A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP

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A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
A Stepwise Approach to Nasal Polyp Treatment
is Emerging in the Age of Biologics

                                        XHA-21-10007
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Presenters

              Payor Insights                                    Clinical Discussion &
                                                                      Relevance

         Michael J. Rothrock, BS, MBA, MHA                          Joseph Han, MD
                      President                                         President
           Allegheny Strategic Partners LLC                     American Rhinologic Society

                           Dr. Han and Mr. Rothrock are paid consultants of Optinose.

2
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Today’s Objectives

              Evaluate an emerging approach for stepped-care
              management of nasal polyps

                            Discuss each step’s impact on coverage
                            and cost

                                            Highlight a second-line therapy in the
                                            stepped-care approach

3
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Nasal Polyp Management: Challenges You Face
     Nasal polyps cost ~$5.7 billion1 annually and affect up to 4% of the population2

     Traditional treatments often do not resolve symptoms3

     Patients seek more costly treatments (surgery, biologics)4,5

     Surgery may not be a permanent solution6

     The approvals of dupilumab and omalizumab for nasal polyps are likely to drive up payor costs7,8

     More biologics are on the horizon9,10

    References: 1. Bhattacharyya et al. Laryngoscope. 2019;129(9):1969-1975. 2. Stevens WW, et al. J Allergy Clin Immunol Pract. 2016;4(4):565-72. 3. Palmer et al. Allergy and Asthma Proc.
    2019;40(1):48-56. 4. Ference EH et al. Am J Rhinol Allergy. 2018;32(1):34-39. 5. First Data Bank; March 19, 2021. 6. DeConde et al. Laryngoscope. 2017;127(3):550-555. 7. Gu et al. Drugs Real
    World Outcomes. 2016;3(4):369-381. 8. Wong et al. J Manag Care Pharm. 2011;17(4):313-320. 9. National Institutes of Health. https://clinicaltrials.gov/ct2/show/NCT03085797. Accessed February
    8, 2021. 10. National Institutes of Health. https://clinicaltrials.gov/ct2/show/NCT03401229. Accessed February 8, 2021.

4
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Historical Approach to Treatment of Nasal Polyps

                                                                                                                 Treatment
                             Treatment
                                                                                                   yes
      Recommended                                                                                             Continue medical
                                                                                                               management
      • Intranasal steroids
      • Saline irrigation                                                               Symptom
      • Oral corticosteroids (1 short course)                                            relief?
      • Aspirin desensitization for AERD                                                                         Treatment
        patients
                                                                                                   no    Recommended
                                                                                                         • ESS followed by continued
                                                                                                           medical management

    AERD=aspirin-exacerbated respiratory disease; ESS=endoscopic sinus surgery.
    Reference: Orlandi RR, et al. Int Forum Allergy Rhinol. 2016;6(suppl 1):S22-S209.

5
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Emergence of a Stepped-Care Treatment
      Paradigm for Nasal Polyps
                                                                            Additional Considerations:
                                                                            • Sinus surgery
                                                                            • Multidisciplinary evaluation
                                                                            • Aspirin desensitization
                                                                            • Steroid-eluting stents
                                                                            • Biologics
                                       Second-line Medications
                                       • Alternative steroid
                                         delivery methods
  First-line Medications                 (XHANCE, steroid rinses)
  • Saline rinse                                                                                 Sinus surgery and biologics
  • Nasal steroid sprays
  • Oral steroids ±
    antibiotics

                 Nasal steroid sprays

                          Treatment options are informed by factors such as disease severity, risk-benefit
                              assessment, cost, response to prior treatment, and patient preference.

References: 1. Nasal polyps. SinusHealth.com. Accessed January 22, 2021. 2. Orlandi RR, et al. Int Forum Allergy Rhinol. 2021;11(3):213-739.

 6
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Emergence of a Stepped-Care Treatment
      Paradigm for Nasal Polyps
                                                                            Additional Considerations:
                                                                            • Sinus surgery
                                                                            • Multidisciplinary evaluation
                                                                            • Aspirin desensitization
                                                                            • Steroid-eluting stents
                                                                            • Biologics
                                       Second-line Medications
                                       • Alternative steroid
                                         delivery methods
  First-line Medications                 (XHANCE, steroid rinses)
  • Saline rinse                                                                                 Sinus surgery and biologics
  • Nasal steroid sprays
  • Oral steroids ±
    antibiotics

                 Nasal steroid sprays

                          Treatment options are informed by factors such as disease severity, risk-benefit
                              assessment, cost, response to prior treatment, and patient preference.

References: 1. Nasal polyps. SinusHealth.com. Accessed January 22, 2021. 2. Orlandi RR, et al. Int Forum Allergy Rhinol. 2021;11(3):213-739.

