1. A Tale of Two(?) IBDs CYMMBiosis for Cure
Colleen Feriod, PhD candidate
Yujie Wang, MBA candidate
Matthew Fleming, PhD candidate
Michael Coggins, PhD
Brian Cope, MBA/MEM candidate

2. The CYMMBiosis Team Recommends:
Executive Summary
The CYMMBiosis Team Recommends:
High Unmet Need: For patients with severe conditions, roughly 50% fail to respond to current biologics.
High Revenue Potential:
Annual Price of Biologics = $10,000 - $15,000
Barren Competitive Landscape, especially in the EU where few biologics are approved
Greater Market Size, but Higher Consumer Elasticity
Small Molecule: Lower Science and Safety Risks
Ultimately Unprofitable due to Lower Willingness-to-Pay; Negative Expected Value
Breakeven Price Exceeds Market Potential
License GTX-001
“Gastrolux”
Pass on GTX-002

3. IBD Landscape Crohn’s Disease Ulcerative Colitis
Disease mechanism unknown: genetic, environment, pathogenic factors
Highest incidence and prevalence in age group 20-29
Ulcerative Colitis
Disease mechanism unknown: genetic, environment, pathogenic factors
Highest incidence and prevalence in age group 15-30

4. Current Treatment Crohn’s Disease Ulcerative Colitis Lines of Therapy
% of Patient
Population
Current treatment
5-ASA Only
37.05%
Effective induction and maintenance for mild to moderate UC; considered safest
Steroids + 5-ASA
14.21%
Steroids are the most rapid-acting therapies; NOT suitable for long-term use because safety concerns
Steroids + IM
26.74%
IMs are primary choice for maintenance because lower cost than biologics; HIGH toxicity for long-term use
Biologics
10.42%
More doctors prescribe biologics as first-line treatment.
Infliximab is the only biologics approved for UC
Treatment
Refractory
4.21%
50-60% patients lose response over time to Infliximab
Crohn’s Disease
Lines of
Therapy
% of Patient
Population
Current treatment
5-ASA Only
16.69%
5-ASAs are rarely effective, mainly for very mild cases
Steroids + 5-ASA
18.21%
Steroids are the most effective, rapid-acting therapies; NOT suitable for long-term use because safety concerns
Steroids + IM
28.79%
IMs are first-line choice for maintenance because lower cost than biologics; high toxicity for long-term use
Biologics
17.04%
More doctors prescribe biologics as first-line treatment.
Infliximab most prescribed, high efficacy but high side effects.
Treatment
Refractory
10.34%
45-70% patients lose response over time to anti-TNF biologics therapy

5. Target product profile
Criteria
Is it medically plausible?
Is there a penetrable market?
Is this financially viable?
Is it safe?
Does it perform better than SOC?
Gastrolux GTX-002

6. Pathophysiology of IBD
Crohn’s Disease
Ulcerative Colitis
Unknown (genetic, environment, pathogenic)
Initiation
Visible and invisible symptoms
Immune
response
Diagnosis of severity:
Mild, moderate,
severe
Treatment depends on:
Incident vs. recurrent
Severity of diagnosis
Unknown (genetic, environment, pathogenic)
Initiation11111
Visible and invisible symptoms
Immune 1111
Response1111
Diagnosis of severity:
Mild, moderate,111
severe111
Treatment depends on:
Incident vs. recurrent111
Severity of diagnosis111

7. Market Analysis GTX-002 Gastrolux Competitors Crohn’s Disease
Ulcerative Colitis
GTX-002
Gastrolux
Competitors

8. Key Assumptions of Financial Modeling
Discount Rate: 10%
Average WACC for comparable Pharma Cos = 7.2%
Probability of Regulatory Success: 12%
Science and Safety Risks based on historical drug approval data. Individual Phase hurdles based on professional experience.
Cost of Goods Sold: 20%
Industry Average = 15%
Annual Price: $12,000
Based on Comparable Drug Costs: Infliximab, Natalizumab, Adalimumab, etc
Rx Price Growth: 3%
Roughly the rate of inflation: very conservative estimate.
Potential Customers (treatment population)
Growth Stable Relative to National Expected Population Growth
Low Initial Market Penetrations
1-2% depending on relevance in treatment category.
Growth Plateau
Market Share capped at levels previously discussed.
Shift in Treatment
Modeled trend of earlier ‘top-down’ maintenance regime.

