J.P. Morgan Healthcare Conference Presentation January 13, 2026 Jay S. Duker, M.D. President and CEO © 2026 EyePoint. All Rights Reserved. Legal Disclaimers Various statements made in this presentation are forward-looking, within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, and are inherently subject to risks, uncertainties and potentially inaccurate assumptions. All statements that address activities, events or developments that we intend, expect, plan or believe may occur in t ...

Exelixis 2025 R&D Day Summary Company Overview - **Company**: Exelixis (NasdaqGS:EXEL) - **Focus**: Oncology, specifically solid tumor oncology Key Themes and Strategic Focus - **Multi-Compound, Multi-Franchise Strategy**: Exelixis aims to build a diverse pipeline of oncology products rather than focusing on single indications [4][5] - **Franchise Approach**: The company is prioritizing the development of franchise molecules and indications to enhance its market position and revenue potential [5][10] - **Patient-Centric Goals**: The overarching goal is to improve the standard of care for cancer patients, thereby benefiting both patients and shareholders [6][10] Financial Projections and Growth - **CABO Franchise Growth**: Projected cumulative growth of over 30% in CABO product revenues from 2023 to 2025, driven by new indications in the MET space [7] - **Zanza Development**: Zanza is positioned as a key molecule for future growth, with positive results from pivotal trials and an FDA filing based on the STELLAR-303 trial [8][9] Pipeline and Product Development - **Early-Stage Pipeline**: The pipeline includes three IND candidates (XB010, XB628, XB371) and new molecules like XB773 and XL557, which are advancing towards IND status [9] - **Focus Areas**: The company is concentrating on kidney cancer, neuroendocrine tumors, and colorectal cancer as primary targets for its pipeline [14] Clinical Trials and Research - **Ongoing Trials**: Exelixis has multiple ongoing or planned pivotal trials, including STELLAR-304 for non-clear cell renal cell carcinoma (RCC) and LITESPARK-033 for patients progressing after adjuvant Pembrolizumab [35][49] - **Zanza's Mechanism of Action**: Zanza is designed to target multiple pathways (MET, TAM kinases, VEGF) to combat resistance and improve patient outcomes [30][32] Unmet Medical Needs - **Non-Clear Cell RCC**: There is a significant unmet need in treating non-clear cell RCC, which has historically been underrepresented in clinical trials [20][24] - **Adjuvant Treatment Gaps**: The introduction of Pembrolizumab in the adjuvant setting has created a new patient population with unmet needs, which Exelixis aims to address with Zanza and HIF-2 inhibitors [49] Collaboration and Partnerships - **Expert Collaborations**: Exelixis collaborates with leading oncologists and institutions to enhance its research and development efforts, ensuring a strong focus on patient outcomes [60] Conclusion - **Commitment to Oncology**: Exelixis emphasizes its long-term commitment to advancing treatment options in oncology, particularly in renal cell carcinoma, with a focus on innovative therapies and patient care [61]

Core Insights - Exelixis is developing zanzalintinib, a next-generation oral investigational tyrosine kinase inhibitor (TKI) targeting receptor tyrosine kinases involved in cancer growth, with recent studies showing positive data [1] Study Results - In June 2025, Exelixis announced positive top-line results from the STELLAR-303 study, a phase III trial involving 901 patients with metastatic colorectal cancer, comparing zanzalintinib plus Tecentriq against regorafenib [2] - The STELLAR-303 study met one of its dual primary endpoints, showing a statistically significant improvement in overall survival (OS) for the intent-to-treat population treated with zanzalintinib plus Tecentriq compared to regorafenib [3] - Enrollment for the STELLAR-304 study was completed in May 2025, evaluating zanzalintinib in combination with Opdivo versus sunitinib in advanced non-clear cell renal cell carcinoma [4] - Exelixis has opted not to proceed with the phase III portion of the STELLAR-305 trial based on emerging data and competition in advanced squamous cell carcinoma [5] - The company initiated the phase III STELLAR-311 study in advanced neuroendocrine tumors, comparing zanzalintinib to everolimus [6] Competitive Landscape - The competitive environment for renal cell carcinoma (RCC) is intensifying, with significant competition for Exelixis's lead drug, Cabometyx, from various immunotherapy-TKI combinations [7] - Keytruda, approved for advanced RCC, accounts for approximately 50% of Merck's pharmaceutical sales, highlighting the competitive pressure in the market [10] Financial Performance - Exelixis shares have increased by 14% year-to-date, contrasting with a 0.9% decline in the biotech industry [11] - The company's shares are currently trading at a price/sales ratio of 4.09x forward sales, above its historical mean of 3.64x and the biotech industry's average of 1.59x [13] - The bottom-line estimate for 2025 has risen from $2.64 to $2.68, while the estimate for 2026 has decreased from $3.13 to $3.09 over the past 30 days [14]