Valo Corporate Presentation

Oppenheimer’s 31st Annual Healthcare Conference

March 16, 2021
Disclaimer
This Presentation is not intended as an offer of, or a solicitation of an offer to buy or sell, securities, nor is it an offer to transact any product or service.

The information and opinions expressed in this Presentation are based on information provided by Valo or on the views of, and certain assumptions held by, the management
of Valo as of the date of this Presentation and have not been independently verified. Although the information and opinions expressed in this Presentation were obtained from
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may contain forward-looking statements or estimates or projections as to events that may occur in the future that are based on the information provided by Valo and other
publicly available information as of the date of this Presentation. The valuations, forecasts, estimates, opinions and projections contained herein involve elements of
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MARCH 2021 2
Valo is a technology company that is building a new, integrated
approach to developing drugs
LEGACY BIOPHARMA MODEL VALO DRUG ACCELERATION MODEL

Biological Target Target to Hit to

Discovery ID Hit Lead

TM

Ph II Ph I Preclinical Lead Op

Ph III Reg Comm

The legacy biopharma model is built on successes of decades ago.

To usher in the next generation, to deliver what patients need:
We need a new model. Now.

MARCH 2021 3
Valo’s Opal platform is a fully integrated target discovery and drug development
capability uniquely anchored on human-centric data and machine learning

Valo is building a systems optimized drug development capability with a single unified architecture
founded upon world-class human data and machine learning anchored computation. Opal is a
proprietary, integrated, end-to-end target discovery and drug development platform accelerated by
a self-reinforcing data→drug→compute flywheel
MARCH 2021 4
Valo’s high-density human-centric data lake is unique, comprehensive
and self-reinforcing
Over 125M patient-years of GDPR >7 million longitudinal patients with >15 years of continuous
and HIPAA compliant data comprehensive data

Valo has expanded its high-density human

— Unique data sets coupling high quality, high
data lake exponentially
125M density longitudinal data with large scale,
125M
deep multi-omic data
100M — Three national scale data deals with
Total patient years of data

continuous updating
75M — Near zero missingness rate on patients
— Integration of longitudinal and deep data
50M
37.5M enables human-centric discovery and
development
25M
— Self-reinforcing data model to accelerate
0M
0M scale and impact
Founding (2019) End 2019 End 2020

>300K patients >700K patients >600K patients

Tracked from healthy to neurodegenerative disease Tracked from healthy to cardiovascular disease Tracked from healthy to cancer
MARCH 2021 5
Opal is a fully unified, end-to-end platform with applications across
the entirety of the discovery and development paradigm
TARGET DISCOVERY
Human data to identify human targets to treat human
disease with enhanced clinical development profiles
based on genotype-phenotype-causality linkages

CLINICAL DEVELOPMENT MOLECULE DEVELOPMENT

Improve safety, efficacy, patient Active learning, self-reinforcing, in
selection and disease selection for silico - experimental platform that
increased likelihood of success rapidly iterates to design drugs,
making targeted and specific small
molecules ‘engineerable’

MARCH 2021 6
Opal is built on a single integrated architecture enabling end-to-end
human-centric insights and connecting the phases of development
Opal programs are:
— Built on a common data framework and
analytics capability shared throughout
development
— Accelerated by the integration of data across
the end-to-end drug development continuum
— Enabled by continuous, consistent decision-
making based on risk-reward ratio and
probability of success without human bias
— Optimized for overall success, informed by
human data, regardless of program maturity
— Bolstered by Opal’s data → compute → drug
flywheel which improves the platform with
every cycle

MARCH 2021 7
Example platform validations: Opal has demonstrated an ability to
substantially accelerate advancement of programs

OPAL INDUSTRY

New target identification in days Average of 6-12 months for typical

(CV and ND targets discovered and statistically VS. target discovery using surrogates
validated in less than a week) rather than humans

New molecule identification in days Average of 1 - 2.5 years to move from

VS.
(7 hits on novel target in 100 person hours) target to hit to lead candidate

Lead optimization in weeks Average of two years spent in lead

VS.
(0 to LO in 6-12 weeks) optimization alone

Biomarker discovery in months Millions of person-hours to discover

VS.
(0 to novel Parkinson’s biomarker in 2 months) clinically relevant biomarkers

MARCH 2021 8
Opal is engineered to develop first/best-in-class therapeutic programs
across major disease areas, faster, at lower cost and with higher confidence
Valo is actively developing a suite of preclinical programs
across three therapeutic areas

Neurodegenerative Oncology Cardiovascular

- Application of patient data
analysis to discover novel target
hypotheses
- Multiple novel preclinical
programs expected in 2021
- Acceleration of molecule design
to treat underserved patient
populations
- Multiple drug candidates
expected in 2021
- Application of causal modeling
approaches to patient data to
identify novel target hypotheses
- Clinical program launch expected
in 2021