 7
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Nasal steroid sprays

    Low Cost But Patients May Experience Frustration

                                                                                                           Only one conventional
                                                                                                               nasal steroid spray has an
       Nasal Steroid Sprays                                                                                    indication for nasal polyps2
                                                                                                           >80% of patients with
                                                                                                               nasal polyps reported
              $0-$6,100/year (WAC)1                                                                            frustration with symptom
                                                                                                               relief when using a
                                                                                                               conventional nasal steroid3

    References: 1. First Data Bank; March 19, 2021. 2. Nasonex [Prescribing Information] 2018. 3. Palmer et al. Allergy and Asthma Proc. 2019;40(1):48-56.

8
A Stepwise Approach to Nasal Polyp Treatment is Emerging in the Age of Biologics - XHA-21-10007 - AMCP
Nasal steroid sprays

    Inhaled Nasal Steroids May Not Reach Target Sites
    High and Deep In the Nasal Cavity1
                              Site of Polyp Origination2                       Conventional Spray1

                                                                                                                            ~75                      %
                                                                                                                         of ENTs/Allergists surveyed
                                                                                                                        agreed that intranasal steroids
                                                                                                                          do not work well in chronic
                                                                                                                         sinusitis because insufficient
                            Nasal Polyp Treatment Target Sites           Deposition                                       medication reaches target
                               Opening of the frontal sinus                LOW                         HIGH
                                                                                                                            sites of inflammation3*
                               Openings of the sphenoidal sinus
                               and posterior ethmoidal cells              The clinical relevance of different
                               Openings of the maxillary sinus            deposition patterns has not been
                               and anterior ethmoidal cells               established

    *Market research interviews of 402 ENTs and allergists commissioned by Optinose. Approximately 75% of ENTs/allergists indicated they at least "somewhat agreed" with the following
    statement: "Intra-nasal corticosteroids (e.g., Flonase) often do not work well in chronic sinusitis because not enough medication reaches the intended target site of inflammation."
    References: 1. Djupesland PG. Drug Deliv Transl Res. 2013:3(1):42-62. 2. Adapted from: Netter F. Atlas Of Human Anatomy, Professional Edition. Saint Louis: Elsevier
    Health Sciences; 2014. 3. Data on file. Optinose US, Inc.

9
Nasal steroid sprays

     Conventional Sprays Show Similar Deposition Patterns,
     Concentrating in the Anterior/Inferior Regions of the Nasal Cavity

             Example SPECT/MRI images for QNASL®, Flonase®, and Nasonex®.
             (Figures show 2 of the 3 external fiducial markers used to align SPECT with MRI data).*

              *The clinical relevance of different deposition patterns has not been established.

     All brand names are registered trademarks of their respective owners.
     MRI=magnetic resonance imaging; SPECT=single photon emission computed tomography.

     Reference: Leach et al. J Aerosol Med. 2015;28(5):334-340.
10
Emergence of a Stepped-Care Treatment
      Paradigm for Nasal Polyps
                                                                                Additional Considerations:
                                                                                • Sinus surgery
                                                                                • Multidisciplinary evaluation
                                                                                • Aspirin desensitization
                                                                                • Steroid-eluting stents
                                                                                • Biologics
                                       Second-line Medications
                                       • Alternative steroid
                                         delivery methods
  First-line Medications                 (XHANCE, steroid rinses)
  • Saline rinse                                                                                        Sinus surgery and biologics
  • Nasal steroid sprays
  • Oral steroids ±
    antibiotics

                 Nasal steroid sprays

                          Treatment options are informed by factors such as disease severity, risk-benefit
                              assessment, cost, response to prior treatment, and patient preference.

References: 1. Nasal polyps. SinusHealth.com. Accessed January 22, 2021. 2. Orlandi RR, et al. Int Forum Allergy Rhinol. 2021;11(3):213-739.

 11                                              Confidential – Not for Further Distribution Without Prior Written Consent of Optinose
Exhaled and Inhaled Fluticasone Are Not the Same When
     it Comes to Nasal Sprays1

                                                          XHANCE is the only FDA-approved prescription
                                                          nasal spray that uses an Exhalation Delivery
                                                          System to treat nasal polyps in adults and is2:
                                                              Non-surgical
                                                              Non-biologic
                                                              Non-systemic

     Please see Important Safety Information on slides 22-23.
     References: 1. Djupesland PG. Drug Deliv Transl Res. 2013;3(1):42-62. 2. XHANCE [Prescribing Information]. 2017.

12
XHANCE Leverages the Optinose Exhaled Delivery System (EDS)

                                                                                                                             Transverse Plane
                             Sagittal Plane

                                        Exhalation elevates the soft palate, creating an airtight seal that separates the nasal cavity
                        1
                                        from the oropharynx
                        2               Air then enters the nostril through the sealing nosepiece, helping expand narrow nasal passages

                        3               Medication entrained in the breath is deposited high and deep in the nasal passages

                        4               Air then escapes out of the opposite nostril

     Please see Important Safety Information on slides 22-23.
     Reference: Data on file. OptiNose US, Inc.
13
Deposition is Different With an Optinose Exhalation
     Delivery System (EDS)
                                   Exhalation helps deliver medication high and deep into the nose

                                                                                                            LOW

                                                                                                                  Gamma camera images after using a nasal
                                                                                                                  spray without exhalation (left) or an
                                                                                                                  Optinose EDS with exhalation (right). Both
                                                                                                                  images are from the same healthy subject
                                                                                                                  taken 2 minutes after administration with
                                         Nasal spray without exhalation      Optinose Exhalation Delivery         radiolabeled solution and are representative
                                                                             System with exhalation               of the overall findings from 211 images and
                                                                                                                  56 subjects.

