemokines and Cytokines Evidence of pharmacodynamic modulation of chemokines/cytokines that support the malignant B-cell microenvironment

Study Patients Demographics 25 mg BID* (N=31) All Doses (N=55) Age (years), median (range) 66 (42, 82) 66 (42, 82) Prior therapies, median (range) 5 (1,11) 4 (1, 11) Rai Stage 3, n (%) 18 (64.3) 33 (60.0) ECOG score, 0 / 1 / 2 / missing, n 8 / 20 / 2 / 2 12 / 38 / 3 / 2 Bulky lymphadenopathy (> 5 cm lesion), n (%) 13/31 (42) 24/51 (47) Organomegaly, n % 8/26 (31) 13/48 (42) ALC x10 3 /µl, median (range) 14 (0.6, 233) 13 (0.6, 280) Grade 4 cytopenia, n % 3 (9.7) 8 (14.5) Prior ibrutinib treatment, n % 2 (6) 6 (11) Risk Factors Unmutated IGHV, n (%) 20/23 (87) 31/35 (89) TP53 mutation/17p deletion, n (%) 15/29 (52) 26/50 (52) * Includes 1 pt dosed at 8 mg BID, and 2 pts dosed at 15 mg BID

All TEAEs (> 20% Overall) & Grade 3/4 (N = 55) AE (preferred term) Overall n (%) Grade 3 n (%) Grade 4 n (%) Neutropenia 29 (53) 10 (18) 13 (24) Rash (combined) 25 (46) 1 (2) 1 (2) Diarrhea 24 (44) 5 (9) 0 Cough 21 (38) 0 0 Fatigue 21 (38) 4 (7) 1 (2) Pneumonia (combined) 20 (36) 13 (24) 1 (2) ALT/AST increase 16 (29) 4(7) 1 (2) Anemia 16 (29) 9 (16) 1 (2) Pyrexia 15 (27) 2 (4) 0 Nausea 14 (26) 1 (2) 0 Decreased Appetite 13 (24) 1 (2) 0 Thrombocytopenia 12 (22) 2 (4) 8 (15) Rash (combined) = any preferred terms associated with rash within Skin and Subcutaneous Tissue Disorders SOC; Pneumonia (combined) = all preferred terms of lung inflammation due to infectious or non-infectious etiologies

TEAEs Leading to Treatment Discontinuation AE (Preferred term) Pneumonia (combined) 7 Diarrhea 2 Stomatitis 2 ALT/AST 1 Cold-type hemolytic anemia 1 Colitis 1 Metabolic acidosis 1 Hand-foot syndrome 1 Polyarthritis 1 Pruritis 1 Squamous cell carcinoma 1 n

Maximum Lymph Node Reduction 25/30 (83%) pts at 25 mg BID with baseline CT scan achieved a nodal response ( 50% reduction in measurable area of disease)

Best Overall Response (ORR) per iwcll Population n CR n (%) PR n (%) SD* n (%) PD n (%) ORR n (%) All Doses 52 1 (2) 29 (56) 21 (40) 1 (2) 30 (58) 25 mg BID 30 1 (3) 16 (53) 12 (40) 1 (3) 17 (57) Unmutated IGHV 20 1 (5) 11 (55) 8 (40) 0 12 (60) TP53mut/del(17p) 15 1 (7) 6 (40) 7 (48) 1 (7) 7 (48) Previous BTKi 6 0 1 (17) 5 (83) 0 1 (17) Table includes efficacy evaluable pts only = at least one response assessment or PD without a response assessment * Stable disease includes pts with PR + lymphocytosis 57% ORR by iwcll at 25 mg BID, including 1 CR Median time to iwcll response = 1.9 months

Progression-Free Survival Median PFS at 25 mg BID not reached 66% progression-free at 12 months 59% progression-free at 24 months

Overall Survival (OS) Median OS at 25 mg BID not reached 74% survival at 12 months 63% survival at 24 months

Duvelisib Inhibits the PI3K Pathway in the Setting of Ibrutinib Resistance in Vitro (cont) Dong et al, Blood 2014 In an XLA cell transfection assay, ibrutinib is unable to inhibit phosphorylation of mutant BTK to the same extent as wild type BTK12 Duvelisib robustly inhibits AKT phosphorylation regardless of BTK mutation status12 CONFIDENTIAL 12

Demographics and Baseline Disease Characteristics of Patients Treated with Ibrutinib Prior to Study Entry Characteristic CLL (N=6) anhl(n=7) Duvelisib 25 mg BID 2 0 Duvelisib 75 mg BID 4 7 Age (years), median (range) 58 (42, 79) 60 (36, 81) Male, n (%) 4 (67) 5 (71) White, n (%) 5 (83) 5 (71) ECOG score, 0 / 1 / 2 / missing, n 0 / 4 / 1 / 1 1 / 5 / 1 / 0 Stage IV disease, n (%) 3 (50) 4/6 (67) Bulky lymphadenopathy (> 5 cm lesion), n (%) 2/5 (40) 3/5 (60) Organomegaly, n (%) 1/6 (17) N/A ALC x10 3 /µl, median (range) 27 (2.2, 74) 1.1 (0.4, 56) CONFIDENTIAL 13