Examples from Valo active

oncology pipeline
OPL-0015 OPL-0012 OPL-0001
Undisclosed
USP28 target PARP1

MARCH 2021 9
OPL-0015 (USP28): Creating a first-in-class highly selective
deubiquitinating enzyme (DUB) as a means to unlock c-Myc inhibition

THERAPEUTIC A highly specific USP28 inhibitor could precisely decrease c-Myc and LSD1 levels and activities in tumor
HYPOTHESIS cells causing powerful anti-tumor effects in a well validated but intractable pathway

USP28 has been shown to be clinically relevant in lung cancer (NSCLC & SCC), but is considered undruggable

Proteasome NSCLC patients with high USP28 Knockdown of USP28 significantly

Skp1
Cul1
E2
Ub
Ub
Ub
expression see shorter survival inhibited NSCLC cell growth - USP28 is required for MYC
Ub
FBW7 Ub
Ub Ub stability
Substrate

c-MYC
- USP28 is found in high levels

Tumor weight (g)

LSD1
in various cancers; and its
Probability

HIF-1α

USP28
...
PIRH2 stabilization of MYC is
UbUb
P
Ub essential for tumor growth
P CHK2
DNA damage ATM
P
p53 - USP28 is widely considered
P
ATR
P
CHK1
to be undruggable due to
selectivity issues that have
Claspin
Knockdown made previous attempts fail
Time (months)

VALO Opal enables the development USP28 selective molecule, co-optimized for efficacy as well as ADME and
ADVANTAGE toxicology properties

MARCH 2021 10
OPL-0015 (USP28): Unlocking a first-in-class highly selective
deubiquitinating enzyme (DUB) as a means to inhibit c-Myc
Strong anti-tumor signals demonstrated in murine lung
squamous cell carcinoma (LSCC) models
In only 3 months, Opal identified multiple highly
OPAL 1800 Established tumor model:
VALIDATION
selective and potent compounds driving precise,
LCSS (NCI-H520) Human Cells
mechanistic c-Myc inhibition and tumor killing 1500

Tumor Volume (mm3)

Vehicle
1200
OPL-0015
900 P < 0.0001
OPL-0015 (USB28) inhibitor decreases c-Myc and LSD1 protein levels in cells 600

300
100
0
0 1 2 3 4
Time of Treatment (d)
% of protein

LSD1 600 Tumor growth model:

c-Myc LCSS (LUDLU-1) Human Cells
500

Tumor Volume (mm3)

50
Vehicle
400
OPL-0015
300
P < 0.0001
200

0 100
0.1 1 10
0
OPL-0015 (𝛍m) 0 5 10 15 20 25 30 35
Time of Treatment (d)
MARCH 2021 11
 OPL-0012: Unlocking a clinically validated undruggable target with
functional specificity to upregulate p53
Opal process identified inhibitor lead
A specific, selective targeted inhibitor
THERAPEUTIC OPAL molecules spanning 3 distinct families that
can unlock p53 biology for treating
HYPOTHESIS VALIDATION affect the two active states without allostery,
various cancers
eliciting strong efficacy and safety profiles

Target is a clinically validated oncogene Valo’s inhibitor has powerful effects in vitro and in vivo, with strong safety profile
implicated in the p53 pathway
In vivo: Complete responses to established Safety: Opal analysis predicts favorable off-target
Target tumors in mouse models safety profiles for Valo molecules

Ub Deubiquitination Deubiquitination
Control
Ub Ub
Drug
Ub Transcriptional Ub
Ub activation Ub
Ub Ub
p53 MDM2 Self-ubiquitination

Ubiquitination

Lead
compounds
P53 degradation MDM2 degradation

- Activation of Target-MDM2-p53 interaction can 7 6 d 9 d d d d 6 6 2 19 5 1 6 d d d 6 d d 2 d 0 d d

89 47 un 60 un un un un 64 73 39 5 98 74 10 un un un 98 un un 41 oun 82 un un
promote tumors, but inhibitors need to be 26 38 po 37 po po po po 38 38 50 50 52 93 55 po po po 45 po po 56 p 51 po po
39 L39 com L39 om com com om 39 39 39 L39 39 PL3 39 com om com 39 com com L39 com L39 om com
L c c L L L L
O P or or c or PL or or OP or OP or c or
phenotypically targeted, not just high affinity. P
O OP itor OP itor itor itor itor OP OP OP OP OP
t t et et t
L
O tit it it
t t
O it it
t t tit tit ti
t
pe pe mp mp pe pe e pe pe pe pe pe pe
m m m m mp m m m m m om
o o
Co C C Co
o Co Co Co Co Co Co Co C
- Target is overexpressed in NSCLC and correlated with C

poor clinical prognosis

MARCH 2021 12
OPL-0001 (PARP1): Creating a best-in-class compound by design

THERAPEUTIC A centrally penetrant PARP1 could be effective against difficult-to-treat brain metastases and brain
HYPOTHESIS cancers, with clinically proven class efficacy