                                The clinical relevance of different deposition patterns has not been established.

     Please see Important Safety Information on slides 22-23.
     Reference: Djupesland PG. Drug Deliv Transl Res. 2013;3(1):42-62.

14
XHANCE and Flonase® Are Not Bioequivalent
                                                                          30
                                                                                                                                                  Cmax           AUC0-∞
                                                                                                                            Treatment
    A single pharmacokinetic study                                                             XHANCE 372 mcg                                  (pg/mL)        (pg · h/mL)
     was conducted in healthy
     subjects to establish a bridge                                                                                     XHANCE 186 mcg         17.2 (n=86)     111.7 (n=56)
     between XHANCE and Flonase®
                                                                                                XHANCE 186 mcg          XHANCE 372 mcg         25.3 (n=86)     171.7 (n=55)

                                                  Concentration (pg/mL)
    3-way, 3-treatment, crossover                                        20                                            Flonase 400 mcg        13.4 (n=85)     126.0 (n=42)
     study                                                                                      Flonase 400 mcg

                                                       Plasma FP
                                                                                                                        Systemic exposure to FP with XHANCE
       • XHANCE 186 mcg                                                                                                 is higher than with Flonase, even at
       • XHANCE 372 mcg                                                                                                 lower doses
       • Flonase 400 mcg

    Primary objective was to
                                                                          10
     assess and compare the
     systemic exposure of a single
     dose of 186 and 372 mcg of
     XHANCE with 400 mcg of
     Flonase (fluticasone propionate)
     in healthy subjects
                                                                          0
                                                                               0   2   4    6      8   10    12    14      16    18       20     22       24      26
                                                                                                       Hours From Dosing
     Please see Important Safety Information on slides 22-23.
     All brand names are registered trademarks of their respective owners.
     AUC=area under the curve; Cmax,= maximum serum concentration; FP=fluticasone propionate.
     Reference: Messina JC, et al. Clin Ther. 2019;41(11):2343-2356.
15
NAVIGATE I & II: Phase III studies demonstrated
     XHANCE efficacy and safety1
     Similar randomized, placebo-controlled, multicenter studies to assess XHANCE in the
     treatment of nasal polyps (N=646)1

     Treatment-experienced                              Double-blind Studies (16 weeks)1                                           Open-label Extension Study (8 weeks)2-4
     study population1
        Majority (91%) reported                                    EDS-placebo BID (n-162)
        prior nasal steroid use                                                                                                                   XHANCE 372 mcg BID (n=82)
        More than half (54%)
                                                                XHANCE 186 mcg BID (n=160)
        reported prior sinus
        surgery or polypectomy
                                                                                                                                  Secondary endpoints (not controlled for multiplicity):
                                                                XHANCE 372 mcg BID (n=162)                                            Complete response (polyps eliminated)
                                                                                                                                      Reduction in surgical eligibility assessed using
                                                                                                                                      standardized criteria
                                                                                                                                      Sino-Nasal Outcomes Test – 22 items
                                                   Coprimary endpoints:
                                                                                                                                      Defining symptoms
                                                      Reduction in total polyp grade at Week 16                                       Work productivity
                                                      Reduction of nasal congestion/obstruction                                       Quality of sleep
                                                      symptoms at Week 4                                                              Patient global impression of change

     Please see Important Safety Information on slides 22-23.
     BID=twice a day; EDS=exhalation delivery system.
     References: 1. XHANCE [Prescribing Information]. 2017. 2. Leopold DA. J Allergy Clin Immunol. 2019; 143:126-34. 3. Sindwani et al. Am J Rhinol Allergy. 2019;33(1):69-82. 4. Data on file,
     Optinose U.S., Inc.