Prior Anticancer Therapy and Mutation Status Characteristic CLL (N=6) anhl(n=7) 3 prior systemic therapies, n (%) 6 (100) 4 (57) Number of prior therapies, median (range) 5.5 (3, 11) 3 (1, 7) Months from last therapy, median (range) 0.4 (0.3, 1,6) 0.8 (0.2, 3.7) Months from last ibrutinib dose, median (range) 0.4 (0,3, 9.2) 2.1 (0.2, 13.2) BTK mutation, n C481S = 2, C481F = 1 PLCG2 mutation, n S707F = 1 0 TP53mut/del(17p), n (%) 2 (33) 4 (57) 0 Most patients were heavily pretreated with a short duration from prior regimen - 100% CLL and 57% anhl had 3 prior anticancer therapies - Median months from last therapy: 0.4 months CLL, 0.8 months anhl CONFIDENTIAL 14

Overall Response Population n CR PR SD PD ORR CLL 6 0 1 (17) 5 (83) 0 1 (17) anhl 5 0 2 (40) 1 (20) 2 (40) 2 (40) Includes efficacy evaluable patients = at least 1 post-baseline disease response assessment while on treatment or PD without assessment: 2/7 anhl patients not evaluable Tumor cells in the CLL partial responder did not have a mutation in BTK or PLCG2 One CLL patient (SD, BTK C481F mutation) remains on treatment after 14 months 15

Study IPI-145-02 Design» TN CLL Expansion Cohort (n=18) Duvelisib 25 mg BID in 28-day cycles TN CLL pts enriched for high-risk status: TP53mutation/17p-deletion; and/or 65 years old Response criteria per iwcll 2008

Study Patients

Patient Disposition

Maximum Lymph Node Reduction N = 16; 1 efficacy evaluable pt with TP53 mutation/17p-deletion was not followed for response by CT. 14/16 (88%) pts with baseline CT scan achieved a nodal response ( 50% reduction in measurable area of disease), all had a PR per iwcll

Best Overall Response (ORR) per iwcll * 1 pt with TP53 mutation/17p-deletion withdrew consent prior to the first efficacy assessment (C3D1), and was not in the efficacy evaluable population Median time to iwcll response = 3.7 months 7 of 15 (47%) responses occurred by the first assessment (Cycle 3 Day 1)

Progression-Free Survival Median PFS not reached PFS rate 100% at 12 months and 92% at 18 months 1 pt progressed at Cycle 13

Overall Survival (OS) Median OS not reached 94% survival at 12 months and 18 months 1 pt died (PD) during survival follow-up, 5 months after last dose

All AEs (>25% Overall) and Grade 3/4 (N = 18) * >1 AE may have occurred in a single pt. ** Rash (combined) = any PT associated w/ rash w/in Skin and Subcutaneous Tissue Disorders SOC

SAEs and AEs Leading to Treatment Discontinuation SAEs in > 1 Patient AEs Leading to Treatment Discontinuation 13 pts with an SAE(s) 9 pts remained on duvelisib No SAEs resulted in death * Date of pt discontinuation from study drug

DUO : a positive Phase 3 study of Duvelisib in relapsed/refractory Chronic lymphocytic leukemia Relapsed or Refractory CLL/SLL patients (N = 319) (Randomized 1:1) Treatment arm 1 Duvelisib 25 mg BID Treatment arm 2 Ofatumumab Dosage and administration consistent with approved prescribing information* Study end points Primary: Progression-free survival (PFS) Secondary: Overall response rate (ORR) Overall survival (OS) Duration of response (DOR) Safety ü First Phase 3 trial showing PI3K inhibitor monotherapy efficacy in CLL/SLL * 8 weekly infusions, starting with an initial IV dose of 300 mg ofatumumab on Day 1 followed by 7 weekly doses of 2,000 mg. Thereafter, Verastem, 2,000 Inc. mg ofatumumab monthly for 4 months. POSITIVE PHASE 3 STUDY, TOP LINE DATA ANNOUNCED SEPTEMBER 2017

DUO met its primary endpoint of PFS by IRC in both the ITT and del(17p) subpopulation TOP LINE DATA Duvelisib PRIMARY ENDPOINT: PROGRESSION-FREE SURVIVAL (PFS) BY IRC Ofatumumab ITT population, median 13.3 months 9.9 months HR = 0.52; p < 0.0001 del(17p) subset, median 12.7 months 9.0 months HR = 0.41; p = 0.0011 Duvelisib monotherapy had a manageable safety profile, with results from this study consistent with the well-characterized safety profile of duvelisib monotherapy observed to date in patients with advanced hematologic malignancies. IRC: Independent Review Committee; ITT: Intent-to-Treat CONFIDENTIAL - Verastem, Inc. Duvelisib is an investigational agent available for clinical trial use only. Safety and efficacy have not been established. Detailed results to be presented at ASH 2017 on Sunday, December 10 th at 4:30pm ET