STATE OF THE ART MOLECULE DESIGN BASED ON AN IDEAL TPP
Current PARP
inhibitors are
effective against
peripheral cancers
VALO INTEGRATED DEVELOPMENT
BRAIN PENETRANCE
Designing a PARP inhibitor to cross the
blood-brain barrier to treat brain cancers
Designing a centrally-penetrant PARP
PARP1 SELECTIVITY inhibitor is a global optimization problem
Designing to selectively target PARP1, not bind
PARP2, and minimize any off-target activity Local optimization methodologies used by
ENZYMATIC INHIBITION pharma today cannot solve this problem
Designing a molecule that inhibits the PARP
enzyme to achieve efficacy

VALO Leverage Opal modeling of target binding and ADME to optimally design a centrally penetrant PARP1
ADVANTAGE inhibitor, maximizing therapeutic impact while reducing development time and cost

Opal enables the simultaneous co-optimization of multiple molecule

features to design best in class molecules
MARCH 2021 13
OPL-0001 (PARP1): Fully integrated compound design, synthesis, and
testing to rapidly optimize compound properties and efficacy
DESIGNING A CNS-PENETRANT PARP1 INHIBITOR
~6 weeks from program start to tier 1 ADME
OPAL screening results for 42 novel molecules: >50% Predicted in vivo biodistribution
Log([brain]/[plasma])
VALIDATION TPP hit rate on first cycle, with best observed
OPL-0036810
central penetrance OPL-0036820
OPL-0036367
DEL-003
OPL-0036368
PARP1 ENZYMATIC INHIBITION: >50% Hit Rate on First Cycle OPL-0036819
OPL-0036330
100
OPL-0036811
Brain
PARP-1 enzymatic inhibition (%)

OPL-0036847
OPL-0036908
75 OPL-0036909
OPL-0036805
OPL-0036405
OPL-0036892
50
DEL-001
DEL-005 Plasma
DEL-002
25 OPL-0036804
DEL-004
Rucaparib
NMS-P118
Comparators
0 Veliparib Molecules
OPL-0001 Molecules (10 uM concentration) Talazoparib
Oliparib

>50% hit rate on first cycle with 18 distinct chemotypes -1.4 -1.2 -1 -0.8 -0.6 -0.4 -0.2 0 0.2 0.4

MARCH 2021 14
Human-centric discovery: Automated integrated generation of patient
hypotheses, defining trial cohorts and targets based on disease progression

We discover patient groups that give us hypotheses for clinical trials, target discovery, and drug design
using a longitudinal computational approach connected to biology.

ALZHEIMER’S DISEASE PARKINSON’S DISEASE CNS MALIGNANCIES MULTIPLE SCLEROSIS

Groups 7, 8: Unusually low biomarker levels for
several years prior to both early and relatively
late PD diagnoses → potential new mechanism
Identified novel target which biomarker →
internal development
Group 3: Elevated biomarker levels for years
prior to diagnosis. Family history of MS.
Accelerated secondary MS progression after
initial diagnosis

MARCH 2021 15
Safety prediction: Opal’s toxicity prediction has proven to be 86% accurate
(n=152) at predicting off-target safety issues in small molecules
- Machine learning driven screen to anticipate interactions between any molecule and potential binding partners
- Validated with 86% accuracy on blinded, 3rd party review of 152 compounds from 20 programs at a major pharma

TRADITIONAL LINEAR DEVELOPMENT VALO INTEGRATED DEVELOPMENT

Molecule discovery Clinical development
Compound Molecule Standard safety panel
discovery design Extended safety panel

In vitro
efficacy Integrated
design
In vivo
efficacy
Experimental Tox
confirmation prediction
Data
Tox screen

Co Co Co Co Co Co Co Co
m po m po m po m po m po m po m po m po
... un
d1
un
d2
un
d3
un
d4
un
d5
un
d5
un
d6
un
d7