16
Improvement in All 4 Defining Symptoms
                                                                                 Week 0                       4           8        12          16
                        Coprimary Endpoint                                                    0
                                                                                            -0.2
                                                                                                                                                                            EDS-placebo BID (n=80)

                                                                           LS Mean Change
               Statistically significant onset

                                                                             vs Baseline
                                                                                            -0.4
                 of action was generally                                                                          §                                                         XHANCE 186 mcg BID (n=80)
                                                                                            -0.6
               observed within 2 weeks for                                                                §               §                                                 XHANCE 372 mcg BID (n=82)
                                                                                            -0.8                                    §          §
                     congestion score                                                                                     §
                                                                                             -1                                     §          §
                                                                                                                  Week 4; Coprimary Endpoint        §P    ≤ .001.
                 Secondary Endpoints*                                                       -1.2
                                                                                                     Congestion/Obstruction
              Week 0            4            8           12           16            Week 0                    4           8         12         16            Week 0             4      8     12      16
                        0                                                                     0                                                                        0

                      -0.2                                                                  -0.2
     LS Mean Change

                                                                           LS Mean Change

                                                                                                                                                    LS Mean Change
                                                                                                                                                                     -0.2
       vs Baseline

                                                                             vs Baseline

                                                                                                                                                      vs Baseline
                      -0.4                                                                  -0.4

                      -0.6                                                                  -0.6                                                                     -0.4

                      -0.8                                                                  -0.8
                                                                                                                                                                     -0.6
                       -1                                                                    -1

                      -1.2                                                                  -1.2                                                                     -0.8
                             Pain and Pressure                                                                    Rhinorrhea                                                    Sense of Smell
       Please see Important Safety Information on slides 22-23.
       BID=twice a day; LS=least square; mcg=micrograms.                                           *Although secondary endpoints were pre-specified, they were not adjusted for
       Reference: Leopold DA et al. J Allergy Clin Immunol. 2019;143(1):126-134.                   multiplicity; therefore, results require cautious interpretation.
17
Reduction in Nasal Polyp Grade (NAVIGATE II)
             LS mean change in bilateral polyp grade—coprimary endpoint, week 16 (N=242)

             Week                         0         4               8                12            16             20             24
                                     0                                                                                                       XHANCE 186-mcg BID treatment group
                                                           Double-blind period                          Open-label extension:                (Secondary Endpoint)*
                                   -0.2
                                                                                                         All patients received
                                   -0.4                                                                 XHANCE 372 mcg BID
     LS Mean Change in Bilateral

                                   -0.6
                                                                                                                                                                  of patients experienced a

                                                                                                                                                   63%
                                                                                                                                                                  ≥1-point reduction in polyp
         Nasal Polyp Grade

                                                                    ‡
                                   -0.8                                                                                                                           grade vs 43.5% with
                                    -1                          §                    §                                                                            EDS-placebo at week 16.
                                                                                                  §
                                   -1.2

                                   -1.4                                          §
                                                                                                  §                                          * Multiplicity adjustments were not applied
                                   -1.6                                                                                                        for secondary endpoints; therefore,
                                   -1.8                                                                                                        results require cautious interpretation.

                                    -2                                                                                                         Furthermore, open label results may be
                                                                                               Week 16                                         confounded by evaluator bias.
        ‡P              ≤ 0.01.                                                           Coprimary Endpoint
        §P              ≤ 0.001.
                                              EDS-placebo BID (n=79)         XHANCE 186 mcg BID (n=80)                 XHANCE 372 mcg BID (n=82)
            Baseline grade: placebo, 3.8; XHANCE 186 mcg BID, 3.9; XHANCE 372 mcg BID, 3.8. Results shown are from NAVIGATE II and are consistent with results observed in NAVIGATE I.

            Please see Important Safety Information on slides 22-23.
             BID=twice daily; EDS=exhalation delivery system; LS=least square; mcg=micrograms.
             Reference: Leopold et al. J Allergy Clin Immunol. 2019; 143(1):126-134.
18
Improvement in Congestion
                       Response in Patients Previously on a Conventional Nasal Steroid Spray vs Overall Study Population
       Patients Who Were on a Conventional Nasal Steroid Spray1                                                                                                    Overall Study Population2
                              (N = 218)                                                                                                                                     (N = 482)
                                                                   Week                                                                                                        Week
                                0                 4                  8                  12                 16                                          0              4          8              12              16
                            0                                                                                                                     0

                         -0.2                                                                                                                   -0.2
     LS Mean Change*

                                                                                                                              LS Mean Change*
                         -0.4                                                                                                                   -0.4
                                                                                                                                                                                                                     -0.53
                         -0.6                                                                                   -0.58                           -0.6

                         -0.8                                                                                                                   -0.8
                                                                                                                -0.85
                           -1                                                                                   -1.01                            -1                                                                  -0.98
                                                                                                                                                                                                                     -1.03
                         -1.2                                                                                                                   -1.2
                                      EDS-placebo            XHANCE 186 mcg BID               XHANCE 372 mcg BID                                            EDS-placebo    XHANCE 186 mcg BID         XHANCE 372 mcg BID
                                     (n = 77)               (n= 69)                          (n = 72)                                                      (n = 161)      (n = 160)                  (n = 161)

                       *Least squares mean change from baseline in patient-reported AM instantaneous diary scores for nasal symptoms on a scale from 0-3 (0=none, 1=mild, 2=moderate, 3=severe).

                       These results are descriptive and should be interpreted with caution.                                                                                     The characteristics of the subgroup at
                                                                                                                                                                                 baseline were also consistent with the
                                                                                                                                                                                 overall study population
                       Please see Important Safety Information on slides 22-23.
                       References:: 1. Senior BA et al. Int Forum Allergy Rhinol. 2020;10.1002/alr.22693. 2. Data on file. OptiNose US, Inc.