9. Financial Analysis
NPV most sensitive to changes in discount rate and price growth
The breakeven values: discount rate = 13.9%; price = $7,554
Expected Value of Average Scenario = $46,793, 384

10. Critical Signals in Development
Pre-Clinical
Phase I
-In vitro and in vivo studies
on animal IBD models
-Dosage
-Gastrolux vs. SOC
-Safety assessment
-Single ascending dose and/or
multiple ascending dose studies
-Food effect study
Specifics
Phase III
Phase II
-IIA: Assess dosing requirements
-IIB: Study drug efficacy
-Gastrolux efficacy vs. SOC
-Submit for approval to FDA
and EMEA
*Efficacy is defined as decrease in symptom severity, increase in time between flares,
reduction in disease severity progression, and/or inducing remission during acute flares

11. Evaluation Signal Risks Reward > Risk? Medical Market Financial
Safety
Improved treatment
Legislative
Long-term surveillance
Gastrolux is a viable target product
High unmet need
High revenue potential
Barren competitive landscape
GTX-002 is not viable
Greater market size but higher consumer elasticity
Breakeven price exceeds market potential

12. Biological Risk Gastrolux GTX-002 General
Able to safely and effectively block VLA-1 in humans and in appropriate patient subset?
Is VLA-1 present on T2 cells allowing UC as viable market?
GTX-002
Able to safely and effectively block NFκB in appropriate T cells only?
General
Recent science suggests T17 cells are a point of convergence for CD and UC.
Is VLA-1 present on T17 cells?
Can NFκB be targeted in this T cell subset?

13. Realized Market Potential
Scenario Assumptions
Realized Market Potential
NPV US EU
2032
Best
100%
3.29E+09
Ave
50%
33%
9.98E+08
Worse 0%
4.09E+07
Failure
-3.4E+08

14. Expected Project Value Sensitivity Analysis
Expected Project Value Sensitivity Analysis
Price Growth Rate
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
0.09
Discount Rate
2.02E+08
3.04E+08
4.27E+08
5.73E+08
7.48E+08
9.56E+08
1.2E+09
1.5E+09
1.85E+09
2.26E+09
1.39E+08
2.25E+08
3.27E+08
4.49E+08
5.95E+08
7.68E+08
9.74E+08
1.22E+09
1.51E+09
1.86E+09
1.6E+08
2.45E+08
3.48E+08
4.69E+08
6.14E+08
7.86E+08
9.9E+08
1.23E+09
1.52E+09
1.06E+08
1.79E+08
2.64E+08
3.66E+08
4.87E+08
6.31E+08
8.02E+08
1E+09
1.25E+09
1.24E+08
1.96E+08
2.81E+08
3.83E+08
5.04E+08
6.47E+08
8.17E+08
1.02E+09
0.1
-1.6E+07
2.12E+08
2.97E+08
3.99E+08
5.19E+08
6.62E+08
8.3E+08
0.11
-3.8E+07
1.54E+08
2.26E+08
3.12E+08
4.13E+08
5.33E+08
6.75E+08
0.12
-5.6E+07
-2.5E+07
1.67E+08
2.4E+08
3.25E+08
4.26E+08
5.46E+08
0.13
-7.1E+07
-4.5E+07
-1.4E+07
1.19E+08
1.8E+08
2.52E+08
3.38E+08
4.39E+08
0.14
-8.3E+07
-6.1E+07
-3.4E+07
1.3E+08
1.92E+08
3.5E+08
0.15
-9.3E+07
-7.3E+07
-5.1E+07
-2.4E+07
1.41E+08
2.03E+08
2.75E+08
0.16
-1E+08
-8.4E+07
-6.4E+07
-4.2E+07
-1.5E+07
1.52E+08
2.13E+08