Ann: Investor Webinar on Today, page-2

Good presentation today. Dr van der Weerden provided a good overview of the Pezadeftide "mechanism of action" which impressed me - a lay person. Phase 11 results due to be released this quarter. Phase 1 "maximal use" trial in the middle of the year - a requirement of the FDA. My understanding is a safety-related 4 week trial involving ~20 people with applications of Pezadeftide on the nails and surrounding skin to demonstrate no absorption. Subject to Phase II results (expectations positive), Phase III commences end of CY22 and expected to run 12 months. Discussions regarding Japanese partnership (in that "insular" market) ongoing and positive.