19
Reduction in Bilateral Polyp Grade
                       Response in Patients Previously on a Conventional Nasal Steroid Spray vs Overall Study Population
       Patients Who Were on a Conventional Nasal Steroid Spray1                                                                                                Overall Study Population2
                              (N = 218)                                                                                                                                 (N = 482)
                                                                 Week                                                                                                      Week
                                0                4                 8                 12                16                                          0              4          8              12              16
                         -0.1                                                                                                               -0.1

                         -0.3                                                                                                               -0.3
     LS Mean Change*

                                                                                                                          LS Mean Change*
                         -0.5                                                                               -0.46                           -0.5
                                                                                                                                                                                                                 -0.59
                         -0.7                                                                                                               -0.7

                         -0.9                                                                                                               -0.9

                         -1.1                                                                               -1.13                           -1.1
                                                                                                                                                                                                                 -1.18
                         -1.3                                                                                                               -1.3                                                                 -1.28
                         -1.5                                                                               -1.47                           -1.5
                                     EDS-placebo           XHANCE 186 mcg BID                XHANCE 372 mcg BID                                         EDS-placebo    XHANCE 186 mcg BID         XHANCE 372 mcg BID
                                    (n = 77)              (n = 69)                          (n = 72)                                                   (n = 161)      (n = 160)                  (n = 161)

                       *Least squares mean change from baseline in bilateral polyp grade.

                       These results are descriptive and should be interpreted with caution.
                                                                                                                                                                             The characteristics of the subgroup at
                                                                                                                                                                             baseline were also consistent with the
                       Please see Important Safety Information on slides 22-23.                                                                                              overall study population
                       References: 1. Nasal polyps. SinusHealth.com. Accessed January 22, 2021. 2. Orlandi RR, et al. Int Forum Allergy Rhinol. 2021;11(3):213-739.

20
Well-characterized Safety Profile (NAVIGATE I and II)
     AEs occurring in ≥3% of patients and more common than placebo1*
                                                                       EDS-placebo BID                          XHANCE 186 mcg BID                            XHANCE 372 mcg BID
     Adverse Event (AE)                                                   (N=161)                                    (N=160)                                       (N=161)
                                                                            n (%)                                     n (%)                                         n (%)
     Epistaxis                                                                  4 (2.5)                                    19 (11.9)                                      16 (9.9)
     Nasopharyngitis                                                            8 (5.0)                                      3 (1.9)                                      12 (7.5)
     Nasal septal erosion/ulceration                                            3 (1.9)                                     11 (6.9)                                      12 (7.5)
     Nasal congestion                                                           6 (3.7)                                      7 (4.4)                                          9 (5.6)
     Acute sinusitis                                                            6 (3.7)                                      7 (4.4)                                          8 (5.0)
     Headache                                                                   5 (3.1)                                      8 (5.0)                                          6 (3.7)
     Pharyngitis                                                                2 (1.2)                                      2 (1.3)                                          5 (3.1)
     Nasal mucosal ulceration                                                   2 (1.3)                                      6 (3.8)                                          4 (2.5)
     Nasal mucosal erythema                                                     6 (3.7)                                      9 (5.6)                                          8 (5.0)
     Nasal septal erythema                                                      3 (1.9)                                      6 (3.8)                                          7 (4.3)
     Data characterizing safety for up to 1 year were also obtained in 2 open-label studies in 928 patients with chronic sinusitis with
     or without nasal polyps2,3
     Please see Important Safety Information on slides 22-23.
     *AEs reported in patients with nasal polyps in placebo-controlled studies.
     BID=twice daily; EDS=exhalation delivery system.
     References: 1. XHANCE [Prescribing Information]. 2017. 2. Sher et al. J Allergy Clin Immunol 2017;139(2):AB66. 3. Palmer et al. Int Forum Allergy Rhinol. 2018;00:1-8.

21
Important Safety Information
     Contraindications
     Hypersensitivity to any ingredient in XHANCE.

     Warnings and Precautions
         Local Nasal Effects: epistaxis, erosion, ulceration, septal perforation, Candida albicans infection, and impaired wound
         healing. Monitor patients periodically for signs of possible changes on the nasal mucosa. Avoid use in patients with
         recent nasal ulcerations, nasal surgery, or nasal trauma.
         Close monitoring for glaucoma and cataracts is warranted.
         Hypersensitivity reactions (e.g., anaphylaxis, angioedema, urticaria, contact dermatitis, rash, hypotension, and
         bronchospasm) have been reported after administration of fluticasone propionate. Discontinue XHANCE if such reactions
         occur.
         Immunosuppression: potential increased susceptibility to or worsening of infections (e.g., existing tuberculosis; fungal,
         bacterial, viral, or parasitic infection; ocular herpes simplex). Use with caution in patients with these infections. More
         serious or even fatal course of chickenpox or measles can occur in susceptible patients.
         Hypercorticism and adrenal suppression may occur with very high dosages or at the regular dosage in susceptible
         individuals. If such changes occur, discontinue XHANCE slowly.
         Patients with major risk factors for decreased bone mineral content should be monitored and treated with established
         standards of care.