Valo’s tox tool enables us to design molecules
that are optimized for tox, by using
Traditional molecule discovery methods
computational predictions in parallel with
screen for tox and modify compounds in
molecule design generating safer, better
a linear, iterative fashion
optimized compounds in the first cycle
Valo’s tox tool predicts human tox (rather than
animal tox), enabling us to reduce Phase 1 risk
and identify potential clinical safety issues
while designing molecules prior even to
animal tox
MARCH 2021 16
Valo is creating a risk-mitigated proprietary pipeline of breakthrough
drug programs leveraging Opal to increase confidence and impact
FIRST-IN-CLASS
THERAPEUTIC ASSETS
PIONEERED BY OPAL
Opal-discovered and
engineered therapeutics
- Unlocking undruggables
- Novel targets
- Fully integrated development from
target discovery through clinical
development on single programs
- Focus on large potential markets
with biology risk offset by
advancement of other programs
- Long term proprietary value
creation
BEST-IN-CLASS FAST
FOLLOWERS ENABLED BY
OPAL
Opal-engineered best-in-class
therapeutics
- Use proof of concept and proof of
biology/mechanism from third
parties to rule-in targets
- Focus on efforts where a key
therapeutic (i.e. efficacy) advantage
can be generated
- Leverages Opal’s accelerated
development in a de-risked manner
- Proprietary candidates with
improved therapeutic profiles
EXISTING MOLECULES
ACCELERATED BY OPAL
Opal-accelerated clinical and
late preclinical assets
- Identify key responder populations,
underappreciated mechanisms and
beyond
- Focus on large potential markets
with the potential for differentiation
- Unique “Valo-add” through Opal
insights across multiple dimensions
MARCH 2021 17
Transforming the value chain requires an organization built at the
interface of life sciences and technology
>100 >500 >1,000 >30,000
drug approvals1 regulatory submissions1 discovery and clinical programs1 ML models deployed1

David Berry, MD, PhD

Founder, Chief Executive Officer
General Partner Flagship Pioneering
Co-founder of >25 companies
Brandon Allgood, PhD
SVP, Data Science & AI
Brett Blackman, PhD Co-founder & CTO, Numerate

Chief Innovation Officer

Founder, CSO of HemoShear, Cogen, and Kintai
Associate Professor of Biomedical Eng, UVA Graeme Bell, MBA, FCMA
Chief Financial Officer
CFO, Tmunity / Intellia / Anacor
Hilary Malone, PhD CFO, Merck U.S.

Chief Operating Officer, Pharma

Chief Regulatory Officer, Sanofi
Moni Miyashita, MBA
Chief Strategy Officer
Partner, Innosight
Dan Troy, JD VP, Corporate Development, IBM
CBAO & GC
General Counsel, GSK
Chief Counsel, FDA Cissy Young, PhD
Chief People Officer
Managing Director, Russell Reynolds Associates
Nish Lathia Director, Strategy & BD, Cerulean Pharma
Chief Product Officer
General Manager, Amazon

[1] Valo data aggregates historical experience across Valo staff MARCH 2021 18
Fueled by the Opal platform, Valo is positioned to achieve
unprecedented growth in 2021 and beyond

With a recent $300M Series B financing, Valo’s

fundraising totals >$450M since 2019
Our 2021 plans will power the Opal flywheel:
— Accelerate and expand self-reinforcing data model
— Form strategic sector partnerships to reinforce drug
acceleration model and launch a Valo-enabled
ecosystem
— Launch innovative clinical trials enabled by Opal
— 10-15 therapeutic programs accelerated by Opal to
enable multiple additional clinical programs in 2022
— Proprietary Opal targets accelerating into preclinical
programs to create rapidly expanding pipeline to
support 2022 programs

MARCH 2021 19
Selected pipeline snapshot: clinical and preclinical assets selected and
accelerated by Opal
TARGET DISCOVERY MOLECULE DISCOVERY IND ENABLING PHASE I PHASE II PHASE III

Cardiovascular Post-MI; Acute Kidney Injury

Cardiovascular1 Diabetic Complications

Oncology2 Immune Oncology (Platform for broader Immunology)

Neuro / Cardio Chemotherapy Induced Peripheral Neuropathy and Cardiomyopathy)

Oncology Heme-Targeting

Oncology NSCLC Squamous Cell Carcinoma; Targeted Defined Tumors

Oncology Medulla/Glioblastoma Brain Tumors; Breast Cancer

Oncology Defined Tumors

Oncology NSCLC

Oncology PTEN-Deficient Cancers

Cardiovascular Ceramidopathy

Oncology Defined Tumors; Immune Modulation

Oncology Glioblastoma; Atherosclerosis

Onc / Cardio / Neuro Glioblastoma; Heart Failure; Neurodegenerative

Oncology Pancreatic Ductal Adenocarcinoma (PDAC), Targeted Defined Tumors

Pipeline leverages Opal to rapidly create a high impact therapeutic pipeline:

Limited subset of 15 programs shown above; leveraging only known targets with 17 proprietary targets poised
[1] Valo is finalizing definitive agreement to acquire. Transactions may or may not be finalized, management currently projects transactions will close in first half of 2021
[2] Option to acquire the asset agreement closed. Option structure allows Valo to decide whether to exercise option and close acquisition after key preclinical de-risking MARCH 2021 21
experiments are complete in first half of 2021