     Please see Important Safety Information continued on slide 23.
     Reference: XHANCE [package insert]. Yardley, PA: ©2017 OptiNose US, Inc. XHANCE-17-002 09/2017.

22
Important Safety Information (cont’d)
     Adverse Reactions
     The most common adverse reactions (incidence ≥ 3%) are epistaxis, nasal septal ulceration, nasopharyngitis,
     nasal mucosal erythema, nasal mucosal ulcerations, nasal congestion, acute sinusitis, nasal septal erythema,
     headache, and pharyngitis.

     Drug Interactions
     Strong cytochrome P450 3A4 inhibitors (e.g., ritonavir, ketoconazole): Use not recommended. May increase risk
     of systemic corticosteroid effects.

     Use in Specific Populations
     Hepatic impairment. Monitor patients for signs of increased drug exposure.

     Please see accompanying full Prescribing Information.

     Please see additional Important Safety Information on slide 22.
     Reference: XHANCE [package insert]. Yardley, PA: ©2017 OptiNose US, Inc. XHANCE-17-002 09/2017.

23
Emergence of a Stepped-Care Treatment
      Paradigm for Nasal Polyps
                                                                                Additional Considerations:
                                                                                • Sinus surgery
                                                                                • Multidisciplinary evaluation
                                                                                • Aspirin desensitization
                                                                                • Steroid-eluting stents
                                                                                • Biologics
                                       Second-line Medications
                                       • Alternative steroid
                                         delivery methods
  First-line Medications                 (XHANCE, steroid rinses)
  • Saline rinse                                                                                        Sinus surgery and biologics
  • Nasal steroid sprays
  • Oral steroids ±
    antibiotics

                 Nasal steroid sprays

                          Treatment options are informed by factors such as disease severity, risk-benefit
                              assessment, cost, response to prior treatment, and patient preference.

References: 1. Nasal polyps. SinusHealth.com. Accessed January 22, 2021. 2. Orlandi RR, et al. Int Forum Allergy Rhinol. 2021;11(3):213-739.

 24                                              Confidential – Not for Further Distribution Without Prior Written Consent of Optinose
Sinus surgery and biologics

     Patients Often Progress to Costly Options In Search of
     Symptom Relief1-3
     Sinus surgery remains frequent despite broad use of conventional inhaled nasal steroids

     • Among patients with nasal polyps, 52% reported having undergone surgery for sinus symptoms1

                                      Endoscopic sinus surgery
                                     (ESS) charges exclusive of                                               ~500K ESS performed every year
                                         professional fees3
                                                                                                               (estimate includes all ESS
                                                                                                               procedures, regardless of
                                              $17,300*                                                         presence of nasal polyps)4

     *Average charge for all ESS procedures in patients with or without nasal polyps from 2009-2011, adjusted for inflation (2021) based on a 2.69% average annual medical inflation rate. Data
     from reference 3.
     References: 1. Palmer et al. Allergy and Asthma Proc. 2019;40(1):48-56. 2. DeConde et al. Laryngoscope. 2017;127(3):550-555. 3. Ference EH et al. Am J Rhinol Allergy.
     2018;32(1):34-39. 4. Henriquez et al. Laryngoscope. 2013 Nov;123(11):2615-9.
25
Sinus surgery and biologics

     Costly Surgery May Not Be a Permanent Solution
     Patients with nasal polyps may require multiple ESS procedures due
     to recurrent or incompletely resolved symptoms1

                               60%                                                 35%                                                        20%
                An estimated 60% of                                      Despite surgery, 35%                                      Approximately 20% of patients
                patients had symptoms                                    recurrence of polyps at                                   will require revision surgery
                reappear within 1 year2                                  6 months1                                                 within 5 years3

     References: 1. DeConde et al. Laryngoscope. 2017;127(3):550-555. 2. Wynn R et al. Laryngoscope. 2004 May;114(5):811-3. 3. Velez F et al. Poster presented at: AMCP
     Managed Care & Specialty Pharmacy Annual Meeting; April 23-26, 2018: Boston, MA.

26
Sinus surgery and biologics

     XHANCE Showed a Reduction in the Number of Patients Eligible
     for Surgery from Baseline* (NAVIGATE I & II)
                    Secondary endpoint**                                                               Week 16
                                                                        NAVIGATE I1                                          NAVIGATE II2
           Reduction in % of Patients Eligible for Surgery

                                                               0%                                                                                             * Surgical eligibility was study defined and
                                                                     (n=82)   (n=80)       (n=80)                      (n=80)   (n=80)   (n=82)
                                                                                                                                                                assessed using standardized criteria,
                                                             (10%)
                                                                                                                                                                occurring concurrently: moderate-to-severe
                                                                                                                                                                congestion ≥3 months, use of conventional
                                                             (20%)
                                                                                                                                                                topical steroids ≥6 weeks, current or previous
                                                             (30%)                                                                                              use of saline lavage for ≥6 weeks, and
                                                                                                                                                                bilateral nasal polyposis with an NP grading
                                                             (40%)                                                                                              score of ≥2 in at least 1 nostril. The patients
                                                                     (39%)
                                                                                                                      (42%)                                     deemed "eligible" may or may not have been
                                                             (50%)            (45%)                                                                             offered surgery.

                                                             (60%)
                                                                                       (58%)                                                                  ** Multiplicity adjustments were not applied
                                                                                                                                         (62%)                  for secondary endpoints; therefore,
                                                             (70%)                                                              (66%)
                                                                                                                                                                results require cautious interpretation.
                                                             (80%)

                                                                     EDS-placebo (n-161)            XHANCE mcg BID (n=160)       XHANCE 372 mcg BID (n=161)

     Please
     .      see Important Safety Information on slides 22-23.
     BID=twice a day; EDS= exhalation delivery system.
     References: 1. Adapted from Sindwani et al. Am J Rhinol Allergy. 2019;33(1):69-82. 2. Adapted from Leopold DA. J Allergy Clin Immunol. 2019; 143:126-34.
27
Sinus surgery and biologics

     Use Of Biologics for Nasal Polyp Treatment Is Likely to Drive An
     Increase In Payor Costs1,2

                                Cost drivers for biologics1,2:                                      Nasal polyp indications are approved/expected for
                                                                                                    multiple biologics4-7
                                     Acquisition cost
                                                                                                      Biologic                                         Status
                                     Multiple indications drive utilization                           dupilumab                                        Approved
                                     Office visits/clinical follow-ups                                omalizumab                                       Approved
                                                                                                      mepolizumab                                      Phase III Completed
                                $30,200*-$41,600 † /year                                              benralizumab                                     Phase III Completed
                                (WAC) 3

     *Based on a Xolair® dose of 300mg every 4 weeks.
     † Based on a Dupixent ® dose of 300mg every 2 weeks.
     All brand names are registered trademarks of their respective owners.

     References: 1. Gu et al. Drugs Real World Outcomes. 2016;3(4):369-381. 2. Wong et al. J Manag Care Pharm. 2011;17(4):313-320. 3. First Data Bank; March 19, 2021. 4. US Food and
     Drug Administration. https://www.fda.gov/news-events/press-announcements/fda-approves-first-treatment-chronic-rhinosinusitis-nasal-polyps. Accessed March 16, 2021. 5. Roche.com
     https://www.roche.com/media/releases/med-cor-2020-12-01.htm. Accessed February 8, 2021. 6. National Institutes of Health. https://clinicaltrials.gov/ct2/show/NCT03085797. Accessed
     February 8, 2021. 7. National Institutes of Health. https://clinicaltrials.gov/ct2/show/NCT03401229. Accessed February 8, 2021.
28
Emergence of a Stepped-Care Treatment
      Paradigm for Nasal Polyps
                                                                                Additional Considerations:
                                                                                • Sinus surgery
                                                                                • Multidisciplinary evaluation
                                                                                • Aspirin desensitization
                                                                                • Steroid-eluting stents
                                                                                • Biologics
                                       Second-line Medications
                                       • Alternative steroid
                                         delivery methods
  First-line Medications                 (XHANCE, steroid rinses)
  • Saline rinse                                                                                        Sinus surgery and biologics
  • Nasal steroid sprays
  • Oral steroids ±
    antibiotics

                 Nasal steroid sprays

                          Treatment options are informed by factors such as disease severity, risk-benefit
                              assessment, cost, response to prior treatment, and patient preference.

References: 1. Nasal polyps. SinusHealth.com. Accessed January 22, 2021. 2. Orlandi RR, et al. Int Forum Allergy Rhinol. 2021;11(3):213-739.

 29                                              Confidential – Not for Further Distribution Without Prior Written Consent of Optinose
Biologics                                           $30,200*-$41,600†/year                                                                     Costly, systemic,
                                                                   (WAC)1                                                                                     and injectable1,2

               Endoscopic                                           $17,300‡
               Sinus Surgery                                       ESS charges exclusive                                                                      Costly, invasive,
                                                                   of professional fees3                                                                      and frequent3,4
               (ESS)

                                                                                                                                                                 Approved for the treatment
                                                                                                                                                                 of nasal polyps5
                                                                     $6,606/year1                                                                                Non-surgical5
                                                                     (WAC)                                                                                       Non-biologic5
                                                                                                                                                                 Non-systemic5

               Inhaled Nasal                                        $0-$6,100/year                                                                         Low cost, but frequent
               Steroids (INS)                                                                                                                              progression to surgery6
                                                                    (WAC)1
     Please see Important Safety Information on slides 22-23.
      *Based on a Xolair® dose of 300 mg every 4 weeks.
      † Based on a Dupixent ® dose of 300mg every 2 weeks. All brand names are registered trademarks of their respective owners.
      ‡Average charge for all ESS procedures in patients with or without nasal polyps from 2009-2011, adjusted for inflation (2021) based on a 2.69% average annual medical inflation rate. Data from reference 3.

     References: 1. First Data Bank; March 19, 2021. 2. US Food and Drug Administration. https://www.fda.gov/news-events/press-announcements/fda-approves-first-treatment-chronic-rhinosinusitis-nasal-polyps. Accessed
     March 28, 2021. 3. Ference EH et al. Am J Rhinol Allergy. 2018;32(1):34-39. 4. DeConde et al. Laryngoscope. 2017;127:550-555. 5. XHANCE [Prescribing Information]. 2017. 6. Palmer et al. Allergy and Asthma Proc.
     2019;40(1):48-56.

30
Consider Positioning XHANCE After Conventional Nasal Steroid
     Sprays and Before Biologics for the Management of Nasal Polyps
      Progression directly from conventional INS to surgery and biologics represents the
          costly lengths that patients will go in search of symptom relief.1-3
                                                                                                                                                                   Given the high cost of
      XHANCE offers a different way to deliver a nasal steroid, using the Optinose EDS to                                                                         biologics, XHANCE may be a
          deposit fluticasone high and deep in the nasal passages where polyps originate.4,5                                                                       great option following INS for
      The annual cost of XHANCE is substantially less than biologics or sinus surgery.6,7
                                                                                                                                                                   the treatment of nasal polyps
                                                                                                                                                                   due to its safety, limited
      The approvals of dupilumab and omalizumab and the anticipated approval of other                                                                             systemic drug exposure, and
          biologics for nasal polyps are likely to drive costs through acquisition, utilization                                                                    deposition of medication high
          driven by multiple indications and clinical follow-ups. 8,9                                                                                              and deep in the nasal cavity.10

     CONTRAINDICATIONS: Hypersensitivity to any ingredient in XHANCE.
     WARNINGS AND PRECAUTIONS:
     • Local Nasal Effects: epistaxis, erosion, ulceration, septal perforation, Candida albicans infection, and impaired wound healing.
       Monitor patients periodically for signs of possible changes on the nasal mucosa. Avoid use in patients with recent nasal ulcerations,
       nasal surgery, or nasal trauma.
     Please see Important Safety Information on slides 22-23.
     EDS=exhalation delivery system, INS=intranasal steroids.
     References: 1. Adapted from Velez F et al. Poster presented at: AMCP Managed Care & Specialty Pharmacy Annual Meeting; April 23-26, 2018; Boston, MA. 2. DeConde AS et al.
     Laryngoscope. 2017;127(3):550-555. 3. Palmer JN et al. Allergy Asthma Proc. 2019;40(1):48-56. 4. Djupesland PG. Drug Deliv Transl Res. 2013:3(1):42-62. 5. XHANCE [Prescribing
     Information]; 2017. 6. First Data Bank; March 19, 2021. 7. Velez F et al. Poster presented at: ACAAI 2019 Annual Scientific Meeting; November 7-11, 2019; Boston, MA. 8. Gu T et al. Drugs Real
     World Outcomes. 2016;3(4):369-381. 9. Wong BJ et al. J Manag Care Pharm. 2011;17(4):313-320. 10. Senior BA et al. Int Forum Allergy Rhinol. 2020;10.1002/alr.22693.

31
Considerations for Implementing Policy Changes to Limit the
     Rising Costs of Biologics
                                                                Example UM criteria for implementing step edits to restrict the use of biologics:
                                                                TARGET AGENT
                                                                Dupixent® (dupilumab)
     1 Calculate the number of patients                         PRIOR AUTHORIZATION CRITERIA FOR APPROVAL
                                                                1. The patient has a diagnosis of chronic rhinosinusitis with nasal polyposis
     treated by a specialist for nasal polyps                   AND the following:
     who are likely candidates for biologics                    A. The patient has had an inadequate response to sinonasal surgery
                                                                OR
                                                                B. The patient is NOT a candidate for sinonasal surgery
                                                                OR
     2 Model the impact of shifting share                       C. The patient has had an inadequate response to oral systemic
                                                                corticosteroids in the past 90 days
     from biologics to XHANCE                                   OR
                                                                D. The patient has a documented intolerance to oral systemic corticosteroids
                                                                AND
     3 Consider changing policy language                        2. The patient will continue standard maintenance therapy (e.g., nasal saline irrigation,
                                                                intranasal corticosteroids) in combination with the requested agent
     to position XHANCE before biologics                        AND
                                                                3. The patient has had an inadequate response to XHANCE for minimum of 3 months
                                                                OR
                                                                4. The patient has a documented intolerance to XHANCE

     Please see Important Safety Information on slides 22-23.
     UM=utilization management.

32
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